📈 Boeing's fall

Boeing hit by damning report, Jamie Dimon says AI is not just hype, FTC sues to block Kroger/Albertsons merger, Google steps up Microsoft criticism, and Bitcoin breaks $57,000 as big buyers circle…

Author

Smart Owl
February 27, 2024

Good morning.

The Fast Five → Boeing hit by damning report, Jamie Dimon says AI is not just hype, FTC sues to block Kroger/Albertsons merger, Google steps up Microsoft criticism, and Bitcoin breaks $57,000 as big buyers circle…

Calendar: (all times ET)

  • Today: Durable-goods orders, 8:30a

    • Consumer confidence, 10:00a

  • Wed, 2/28: GDP, 8:30a

  • Thu, 2/29: Consumer sentiment (final), 10:00a

Your 5-minute briefing for Tuesday, February 27:

BEFORE THE OPEN

As of market close 2/26/2024.

PRE-MARKET

MARKETS

  • US stocks slipped on Monday, with the S&P and Dow retreating from record highs, as investors awaited key inflation data

  • Federal funds futures are now pricing 80 bps of rate cuts this year, compared to 150 bps in early January

  • Europe's Stoxx 600 also retreated from its record high

  • Bitcoin prices climbed above $54k, its highest in over two years

EARNINGS

  • Zoom shares jumped ~10% after beating Q4 earnings and revenue estimates on a boost from its AI services (link)

  • Unity shares dropped ~18% after missing on Q4 earnings and issuing weaker than expected Q1 guidance (link)

  • What we're watching this week:

    • Today: Macy’s, Lowe’s, AutoZone

    • Wednesday: Salesforce, AMC

    • Thursday: Birkenstock, Best Buy, Dell

  • Full calendar here

NEWS BRIEFING

FAA panel finds ‘disconnect’ between senior management, staff. Workers feared retaliation if they flagged safety concerns.

“This is not hype. This is real. When we had the internet bubble the first time around … that was hype. This is not hype. It’s real,” Dimon said.

  • FTC sues to block Kroger, Albertsons merger, arguing it would raise grocery prices and hurt workers (link)

  • Nvidia makes up 25% of US equity options bets (link)

  • Yellen says global economy remains resilient, lauds US as growth driver (link)

  • Google steps up Microsoft criticism, warns of rival's monopoly in cloud (link)

  • Microsoft partners with Mistral in push beyond OpenAI (link)

  • Fee pressure intensifies in US ETF market (link)

  • US corporate bond sales hit $153B in February record (link)

  • Convertible bond sales notch $5B week as rate cute cuts appear distant (link)

  • Nvidia is now the most desirable place to work (link)

  • Nintendo will introduce successor to Switch in 2025 (link)

  • JPMorgan named Filippo Gori and Doug Petno as co-heads of global IB (link)

  • Citigroup hired Viswas Raghavan from JPMorgan as new head of IB (link)

CRYPTO

  • Grayscale’s Bitcoin ETF exodus reached $7.4B in first 30 trading days (link)

  • Hong Kong is preparing regulations to halt stealthy crypto purchases by small shops (link)

  • Bitcoin breaks $57,000 as big buyers circle (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

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💾 Flop rock: Inside the underground floppy disk music scene.

👋 Movin’ out: Gen Z can save money by living with their parents -- but pays for it emotionally.

🚤 Mod vessel: A 570 horsepower electric wake boat.

DAILY SHARES

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