The yen briefly topped 155.50.
Expected volatility over the next 24 hours is now at the highest level of the year. Source: David Ingles, FT
The guy who photobombed Janet Yellen with a “Buy Bitcoin” sign back in July 2017, just auctioned off the notepad for 16 Bitcoin (over $1 million!) to Justin, A.K.A. Squirrekkywrath!
Source: Neil Jacobs, Bloomberg
Wall Street stalwart Jamie Dimon is concerned history may be repeating itself with the U.S. economy returning to the embedded stagflation it battled 50 years ago.
Speaking at the Economic Club of New York on Tuesday, JPMorgan CEO Dimon said now more so than ever the economy is resembling the 1970s, when both inflation and unemployment were high but economic growth was weak.
The last Atlanta Fed GDPnow was released on Wednesday -> 2.7% from 2.9%.
Street consensus is 2.5%. Q1 GDP will be published today
Meta plunges 18% on weak revenue guidance even as first-quarter results top estimates.
$META Meta Q1 FY24: Daily active people +7% Y/Y to 3.2B. Ad impressions +20% Y/Y. • Revenue +27% Y/Y to $36.5B ($0.2B beat), the fastest rate of expansion for any quarter since 2021. • Operating margin 38% (+13pp Y/Y). • FCF margin 34% (+10pp Y/Y). • EPS $4.71 ($0.39 beat). • FY24 Capex $35-40B ($30-$37B prev.) • Net income more than doubled to $12.37 billion, or $4.71 per share, from $5.71 billion, or $2.20 per share, a year ago. One reason for the pop in net income is that, while revenue growth accelerated, sales and marketing costs dropped 16% in the quarter from a year earlier. Meta said it expects sales in the second quarter of $36.5 billion to $39 billion. The midpoint of the range, $37.75 billion, would represent 18% year-over-year growth and is below analysts’ average estimate of $38.3 billion. The stock selloff accelerated early in the earnings call after Zuckerberg jumped into his discussion about investments, namely in areas like glasses and mixed reality, where the company doesn’t currently make money. The company no longer reports daily active users and monthly active users. It now gives a figure for what it calls “family daily active people.” That number was 3.24 billion for March 2024, a 7% increase from a year earlier. Meta has raised investor expectations due to its improved financial performance in recent quarters, leaving little room for error. The stock is up about 40% this year after almost tripling last year. Source: App Economy Insight, CNBC
BREAKING: Meta stock, $META, has now erased $240 BILLION of market cap after reporting earnings, down as much as 19%.
If $META closes at current levels tomorrow, it will mark the BIGGEST EVER 1-day loss of market cap by a stock. The previous record is also held by $META when the stock shed $232 billion on February 3rd, 2022. Source: The Kobeissi Letter
Life is too short to spend a third of it doing something that makes you unhappy.
Find joy in what you do, and work won’t feel like work anymore. Source: Corporate Rebels
Amazing, isn’t it? No wonder Ferrari stock has been going parabolic since IPO
Source: Michel A.Arouet
