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📈 A $1.3B typo
Wall Street falls as hot inflation data dampens early rate-cut hopes, House Republicans impeach Homeland Security Secretary Mayorkas, Nvidia is now worth more than Amazon, Bezos sells $4B of Amazon stock over four days, and Lyft issues a massive correction to its outlook for earnings margin in 2024…
Smart Owl
February 14, 2024
Good morning.
The Fast Five → Wall St falls as hot inflation data dampens early rate-cut hopes, House Republicans impeach Homeland Security Secretary Mayorkas, Nvidia is now worth more than Amazon, Bezos sells $4B of Amazon stock over four days, and Lyft issues a massive correction to its outlook for earnings margin in 2024…
Calendar:
Friday, 2/16: Producer Price Index (PPI), 8:30a ET
Your 5-minute briefing for Wednesday, February 14 ❤️
BEFORE THE OPEN
As of market close 2/13/2024.
PRE-MARKET
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MARKETS
US stocks fell after after January’s CPI was higher-than-expected at 3.1% YoY and 0.3% MoM
The Nasdaq led indices with a 1.8% decline
European stocks fell due to hotter-than-expected US inflation data
Bitcoin falls from $50,000 following hotter-than-expected inflation data
EARNINGS
Airbnb shares fell ~5% despite reporting better-than-expected Q4 revenue and issuing an optimistic forecast (link)
Lyft shares jumped ~18% after beating Q4 earnings and revenue estimates and forecasting higher-than-expected Q1 bookings; the stock initially jumped 60% due to an earnings typo regarding margin expansion (link)
What we're watching this week:
Today: Sony, Cisco Systems, Kraft Heinz
Thursday: Coinbase, DraftKings, John Deere, Applied Materials
Friday: Cinemark
Full calendar here
NEWS BRIEFING
The CPI rose by 3.1% in January, a smaller annual increase than in December. Workers’ buying power has increased each month since May. However, there were a few potentially worrying signs under the surface.
Nvidia surpassed Amazon in market capitalization on Tuesday. It’s a sign of how strong demand is for chips that can run cutting-edge AI, as well as the investor appetite for the companies that make the semiconductors.
US inflation tops forecasts in blow to Fed rate-cut hopes (link)
House Republicans impeach Homeland Security Secretary Mayorkas (link)
Bezos sells $4 billion of Amazon stock in four trading days (link)
Lyft corrects earnings margin gain to 50 basis points from 500 (link)
Super Bowl smashes US viewership record, highest since moonwalk broadcast (link)
IRS sues FDIC over Silicon Valley Bank’s $1.4B tax debt (link)
BofA survey shows investors are all in on US tech stock rally (link)
Flight attendants are pushing airlines for higher wages (link)
Coca-Cola CEO says inflation is moderating in most markets after higher prices boost revenue (link)
ESPN Bet plans launch in New York, the largest US betting market (link)
Early adopters of Microsoft’s AI bot wonder if it’s worth the money (link)
Paramount Global to cut 800 jobs in drive to boost profitability (link)
Instacart to lay off 250 employees, or about 7% of the company as part of structuring (link)
Solar use on US farms jumps 30% in five years (link)
Senate passes $95.3B Ukraine, Israel aid package (link)
CRYPTO
BULLISH BITES
🤑 Short list: The 50 hottest Fintech startups of 2024.
🧠 Personalized: ChatGPT is getting ‘memory’ to remember who you are and what you like.
💥 Obliterated: How Silicon Valley tech bros ruined media.
👔 White-collar threat: AI is coming for the higher-ups in the corporate office—and few industries are immune.
DAILY SHARES
"50 bps isn't cool. You know what's cool? 500 bps."
— Jack Raines (@Jack_Raines)
10:58 PM • Feb 13, 2024
Keep the curation going! Buy the team a coffee ☕️