📈 Historic buyback

Good morning.

The Fast Five → Apple announces largest buyback in US history, Sony, Apollo make $26 Billion cash offer for Paramount, Wall Street confused and divided over rate cuts this year, US v. Google antitrust trial concludes, and Peloton CEO steps down along with 15% of staff…

Calendar: (all times ET)

• Today: Unemployment report, 8:30a

Your 5-minute briefing for Friday, May 3:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks recovered yesterday as investors digested yesterday's Fed rate guidance and further corporate earnings

• The S&P broke a three-day losing streak

• Gold is headed for its worst week since February

EARNINGS

• Apple gained ~6% after reporting slightly better than expected Q2 earnings, though overall revenue fell 4% on a 10% decline in iPhone sales; they also announced the biggest-ever share buyback of $110B (link)

• Coinbase rose 9% on better-than-expected Q1 earnings and revenue driven by the crypto rally (link)

• Apollo Global rose ~4% after reporting a 26% YoY increase in Q1 adjusted net income on growth in management fees and its flagship annuities business (link)

• Block jumped ~8% on a Q1 beat-and-raise driven by strong performance and growth in its Cash App business (link)

• DraftKings issued a Q1 beat-and-raise on improving customer acquisition and engagement (link)

• Full calendar here

NEWS BRIEFING

Apple’s $110 Billion Stock Buyback Plan Is Largest in US History

Sony, Apollo Make $26 Billion All-Cash Offer for Paramount

• Wall Street confused and divided over how many times the Fed will cut rates this year (link)

• US high yield spreads still tight despite pick-up in distress (link)

• TD Bank probe is related to laundering of fentanyl profits (link)

• Tesla is rescinding summer intern offers (link)

• IRS targets higher audit rates on big firms, partnerships and millionaires (link)

• Russian court cancels seizure of some JPMorgan funds (link)

• Macquarie profit slumped by one-third as commodity windfall fades (link)

• Eurozone manufacturing activity slump deepened in April (link)

• Canada reported a surprise nine-month high trade deficit (link)

• Huawei is secretly funding US research (link)

• Peloton CEO to step down, company to lay off 15% of staff (link)

• US v. Google antitrust trial concludes with closing arguments (link)

• Insurer Chub will pay $350M for Baltimore bridge collapse (link)

• Peloton CEO to step amid fresh layoffs (link)

• FTC accused Pioneer's ex-CEO of colluding with OPEC (link)

• The job market is tougher than it looks (link)

• NCAA is facing fresh legal challenges (link)

CRYPTO

• Crypto market sell-off was driven by retail investors (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🥱 A good thing: Why banks these days are so excited about being boring.

💣. Fallout: They thought they were joining an accelerator — instead they lost their startups.

👜 Too late? From luxury rack to sales bin — how Gucci fell off the catwalk.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️