📊 3..2..1..BLAST OFF

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Ticker Tea
March 15, 2024

Happy Friday 🥳

Yesterday major indices closed down due to negative economic reports and a rise in the 10-year T-note yield, indicating concerns of potential stagflation.

The bearish sentiment was fueled by a stronger-than-expected Producer Price Index (PPI) and weaker-than-expected retail sales. However, the labor market showed resilience with a decrease in weekly US initial unemployment claims and a less significant rise in continuing claims than anticipated.

Retail sales for February underperformed expectations, highlighting ongoing economic challenges.

SpaceX had their third successful launch of the Starship rocket, which entered space but ultimately descended into the Indian Ocean. The launch was an integral step forward in collecting data to perfect future launches. A quick video of the highlights here (1 min 42 sec). The assembled rocket is ~30 feet taller than the length of a football field 😲

⬆️ Gainers: Build a Bear (+16%), Dicks Sporting Goods (+15%), Embraer (+10%), Summit Therapeutics (+5%), Robinhood (+5%) (link)

⬇️ Losers: SentinelOne (-16%), Affirm (-14%), Under Armour (-11%), Rivian (-9%) (link)

Should the U.S. ban TikTok?

🟨🟨🟨⬜️⬜️⬜️ Yes - National Security Risk 👍 (33%)

🟩🟩🟩🟩🟩🟩 No - (Free Speech/Rushed Legislation) 👎 (66%)

 

 

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» US producer prices experienced a significant uptick in February, marking the largest increase in six months primarily due to rising fuel and food costs, indicating persistent inflationary pressures. Despite attempts by the Federal Reserve to combat inflation, core and broader PPI measures exceeded expectations, hinting at a challenging path ahead. (link)

» Steven Mnuchin, the former US Treasury Secretary, is exploring the possibility of acquiring TikTok from its Chinese parent company ByteDance, following a bipartisan bill aimed at banning the app in the US. Mnuchin's move, seeking to transform TikTok into a US-owned entity, comes amidst escalating concerns over Chinese influence and after leading a significant investment in $NYCB. (link)

» Blackstone ($BX) President Jon Gray highlights the prime moment for real estate investments, marking the sector's prices as having reached their nadir. With a discerning eye on emerging opportunities and a landscape ripe for acquisition, Blackstone prepares to navigate the post-adjustment market landscape. (link)

» Adobe's ($ADBE) shares experienced a significant drop of up to 11% in extended trading, despite outperforming earnings expectations for Q1, due to a revenue forecast that didn't meet analyst expectations. The design software giant reported robust year-over-year revenue growth but signaled caution with its upcoming quarter revenue projections, impacting investor sentiment. (link)

» SpaceX's third test flight of the Starship rocket marked significant progress by reaching space and demonstrating extended flight capabilities, though it ultimately broke apart over the Indian Ocean, missing its intended splashdown. The test flight underscores both a major advancement in SpaceX's development of the Starship system and the challenges that remain. (link)

» WeightWatchers ($WW) CEO Sima Sistani addresses employees with optimism about the company's financial health and the growth of its new clinical business amid a sharp decline in stock value and concerns over debt. Despite market volatility and Oprah Winfrey's exit, Sistani emphasizes strong liquidity and long-term plans to confront new weight loss drug challenges. (link)

» Amidst the uncertainty surrounding the Nippon Steel takeover of United States Steel ($X), Cleveland-Cliffs ($CLF) CEO Lourenco Goncalves signals readiness to bid, backed by union support. Goncalves's potential offer hinges on the collapse of the $X-Nippon deal, aiming for a lower bid with the steelworkers union's endorsement. (link)

Major earnings releases scheduled the next five business days 👇
Click here for a comprehensive list of earnings scheduled over the next 5 days (mkt cap $1bn+)

Economic results from yesterday are below, along with today’s schedule 👇 Click here for full schedule & live updates of Wall Street estimates.

 

A journey of a thousand miles begins with a single step.
Lao Tzu

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