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Daily Market News |
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Happy Thursday Zingernation!
It looks like we're in store for another blood bath today, with all major indices trading in the red premarket. Stocks are giving up the gains that we saw yesterday following the Federal Reserve's decision to raise interest rates by .75%. Bitcoin dropped another 6% in the last 24 hours, getting closer to the $20,000 level.
1. What Recession? Kevin O'Leary Doesn't Think The Economy Is In Trouble
What Happened: "Shark Tank" investor and O'Shares ETFs chairman Kevin O'Leary sent a message to the bears Wednesday on CNBC's "Fast Money Halftime Report." "You're all wrong," O'Leary said. "This is a more productive, higher gross margin economy, and nobody wants to give it any credit."
Why It Matters: "What's going to happen is we are going to have fantastic earnings, much better than what are being brought down right now, in Q4," he said.
Everyone seems to be talking about a recession, but O'Leary doesn't see any signs of such, he said. "Show me where this recession is. Show me in the employment numbers. Show me in the sales numbers of private companies. Show me, where is this recession?"
2. Disney Delays Bringing Jobs To Florida
What’s Happening:
Disney has pushed back its original itinerary of moving around 2,000 workers at its Parks, Experience, and Product division to its new campus in the Orlando community of Lake Nona, from the end of this year to 2026, the Hollywood Reporter reported, citing a Disney spokesperson's statement.
Why It Matters:
The company reportedly said that the delay has to do with its intention to provide some flexibility to the relocating employees, as the new campus is set to be completed only in 2026. Disney had made the decision to shift to Florida to avail of $570 million in tax breaks promised by the state.
3. Citi Turns Bullish On Boeing
What Happened: Citi analyst Charles J Armitage upgraded the aerospace and defense firm Boeing Co to Buy/High Risk from Neutral and lowered the price target to $209 (implying an upside of 56.3%) from $219.
Why It Matters: The analyst seeks to value Boeing on the assumption that the (significant) medium-term risks can be mitigated while also quantifying those risks. Armitage expects 787 deliveries to resume soon and 737MAX to return to commercial service but mentions that these factors are "incrementally positive, rather than a step-change in risk."
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Image By Mozco Mateusz Szymanski Via Shutterstock
