šŸ“ˆ UPS cuts 12K

UPS cuts 12,000 jobs, Judge voids Muskā€™s $55 Billion pay package, Walmart announces 3-for-1 stock split, consumer confidence hits highest level in 2+ years, and PayPal to cut around 2,500 jobsā€¦

Author

Smart Owl
January 31, 2024

Good morning.

The Fast Five ā†’ UPS cuts 12,000 jobs, Judge voids Muskā€™s $55 Billion pay package, Walmart announces 3-for-1 stock split, consumer confidence hits highest level in 2+ years, and PayPal to cut around 2,500 jobsā€¦

Calendar:

  • Today, 1/31: Fed interest-rate decision, 2:00p ET

  • Friday, 2/2: US unemployment rate, 8:30a ET

Your 5-minute briefing for Wednesday, January 31:

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BEFORE THE OPEN

As of market close 1/30/2024.

PRE-MARKET

MARKETS

  • US stocks closed mixed as investors wait for the Fedā€™s latest interest rate decision and big tech earnings

  • The Nasdaq fell 0.76%, while the Dow rose 0.35%

  • Chinese stocks fell as investor optimism over a potential market rescue package fades

EARNINGS

  • Microsoft beat Q2 earnings and revenue expectations thanks to stronger-than-expected Azure cloud growth (link)

  • Alphabet shares declined ~6% despite better-than-expected Q4 revenue and earnings due to disappointing ad revenue (link)

  • UPS shares dropped ~8% after reporting a drop in Q4 international and domestic shipping volume and missing analyst revenue expectations; the company announced 12,000 layoffs to cut costs (link)

  • AMD shares fell ~4% after offering a Q1 forecast that fell short of expectations; the chipmaker reported Q4 earnings in line with analyst expectations and beat on revenue (link)

  • What we're watching this week:

    • Today: Qualcomm, Boeing, Novo Nordisk

    • Thursday: Apple, Amazon, Meta, Royal Caribbean, Altria

    • Friday: Exxon, Chevron, Bristol Myers Squibb, AbbVie, Cigna

  • Full calendar here

NEWS BRIEFING

UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to save $1 billion costs. Managers and contractor positions will make up most of the layoffs.

Process used to grant Musk record $55 billion ā€˜deeply flawedā€™. Musk says he wants bigger Tesla stake, funding to get to Mars.

  • Fed to hold interest rates steady but start considering cuts (link)

  • JPMorgan quants warn of Dot-Com style concentration in US stocks (link)

  • Consumer confidence hits highest level since December 2021 (link)

  • Pimco squares up for bareknuckle fight in private credit (link)

  • Evergrandeā€™s bond holders could wait years for little payout (link)

  • Dollar bond sales in Asia see worst start to year since 2016 (link)

  • The real estate downturn comes for Americaā€™s premier office towers (link)

  • Walmart announces 3-for-1 stock split (link)

  • The worldā€™s last wave of oil refining bets is all about India (link)

  • PayPal will cut 2,500 jobs, or 9% of global workforce (link)

  • GMā€™s bullish outlook boosted by gas-engine models, narrower EV losses (link)

  • Traders pile into wagers targeting a bigger bond market selloff (link)

  • White House touts highest consumer confidence in more than 2 years (link)

CRYPTO

  • Standard Chartered expects the SEC to approve Ethereum ETFs in May (link)

  • German police seized $2.1B of Bitcoin as part of an investigation in an illegal file-sharing platform (link)

  • Terraform Labs says its bankruptcy filing will enable an appeal for its securities fraud case with the SEC (link)

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