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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 near flat: Nasdaq 100 -0.1%, Dow -19 points, S&P flat.

• Palo Alto Networks dropped 8% after mixed guidance.

• Nasdaq hit record high, boosted by Nvidia's 2.5% rise.

• S&P +0.1%, Dow -0.5% due to JPMorgan's 4.5% drop.

• Market lifted by inflation optimism last week; Dow below 40,000.

• Investors await Fed speeches and nonmanufacturing data.

• Earnings reports from Lowe’s and Macy’s due Tuesday.

EARNINGS

What we’re watching this week:

• Today: 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

Microsoft Announces New PCs with AI Chips from Qualcomm

Stocks Churn as Nvidia to Test $12 Trillion Rally

• FDIC Chair says he’ll leave job after toxic workplace report (more)

• Justice Alito sold Bud Light stock, then bought Coors during boycott (more)

• Senate inquiry finds BWM, Jaguar Land Rover, Volkswagen bought parts linked to forced labor in China (more)

• It’s PhDs against MBAs in credit investing as quants jump in (more)

• Bond buyers paid least in years for EM corporate-bond risk (more)

• UPS joins blue-chip bond market rush ahead of holiday weekend (more)

• Consumer spending split: ‘Yes’ to costly flights, ‘no’ to fast-food burgers (more)

• One of the last big bears on Wall Street turns bullish (more)

• Nvidia is cheap heading into major earnings report (more)

• Hims & Hers debuts $199 weight-loss shots, undercutting Wegovy, Ozempic (more)

• Spirit Airlines ends change and cancellation fees, joining Frontier (more)

• Peloton launches $1 Billion loan to refinance existing debt (more)

• Jamie Dimon signals retirement is closer than ever (more)

• Red Lobster files for Chapter 11 bankruptcy protection (more)

DEALFLOW

M+A | Investments

• Star Entertainment says Hard Rock-led group weighs bid (more)

• Regional lender SouthState to buy Texas-based Independent Bank for about $2B (more)

• CyberArk to buy Thoma Bravo-backed Venafi for $1.5B (more)

• Phillips 66 to buy Pinnacle Midland for $550M in cash (more)

• UAE oil giant buys into NextDecade LNG in first US deal (more)

• Blackstone acquires majority stake in Priority Software, a provider of mission-critical business software (more)

• Orange, Vodacom in talks on African network deals (more)

• Spiritus, a climate tech company providing solutions for scalable direct-air-capture of carbon removal, received an investment from Aramco Ventures (more)

VC

• R3 Vascular, a medical device company, raised $87M in Series B funding (more)

• Progentos Therapeutics, a biotech company that regenerates myelin and restore function for patients with MS and other diseases, closed a $65M series A funding round (more)

• AssetWatch, a condition monitoring and predictive maintenance company, raised $38M in Series B funding (more)

• Codesphere, a platform enabling developers to program and scale applications directly in the cloud, raised $18M in funding led by Creandum, LEA Partners, Begin Capital, 42CAP and 468 (more)

• Neros, an autonomous drone startup, raised $10.9M in a seed round from Sequoia Capital to build a new factory (more)

• Overland AI, a company specializing in off-road ground vehicle autonomy for the defense sector, raised $10M in Seed funding (more)

• Hamilton Health Box, a provider of a microclinic operating model suitable for various settings, raised $10M in Series A funding (more)

• Teal, a startup specializing in accounting infrastructure for Vertical SaaS businesses, raised $8M in Seed funding (more)

• CoreWeave, a provider of customized solutions for workloads, received $7.5B in debt financing (more)

• Subeca, an innovative internet of things startup that provides low cost and water tech raised $6M in Series A funding (more)

• Daffodil Health, a provider of healthcare pricing and admin AI-powered solutions, raised $4.6M in Seed funding (more)

• Amplexd Therapeutics, a clinical stage patient-scientist-led biotech company, raised $2M in funding (more)

CRYPTO

• Crypto lifted by Ether’s biggest jump since 2022 on ETF outlook (more)

• Bitcoin breaks out above $68K as Solana's 7% gain leads crypto rally (more)

• Failed crypto firm Genesis approved to repay creditors billions (more)

BULLISH BITES

🥊 Heating up: Inside Microsoft’s mission to take down the MacBook Air.

🗞 Legacy media: As clicks dry up for news sites, could Apple’s news app be a lifeline?

😂 Funny: Check out this SNL spoof ad for Chinese fast fashion retailer Xiemu.

🎮 Breathtaking: The five-year journey to make an adventure game out of ink and paper.

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

DAILY SHARE

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