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- š„ļø Meta sinks into an alphabet soup
š„ļø Meta sinks into an alphabet soup
āļø While the Ukraine / Israel / Taiwan / TikTok bill is signed into law
Yesterday, we announced that Alts 1 is open again to new investors, and weāve already received over $400k in interest. If you would like to invest differentlyāin assets like blue-chip wine, British contemporary art, tequila barrels, and Pele rookie cardsāplease get in touch.
Oh, and donāt forget to check out our curated book recommendations.
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š° Market Headlines
Mixed earnings reports kept stocks flat. The major indexes stalled waiting on more big earnings reports and the PCE print this Friday.
Meta slumped 15% on weak revenue projections for Q2.
Zuck promised to light lots of money on fire in the next year, investing in an acronym soup of AI, VR, and AR.
Ford beat expectations and jumped up 1.6% as its commercial unit offset EV losses.
Though the markets might be obsessed with cuts, higher rates might be better for the economy overall.
Biden signed the odd-couple Fund Ukraine/Ban TikTok bill into law. TikTok has plans for an extended legal fight.
š¶ļø Market Vibes
š° Market Forecasts and Futures
š± Fear and Greed Index
Poco a poco.
š¤ What you said last time
You all are deeply skeptical of Mr. Musk.
Both interest in and monthly average users for TikTok have been flat for the last few years.
š§ What do you think?
š¬ Have your say
Should TikTok be banned in the US? |
š Stocks
Get $20 free shares at āpublic.comā using code ALTSCO.
Winners and losers
Earnings, upgrades, and acquisitions
BoeingĀ reported its first quarterly revenue drop in seven quarters, dropping shares by 3%.
IBMĀ slipped 5% after announcing a $6.4 billion deal to acquire HashiCorp and reporting another revenue miss.
Hasbro'sĀ turnaround efforts helped it beat Q1 profit estimates, sending shares soaring 12%.
HumanaĀ boosted its 2024 Medicare Advantage membership forecast by 50,000, yet shares still slid 3.7%.
Viking TherapeuticsĀ shares surged 4.6% and are up a staggering 93% year-to-date.
Chipotleās revenue grew 14.1%, with same-store sales up 7%. Shares rose 3%.
Market movers
Amazon hasĀ suspendedĀ new US Green Card sponsorships for foreign workers until the end of 2024.
The FCC is set toĀ restore net neutralityĀ on Thursday, reclassifying ISPs as common carriers under Title II of the Communications Act.
Elon Musk floated the idea of turning Tesla's fleet into aĀ distributed computing networkĀ for AI.
Bayer announced layoffs that will affectĀ thousands of managers in an attempt to save $2.15 billion.
Ideas, trends, and analysis
Mortgage demandĀ tumbled againĀ as rates soared past 7% to a 5-month high.
The US marijuana industry couldĀ add $112.4 billionĀ to the economy in 2024, up 12% from last year.
Suppliers at Chinaās oldest trade fairĀ shrugged off US tariff threats, confident their low prices will keep customers loyal.
š Global Perspectives
š¦š· Argentina's President Milei's economic teamĀ projectsĀ monthly inflation slowing to 3.8% by September.
šµšøĀ š®š± The Gaza Strip couldĀ surpass famine thresholdsĀ of food insecurity, malnutrition, and mortality in six weeks.
šŗšøĀ š·šŗĀ šŗš¦ Russia's ambassador to the US told Newsweek "America hasĀ chosen the path of war" in response to President Biden's $61 billion aid bill.
š®š· An Iranian revolutionary courtĀ sentencedĀ well-known rapper Toomaj Salehi to death for charges linked to Iran's 2022-23 unrest.
š Crypto
The EUās massive anti-money laundering bill passed its final vote and includes many provisions targeted at crypto.
BlackRockās BTC ETF accounts for 24% of the firm's total ETF flows globally.
The founder of Samourai Wallet was arrested and accused of money laundering $100 million.
š§ Errata
Riderless military horses covered in bloodĀ galloped through London, injuring civilians before being corralled by police.
Cops are testing AI body cams that canĀ write police reportsĀ in just five minutes.
A flying car made history with its firstĀ passenger flight, piloted by electronic music legend Jean-Michel Jarre.
In a world first, a terminally ill woman underwent a combinedĀ pig kidney transplant and mechanical heart pumpĀ implant.
šŗ What to Watch Today
Thatās all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Wyatt
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