Good morning. Happy Friday.
The Asian/Pacific markets leaned to the upside. Japan, China, India and Taiwan did well; Hong Kong, Indonesia and Singapore posted losses. Europe, Africa and the Middle East are currently suffering some big losses. South Africa is up, but France, Germany, Greece, Finland, Hungary, Spain, the Netherlands, Italy, Austria and the Czech Republic are down. Futures in the States point towards a moderate down open for the cash market.
————— VIDEO: The Market is Higher but Breadth Still Sucks —————
The dollar is up. Oil is up; copper is down. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Swipe fees
A $30B settlement proposed by Visa (V) and Mastercard (MA) is likely to be rejected by a federal judge in a major setback for the card networks in the long-running dispute over swipe fees. At a hearing, Judge Margo Brodie said she will “likely not approve the settlement” as it does not appear to provide sufficient relief. The judge plans to issue a written decision in about a week.
Deal terms: Under the landmark settlement, the companies agreed to reduce swipe fees for three years, and cap the rates for five years, with the moves estimated to deliver at least $29.79B in savings. They also agreed to update network rules to allow merchants more choice in how they accept digital payments. The settlement aimed to resolve most claims in the nearly 20-year long litigation by merchants over high fees charged for processing card payments.
Industry response: The card companies disagreed with the judge, with Mastercard and Visa calling the proposed settlement “fair” and “appropriate.” However, Christopher Jones, executive committee member of Merchants Payments Coalition, argued that the settlement would have locked in cartel pricing and the judge’s statement was “in support of justice for merchants and consumers.”
Bigger picture: Credit and debit card swipe fees, which have more than doubled over the past decade, are the biggest operating cost for most merchants after labor. Visa and Mastercard centrally set the swipe fees charged by banks that issue cards under their brands, and block transactions from being processed over other networks that charge lower fees. SA analyst Perseus Perspectives previously noted that the biggest losers from the settlement are likely to be card issuing banks, and it may not materially alter the long-term trajectory of payment networks’ businesses. (4 comments)
Options sold
Influential meme stock trader Keith Gill, known online as Roaring Kitty, appears to have sold his call options in GameStop (GME) while adding to his pile of shares. Gill now holds over 9M shares of the video game retailer, up from 5M on Monday, and his cash position seems to have shrunk to $6.3M from $29.4M. Meanwhile, GameStop postponed its annual meeting as its investor website crashed multiple times on Thursday because of heavy traffic. GameStop shares have been on a rollercoaster over the past month, after Gill’s return to social media reignited interest in the meme stock, while the company cashed in on the frenzy to raise over $3B. (140 comments)
Tax plans
In an attempt to woo business leaders, Donald Trump told around 100 CEOs of some of the biggest firms that he planned to reduce the corporate tax rate to 20% from the current 21%, if elected. He made the statements off the record at a Business Roundtable meeting, attended by CEOs including Apple’s (AAPL) Tim Cook, JPMorgan’s (JPM) Jamie Dimon, and Walmart’s (WMT) Doug McMillon. Trump had lowered the corporate tax rate in 2017 from 35% to 21% when he was in office. The Republican presidential candidate also floated the idea of an “all tariff policy” to GOP lawmakers as a means to eventually eliminate income tax in the U.S. (91 comments)
Abortion pill access
The Supreme Court unanimously upheld access to the abortion pill mifepristone, saying the plaintiffs did not have legal standing to challenge the Food and Drug Administration’s approval of the medication. The plaintiffs, led by the Alliance for Hippocratic Medicine, sought to roll back the FDA’s 2016 and 2021 relaxations of regulatory requirements for mifepristone access. “Under Article III of the Constitution, a plaintiff’s desire to make a drug less available for others does not establish standing to sue,” Justice Brett Kavanaugh wrote in the ruling. To note, similar challenges are being brought by Missouri, Kansas and Idaho, whose attorneys believe they will fare better on legal standing.
Today’s Economic Calendar
8:30 Import/Export Prices
10:00 Consumer Sentiment
1:00 PM Baker Hughes Rig Count
2:00 PM Fed’s Goolsbee Speech
7:00 PM Fed’s Cook Speech
What else is happening…
Tesla (TSLA) shareholders approve Musk’s pay package, Texas move.
Producer price index unexpectedly falls in May; core measure stalls.
U.S. government to recalculate Medicare Advantage quality ratings.
Bank of Japan maintains rates, signals plan to reduce bond buying.
Wells Fargo (WFC) fires over a dozen for simulating keyboard activity.
Adobe (ADBE) soars on better-than-expected results, strong outlook.
Sony (SONY) still ‘hanging around the hoop’ for Paramount’s parent.
OPEC rips ‘unrealistic’ and ‘dangerous’ peak oil demand prediction.
G7 summit: Ukraine loan deal reached, Pope Francis to talk AI.
FDA recommends KP.2 strain be used in updated COVID shots.
—————
Good morning. Happy Thursday.
The Asian/Pacific markets leaned to the upside. Hong Kong, South Korea, Taiwan, Australia, New Zealand and Singapore did well; Japan and China were weak. Europe, Africa and the Middle East are currently down. Turkey is up, but Poland, France, Germany, Russia, Greece, South Africa, Spain, the Netherlands, Italy, Sweden and Saudi Arabia are down. Futures in the States point towards a positive open for the cash market.
————— Free Online Course: Mini Masterclass in Trading —————
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are up.
Stories/News from Seeking Alpha…
All clear?
In a big win for Elon Musk, Tesla’s (TSLA) shareholders look set to approve his disputed $56B CEO pay package as well as the electric vehicle maker’s reincorporation to Texas from Delaware. The massive 2018 compensation plan had been an overhang on Tesla’s shares for months after it was voided by a Delaware judge in January, who called it “an unfathomable sum.”
Vote tally: While the official results of the vote will be announced at Tesla’s annual shareholders’ meeting later today, Musk jumped the gun and revealed that shareholders are overwhelmingly backing him. “Both Tesla shareholder resolutions are currently passing by wide margins!” the billionaire wrote on social media platform X, sending Tesla’s (TSLA) shares soaring 5.4% before the bell. Even with shareholder backing, Musk still faces the risk of fresh lawsuits as well as the challenge of appealing Delaware Judge Kathaleen McCormick’s ruling.
Street talk: Piper Sandler thinks it’s clear that Tesla’s stock would fall if the compensation award was rejected. The other key issue is whether Musk walks away from the shareholder meeting with his goal of landing 25% of voting control over time. Morgan Stanley said shareholders should be prepared for a significant slowdown in Tesla’s AI efforts if he does not get his way.
vSA commentary: “Tesla has long been a volatile stock, especially around key milestones like earnings, production updates, and flashy shareholder votes,” SA analyst Gary Alexander said recently. He remains bullish on the stock, given a number of positive catalysts like its accelerated next-gen vehicle roadmap. But SA analyst Johnny Zhang warned that Tesla is trading at a premium valuation, in part “influenced by Musk’s outstanding track record, as investors believe in his ability to navigate the company through its growth turnaround story.” (36 comments)
Outlier or trend?
The Consumer Price Index was unexpectedly flat in May, compared to the 0.1% rise expected and stalling from the 0.3% increase in April, the Department of Labor said. Core CPI, which strips out food and energy prices, also eased somewhat last month, rising 0.2%, compared with +0.3% expected and +0.3% in April. “Both of these inflation measures indicate that inflation is moderating sharply, which is great news for the soft-landing believers,” said SA analyst Damir Tokic, but warned that the report was possibly an outlier caused by falling energy prices and transportation costs. Still, the data was enough for Nasdaq (COMP:IND) and S&P 500 (SP500) to close at new record highs. (152 comments)
Dialing back
While the CPI report brought some relief to markets, gains were limited as the Federal Reserve scaled back its expectations for interest rate cuts this year after maintaining its key rate for the seventh time. The Fed now expects just one 25-basis point cut this year, down from the three reductions it penciled back in March. Policymakers emphasized that they require several consecutive months of waning price pressures before contemplating rate cuts, particularly in light of the latest jobs report. So far this year, the Fed has not received the greater confidence it needs that inflation is sustainably heading toward its 2% goal, Jay Powell noted in his press conference. (50 comments)
No payment
Apple (AAPL) is reportedly not paying OpenAI for integrating its chatbot ChatGPT into its devices, and the partnership isn’t expected to generate meaningful revenue for either company initially. Apple instead believes that offering OpenAI’s technology to hundreds of millions of iPhone users is of equal or greater value than monetary payments, according to sources. The tech giant announced the OpenAI deal at its annual developer’s conference on Monday, along with its own AI system Apple Intelligence. While Apple did not disclose the financial details of the partnership, the current structure of no monetary payments could become costly for OpenAI. (2 comments)
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Producer Price Index
10:30 EIA Natural Gas Inventory
12:00 PM Fed’s Williams Speech
1:00 PM Results of $22B, 30-Year Bond Auction
4:30 PM Fed Balance Sheet
What else is happening…
Meta (META) plans to make company leaner, cut down on VP positions.
GLP-1 obesity drug coverage dropped by Michigan’s largest insurer.
Broadcom (AVGO) soars as results, 10-for-1 stock split buoy hopes.
Trade war brewing? China slams EU’s provisional EV import tariffs.
Ruling banning Amazon (AMZN) from firing pro-union workers vacated.
Pfizer’s Duchenne muscular dystrophy gene therapy fails in phase 3.
Citi: Oil’s ‘last hurrah’ is coming, sees drop to $60/bbl a year from now.
Whirlpool (WHR) shares gain amid some vague takeover speculation.
Frontline CEO: Ships won’t return to Red Sea soon even with ceasefire.
Terra-Luna crash: Terraform Labs to pay $4.47B to settle SEC fraud case.
—————
ood morning. Happy Wednesday. Happy FOMC Day.
The Asian/Pacific markets were split. Japan, South Korea and Taiwan did well; Hong Kong and Australia were weak. Europe, Africa and the Middle East are currently mostly up. The UK, Poland, France, Turkey, Germany, South Africa, Hungary, Italy, Portugal, Austria and Sweden are doing well; the UAE and Saudi Arabia are down. Futures in the States point towards a positive open for the cash market.
————— Free Online Course: Mini Masterclass in Trading —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Double whammy
Investors are bracing for a possible double whammy, as the Federal Reserve will announce its monetary policy decision this afternoon, hours after the release of Consumer Price Index data for May. “Normally, when the CPI comes out on FOMC day, the FOMC meeting gets almost all the market weight,” said Standard Chartered analyst Steve Englander. But “we are not so sure this time.”
Inflation watch: CPI, scheduled for release at 8.30 am ET, is seen rising 0.1% M/M in May, easing from April’s 0.3% increase. On a yearly basis, CPI is forecast to climb 3.4%, holding steady from the prior month’s pace. Core CPI is expected to increase 0.3% M/M (vs. +0.3% in April) and 3.5% Y/Y (vs. +3.6% in April). Investing Group Leader Lawrence Fuller expects the bears to continue focusing on absolute numbers and miss the fact that the rates are moving in a “favorable direction.”
Fed expectations: Markets widely see the Fed maintaining rates at 5.25%-5.50% today, and will instead pay close attention to the FOMC’s dot plot and Jay Powell’s press conference to firm up their rate outlook. “With only four more FOMC meetings before year-end, the guessing is between one and two, but there is a slight chance of no cuts before 2025,” said SA analyst Michael Gray. A majority of SA subscribers think the Fed easing cycle will start in September.
Market outlook: The options market is expecting the S&P 500 (SP500) to go up around 1.3%-1.4% “in either direction” by Friday, J.P. Morgan projected, with the possibility of a CPI outcome being reversed by Powell’s press conference. Investing Group Leader David Lerner forecast “the potential for some selling that is significant enough to call for hedging the market.”
EV tariffs
The European Commission will provisionally impose additional tariffs of up to 38.1% on Chinese electric vehicle imports starting July, which could set off a global trade war as Beijing has warned of retaliation. The decision follows the EU’s anti-subsidy investigation into Chinese EVs that looked into whether extra tariffs were warranted. BYD (OTCPK:BYDDF) vehicles will see 17.4% additional tariffs, Geely (OTCPK:GELYF) 20% and SAIC Motor 38.1%. Tesla (TSLA) may be subject to an individually calculated duty rate, the commission noted. The new tariffs would be in addition to the bloc’s existing 10% duties on Chinese EVs, but are still lower than the 100% duties imposed by the U.S. (7 comments)
No deal
Paramount Global (PARA) dropped nearly 8% as its largest shareholder Shari Redstone ended merger talks between its parent company National Amusements and Skydance Media. The sticking point in the negotiations may have been a potential shareholder vote on the transaction. Redstone is now expected to pursue the sale of just National Amusements without trying to merge Paramount. Many buyers have expressed interest, including an investor consortium led by Hollywood producer Steven Paul and media executive Edgar Bronfman Jr., backed by Bain Capital. Sony (SONY) and Apollo (APO) were interested in bidding for Paramount, but their interest seems to have waned. (94 comments)
Chip sanctions
Washington is expected to widen sanctions on the sale of semiconductor chips and other goods to Russia, targeting third-party sellers. The move aims to cut off Russia’s efforts to avert Western sanctions amid its war on Ukraine. Russia has been sourcing chips from third-party sellers, often based in China, for use in missiles. “We’re going to continue to drive up costs for the Russian war machine,” National Security Council spokesperson John Kirby declared. “This week, we will announce an impactful set of new sanctions” targeting entities that help Russia procure goods for its war. Joe Biden will meet Ukraine’s Volodymyr Zelenskyy at the G7 summit on Thursday to discuss support for Kyiv.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Consumer Price Index
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:00 PM Treasury Statement
2:30 PM Chairman Press Conference
What else is happening…
Oracle (ORCL) pops as OpenAI, Google deals overshadow results.
Elon Musk drops lawsuit against OpenAI a day before hearing.
Cashing in: GameStop (GME) raises $2.14B in stock sale.
Report: EU set to delay Basel III bank capital rules by a year.
Arm (ARM)-backed Raspberry Pi soars in London debut.
Apple (AAPL) market cap surges $215B in rally to record high.
EV reality: Tesla’s (TSLA) robotaxi payoff expected years away.
Shipping stocks sink on possible slowing of Red Sea hostilities.
SA Investing Summit Preview: Natural gas demand is set to soar.
Study: Plant-based food is only healthier if it is not ultraprocessed.
—————
Good morning. Happy Tuesday
The Asian/Pacific markets were mostly down. China, Hong Kong, Australia, Indonesia and the Philippines posted moderate or big losses. Europe, Africa and the Middle East are currently most down. The UK, Denmark, Poland, France, Germany, Russia, Finland, Norway, Spain, Italy, Portugal, Austria and Saudi Arabia are down relatively big. Turkey and the UAE are up. Futures in the States point towards a moderate down open for the cash market.
————— BLOG: Studies that Triggered in May Point to Higher Prices Well into 2025 —————
The dollar is up. Oil and copper are down. Gold is up; silver is down. Bonds are up.
Stories/News from Seeking Alpha…
Far from the tree?
“We think Apple Intelligence is going to be indispensable to the products that already play such an integral role in our lives,” CEO Tim Cook said Monday during the keynote at Apple’s (AAPL) annual Worldwide Developers Conference. It was a big step forward for a company that has been seen as falling behind in the AI arms race, with its newly announced artificial intelligence system set to be integrated across the core iPhone, Mac and iPad portfolio. Some of the developments are already common to rivals like Google (GOOG) (GOOGL) and Samsung (OTCPK:SSNLF), but others made significant new headlines.
Siri: The assistant will get smarter at what it can do with personal information, keeping data private by using on-device models or Apple’s new Private Cloud Compute system. Users will also be able to type to Siri, making it more like a chatbot, and will be capable of digesting displayed info with on-screen awareness. It’ll also be able to locate items and scan personal information within a past email or message, and work across apps, as well as ink some new partnerships (more on that below). Not everyone is happy with the new developments, with Elon Musk, who is developing a rival AI system named xAI, threatening to ban Apple devices at his companies over security violations.
ChatGPT: “I can use ChatGPT to help with that” will be a common prompt from Siri in the future (at no extra cost and with no account). Apple is also planning integrations with other large language models and it may even be developing its own in-house platform after falling behind in the AI race. There will additionally be a suite of new writing tools available that can proofread and rewrite text across all word-related applications, with the ability to change the writing tone to make it sound more concise, friendly or even professional.
Other new features: Meet Genmoji – a mashup of generative image creation and Emoji/Memoji that can be generated by only writing a description. Another new integrated app, called Image Playground, lets users create new image styles like animations, sketches or illustrations (similar to OpenAI’s Dall-E). Photos will be searchable with greater specificity and new tools can be applied to edit or remove background objects, similar to Google’s Magic Eraser feature. Other hot items also unveiled included priority notifications and voice transcription features.
What’s next? Apple (AAPL) shares fell 1.9% on Monday, marking the worst performance on the day of a keynote in almost a dozen years, and things are not looking any better premarket. Investors saw many of the developments as playing catchup to rivals, with Apple using its “walled garden” ecosystem to push the advances of rivals like OpenAI. That may change if the company could ink a new revenue stream from the partnerships, like the $20B/year it gets from Google to be the default search engine on Apple devices. Until then, shareholders are in wait-and-see mode, especially with many of the AI upgrades only coming later this year and only on the tech giant’s most expensive devices. Also not helping the situation are regulatory scrutiny and falling sales in China, as well as the iPhone maker recently surrendering its place as the world’s No. 1 and No. 2 most valuable company by market cap to AI bigwigs Microsoft (MSFT) and Nvidia (NVDA).
Energy divergence
Crude oil futures surged Monday in their largest one-day gain since February, lifted by expectations for stronger energy demand and indications of heavy summer travel. UBS forecasts oil demand to rise by 2M-2.5M bbl/day between April and August amid lagging supply due to OPEC’s extension of voluntary output curbs and modest growth outside the cartel. Meanwhile, the U.S. average price of gasoline at the pump fell to $3.40/gal on Monday, the lowest June level since 2021. Industry analysts point to lackluster demand as fewer people may be hitting the road as summertime begins, and strong supply, as well as relatively mild prices worldwide. (14 comments)
Cleanup complete
The Port of Baltimore’s main shipping channel has been fully restored, nearly two months after the collapse of the Francis Scott Key Bridge shut down one of the busiest waterways in the U.S. The incident, which involved a cargo ship chartered by Maersk (OTCPK:AMKBY), killed six construction workers and prompted a federal criminal investigation. Maryland Governor Wes Moore lauded the efforts to clear the federal channel, but “our work is not over until we rebuild the Francis Scott Key Bridge.” The state plans to rebuild the structure by the fall of 2028 at an estimated cost of $1.7B-$1.9B. (1 comment)
Shooting for the Dow?
Nvidia (NVDA) shares started trading on a split-adjusted basis on Monday, fueling speculation that the AI leader may be considered for inclusion in the blue-chip Dow Jones Industrial Average (DJI). Its market cap also reached $3T again, edging out Dow component Apple (AAPL) to be the second most valuable listed firm. Amazon (AMZN), which was added to the Dow in February, had seen similar speculation over its inclusion to the index after its 20-to-1 split back in 2022. Elsewhere in index news, Evercore ISI said Nvidia has the potential to capture 15% weight of the benchmark S&P 500 (SP500). (9 comments)
Today’s Economic Calendar
FOMC meeting begins
6:00 NFIB Small Business Optimism Index
10:00 Quarterly Services Report
1:00 PM Results of $39B, 10-Year Note Auction
What else is happening…
WSB survey results: Here’s who users think will win in November.
Uber (UBER) loses California appeal on state’s gig work law.
Bronfman eyes $2B bid for Paramount’s (PARA) parent firm.
FDA advisors: Lilly’s (LLY) donanemab effective for Alzheimer’s.
Return to Earth: Boeing’s (BA) Starliner faces next key test.
Mandiant gives more detail on Snowflake (SNOW) data breach.
SCOTUS seeks Biden administration views on Honolulu lawsuit.
CVS generics recalled two times more than Walgreens (WBA).
Trump Media (DJT) dips as it amends share registration filing.
This stock topped Chevron as most shorted large-cap in May.
—————
Good morning. Happy Monday. Hope you had a great weekend.
The Asian/Pacific markets leaned to the downside. Japan did well, South Korea, New Zealand, Thailand and the Philippines were weak. China and Hong Kong were closed. Europe, Africa and the Middle East are currently mostly down. France, Turkey, Germany, South Africa, Switzerland, Italy and Sweden are down the most. Futures in the States point towards a down open for the cash market.
————— BLOG: Studies that Triggered in May Point to Higher Prices Well into 2025 —————
The dollar is up. Oil and copper are up. Gold is down; silver is up. Bonds are down.
Stories/News from Seeking Alpha…
Election season
The first Wall Street Breakfast edition of 2024 was called the Year Of The Election, and things are rapidly changing across the globe as investors edge closer to the middle of the year. Some recent political shake-ups have been seen in India, South Africa and Mexico, while things are starting to shift in Europe as well. U.K. Prime Minister Rishi Sunak has called a general election for July 4, while results are still being digested from the European Parliament elections over the weekend.
How it works: European parties are basically big tent movements, with national parties from the 27 EU member states teaming up to form seven major European political groups with representation based on population. It’s a big deal as the 720 lawmakers in the European Parliament approve the union’s budget, negotiate EU laws, and approve the President of the European Commission in a vote that will take place on July 8 (after all, it is the year of the election). The remaining 27 commissioners are chosen by their respective countries under the European Council, which sets the bloc’s political agenda, and will be approved by yet another vote in parliament on Dec. 19.
The biggest gainers from the last election were the EPP, which will be the largest party in the parliament with a projected 189 seats, as well as the Identity and Democracy group, which are known for their nationalism and euroskepticism (and would’ve seen even bigger gains if Germany’s AfD wasn’t kicked out of the party several weeks ago). The biggest losers were the Greens, which champion environmental and climate protections, as well as Renew Europe, which is known for its pro-European and liberal stance. Looking at things on the political spectrum, the EU as a whole shifted more to the center-right, conservatives, and even the far-right, which can bring a major shift to the bloc.
Already happening? Immediately after the election, French President Emmanuel Macron called for a snap parliamentary election, while Belgian Prime Minister De Croo resigned following a heavy loss (there were also big gains for the right in Germany and Austria). At the EU level, centrist parties like the EPP, S&D and Renew Europe will still have the majority of seats in the European Parliament, so the current coalition will likely continue, but priorities could change due to growing influences elsewhere. Energy and agricultural policies have already come under pressure amid a cost-of-living crisis and weak economic growth, national defense spending will be notable due to migration fears and border security, while industrial policy is also in focus due to rising competitive measures in the United States and China. Take the WSB survey.
The AI game
Apple (AAPL) will kick off its annual Worldwide Developers Conference today with a keynote address that is perhaps the tech giant’s most widely anticipated speech since the iPhone was introduced nearly 17 years ago. While the event isn’t usually a catalyst for the stock, the fact that the conference is likely to focus on Apple’s generative artificial intelligence plans could prove significant for investors. An AI-based Siri upgrade, Apple’s OpenAI partnership and new features that will allow users to run generative AI commands on the iPhone itself are anticipated to take the spotlight. Notably, Apple is not expected to unveil any new hardware at the event. (12 comments)
Activist Airlines
Elliott Management has reportedly accumulated an almost $2B stake in Southwest Airlines (LUV) and plans to push for changes, although the exact details aren’t known. The activist, who is expected to engage with top brass at Southwest, is one of the carrier’s largest investors. The news sent shares of Southwest soaring 6% in premarket trading, but the stock has underperformed its rivals YTD, falling nearly 4%, compared to Delta’s (DAL) 25% gain and a 28% rise by United (UAL). Southwest, once considered the most profitable American airline, suffered a wider-than-expected loss last quarter as operating expenses weighed on profitability. (12 comments)
Safety scandal
Five Japanese automakers have been accused of falsifying safety test data when applying to certify certain models, in a scandal reminiscent of Volkswagen’s (OTCPK:VWAGY) 2015 Dieselgate. Toyota (TM), Honda (HMC), Mazda (OTCPK:MZDAY), Suzuki (OTCPK:SZKMY) and Yamaha (OTCPK:YAMHF) were directed to suspend shipments of the models, sending their shares tumbling last week. Japan also raided Toyota’s headquarters, dealing another blow to the automaker that is facing governance concerns as well as safety testing issues at its unit Daihatsu. While Dieselgate, which violated U.S. clean air laws, eventually led to $30B in fines and damages worldwide, the current scandal has fueled calls for a review of overly stringent rules.
Today’s Economic Calendar
1:00 PM Results of $58B, 3-Year Note Auction
What else is happening…
Merger Monday: Oil driller Noble (NE) to buy Diamond Offshore (DO).
Responding to user protests, Adobe (ADBE) clarifies new AI terms.
Major push to stop new private sector coal financing ahead of COP29.
Virgin Galactic (SPCE) completes final spaceflight before Delta debut.
Tesla (TSLA) will not launch a refreshed Model Y this year – Musk.
… $56B pay package irks world’s largest sovereign wealth fund.
‘Bad Boys: Ride or Die’ (SONY) tops the weekend box office.
Walmart (WMT) opposes store panic buttons due to false alarm risk.
Looking to reverse fortunes, Teladoc Health (TDOC) names new CEO.
Still volatile: GameStop (GME) on watch following Roaring Kitty’s return.
—————