Fierce competition

Earnings kick into high gear, Tesla slides as EV makers slash prices amid fierce competition, Russia warns the world is on the brink of a ‘direct military clash’ between nuclear powers, US sues to block union of Coach and Michael Kors, and Luxury real estate prices just hit an all-time record…

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Market Briefing
April 23, 2024

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Good morning.

The Fast Five → Earnings kick into high gear, Tesla slides as EV makers slash prices amid fierce competition, Russia warns the world is on the brink of a ‘direct military clash’ between nuclear powers, US sues to block union of Coach and Michael Kors, and luxury real estate prices hit an all-time record…

Calendar - next week: (all times ET)

WED, 4/24:

Durable-goods orders, 8:30a

THU, 4/25:

GDP - Q1, 8:30a
Jobless claims, 8:30a

FRI, 4/26:

PCE index, 8:30a
Consumer Sentiment, 10:00a

Your 5-minute briefing for Tuesday, April 23:

BEFORE THE OPEN

As of market close 4/22/2024.

Pre-Market:

US Investor % Bullish Sentiment:
38.27% for Wk of Apr 18 2024 (Last week: 43.44%)

Market Recap:

  • U.S. stock futures stable after S&P 500 ends six-day slide.

  • Dow up 0.05%, S&P 500 futures rise 0.02%, Nasdaq dips 0.06%.

  • Tech rebound drives Monday's gains, Nvidia surges 4%.

  • Mega-cap earnings in focus: Tesla, Meta, Alphabet, Microsoft.

  • New home sales data eyed for Tuesday's economic update.

EARNINGS

What we’re watching this week:

  • Today: General Motors (GM), JetBlue Airways (JBLU), Kimberly-Clark (KMB), Lockheed Martin (LMT), Mattel (MAT), PepsiCo (PEP), Spotify (SPOT), United Parcel Service (UPS), Visa (V)

  • Wednesday: AT&T (T), Ford Motor (F), Lennox International (LII)

  • Thursday: American Airlines (AAL), Caterpillar (CAT), Hertz Global (HTZ), Roku (ROKU), Teladoc (TDOC)

  • Friday: AbbVie (ABBV), Chevron (CVX), Exxon Mobil (XOM)

Full earnings calendar here

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HEADLINES

Corporate America is set to kick off the busiest week for first-quarter earnings.

Tesla reportedly cut the starting price of its Model 3 in China to 231,900 yuan ($32,000) on Sunday, a reduction of 14,000 yuan.

  • Russia warns the world is on the brink of a ‘direct military clash’ between nuclear powers (more)

  • 'Overdue' pullback in US stocks to test dip-buyers' resolve  (more)

  • Geopolitical tensions are US credit investors' top concern, BofA survey says (more)

  • Heavy price pressure on gold, silver as risk aversion recedes (more)

  • Luxury real estate prices just hit an all-time record (more)

  • US consumers on lower incomes face loan stress while banks pull back (more)

  • US sues to block $8.5 Billion union of Coach, Michael Kors (more)

  • High global food prices may finally see a bottom in 2024, says Oxford Economics (more)

  • Delta Air Lines gives staff another 5% raise, hikes starting wages to $19/hour (more)

  • Ex-JetBlue CEO Robin Hayes to run Airbus North America (more)

  • Express files for Chapter 11 bankruptcy protection, announces store closures, possible sale (more)

  • Lululemon to shutter Washington warehouse, lay off 128 employees (more)

  • Construction starting on bullet train rail between Las Vegas and SoCal (more)

DEALFLOW

M+A | Investments

  • Activist Jana, in letter, urges Wolfspeed to eye sale, other strategic alternatives (more)

  • Informatica says it’s not for sale, following Salesforce’s reported interest in $10 billion deal (more)

  • Kroger, Albertsons to sell 166 more stores seeking approval of $25 billion merger (more)

  • Public, a provider of an investing platform where members can invest in stocks, options, bonds, crypto, and alternative assets, acquired the TradeApp investment accounts from Stocktwits (more)

  • West Lane purchases Mented Cosmetics Brand (more)

  • Cyber Advisors buys S&L Computer Services (more)

VC

  • Rippling, a workforce management startup, raised $200M in new financing (more)

  • Givebutter, a provider go a nonprofit fundraising and CRM platform, raised $50M in funding (more)

  • Rubedo Life Sciences, a biopharmaceutical company committed to developing first-in-class therapies targeting senescent cells diseases, closed a $40M Series A financing round (more)

  • Salubris Biotherapeutics, a clinical-stage biotechnology company developing novel biologic therapeutics, raised $35M in funding (more)

  • Pomelo, a consumer fintech enabling international money movement with consumer credit, raised $35M in Series A in venture capital and a $75M expansion of its warehouse facility (more)

  • AccessHope, a cancer benefit company, raised $33M in Series B funding (more)

  • iVEAcare, a development stage medical device company, raised $27.5M in Series A funding (more)

  • Exowatt, a renewable energy company, raised $20M in seed funding (more)

  • Curio Legacy Ventures, a tech development company dedicated to advancing a closed fuel cycle, raised $14M in Seed funding (more)

  • Homium, a home equity mortgage lender and provider of a securitization platform, raised $10M in Series A funding (more)

  • Clarity Pediatrics, a digital health company, raised $10M in funding (more)

  • Auxa Health, a provider of an AI-powered benefit navigation technology solution, raised $5.2M in Seed funding (more)

  • VulnCheck, an exploit intelligence company, closed its seed funding round at a total of $7.95M, with $4.75M in new funding (more)

  • Pelvital USA, Inc., a women’s health company, closed an additional $2.32M in its seed-plus funding round (more)

CRYPTO

  • ‘Buy Bitcoin’ sign flashed behind Yellen is being auctioned off (more)

  • Bitcoin risks another ‘sell-the-news’ market move after halving (more)

  • Shiba Inu fetches $12M investment in a token sale to build privacy-focused blockchain (more)

BULLISH BITES

💍 Pursuits: Here’s the lab-grown diamond startup that’s attracted a16z’s attention.

🎪 Cicus: Trump’s trial is the reality show he never wanted.

🩺 Speed-dial: Meet the private doctor to the wealthy (at $40K a year).

☕️ The buzz: Coffee drinking hits record high in the US.

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