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- 😶🌫️ Where'd the EV Hype Go?
😶🌫️ Where'd the EV Hype Go?
Plus, don't be like Ronald Wayne

Happy Saturday, and welcome back to our super skimmable Street Tweets newsletter.
It was a rough week for the world’s largest sportswear company, Nike.
On Friday, Nike saw its biggest stock drop in 23 years. This comes after the company announced it expects revenue to decline this year, while analysts had expected an increase.
To make matters worse, competitors like On, Hoka, and Adidas are snapping up a greater and greater share of the sportswear market.
Last week, some experts were saying Nike’s stock is a buy, citing the fast-approaching Olympics as a marketing opportunity and potential turning point for the company. However, to say investor sentiment has soured since then would be an understatement…
Also, it's almost the last day of the month, which means it's time for the Last Cast Letter. This month, we're examining if real estate is driving obesity and depression rates higher. One-click subscribe to read about "America's Missing Middle," which will drop in your inbox on Sunday.
Plus, our partner helps you stay ahead of market trends and capitalize on emerging opportunities. Subscribe for free.
MARKET REVIEW
TL;DR: The Nasdaq and S&P 500 hit record highs while the Dow dipped. The Fed’s Core PCE inflation measure increased as expected, boosting rate cut hopes, with personal income up and spending lagging. Fed Governor Bowman indicated possible future rate hikes if inflation persists.
Unemployment claims dropped slightly, consumer confidence fell, and housing prices hit a record high despite declining home sales. Tech stocks rebounded, with gains for software companies and mixed results for chipmakers. Retailers and healthcare stocks struggled, while FedEx exceeded earnings expectations, and Volkswagen announced a major investment in Rivian.
MARKET PREVIEW
TL;DR: The first week of July will be slow on economic data and earnings, with a focus on the ISM Manufacturing PMI on July 1st and Services PMI on July 3rd.
Manufacturing shows contraction amid stable output, while Services rebounded strongly in May. Despite challenges like inflation and high interest rates, U.S. businesses remain cautiously optimistic. Key events include job openings on July 2nd, Constellation Brands earnings on July 3rd, initial jobless claims on July 4th, and the unemployment rate update on July 5th. These indicators will influence market sentiment and Fed policy on inflation and interest rates.
If you ever get upset for selling too early just know it could have been worse
Meet Ronald Wayne Apple's 3rd co-founder who sold his entire 10% stake in the company for $800 back in 1976
10% of Apple $AAPL is currently worth ~$328 Billion
— Evan (@StockMKTNewz)
3:54 PM • Jun 26, 2024
Don’t be like Ronald Wayne.
While it may no longer be 1976, plenty of investors see more growth ahead for Apple.
We’ve all heard about Apple’s new partnership with OpenAI to integrate ChatGPT and help create Apple Intelligence. However, the tech giant has a unique approach to AI that could win over consumers: privacy.
Apple has always taken its users’ right to privacy to the extreme — exemplified when the company refused the FBI access to an iPhone belonging to one of the San Bernadino shooters.
Rosenblatt Securities conducted a survey showing that consumers’ #1 concern surrounding smartphone-based AI is privacy, meaning Apple already has a massive reputational advantage over the competition.
Are You Bullish or Bearish on Apple Intelligence? |
“46% of American EV drivers want to go back to gas cars” — E&E News by POLITICO
— Josh Kraushaar (@JoshKraushaar)
12:30 AM • Jun 25, 2024
Where’d the hype go?
According to the 2024 Electric Vehicle Consideration Study, consumers are souring on EVs.
24% said they are “very likely” to consider purchasing an EV, down from 26% in 2023, marking the first drop in EV enthusiasm since the poll was created in 2021.
In addition to the decline in consumer sentiment, America’s biggest automakers are struggling with the transition, too. Last month, Bloomberg reported that Ford cut orders from battery suppliers after losing $100,000 per EV sold in the first quarter.
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Denver has more than 300 marijuana shops
Some neighborhoods have so many the city is now stepping in to stop more from opening in certain areas
The top 5 Denver neighborhoods have 52 pot shops. For comparison, there are 50 Starbucks total in all of Denver
— Marc Sallinger (@MarcSallinger)
12:43 AM • Jun 18, 2024
Market oversaturation? Maybe not
Weed stores are popping up like… well, weeds.
So far, the markets seem to be matching the vibe. Take a look at the performance of the marijuana stocks with the largest market caps:
Innovative Industrial (IIPR) +8% YTD
Curaleaf (CURLF) +1% YTD
Green Thumb (GTBIF) +15% YTD
Trulieve Cannabis (TCNNF) +95% YTD
However, these stocks are still highly speculative, with much of the recent stock gains resulting from the Biden administration's announcement of plans to relax weed restrictions.
🥦 Are You Bullish or Bearish on Marijuana Stocks? |
Elon Musk on Jeff Bezos: "You cannot sue your way to the moon, no matter how good your lawyers are."
— ELON DOCS (@elon_docs)
7:19 AM • Jun 26, 2024
SpaceX made some pretty big headlines this week.
SpaceX will sell insider shares at $112 apiece, valuing the company at $210 billion.
SpaceX secured a NASA contract to destroy the International Space Station when it is retired after 2030.
What about headlines for Jeff Bezos’ Blue Origin this week? Crickets… aside from the company’s attempts to derail SpaceX.
Blue Origin filed a complaint to the FAA about SpaceX’s rocket launches, requesting limitations on SpaceX operations due to “environmental impact concerns.”
Musk called out Blue Origin in a tweet, stating, “An obviously disingenuous response. Not cool of them to try (for the third time) to impede SpaceX’s progress by lawfare. “
Who Do You Have Winning the Space Race? |
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Japan is different.
— Matt Mickiewicz (@MattMickiewicz)
12:12 PM • Jun 26, 2024
In Tokyo, 57% of travelers use public transit, and private railways account for over 80% of that public transit usage.
For Americans, only one in ten say they use public transportation regularly. Why? Well, American public transportation, for lack of a better word, sucks.
However, Brightline, the first private US passenger rail line in 100 years, is looking to change that with its high-speed trains.
Brightline is already generating revenue from its 170-mile route from Orlando to South Florida, and it’s now constructing a 218-mile route from Las Vegas to Rancho Cucamonga, a project with a $12 billion price tag.
While $12 billion might seem like a lot, it’s peanuts compared to California’s high-speed rail project — which began in 2015, has made no real progress, and is now projected to cost $135 billion.
In other words, private companies simply do it better than government initiatives ever could. Oh, the wonders of capitalism.
TRIVIA
Last week, we asked: Which US financial institution is known for issuing the first-ever credit card in 1958?
The correct answer was Bank of America.
This week’s question…
In 2008, which investment bank filed for bankruptcy, marking a significant event in the global financial crisis? |
What did you think of today's edition? |
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