Macroeconomic Analysis

Pfizer's rise in sales in Europe in recent weeks has led to an increase in its shares, respectively.
Please note that the increase will be shown below as a figure. However, it is safe to say that
stock growth was higher than that of competitors (J&J).

Exon mobile performed lower than the general market. But the numbers are not so alarming.
For example, the closest competitor was only 0.01% lower than the company. Overall, the
company posted its 52-week high on Nov. 8. This can be considered a good thing.

As of today (December 3), the plan to acquire Arm Holdings by paying NVidia $ 40 billion has
not been approved by the US Federal Commission. The reason is that the company killed the
competition after making this purchase and restricted the choice of millions of Americans and
Europeans. In short, there is no monopoly in these markets. The statement said that the issue
was not fully resolved and the chance of approval of the purchase was between 5-30%. All this
is not a good thing for investors and is considered a risky event.

The stock was likely down because of the pressure on growth stocks this week. Many shares of
growth stocks like Tesla were down several percentage points or more on Friday, extending a
trend in the market recently of many growth stocks selling off.
 Effects of macroeconomic condition to portfolio

As you can see in the portfolio, the shares of a number of companies fell. There
are several reasons for this are:

In general, game developer companies showed poor performance in 2021. After

dramatic fail of the company CD Project Red which released Cyberpunk 2077
other companies decided to change the policies. As the developers of Cyberpunk
2077 tried to release the product in promised date they could not manage to
show high performance as they did not have much time. After this situation other
companies saw how public reacted to CD Project Red and decided to delay their
products for 3-4 months in order to present high quality product. Consequently, it
is predicted that in 2022 companies will release their products, thus increase their
revenue and it is forecasted that share price will go up. Such companies include:
Sony, NVidia, GameStop Corp.

As we know, Sony not only one of the biggest producer in gaming sector but also
it is main movie maker company in the world. In the previous week report we
mentioned that Spiderman No Way Home is expected to break sales records.
However, moving the released date from 16th December to 8th January in some
countries caused public’s anger. As a result, some groups of people in that
countries people stopped to buy products and services of Sony company.

On the other hand, the reason for the increase in the price of shares of Pfizer is
the vaccination of children aged 5-11 years.

The reason for the fall in prices at Tesla is due to the manipulation of the market
by Elon Musk. Another reason is that the last months of the year are the time
when taxes are actively collected in America.
 Profitability

At current situation, investment in Pfizer the main source of profit in our portfolio
and we are sure it is obvious that it is correlated in coronavirus outbreak. Most
countries already require 3th or 4th vaccine dose. Pfizer expects2021, 2022 Covid-
19 vaccine sales to total at least $65 bln. Wall street on average expected Covid-
19 vaccine sales of $22.15 billion for 2022, according to Refinitiv data.