📈 Overreach

Biden admin faces an onslaught of lawsuits from business groups for overreach, Paramount CEO Bakish departs amid merger scramble, Musk wins China's backing for Tesla's driver-assistance, 10 to 15 more tech IPOs on the 2024 horizon, and Apollo accused of an illegal human life wagering scheme...

Author

Smart Owl
April 30, 2024

Good morning.

The Fast Five → Biden admin faces lawsuits as business groups claim overreach, Paramount CEO Bakish departs amid merger scramble, Musk wins China's backing for Tesla's driver-assistance, 10-15 more tech IPOs on the 2024 horizon, and Apollo accused of an illegal human life wagering scheme...

Calendar: (all times ET)

  • Today: Consumer confidence, 10a

  • WED 5/1: Job openings, 10a

    • Fed interest rate decision, 2p

    • Fed Chair Powell conference, 2:30p

  • THU 5/2: Jobless claims, 8:30a

    • Trade deficit, 8:30a

  • FRI 5/3: Unemployment report, 8:30a

Your 5-minute briefing for Tuesday, April 30:

BEFORE THE OPEN

As of market close 4/29/2024.

PRE-MARKET

MARKETS

  • Money markets are pricing in ~35 bps of rate cuts this year

  • Hong Kong’s Hang Seng index climbed 2% to become April's best-performing major index globally

  • Oil dropped on progress in Gaza cease-fire talks

  • Yen recovered 2%+ versus the dollar after BOJ intervened in FX markets

EARNINGS

  • Domino’s shares jumped ~6% after Q1 growth in US same-store sales exceeded analyst estimates (link)

  • Sofi shares plummeted ~10% despite reporting better-than-expected Q1 earnings and revenue due to Q2 forecasts that missed analyst estimates (link)

  • Paramount posted a Q1 revenue miss but earnings beat driven by a streaming and advertising boost, but all attention was on their CEO departure related to a prospective Skydance merger (link)

  • What we're watching this week:

    • Today: Amazon, PayPal, AMD, Starbucks, Eli Lilly, McDonald’s, 3M, Coca-Cola

    • Wednesday: Mastercard, Qualcomm, Pfizer, CVS, KKR

    • Thursday: Apple, Coinbase, DraftKings, Apollo Global Management

  • Full calendar here

NEWS BRIEFING

Bakish’s departure confirmed as Paramount continues talks with Skydance Media over proposed tie-up

The Biden admin faces a wave of lawsuits targeting its regulatory agenda, as business and banking groups argue that federal agencies are overstepping their authority.

  • Morgan Stanley banker sees 10 to 15 more tech IPOs in 2024, and a ‘better year’ in 2025 (link)

  • US is cracking down on PE ownership of homes (link)

  • Apollo accused of illegal human life wagering scheme (link)

  • HSBC CEO Noel Quinn unexpectedly resigned (link)

  • Brokerages shift Fed rate cut expectations to September (link)

  • Global upstream expected to see $150B worth of M&A by year-end (link)

  • Mining M&A spree is just getting started (link)

  • Tesla short sellers have lost over $5B in post-earnings rally (link)

  • Korean investors near $4B losses on China-linked exotic notes (link)

  • PBOC is concerned about bond market bubbles and economic gloom (link)

  • US lifts Q2 borrowing above forecasts to $243B (link)

  • Proxy advisors recommend against BlackRock CEO pay proposal (link)

  • Major proxy advisor recommends against Morgan Stanley executive pay proposal (link)

  • NYCB delayed its annual shareholders meeting by two weeks (link)

  • FCC fined major telecoms ~$200M for sharing customer data (link)

  • Musk wins China's backing for Tesla's driver-assistance service (link)

  • Turkish grocery delivery firm Getir pulls out of US and Europe (link)

  • Oracle has more employees in California than Texas despite moving HQ (link)

CRYPTO

  • Crypto investment products saw a third consecutive week of outflows (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

⏱ Results: Stocks trade for 390 minutes a day. Increasingly, only these 10 minutes matter.

💎 Pursuits: Who are Anglo American's possible suitors?

🥞 AM done right: Nvidia CEO Jensen Huang doesn't mess around at Denny's.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️