Boeing's $4.3 Billion Purchase

And, Chainlink's new adoption update.

July 01, 2024

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Today is Monday, July 1, 2024.

The Early Bird Index today is 74.60.

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Boeing's $4.3 Billion Purchase

Boeing (NYSE: BA) needs a big win to turn this awful year around, and it may have finally struck a positive deal.

Details: Reuters reported Sunday that Boeing will acquire Spirit AeroSystems (NYSE: SPR) for $37.25 per share, which values the aerostructure supplier at about $4.3 billion. An official announcement could arrive today.

  • Some of Spirit’s assets will be owned by Boeing’s rival Airbus (OTCMKTS: EADSY).

  • Spirit closed at $32.87 per share on Friday.

Background: Both Boeing and Spirit have negotiated this deal for some time. The agreement comes as Boeing has faced numerous, well-publicized safety incidents this year.

Stock Price: Those safety incidents have caused Boeing to drop 27% this year.

Early Bird’s Nest Egg Gains: Acquiring Spirit and bringing the supplier in-house allows Boeing to address safety concerns, improve quality control in the manufacturing process, streamline production, and have more direct control over a major part of its supply chain.

Final Thoughts: While a costly acquisition, this deal could lead to long-term cost savings for Boeing.

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Notables

Notable Earnings Today: N/A.

Notable IPOs Today:  Above Food Ingredients Inc. Common Stock (Nasdaq: ABVE), GP-Act III Acquisition Corp. Class A Ordinary Share (Nasdaq: GPAT), Innovator Nasdaq-100 10 Buffer ETF Quarterly (Nasdaq: QBUF).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: S&P Global US Manufacturing PMI (9:45 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), ISM Manufacturing Prices (10:00 a.m. ET), ISM Manufacturing Employment (10:00 a.m. ET), Construction Spending (10:00 a.m. ET), Atlanta Fed GDPNow (12:00 p.m. ET).

Source: Chainlink

The cryptocurrency Chainlink jumped 5% Sunday after the Web3 platform posted an adoption update.

Details: There were 12 integrations of 6 Chainlink services across 8 different chains this week, including on Ethereum and Avalanche, the platform posted on social media. Those integrations include several new crypto projects.

Price: Chainlink is one of the few digital coins that are down in value this year. It is also down 20% in the last 30 days.

Final Thoughts: This a volatile crypto, but the new integrations should improve the value of Chainlink.

Bitcoin Ends June on Positive Note

Bitcoin jumped 4% Sunday, ending June positively after a dismal month.

Final Thoughts: Bitcoin fell 6% in June, one of the worst months for the cryptocurrency in 2024.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.