📈 NFL <> PE

Apple revamps iPads with AI Pro model, Reddit soars after strong first report since IPO, TikTok, ByteDance sue to block divest-or-ban law, Tesla pulls the plug on supercharger, and NFL to allow teams to sell 30% of franchise to private equity…

Author

Smart Owl
May 08, 2024

Good morning.

The Fast Five → Apple introduces AI-focused iPad Pro, Reddit soars after strong first report since IPO, TikTok sues to block divest-or-ban law, Tesla pulls the plug on supercharger, and

30% of franchise to private equity…

Calendar: (all times ET)

  • Today: Wholesale inventories, 10:00a

  • THU, 5/9: Initial jobless claims, 8:30a

  • FRI, 5/10: Consumer sentiment, 10:00a

Your 5-minute briefing for Wednesday, May 8:

BEFORE THE OPEN

As of market close 5/7/2024.

PRE-MARKET

MARKETS

  • US stocks closed mixed yesterday as the recent market recovery cooled

  • The S&P's four-day win streak is its best since March

  • The Dow's five-day win streak is its best since December

  • Copper again briefly hit $10k/ton

EARNINGS

  • Walt Disney beat Q2 earnings on narrowing streaming losses but forecast weakness in its entertainment D2C unit causing shares to fall ~10% (link)

  • Reddit jumped ~14% after beating Q1 revenue estimates and forecasting better-than-expected Q2 revenue on recovering digital advertising (link)

  • Rivian fell ~6% after reporting a wider-than-expected Q1 loss and reiterating FY production forecast well below analyst estimates (link)

  • What we're watching this week:

    • Today: Uber, Toyota, Airbnb, Shopify, Robinhood

    • Thursday: Warner Bros Discovery

  • Full calendar here

NEWS BRIEFING

Company adds latest M4 processor to new iPad Pro device. The iPad lineup hasn’t been updated since October 2022.

Social media company reports adjusted Ebitda of $10 million. Daily active users jumped 37% to 82.7 million globally.

  • Dealmakers eye all-stock deals as US rate cut hopes fade (link)

  • Wall Street bonuses expected to rise as deals return (link)

  • Companies are seeing best earnings since 2022 (link)

  • TikTok, ByteDance sue US gov to block divest-or-ban law (link)

  • Gen Z is leaning hard on credit cards (link)

  • PE to soon be allowed to buy up to 30% stakes in NFL teams (link)

  • Goldman expects buybacks to drive stocks higher in Q2 (link)

  • Quant firms seek to get in on bond markets (link)

  • Tesla pulls the plug on supercharger (link)

  • JPMorgan, CICC, Citic, cut IB jobs in China as deals stall (link)

  • Goldman named ex-Dallas Fed chief Kaplan as vice chairman (link)

  • Fitch downgraded NYCB to 'BB' (link)

  • Investigation finds rampant sexual harassment, discrimination at FDIC (link)

  • NFL set to allow teams to sell 30% of franchise to private equity (link)

  • Uber's european rival Bolt is expanding in US (link)

  • Panera discontinued 'charged' drinks (link)

  • TikTok sued to block US's divest-or-ban law (link)

CRYPTO

  • Binance was asked for a large payment in Nigeria to make its problems 'go away' (link)

  • German state-owned development bank KFW will sell its first blockchain-based digital bond (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💼 Pioneer: Crypto? AI? Internet co-creator Robert Kahn already did it… decades ago.

😵‍💫 Dysmorphia: How TikTok is wiring Gen Z’s money brain.

🗽 Report: One in 24 NYC residents is now a millionaire.

✈️ Amenities: IV drips are the newest luxury travel flex.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️