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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
40.86% for Wk of May 16 2024 (Last week: 40.82%)

Market Recap:

• Stock futures slightly up Sunday night.

• Dow futures rose <0.1%, S&P and Nasdaq marginally higher.

• Dow closed above 40,000 Friday, first time ever.

• AI spotlight: Microsoft Build, Nvidia Q1 results.

• Earnings: Palo Alto Networks, AutoZone, Target, Intuit, Ralph Lauren.

• Fed minutes Wednesday.

• Key data: home sales, jobless claims, durable goods orders.

EARNINGS

What we’re watching this week:

• Monday: Palo Alto Networks (PANW), Zoom Video Communications (ZM)

• Tuesday: Lowe's (LOW), Macy's (M)

  • Toll Brothers (TOL) - expecting $4.14 EPS on $2.5B revenue

• Wednesday: Snowflake (SNOW)

  • Target (TGT) - earnings expected to be flat at $2.05 EPS (YoY) on $24.5B revenue (-1.6% YoY)

  • Nvidia (NVDA) - earnings of $5.57 (vs last year of $.98 EPS). Revenue is expected to jump to $24.6B from the $6.5B reported one year ago

• Thursday: Intuit (INTU), Workday (WDAY)

Full earnings calendar here

HEADLINES

From Tokyo to New York, Stock Markets on Record-Hitting Spree Around the World

President Biden Called Out For Hypocrisy Over China Tariffs

• Iran’s President and Foreign Minister killed in helicopter crash (more)

• Slowing inflation primes G-7 Central banks for June (more)

• US regulators reconsider capital hike for big banks (more)

• US, TikTok seek fast-track ruling by Dec. 6 on potential ban (more)

• Oil steadies after weekly advance as geopolitical risks flare (more)

• Asian stocks rise after US gains (more)

• China’s housing rescue is too small to end crisis (more)

• Musk, Indonesian health minister, launch Starlink for health sector (more)

• Microsoft set to unveil its vision for AI PCs at Build developer conference (more)

• Sony and Apollo move ahead with Paramount bid process but reticent about earlier plan (more)

• Media giants lean on sports as Hollywood strikes still loom over content slates (more)

• Bezos’ Blue Origin resumes space tourism with latest launch (more)

• Goldman Sachs looks to expand private equity credit lines as dealmaking picks up (more)

• Mercedes workers in Alabama reject union, dealing setback to UAW (more)

The Biggest Financial Risk Facing America in 2024 (ad)

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Billionaire Sam Zell said, "I can't imagine anything more disastrous to our country."

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DEALFLOW

M+A | Investments

• Nippon Steel executive to visit US to meet stakeholders of US Steel deal (more)

• Bank of America to buy WaFd's loan portfolio for $2.9B (more)

• Bain Capital to boost Japan real estate team as prospects grow (more)

• EQT in talks to buy Keywords Studios for £25.50/Share (more)

• Quadrant to sell Australian confectioner Darrell Lea (more)

• Brazil Oil Juniors 3R, Enauta agree on $1.2B deal (more)

• Telefonica, H.I.G. among suitors for Spain’s Avatel (more)

• G2Xchange, a software solutions company for government contractors, acquired GovAIQ, an innovator in AI technologies and used for the government contracting sector (more)

• Atraverse Medical, a medical device company, raised $12.5M in Seed funding (more)

• Kudos, a AI-powered smart wallet service that optimizes consumer rewards on purchase, raised $10.2M in Series A funding (more)

• Hunter Douglas acquires Azenco Outdoor (more)

• Quantic Electronics buys M Wave Design (more)

• Fort Point-backed SIG purchases RHB (more)

• Expanso, a distributed compute company, received a strategic investment from Samsung Next (more)

• Brookfield plans to invest $500M in Leap Green (more)

VC

• Yendo, a provider of a vehicle-secured credit card, raised $165M in debt financing (more)

• Allied OMS, a management services organization for oral and maxillofacial surgery practices, closed a $116M credit facility (more)

• GoodShip, a provider of a platform for freight network orchestration and procurement, raised $8M Series A funding (more)

• Angel AI, an AI platform that provides age-appropriate internet experiences for children aged 5-12, raised $4.75M in Seed funding (more)

CRYPTO

• Crypto industry rallies behind House bill as It heads toward final vote (more)

• Bitcoin developers are touting ‘programmability’ as the catalyst for the next rally (more)

• Fund managers brace for SEC rejection of Ether-ETF applications (more)

• SHIB to get more scarce as key exchange expands to Shibarium (more)

BULLISH BITES

🌴 Cali Forever: Why tech billionaires are trying to create a new California city.

🚨 Investor Alert: Don't miss this biotech “sweet spot” *

💥 Boom: There are now 15 centi-billionaires (the most ever) with a combined net worth of $2.2 trillion.

🍔 Good Eats: The world’s cheapest Michelin-starred meals.

🍣 Tradition: Sushi chefs pay up to $20,000 for these stainless steel sushi knives.

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