Walmart exceeds expectations / Automakers rush to join EV mining boom / Montana bans TikTok

Plus, Home Depot sees revenue miss, forecast lowered

Inside Business For May 18, 2023

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1 Walmart reported better-than-expected quarterly earnings and revenue and raised its full-year guidance, expecting a 3.5% rise in net sales and adjusted earnings per share of $6.10-$6.20. Walmart's successful grocery division helped to make up for declining sales of apparel and electronics. More: In contrast to expectations of $148.76B, quarterly sales came in at $152.30B. Online sales at Walmart U.S. increased 27% YoY, while same-store sales increased 7.4%, fuel excluded. The corporation noticed a shift away from general products and towards groceries and necessities, with increased sales of food and consumables. Target's e-commerce growth lagged behind that of Walmart, which surpassed it thanks to curbside pickup and home delivery. A short time after Wall Street's opening on Thursday, Walmart shares were up 2.1%.

2 What happened: To acquire essential battery minerals like lithium, nickel, and graphite, companies like General Motors, Ford, Stellantis, and Tesla are all investing in mining projects. The switch to electric vehicles (EVs) drives this previously unheard-of alliance between the mining and automotive industries. GM first miscalculated the marketability of minerals, but it now promises to buy the extracted materials. Automakers are signing agreements for lithium projects in the U.S., which now supplies only a tiny portion of the world market. Why it matters: The auto and mining industries have joined forces to ensure a consistent supply of battery materials for the quickly expanding EV market. This partnership indicates a change in how manufacturers approach obtaining raw materials and emphasizes the importance of having these resources in place for electric mobility. These minerals are necessary to make EV batteries, which would limit the growth of the EV sector. In 2022, SQM of Chile had the most significant global lithium production market share of 20%, with Albemarle of the U.S. in second place at 16% Where to see the impact: To guarantee a consistent supply of battery minerals for the continued expansion of the EV industry, automakers are increasingly engaging in mining operations, such as GM's joint-development project with Lithium Americas in Nevada and Ford's equity investment in an Indonesian nickel mine. Mining projects all across the world have already benefited from these investments.

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3 Montana has become the first U.S. state to ban TikTok downloads due to security concerns, which has sparked criticism over potential infringement of free speech rights. App stores and TikTok could face hefty fines if they fail to comply with the ban. More: The restriction reflects rising concerns about TikTok's connections to its Chinese parent company, ByteDance, affecting global security. Due to concerns about data collection for Chinese espionage, the U.S. government previously demanded a ban or divestiture of TikTok. TikTok plans to contest the law because it says it violates Montanans' First Amendment rights. Given the ongoing hostilities between the U.S. and China, the federal government's position on TikTok is still unclear, and it is also unknown whether the White House will issue an executive order imposing a nationwide ban.

4 Due to consumers delaying major projects, fewer big-ticket purchases, cold weather, and declining lumber costs, Home Depot reported its lowest revenue in two decades and cut its fiscal year sales projection. Long-term home improvement demand is anticipated to be supported by a limited housing supply and an aging house stock. More: According to Home Depot's CFO, higher mortgage rates and a shift toward service spending have made it even more challenging to fund larger projects. Home Depot's first-quarter revenue of $37.26B fell short of analysts' forecasts of $38.28B, while the company's profits per share came in at $3.82 instead of $3.80. The number of consumer transactions at Home Depot dropped by over 5% from the prior year, but the average ticket size was steady at $91.92. In the first quarter, Home Depot's comparable sales declined 4.5%, leading the company to expect a sales and relative sales decline of 2% and 5% for the fiscal year, compared to the previous flat sales forecast. Home Depot's stock has declined 9% year-to-date, underperforming the 8% appreciation of the S&P 500 and 1% of the XRT.

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5 Pfizer is raising $31B through a debt offering to fund its $43B acquisition of Seagen, which would be the company's most extensive offering since 2009. According to a filing with the Securities and Exchange Commission, the offering is anticipated to close this Friday. More: The sale comes as businesses including Apple, T-Mobile, and Merck scramble to access the U.S. bond market before projected increases in borrowing costs due to the debt ceiling crisis. The pharmaceutical company will pay for the Seagen acquisition with eight tranches of notes with 2025–2063 maturities. The 10-year bonds issued by Pfizer are estimated to have a yield to maturity of approximately 4.75%, each worth between $3B and $6B. With Seagen's licensed medicines likely to generate almost $2B in combined sales in 2022, the Seagen acquisition is anticipated to boost Pfizer's range of cancer medications. Zoom Out: In mid-March, Pfizer announced it would pay $43B to acquire cancer treatment innovator Seagen.

6 Sony Group is looking into a partial spinoff (retain just under 20%) and separate listing of its financial unit to invest more in gaming and electronics. The announcement has caused Sony's shares to rise 6.4% in Tokyo. More: In 2001, Sony expanded into the banking industry, and Sony Financial, which runs Sony Bank as an online-only bank in Japan, was founded in 2004. Most of Sony's operating profit was formerly anticipated to come from the banking division, but recently attention has switched to Sony's entertainment industry. The hypothetical spinoff would align with Sony's strategic goal of maximizing the value of intellectual property in games, movies, and music. Due to difficulties in its critical business units, Sony is not considering spinning off its semiconductor sector but has provided a cautious earnings estimate for the current fiscal year.

7 Quick Hits: Broadcom has offered remedies to address EU antitrust concerns over their $61B bid for VMware. Jonathan Milner, founder of Abcam Plc, is seeking to remove the current chairman of the 25-year-old biotech supplier through an extraordinary general meeting of shareholders. Partners Group Holding AG has hired Arma Partners to explore potential buyers of its public sector software firm Civica in the second half of 2023. Shell Plc is selling French floating wind developer Eolfi as CEO Wael Sawan seeks to create higher returns for shareholders.

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Knowledge Hub Term of the Day Options: Options provide the right but not the obligation to buy or sell an underlying asset from another party at a fixed price over a specified time. Read More Question of the Week How do you approach networking, and what advice can you give others looking to build their professional connections? Join the conversation

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Shriram Jeevakumar Freelance Writer Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. This newsletter was edited by Aaron Crutchfield

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