IPO revival

Whistleblower testifies as Boeing faces scrutiny in Senate hearings, Wall Street wants answers on Tesla's Model 2 car, China warns west of 'survival of the fittest', TikTok divest-or-ban bill heads to fast-track in Congress, and bank leaders hail IPO market’s budding revival…

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Market Briefing
April 18, 2024

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The Fast Five → Whistleblower testifies as Boeing faces scrutiny in Senate hearings, Wall Street wants answers on Tesla's Model 2 car, China warns west of 'survival of the fittest', TikTok divest-or-ban bill heads to fast-track in Congress, and bank leaders hail IPO market’s budding revival…

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Calendar: (all times ET)

Today:

Jobless claims, 8:30a

Your 5-minute briefing for Thursday, April 18:

BEFORE THE OPEN

As of market close 4/17/2024.

Pre-Market:

US Investor % Bullish Sentiment:
43.44% for Wk of Apr 11 2024 (Last week: 47.29%)

Market Recap:

  • Stock futures flat after S&P 500, Nasdaq down 4th day.

  • Equifax down 9% on weak guidance, Las Vegas Sands slips 3%.

  • Tech struggles, Nvidia falls 4%, Dow down 7th of 8 sessions.

  • Q2 tougher, indexes below 50-day moving averages.

  • JPMorgan's Hunter eyes S&P 500 bounce at 5000.

  • Today: Jobless claims, home sales due.

  • Earnings: Alaska Air, KeyCorp pre-market; Netflix post-market.

EARNINGS

What we’re watching this week:

  • Today: Blackstone (BX)

    • Netflix (NFLX) - expect NFLX to report Q1 earnings of $4.20 per share (+45.8% YoY) on revenue of $8.6 billion (+5.8% YoY)

  • Friday: American Express (AXP)

Full earnings calendar here

HEADLINES

A Boeing whistleblower, who alleged that the manufacturer cut corners on its 787s and 777s, is testifying. Boeing has denied the whistleblower’s allegations, calling them “inaccurate.”

Elon Musk has kept investors hanging since he issued cryptic social posts following an April 5 Reuters report that Tesla had scrapped its plans for a $25K “Model 2” electric vehicle.

  • Biden promises U.S. Steel will remain an American company (more)

  • TikTok divest-or-ban bill heads to fast track in US Congress (more)

  • Wall Street bank leaders hail IPO market’s budding revival (more)

  • Americans sick of 0.01% yields create new dilemma on Wall Street (more)

  • Biden wants to triple China tariffs on steel, aluminum imports (more)

  • China warns west of 'survival of the fittest' as manufacturing boosts economy (more)

  • Union vote underway at Volkswagen's only US plant (more)

  • Tesla asks shareholders to vote again on Musk’s $56B payout (more)

  • Google restructures finance team as part of AI shift (more)

  • Amazon starts selling smart grocery carts to other retailers (more)

  • Airline execs predict a record summer and even more demand for first class (more)

    • American introduces new Flagship Suite Preferred seats as it scraps first class (more)

  • Micron set to get $6 billion in chip grants from US (more)

  • Trump Media stock surges more than 20% to end weeks of bleeding (more)

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DEALFLOW

M+A | Investments

  • FTC preparing to sue to block Tapestry's takeover of Capri Holdings (more)

  • Stellantis to acquire stake in Argentina solar power firm in green energy push (more)

  • Vinci to buy majority of Edinburgh Airport in UK expansion (more)

  • Commvault, a provider of cyber resilience solutions for the hybrid cloud, acquired Appranix, a cloud cyber resilience company (more)

  • Beef ree, a company specializing in no-code email creation tools, acquired Really Good Emails, a platform of email design (more)

  • Armis, an asset intelligence cybersecurity company, acquired Silk Security, a platform for cyber risk, for a total of $150M (more)

  • Forward Consumer Partners buys Firehook Bakery (more)

  • Angeles-backed Data Clean acquires DC Canada (more)

  • State Street explores acquisition of SocGen’s custody arm (more)

  • Obi Group purchases Walki from OEP (more)

  • Godspeed Capital buys Special Aerospace Services (more)

  • One Equity Partners acquires Ballymore Safety Products (more)

  • Foss Recycling purchases AIP’s Wall Recycling (more)

  • TSCP-backed PestCo buys Sasquatch Pest Control assets (more)

  • APi acquires Elevated from L Squared (more)

  • The National Thoroughbred League, a horse racing company, received an investment from DCB Sports (more)

VC

  • Asher Bio, a biotechnology company developing precisely-targeted immunotherapies for diseases, raised $55M in Series C funding (more)

  • NeuBird, a provider of a cloud-based generative operations platform for enterprises, raised $22M in Seed funding (more)

  • Theolytics, a biotech company developing oncolytic viral therapies, raised £19M in funding (more)

  • Vorlon, a provider of a platform for comprehensive third-party API security, raised an undisclosed amount in Series A funding (more)

  • AI Squared, a company that helps deliver data and AI insights into business applications, raised $13.8M in Series A funding (more)

  • Found Energy, a cleantech startup building industrial decarbonization solutions, raised $12M in Seed funding (more)

  • Breaking, a plastic degradation and synthetic biology company, raised $10.5M in Seed funding (more)

  • Rivet Work, a provider of an electrical construction workforce management platform, raised $6M in funding (more)

  • Ilant Health, a provider of obesity management and cardiometabolic health solutions, raised additional $3M in funding (more)

  • Renterra, a provider of a modern software platform for the equipment rental industry, raised $3M in funding (more)

CRYPTO

  • Bitcoin tumbles below $60K, Ether under $3K; correction not over (more)

  • Kraken releases own crypto wallet, joining competition with Coinbase, MetaMask (more)

  • Crypto trader’s $110 Million manipulation case now with jury (more)

BULLISH BITES

🤷🏻‍♀️ Inside look: What went wrong with US inflation?

💼 Next level: The AI chatbot that could transform business school accreditation.

👨‍🦲 Double take: The lavish life of a professional Jeff Bezos lookalike.

🚀 Breakthrough: While everyone's distracted by the Bitcoin halving... the real supply crunch is happening in biotech.*

🤖 What Humane AI Pin? This new pendant from Limitless is a $99 "AI wearable" that promises to record everything you say.

DAILY SHARES

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