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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Intel and the US government finalized a $7.9 billion grant from the CHIPS and Science Act that will help fund factory construction.

The cryptocurrency Tether is being used by organizations linked to Mexican drug cartels to launder tens of millions of dollars, 404 Media reported.

CITE: https://www.r2library.com/Resource

STOCKS UP

• Unusual Machines got an unusually strong boost today, soaring 84.51% after Donald Trump Jr. announced he’s joining the drone maker’s advisory board.
• Ambarella continued to climb another 5.89% today after the semiconductor company announced a strong beat-and-raise quarter.
• Urban Outfitters isn’t just where you go to buy overpriced beanies—it’s also where you go for strong holiday revenue expectations. Shares rose 18.31% after the retailer’s best third quarter ever.
• SolarEdge Technologies will close its energy storage division and lay off hundreds of employees to cut costs. Shares popped 8.55% on the announcement.
• Iris Energy jumped 29.71% after the bitcoin miner announced it’s growing so quickly that it may be able to distribute funds to shareholders sooner than previously thought.

STOCKS DOWN

• Symbotic plummeted 35.86% after the robotics company announced it won’t meet its financial filing deadline thanks to some accounting errors.
• Dell may have impressed with its AI offerings, but earnings came up short last quarter. That, plus management’s “meh” forecast for the coming quarter, sent shares tumbling 12.25%.
• HP sank 11.36% after it, too, projected worse-than-expected profits next quarter.
• Keeping the trend alive, cybersecurity company CrowdStrike also anticipates lower earnings next quarter—a sign that it still hasn’t fully recovered from this summer’s massive IT outage. Shares dropped 4.59%.
• Nordstrom actually beat earnings expectations and announced a solid sales forecast—but apparently, it wasn’t good enough. The retailer still lost 8.09% today.

CITE: https://tinyurl.com/2h47urt5

Here’s where the major benchmarks ended:

•  The SPX fell 22.89 points (–0.38%) to 5,998.74; the Dow Jones Industrial Average^® ($DJI) lost 138.25 points (–0.31%) to 44,722.06; and the NASDAQ Composite^® ($COMP) dropped 115.10 points (–0.60%) to 19,060.48.
• The 10-year Treasury note yield dropped six basis points to 4.24%, a one-month low close. 
• The CBOE Volatility Index^® (VIX)was close to flat at 14.14.

CITE: https://tinyurl.com/tj8smmes

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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