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📈 Tesla slashes staff
Lockheed wins $17B US missile defense contract, Israel vows to retaliate against Iran for missile attacks, Tesla lays off more than 10% of staff, strong retail sales boost first-quarter growth estimates, and 'opportunity of a lifetime' may unfold for gold and silver this week…
Smart Owl
April 16, 2024
Good morning.
The Fast Five → Lockheed wins $17B US missile defense contract, Israel vows to retaliate against Iran for missile attacks, Tesla lays off more than 10% of staff, strong retail sales boost first-quarter growth estimates, and 'opportunity of a lifetime' may unfold for gold and silver this week…
Calendar: (all times ET)
Today: Fed Chair Powell speaks, 1:15p
THU, 4/18: Jobless claims, 8:30a
Your 5-minute briefing for Tuesday, April 16:
BEFORE THE OPEN
As of market close 4/15/2024.
PRE-MARKET
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MARKETS
US stocks continued their fall yesterday on rising yields and concerns over the Middle East conflict
The S&P's 2.6% two-day drop is the biggest in over a year
US 10Y yields touched YTD highs
Gold prices rose ~1.7% toward fresh records
Aluminum and nickel rose 2.7% and 1.9% respectively as US and UK banned trading in Russia-originated metals
Mexican peso continued to rally to a nine-year high vs the dollar
Yen fell below ¥154 vs the dollar for the first time since 1990
Dollar index is up 4.6% YTD
EARNINGS
Goldman Sachs beat Q1 top and bottom line estimates on a 28% YoY profit increase boosted by a rebound in IB and trading activity (link)
Charles Schwab beat Q1 top and bottom line estimates driven by a jump in asset management fees and client assets rising to a record high (link)
What we're watching this week:
Today: Bank of America, Morgan Stanley, J&J, UnitedHealth Group, United Airlines
Wednesday: ASML
Thursday: TSMC, Netflix, Blackstone
Friday: American Express, P&G
Full calendar here
NEWS BRIEFING
Lockheed Martin (LMT.N), has been awarded a $17 billion contract to develop the next generation of interceptors that would guard the US against an intercontinental ballistic missile attack.
Staff notified of layoffs effective immediately. Tesla looking to cut costs, boost productivity. Q1 deliveries fell for first time in nearly four years.
Israel vows to retaliate against Iran for missile attacks (link)
Stocks fall as Treasury yields, Middle east tensions weigh (link)
Strong US retail sales boost first-quarter growth estimates (link)
'Opportunity of a lifetime' may unfold for gold and silver this week (link)
Element Capital Management will return ~$4B to external clients (link)
Tokyo real estate is luring activist hedge funds (link)
US job seekers are demanding a record $81k to accept new job (link)
$400B debt costs mean climate spending could make emerging nations insolvent (link)
Hedge funds pile into Mexican peso, fueling world’s best rally (link)
Trend-following hedge funds could sell up to $42B in US equities over next month (link)
Growing lawsuits allege rent-fixing driven by algorithms (link)
US will to file an antitrust suit against Ticketmaster-parent Live Nation (link)
Fed's reverse repo facility plummets to lowest level in three years (link)
Tesla will lay off over 10% of global workforce (link)
H&R Block hit by outage on Tax Day (link)
Citigroup's wealth CIO David Bailin will leave after 15 years (link)
GM will its HQ to a new Detroit tower (link)
LA warehouse vacancies climb to highest in a decade (link)
CRYPTO
Hong Kong approved Bitcoin and Ether ETFs (link)
BULLISH BITES
🤑 Facts: Mark Cuban is ‘proud to pay’ $275,900,000 in taxes.
🤖 Bot be gone: Musk plans to charge new X users to enable posting.
💪 Flex: Scottie Scheffler wore a Rolex Submariner ‘Hulk’ to celebrate his second Masters win.
📈 Magic number? Americans think they need almost $1.5 million to retire, but experts say to focus on this number instead...
DAILY SHARES
Keep the curation going! Buy the team a coffee ☕️