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Biden signs Israel, Ukraine, TikTok bill into law - what happens now, US Chamber of Commerce sues FTC over noncompete ban, Meta loses $200 billion in value as company bleeds cash, and TikTok CEO expects to defeat ban: 'We aren't going anywhere'…

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Smart Owl
April 25, 2024

Good morning.

The Fast Five → Biden signs Israel, Ukraine, TikTok bill into law - what happens now, US Chamber of Commerce sues FTC over noncompete ban, Meta loses $200 billion in value as company bleeds cash, and TikTok CEO expects to defeat ban: 'We aren't going anywhere'…

Calendar: (all times ET)

  • Today: GDP - Q1, 8:30a

    • Jobless claims, 8:30a

  • FRI, 4/26: PCE index, 8:30a

    • Consumer Sentiment, 10:00a

Your 5-minute briefing for Thursday, April 25:

BEFORE THE OPEN

As of market close 4/24/2024.

PRE-MARKET

MARKETS

  • US stocks wobbled to close relatively flat yesterday as higher bond yields dampened earnings enthusiasm

  • A record $70B auction of US 5Y Treasuries helped push yields higher

  • Five S&P 500 stocks hit new ATHs

EARNINGS

  • Meta shares plunged ~16% despite beating Q1 earnings and revenue estimates due to a light Q2 revenue forecast (link)

  • Boeing reported its first revenue drop in seven quarters but nonetheless beat analyst estimates that were lowered due to recent safety incidents (link)

  • Ford beat Q1 earnings estimates but slightly missed on revenue as truck sales offset losses in EVs (link)

  • IBM shares fell ~8% as a Q1 revenue miss overshadowed their announcement to acquire HashiCorp (link)

  • Chipotle reported better–than-expected Q1 earnings and revenue driven by higher traffic despite a rise in prices (link)

  • What we're watching this week:

    • Today: Microsoft, Alphabet, Intel, Snap Inc., American Airlines

    • Friday: ExxonMobil, Chevron, Abbvie

  • Full calendar here

NEWS BRIEFING

President Joe Biden signed into law measures to provide aid to Israel, Ukraine and Taiwan, as well as force the divestiture of social media platform TikTok from its Chinese parent company ByteDance or face a national ban.

The Chamber alleges that a universal ban is too wide reaching and that the FTC is overstepping its legal authority, which the Commission denied.

  • Meta extends rout after revenue forecast disappoints (link)

  • What happens now that Biden has signed the TikTok bill (link)

    • TikTok CEO expects to defeat US ban: 'We aren't going anywhere' (link)

  • McKinsey under criminal investigation over Opioid-related consulting (link)

  • Goldman and Bank of America shareholders rejected proposals for CEO-chair split (link)

  • Morgan Stanley Asia PE unit to reorganize as CEO retires (link)

  • Goldman tapped two senior BofA bankers for India dealmaking roles (link)

  • HSBC says growing Chinese wealth fuels client investments in US (link)

  • UBS analyst who took on Evergrande now bullish on China property (link)

  • UBS faces new lawsuit by HF Appaloosa over Credit Suisse $17B bond wipeout (link)

  • NYCB faces tough choices on CRE loans, balance sheet diversification (link)

  • Florida home insurance industry may be in deep trouble (link)

  • Foxtrot abruptly ceased all operations (link)

  • AI has an urgent power problem (link)

  • Whirlpool to cut 1k jobs globally (link)

CRYPTO

  • SEC is seeking a $5.3B fine on Terraform Labs and its co-founder Do Kwon (link)

  • Binance co-founder CZ is facing up to three years in US prison (link)

  • Two founders of the Samourai Wallet crypto-mixing service were charged with helping criminals launder $100M (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

👰🏻‍♀️ Trending: The rise of the ‘tradwife’ — why some women say they are opting out of work.

💻 Work smarter: Jeff Bezos isn’t a fan of ‘time blocking’ for productivity—here’s what he does instead.

🗝 World’s best: Michelin Guide awards its first Hotel Keys in the US.

DAILY SHARES

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