'Magnificent Seven' Stocks Enter Correction, $1.7 Trillion Wiped Out in Two Weeks
July 25, 2024
Breaking News
(Source: Wikimedia Commons)
'Magnificent Seven' Stocks Enter Correction, $1.7 Trillion Wiped Out in Two Weeks. 📉The mega tech giants, including Google and Tesla, have collectively lost $1.7 trillion in market value since July 10th, driven by disappointing earnings and investor concerns over AI investments. This massive selloff marks the first correction since October and has sent shockwaves through the market. MarketWatch reports.
The Warm Up
💥 ProfitCrash: Tesla slumps as Musk tethers its future to delayed robotaxis. Yahoo Finance reports.
💊 AmazPharma: Amazon expands into Japan's pharmacy market with online drug delivery services. Benzinga reports.
✈️ Grounded: Delta Air Lines expects outage-related cancellations to end by Thursday, CEO says. Yahoo Finance reports.
🩸 HemophilEASE: Pfizer’s gene therapy for rare genetic bleeding disorder succeeds in late-stage trial. CNBC reports.
🔄 MaxReturn: Boeing resumes 737 MAX deliveries to China after regulatory delay. Benzinga reports.
🤝 Harmonyland: Walt Disney, unions reach tentative pact, avoiding work stoppage at Disneyland. MSN reports.
Tech Thursday
Lessons from the global IT outage
Organisations around the world are still recovering from one of the biggest ever IT outages. On Friday, a glitch caused by a faulty software update from CrowdStrike, an American digital security vendor, affected 8.5 million Microsoft Windows devices. Flights were grounded, hospital appointments postponed, and several news broadcasters dropped off air. A fix was rapidly deployed, and many services have resumed. It may take time for all affected computers to be reset.
📰 Read More
Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on July 24.
*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time
1. $NUZE: NuZee
Total gain: 223.30%
The stock appeared to be moving on no notable news.
2. $DRMA: Dermata Therapeutics
Total gain: 105.38%
The stock appeared to be moving on no notable news.
3. $PIRS: Pieris Pharmaceuticals
Total gain: 84.84%
Palvella Therapeutics and Pieris Pharmaceuticals announced they have entered into a definitive merger agreement to combine the companies in an all-stock transaction. Benzinga reports.
Today’s Notable Earnings
*Estimate and Actual numbers represent Earnings Per Share in US Dollars
SKX: Skechers USA
2Q 2024
After Market Close
Estimate: 0.940
Actual: N/A
SKYW: SkyWest
2Q 2024
After Market Close
Estimate: 1.730
Actual: N/A
FBIN: Fortune Brands
2Q 2024
After Market Close
Estimate: 1.120
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
8:30 am - Initial jobless claims - July 20
8:30 am - Durable-goods orders - June
8:30 am - Advanced retail inventories - June
Parting Thoughts
"You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, and you won’t do well in the markets."
― Peter Lynch
Sourced in:
“One Up On Wall Street: How to Use What You Already Know to Make Money in
the Market”, by Peter Lynch, published in 2000