Intel jumps, Boeing freezes

Intel shares jump on chip deal with Amazon and Biden awarding Intel up to $3 billion, Boeing freezes hiring in sweeping cost cuts during strike, Sam Altman departs OpenAI’s safety committee, and Larry Ellison dethrones Jeff Bezos as world’s second-richest man...

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Market Briefing
September 17, 2024

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Good morning.

The Fast Five → Intel shares jump on chip deal with Amazon and Biden awarding Intel up to $3 billion, Boeing freezes hiring in sweeping cost cuts during strike, Sam Altman departs OpenAI’s safety committee, and Larry Ellison dethrones Jeff Bezos as world’s second-richest man…

🚨 Dylan Jovine's Urgent Briefing: 4 Cracks in the US Economy » *
A message from Dylan Jovine

Calendar: (all times ET) - Full calendar here

  • Today:
    US retail sales, 8:30 am
    Business inventories, 10:00 am

  • Tomorrow:
    FOMC interest-rate decision, 2:00 pm
    Fed Chair Powell press conference, 2:30 pm

Your 5-minute briefing for Tuesday, September 17:

BEFORE THE OPEN

As of market close 9/16/2024.

Pre-Market:

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

Last week: 45.33%. Updates every Friday.

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: 

  • 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

The announcement came after Intel said yesterday it would receive up to $3 billion in funding under the CHIPS and Science Act to manufacture chips for the military.

More than 33,000 Boeing workers went on strike last week after rejecting a tentative contract the company had negotiated with their unions.

  • 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

The Daily Newsletter for Intellectually Curious Readers

  • We scour 100+ sources daily

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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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