📊 Crypto King Gets Justice

Author

Ticker Tea
March 29, 2024

Happy Friday & Easter weekend to those who celebrate 🐣

Yesterday stock indices ended mixed, with the S&P 500 and Dow Jones slightly up by +0.11% and +0.12% respectively, achieving a new all-time high for the S&P 500, while the Nasdaq 100 dropped by -0.14%. Economic reports provided a boost, particularly the upward revision of Q4 GDP and a lower core PCE price deflator, fuelling optimism for an economic slowdown without a deep recession. Energy stocks gained from a more than 2% increase in crude prices.

U.S. labor market data showed unexpected strength, with a decrease in weekly unemployment claims to 210,000. Q4 GDP growth was revised up to 3.4%, surpassing expectations, and personal consumption adjustments indicated a more robust economy. The core PCE price index for Q4 was revised down, and February's pending home sales were slightly above forecasts, underscoring a resilient housing market.

A flurry of other individual company headlines:

*Walgreens Boots Alliance (WBA) up over +3% following Q2 sales report surpassing consensus. (chart)

*RH (RH) increased by more than +18% on positive fiscal 2024 revenue forecast. (chart)

*Energy stocks up following a +2% rise in WTI crude (chart)

*Snowflake (SNOW) up more than +1% after CEO's $5 million share purchase. (chart)

*Carnival (CCL) down over -4% due to an anticipated $10 million profit hit from Baltimore bridge collapse. (chart)

*Chemours (CC) dropped over -9% with flat to lower Q1 net sales and Q1 adjusted Ebitda forecasted to decrease. (chart)

*MillerKnoll (MLKN) plummeted more than -19% after Q3 sales miss and disappointing Q4 sales forecast. (chart)

*Meta Platforms (META) declined over -1% on news of CEO Zuckerberg selling $39.1 million shares. (chart)

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» Sam Bankman-Fried, once a crypto industry luminary, received a 25-year prison sentence for his role in the FTX collapse, alongside a staggering $11 billion forfeiture mandate. This sentence underlines a decisive moment in the crypto world, showcasing the severe consequences of financial malfeasance. (link)

» Wall Street's favorite momentum strategy wraps up its best quarter in over 20 years, but faces potential upheaval amid inflation concerns and a shift towards undervalued sectors. PGIM Quant and others warn of a possible crash, urging a cautious navigation through the upcoming economic currents. (link)

» Apple ($AAPL) is set to rejuvenate its iPad lineup with new Pro and Air models in early May, featuring OLED displays and a larger screen option, respectively, after an 18-month hiatus—the longest in the iPad's history. These updates aim to spark a resurgence in the tablet category, leveraging faster chips and redesigned accessories to reverse declining sales trends. (link)

» At the June 10 WWDC, Apple ($AAPL) will introduce its groundbreaking AI strategy, emphasizing proactive user features in the monumental iOS 18 upgrade. This strategic shift, eschewing a proprietary AI chatbot, represents the most significant transformation in iPhone software history. (link)

» Walgreens ($WBA) tightens its fiscal 2024 earnings forecast in response to a tough retail environment and reduced consumer spending on nonessential items. Despite a projected $1 billion in cost savings, the company adjusts its full-year earnings outlook and reports mixed quarterly results, reflecting the challenges of navigating current economic pressures. (link)

» In just two days, Reddit ($RDDT) shares plummeted nearly 25%, closing the week below their initial price. The sell-off by top executives, including CEO Steve Huffman and COO Jennifer Wong, coupled with skepticism from analysts, triggered doubts about the social media giant's valuation and future prospects. (link)

Major ($10bn+) earnings releases scheduled the next five business days 👇 Click here for a comprehensive list of upcoming earnings releases

Results from yesterday’s economic releases & today’s schedule below 👇 Click here for full schedule & live updates of Wall Street estimates.

 

“If you cannot do great things, do small things in a great way.”
Napoleon Hill

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