📈 PE tackles NFL

NFL decides on private equity, Zuck says WH ‘pressured’ Meta to ‘censor’ Covid-19, shares of Temu parent plunge, Eli Lilly slashes weight loss drug prices by half, and Nvidia aims for "show stopper" in earnings report...

Author

Smart Owl
August 28, 2024

Good morning.

The Fast Five → NFL decides on private equity, Zuck says WH ‘pressured’ Meta to ‘censor’ Covid-19, shares of Temu parent plunge, Eli Lilly slashes weight loss drug prices by half, and Nvidia aims for "show stopper" in earnings report. Today’s briefing ahead, but first…

Calendar: (all times ET)

  • Today: [none]

  • Tomorrow: Initial jobless claims, 8:30A

Your 5-minute briefing for Wednesday, August 28:

BEFORE THE OPEN

As of market close 8/27/2024.

PRE-MARKET

MARKETS

  • US stocks slightly rose ahead of Nvidia's earnings and Friday's PCE report

    • Options markets are pricing in a ±10% swing in Nvidia post-earnings

  • China's CSI 300 fell to seventh-month lows as buyback announcements failed to make up for disappointing earnings

  • US 2Y-10Y yield curve inversion hit its narrowest in three weeks

  • Dollar index is at a thirteen-month low

  • Pound hit a 2.5-year high on bets of a hawkish BoE

EARNINGS

  • What we're watching this week:

    • Today: Nvidia, CrowdStrike, Salesforce

    • Thursday: Dell, Best Buy, Dollar General, lululemon

  • Full calendar here

NEWS BRIEFING

League approved PE firms including Arctos, Ares & Sixth Street. Surging team valuations likely to go higher with PE bidders.

Zuckerberg said Meta made some choices that, “with the benefit of hindsight and new information,” the tech giant would not make again.

  • Consumers more upbeat on economy, inflation in August (link)

  • House prices fall on monthly basis in June (link)

  • Oil prices fall 2% on economic worries, technical decline (link)

  • Eli Lilly lowering prices for weight loss drug by half (link)

  • Self-driving truck company TuSimple settles fraud lawsuit for $189 million (link)

  • Meta to shut augmented reality studio used by third-party creators (link)

  • Intel board member quit after differences over chipmaker's revival plan (link)

  • Shares of Temu parent company PDD plunge 29% (link)

  • Musk's X wins tentative dismissal of sex bias lawsuit over mass layoffs (link)

  • TotalEnergies Trading to pay $48 mln for attempted market manipulation (link)

  • Nvidia aims for "show stopper" in highly anticipated earnings report (link)

CRYPTO

  • Former President Trump launched a new NFT series, "America First," a collection of Bitcoin-themed digital cards (link)

  • BlackRock listed its iShares Ethereum Trust on Brazil's B3 exchange, expanding its crypto ETF offerings in the country (link)

  • MakerDAO rebranded as Sky, introducing new USDS stablecoin and SKY governance token alongside existing DAI and MKR tokens (link)

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