📈 Too addicting

Meta gets sued by 42 attorneys general for addictive features aimed at kids, FTX is considering proposals from three bidders to restart its crypto exchange, Apple announces ‘Scary Fast’ product event night before Halloween, the BoE is likely to hold its rates steady, and Jamie Dimon rips central banks for being dead wrong on forecasts...

October 25, 2023

☕️ Good Morning.

The Fast Five → Meta gets sued by 42 attorneys general for addictive features aimed at kids, FTX is considering proposals from three bidders to restart its crypto exchange, Apple announces ‘Scary Fast’ product event night before Halloween, the BoE is likely to hold its rates steady, and Jamie Dimon rips central banks for being dead wrong on forecasts…

Here’s your 5-minute briefing for Wednesday:

BEFORE THE OPEN

As of market close 10/24/2023.

MARKETS:

  • S&P 500 futures mostly unchanged after Microsoft and Alphabet earnings.

  • US stocks closed higher as investors digested a fresh round of corporate earnings while monitoring treasury yields

  • The Nasdaq led indices with a 0.93% gain

  • Microsoft shares rise 3.7% on strong fiscal first-quarter results.

  • Alphabet shares drop over 6% due to cloud business missing estimates.

  • Major averages gain during the main trading session, Dow up 0.6%, S&P 500 and Nasdaq up 0.7% and 0.9%.

  • Positive earnings contribute to a positive outlook for the market.

  • Traders anticipate key quarterly reports, including Boeing, IBM, and Meta.

  • Economic focus on September's building permits and new home sales data for housing market insights.

EARNINGS

What we're watching this week:

  • Today: Meta, Boeing, Evercore, Hilton, T-Mobile, IBM

  • Thursday: Amazon, Chipotle, Comcast, UPS, Intel, Ford, US Steel

  • Friday: Exxon, Chevron, AbbVie, Piper Sandler, T. Rowe Price

  • Full earnings calendar here

NEWS BRIEFING

The lawsuits demonstrate the broad bipartisan interest in protecting kids and teens from online harm.

Apple (AAPL.O) said on Tuesday it will hold a special event named "Scary Fast" on Oct. 30. Media reports have said the company may release new Mac devices with a faster M3 chip.

  • Deficit doubling as US economy grows shows why yields are at 5% (Read More)

  • Jamie Dimon rips central banks for being ‘100% dead wrong’ on economic forecasts (Read More)

  • BoE likely to keep high rates on hold even as signs of slowdown mount (Read More)

  • Google’s cloud sales disappoint as advertising rebounds (Read More)

  • Why China’s 1T yuan debt plan isn’t necessarily such a big deal (Read More)

  • Debt and scandal throw billionaire Drahi’s empire into turmoil (Read More)

  • Microsoft earnings growth accelerates on stronger-than-expected cloud demand (Read More)

  • Nvidia to make Arm-based PC chips in major new challenge to Intel (Read More)

DEALFLOW

  • The Bank of Montreal is exploring a sale of a portfolio of recreational vehicle loans with a face value of at least $5B (Read More)

  • Poland picked France's Vinci Airports and Australian IFM Global Infrastructure Fund as preferred investors in a planned aviation hub for Central and Eastern Europe; they may invest up to $1.9B (Read More)

  • French sporting goods retailer Decathlon is exploring a minority stake sale in its $1B China business (Read More)

  • Arthur J Gallagher will acquire Cadence Bank’s insurance brokerage business for $904M (Read More)

  • Macquarie Asset Management will acquire a majority stake in fiber internet business SwyftFiber through a ~$275M structured equity investment (Read More)

M & A:

  • Roche buys bowel drugmaker Telavant for $7.1B (Read More)

  • Vector Solutions acquires Pathwayos (Read More)

  • Gemspring purchases InflowCX from Renovus (Read More)

  • Oji Group buys Walki from OEP (Read More)

  • General Atlantic acquires minority stake in TBO (Read More)

CRYPTO

  • SBF trial: defense has 6 witnesses, unclear whether SBF will testify (Read More)

  • Collaborators could get no time in prison (Read More)

  • FTX negotiating with 3 bidders to restart or sell exchange (Read More)

  • BlockFi emerges from bankruptcy, claims trading at 26-30% (Read More)

  • $235M BTC USB cracked, but owner wants to wait (Read More)

BULLISH BITES

💰 Might be hard to believe with the cost of living crisis, but the average American household has achieved millionaire status

🧼 You can scrub your personal information from Google searches. Here’s how to do it…

🚗 Forget Tesla – this $13,000 tiny car is Japan's best-selling EV

💲 After decades of hypergrowth, fintechs have entered a new era of value creation - read McKinsey’s new 17-page fintech report

📚 TIme to learn something new or enhance your existing skill set? Explore thousands of classes with Skillshare (+ get one free month)

DAILY SHARES