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- 🛏️ Sleeping on Amazon AI
🛏️ Sleeping on Amazon AI
Plus, potentially the largest tech startup acquisition since 2021
Pencils down, it’s time for lunch. Here’s what you missed this morning:
🟩 | Market Snapshot: All three major indexes rose by nearly 1%, and the S&P 500 hit a record high as investors look forward to a week packed with high-profile earnings reports.
🗠 | In focus: Brian Gardner of Stifel, along with other analysts, expect a short-term boost for US stocks following the failed assassination attempt on Donald Trump. The event is widely perceived to boost his odds of winning the presidential election in November and ushering in friendlier fiscal policies.
💰 | Noteworthy: Wiz, a cloud cybersecurity company founded four years ago, is in advanced talks with Google’s parent company, Alphabet, to be acquired for $23 billion, which would mark the largest exit for any tech startup since Rivian’s $77 billion IPO in 2021.
🛏️ | The Midday Trade: Sleeping on Amazon AI. Scroll down for more.
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TOGETHER WITH 1440 MEDIA
News for humans, by humans.
Today's news.
Edited to be unbiased as humanly possible.
Every morning, we triple-check headlines, stories, and sources for bias.
All by hand with no algorithms.
STREET STATS
MORNING MOVERS
M: Shares of Macy’s plunged after announcing it ended the $6.9 billion buy-out negotiations with Arkhouse and Brigade (CNBC)
STZHF: Canadian steelmaker Stelco saw its stock surge after Cleveland-Cliffs agreed to acquire the company for $2.8 billion (YF)
DJT: Shares of Trump Media & Technology popped following the assassination attempt on presidential candidate Donald Trump (CNN)
AAPL: Apple’s stock rose after reporting that its annual sales in India hit ~$8 billion, a 33% increase as the company shifts away from China (Bloomberg)
SEDG: SolarEdge’s stock tumbled following news that it will cut 400 jobs in order to restore profitability (Barron’s)
TOP CALLS
Enphase Energy: Susquehanna Maintains Positive on Enphase Energy, Raises Price Target to $147 (Trade It)
American Tower: Wells Fargo Maintains Overweight on American Tower, Raises Price Target to $225 (Trade It)
Eli Lilly: Cantor Fitzgerald Reiterates Overweight on Eli Lilly and Co, Maintains $885 Price Target (Trade It)
Nurix Therapeutics: Barclays Maintains Overweight on Nurix Therapeutics, Raises Price Target to $31 (Trade It)
Waste Management: Oppenheimer Maintains Outperform on Waste Management, Raises Price Target to $229 (Trade It)
Omnicell: Benchmark Reiterates Buy on Omnicell, Maintains $38 Price Target (Trade It)
THE MIDDAY TRADE
Doubling Up Its Competitors
Amazon (AMZN) isn’t often underestimated, but when it comes to its AI capabilities, some analysts think it is flying under the radar.
According to BMO Capital Market’s Brian Pitz, while many feel it is lagging behind its competition, it has actually launched more than twice the amount of AI products than Microsoft (MSFT) and Google (GOOG) since 2023.
Top Stock
According to JP Morgan (JPM) analyst Doug Anmuth, these products have the potential to drive revenue growth up to 20% in 2025. Amazon is one of his top stock picks, and he believes it offers “best-in-class” large language models and foundation models.
At its recent Amazon Web Services summit it put a spotlight on how its customers are utilizing its AI workloads and its high-growth platform, Bedrock.
Shifting Demand
Amazon shares are up 29% YTD, and Citi’s (C) Ronald Josey is bullish over the short and long term. He also believes that consumer demand is starting to shift toward companies that offer multiple specialized models, such as Amazon.
Josey has given the stock a $245 price target, a 25% upside from Friday’s close. Investors interested in AI stocks not named Nvidia (NVDA) could benefit from Amazon as an underappreciated force in the space.
TOGETHER WITH 1440 MEDIA
News for humans, by humans.
Today's news.
Edited to be unbiased as humanly possible.
Every morning, we triple-check headlines, stories, and sources for bias.
All by hand with no algorithms.
SURVEY THE STREET
There’s been an unexpected consequence of the attempted assassination of presidential candidate Donald Trump: bitcoin is surging.
Bitcoin jumped to more than $63,000 this morning, a 5% increase from the day before and a two-week high for the world’s largest cryptocurrency.
Why?
Well, investors view Trump as far more friendly to the crypto industry than President Biden.
Despite the chaos ensuing from the attempted assassination, Trump’s campaign team has confirmed that the former president will be speaking at the Bitcoin 2024 Conference in two weeks, cementing his support for digital assets.
Would a Trump Presidency Create a Crypto Bull Market? |
Plus, Yesterday’s Poll + Results:
🟩🟩🟩🟩🟩🟩 Yes ✅
🟨⬜️⬜️⬜️⬜️⬜️ No ❌
What did you think of today's edition? |
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