BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
46.50% for Wk of Feb 29 2024 (Last week: 44.28%)

Market Recap:

• Nasdaq 100 up 0.2%; S&P 500 adds 0.05%, Dow inches 0.05% higher

• CrowdStrike soars 25%; Nordstrom tumbles 10% on sales warning

• Major averages see second day of losses: Dow down 1.04%, S&P 500 dips 1.02%, Nasdaq slips 1.65%

• Tech suffers worst day since Jan. 2; Apple falls 3% on China iPhone sales report

• Fed Chair Powell testifies today, Senate Thursday

• Investors seek clarity on interest rate cuts

EARNINGS

What we’re watching this week:

• Today: Abercrombie & Fitch (ANF), Campbell Soup (CPB)

• Thursday: DocuSign (DOCU), Gap (GPS), Kroger (KR)

  • Broadcom (AVGO) - earnings of $10.29 per share (-0.4% YoY) on $11.7B revenue (+31.5% YoY)

  • Costco (COST) - earnings of $3.62 per share (+9.7% YoY) on $59.2B revenue (+9.2% YoY)

Full earnings calendar here

HEADLINES

Biden vs. Trump (again)

Dodge Charger Daytona EV Kicks Off the Electric Muscle Era

• Biden to form ‘strike force’ to go after price-gouging (more)

• New CFPB rule caps banks’ credit card late fees at $8 (more)

• Lawmakers seek to force ByteDance to divest TikTok or face US ban (more)

• Russia considering putting a nuclear power plant on the moon with China (more)

• Tech giants drag down US stocks after torrid rally (more)

• Bitcoin faces ‘sell-the-news’ moment after new record high (more)

• Banks with heavy commercial property exposure see bonds get hit (more)

• Emerging markets slip amid Fed caution, China growth concerns (more)

• Leading U.S. banks leave ESG project finance group (more)

• Apple iPhone sales plunge 24% in China as Huawei smartphone business resurges (more)

  • Apple stock gloom deepens as pressure to show AI progress mounts (more)

• Elon Musk loses world’s richest person title to Jeff Bezos (more)

• Target launches new paid membership program (more)

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DEALFLOW

M+A | Investments

• Fintech raises $30M from investors including Rockefeller Capital, Bain (more)

• Investors raise bid for Macy’s by 14% after earlier rebuff (more)

• Cycode, a company specializing in application security posture management, acquires Bearer, provider of an AI-powered SAST, API discovery/data leak protection solution (more)

• Charlesbank acquires EverDriven from Palladium (more)

• Godspeed-backed SHA buys Smith Consulting Architects (more)

• PE-backed Mercer acquires $2.5B RIA MDK Private Wealth Management (more)

• Lee Equity Partners invests in PCS (more)

• Daraja Capital invests in Serac Ventures (more)

• TA invests in AGA Benefit Solutions (more)

VC

• Silas Capital, an equity and venture capital firm, closed its Fund II, at $150M (more)

• RapidSOS, an intelligent safety company, raised $75M in additional funding (more)

• Overjet, a dental-AI company, raised $53.2M in Series C funding (more)

• DTEX Systems, an insider risk management company, raised $50M in Series E funding (more)

• Argyle, a provider of direct-source income and employment data, raised $30M in funding (more)

• Openprise, a RevOps data automation company, raised $25M in Series B funding (more)

• Metaplane, a provider of a data observability platform for data teams, raised $13.8M in Series A funding (more)

• Rios Intelligent Machines, an AI-powered robotics company focused on the manufacturing industry, raised $13M in Series B funding (more)

• HData, a company using AI and automation to help the US energy industry file regulatory data, raised $10M in Series A funding (more)

• Phase Genomics, a genomics technology development company, raised $1.5M in funding (more)

• mPATH Health, a digital health company dedicated to improving cancer screening, raised $1.1M in funding (more)

• Stevenson Search Partners, a global life sciences executive search firm, received a long-term investment from SixSibs Capital (more)

CRYPTO

• Bitcoin tumbles 10% after hitting record high; triggers $1B crypto liquidations (more)

• Grayscale introduces a crypto staking fund (more)

• Bitcoin miners are better bets than actual token, Bernstein says (more)

BULLISH BITES

🚀 Meteoric: Bitcoin's stunning climb to new records, explained in charts.

🍪 “Me hate less”: Cookie Monster complaint about "shrinkflation" sparks response from White House.

✨ Magic manifesto: Disney’s activist investor publishes plan to ‘Restore the Magic’.

📈 Video reveals: The next great crypto bull market has begun ...*

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