📊 Apple's iQuit Moment

» Yesterday Wrap Up: On Tuesday, stock indexes had mixed closings with the S&P 500 and Nasdaq 100 up slightly, while the Dow Jones Industrials closed down, influenced by strong earnings from companies like Norwegian Cruise Line and AutoZone, mixed economic news, and hawkish Federal Reserve comments.

» Earnings Today: Salesforce, TJ Maxx, Snowflake, Monster, HP (Calendar & Estimates 👇)

» Economic Data Today: GDP, PCE, Consumer Spending (Calendar & Estimates 👇)

» Fed Speakers Today: Bostic, Collins, Williams

» Apple ($AAPL) has decided to terminate its decade-long electric car project, known as Project Titan, and redirect many of its team members to the artificial intelligence division. This move marks the end of an ambitious venture that sought to revolutionize the auto industry, reflecting a strategic pivot towards generative AI projects amid a cooling EV market. (link)

» Macy's ($M) announces plans to close approximately 150 of its department stores while simultaneously expanding its more successful chains, Bloomingdale's and Bluemercury, highlighting a strategic shift towards high-end retail and beauty sectors. This move is part of a broader strategy to optimize its store portfolio and focus on areas of growth. (link)

» Nvidia's ($NVDA) $70 million investment in the HiPerGator AI supercomputer at the University of Florida is being interrupted by a law backed by Governor Ron DeSantis, which restricts recruitment from countries including China and Iran. This legislation may challenge Florida's ambition to become a leading hub for artificial intelligence expertise. (link)

» Warner Bros. Discovery ($WBD) has ceased discussions on acquiring Paramount Global ($PARA) after months of exploratory talks, with Skydance Media continuing its evaluation for a potential deal. The decision comes amidst various potential bids for Paramount, including a $14 billion offer from Byron Allen, and Comcast's ($CMCA) exploration of a commercial partnership rather than an acquisition. (link)

» AutoZone ($AZO) reports surpassing analysts' earnings estimates and shares reaching a record high, driven by a strategic focus on the commercial business and maintaining high prices post-inflation. The company aims to double its mega hubs to bolster commercial sales growth and margin expansion. (link)

» As interest rates soar, companies are increasingly considering equity over debt for capital, marking a significant shift in corporate finance strategy. This trend, sparked by high share prices and steep borrowing costs, could reshape the landscape of corporate finance and public markets. (link)

» Starbucks ($SBUX) has announced wage increases for workers at its unionized cafes, aligning their pay with that of nonunion employees since May 2022. This move, signaling a warming relationship with the Workers United union, marks a significant step towards resolving disputes over bargaining rights and benefits. (link)

Certain earnings releases ($10+ billion market cap) scheduled for today:

Yesterday’s economic release results summarized below, along with today’s calendar. Red = Important

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