BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
↓ 39.80% for Week of September 12 2024

Market Wrap:

• Stock futures flat ahead of retail sales data and Fed meeting.

• Intel shares up 8% on foundry plans, $3B CHIPS Act funding.

• Dow hit record high, S&P up, Nasdaq down as Apple, chips fell.

• August retail sales key for Fed rate cut; expect 0.2% decline.

• 67% chance of a 50 basis point Fed cut; market split on cut size.

EARNINGS

Here’s what we’re watching this week:

• Wednesday: 

  • General Mills (GIS) - earnings of $1.05 per share (-3.7% YoY) on $4.8B revenue (-2% YoY)

• Thursday: Cracker Barrel (CBRL), Darden Restaurants (DRI)

  • FedEx (FDX) - earnings of $4.85 per share (+6.6% YoY) on $22B revenue (+3.8% YoY)

  • Lennar (LEN) - earnings of $3.63 per share (-6.2% YoY) on $9.2B revenue (+8.4% YoY)

Full earnings calendar here.

HEADLINES

Intel Shares Jump on Chip Deal with Amazon

Boeing Freezes Hiring in Sweeping Cost Cuts as Strike Enters Fifth Day

• Biden administration awards Intel up to $3 billion under the CHIPS Act (more)

• Dollar pinned down by 50 bp Fed cut bets (more)

• Investors turned more bearish on oil last week than ever (more)

• Yen's big week begins (more)

• Strike could cost Boeing $100M -plus in daily revenue (more)

• Sam Altman departs OpenAI’s safety committee (more)

• Citigroup strips COO of responsibility after $136 Million fine (more)

• Microsoft approves new $60B share buyback program (more)

• Apple releases iOS 18, but it doesn’t include Apple Intelligence (more)

• Starbucks No. America head retires after five months in the role (more)

• Larry Ellison becomes world’s second-richest man, dethroning Jeff Bezos as Oracle stock surges (more)

• 23andMe settles class-action breach lawsuit for $30M (more)

Together with 1440

DEALFLOW

M+A | Investments

• Vista, Blackstone nearing $8-billion deal to buy Smartsheet (more)

• Kohlberg & Company, a NYC PE firm specializing in middle market investing, closed on $4.3B for Kohlberg Investors X (more)

• CACI to acquire Azure Summit Technology, for $1.275B (more)

• Citigroup sells trust services unit to JTC for $80M (more)

• CapitaLand in talks to acquire stake in Fosun’s Club Med (more)

• Central Pacific nears deal for Hawaiian Electric’s Bank (more)

• The Hackett Group (HCKT), a Gen AI strategic consultancy advisory firm, acquired LeewayHertz, provider of advanced Gen AI solutions (more)

• Canto, digital asset management software, acquired Image Relay, SaaS solutions that unite digital asset and product information management (more)

• Datassential, a food and beverage intelligence platform, received an investment of undisclosed amount (more)

• Saber Interactive, an interactive entertainment and video game development company, raised an investment from Aleph Capital Partners and Crestview Partners (more)

• Shenandoah, a provider of underground infrastructure services, received an investment from Genx360 Capital Partners (more)

VC

• VFN Holdings, a fiber infrastructure operator and broadband internet provider, raised $80M in Equity funding (more)

• ONL Therapeutics closes $65M Series D financing (more)

• Wealth.com, an end-to-end estate planning platform, raised $30M in Series A funding (more)

• Slingshot Aerospace receives $30M in growth capital from Trinity Capital (more)

• TeamBridge, a Workforce OS company empowering hourly workforces, raised $28M in Series B funding (more)

• Ledgebrook, an InsurTech company, raised $17M in Series B funding (more)

• Supermaven, an AI-powered code completion tool provider, raised $12M in Series A funding (more)

• c/side, a cybersecurity company securing vulnerable browser-side third-party scripts, raised $6M in Seed funding (more)

• Two Boxes, a proven logistics solution provider, raised $5.3M in funding (more)

CRYPTO

• Bitcoin slips to $58K as Fed faces split rate cut expectations (more)

• Crypto spending on 2024 election hits $190M, led by Winklevoss twins (more)

• New details of Trump family crypto project released, including who can buy in (more)

BULLISH BITES

🚨 Ignore the Media: Jovine predicts imminent market crash *

⚖️ Messy: Murdoch succession drama plays out in closed court in Reno.

🤑 Take Rate: How Google got away with charging publishers more than anyone else.

🎟 Supply-Demand: Oasis, Ticketmaster and the price of economic ignorance.

👮🏻‍♂️ Forget Butlers: Private security is now the ultimate service for the ultra-wealthy.

DAILY SHARE

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