Google's AI Unveil Could Halt $360B Alphabet Selloff – Investors Await Crucial Event
August 13, 2024
Breaking News
Google's AI Unveil Could Halt $360B Alphabet Selloff – Investors Await Crucial Event.📱 Investors are eyeing Google’s upcoming hardware event, hoping new AI features can reverse a $360 billion drop in Alphabet’s market value. With shares down 15% in a month, this showcase could be key to boosting confidence. Bloomberg reports.
EdgeUp
🎶 MetaMelody: Universal Music, Meta expand music licensing agreement. Yahoo Finance reports.
💼 DebtJet: JetBlue to raise over $3 billion through debt offerings, shares fall. Reuters reports.
⚖️ RegulatorScandal: Adani Group shares shed billions after Hindenburg allegations against regulator. CNBC reports.
📊 MondayBoost: Monday.com shares rise on earnings beat. MarketWatch reports.
🛡️ PfizerGuard: Pfizer's RSV vaccine shows benefit in immuno-compromised adults in study. Reuters reports.
🌍 GreenGain: TotalEnergies accelerates decarbonization with biofuel breakthrough. Benzinga reports.
Top 5 Movers in Early Pre-Market
(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
1. $VEV: Vicinity Motor Corp
Total gain: +138.43%
2. $CXAI: CXApp
Total gain: +59.18
3. $MKDW: MKDWell Tech
Total gain: +54.95%
4. $PTWO: Pono Capital Two
Total gain: +37.5%
5. $GCTS: GCT Semiconductor
Total gain: +23.82%
What’s Moving the Markets
* Analyzing the markets with Richie Naso, a Wall Street veteran of over 40 years and former member of the NYSE.
LAST WEEK HAS BEEN ONE FOR THE RECORD BOOKS
The week started off with a mini-Black Monday crash, where ES put in largest red day since September 2022, capping off the largest three day sell cycle since the March 2022 Covid Crash. Things did not settle there though, and ES spent the subsequent 4 days in such a heightened state of volatility that 100–150-point moves were the daily norm (when it would usually be something like 20-30 points) – we saw one every day essentially. Trade Companion reports.
RATE CUTS
Future markets are split between a 25- and 50-basis-point Fed cut in September, according to the CME FedWatch site. In either case, the market thinks the central bank’s rate target will be lowered by a total of 75 basis points by its early November meeting and 100 basis points by mid-December. Barron’s reports.
Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on August 12.
*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time
1. $GNLN: Greenlane Holdings
Total gain: +368.64%
The company announced that it has entered into a securities purchase agreement with a single institutional investor, resulting in aggregate gross cash proceeds of $6.5 million, before deducting fees to the placement agent and other offering expenses payable by the company. Benzinga reports.
2. $PSIG: PS International Group
Total gain: +125.73%
The stock appeared to be moving on no notable news.
3. $RVNC: Revance Therapeutics
Total gain: +86.97%
Crown Laboratories and Revance Therapeutics announced that they have entered into a merger agreement under which the two companies plan to combine their complementary organizations. Benzinga reports.
Today’s Notable Earnings
*Estimate and Actual numbers represent Earnings Per Share in US Dollars
KBDC: Kayne Anderson BDC
2Q 2024
After Market Close
Estimate: 0.480
Actual: N/A
NATL: NCR Atleos
2Q 2024
After Market Close
Estimate: 0.690
Actual: N/A
HBM: Hudbay Minerals
2Q 2024
After Market Close
Estimate: 0.090
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
6:00 am - NFIB optimism index - July
8:30 am - Producer price index - July
8:30 am - Core PPI - July
Parting Thoughts
“The key to long-term survival and profitability is the ability to adapt to changing market conditions.”
― Jack D. SchwagerSourced in:
“Market Wizards: Interviews with Top Traders. HarperBusiness”, by Jack D.
Schwager, published in 1989