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- 📈 UPS cuts 12K
📈 UPS cuts 12K
UPS cuts 12,000 jobs, Judge voids Musk’s $55 Billion pay package, Walmart announces 3-for-1 stock split, consumer confidence hits highest level in 2+ years, and PayPal to cut around 2,500 jobs…
Good morning.
The Fast Five → UPS cuts 12,000 jobs, Judge voids Musk’s $55 Billion pay package, Walmart announces 3-for-1 stock split, consumer confidence hits highest level in 2+ years, and PayPal to cut around 2,500 jobs…
Calendar:
Today, 1/31: Fed interest-rate decision, 2:00p ET
Friday, 2/2: US unemployment rate, 8:30a ET
Your 5-minute briefing for Wednesday, January 31:
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BEFORE THE OPEN
As of market close 1/30/2024.
PRE-MARKET
MARKETS
US stocks closed mixed as investors wait for the Fed’s latest interest rate decision and big tech earnings
The Nasdaq fell 0.76%, while the Dow rose 0.35%
Chinese stocks fell as investor optimism over a potential market rescue package fades
EARNINGS
Microsoft beat Q2 earnings and revenue expectations thanks to stronger-than-expected Azure cloud growth (link)
Alphabet shares declined ~6% despite better-than-expected Q4 revenue and earnings due to disappointing ad revenue (link)
UPS shares dropped ~8% after reporting a drop in Q4 international and domestic shipping volume and missing analyst revenue expectations; the company announced 12,000 layoffs to cut costs (link)
AMD shares fell ~4% after offering a Q1 forecast that fell short of expectations; the chipmaker reported Q4 earnings in line with analyst expectations and beat on revenue (link)
What we're watching this week:
Today: Qualcomm, Boeing, Novo Nordisk
Thursday: Apple, Amazon, Meta, Royal Caribbean, Altria
Friday: Exxon, Chevron, Bristol Myers Squibb, AbbVie, Cigna
Full calendar here
NEWS BRIEFING
UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to save $1 billion costs. Managers and contractor positions will make up most of the layoffs.
Process used to grant Musk record $55 billion ‘deeply flawed’. Musk says he wants bigger Tesla stake, funding to get to Mars.
Fed to hold interest rates steady but start considering cuts (link)
JPMorgan quants warn of Dot-Com style concentration in US stocks (link)
Consumer confidence hits highest level since December 2021 (link)
Pimco squares up for bareknuckle fight in private credit (link)
Evergrande’s bond holders could wait years for little payout (link)
Dollar bond sales in Asia see worst start to year since 2016 (link)
The real estate downturn comes for America’s premier office towers (link)
Walmart announces 3-for-1 stock split (link)
The world’s last wave of oil refining bets is all about India (link)
PayPal will cut 2,500 jobs, or 9% of global workforce (link)
GM’s bullish outlook boosted by gas-engine models, narrower EV losses (link)
Traders pile into wagers targeting a bigger bond market selloff (link)
White House touts highest consumer confidence in more than 2 years (link)
CRYPTO
BULLISH BITES
🏈 Worth it: Super Bowl 58 ticket prices are most expensive in history. Here's how much it costs.
🚀 Growth: The best high-yield savings accounts.
🧵 Craftsman: Meet the Savile Row-trained bespoke tailor cutting custom suits in N.Y.C.’s Chrysler building.
🤡 Overheard: Zoom meetings are about to get weirder thanks to the Vision Pro.
FEATURED TRADES
Globalstar - $GSAT
Globalstar, Inc. is a company that provides mobile satellite services, including voice and data communication services to commercial and recreational users around the world. Their services are aimed at aiding those in remote locations beyond the reach of traditional wireless providers.
Ticker: GSAT | Price: $1.64 | Price Target: $6 (+271%)
Market Cap: $3B | Timeframe: N/A
📡 Mobile Satellite Services | 📈 Bullish Idea
Read the full article here. Read time: 4 min
DAILY SHARES
NYT has discovered Gas Stations that serve food.
— Paul M. Cuenin (@P_M_Cu)
3:22 PM • Jan 29, 2024
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