📈 Fingers point to put trades

Fingers point to world's hottest derivatives trade for killing the rally, Citi’s overhaul continues with closure of distressed-debt business, Apple loses attempt to halt watch sales ban, Toyota recalls 1.12 million vehicles over air bag issue, and consumer confidence jumps to a five-month high…

Author

Smart Owl
December 21, 2023

☕️ Good Morning.

The Fast Five → Fingers point to world's hottest derivatives trade for killing the rally, Citi’s overhaul continues with closure of distressed-debt business, Apple loses attempt to halt watch sales ban, Toyota recalls 1.12 million vehicles over airbags, and consumer confidence jumps to five-month high…

Here’s your 5-min briefing for Thursday:

BEFORE THE OPEN

MARKETS

  • Stock futures edge higher following recent market pullback.

  • S&P 500 and Nasdaq 100 futures rise, Dow futures climb.

  • Micron gains over 4% in after-hours trading on strong performance and guidance.

  • Wall Street sees losses, with S&P 500 having its worst day since September.

  • Dow and Nasdaq also slide, ending nine-day winning streaks.

  • Recent market rally takes a breather after significant gains.

  • Upcoming data includes jobless claims, GDP, and inflation gauge.

  • Nike earnings to be released after the market close.

EARNINGS

  • Micron shares jumped ~4% after beating Q1 earnings expectations and forecasting better-than-expected quarterly revenue (link)

    • What we're watching this week:

    • Today: Nike, Carnival

  • Full calendar here

NEWS BRIEFING

Put trades cited as catalyst for biggest slide in three months. Light trading, overbought conditions may have exacerbated move.

The bank is exiting businesses with poor returns as part of CEO Jane Fraser’s overhaul.

  • Consumer confidence jumps to five-month high; home sales eke out gains (link)

  • Billions are on the line for lenders as White House finalizes credit card late fee cap (link)

  • FTC plans to boost kids’ privacy regarding push notifications, ads (link)

  • Oil set to end winning streak over US stock build (link)

  • U.S. crude oil, gasoline stocks rise as refineries ramp up runs (link)

  • Xi warned Biden during summit that Beijing will reunify Taiwan with China (link)

  • Asia stocks fall as Wall Street rally stalls (link)

  • China revokes Taiwan tariff concessions, piles on pressure ahead of elections in the island (link)

  • Apple loses attempt to halt Apple watch sales ban (link)

  • Toyota recalling 1.12 million vehicles over potential air bag issue (link)

  • Wells Fargo employees vote in favor of unionization (link)

  • Shein grilled on China relationship, data protections ahead of U.S. IPO (link)

  • 'Daigou' goes corporate as retailers seek new ways to reach Chinese shoppers (link)

CRYPTO

  • Representatives from BlackRock, Nasdaq, and the SEC met to discuss rule changes necessary to list the Bitcoin ETF (link)

  • A judge denied SBF’s request to extend his sentencing process (link)

BULLISH BITES

📺 Big bets: 13 media execs make their anonymous 2024 predictions.

💰 Heir apparent: Hermes billionaire wants to bequeath fortune to his gardener.

😔 Quiet storm? Is the U.S. in a ‘silent depression?’ Economists weigh in on the viral TikTok theory.

✅ Reality check: Why $100,000 can’t support a middle-class family anymore, according to a viral video.

FEATURED TRADES

Voss Capital - R1: Shorts are Penny Wise, Pound Foolish

R1 RCM Inc. is a leading provider of technology-enabled revenue cycle management services which help healthcare providers generate more revenue, mitigate compliance risk, and reduce operating costs through end-to-end solutions. The company's comprehensive suite of services includes patient registration, insurance and benefit verification, medical treatment documentation and coding, billing, and collection services.

Ticker: RCM | Price: $10.39 | Price Target: $21 (+102%) | Timeframe: 2-3 years

🩺 Med Tech | 📈 Bullish Idea

Read the full article here. Read time: 20 min

DAILY SHARES

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