Liontree Weekly Update
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Liontree Weekly Update
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202620252024

This was one of those weeks where my head is still spinning and I will certainly need the weekend to recover! 95 companies in our LionTree Universe reported, including heavy-weights across a multitude of sub-sectors so we had to pick our spots. It was a particularly big week for the Media Conglomerates, but we also had notable updates in connectivity, music, videogame, digital advertising/social media, and more.

It didn’t feel like the market was going to end up in positive territory post Wednesday’s severe sell-off but here we are with Nasdaq up +1.6% and the S&P 500 up +1% on the week. It was a pivotal earnings week in Big Tech with the haves (MSFT +22% for the week and AMZN +17%) and the have nots (META -6.5% and AAPL -7%) plus there were several key updates out on live entertainment, music, etc.

Along with the tornado that touched down on the NY/CT border this week (too close to home!), the TMT earnings storm also heated up. It was a big week for the Connectivity sector in particular, with all the big Telco and Cable companies reporting (there were positives and negatives). A softening at Comcast’s Orlando theme park was also notable on the consumer side, while Alphabet’s higher AI spend driving FCF into a loss position was a negative surprise and contributed to the tech sell-off that left Nasdaq down -2% on the week.