Today is Tuesday, June 20, 2023.
The Early Bird Index today is 56.82.
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Airbus Gets Largest Plane Deal
Airbus (OTCMKTS: EADSY) secured the biggest single purchase order of airplanes in history, the aviation company claimed Monday.
Details: IndiGo (NSE: INDIGO), which is the largest airline by market share in India, ordered 500 A320 Family aircraft from Airbus during the Paris Air Show on Monday. Now, IndiGo has over 1,300 airplanes from Airbus.
Quote: “This landmark order marks a new chapter in Airbus and IndiGo’s relationship that is democratizing affordable air travel for millions of people in the world’s fastest-growing aviation market.” - Christian Scherer, Chief Commercial Officer and Head of International at Airbus.
Stock Price: Shares of Airbus are up 18% this year, including a 3% uptick in the last 30 days.
Final Thoughts: The historic purchase agreement is a big deal for Airbus, although rumors about a potential deal for the company to sell 500 planes to IndiGo have circulated for weeks. Last week, Airbus raised its 20-year forecast for airplane deliveries. Monday’s news is reminiscent of the big order in December 2022 when Boeing (NYSE: BA) sold a lot of planes to United Airlines (Nasdaq: UAL). While this seems like positive news for the aviation industry, experts warn there could be a market bubble with so many new plane orders on the horizon.
Notable Earnings Today: FedEx (NYSE: FDX), La-Z-Boy (NYSE: LZB), Dynagas LNG Partners (NYSE: DLNG).
Notable IPOs Today: Fidelity Disruptors ETF (Nasdaq: FDIF).
Notable Equity Crowdfunding Campaigns Ending Today: Greens Gone Wild (Mainvest), Brobe (StartEngine), Moliving (StartEngine).
Notable Economic Events Today: Building Permits (8:30 a.m. ET), Housing Starts (8:30 a.m. ET).
Bitcoin’s Calm Before the Summer Storm
Photo by Shubham's Web3 / Unsplash
While the price of Bitcoin ticked up 1% on Monday, analysts are sounding the alarm about potential issues with the popular cryptocurrency.
Details: Last week marked the 9th straight week of outflows in crypto, meaning there are more crypto sellers than buyers right now. And the Crypto Fear & Greed Index shows the lowest score since mid-March.
Price: Bitcoin started 2023 off strong, but the price has remained even in the past 30 days. This suggests some potential resistance.
Final Thoughts: Where are the fears for Bitcoin coming from? Investors are worried about potential regulations in the coming months, which means it could be a rough summer for Bitcoin.
U.S. Steel Expects Good Results
United States Steel Corporation (NYSE: X) said Monday it expects its adjusted net earnings per share to be between $1.81 to $1.86, which is better than expected.
Details: The company also said it expects to complete about $75 million in stock buybacks during the quarter.
Final Thoughts: Shares of U.S. Steel are down about 6% this year, but are up 7% in the past 30 days. The company says that its financials are strong and these early results are an indication that things are going in the right direction.
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Trends to Watch
Penalties: UBS faces hit of hundreds of millions of dollars over Credit Suisse’s Archegos failings (Financial Times)
We Can’t Win: Ford Acknowledges China’s Significant Lead in Electric Vehicles over the United States (Gizmochina)
Interesting Proposal: IMF envisions ‘new class’ of cross-border payment platform with single ledger (Cointelegraph)
Keeping Things the Same: Brands Wanted to Cut Out Stores. Not Anymore. (The Wall Street Journal)
Doubling Down: Warren Buffett’s Berkshire Hathaway boosts stakes again in five Japan trading companies (MarketWatch)
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