📈 Market rebounds

☕️ Good Morning.

The Fast Five → Wall Street rebounds after big loss, Apple pulls watches from online sales, Anthropic in talks to raise $750M at $18B+ valuation, Musk blasts markets saying indexing has ‘gone too far’, and Blavatnik joins Harvard donor revolt…

On behalf of the Bull Street Talk team, we wish you a joyous, peaceful holiday! We look forward to seeing you back here on Tuesday, December 26th.

Here’s your 5-min briefing for Friday:

BEFORE THE OPEN

MARKETS

• US stocks rose after US Q3 GDP growth was revised downward to a 4.9% annualized rate, keeping in line with the narrative that a cooling economy will lead to rate cuts

  • The Nasdaq led indices with a 1.26% gain

EARNINGS

• Nike shares fell 6% after missing Q2 revenue expectations but beating on profit; Nike warned about a softer revenue outlook for the second half of the year and unveiled a plan to cut costs by ~$2B (link)

• Full calendar here

NEWS BRIEFING

Wall Street Bounces Back After a Big Loss, and S&P 500 Again Nears Record

Apple Pulls Online Sales of Apple Watches

• Big banks are copying from private credit’s playbook (link)

• Rudy Giuliani files for bankruptcy protection, lists more than $100M in debts (link)

• Shell extends job cuts as CEO seeks to trim costs (link)

• Self-driving vehicles are finding a home in industrial operations (link)

• Anthropic, the OpenAI rival, is in talks to raise $750 million in funding at $18.4 billion valuation (link)

• Podcast workers look to shake up the status quo after a year of layoffs (link)

• Brookfield property’s debt cut to junk by S&P on real estate concerns (link)

• Harvard financial pain grows as Blavatnik joins donor revolt (link)

  • Harvard stands behind its president after new plagiarism allegations (link)

• Container rates hit $10k as ocean freight inflation soars in Red Sea crisis (link)

• Musk blasts public markets, says indexing has ‘gone too far’ (link)

• IRS offers deal to employers who regret claiming pandemic tax credit (link)

• Hyperloop One to shut down after failing to reinvent transit (link)

• Former Swiss finance executive pleads guilty to tax evasion scheme that hid $60M (link)

• Record warm and snowless Christmas on tap for Midwest, East (link)

• Buzzfeed, Semafor sued by Ozy Media over alleged trade secret theft (link)

• China’s bruised middle class has bad news for global brands (link)

• US weighs tariffs on Chinese electric vehicles, other goods (link)

• Citi’s loyal muni client forced to break with favored banker (link)

• Angola to leave OPEC after production quota dispute (link)

CRYPTO

• A British Virgin Islands court froze ~$1B worth of assets belonging to the founders of cryptocurrency hedge fund Three Arrows Capital (link)

• France gave Coinbase virtual asset service provider approval, which allows the exchange to operate digital currency services (link)

BULLISH BITES

🙏 Wise words: Elisha Wiesel, son of Holocaust survivor, has words for Wall Street and Ivy Leagues.

📈 Big moves: Forget the top 5, these stocks were the biggest movers in the S&P 500 in 2023.

😔 Leftovers: Trading the remains of FTX is turning into big business.

FEATURED TRADES

Q323 Update on Altus Power AMPS

Altus is a solar asset company with a growing portfolio, reaching 863MW projected by Q4 2023. The company differentiates itself through a unique non-bank syndicated construction facility with Blackstone insurance capital, allowing it to maintain higher operating margins and grow its asset base even in a high-interest rate environment.

Ticker: AMPS | Price: $6.65 | Price Target: $12 (+80%) | Timeframe: 2024

☀️ Solar | 📈 Bullish Idea

Read the full article here. Read time: 3 min

DAILY SHARES

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