Chip-Flip: $19.5B deal axed

BEFORE THE OPEN

Markets:

Following a halt to a three-day downturn in major averages, U.S. stock futures remained largely unchanged Monday night.

• S&P 500, Nasdaq-100, Dow Jones futures slightly down.

• Monday recap: Dow gained 0.62%, S&P rose 0.24%, Nasdaq up 0.18%.

• Key reports ahead: June consumer price index (Wed), June producer price index (Thu) - will provide clues on inflation trend and future interest rates.

• Investors foresee quarter-point rate increase at Fed's July meeting; September decision uncertain due to robust jobs data.

• Upcoming: NFIB Small Business Index for June (Tue); expected reading is 90.0, slightly above May's 89.4.

• Q2 arnings season begins this week: Watch for reports from JPMorgan Chase, Wells Fargo, Citigroup, BlackRock, PepsiCo, Delta Air, and UnitedHealth.

EARNINGS

What we’re watching this week:

• Tomorrow: AngioDynamics (ANGO), MillerKnoll (MLKN)

• Thursday: 

  • Conagra (CAG)

  • Delta Airlines (DAL)

  • Fastenal (FAST)

  • PepsiCo (PEP)

  • Progressive (PGR)

  • Washington Federal (WAFD)

• Friday: 

  • BlackRock (BLK)

  • Citigroup (C)

  • JPMorgan Chase (JPM)

  • State Street (STT)

  • UnitedHealth Group (UNH)

  • Wells Fargo (WFC)

• Full earnings calendar here

NEWS BRIEFING

Sarah Silverman, Authors Sue Meta, OpenAI for
Alleged Copyright Infringement

• Apple supplier Foxconn pulls out of $19.5 billion India chip project (more)

• Turkey agrees to back Sweden’s NATO bid in boost to alliance (more)

• Toyota, Stellantis blast Biden’s plan to boost electric car sales (more)

• China slides to brink of deflation, adding stimulus urgency (more)

• Citi, TD, Wells Fargo among banks testing regulator-friendly blockchain (more)

• Home prices are hitting new highs again, as high rates put the squeeze on supply (more)

• Carl Icahn's fortune jumps by $1 billion as new loan agreement boosts his company's stock 22% (more)

• Threads, Twitter Drama…

  • JThreads now fastest-growing app In history, including ChatGPT—with 100 Million users In just five days (more)

  • Elon Musk and Mark Zuckerberg's feud is so embarrassing (more)

  • Elon Musk jet tracking account moves to Meta's Threads amid Twitter ban (more)

  • Meta's new Threads app raises potential privacy concerns over data sharing (more)

• Twitch is launching a discovery feed and other short-form video features (more)

• Cava is the new Chipotle (more)

• Airbnb bookings dip in Austin, San Francisco prompting ‘doom loop’ fears (more)

• VanMoof, the e-bike darling, skids off track: Sales paused, execs depart (more)

• Electric car inventory grows as sales struggles to keep up (more)

• BP settles US natgas market manipulation case for $10.75 million (more)

• China extends pressure on lenders to help beleaguered developers (more)

• Countries repatriating gold in wake of sanctions against Russia (more)

• Flexport’s Ryan Petersen joins Thiel-backed Founders Fund as partner (more)

DEALFLOW

• Morgan Stanley hires JPMorgan North America M&A head Caggiano (more)

• Siemens Taps BNP for potential €3B Innomotics sale (more)

• China Merchants bids $3.4B for Chindata to challenge Bain (more)

• Sourcetable raises $3M, claiming the future of spreadsheets is spreadsheets (more)

• SpyGlass Pharma closes $90M Series C financing (more)

• Pano AI raises $17M in growth funding (more)

• Reseda Group acquires ChannelNet (more)

• BlueAlly acquires B2B Technologies (more)

• Honeywell to acquire SCADAfence (more)

• Francisco Partners buys Macrobond from Nordic Capital (more)

• GlobalLogic acquires Sidero (more)

• Trash Butler receives investment from TZP Group (more)

• Solenis completes acquisition of Diversey for $4.6 Billion (more)

• DigitalOcean acquires Paperspace for $111M (more)

• Gr4vy receives multi-million dollar investment from W23 (more)

• Trax Technologies receives minority equity investment from TBK Bank (more)

CRYPTO

• Standard Chartered bumps up bitcoin forecast to $120,000 (more)

• Crypto funding drops for fifth straight quarter as investors continue to pull back (more)

• Crypto losses halved in Q2 2023 to $204M (more)

• Voyager platform sees over $250M In withdrawals as creditors swiftly pull out funds (more)

• AI and crypto integration is going to happen whether you want it or not $33 million (more)

BULLISH BITES

🔥 Pay to work with your hero: Steve Jobs’ intern went on to sell his company to Google for $625 million—he now advises grads to pay to work for impressive people (read)

🔥 From Beatlemania to Taylor-mania: How the meteoric rise of The Beatles helps to explain Taylor Swift's "Eras" tour, on pace to be the first tour ever to gross $1B. (read)

SHARES

See you bright and early tomorrow… -mb