Overreach

Biden admin faces an onslaught of lawsuits from business groups for overreach, Paramount CEO Bakish departs amid merger scramble, Musk wins China's backing for Tesla's driver-assistance, 10 to 15 more tech IPOs on the 2024 horizon, and Apollo accused of an illegal human life wagering scheme...

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Market Briefing
April 30, 2024

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Good morning.

The Fast Five → Biden admin faces lawsuits as business groups claim overreach, Paramount CEO Bakish departs amid merger scramble, Musk wins China's backing for Tesla's driver-assistance, 10-15 more tech IPOs on the 2024 horizon, and Apollo accused of an illegal human life wagering scheme. Today’s briefing ahead, but first…

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Calendar: (all times ET)

Today:

Consumer confidence, 10a

WED 5/1:

Job openings, 10a
Fed interest rate decision, 2p
Fed Chair Powell conference, 2:30p

THU 5/2:

Jobless claims, 8:30a
Trade deficit, 8:30a

FRI 5/3:

Unemployment report, 8:30a

Your 5-minute briefing for Tuesday, April 30:

BEFORE THE OPEN

As of market close 4/29/2024.

Pre-Market:

US Investor % Bullish Sentiment:
32.13% for Wk of Apr 25 2024 (Last week: 38.27%)

Market Recap:

  • US futures hold steady: Dow -18 pts, S&P -0.05%, Nasdaq +0.03%

  • Positive session: Tesla, Apple up

  • Dow gains 0.38%, S&P 500 adds 0.32%, Nasdaq up 0.35%

  • 1st losing month since Oct: Stocks to snap 6-month streak

  • Rate cut expectations drop with markets eyeing just one cut in 2024

  • Busy week: Fed meeting, Amazon, Apple earnings, April jobs report

  • Earnings lineup: McDonald’s, Coca-Cola, Restaurant Brands, Eli Lilly, PayPal, AMD, Pinterest, Super Micro, Starbucks

  • Fed outlook: Traders await Powell's comments amid hotter inflation

EARNINGS

What we’re watching this week:

  • Today: 3M (MMM), Coca-Cola (KO), Eli Lilly (LLY), McDonald's (MCD), PayPal (PYPL), Sirius XM (SIRI), Starbucks (SBUX), Super Micro (SMCI)

    • Amazon.com (AMZN) - earnings of $.83 EPS (vs $.31 EPS one year ago) on $142.5B revenue (+25.1% YoY)

  • Wednesday: DoorDash (DASH), DuPont (DD), eBay (EBAY), Etsy (ETSY), Estee Lauder (EL), KKR (KKR)

    • Mastercard (MA) - earnings of $3.23 EPS (+15.4% YoY), on $6.3B revenue (+10.3% YoY)

  • Thursday: DraftKings (DKNG), GoDaddy (GDDY), Live Nation (LYV), PENN Entertainment (PENN)

    • Apple (AAPL) - earnings of $1.50 EPS (-1.3% YoY) in $90B revenue (-5.0% YoY)

  • Friday: Hershey Foods (HSY)

Full earnings calendar here

HEADLINES

Bakish’s departure confirmed as Paramount continues talks with Skydance Media over proposed tie-up

The Biden admin faces a wave of lawsuits targeting its regulatory agenda, as business and banking groups argue that federal agencies are overstepping their authority.

  • Fed in holding pattern as inflation delays approach to soft landing (more)

  • Treasury announces marketable borrowing estimates (more)

  • Yen traders see uphill battle for Japan to halt currency’s slide (more)

  • Musk wins China's backing for Tesla's driver-assistance service (more)

  • Apollo accused of illegal human life wagering scheme (more)

  • Shell earns $1 billion a year from US crude trading (more)

  • Morgan Stanley banker sees 10 to 15 more tech IPOs in 2024, and a ‘better year’ in 2025 (more)

  • Apple shares rise after analyst upgrade (more)

  • Boeing looks to sell bonds after reporting cash burn (more)

  • Zuck says it will take Meta years to make money from gen AI (more)

  • US opens probe into 130K Ford vehicles over hands-free tech (more)

  • EV fast chargers are catching up to gas stations in California (more)

  • WeWork cuts new restructuring deal that spurns Adam Neumann (more)

  • Judge rejects J&J, Bristol Myers Squibb challenges to Medicare drug-price negotiations (more)

DEALFLOW

M+A | Investments

  • Elliott's 2024 hit list reaches $100B with Anglo, Sumitomo (more)

  • Diamondback Energy and Endeavor receive second FTC request over $26B deal (more)

  • Blackstone beats Concord with $1.6B bid for Hipgnosis songs (more)

  • Skydance extends final offer to Paramount as merger talks stick on a possible shareholder vote (more)

  • General Mills explores sale of $2+ billion yogurt business in North America (more)

  • L'Occitane's owner Geiger to take firm private in $1.8B deal (more)

  • Deciphera to be acquired by Japanese drug firm for $2.4B (more)

  • Carlyle picks JPMorgan, Morgan Stanley for IPO or sale of StandardAero (more)

  • SES, Intelsat revive deal talks to form satellite giant (more)

  • India's National Stock Exchange to sell digital tech unit to Investcorp for $120M (more)

  • EY acquires AI tech consultancy Nuvalence (more)

  • Deloitte acquired all of the assets of Gryphon Scientific, LLC, a leader AI biosafety/security preparedness and response with AI (more)

  • IBM acquires HashiCorp Inc. (HCP), a multi-cloud infrastructure automation company, for $35/share in cash, a value of $6.4B (more)

  • Bain Capital, Bungalow Projects purchase Red Hook Property for $34M (more)

  • BC Partners-backed Valtech buys Kin + Carta (more)

  • CASE merges with CyberKinetics (more)

  • Toca Football, a tech-enabled soccer experience company, gets investment from Magnus Carlsen, a5x World Chess Champion (more)

  • Skip Technologies, a company developing a novel Liquid battery for large, long duration (4-100+ hours) stationary energy storage, received investment from Puyallup Tribal Enterprises (more)

VC

  • Blaize, an AI computing developer providing edge computing solutions, raised $106M in funding (more)

  • Variantyx, a company specializing in molecular diagnostics, raised $36M in funding (more)

  • Thintronics, an electronic materials startup, raised $23M in Series A funding (more)

  • Adaptilens, a pre-clinical biotech company, raised $17.5M in Series A funding (more)

  • Turnkey, a provider of wallet infrastructure for crypto developers, raised a $15M Series A funding (more)

  • Backflip, provider of a real estate and fintech platform for real estate entrepreneurs, raised $15M in Series A funding (more)

  • Amae Health, a company specializing in patient-centered care for severe mental illness, raised $15M in Series A funding (more)

  • Log10, a provider of a platform to build LLM-powered applications, raised $7.2M in Seed funding (more)

  • Shinkei Systems, a commercial fish processing technology company, raised $6M in Seed funding (more)

  • Yoneda Labs, an AI powered drug discovery startup, raised $4M in Seed funding (more)

  • Hinkal, a multi-chain privacy layer for confidential DeFi transactions, raised $1.4M in funding (more)

  • Higala, a startup providing an inclusive instant payment system, raised an undisclosed amount in Seed funding (more)

  • TaxBit, a provider of tax and accounting solutions, received a strategic investment from In-Q-Tel, the not-for-profit strategic investor for the US national security community and America’s allies (more)

CRYPTO

  • Chart veteran who predicted Bitcoin’s 2018 collapse says the bull market may be over (more)

  • Binance and CZ’s fortunes are set to grow, jail or no jail (more)

  • EigenLayer, after touching off restaking frenzy, plans own EIGEN token (more)

BULLISH BITES

⏱ Results: Stocks trade for 390 minutes a day. Increasingly, only these 10 minutes matter.

💎 Pursuits: Who are Anglo American's possible suitors?

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🥞 AM done right: Nvidia CEO Jensen Huang doesn't mess around at Denny's.

📈 Alternatives: Family offices are looking beyond the stock market for higher returns.

DAILY SHARES

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