247 Local Media247 Local Media

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    An Overview of Online Casinos vs Traditional Casinos

    December 8, 2022

    Types of Specialists for Erectile Dysfunction

    October 31, 2022

    When students’ basic needs are met by community schools, learning can flourish

    September 27, 2022
    Facebook Twitter Instagram
    • Home
    Facebook Twitter Instagram
    247 Local Media247 Local Media
    Subscribe
    • Home
    • Automotive
    • Business
    • CBD
    • Crypto
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Health
    • Home Improvement
    • Law \ Legal
    • News
    • Shopping
    • Sports
    • Technology
    • Travel
    • Contact US
    247 Local Media247 Local Media
    Home»Business»Michael Burry warns of ‘last hurrah’ for corporate profits
    Business

    Michael Burry warns of ‘last hurrah’ for corporate profits

    By July 27, 2022No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Michael Burry warns of ‘last hurrah’ for corporate profits
    Share
    Facebook Twitter LinkedIn Pinterest Email
    Michael Burry warns of ‘last hurrah’ for corporate profits


    “Big Short” investor Michael Burry warned Tuesday that rosy corporate earnings reports in the coming days may be the last positive results for some time as the US economy teeters on the brink of recession.

    Burry, the hedge fund boss who famously bet against the 2008 subprime mortgage market, has provided an increasingly bleak view of market conditions as companies contend with decades-high inflation and other major obstacles.

    “These earnings reports and by Jove the whole season have a ‘Last Hurrah’ feel,” Burry tweeted.

    Burry did not say whether he was referring to a specific company. But his remarks came after shares of tech giants Microsoft and Google parent Alphabet rose on rosier-than-expected earnings despite economic headwinds.

    Burry’s tweet has since been deleted, but it was captured on an account that archives his posts. Burry has a habit of deleting his tweets shortly after posting them.

    US stocks have substantially fallen this year as the Federal Reserve tightens monetary policy to combat decades-high inflation. Meanwhile, geopolitical tensions, especially the Russia-Ukraine war, have contributed to supply chain snarls that have upended shipments since the COVID-19 pandemic began.

    Michael Burry
    Michael Burry has predicted a major downturn for US stocks.
    Bloomberg via Getty Images

    Earlier this month, Burry warned that various debilitating factors, including geopolitical tensions, labor shortages and supply chain difficulties would “raise long-term inflation’s floor.” Inflation hit 9.1% in June, well above the Fed’s 2% target.

    Burry asserted on July 1 that a lengthy market selloff in response to tighter monetary conditions was “maybe halfway” over.

    Days earlier, he suggested that struggling retailers were contending with the “bullwhip effect,” a supply chain phenomenon in which disparities between product demand and actual sales result in bloated inventory levels – forcing companies to dump products at a lower cost to clear their warehouses.

    Worried NYSE trader
    The Nasdaq has fallen into bear territory.
    Getty Images

    Walmart said it was contending with a similar problem after slashing its full-year profit forecast earlier this week. Shares plunged after the retail giant said higher food and gas prices were limiting the buying power of its customers.

    Walmart also indicated it would slash prices on some items to clear inventory.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Beyond Meat, Impossible struggle due to ‘woke’ perception: analysts

    September 26, 2022

    Developer hustles to build ‘Bustle’ in Penn Station area

    September 26, 2022

    Amazon rolls out second Prime Day this year for first time ever

    September 26, 2022
    Add A Comment

    Comments are closed.

    Editors Picks
    Recent Posts
    • An Overview of Online Casinos vs Traditional Casinos
    • Types of Specialists for Erectile Dysfunction
    • When students’ basic needs are met by community schools, learning can flourish
    • Walmart and Target Are Hiring 140,000 Seasonal Workers
    • 7 Ways to Get Affordable Dental Care for Adults and Children
    Archives
    • December 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • September 2021
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    © 2022 - 247 Local Media- All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.