📈 Meta, Amazon soar

Dow rallies 370 points as Meta and Amazon soar on earnings, US renews strikes against Houthis as Red Sea crisis continues, a $560 Billion property warning hits banks, Peloton shares plummet 20%, and Tim Cook teases Apple AI announcement…

Author

Smart Owl
February 02, 2024

Good morning.

The Fast Five → Dow rallies 370 points as Meta and Amazon soar on earnings, US renews strikes against Houthis as Red Sea crisis continues, a $560 Billion property warning hits banks, Peloton shares plummet 20%, and Tim Cook teases Apple AI announcement…

Calendar:

Today: US unemployment rate, 8:30a ET

Your 5-minute briefing for Friday, February 2:

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BEFORE THE OPEN

As of market close 2/1/2024.

PRE-MARKET

MARKETS

  • US stocks rose, recovering from yesterday’s brutal sell-off in reaction to the Fed’s rate decisions, while investors awaited big tech earnings

  • The Nasdaq led indices with a 1.3% gain

EARNINGS

  • Apple reported better-than-expected Q1 earnings and revenue but showed a 13% decline in sales in China, an important market (link)

  • Meta shares jumped 15% after reporting better-than-expected Q4 earnings and revenue and announcing its first-ever dividend payment in addition to a $50B buyback (link)

  • Amazon shares surged 7% after beating Q4 earnings and revenue expectations and providing strong Q1 guidance (link)

    • Today: Exxon, Chevron, Bristol Myers Squibb, AbbVie, Cigna

  • Full calendar here

NEWS BRIEFING

Major indexes closed near session highs Thursday. Investors awaited quarterly earning reports from three Magnificent Seven companies after market close.

Lenders face debt maturities, lower values after thaw in deals. Multifamily also a focus following change in New York rent law.

  • Elon Musk wants to move Tesla’s incorporation from Delaware to Texas (link)

  • Apple’s China slump deepens even as total sales grow again (link)

  • Taylor Swift deep fakes push tech companies, lawmakers to find fixes (link)

  • JPMorgan says exit five-year Treasury bets, bank angst overdone (link)

  • Battle for Disney’s future heats up, company sets meeting date (link)

  • US renews strikes against Houthis in Yemen as Red Sea crisis continues (link)

  • Peloton shares plummet 20% as fitness company gives dismal outlook (link)

  • Tim Cook teases Apple AI announcement ‘later this year’ (link)

  • Powell navigates ‘toxic’ politics of rate cuts as election nears (link)

  • McKinsey’s leader survives, but voting reveals cracks at elite consulting firms (link)

  • Nvidia CEO says nations seeking own AI systems will raise demand (link)

  • Boeing 737 MAX crisis adds to high demand for older planes (link)

  • Intel delays $20B Ohio project, citing slow chip market (link)

  • Commercial property losses hammer banks on three continents (link)

  • Okta to cut 400 jobs following tech peers in reducing costs (link)

  • US property losses trigger 20% drop in Japanese bank Aozora (link)

  • The GOAT of Formula One is set for move to Ferrari (link)

CRYPTO

  • Crypto lender Genesis Global settled an SEC lawsuit over its defunct Gemini Earn lending program and agreed to pay a $21M fine (link)

  • Binance’s attempts to re-enter the UK market are being frustrated by prospective local partners’ unwillingness to work with the exchange (link)

  • JPMorgan says stablecoin USDT’s market dominance may jeopardize crypto (link)

You Can Sponsor this Newsletter details here.​

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FEATURED TRADES

Greenlight Capital new position: Viatris ($VTRS)

Viatris Inc. (ticker: VTRS) is a global healthcare company that provides access to medicines, sustainable operations, and community health programs. The company was formed through the combination of Mylan N.V. and Upjohn, a legacy division of Pfizer, and it offers a wide range of products including branded and generic drugs, as well as over-the-counter offerings.

Ticker: VTRS | Price: $11.87 | Price Target: $21.66 (+83%)

Market Cap: 14B | Timeframe: N/A

🩺 Healthcare | 💰 4% Dividend | 📈 Bullish Idea

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DAILY SHARES

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