📈 ESPN, Fox, Warner join forces

Good morning.

The Fast Five → Palantir skyrockets 30% after revenue beat, NYCB’s credit grade is cut to junk, Tesla is downgraded, ESPN, Fox, Warner Bros. join forces for sports streaming service, and ousted WeWork co-founder/CEO is trying to buy it back…

Your 5-minute briefing for Wednesday, February 7:

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BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks rose as investors digested corporate earnings and the Fed’s timeline for possible rate cuts

• The Dow led indices with a 0.37% gain

• Asian stocks closed mix, although Chinese stocks jumped, notching their best day in years thanks to promised support from China’s sovereign wealth fund

• European stocks rose thanks to corporate earnings and a decline in Euro zone inflation expectations

EARNINGS

• KKR shares rose ~6% after reporting higher quarterly earnings driven by appreciation in its investments (link)

• Snap shares plunged ~31% after missing Q4 analyst revenue expectations and issuing a disappointing Q1 forecast (link)

• BP shares rose ~6% after reporting higher-than-expected Q4 profit, accelerating the pace of its buybacks, and increasing its dividend (link)

• What we're watching this week:

  • Today: PayPal, Walt Disney, Uber, Alibaba, CVS

  • Thursday: Apollo Global, ConocoPhillips, Affirm, Pinterest, Cloudflare

  • Friday: PepsiCo 

• Full calendar here

NEWS BRIEFING

NYCB’s Credit Grade Is Cut to Junk by Moody’s

Adam Neumann Explores Buying WeWork Out of Bankruptcy

• Tech layoffs just keep coming as sector resets for AI (link)

• SEC increases oversight for hedge funds, high-speed traders (link)

• Yellen says commercial property is a worry, but regulators are on it (link)

• Tucker Carlson set to interview Vladimir Putin (link)

• Meta is trouncing Snap in digital ads (link)

• Sports betting and Swifties converge on the Super Bowl (link)

• Amazon is laying off hundreds in its health care operation (link)

• ESPN, Fox and Warner Bros. join for sports streaming service (link)

• Tesla is downgraded (link)

• Palantir shares rocket 30% after revenue beat, strong demand for AI (link)

• Biden blames Trump for sinking bipartisan immigration bill (link)

CRYPTO

• Digital Currency Group objected to subsidiary Genesis’ bankruptcy plan, arguing that the crypto lender should pay customers no more than the value the crypto had in January 2023, when Genesis filed for bankruptcy (link)

• Self-proclaimed Bitcoin inventor Craig Wright denied forging documents to support his claim that he created Bitcoin (link)

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BULLISH BITES

🏈 Investment: $7 million for 30 seconds? To advertisers, the Super Bowl is worth it.

🐲 Toys: Rolls-Royce isn't disclosing the prices of its limited "Year of the Dragon" line, but one look and you'll know why.

🔍 Feeling lost: First-generation social media users have nowhere to go.

🤔 End of pay wall? The great subscription news reversal.

FEATURED TRADES

Maran Capital top holdings: Clarus ($CLAR)

Clarus Corporation, with the ticker CLAR, is an American company that designs, manufactures, and markets outdoor equipment and apparel for climbing, mountaineering, backpacking, skiing, and other outdoor recreation activities under various brands, including Black Diamond, Sierra, and PIEPS.

Ticker: CLAR | Price: $5.98 | Price Target: $13 (+117%)

Market Cap: $236M | Timeframe: next few years

🧗 Outdoor Equipment | 📈 Bullish Idea

Read the full article here. Read time: 2 min

DAILY SHARES

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