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📈 Move over Alphabet
Cisco to lay off thousands of employees, Uber, Lyft drivers strike across US, Nvidia replaces Alphabet as third most valuable company, SpaceX seeks to move incorporation to Texas, and Lyft CEO says “my bad” on margin error…
Smart Owl
February 15, 2024
Good morning.
The Fast Five → Cisco to lay off thousands of employees, Uber, Lyft drivers strike across US, Nvidia replaces Alphabet as third most valuable company, SpaceX seeks to move incorporation to Texas, and Lyft CEO says “my bad” on margin error…
Calendar:
Friday, 2/16: Producer Price Index (PPI), 8:30a ET
Your 5-minute briefing for Thursday, February 15:
BEFORE THE OPEN
As of market close 2/14/2024.
PRE-MARKET
 |  |
MARKETS
US stocks rose, recouping some losses after higher-than-expected January inflation drove a sell-off
The Nasdaq led indices with a 1.3% gain
European stocks rose after UK’s January inflation remained unchanged at 4%, defying expectations
Bitcoin prices rose 4% past $52,000, pushing its market cap above $1T for the first time since December 2021
EARNINGS
Cisco shares fell ~5% despite beating Q2 earnings and revenue forecasts due to a light forecast; Cisco will also let go 5% of its employees (link)
Sony shares fell ~4%, despite reporting strong quarterly earnings, after cutting its PS5 sales forecast (link)
What we're watching this week:
Today: Coinbase, DraftKings, John Deere, Applied Materials
Friday: Cinemark
Full calendar here
NEWS BRIEFING
Technology company Cisco announced Wednesday that it plans to lay off 5% of its global workforce, amounting to thousands of employees, as part of a company-wide restructuring.
Nvidia replaces Alphabet as Wall St's third most valuable company (link)
SpaceX seeks to move incorporation to Texas from Delaware (link)
Lyft’s CEO says ‘my bad’ on margin error, ‘it was one zero’ (link)
Mortgage rates surge higher again, causing homebuyers to pull back (link)
Warren Buffett’’s Berkshire Hathaway trims its massive stake in Apple (link)
Morgan Stanley is laying off several hundred in wealth-management division (link)
TSMC shares hit record high after Morgan Stanley lifts client Nvidia’s price target on AI chip demand (link)
SpaceX rocket lifts off with US craft bound for moon landing (link)
Michael Burry buys Amazon, Alphabet and a dozen other new stocks (link)
Putin claims he prefers Biden over Trump (link)
CRYPTO
BULLISH BITES
🔥 Must-see TV: Zuck rips Apple's ‘Vision Pro’ headset in review video and mocks Apple ‘fanboys’.
👔 Personalized: Men used to have wives. Now they have stylists.
☔️ Leader: This little-known startup takes the AI weather prediction crown.
🤖 Overhyped? “It is a mess and not anywhere close to adding value,” Andreessen Horowitz partner Guido Appenzeller tweeted about Copilot, Microsoft's AI assistant.
DAILY SHARES
I had to cancel my Valentine’s Day plans.
I got staffed on a big deal at work.
My GF completely understood.
She said “you have to put the LPs first.”
This is what a healthy relationship looks like.
— High Yield Harry (@HighyieldHarry)
4:59 PM • Feb 14, 2024
Keep the curation going! Buy the team a coffee ☕️