📈 Apple appeal

Apple files appeal after Biden admin allows U.S. ban on watch imports, US-led Red Sea task force in trouble as countries hesitate to join, home prices extend records- rising ninth straight month, Tesla to roll out revamped Model Y, and Israel grants Intel $3.2B for new $25B chip plant…

Author

Smart Owl
December 27, 2023

☕️ Good morning.

The Fast Five → US-led Red Sea task force in trouble as countries hesitate to join, Apple files appeal after Biden admin allows U.S. ban on watch imports, home prices extend records- rising ninth straight month, Tesla to roll out revamped Model Y, and Israel grants Intel $3.2B for new $25B chip plant…

Your 5-minute briefing for Wednesday:

BEFORE THE OPEN

As of market close 12/26/2023.

MARKETS

  • US stocks rose, kicking off their final week of 2023 with expectations of rate cuts as soon as March

  • The Nasdaq led indices with a 0.54% gain

  • Oil prices climbed over 2% to their highest level this month due to further attacks on ships in the Red Sea prompting fear of shipping disruptions

EARNINGS

The earnings calendar is bare between Christmas and New Year's, picking back up the first week of January with Walgreens Boots Alliance (WBA) among the handful of names reporting.

In the following week (January 8-12), major banks will take the spotlight as the fourth-quarter earnings season begins. Stay tuned for our earnings outlook in next week's briefing.

Full calendar here

NEWS BRIEFING

The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea. This shipping lane is critical for the global economy, seeing around 12% of global trade pass through the strait every year.

Apple asked the Federal Circuit to pause the ban until U.S. Customs decides whether redesigned versions of its watches infringe Masimo’s patents, and to put the ban on hold while the court considers the request. Decision due on Jan. 12.

  • Apple to fight watch ban in court after White House declines to act (link)

  • Big oil enters 2024 strengthened by US industry consolidation (link)

  • US holiday retail sales grow 3.1%, down from prior year, Mastercard says (link)

  • Home prices continued climb in October, surveys show (link)

  • Argentina’s Milei lifts imports controls in free trade push (link)

  • Treasury auctions lure buyers as Fed rate cut wagers build (link)

  • Florida developers head west with $1B ski-town project (link)

  • Houthi rebels attack container ship in Red Sea conflict (link)

  • Haley endorsement marks presidential return of Koch Donor network (link)

  • Expect EVs to get cheaper in 2024 (link)

  • Biden’s strict hydrogen tax rules to ‘loosen,’ Plug Power CEO expects (link)

  • US home prices extend records, rising for a ninth straight month (link)

  • Tesla to roll out revamped Model Y from Shanghai plant (link)

  • Israel grants Intel $3.2 billion for new $25 billion chip plant (link)

  • Intel to invest $25B in Israel after winning incentives (link)

  • Trump is primed for a trade war in a second term, calling for ‘eye-for-eye’ tariffs (link)

  • Australian insurance stocks in focus after storms hit east coast (link)

CRYPTO

  • Binance founder and former CEO Changpeng Zhao’s fortune rose by ~$25B this year thanks to Bitcoin’s rebound (link)

  • Barry Silbert resigned from his position as chairman of Grayscale Investments, the crypto-trust vying for US approval to convert the world’s largest Bitcoin trust into an ETF (link)

  • Spot bitcoin ETF approval may be coming in January, experts say (link)

  • MicroStrategy bitcoin bet produces over 300% gain for investors in 2023 (link)

BULLISH BITES

🍺 Tastemaker: The 11 best beers of the year, chosen by a guy who tasted 879.

📊 Forecast: 9 things that will define the economy in 2024.

😎 Retro cool: How McDonald’s used nostalgia and streetwear to become cool again.

🙀 Year in memes: The internet moments that defined 2023.

FEATURED TRADES

Eversource Energy: Maintaining BUY with shares trading on favorable valuation metrics

Eversource Energy is largely a pure-play transmission and distribution business. It provides electric service and natural gas to customers in Massachusetts, Connecticut, and New Hampshire. The utility has almost 60,000 circuit miles of transmission lines, of which about 30% are underground. Eversource's core subsidiaries include Connecticut Light & Power, Yankee Gas Services Co., Public Service Co. of New Hampshire, NSTAR Electric, NSTAR Gas, and Aquarian Water Co.

Ticker: ES | Price: $61.08 | Price Target: $85 (+39%) | Timeframe: N/A

🔌 Electricity | 🏗️ Utilities | 📈 Bullish Idea

Read the full article here (paywall). Read time: 8 min

DAILY SHARES

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