Three Things (8/11)
Aug 11, 2022
“Experience is not what happens to you; it is what you do with what happens to you.” —Aldous Huxley
1) United bets on flying taxis: United Airlines put down a $10 million deposit for 100 electric flying taxis, a sign that the airline is increasingly bullish on short-distance air taxi services. The news follows last year's investment with Archer Aviation, a company that designs electric vertical takeoff and landing aircrafts. United is still planning which cities it will launch in and has said that prices will be comparable to Uber Black.
Titan's Takeaway: If this innovation means that we can skip the notoriously congested Holland Tunnel after a flight from Newark, we are more than encouraged by United's move into this nascent space.
2) Inflation eases in July: The consumer price index – a key measure of inflation – rose 8.5% in July from a year ago. The increase was lower than consensus expectations and a material reprieve from June's CPI print of 9.1%, suggesting inflation is cooling. Core CPI, which excludes food and energy prices, rose 5.9% annually, lower than the 6.1% estimate.
Titan's Takeaway: Finally, some good news on the inflation front! The latest CPI print could ease the pressure on the Fed and make them reconsider another hefty 75 basis point increase.
3) Foxconn beats expectations: The manufacturer of the majority of the world's iPhones exceeded earnings expectations on Wednesday, reporting an income of ~$1.1 billion for the quarter. The report quells concerns over supply chain disruptions and parts shortages and is in line with Apple's strong quarterly earnings.
Titan's Takeaway: While supply chain disruptions are easing, we still are keeping an eye on consumer demand for gadgets. Stalled consumer demand plus potential geopolitical disruptions in Taiwan could throw a wrench in both Foxconn and Apple's recent success.
Cash Management
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