Walmart Shares Optimism About Metaverse Business With Roblox

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In today’s top stories, Walmart enters the metaverse, Netflix opens a game studio as less than 1% of subscribers want to play games, and the Satori Fund predicts a 25% drop in the S&P 500. During Meanwhile, SinoSynergy files for an IPO in Hong Kong and Goldman Sachs says to avoid FTSE 100 retailers and national banks.

Walmart ventures into the metaverse

walmart [WMT] has partnered with Roblox [RBLX] to offer its customers the opportunity to sample products, including toys, in the metaverse. The retail giant has been quietly preparing to venture into the metaverse since filing for patents late last year. Market manager William White said Bloomberg that the move will reinforce the value of the brand and “will be a great opportunity for us to reinforce the relevance [and] build a cultural conversation”.

Hydrogen fuel company aims for IPO

Chinese hydrogen fuel company SinoSynergy is rumored to be planning to go public in 2023. According to Bloomberg, the hydrogen fuel cell maker could file a preliminary prospectus for a listing in Hong Kong within a month or two. Last week, SinoSynergy unveiled the first hydrogen fuel cell coach for the European electric vehicle (EV) market at the IAA Transportation Conference in Hannover.

Netflix seeks to boost gaming division

Like Netflix [NFLX] struggles to keep subscribers with its streaming content, the company is focusing on its games division. The streaming platform has reportedly opened a game development studio in Finland following the $72 million purchase of Helsinki-based Next Games earlier this year.. CNBC reported in August, however, that less than 1% of subscribers choose to browse its current catalog of more than 20 mobile games.

Short-term fund outperforms S&P 500

Dan Niles’ Satori fund outperformed the S&P 500 by focusing on short positions. Talk to CNBC Street Signs Asia, Niles said he was shorting “big business names” in technology and advertising stocks that face increased competition from Netflix. [NFLX] and Disney [DIS], which “sucks ads” from ad agencies. According to Niles, the S&P 500 could fall another 25% this year, and those who cannot sell short should hold cash.

Weak Pound Winners and Losers

The UK market is in turmoil and there doesn’t seem to be any respite in sight. As the pound moves closer to parity with the dollar, Morgan Stanley strategist Graham Secker believes blue-chip FTSE 100 companies are the ‘ultimate’ winners from currency weakness, according to CNBC Pro. Goldman Sachs European strategist Sharon Bell likes “internationally exposed” companies within the index. As for losers, avoid retailers and national banks, Bell said.

Next expects intermediate results

The following [NXT.L] the stock price has recovered well from the pandemic, but rising costs have effectively wiped out those gains. The title is down 31% since the start of the year. Despite the pressure that inflation is putting on consumer spending, expectations for the company remain high ahead of the interim results due this week. Investors will pay attention to the outlook given for the second half.

Investors hope for a rebound in the stock meme

Bed bath and beyond [BBBY]blackberry [BB] and Cineworld [CINE.L] have had a turbulent year so far and investors are hoping that the earnings that companies will report this week could give their stock prices a boost. Blackberry targets cybersecurity growth while Bed Bath & Beyond pin its hopes on a major turnaround plan. Cineworld’s deputy CEO regretted earlier this month that the company’s listing was not a similar action as rival AMC [AMC].

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