📈 SEC fines Icahn

SEC fines Carl Icahn, AMD is going after Nvidia with a $5 billion acquisition, Harris proposes raising the corporate tax rate to 28%, Gold bars are worth a million dollars for the first time, and Trump says he would offer Elon Musk a Cabinet slot...

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Bull Street Talk
August 20, 2024

Good morning.

The Fast Five → SEC fines Carl Icahn, AMD is going after Nvidia with a $5 billion acquisition, Harris proposes raising the corporate tax rate to 28%, Gold bars are worth a million for the first time, and Trump says he would offer Elon Musk a Cabinet slot…

Calendar: (all times ET)

  • Today: [no notable]

  • Tomorrow: Minutes of July FOMC meeting, 2:00 PM

Your 5-minute briefing for Tuesday, August 20:

BEFORE THE OPEN

As of market close 8/19/2024.

PRE-MARKET

MARKETS

  • US stocks rose as investors continued to pile into the market recovery

    • Nasdaq and S&P rose for an eighth-straight day for the latter's longest win streak since November

  • Asian stocks hit a one-month high

  • Euro hit a YTD high

  • Pound hit a one-month peak

  • Emerging markets currency index hit a record high

  • Gold surpassed $2.5k per ounce for the first time ever

EARNINGS

  • Palo Alto Networks beat Q4 EPS and revenue estimates and issued an above-estimate 2025 forecast on growing demand for its cybersecurity products (link)

  • What we're watching this week:

    • Today: Lowe's

    • Wednesday: Target, Macy’s

    • Thursday: TD Bank Group, Cava

  • Full calendar here

NEWS BRIEFING

Icahn and his company were ordered to pay $2 million in fines for failing to disclose the loans, which were pledged against his company stock.

AMD on Monday said it plans to acquire server maker ZT Systems for $4.9 billion as the company seeks to expand its portfolio of AI chips and hardware and battle Nvidia.

  • Trump says he would offer Elon Musk a cabinet slot (link)

  • Harris proposes raising corporate tax rate to 28%, rolling back a Trump law (link)

  • Americans growing worried about losing their jobs (link)

  • Gold bars are worth a million dollars for the first time (link)

  • Oil falls nearly 3% as US pushes for Gaza cease-fire, China demand weighs (link)

  • Procreate takes a stand against generative AI, vows to never incorporate the tech into its products (link)

  • Kroger sues FTC, calling its in-house judges unconstitutional (link)

  • GM cuts 1,000 software jobs as it prioritizes quality and AI (link)

  • AMD to acquire infrastructure player ZT Systems for $4.9B to amp up its AI ecosystem play (link)

  • FAA to inspect Boeing 787 planes after mid-air dive, as 777X tests put on hold after structural damage found (link)

  • Swarmbotics founders grew ‘obsessed with robot swarms’ and now plan to bring them to the battlefield (link)

CRYPTO

  • Global crypto ownership rose 6.4% to 617 million in H1 2024 (link)

  • Bitwise expanded into Europe by acquiring ETC Group, boosting its AUM to $4.5 billion (link)

  • Nigerian lawmakers proposed taxing the $400 million crypto market to spur growth and innovation (link)

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