Good morning. Happy Friday.
The Asian/Pacific markets leaned to the upside. Japan, China, Taiwan and Indonesia did well; Thailand was weak. Europe, Africa and the Middle East currently lean up. Poland, the UAE, Greece, South Africa, Norway, Hungary and the Czech Republic are doing well; France and Portugal are weak. Futures in the States point towards a moderate gap up open for the cash market.
————— BLOG: The Conditions are Not Present to Repeat 2000-2003 —————
The dollar is up. Oil and copper are up. Gold and silver are up. Bonds are down.
Stories/News from Seeking Alpha…
#Inflation
When the U.S. Department of Commerce releases its personal income and outlays report for May, most eyes will be trained on the inflation data. Specifically, the core personal consumption expenditures index will provide further evidence on whether the lack of progress in lowering inflation earlier in the first quarter of the year was a bump in the road or a worrying trend. In April, disinflation appeared to resume, but one month does not make a trend.
By the numbers: Core PCE is expected to tick up 0.1% M/M in May, according to the consensus by economists, slowing from the 0.2% increase in April. On a year-over-year basis, that would come to a 2.6% rise compared with a 2.8% increase in the prior month. The Federal Reserve prefers to focus on core PCE, which excludes the volatile food and energy sectors, because it better reflects underlying inflation trends, than the Consumer Price Index. CPI measures the price changes on a fixed basket of goods and services, while PCE measures what consumers are actually spending, reflecting changes in behavior like substituting cheaper products when inflation rises.
If the actual numbers bear out, that could give Fed policymakers increased confidence that inflation is heading “sustainably” toward the central bank’s 2% goal. When they’re confident in the path of inflation, then they’ll consider making their first interest rate cut in the cycle, but they won’t rush to judgment. While several Fed officials insist they’ll need several more months of data to attain that confidence, see how WSB subscribers forecast rate cuts playing out this year.
Speaking of inflation: The topic was a big one at the presidential debate last night, serving as a central theme and barometer of the economy. Tariffs were also discussed, as well as the impacts that the national debt, immigration and tax legislation might have in relation to prices. In fact, that’s how the showdown kicked off, with moderators Jake Tapper and Dana Bash flagging the economy as the “issue that voters consistently say is their top concern.” (8 comments)
More on the debate
Many statements, numbers and claims were touted in last night’s presidential debate, but many of the takeaways focused on the demeanor and coherence (or lack thereof) that both candidates displayed on stage. Decision-making at the ballot box can be dependent on temperament and abilities, but also check out what each of the candidates said about specific areas of the economy. For investors looking to play the elections through market instruments, there are some politically driven Republican and Democratic ETFs. Note that shares of Trump Media & Technology (DJT) are also up 7% premarket to nearly $40. (52 comments)
The other foot
Nike (NKE) shares tumbled 12.4% AH to $82.52/share on Thursday after the sportswear giant cut its guidance, citing increased macro uncertainty, worsening forex effects and softness in China. Nike’s adjusted profit topped estimates, but revenue fell 2%, with Wall Street expecting a 1% gain. “A comeback at this scale takes time,” CFO Matthew Friend said during the earnings call. Executives also acknowledged the lack of innovation at Nike, especially in the most recent fiscal year as competitors gained traction in the fitness and running categories, but management aims to double the growth of the product pipeline by the end of 2025. (38 comments)
DEI backlash
After facing weeks of backlash on social media, Tractor Supply (TSCO) is pulling back policies that it said were unpopular with its customers. The farm supply retail chain will eliminate all DEI roles and targets, withdraw carbon emission goals and stop sponsoring non-business activities like pride festivals and voting campaigns. Instead, it will focus on ag education, animal welfare and veteran causes, as well as land and water conservation efforts. “We heard from customers that we have disappointed them,” Tractor Supply said in a statement. “We’ve taken this feedback to heart.” (11 comments)
Today’s Economic Calendar
6:40 Fed’s Barkin Speech
8:30 Personal Income and Outlays
9:45 Chicago PMI
10:00 Consumer Sentiment
12:00 PM Fed’s Bowman Speech
12:40 PM Fed’s Daly Speech
1:00 PM Baker Hughes Rig Count
3:00 PM Farm Prices
What else is happening…
Nokia (NOK) to acquire Infinera for $2.3B to boost optical position.
Chewy, Petco (WOOF) jump as Roaring Kitty sets off meme army.
Walgreens (WBA) sinks to multi-year low on sweeping store closures.
Opioid crisis: Purdue Pharma settlement upended by Supreme Court.
Meta (META) may block news content on Facebook in Australia.
NFL ordered to pay $4.7B after losing Sunday Ticket antitrust trial.
France is facing an election like no other. Here’s how it works.
Amazon (AMZN) Kuiper satellite production is delayed to Q4.
Uber (UBER), Lyft (LYFT) to boost wages as part of $175M settlement.
India set for billions in inflows as sovereign bonds debut on key index.
—————
Good morning. Happy Thursday.
The Asian/Pacific markets leaned down. India, Indonesia and the Philippines did well; Japan, China, Hong Kong, New Zealand and Thailand were weak. Europe, Africa and the Middle East currently lean down. Turkey, Norway, Hungary and Saudi Arabia are down; Denmark, France, Spain, Italy, Portugal, Israel and the Czech Republic are down. Futures in the States point towards a down open for the cash market.
————— BLOG: The Conditions are Not Present to Repeat 2000-2003 —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are mixed.
Stories/News from Seeking Alpha…
The great debate
It’s showtime! Joe Biden and Donald Trump will go head-to-head tonight in an American TV tradition that goes back to the 1960s. The presidential debate, hosted by CNN, a division of Warner Bros. Discovery (WBD), will begin at 9 PM ET and last 90 minutes, including two commercial breaks. CNN’s Jake Tapper and Dana Bash will be moderating, while some new rules will be implemented, such as muted microphones except when it is a respective candidate’s turn to speak and no studio audience.
Big deal: More than half of the U.S. adult population will be watching the showdown, with “57% of the public saying they are extremely or very likely to tune into at least some of the debate or the follow-up commentary about it,” according to a new poll from the AP and NORC Center for Public Affairs Research. More than a third are also highly likely to listen to or watch the first of the two scheduled debates live, showing just how important the platform is to establish an edge in the high-stakes race.
Expect a range of topics, from immigration and foreign policy to fitness for a second term, but for investors, much of the focus will be on the economy. That includes things like the job market, taxes, the federal deficit, inflation and the general cost of living, which have many Americans watching their bank accounts and wallets. It also includes sector-related investments, such as environmental rules surrounding the oil and gas industry, or regulations that pertain to the healthcare market or real estate.
“Voters remember the pre-COVID Trump-era economy fondly and they are frustrated by the fact that price levels and interest rates remain high, even if the rate of inflation has come down. To the degree the debate is about the economy in their respective first terms, Trump wins,” wrote Evercore ISI analysts Sarah Bianchi and Matthew Aks. “Biden’s job is to avoid spending too much time focusing on macroeconomic defense of the economy and his record. He must pivot the conversation to the two competing visions for the future. Voters tend to support his ideas of ‘having corporations and the wealthy pay their fair share of taxes.’ To the degree Biden can also package and characterize the set of Trump ideas – from tariffs to tax cuts – as inflationary, he might be able to make some progress.”
Bottom line: “When voters are this divided and polling this close, even small movements can have determinative outcomes.” In terms of stocks, the S&P 500 Index (SP500) rose 58% since Trump was elected in 2016 through November 2020, compared to the 64% seen following the election of Biden (with four more months to go). When looking at the returns from when they took office, the S&P 500 (SPY) (IVV) (VOO) climbed 67% with Trump in the White House, compared to 44% under Biden (to date).
Stayin’ alive
Large banks are well positioned to weather a severe recession, with all 31 banks subject to the Federal Reserve’s stress test this year remaining above their minimum capital requirements during the hypothetical situation. “While the severity of this year’s stress test is similar to last year’s, the test resulted in higher losses because bank balance sheets are somewhat riskier and expenses are higher,” said Fed Vice Chair of Supervision Michael Barr. Under the hypothetical scenario, the banks would have lost almost $685B. The scenario assumed a 40% decline in commercial real estate prices, a 36% decline in house prices and a 10% unemployment rate. (24 comments)
More appetizing
Chipotle Mexican Grill (CMG) inched higher on Wednesday in its first trading session after a 50-for-1 stock split, which was one of the biggest in Wall Street history. Shareholders received 49 additional shares for each share held in the stock split, while a one-time equity grant was offered to general managers and long-serving staff. “We believe the stock split will make our stock more accessible to our employees as well as a broader range of investors,” Chipotle CFO Jack Hartung said when the move was first announced. Interestingly, the restaurant chain has never fired off a stock split since going public in 2006. (3 comments)
The final frontier
Elon Musk’s SpaceX (SPACE) has secured an $843M contract to develop a spacecraft that will deorbit the aging International Space Station after the lab is retired in 2030. NASA will take ownership after the spacecraft is built, and it is expected to destructively disintegrate along with the ISS by burning up in the Earth’s atmosphere. The U.S., Japan, Canada, and participating European countries will operate the station through the end of the decade, while Russia will remain in the program through 2028. Elsewhere, SpaceX reportedly raised the pricing for its tender offer amid strong investor demand, valuing the company at a record $210B. (18 comments)
Today’s Economic Calendar
8:30 Durable Goods
8:30 GDP Q1
8:30 International Trade in Goods (Advance)
8:30 Initial Jobless Claims
8:30 Corporate Profits
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $44B, 7-Year Note Auction
4:30 PM Fed Balance Sheet
What else is happening…
Micron (MU) tumbles as in-line guidance overshadows strong results.
Boosted by Rivian stake, Amazon (AMZN) joins $2T market cap club.
Boeing (BA) said to resume deliveries of widebody planes to China.
Silver’s year-to-date gain beats gold, copper and the S&P 500.
Interactive Brokers (IBKR) incurs $48M loss over NYSE Berkshire glitch.
Altria (MO) seeks FDA marketing order for on! PLUS nicotine pouches.
Levi Strauss (LEVI) stumbles on missed sales, unchanged outlook.
Shale executives see M&A cutting into U.S. oil production.
CDC advisors recommend narrower age range for RSV shots.
Goldman Sachs: S&P 500 (SP500) is the ‘perfectly constructed index.’
—————
Good morning. Happy Wednesday.
The Asian/Pacific markets mostly did well. Japan, China, South Korea, India, Taiwan and New Zealand led while Australia was weak. Europe, Africa and the Middle East are currently mostly down. Denmark, France, Turkey, Greece, Finland, Spain, the Netherlands, Italy, Austria and Saudi Arabia are down the most. There are no big winners. Futures in the States point towards a down open for the cash market.
————— Free Online Course: Mini Masterclass in Trading —————
The dollar is up. Oil is up; copper is down. Gold is down; silver is up. Bonds are down.
Stories/News from Seeking Alpha…
Feeling electrified
Rivian Automotive (RIVN) has sent some jolts across the electric vehicle sector with its announcement that the company would form a joint venture with Volkswagen (OTCPK:VWAGY). The initial and planned investments by VW of $5B would create next-gen electrical architecture and best-in-class software technology. That will give the EV maker a path to “positive free cash flow and meaningful scale” and help fund operations through the production ramp of R2 in Illinois and the midsize platform in Georgia.
Quote: “Since the earliest days of Rivian, we have been focused on developing highly differentiated technology, and it’s exciting that one of the world’s largest and most respected automotive companies has recognized this,” CEO RJ Scaringe said in a statement. “This partnership brings Rivian’s software and zonal electronics platform to a broader market through Volkswagen Group’s global reach and scale.” What is Ford thinking, or stakeholder Amazon?
Shares of Rivian jumped 49.9% in postmarket trading on Tuesday, after gaining 8.6% during the regular session. At $16, the EV stock still trades well below the $78 IPO pricing level in 2021 and its all-time closing high of $172.01. “This will help the firm significantly, but it does not change the fact that the company faces real challenges moving forward,” Investing Group Leader Daniel Jones writes in Rivian Surges On Miracle Deal. “The company is still significantly away from achieving a state of being even close to fair value.”
Sector watch: The pullback by major automobile manufacturers from aggressive electric vehicle strategies has increased speculation that partnerships and collaborations may become more common. This would mark a reversal from prior plans to copy Tesla (TSLA) through massive upfront proprietary investments in the supply chain, unique manufacturing capabilities, ground-up software development, in-house battery sourcing, and downstream infrastructure. It also comes amid slower-than-expected adoption of EVs and increasing competition from China that is challenging rivals on price and sales. (41 comments)
Public health crisis
A week after calling out the dangers of social media on youth mental health, U.S. Surgeon General Vivek Murthy has declared gun violence a public health crisis. Statistics quoted included firearms as the leading cause of death for children and adolescents aged 1-19. The landmark advisory is the first highlighting the fatal consequences of firearms, similar to its cigarette warnings put in place in the 1960s. It would need an act of Congress, but Murthy called for an assault weapon ban for civilians, universal background checks, policies governing who can carry a loaded firearm in public, and regulation of the industry. (11 comments)
Big bounce
Don’t count out megacap tech just yet, with staying power stemming from AI enthusiasm and accompanying corporate profits. Following a steep selloff that saw the stock enter correction territory, Nvidia (NVDA) surged 7% on Tuesday and is up another 2% in premarket trading to around $129/share, putting the Jensen Huang-led company back above the $3T market cap level. At last week’s Seeking Alpha Investing Summit, Wedbush Securities analyst Dan Ives said that the tech bull market would last another two to three years and these three companies would battle in a race to reach $4T. (62 comments)
IRS says sorry
The Internal Revenue Service has apologized to Ken Griffin, founder and CEO of hedge fund Citadel, as well as thousands of other wealthy Americans whose personal tax information was passed to the press by a former IRS contractor. Charles Littlejohn, who is serving a five-year prison sentence, also leaked the returns of Tesla’s (TSLA) Elon Musk, Amazon’s (AMZN) Jeff Bezos and former president Donald Trump. “The IRS acknowledges that it failed to prevent Littlejohn’s criminal conduct and unlawful disclosure of Griffin’s confidential data,” the agency declared, adding that it has made “substantial” investments to beef up its data security. (10 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
10:00 New Home Sales
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 Results of $28B, 2-Year FRN Auction
1:00 PM Results of $70B, 5-Year Note Auction
What else is happening…
Big gain for FedEx (FDX) after earnings beat, favorable guidance.
SEC: The spot ether ETF approval process is going ‘smoothly.’
Lucky. 7: Exxon (XOM) is planning another oil project in Guyana.
Walmart’s (WMT) CFO warns Q2 sales won’t be as strong as Q1.
Safety worry: Tesla (TSLA) is recalling thousands of Cybertrucks.
Waymo (GOOGL) rolls out ride-hailing for all in San Francisco.
SolarEdge (SEDG) sinks to seven-year low on customer bankruptcy.
Low lithium prices don’t justify new spending on plants – Albemarle.
Starbucks (SBUX) adds new iced energy drinks to its national menu.
Rejected by judge: Visa (V), Mastercard (MA) $30B swipe-fee settlement.
—————
Good morning. Happy Tuesday.
The Asian/Pacific markets mostly did well. Japan, India, Australia and New Zealand led while China lagged. Europe, Africa and the Middle East are currently mostly down. Denmark and Israel are up, but France, Turkey, Germany, South Africa, Finland, Switzerland, the Netherlands and Sweden are down. Futures in the States point towards a positive open for the S&P and Nasdaq and a down open for the small caps.
————— BLOG: Recent and Current Trade Setups —————
The dollar is up. Oil and copper are down. Gold is down; silver is up. Bonds are up.
Stories/News from Seeking Alpha…
Rotation in the making?
Nvidia (NVDA) is sparking broader market chatter after extending its recent losing streak to enter correction territory on Monday. The high-flying stock lost $500B in market cap over the past several sessions, retreating to third place – behind Apple (AAPL) and Microsoft (MSFT) – in the rankings of the most valuable companies on the planet. It’s still up 140% YTD, making it the second-best performer in the S&P 500 Index (SP500) behind Super Micro Computer (SMCI), which has nearly tripled in 2024.
Sector rotation? Stocks rose outside of big technology names on Monday, with gains seen in nine of the 11 sectors of the S&P 500. Given weightings and concentration, the benchmark index ended the session lower, as well as the Nasdaq Composite (COMP:IND), while the Dow Jones Industrial Average (DJI) tacked on 260 points, led by energy and financials. The value vs. growth equation comes ahead of May’s personal consumption expenditure data, the Fed’s favorite inflation gauge, which is set to be released on Friday.
A rotation could be healthy, especially for those concerned about concentration risk or overstretched valuations. It could also help sustain the current rally, which is predicated on a soft landing and Fed easing cycle, and boost other sectors that haven’t seen significant appreciation this year. While a pause may be warranted, don’t immediately dismiss the staying power of tech, as well as the enthusiasm surrounding artificial intelligence and accompanying corporate profits.
SA commentary: “This isn’t the tech bubble all over again because the firms causing the tech boom are not just speculative wishful thinking. They are the most profitable entities that have ever existed,” writes SA analyst Cullen Roche. “All that said, the rate of change is worrisome. The valuations are worrisome [but] the fundamentals very much support their high valuations. We need to bring time back into perspective here.”
AI music
Seeking damages of up to $150K “per work infringed,” the biggest record labels in the business are suing AI music generators Suno and Udio for alleged mass infringement of copyrighted sound recordings. There have already been many mounting concerns over using AI in content creation, though partnerships are increasingly being forged. The music industry is “collaborating with responsible developers to build AI tools that put artists in charge,” noted Mitch Glazier, CEO, Recording Industry Association of America. “Copy[ing] an artist’s life’s work and exploit[ing] it without consent or pay set back the promise of genuinely innovative AI for us all.” (1 comment)
Aerospace M&A
Boeing (BA) has reportedly offered to acquire Spirit AeroSystems (SPR) in a deal that values the supplier at about $35 a share, representing a premium of about 6% to Spirit’s last closing price. The planemaker had been closing in on an all-cash transaction over the weekend, but later switched to an offer that consisted mainly of stock. Under the proposed deal, Spirit will shed operations that make parts for Boeing rival Airbus (OTCPK:EADSY). Investing Group Leader Leo Nelissen said the deal would be a game-changer, as it would help Airbus in de-risking its supply chain and Boeing in enhancing control over its production process. (14 comments)
Production boost
As demand for weight loss drugs continues to surge, Novo Nordisk (NVO) will invest $4.1B to build a second fill-and-finish facility in North Carolina. The development comes as Novo, which makes popular weight loss drugs Ozempic and Wegovy, and rival Eli Lilly (LLY), which markets Zepbound, are experiencing supply constraints due to high demand for the treatments (Wegovy also just got the green light in China). Novo, which plans to invest $6.8B to increase production overall, said the new plant will add 1.4M additional square feet of manufacturing space. (11 comments)
Today’s Economic Calendar
7:00 Fed’s Bowman Speech
8:30 Chicago Fed National Activity Index
9:00 Case-Shiller Home Price Index
9:00 FHFA House Price Index
10:00 Consumer Confidence
10:00 Richmond Fed Mfg. Index
12:00 Fed’s Cook Speech
1:00 PM Results of $69B, 2-Year Note Auction
1:00 PM Money Supply
2:15 PM Fed’s Bowman Speech
What else is happening…
WSB survey results: Is it a good idea to invest in tobacco in 2024?
Airbus (OTCPK:EADSF) cuts delivery target, delays production goal.
Amazon (AMZN) working on ChatGPT rival, CEO personally involved.
Peloton (PTON) loses traction as popular fitness instructors exit.
Federal Reserve floats revised Basel III endgame rule for bank capital.
Report: Apple (AAPL) declined integrating Meta’s (META) AI chatbot.
Uber (UBER) cuts out idle time for NYC drivers through app lockouts.
Oracle (ORCL): TikTok ban in U.S. would ‘adversely’ impact earnings.
Paramount (PARA) boosts streaming prices in move toward profitability.
Layoffs in tech sector reach nearly 100,000 year to date – Layoffs.fyi.
—————
Good morning. Happy Monday. Hope you had a great weekend.
The Asian/Pacific markets were split. Japan, Thailand and the Philippines did well; China, South Korea, Taiwan and Australia were weak. Europe, Africa and the Middle East are currently mostly up. The UK, Poland, France, Germany, Switzerland, Hungary, Spain, the Netherlands, Italy, Austria and the Czech Republic are up; Turkey is down. Futures in the States point towards a flat open for the S&P an a down open for the Nasdaq.
————— BLOG: Recent and Current Trade Setups —————
The dollar is down. Oil and copper are down. Gold is up; silver is unchanged. Bonds are down.
Stories/News from Seeking Alpha…
Smoke signals
The FDA has authorized the marketing of the first non-tobacco flavored e-cigarette products in the U.S., a move that has activists, health advocates, lobbyists and investors all weighing in on the matter. Developments in the tobacco industry have been tense for decades and have renewed in recent years surrounding next-generation products. The latest endorsement from the FDA will apply to four menthol vaping products from NJOY, owned by Altria (MO), which is known for brands like Marlboro, Parliament and Virginia Slims under its subsidiary Philip Morris USA.
Quote: “We are a data driven agency and will continue to follow the science to inform our review of premarket tobacco applications,” said Matthew Farrelly, director of the Office of Science in the FDA’s Center for Tobacco Products. “Based upon our rigorous scientific review, in this instance, the strength of evidence of benefits to adult smokers from completely switching to a less harmful product was sufficient to outweigh the risks to youth.”
Flavored e-cigarettes, including those with menthol, were previously banned in the U.S. in 2020 amid the surging use of vaping among youth and young adults. Their popularity has eased since then, but about 10% of high school-age adolescents and nearly 5% of middle school students still use vaping products, according to the CDC. Many flavored items also remain available for purchase due to loopholes, a flood of illegal imports and lack of enforcement – all while the FDA reviews a myriad of applications.
Talking tobacco: On the company’s last earnings call, Altria CEO Billy Gifford said the company saw “continued early momentum from NJOY” and would “continue the rollout of NJOY’s first retail trade program… and expand the brand to 100,000 stores by year-end.” The pivot towards alternative products saw Altria scoop up NJOY for $2.75B, after its $13B stake in Juul went sour and eventually prompted a divestment due to lawsuits and liabilities surrounding underage vaping. Investing in tobacco or nicotine stocks still divides the industry, with advantages like strong dividend yields that are looked at as recession-resistant vs. disadvantages such as legal risks and ethical concerns. Take the WSB survey.
AI partnerships
More pressure is being put on Apple (AAPL) after being accused of violating EU tech rules. The iPhone maker is reportedly in discussions with Meta (META) on a partnership involving the integration of the Facebook parent’s generative AI model into Apple Intelligence. It could help the companies play catch-up in the AI race, with Apple already working to onboard a variety of generative AI offerings like the integration of OpenAI’s ChatGPT. Speaking of AI partnerships, TikTok owner ByteDance (BDNCE) is collaborating with Broadcom (AVGO) on an advanced AI chip with the aim of securing a stable supply amid rising Sino-U.S. trade tensions. (64 comments)
Clearing competition
Intercontinental Exchange (ICE), which operates the New York Stock Exchange, is planning to seek regulatory approval to clear U.S. Treasuries through its existing clearing house ICE Clear Credit. Discussions are ongoing with the SEC as the company prepares its application for review. “We are trying to be the least disruptive as possible [by using] an entity that is familiar and has the right registrations,” said Chris Edmonds, president of fixed-income and data services at ICE. Other companies that have shown interest in offering central clearing services in the wake of the SEC’s new rules include the London Stock Exchange (OTCPK:LDNXF) and CME (CME).
Tariff talk
Looking to avoid escalating trade conflicts, China and the European Union have agreed to hold talks over the latter’s anti-subsidy investigation of Chinese electric vehicles. Observers have reportedly said Beijing wants the EU to scrap its tariff decision before July 4, warning that “the increasingly protectionist moves will definitely trigger countermeasures from the Chinese side.” The bloc’s proposed EV tariffs of up to 38.1% will go into effect next month, and are expected to be finalized on Nov. 2. Note that 100% duties are imposed on Chinese EVs in the U.S., while Canada is said to be considering similar measures. (2 comments)
What else is happening…
3:00 Fed’s Waller Speech
10:30 Dallas Fed Manufacturing Survey
2:00 PM Fed’s Daly: U.S. Economy and Monetary Policy
What else is happening…
Real estate: Home prices in the U.S. hit a new record high.
Insurer Prudential (PUK) unveils $2B share buyback program.
Houthi rebels said to hit another ship in Red Sea with a drone.
Microsoft (MSFT) has a ‘hidden’ $100B opportunity – KeyBanc.
Freight M&A: UPS sells Coyote Logistics to RXO (RXO).
Inside Out 2 racks up $100M in second weekend to set record.
Chinese fast-fashion firm Shein may abandon London IPO plan.
Trump Media (DJT) expects $69.4M from warrant exercise.
Is Nike (NKE) losing traction to Adidas (OTCQX:ADDYY)?
Huge gap between growth and small-cap, but not a bubble.
—————