Disney goes dark

VW weighs first-ever Germany plant closures, Elliott now owns enough of Southwest Airlines to call special meeting, Disney networks go dark amid ongoing feud, Ford recalls 90,000 vehicles, and HP to pursue $4 Billion damages after Mike Lynch yacht death...

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Market Briefing
September 03, 2024

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Good morning.

The Fast Five → VW weighs first-ever Germany plant closures, Elliott now owns enough of Southwest Airlines to call special meeting, Disney networks go dark amid ongoing feud, Ford recalls 90,000 vehicles, and HP to pursue $4 Billion damages after Mike Lynch yacht death…

Friday’s poll: Can Intel survive?

🟨🟨🟨🟨⬜️⬜️ 👍 YES: Intel is too essential to fail (43%)

🟩🟩🟩🟩🟩🟩 👎 NO: They've blown too many opportunities (57%)

Calendar: (all times ET) - Full calendar here

  • Today: [no notable reports]

  • Tomorrow:
    US trade deficit, 8:30A
    Job openings, 10:00A

Your 5-minute briefing for Tuesday, September 3:

BEFORE THE OPEN

As of market close 8/30/2024. Bitcoin as of 9/2/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 51.16% for Week of August 29 2024

Last week: 51.61%. Updates every Friday.

Market Wrap:

  • Dow closed at a record high, up 228 points (+0.55%).

  • S&P +1.01%, Nasdaq +1.13%.

  • Fed’s inflation gauge (PCE) rose 0.2% in July, 2.5% YoY.

  • August: S&P +2.3%, Dow +1.8%, Nasdaq +0.7%.

  • S&P recovered after early August sell-off, down 7.3% at lows.

EARNINGS

Here are the earnings we’re watching this week:

Full earnings calendar here.

HEADLINES

German automaker plans are another blow to Scholz’s government. EV slowdown, jittery Europe consumers weigh on manufacturers.

The prominent activist hedge fund, which had taken an 11% economic stake in Southwest through derivatives, converted enough of its holdings into common shares to cross the 10% threshold.

  • Stocks tiptoe towards US manufacturing, jobs data (more)

  • Oil steady as China demand concerns offset Libyan disruptions (more)

  • JPMorgan economist: China’s housing market crash is still not over (more)

  • HP to pursue $4 Billion damages after Mike Lynch yacht death (more)

  • Disney networks go dark on DirecTV amid ongoing feud (more)

  • Ford recalls 90,000 vehicles over engine intake valves (more)

  • CrowdStrike faces onslaught of legal action from faulty software update (more)

  • Weight loss drugs cut Covid-19 deaths, study finds (more)

  • Musk to celebrate Meloni as Italy eyes space sector investment (more)

  • Rupert Murdoch’s property group considers bid for UK’s Rightmove, sending shares 21% higher (more)

  • Chinese consumer brands look to crack the global market with Singapore as a testbed (more)

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DEALFLOW

M+A | Investments

  • Rupert Murdoch’s property group considers bid for UK’s Rightmove, sending shares 21% higher (more)

  • Blackstone buys stake in $1.2B European logistics fund (more)

  • Adani Ports acquires offshore shipping firm for $185M (more)

  • Chinese EV maker BYD to buy German car distributor Hedin Electric (more)

  • eProductivity Software, a company specializing in technology for the print and packaging industries, acquired EPMS, a print and packaging company (more)

  • ImageTrend, a company that transforms incident data into actionable intelligence, acquired FlowMSP, a provider of a pre-incident planning platform (more)

  • Crafty Apes, a visual effects company, received a strategic investment of undisclosed amount (more)

VC

  • Knowde, a chemical software company, raised $60M in Series C funding (more)

  • Pylon, a provider of a support platform for B2B companies, raised $17M in Series A funding (more)

  • ThinkCyte, a biotech company developing scientific instruments, raised an additional $15M in the extension round, bringing the total Series C to $32M (more)

  • Peregrine Exploration, a blockchain development and research company, raised $3.6M in funding (more)

  • Approveit, a provider of an operations and automation platform for businesses, raised $1M in funding (more)

CRYPTO

  • Key week for Bitcoin and the dollar index (more)

  • Beware of a Bitcoin backslide to $50,000 as it enters historically worst month of the year (more)

  • Crypto firm OKX hires former Grab exec to be Singapore CEO (more)

BULLISH BITES

💰 Inflation and Global Conflicts: How to protect your wealth *

💻 Beyond Google: Here are some search engines worth checking out.

🌉 Homecoming: Y Combinator’s Gen Z founders are coming back and learning to love San Francisco.

🏫 Move Over, Harvard: This California university is the hardest school to get into in America.

🏴‍☠️ Treasure: Rare coin from 1776 found in bottom of toffee tin to sell at auction.

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