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- 📊 Rivian Steps On The Gas
📊 Rivian Steps On The Gas
Ticker Tea
March 08, 2024
Happy Friday! 😎
Markets closed in the green yesterday with S&P 500 and Nasdaq 100 setting (another) record high. Stocks gained on speculation of Fed and ECB interest rate cuts by June, supported by Fed Chair Powell and ECB President Lagarde's statements.
U.S. initial unemployment claims were steady at 217k with the Jan trade deficit widening to -$67.4 billion, marking a 9-month high and a negative for Q1 GDP.
Perhaps the most interesting data point was January consumer credit which rose to +$19.5 billion, nearly double the estimate from the street ($10bn).
Rivian ($RIVN) revealed their new electric vehicles (photos & preview here) which are expected to begin deliveries in 2026. The stock closed +13% while still down -46% YTD. The launch comes at a time when the electric vehicle adoption has been disappointing (link).
Rivian ($RIVN) 1-Year Chart
Poll Results 👇
How many rate cuts do you expect this year?
🟨🟨🟨⬜️⬜️⬜️ 0 ⛔ (19%)
🟨🟨🟨🟨⬜️⬜️ 1 ✂️ (25%)
🟨🟨🟨🟨⬜️⬜️ 2 ✂️ ✂️ (25%)
🟩🟩🟩🟩🟩🟩 3+ ✂️ ✂️ ✂️ (31%)
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» Gap ($GPS) saw its shares surge 5% after holiday earnings surpassed estimates, driven by a 6% growth in Old Navy sales to $2.29 billion and a significant gross margin increase to 38.9%. Earnings per share hit 49 cents, outdoing the 23 cents expectation, with revenue reaching $4.3 billion against a forecast of $4.22 billion. (link)
» Netflix ($NFLX) is set to host a live "boxing mega-event" featuring Mike Tyson facing off against Jake Paul on July 20 at AT&T Stadium, showcasing its entry into live sports. This ambitious move underlines Netflix's push to dominate as a premier at-home viewing destination, further emphasized by its $5 billion deal for World Wide Wrestling’s "Raw." (link)
» Costco ($COST) reported a mixed holiday quarter, missing Wall Street's revenue expectations with $58.44 billion versus the projected $59.16 billion, despite a rise in net income and significant e-commerce sales growth. Aftermarket shares dropped 4%, a contrast to the 52-week high earlier the same day. (link)
» Fed Chair Powell hints that the Fed is nearing the confidence needed to begin reducing interest rates, contingent on inflation moving sustainably towards the 2% target. This optimistic outlook led to a drop in two-year Treasury yields and increased bets on a June rate cut. (link)
» Harry’s Inc, the acclaimed razor and personal care brand valued at $1.7 billion, has confidentially filed for an IPO, signaling a significant step towards going public with Goldman Sachs ($GS) and JPMorgan ($JPM) among the key banks involved. Nearing $1 billion in annual revenue and boasting profitability, Harry’s expansion into diverse grooming and personal care sectors underscores its robust market position. (link)
» Rivian ($RIVN) halts its new Georgia factory to cut costs, saving over $2.25 billion. Meanwhile, it gears up for the mass-market R2 SUV, aimed to challenge Tesla, with plans for early deliveries in 2026. (link)
» The February nonfarm payrolls report is anticipated to reveal a slowdown in U.S. job growth to 198,000, with the unemployment rate expected to remain at 3.7%, indicating a shift from January's explosive growth yet still portraying a healthy labor market. Despite a cautious hiring climate, companies continue to hire to keep pace with business demands, supported by sectors beyond technology showing strong job demand. (link)
Major earnings releases scheduled the next five business days:
Economic results from yesterday are below, along with today’s schedule:
"Well done is better than well said."
Benjamin Franklin
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