Good morning investors!
The S&P rose 0.4% yesterday despite a quiet news day.
Today is all about inflation data as the CPI report is set to be released later this morning. The results will set the tone for trading the rest of the day.
Don’t miss a thing - head to the Discord to get full breakdowns of all earnings and economic reports.
Market Recap
It was a green day for the major indexes, treasury yields and oil prices, while Bitcoin fell.
Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination
Wells Fargo WFC 0.00%↑ was snared in an industrywide probe into mortgage bankers’ use of loan discounts last year. The discounts, known as pricing exceptions, are used by mortgage personnel to help secure deals in competitive markets. At Wells Fargo, for instance, bankers could request pricing exceptions that typically lowered a customer’s APR by between 25 and 75 basis points. The practice, used for decades across the home loan industry, has triggered regulators’ interest in recent years over possible violations of U.S. fair lending laws. Black and female borrowers got fewer pricing exceptions than other customers, the Consumer Financial Protection Bureau has found. “As long as pricing exceptions exist, pricing disparities exist,” said Ken Perry, founder of a Washington-based compliance firm for the mortgage industry. “They’re the easiest way to discriminate against a client.” Read more
Macy’s shares surge 21% after it receives $5.8 billion buyout offer
Arkhouse Management and Brigade Capital Management have offered to buy Macy’s M 0.00%↑ for $5.8 billion. The offer values the retailer at $21 per share according to sources. Macy’s closed at just over $17 a share on Friday, down roughly 17% since the start of the year. The company’s shares were up more than 21% in Monday. Arkhouse, a firm that primarily targets real estate investment, and Brigade Capital, an asset management firm, would be willing to offer a higher bid based on due diligence, paying a premium for the department store, which has struggled to keep up with online competitors. Read more
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Apple reportedly plans big overhaul to iPad family to make it less confusing
Apple AAPL 0.00%↑ will overhaul its iPad family next year to make it less confusing for customers and to recharge slumping sales. New versions of the iPad Pro and iPad Air are reportedly coming as soon as March. Apple didn’t release new iPads in 2023, and sales fell 3% from fiscal 2022 to fiscal 2023, after declining 8% the year before. Apple reportedly wants to make it easier to differentiate between the iPad models and also plans big upgrades. Apple currently sells two sizes of the iPad Pro, the iPad Air, the 10th generation iPad, the ninth generation iPad and the iPad mini. Accessories, such as keyboards and Apple Pencils, as well as chargers, vary depending on which model you’re buying. It makes choosing an iPad more confusing than with any of Apple’s other products. The plan is to make the iPad Pro the clear top-line model, with the Air as a middle tier and the 11th generation iPad at the bottom. Read more
Oracle misses revenue estimates on weak cloud spending
Oracle ORCL 0.00%↑ missed estimates for quarterly revenue on Monday, as an uncertain economy and competition in the cloud computing market weighed on demand for its cloud offerings. Here are the numbers from the report:
Earnings per share: $1.34 vs. $1.33 expected
Revenue: $12.90 billion vs. $13.05 billion expected
Cloud Revenue: $4.80 billion vs. $4.86 billion expected
Operating Income: $5.54 billion vs. $5.56 billion expected
Bitcoin slides 7% to under $41,000 in volatile trading following early December rally
Bitcoin fell Monday as investors took profits after its December rally. The price of the cryptocurrency was lower by more than 6% at $40,900 after a big drop Sunday night that at one point took it as low as $40,300. Bitcoin topped $44,000 last week and traded just below that level throughout the weekend. Meanwhile, Ethereum fell 7% Monday to $2,202.92. Bitcoin and Ethereum had their worst days since Aug. 18 and March 9, respectively. Read more
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Thank you for taking the time to read today’s newsletter. Until next time investors!
Chris
CMG Venture Group
Disclaimer
I am not a licensed financial advisor or financial professional. This is not investing advice. It is very important that you do your own research and make investments based on your own personal circumstances, preferences, goals and risk tolerance.
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I was watching the ETH drop and was panicking. I then took a deep breath, followed the teachings of every investor I've ever read on here and left it alone. It will rise again.
Emotions will make you do the wrong thing at the right time!