📈 Reddit IPO countdown

Reddit plans to launch IPO in March, Red Sea attacks already bigger supply chain issue than pandemic, jobless claims plunge to lowest level since Sept ‘22, Lenovo betting its Motorola brand will be 3rd largest globally, and Macy’s to cut 3.5% of workforce and 5 stores…

Author

Smart Owl
January 19, 2024

☕️ Good morning.

The Fast Five → Reddit plans to launch IPO in March, Red Sea attacks already bigger supply chain issue than pandemic, jobless claims plunge to lowest level since Sept ‘22, Lenovo betting its Motorola brand will be 3rd largest globally, and Macy’s to cut 3.5% of workforce and 5 stores…

Your 5-minute briefing for Friday, January 19:

BEFORE THE OPEN

As of market close 1/18/2024.

PRE-MARKET

MARKETS

  • US stocks rose, led by tech stocks and chip stocks thanks to AI optimism

  • The Nasdaq led indices with a 1.35% gain

  • European stocks rose as investors continued to monitor news and comments from the World Economic Forum

EARNINGS

  • TSMC shares surged ~10% after reporting better-than-expected earnings and revenue; the chipmaker expects over 20% revenue growth in 2024 thanks to booming demand for high-end chips used in AI (link)

  • What we're watching this week:

    • Today: Ally Financial, State Street

  • Full calendar here

NEWS BRIEFING

The only event in recent years to have a bigger impact on the supply chain was when the cargo ship “Ever Given” got stuck in the Suez Canal in 2021.

Reddit is planning to make its public filing in late February and complete the IPO by the end of March.

  • Jobless claims plunge to 187,000, lowest since September 2022 (link)

  • Mark Zuckerberg indicates Meta is spending billions on Nvidia AI chips (link)

  • Tesla to showcase Cybertruck on China tour (link)

  • Oil traders used state firms as fronts in corrupt Ecuador deals (link)

  • Macy’s to cut about 2,350 jobs, close five stores (link)

  • Google to invest $1B in new UK data center to meet demand (link)

  • Nelson Peltz calls for Disney to target ‘Netflix-like’ streaming margins (link)

  • Qatari court convicts ex-finance minister of laundering $5.6B (link)

  • Dollar dominance is triggering intervention fears across markets (link)

  • Drugmakers raise prices of Ozempic, Mounjaro and hundreds of other drugs (link)

  • Surging debt supply to boost global yields, Goldman Sachs says (link)

  • Fed’s Raphael Bostic expects rate cuts to happen in the third quarter (link)

  • Companies are snapping up new clean-energy tax credits (link)

  • Pins, monocles and sunglasses: the rise of AI-focused hardware (link)

  • India goes big at Davos as world’s most populous country tries to woo investors (link)

  • Lenovo bets its Motorola smartphone brand will be the third-biggest globally in 3 years (link)

  • Senate passes bill keeping government funded into March (link)

  • Tiny NJ broker behind 2,000% IPOs set to return after hiatus (link)

CRYPTO

  • Binance has attracted $4.6B in crypto inflows since it paid its multibillion-dollar US penalty (link)

  • BlackRock’s Bitcoin ETF became the first ETF to cross $1B in inflows (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🛟. Help wanted: Benioff, Bezos and Soon-Shiong want to save the news industry. They’re Losing a Fortune.

🏎 Robo race: AI-controlled race cars are here, and they’re about to compete on an F1 track for millions.

🤫 Underground: Crypto traders in China are meeting in laundromats and snack kiosks to get around government regulations banning the practice.

💰 Stealth wealth: A mystery buyer is paying more than $100M for this NYC penthouse on Billionaires’ Row.

FEATURED TRADES

Etsy: We Remain Optimistic About Prospects After Painful but Necessary Cuts

Etsy, Inc. operates as an online marketplace for buyers and sellers of handmade items, vintage goods, and craft supplies, offering a wide range of products such as jewelry, stationery, clothing, home goods, and art.

Ticker: ETSY | Price: $67.86 | Price Target: $145 (+114%) | Market Cap: $8B | Timeframe: N/A

📦 E-commerce Marketplace | 📈 Bullish Idea

Read the full article here (paid). Read time: 15 min

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️