Good morning. Happy Friday.
The Asian/Pacific markets got hit hard. Japan and China posted big losses; South Korea, India, Singapore and the Philippines posted moderate losses. Europe, Africa and the Middle East are currently down a bunch. The UK, Denmark, Poland, France, Greece, Finland and the Netherlands are down big. Turkey is up. Futures in the States point toward a down open for the cash market.
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The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Summer of Automation
A strange vibration is coming in the 2020s as driverless vehicles are set in motion. A whole generation has a new explanation for the future of mobility, but instead of flowers in their hair, technology is the new love-in there. If you’re going to San Francisco, be aware of a supercharged initiative that will likely transform the automotive industry and the ways people operate all across the nation.
Summertime: In a contentious vote, California regulators gave the green light to Alphabet’s Waymo (GOOGL, GOOG) and General Motors’ Cruise (GM) to expand the breadth and location of their operations. The companies, which collectively have more than 500 autonomous vehicles already operating in San Francisco, will be able to take paying passengers without a human safety driver during the day or at night, and throughout the entire city. Waymo will also be permitted to drive in inclement weather, and at speeds of up to 65 miles per hour, while Cruise will be limited to a speed of 35 mph.
“While we don’t yet have the data to judge AVs against the standard that humans are setting, I do believe in the potential of this technology to increase safety on the roadway,” said California Public Utilities Commissioner John Reynolds. The technologists agree, citing the elimination of human error and challenging the “inaccessible transportation status quo.” On the other side of the debate were residents, as well as police and fire departments, frustrated at the potential for traffic incident interference, or job threats to human drivers of Uber (NYSE:UBER) and Lyft (LYFT) – which are also based in San Francisco.
Expensive endeavor: GM (GM) has been shelling out around $2B a year to make the self-driving dream a reality, hoping to gain from a first-mover advantage that’s also being sought after by Tesla (TSLA) and Amazon’s (AMZN) Zoox. The strategy is part of CEO Mary Barra’s plan to double the automaker’s revenue by 2030, though its Cruise subsidiary only recorded $102M in revenue last year, compared to $3.3B in expenses. Regarding Waymo, Investing Group Leader Stone Fox Capital argued that drastic cuts weren’t needed after shareholders in November urged the tech giant to slash its losses, while SA analyst Albert Lin penned an article on what Alphabet (GOOGL, GOOG) would look like without its “Other Bets” category. (4 comments)
CPI recap
The odds of the Federal Reserve leaving its current policy rate unchanged have risen after the latest inflation data showed prices continuing to moderate. The Consumer Price Index held steady in July, rising 0.2% as expected, though services inflation remained sticky, driven by elevated rental costs. Following the prints, Victor Dergunov said in a Wall Street Lunch podcast that similar readings could lead to a Fed pivot early next year, adding that “we pretty much hit the Goldilocks zone.” Traders also initially cheered the CPI report, but Fed speaker Mary Daly’s hawkish-leaning comments led the markets to lose some steam. (194 comments)
Coach to first class
Tapestry’s (TPR) purchase of Capri Holdings (CPRI), which flies in the face of Amazon’s (AMZN) recent move to cut private-label brands, has drawn largely positive reviews. The combination of Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors is said to create a new powerful global luxury house that is anticipated to deliver immediate value. Wells Fargo said the $8.5B deal positions Tapestry to own the affordable luxe handbag market in the U.S., but the threat to high-end behemoth LVMH (OTCPK:LVMHF) seems limited for now, given the latter’s sheer size and diversification. Knee-jerk trading on Thursday saw TPR shares end down 16%, while CPRI finished the session 56% higher. (3 comments)
‘Ticking time bomb’
As China slides into deflation, President Biden called the country a “ticking time bomb” that puts the rest of the world at risk. At a political fundraiser, he pointed to China’s economic slowdown, the fact that people of retirement age outnumber those of working age, and referred to the Belt and Road Initiative as a “debt and noose.” “They got some problems,” Biden declared. “That’s not good because when bad folks have problems, they do bad things.” China has been grappling with slumping trade, deflationary worries and soaring youth unemployment, and the latest statements come a day after the White House restricted U.S. investments in China, raising concerns of aggressive retaliation. (19 comments)
Today’s Economic Calendar
8:30 Producer Price Index
10:00 Consumer Sentiment
1:00 PM Baker Hughes Rig Count
What else is happening…
GM (GM), Ford (F), Stellantis (STLA) slide as threat of strike looms.
Biden asks Congress for another $40B for Ukrainian defense and aid.
Supreme Court to hear arguments on Purdue’s $6B settlement.
Australian LNG producers in talks to avert potential strikes.
Mortgage rates near 7% on the back of a resilient U.S. economy.
Alibaba (BABA) pops as Q1 results cruise past estimates.
Virgin Galactic (SPCE) takes tourists to space for the first time.
Meta (META) may only build around 1K units of new AR glasses.
Medicare Part D drug price increases far exceed inflation, AARP finds.
Novo Nordisk (NVO) to buy weight loss drugmaker Inversago for $1.1B.
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Good morning. Happy Thursday.
The Asian/Pacific markets were mixed and little changed. Japan and China moved up; India, Taiwan and the Philippines moved down. Europe, Africa and the Middle East are currently doing great. Denmark is down, but Poland, France, Turkey, Russia, South Africa, Finland, Hungary, Spain, Italy and Saudi Arabia are posting solid gains. Futures in the States point toward a moderate gap up open for the cash market.
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The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Fine print
The market is watching. The Fed is watching. Investors are watching. Today’s Consumer Price Index will set the tone for discussion about monetary policy over the coming weeks after the central bank raised its benchmark rate in July to the highest level since 2001. Another batch of soft figures could enable the Fed to continue taking its foot off the accelerator, as disinflation takes hold of the U.S. economy.
By the numbers: While the Fed’s preferred inflation gauge is the core PCE (personal consumption expenditure) Index, the CPI provides an earlier view of inflation trends. Economists expect July’s CPI, which will be released at 8:30 AM ET, to rise 0.2% M/M, the same rate as in June. On a Y/Y basis, it’s expected to increase to 3.3%, from 3.0% in June, which was the slowest pace in two years. Meanwhile, core CPI is expected to rise 0.2% M/M, the same as the prior month, and is expected to stay at 4.8% Y/Y.
Some fine print is being attached to the year-over-year comparisons as annual inflation hit a peak of 9.1% in June 2022. That means the data and figures are now subject to so-called base effects, which can show an acceleration even if the percentage of monthly CPI increases holds steady. It could also be a factor in why the Y/Y numbers aren’t expected to slow much more until 2024, and comparatively, a slight increase in the Y/Y pace wouldn’t necessarily mean the recent slowdown in inflation is in retreat.
What else to watch: It’ll be important to analyze the breakdown of individual components of the CPI. Oil and gas prices have soared this summer – which will impact energy – while food, rent and shelter costs, and healthcare, are also on watch. Remember, the Fed also has another CPI report, the PCE report, and one more jobs report before its Sept. 19-20 meeting. “Whether or not central banks keep hiking, we believe interest rate structures across most developed markets offer value,” writes Invesco in The End Of Rate Hikes: Are We There Yet?. (13 comments)
Costs in focus
Shares of Disney (DIS) initially dipped 2% AH on Wednesday after reporting the third straight quarterly decline in Disney+ subscribers. While cost cuts helped push profit past expectations, subscriber growth continued to stagnate across streaming platforms. Later on, the stock reversed course to rise 3% after Disney raised prices for its ad-free streaming services. CEO Bob Iger also said additional terms on password sharing policies will be rolled out later this year, following in the footsteps of Netflix’s (NFLX). “Although the streaming business continues on its march to profitability, there is a long road ahead,” noted Third Bridge analyst Jamie Lumley. “We expect that 2025 is a more realistic timeline to achieve profitability than next year.” (44 comments)
No action
It’s been 100 days since writers took to the streets to protest major studios’ refusal to meet their demands for higher pay and better working conditions, and it looks like there is no end in sight. The last writers’ strike in 2007 cost California’s economy ~$2.1B in losses, and the impact of this year’s strike may have reached $3B so far. Even as actors joined writers in a historic double strike, it looks like the shutdown could go on for longer as major studios refuse to give in to key demands (note that 39 independent productions from smaller studios have been cleared to shoot during the stoppage). For now, Netflix (NFLX) is best positioned to weather the strike’s impact, according to SA analyst Yuval Rotem, given its content slate and international production capabilities. (7 comments)
Pass the chips
More than 460 companies have submitted statements of interest to receive funding under the CHIPS Act, according to the White House, a year after it was signed into legislation. The nearly $53B legislation, which provides tax credits for domestic semiconductor manufacturing, is aimed at boosting America’s share of the global semiconductor market as it seeks to reduce its reliance on Asia, notably China, following disruptions caused by the COVID-19 pandemic and geopolitical concerns. Since its signing, companies have announced billions in investments in semiconductors and electronics, including commitments by Intel (INTC), Wolfspeed (WOLF) and TSMC (TSM). Despite this momentum, semiconductor stocks were largely in the red yesterday, led by sharp weakness in Nvidia (NVDA). (55 comments)
Today’s Economic Calendar
Consumer Price Index
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
1:00 PM Results of $23B, 30-Year Bond Auction
2:00 PM Treasury Statement
4:30 PM Fed Balance Sheet
What else is happening…
U.S. crude oil climbs to 2023 highs, driven by tightening supplies.
Coach owner Tapestry (TPR) in talks to buy Michael Kors’ Capri (CPRI).
Maxine Waters voices concern over PayPal’s (PYPL) stablecoin launch.
Roblox (RBLX) dives as engagement, user growth disappoint.
Trade Desk (TTD) slips as earnings, guidance fail to impress.
Target (TGT) and Starbucks (SBUX) expand Drive Up partnership.
Wynn Resorts (WYNN) tops expectations as Macau results shine.
China directs all mobile app providers to file business details.
Plug Power (PLUG) slides after piling up larger than expected loss.
Novo Nordisk (NVO) raises outlook on strong weight loss drug sales.
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Good morning. Happy Wednesday.
The Asian/Pacific markets leaned up. Japan and China were weak, but Hong Kong, South Korea, Malaysia, Thailand and the Philippines did well. Europe, Africa and the Middle East are currently doing great. The UK, France, Turkey, Germany, Finland, Switzerland, Norway, Hungary, Spain, the Netherlands, Italy and Sweden are posting solid gains; Denmark is down. Futures in the States point toward a positive open for the cash market.
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The dollar is unchanged. Oil and copper are up. Gold and silver are down. Bonds are up.
Stories/News from Seeking Alpha…
Charge it
It was only two months ago that Wall Street Breakfast: Put It On Plastic discussed the $1T U.S. credit card debt milestone, but it has now finally happened. Balances topped the record in Q2 as consumers continued to spend, according to the New York Fed’s Quarterly Report on Household Debt and Credit. The number of credit card accounts also increased by 5.48M to 578.35M, while the total limits on credit card accounts rose by $9B to a total of $4.6T.
As mentioned previously: High inflation is pushing more consumers to put non-discretionary spending on cards, while others may be having a harder time paring back their lifestyles despite the price pressures. Interest rates are compounding the issue, with the average annual percentage rate over 20%, making it a costly debt for consumers. It’s also higher than at any point since the Fed started tracking card APRs in 1994, contributing to the overall U.S. household debt that topped $17T in Q1.
Meanwhile, the flow into serious delinquency (that is, 90 days or more delinquent) for credit cards rose to 5.08% of total credit card balances in Q2, from 3.35% in Q1. However, that figure is “normalized” with pre-COVID levels, as during the pandemic, changes in buying patterns, fiscal stimulus, and forbearance programs kept delinquency rates low. Credit card issuers will also report their July delinquency and net charge-off rates next week to get a better view on the industry.
“Despite the many headwinds American consumers have faced over the last year – higher interest rates, post-pandemic inflationary pressures, and the recent banking failures – there is little evidence of widespread financial distress for consumers,” New York Fed economists and researchers wrote following the release.
SA commentary: “Non-revolving credit, such as personal loans and vehicle loans, has [seen] a slowdown over recent months,” added ING Economic and Financial Analysis. “Moreover, the latest Federal Reserve Senior Loan Officer Opinion Survey showed banks increasingly unwilling to make consumer loans.” Looking at individual stocks, investors can also discover the latest Seeking Alpha analysis on credit card players such as Visa (V), Mastercard (MA), American Express (AXP), Capital One (COF), Discover (DFS) and Synchrony Financial (SYF). (16 comments)
National security
Sino-U.S. tensions continue to escalate with plans from the Biden administration to issue new restrictions on American investments in certain advanced industries in China. While the U.S. will say they are “necessary to protect national security,” Beijing is likely to cite this as another instance of “politicizing and weaponizing trade and tech issues.” The measures, set to be announced today, would bar private equity and venture capital firms from making investments in sectors like advanced semiconductors, artificial intelligence and quantum computing, as well as implement new reporting standards. The Chinese government has long restricted certain foreign investments by individuals and businesses, but the economic measures could rattle Beijing at a time when it’s already feeling the fallout from a deflationary spiral. (4 comments)
Over-under
Disney’s (DIS) ESPN is moving firmly into sports betting, entering a deal with PENN Entertainment (PENN) for an ESPN-branded sportsbook. ESPN Bet will launch in the U.S. this fall in the heat of the college and pro football seasons, and PENN will divest the Barstool Sports blog back to its founder David Portnoy in exchange for restrictive covenants. PENN jumped 30% AH on Tuesday once the deal was announced, while sports betting competitors like DraftKings (DKNG) moved lower. The Street is also weighing in on the news, with Bank of America seeing a constructive risk-reward rationale and Wells Fargo saying it’s too early to conclude that the pact is a game changer. (54 comments)
WeBust
Trouble is piling up for WeWork (WE) after the co-working office space provider raised “substantial doubt” about its ability to continue as a “going concern.” The company also reported Q2 results that showed shrinking liquidity and higher member churn, prompting shares to tumble more than 24%. It’s not a good sign as the development comes nearly three months after the surprise exit of the company’s CEO and CFO. WeWork recently issued $175M in notes to SoftBank (OTCPK:SFTBY) and an unnamed third-party investor, and while SA analyst Pacifica Yield said the move would extend WeWork’s cash runway, its burn profile remained concerning. (22 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories
1:00 PM Results of $38B, 10-Year Note Auction
What else is happening…
Holiday sales grab: Amazon (AMZN) plans shopping event in October.
Lyft (LYFT) hikes guidance after pointing to strong demand trends.
Bulls vs. Bears: Can the magic reappear for Disney’s (DIS) stock?
SEC charges 11 more Wall Street companies in messaging probe.
Meta (META) faces fine in Norway over advertising privacy violations.
HanesBrands (HBI) pushes back after activist investor calls for change.
Weight-loss drug frenzy: Eli Lilly (LLY) reaches new all-time high.
Super Micro Computer (SMCI) slumps despite earnings beat.
Revving up: Rivian (RIVN) boosts vehicle delivery guidance.
Google (GOOG) working on licensing deal for AI deepfake songs.
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Good morning. Happy Tuesday.
Stories/News from Seeking Alpha…
Trouble in China
2023 was the year that China’s economy was supposed to come roaring back following the end of its zero-COVID policy, but all of the indicators are pointing in the opposite direction. Data has shown slowing growth and soaring youth unemployment, and there are many signs that deflation might be a bigger problem than previously imagined. The latest data today showed that Chinese exports suffered their worst fall since the start of the pandemic, while its CPI came in flat in June and producer prices have gone into a tailspin.
What’s happening? China ended its zero-COVID policy when rising global inflation had already dented demand for its exports, and compared to the industrialized countries, there wasn’t as much excess savings to spend after the reopening. The PBOC has even cut interest rates to encourage consumption, but further stimulus may be challenging given China’s big debt problem and the weakness of the yuan. Bubbles in the property market have also led many to reassess their net worth, while an escalating trade war has seen manufacturing from Western multinationals outsourced to other countries like India and Vietnam.
Meanwhile, crackdowns in recent years have left the private sector reeling. The suspension of Ant Group’s IPO and the DiDi Global fiasco soured investment, while Beijing has led targeted campaigns against industries like media, education and even food delivery, sapping the confidence of the business community. The Chinese government is trying to repair some of the damage by courting big U.S. industry players – like JPMorgan’s Jamie Dimon and Tesla’s Elon Musk – but the restrictions on economic activity have prompted many Chinese citizens and companies to save their cash rather than spend or invest.
What to watch: Deflation could beget deflation expectations, which may see demand suffer as consumers hold off on more purchases. Businesses would also make less revenue if they cut prices, meaning fewer jobs and reduced wages, and eventually lower consumption. “Problematic China statistics extend from macro statistics like GDP and unemployment to earnings,” notes SA analyst Logan Kane in China’s Economic Slowdown: A Wake-Up Call For The U.S. Economy. “Here’s what we do know: Investment in China has fallen sharply… there is a huge debt load… and China’s population is now falling.” (2 comments)
Credit watch
Moody’s cut credit ratings on multiple small and mid-sized banks, and placed six larger lenders on review for downgrade to reflect U.S. banking stresses. “Many banks’ Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital,” Moody’s warned, given that its base case is for a mild recession in early 2024. It also raised concerns over small and mid-size banks with greater exposure to commercial real estate – especially in construction and office lending. Among the downgraded banks were M&T Bank (MTB) and Pinnacle Financial (PNFP), while the lenders on watch for downgrade included U.S. Bancorp (USB) and Truist Financial (TFC). (13 comments)
PayPal USD
Even as the cryptocurrency industry faces continued regulatory heat, PayPal (PYPL) is pushing further into the space with its launch of a U.S. dollar-denominated stablecoin on the Ethereum blockchain. PayPal USD (PY-USD) is backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents, and is redeemable one-for-one for U.S. dollars. In terms of direct rivals, it would go against Tether (USDT-USD) and Circle’s USD Coin (USDC-USD), the largest and most popular stablecoins. SA analyst Mike Fay is not convinced of how the stablecoin will benefit PayPal financially, saying, “for now, it looks like PYUSD adoption will be better for Ethereum than for PayPal.” (63 comments)
Tesla departure
In a surprise shakeup, Tesla’s (TSLA) CFO Zachary Kirkhorn has stepped down after 13 years with the electric vehicle maker. Vaibhav Taneja was named CFO in addition to his current role as chief accounting officer, but the move will trigger new questions about succession in the top ranks at Tesla. While the stock is up 130% YTD, shrinking margins are a concern amid increasing EV competition, and the company just reported its lowest China EV sales this year. In other news, Neuralink – the brain chip company co-founded by Tesla CEO Elon Musk – has raised $280M in funding. (99 comments)
Today’s Economic Calendar
6:00 NFIB Small Business Optimism Index
8:30 Goods and Services Trade
10:00 Wholesale Inventories (Preliminary)
1:00 PM Results of $42B, 3-Year Note Auction
What else is happening…
WSB survey is still open, with most desiring some kind of home office.
Amazon (AMZN) to meet FTC next week ahead of antitrust lawsuit.
Palantir (PLTR) rises as Q2 results meet estimates, FY forecast raised.
Tilray (TLRY) to buy eight craft beer brands from AB InBev (BUD).
Lucid Group (LCID) on track to produce over 10K vehicles this year.
Streaming helps Paramount (PARA); Simon & Schuster sells for $1.6B.
Electric bus maker Proterra (PTRA) tanks on bankruptcy filing.
Realty Income (O) files to sell up to 120M of its shares.
Dish Network (DISH), EchoStar (SATS) nearing deal to merge.
Tyson Foods (TSN) forecasts weak margins for beef, chicken.
Beyond Meat (BYND) warns it may not be cash flow positive in 2023.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets were mixed. Japan, India, Indonesia, Singapore and the Philippines did well while China, Hong Kong, South Korea and Taiwan were weak. Europe, Africa and the Middle East currently lean down. Denmark, Russia and Hungary are up; the UK, Poland, Norway, Spain, Sweden and Saudi Arabia are down. Futures in the States point toward a positive open for the cash market.
————— Online Course: Jason Leavitt’s Masterclass in Trading —————
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
The Office
One of the biggest companies behind the remote work revolution is having its employees head back to the office. Staff who live within 50 miles of a Zoom Video (ZM) workplace must now be there at least two days per week, further cementing an industry shift towards hybrid models of work. It’s also big news for a company that beat Microsoft Skype (MSFT), Cisco Webex (CSCO) and Google Meet (GOOG, GOOGL) at their own game, and led the word “Zoom” to be synonymous with video-calling for entire industries.
Quote: “We believe that a structured hybrid approach – meaning employees that live near an office need to be onsite two days a week to interact with their teams – is most effective for Zoom,” a company spokesperson told Business Insider. “As a company, we are in a better position to use our own technologies, continue to innovate, and support our global customers. We’ll continue to leverage the entire Zoom platform to keep our employees and dispersed teams connected and working efficiently.”
Two themes are playing out in the latest development. One is the loss of market share and the supercharged growth of companies that benefited from pandemic-driven trends (Zoom’s stock is down 88% from an all-time high of $559 in October 2020). The other is a force that could help tap the brakes on the commercial real estate meltdown. While office attendance appears to have stabilized, the latest study from McKinsey shows that it’s still 30% below pre-pandemic levels.
On the economy: The latest nonfarm payrolls figures on Friday showed that the great hiring boom in the aftermath of the pandemic continues to moderate. The Labor Department reported that 187K jobs were added in July (fewer than the 200K expected, and lower than the 312K average seen in Q1), and revised down its most recent May and June estimates by a combined 49K. That could help turn the tide in favor of employers once again, and tip the scale towards setups like hybrid work or even more time in the office. Take the WSB survey. (2 comments)
Eye on Buffett
Berkshire Hathaway’s (BRK.B, BRK.A) Q2 operating earnings rose 6.6% Y/Y, driven by strong gains in its insurance segment, both in underwriting and investment income. Moreover, the investing giant’s cash, cash equivalents and short-term U.S. securities swelled to $147.4B at June 30, up from $130.6B at March 31. About 78% of Berkshire’s $353.4B of equity holdings were concentrated in five companies as of June 30, out of which its Apple (AAPL) stake outshone the rest. SA analyst A.J. Button said the earnings report featured much to celebrate, saying Berkshire is still a worthy investment despite being near an all-time high. (138 comments)
Biting the dust
Placing the blame squarely on the Teamsters, cash-strapped Yellow Corp (YELL) has filed for bankruptcy, leading its stock to sink over 25% in premarket trading. The trucker now expects to enter into a debtor-in-possession financing facility, which will be used to support its businesses throughout the sale process. Yellow has more than 100K creditors, the biggest of which include BNSF Railway (BRK.B), Amazon (AMZN) and Home Depot (HD). Meanwhile, retail investors have been cashing in on Yellow’s woes in an old-fashioned meme-stock rally that pushed its shares up 400% since its operations were shuttered. (6 comments)
Weight loss drugs
Only a tiny fraction of adults in the U.S. are using prescription weight loss drugs, but nearly half of Americans are looking forward to taking them. The results from a Kaiser Family Foundation survey demonstrate public awareness regarding this new class of medications, which are rapidly gaining popularity and show the market opportunity for companies like Novo Nordisk (NVO) and Eli Lilly (LLY). Despite being more effective than older medications, these weekly injections can put strains on a budget, with respondents citing concerns over payer coverage and the mode of administration. Note that this class of drugs is also being scrutinized over reports of suicidal behavior linked to them. (200 comments)
Today’s Economic Calendar
12:30 PM Investor Movement Index
3:00 PM Consumer Credit
What else is happening…
BofA reviews stocks most loved and shunned by hedge funds.
FDA clears pill for postpartum depression, but not for major depression.
RTX’s (RTX) Pratt & Whitney jet engine recall hits airline schedules.
Texas power prices surge as scorching heat pushes demand higher.
J.P. Morgan no longer sees recession in 2023 amid healthy growth.
Analysts see further gains for oil prices after latest production curbs.
Nikola (NKLA) slides after investors digest CEO exit, Q2 earnings.
Pollo Tropical owner Fiesta Restaurant (FRGI) may be sold for $225M.
Earnings watch: Disney (DIS), Palantir (PLTR), Alibaba (BABA) and more.
2023 shapes up to be biggest year for biopharma M&A since COVID.
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