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✂️ Did These Numbers Just Ensure We're Getting Rate Cuts?
Also: Ryan Cohen's cryptic social media message (what's new), Warner Bros shares surge and more
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Happy Thursday Zingernation! There aren’t too many certainties in life, but there are a few. Like me losing a 6-leg parlay on the last game. Death and taxes to name a couple of others. And GameStop CEO Ryan Cohen posting cryptic messages on social media.
—Aaron Bry & Nic Chahine
Plus, take a look at the company using state-of-the-art technology to tackle the nation’s growing mental health crisis.
MARKET SNAPSHOT
Yesterday: Tech’s worst day since 2022. The S&P 500 and Nasdaq Composite each got crushed, with big tech lagging on the day. But when it was all said and done and the closing bell rang, the Dow still closed in the green.
On Our Radar: Lots of investors will be watching Netflix tonight. And no, I don’t mean binging ‘Breaking Bad’. The streaming giant will report after the close in the first major earnings report from big tech this cycle.
TOP STORY
Briefly: Signs of a cooling U.S. labor market are becoming more evident, increasingly reinforcing investor beliefs that the time has come for the Federal Reserve to lower interest rates.
So: New unemployment benefits rose more than expected last week, while continuing jobless claims reached their highest levels since November 2021, according to the Department of Labor’s report on Tuesday.
Basically: Simultaneously reported, the Philadelphia Fed Manufacturing Index surprisingly spiked from 1.3 points to 13.9 points – the highest level in three months – beating expectations of 2.9. Here’s how the labor data impacted the odds that the Fed cuts rates this quarter.
PRESENTED BY ELEVATE
Initiating change in one’s life often begins with acquiring the fortitude to reflect and realize that it is needed, followed by taking action to actualize it. However, enacting change and achieving progress is never linear, and for many, support is needed along the pathway to betterment. In the field of substance abuse treatment, contingency management has shown evidence of being an efficacious methodology for treating the problem behavior of individuals. The learnings from contingency management may have some applicability in supporting mental health. Elevate Health and Wellness, a dual-licensed outpatient clinic specializing in mental health and addiction treatment for adolescents and adults, is exploring this possibility by leveraging the capabilities of Web 3.0 in their treatment plans with patients.
FIVE ZINGERS
Shifting Tides: The Ford F-150 has been America’s best-selling truck for years. But now, new data shows the Cybertruck may be catching up.
Across The Pond: Investors aren’t just focused on the Fed. Here’s why traders are looking to the European Central Bank for investing cues.
To Infinity And Beyond: Beyond Meat shares fell sharply in Wednesday’s after-hours session on reports of a weakening liquidity position.
Bumpy Skies: Alaska Airlines shares dropped after the airline reported worse-than-expected earnings, just days after Spirit’s revenue warning.
Don’t Fade The Upgrade: Gap, elf Beauty and these other stocks got upgrades from analysts this morning, driving share prices higher.
ONE FOR THE ROAD
Briefly: Warner Bros Discovery shares are trading higher after reports of a significant restructuring that could separate its digital streaming and studio businesses from its traditional television networks.
What Happened: The David Zaslav-led entertainment company looks to bolster its struggling share price and manage its substantial debt load of $39 billion.
So: According to the Financial Times, Zaslav — who, as CEO, enjoyed a 27% increase in pay for 2023 and angered fans by canceling movies already in post-production — is eager to sell assets.
Basically: A spin-off Warner Bros. studio and the Max streaming service into a new company is also being discussed. This company would be largely free of the group’s current debt. But, analysts at Bank of America say that the spinoff could have some repercussions.
PRESENTED BY BENZINGA
The AI gold rush isn't about software.
It's about COPPER, the unsung hero of AI's massive power needs.
Matt Maley’s #1 AI stock is a copper miner set to explode.
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