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Coho Collective Kitchens (TSXV: COHO) is a shared kitchen and food technology company providing restauranteurs with the necessary equipment, real estate, and networks to run a successful restaurant business.
Earlier this month, Coho announced some exciting news about its eighth location in Canada.
Here are the details:
🥪 Coho Pandora’s almost 20,000 square ft. facility will be the largest space in metro Vancouver and will offer space for over 40 businesses to operate from, including ghost kitchens, caterers, and consumer packaged goods (CPG) companies.
🍱 It is located in East Vancouver’s high-demand manufacturing district, giving Coho members a diverse and central location.
🌯 Coho CEO Andrew Barnes explained, “Demand for commissary space in Vancouver continues to grow, with no signs of stopping, and Coho’s waitlist currently sits at more than 400. We want to be proactive in meeting these demands and Coho Pandora will be the largest shared kitchen space in the city.”
🚨 Want more Coho Collective ($COHO)? Check out our recent newsletter on the Ghost Kitchens industry. 🚨
A Quick Market Recap
Got the Green ‘foli, goin’ back to back
Oooof it has been an interesting week in the markets.
Big tech got an ego check and Chinese stocks cratered, yet the rally wagered on.
While it’s clear that 2022 has not been ideal for investors, bear markets have historically been the best opportunities to change your wealth for the better.
Who knows, maybe 2-3 years from now we’ll be screaming,
“Started from the bottom, now we here!”
Here is how major indexes performed this week:
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Top News
Meta ($META) Down Bad after another Poor Quarter
2022 has been anything but incredible for Meta founder and CEO Mark Zuckerberg.
After facing intense public scrutiny over privacy issues, metaverse losses, and changes to Apple’s policy, Zuck is feeling the heat from investors over the company’s current state.
Here are Meta’s Q3 results:
- Revenue: $27.71 billion, down 4% YoY
- Net Income: $4.40 billion, down 52% YoY
- Total MAP: 3.71 billion, up 4% YoY
🥴 $META plunged 23% this week after a disappointing earnings report that left investors and Wall Street dazed and confused.
👾 The company is under fire from shareholders for accumulating $9.4 billion in losses so far this year from its Reality Labs unit, which is responsible for developing its VR technology.
⚓️ At $99.33 per share, this is the lowest the company has traded since 2016.
💰 Despite this, the company has $41.78 billion in cash & cash equivalents as of Sept. 30, 2022, compared to only $29.45 billion in 2016.
🚨 See what our IG community had to say! 🚨
Chinese Stocks Plummet following China’s 20th Party Congress
Investing in China has been an interesting test of temperament and fortitude for global investors.
On one hand, you have the opportunity to buy some incredible businesses at a discount, and on the other, growing uncertainty due to tensions between the world’s two global superpowers.
Here is how major Chinese stocks performed this week:
- Alibaba ($BABA): -16.31%
- JD.com ($JD): -17.75%
- Nio ($NIO): -20.70%
🤝 The moves come after Chinese President Xi Jinping paved the way for an unprecedented third term as leader of the CCP
🐌 “As a result, it is unlikely for policies to be reversed or corrected, leading to an extremely gloomy economic outlook,” said Zin Sun, senior lecturer at King’s College London.
⛓ Under Xi’s leadership, China implemented raft policies that tightened regulations on the tech sector in areas from data protection to overseeing the companies’ algorithms.
🦾 “Tech stocks have never been the best friend of Xi and it’s clear that the market thinks that purge will continue,” said Justin Tang, head of Asian Research at United First Partners.
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Apple, the Recession’s Worst Nightmare
There are few businesses in 2022 that are finding success during the global economic downturn quite like Apple.
Although the company experienced a slowing of growth in Q3, it continues to strengthen its position as the world’s most valuable company.
Here is Apple by the numbers:
- Revenue: $90.15B vs. $88.90B exp., up 8.1% YoY
- iPhone Revenue: $42.63B vs. $43.21B exp., up 9.67% YoY
- iPad Revenue: $7.17B vs. $7.94B exp., up 13.06%
🍎 $AAPL is up 5.75% this week after beating Wall Street’s expectations on Revenue and EPS, however, they did fall short in some core product categories.
💱 CEO Tim Cook chimed in stating, that they will be slowing the pace of hiring and that the business would’ve grown “double-digits” if not for the strong dollar; “The foreign exchange headwinds were over 600 basis points for the quarter.”
📱 Apple’s CFO Luca Maestri warned that in Q4, YoY Revenue growth is expected to be less than 8.1% and that Mac aisles would actually decline on an annual basis.
🤯 Apple ($AAPL) is now worth nearly 10X Meta, trading at a P/E of 25.74 and a market cap of $2.50 trillion.
DID YOU KNOW?!
Every time a Philadelphia baseball team wins the World Series, a severe economic downturn follows.
Uh oh, we might be in more trouble than we think.
With the beginning of the 2022 MLB World Series, tensions are high as the Philadelphia Phillies take on the Houston Astros.
Under normal circumstances, one would hope for a balanced fight, but this year is a little different because Philadelphia baseball has quite a mean streak.
⚾️ 1929: Philadelphia Athletics (4) vs. Chicago Cubs (1); Dow Jones (-17.17%)
⚾️ 1980: Philadelphia Phillies (4) vs. Kansas City Royals (2); ‘81 Dow Jones (-9.23%)
⚾️ 2008: Philadelphia Phillies (4) vs. Tampa Bay Rays (1); Dow Jones (-33.84%)
⚾️ 2022: Philadelphia Phillies (?) vs. Houston Astros (?); Dow Jones (-9.57%)