📈 Intel Gets Amazon Boost

Chipotle turns to robots for portion control, Apple struggles to sell new phones, DOJ taking closer look at bank deals, Microsoft buying back billions, Intel gets billions from CHIPS

Author

Evelio Silvera
September 17, 2024

Good morning.

⚡ The Fast Five → Chipotle turns to robots for portion control, Apple struggles to sell new phones, DOJ taking closer look at bank deals, Microsoft buying back billions, Intel gets billions from CHIPS

And now…

⏱️ Your 5-minute briefing for Tuesday, September 17, 2024:

MARKET BRIEF
Before the Open

As of market close 9/16/2024.

Pre-Market

  • Intel shares rose 6.4%, the top gainer on all three benchmark indexes, after the chipmaker said it received US government funding of up to $3 billion in support of the Secure Enclave program that helps secure the domestic supply chain of advanced chips for defense and national security systems.

  • Apple shares dropped 2.8%, the steepest decliner on the Dow and among the worst on the Nasdaq, after reports suggested that demand for the tech giant's recently announced iPhone 16 is lower than expected.

Fear & Greed

*UP 2 pts

Trends

  • Dow Closes at Record High Ahead of Fed Meeting

  • S&P inches up, Nasdaq declines as tech weighs ahead of Fed decision

  • US interest rate futures see higher odds of super-sized Fed move

WHAT WE’RE WATCHING
Events

  • Today: Census Bureau - Core Retail Sales (Automotive), 8:30AM

  • Why You Should Care: It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity

Earnings Reports

  • Today: Ferguson, Apogee

  • Monday: General Mills, Steelcase, Aviat Networks

MARKET BRIEF
Headlines

Intel’s struggling chip-making business got a boost Monday from a high-profile client: Amazon. The announcement came after Intel said earlier in the day it would receive up to $3 billion in funding under the CHIPS and Science Act to manufacture chips for the military.

Apple shares slid Monday after reports that demand for the new iPhone 16 is lower than expected — and down 12% year over year from the first-weekend sales of the iPhone 15 last year, TF Securities analyst Ming-Chi Kuo wrote in a note.

  • The Rise of the Space Economy (link)

  • Schultz-era Starbucks executive retires as new CEO Brian Niccol aims for revival (link)

  • Carl Icahn welcomes dismissal of Icahn Enterprises lawsuit, not selling shares (link)

  • A Dish-DirecTV deal may not improve satellite TV’s fate much, but bonds still rally (link)

  • Target Set To Recruit 100K Seasonal Employees Despite Anticipated Slow Holiday Sales (link)

  • Microsoft Announces $60 Billion Buyback, 10% Dividend Hike (link)

  • Chipotle has a strange solution for skimpy food proportions (link)

  • Top US antitrust cop says DOJ will overhaul how it reviews bank deals (link)

CRYPTO
Fear & Greed

*DOWN 6 pts

Headlines

  • Coinbase and Binance listings may be bullish — but usually not for long (link)

  • Michael Saylor's MicroStrategy Plans Another $700M Convertible Note Issuance (link)

  • New York restaurant Flyfish Club settles with SEC over NFTs and agrees to pay $750,000 (link)

  • More than 40 Firms Join Central Bank Group to Explore Tokenization for Cross-Border Payments (link)

DAILY SHARE
On the Socials

*Hat-tip to HighYieldHarry