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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...
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 amTomorrow:
FOMC interest-rate decision, 2:00 pm
Fed Chair Powell press conference, 2:30 pm
Your 5-minute briefing for Tuesday, September 17:
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:
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
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)
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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
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
“the market will regulate itself”
the market:
— sophie (@netcapgirl)
9:49 PM • Sep 16, 2024
Isaac Newton was 23 years old when he invented calculus and discovered gravity
You are 46 years old and stare at charts of dog themed cryptocurrencies all day
— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA)
3:11 PM • Sep 16, 2024
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