Blowout quarter

Tesla notches a blowout quarter, Apple and Goldman Sachs ordered to pay $89M for deceiving customers, home sales drop to lowest level in 14 years, Starbucks CEO explains turnaround plans, and a satellite made by Boeing just fell apart in space...

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Market Briefing
October 24, 2024

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Good morning.

The Fast Five → Tesla notches a blowout quarter, Apple and Goldman Sachs ordered to pay $89M for deceiving customers, home sales drop to lowest level in 14 years, Starbucks CEO explains turnaround plans, and a satellite made by Boeing just fell apart in space…

Calendar: (all times ET) - Full calendar here

  • Today:
    Initial jobless claims, 8:30 am
    New home sales, 10:00 am

  • Tomorrow:
    Durable-goods orders, 8:30 am
    Consumer sentiment, 10:00 am

Your 5-minute briefing for Thursday, October 24:

BEFORE THE OPEN

As of market close 10/23/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 45.45% for Week of October 18 2024

Last week: 49.01%. Updates every Friday.

Market Wrap:

  • S&P futures flat, up 0.1%; Nasdaq +0.4%; Dow -79 points.

  • Tesla surged 12% on Q3 beat, IBM dropped 2% on missed revenue.

  • Dow down 400+ points, biggest drop since early September.

  • 10-year Treasury yield hit 4.25%, weighing on stocks.

  • Paul Hickey says recent stock pullback is normal after gains.

  • Economic data: Jobless claims, new home sales.

EARNINGS

What we’re watching this week:

  • Today: American Airlines (AAL), Capital One (COF), Honeywell (HON), KKR (KKR), Southwest Air (LUV)

See full earnings calendar here.

HEADLINES

Results show a first-half slump is fading as demand rebounds. Shares extend gains, rising 12% in late trading Wednesday.

Watchdog cites customer service breakdowns, misrepresentations. Goldman banned from new credit cards without ‘credible’ plan.

  • US firms point to steady economy but see lower profit margins, Fed says (more)

  • 10-yr Treasury yield briefly tops 4.25%, hits highest level since July (more)

  • Surge in Treasury ‘term premium’ warns of rising bond risks (more)

  • September home sales drop to lowest level since 2010 (more)

  • Dollar’s path to best month in two years fueled by election, Fed (more)

  • Data shows disconnect between Americans' perceived financial strain and reality (more)

  • Nvidia supplier SK Hynix posts record quarterly profit as AI boom drives demand (more)

  • Apple releases new preview of its AI, including ChatGPT integration (more)

  • Peloton surges after Einhornm says the stock is undervalued (more)

  • A satellite made by Boeing just fell apart in space (more)

  • Starbucks CEO explains turnaround plans after sales dip (more)

  • Character.ai faces lawsuit after teen’s suicide (more)

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DEALFLOW

M+A | Investments

  • Frontier, Spirit Airlines revive merger talks (more)

  • Siemens in talks to buy software group Altair (more)

  • HMC Capital to buy data center group Global Switch Australia in $1.3B deal (more)

  • Shell to acquire power plant operator RISEC Holdings (more)

  • Panopto, AI-powered video creation and management solutions, acquires Elai, an AI text-to-video platform (more)

  • Freeform, a company specializing in AI-driven metal 3D printing, received an investment from NVIDIA's NVentures and AE Ventures (more)

  • Electronic Source Company, an electronic manufacturing services company for the aerospace and defense markets, received an investment from Sverica Capital Management (more)

  • Alterra, a company specializing in plastic process technology, received an investment from Infinity Recycling, LyondellBasell and Chevron Phillips Chemical (more)

  • Likewize, a global provider of tech protection and support, received a majority investment from Genstar Capital (more)

  • Unigrid Battery, Inc., a startup that develops advanced sodium-ion batteries, received an investment from LG Technology Ventures (more)

VC

  • Alpha-9 Oncology Inc., a clinical stage company developing radiopharmaceuticals for the treatment of cancer, raised $175M in Series C financing (more)

  • Nimble, an AI robotics fulfillment company, raised $106M in Series C funding at a $1 billion valuation (more)

  • Valon, an integrated mortgage servicing platform, raised $100M in funding (more)

  • Be Biopharma, a company specializing in the discovery and development of engineered B Cell Medicines, raised $82M in funding (more)

  • Infinitus Systems, Inc., an AI platform specifically built to automate manual healthcare phone calls, raised an additional $51.5M in Series C Funding (more)

  • Socket, a security platform that protects your most critical apps from software supply chain attacks, raised $40M in funding (more)

  • Tennr, an automation platform for medical documents, raised $37M in funding (more)

  • March Biosciences, a clinical stage biotech company, raised $28.4M in Series A funding (more)

  • Fixify, an AI-powered IT help desk provider, raised $25M in Series A funding (more)

  • Adden Energy, a company developing lithium metal batteries, raised $15M in Series A funding (more)

  • Archy, cloud automation software for dental practices, raised $15M in Series A funding (more)

  • Checkmate, a provider of unified ordering solutions for enterprise restaurants, raised $10M in Series B funding (more)

  • OrthoLazer, MLS M8 Robotic Laser therapy for treatment of orthopedic pain and inflammation, raised $7M in Series A funding (more)

  • Shuttle Labs, a provider of Genius, a self-custodial digital asset trading exchange platform, raised $6M in Seed funding (more)

  • Ned, a cash flow lending platform provider, closed $4.2M seed financing (more)

  • Sidero Labs, a software developer providing solutions in managing Kubernetes and containerized applications, raised $4M in funding (more)

  • Hydrosome Labs, a company specializing in ultrafine bubbles technology, raised $3.7M in Seed funding (more)

  • California Catalist, a developer of advanced materials for electrolysis, raised $3M in Series A-2 funding (more)

  • Data Quality Co-op, an independent clearinghouse for data quality measurement, received its first funding round of $1.25M (more)

CRYPTO

  • Ripple CEO Brad Garlinghouse says an XRP ETF is ‘inevitable’ (more)

  • Bitcoin is going to $80K regardless of Trump or Harris win, traders say (more)

  • Trump polymarket odds briefly dip after his no. 2 bull adds bet on Harris (more)

BULLISH BITES

💰 Gold: Now legal tender *

💼 Inside Look: New leaders at Boeing, Starbucks and Nike face similar problems.

🌳 Crop Waste: A new economy for wood is slowly taking root in California.

💀 Trending: Home Depot’s 12-foot skeletons spawned an industry of giant Halloween decor.

🎤 Pass or All In? The forced fun at conferences.

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*from our sponsor

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