HaiKhuu Weekly Recap & Analysis
January 22 - January 26, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +0.70%
Nasdaq: +0.08%
Dow Jones: +0.37%
Highlights:
All major indices reached a new all-time high
Tesla is planning to build a new mass-market EV model codenamed “Redwood” in mid-2025
Netflix signed a 10-year, $5B deal to become the new home of the wrestling show “WWE Raw”
Microsoft crossed into the $3 trillion market cap club and passed Apple as the most valuable publicly traded company
DAILY EVENT BREAKDOWN
Monday, January 22
Stock Related News:
The FAA is recommending more inspections for door plugs on Boeing 737 jets due to issues with bolts
Rumble announced a partnership with Barstool Sports, granting Rumble users access to all of Barstool Sports' content on the platform
Celsius is expanding operations into Canada, UK, and Ireland
Macy's shares were up 4% on news they rejected Arkhouse's takeover proposal of $21/share
SolarEdge is cutting its workforce by 16% to reduce expenses
NuStar Energy shares surged 20% after Sunoco & NuStar Energy announced a $7.3B merger
Economic News:
Leading Index Change MoM -0.1% (Forecast -0.3%, Previous -0.5%)
Fitch Ratings on US Gov. Shutdown:
The US avoids government shutdown, but large fiscal deficits are to persist.
Passage of another continuing resolution avoids a partial US government shutdown but does not signal improvement in budget policymaking
Major Indices:
S&P 500: +0.21%
Nasdaq: +0.13%
Dow Jones: +0.39%
Tuesday, January 23
Stock Related News:
Netflix signed a 10-year, $5B deal to become the new home of the wrestling show “WWE Raw”
Apple pushed back their plans for an Apple car from 2026 to 2028 with lower autonomy goals
Disney created HoloTile, which is a floor that lets you walk in any direction while keeping you on the platform
Southwest Airlines flight attendants have taken a vote to authorize a strike
United Airlines CEO says United is weighing fleet planes without the Boeing 737 Max
Faze stock surged over 200% after announcing a new multi-million dollar Esports sponsorship deal with Rollbit
eBay announced they are cutting staff by 9%, or about 1,000 workers
Netflix Earnings:
EPS of $2.11, missed estimate of $2.21
Sales of $8.8B, beating estimate of $8.72B
Streaming paid memberships 260.28m, est. 256.11m
Economic News:
Richmond Fed Comp. Index Actual -15 (Forecast -6, Previous -11)
According to a poll, 72 of 123 economists think the Fed will cut rates by 100 bps or less in 2024
Major Indices:
S&P 500: +0.29%
Nasdaq: +0.41%
Dow Jones: -0.27%
Wednesday, January 24
Stock Related News:
Tesla is planning to build a new mass-market EV model codenamed “Redwood” in mid-2025
FAA investigation found that Boeing mis-installed the door plug that blew off their Max-9 jet
Microsoft crossed into the $3 trillion market cap club, the only company other than Apple to have that valuation
Barstool Sports and Draftkings are nearing a sports betting deal after the Penn lock-up
Nasdaq reached an all-time high of $429.85
Spotify to start in-app purchases on iPhone in Europe
A Delta Airlines passenger plane, a Boeing 757, had its nose wheel fall off while awaiting takeoff
Ford is recalling 1.9 million model 2011-2019 Explorer SUV units due to a windshield trim issue
Tesla Earnings:
EPS of $0.71, missing estimate of $0.74
Revenue of $25.17B, missing estimate of $25.87B
Free Cash Flow $2.06B
2024 volume growth may be 'notably lower' than 2023
Economic News:
S&P PMI Flash:
Services 52.9 (Forecast 51.5, Previous 51.4)
Manufacturing 50.3 (Forecast 47.6, Previous 47.9)
PMI 52.3 (Forecast 51, Previous 50.9)
Major Indices:
S&P 500: +0.11%
Nasdaq: +0.55%
Dow Jones: -0.25%
Thursday, January 25
Stock Related News:
Apple notes it will impose a new ‘core technology fee’ to large developers who bypass its app store
FTC inquiring into Alphabet, Amazon, Anthropic, Microsoft, and OpenAI, seeking information on specific investments or partnerships
Meta has announced plans to establish a new $800 million data center campus in Indiana
Microsoft is laying off 1,900 Activision and Xbox employees
FAA halted Boeing Max jet production
Grounded MAX 9 planes can resume flying soon
Business Insider is cutting 8% of its staff, the latest news organization to cut staff in recent weeks
Tesla is no longer one of the top 10 largest public companies
Google hit a new all-time high of $153.05
Economic News:
GDP Data:
QoQ Advance 3.3% (Forecast 2%, Previous 4.9%)
Price Index 1.5% (Forecast 2.2%, Previous 3.6%)
Deflator SA Advance 1.5% (Forecast -, Previous 3.3%)
Jobless Claims:
Initial Claims 214k (Forecast 200k, Previous 187k)
Continued Claims 1.833M (Forecast 1.8225M, Previous 1.806M)
PCE Prices Advance 1.7% (Forecast -, Previous 2.6%)
Core 2% (Forecast 2%, Previous 2.0%)
Durable Goods 0% (Forecast 1.5%, Previous 5.4%)
Core 0.6% (Forecast 0.2%, Previous 0.4%)
New Home Sales:
Units 0.664M (Forecast 0.649M, Previous 0.590M)
Change MoM 8% (Forecast 10%, Previous -12.2%)
Kansas City Fed Manufacturing -17 (Forecast -, Previous -4)
Composite Index -9 (Forecast -3, Previous -1)
Advance Goods Trade Balance -88.5B (Forecast -88.7B, Previous -89.33B)
Wholesale Inventories MoM Adv. 0.4% (Forecast -0.2%, Previous -0.2%)
Retail Inventories Ex-Auto Adv. 0.6% (Forecast -, Previous -0.9%)
US 30-year fixed mortgage rate 6.69% January 25th week vs. 6.60% prior week
Major Indices:
S&P 500: +0.54%
Nasdaq: +0.12%
Dow Jones: +0.63%
Friday, January 26
Stock Related News:
The S&P 500 hit a new all-time high of $489.12
The Dow Jones hit a new all-time high of $382.13
Spirit Airlines is down 20% after JetBlue warned it might scrap the takeover next week after a merger block
Elon Musk’s xAI is seeking to raise up to $6B with a proposed valuation of $20B to compete with OpenAI
Tesla “recalls” 200,000 vehicles to fix a rearview glitch
The recalls will be fixed with an over-the-air update
Salesforce is cutting 700 jobs in a streamlining effort despite having 1,000 open roles
Economic News:
PCE Price Index:
MoM 0.2% (Forecast 0.2%, Previous -0.1%)
Core MoM 0.2% (Forecast 0.2%, Previous 0.1%)
Core YoY 2.9% (Forecast 3%, Previous 3.2%)
Pending Homes Index 77.3 (Forecast -, Previous 71.6)
Change MoM 8.3% (Forecast 2%, Previous 0.0%)
White House Economic Advisor Brainard:
Consumer confidence and spending shows Americans' faith in their personal finances
China's slowdown and Red Sea disruptions are risks for the US economy but appear contained
The economy is upbeat, and inflation is getting anchored at 2%
Consumer Spending MoM 0.7% (Forecast 0.5%, Previous 0.2%)
Real Personal Consumption MoM 0.5% (Forecast 0.3%, Previous 0.3%)
Personal Income MoM 0.3% (Forecast 0.3%, Previous 0.4%)
Major Indices:
S&P 500: -0.11%
Nasdaq: -0.55%
Dow Jones: +0.10%
