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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
 47.04% for Wk of May 23 2024 (Last week: 40.86%).

Market Recap:

• Stock futures near flat after Nasdaq hit record high.

• AA fell 6% on lowered Q2 sales; JetBlue, Southwest down 2%.

• Robinhood up 3% on $1B buyback.

• Nasdaq up 0.6%, led by Nvidia's 7% jump.

• S&P up 0.02%, Dow down 0.6% on Merck drop.

• May gains: S&P +5.4%, Dow +2.7%, Nasdaq +8.7%.

• Investors eye April PCE inflation report Friday.

EARNINGS

Here’s what we’re watching this week:

• Today: Abercrombie & Fitch (ANF), American Eagle Outfitters (AEO), Chewy (CHWY), HP (HPQ)

  • Salesforce (CRM) - earnings to rise 40.2% (YoY) to $2.37 per share on $9.1 billion (+10.9% YoY)

• Thursday: Asana (ASAN), Best Buy (BBY), Birkenstock Holding (BIRK), Costco Wholesale (COST), Cracker Barrel (CBRL), Gap (GPS), Kohl's (KSS), Nordstrom (JWN), Ulta Beauty (ULTA)

  • Dell Technologies (DELL) - earnings of $1.26 per share (-3.8% YoY) on $21.7B revenue (+6.9% YoY)

  • Dollar General (DG) - earnings of $1.57 per share (-32.9% YoY) on $9.9B (+6.5%)

Full earnings calendar here

HEADLINES

Hess Investors Vote in Favor of $53 Billion Chevron Takeover

Samsung Electronics' Union Threatens First Ever Walkout Next Week

• US consumer confidence rises for first time in four months (more)

• Treasury yields spike after pair of weak US sales (more)

• Fed’s Kashkari wants to see ‘many more months’ of positive inflation data before a rate cut (more)

• Price gains for gold, silver amid bullish outside markets (more)

• Oil advances as major producers expected to keep output cuts in place (more)

• IMF upgrades China’s growth forecast to 5% on ‘strong’ first quarter and policy measures (more)

• Investors pile into Saudi IPOs with $176 billion in orders (more)

• AI darling Nvidia's market value surges closer to Apple (more)

• GameStop shares jump more than 30% after $933M stock sale (more)

• Robinhood unveils maiden stock buyback plan of $1 billion (more)

• Porsche reveals first-ever 911 hybrid sports car, starting at $164,900 (more)

• OpenAI creates oversight team with Sam Altman on board, begins training new model (more)

  • Ex-OpenAI safety leader to join rival Anthropic (more)

• Activist Elliott bets $2.5B on shaking up Texas Instruments (more)

• Starbucks is set to resume union negotiations as it confronts issues at its stores (more)

• Musk's Neuralink seeks to enroll three patients in brain implant study (more)

SPONSORED BY FRUITFUL

DEALFLOW

M+A | Investments

• T-Mobile to buy US Cellular's wireless operations in $4.4B deal (more)

• Cleveland-Cliffs is in talks to buy US plants of Russia’s NLMK (more)

• J&J acquires experimental eczema drug in $1.25B cash deal (more)

• Energy Transfer to buy Permian operator WTG for $3.3B (more)

• Vista Outdoor to sell sporting unit for $1.96B after Czech group raises offer (more)

• KKR-SingTel consortium frontrunner to buy $1B stake in data centre provider (more)

• Kretinsky poised to make firm offer for Royal Mail owner (more)

• ECP to buy Atlantica Sustainable for $22 per share in cash (more)

• Blue Owl, Lunate buy minority stake in Linden Capital Partners (more)

• Blackstone buys $1B mortgage portfolio from Germany’s PBB (more)

• Asplundh buys Arcline portfolio company Voltyx (more)

• Reichmann Segal purchases Athletica Sport Systems (more)

• Bernhard Capital Partners buys Apogee (more)

• Core-backed PrecisionX acquires National Manufacturing (more)

• TransDigm acquires L Squared-backed Raptor Scientific (more)

• OpenText, a cybersecurity company, acquired Pillr, a security operations software provider and a subsidiary of Novacoast (more)

• Realtime Robotics, a company specializing in collision-free autonomous motion planning for industrial robots, received an investment from Mitsubishi Electric Corporation (more)

VC

• Transcend, a data privacy platform provider, raised $40M in Series B funding (more)

• Supervizor, a provider of a plug and play quality assurance platform for finance teams, raised $22M in funding (more)

• Claros Technologies, Inc., a leader in PFAS analytical and destruction technologies (more)

• Rain AI, an AI chip startup, raised $8.1M in Series A Extension round (more)

• Switchboard, a customizable Oracle network letting users plug into the on-chain economy, raised $7.5M in Series A funding (more)

• Sagetap, an AI-driven marketplace matching SaaS buyers and sellers, raised $6.8M in funding (more)

• NodeOps, provider of a Blockchain node orchestration platform, raised $5M in Seed funding (more)

• Braavo Capital, provider of non-dilutive financing for consumer subscription apps, raised $5M in Series B funding (more)

• Coinflow Labs, an instant settlement payment provider, closed its $2.25M seed funding round (more)

CRYPTO

• Mt.Gox transfers $9B Bitcoin to single address as part of repayment plans (more)

• Former FTX executive Salame sentenced to 7.5 years in prison (more)

• Riot Platforms pursues takeover of rival Bitcoin miner Bitfarms (more)

BULLISH BITES

💸 Record high: How the world got into $315 trillion of debt

🚀 Revealed: Historic NVIDIA partnership could send this tiny AI stock soaring.... *

🍎 Neverending: Why Epic’s lawsuit against Apple just won’t quit.

⚡️ High energy: Germany is generating so much solar power that electricity prices are going negative.

🚬 Pass the dutchie: Marijuana surpasses alcohol in daily use for Americans, says a new study.

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