📊 Stocks Mooning Trifecta

» Yesterday Wrap Up: Stock indexes, including the S&P 500, Dow Jones Industrials, and Nasdaq 100, rallied sharply, with the S&P 500 and Dow Jones reaching new record highs and the Nasdaq 100 hitting a 1-1/2 week high, partly driven by Nvidia's over 16% surge (see yesterday’s earnings). Additionally, U.S. economic indicators showed strength with unexpected drops in weekly initial unemployment claims to a 5-week low and a rise in January existing home sales to a 5-month high, surpassing expectations.

» Earnings Today: Warner Bros and some other smaller names listed below (Calendar & Estimates 👇)

» Economic Data Today: Nada!

» Fed Speakers Today: None

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» Nvidia ($NVDA) witnessed a historic 16% surge in its shares, adding approximately $277 billion to its market capitalization, nearing a $2 trillion valuation, after reporting outstanding financial results and a strong outlook driven by AI spending. The chipmaker's performance, marked by a series of estimate-surpassing results, has solidified its position on Wall Street, with its AI technology's potential being a significant growth driver. (link)

» AT&T ($T) experienced a significant outage due to a software issue related to network expansion, affecting hundreds of thousands of subscribers. The disruption, which was not caused by a cyber attack, prompted investigations by the FBI, the Department of Homeland Security, and the FCC. Service was restored by Thursday afternoon after causing widespread inconvenience and impacting emergency services, highlighting the dependency on mobile connectivity for daily operations and public safety. (link)

» Carvana ($CVNA) experienced a surge in its shares after reporting adjusted EBITDA of $60 million in Q4 2023, surpassing Wall Street's expectations despite falling short on revenue. The used-car retailer anticipates further earnings improvements and an increase in retail units sold, despite the challenges posed by high interest rates, inflation, and a significant debt burden. This optimistic outlook, coupled with a strategic focus on cost control and debt reduction, has contributed to a 20% jump in share price in after-hours trading. (link)

» Vice Media has announced it will cease publishing content on its website, shifting to a studio model focused on social media distribution. This decision, driven by cost-effectiveness concerns, follows the company's emergence from bankruptcy and plans to sell its Refinery 29 site. The change marks another significant restructuring for the once-valued $5.7 billion digital journalism pioneer, reflecting ongoing challenges in digital advertising. (link)

» Intuitive Machines ($LUNR) achieved a historic milestone by successfully landing its Nova-C cargo lander, "Odysseus," on the moon, marking the first U.S. company to accomplish a moon landing. The mission, IM-1, landed in the "Malapert A" crater near the moon's south pole, carrying 12 payloads, including six for NASA. This achievement not only signifies a significant technological feat but also heralds a new era in commercial lunar exploration, with the company's stock surging in extended trading following the news. (link)

» JPMorgan ($JPM) traders highlighted Nvidia recent earnings as a potential catalyst for a resurgence in U.S. stock market enthusiasm, particularly within technology stocks. The positive earnings report contributed to significant gains in the S&P 500 and Nasdaq 100 indices, underscoring the market's optimistic response to advancements in artificial intelligence and strong economic indicators, despite recent concerns over interest rate cuts. (link)

» Reddit has filed for an IPO, aiming to leverage its growing platform and reduced losses to test the venture capital-backed tech IPO market in 2024. Despite a 2023 net loss of $90.8 million on $804 million in revenue, the social media giant is advancing with a potential valuation of at least $5 billion. (link)

» January witnessed a 3% increase in sales of previously owned homes, buoyed by the lower mortgage rates of November and December. However, the resurgence of higher mortgage rates is posing fresh hurdles, with inventory slightly up at 1.01 million units but still reflecting a tight market. (link)

Certain earnings releases scheduled for today:

The results of yesterday’s economic releases are below. No major economic results scheduled for today.

Push harder than yesterday if you want a different tomorrow