Countdown to Shutdown

Plus, 2023’s IPO juggernaut

14 Sep

*past 24-hour performance

  • Gasoline lights up CPI: The latest CPI data showed the key inflation gauge rising 0.6% in August from the prior month – the fastest pace of growth seen in more than a year; More than half of the increase was due to higher gasoline prices (Axios)

  • Auto union clock ticking: General Motors (GM), Ford Motor (F) and Stellantis (STLA) could be forced to stop or slow production if an agreement isn’t reached today, as the ~150k United Auto Workers union and carmakers remain far apart on wages (NYT)

  • Cyber roulette: MGM Resorts (MGM) said that the ongoing cyber threat, which has significantly disrupted properties across the US for the past three days, represents a “material risk” to the company; Moody’s warns cyberattack could negatively affect MGM’s credit rating (CNBC)

  • 2023’s IPO juggernaut: Arm priced its IPO at $51 per share yesterday, valuing the chipmaker at $54.5 billion. Arm shares are set to start trading today on Nasdaq under the symbol ARM (WSJ)

  • Airline stocks hit turbulence: Two more airlines, Spirit (SAVE) and American (AAL), slashed their Q3 outlooks due to steep discounting and new labor contracts, respectively, while also citing higher jet fuel expenses (WSJ)

  • Walmart doubles down on Africa: Walmart has renewed its focus on Africa by ramping up online initiatives at South African retailer Massmart, in which it acquired a controlling stake over a decade ago. (PYMNTS)

  • Citi shakeup: Citigroup (C) is preparing for a wave of job cuts as CEO Jane Fraser launches the biggest restructuring of the Wall Street giant in two decades, part of her effort to reverse a years-long slump in the stock price (Bloomberg)

  • Schultz exits Starbucks board: Longtime Starbucks (SBUX) leader Howard Schultz is stepping down from the company’s board of directors, the coffee chain announced (AP)

Even if you knew the future: What if you knew in early 2022 that the fed was going to raise rates 11 times in a row? What if you knew that the 30-year fixed mortgage rate was going to rise from 2.8% to 7.3%? What if you knew that Russia was going to invade Ukraine? How would you position yourself? Read more »

The bigger short: “Out of approximately 750 industry attendees, maybe a dozen of us got the joke, and we were all finance guys. The industry guys seemed oblivious to the potential squeeze on supply.” Read more »

T-Bills yielding 5% are a big hit: Everyone – from moms and pops to corporate treasurers and the mega asset managers — is piling in, won over by a unique opportunity: To lock in a 5% yield, and protect themselves from uncertainty over the US economy. Read more »

  • China is poised to overtake Japan as the world's leading car exporter (FT)

  • France halts iPhone 12 sales over radiation exposure levels (Guardian)

  • Colossal cache of lithium found in US may be world’s largest (Futurism)

  • A company reported 242.3 million geolocation transactions from customers of legal U.S. sportsbooks this past weekend – a 56% increase from the same time period in 2022 (AP)

  • Climate scientist admits editing paper to fit 'preapproved narratives' (Phys)

  • Harvard ranked as America’s worst college for free speech (The Fire)

  • The 2023 global crypto adoption index (Chainalysis)

Thunderclap Research is a professional investment research firm focused on understanding and profiting from market anomalies.

We take both a quantitative and qualitative approach to research and focus extensively on strategies for established money managers and everyday retail investors.

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