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Boeing's New 737 MAX Failure
Hologic: “Bigger, Faster, Stronger”
Today is Monday, January 8, 2024.
The Early Bird Index today is 62.50.
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Boeing's New 737 MAX Failure
Aircraft manufacturing giant Boeing (NYSE: BA) is once again in hot water after a hole was torn on a Boeing 737 MAX-9 flight over the weekend.
Details: The U.S. FAA ordered the grounding of most Boeing 737 MAX 9s for safety checks due to the incident. Reuters reported on Sunday that the safety checks hit a snag due to paperwork issues.
Quote: “We agree with and fully support the FAA's decision to require immediate inspections of 737-9 airplanes with the same configuration as the affected airplane.” - Boeing.
Background: This isn’t the first time that the Boeing 737 MAX has faced controversy. The planes were grounded in 2019 due to two crashes, a dark chapter in the history of Boeing.
Stock Price: Boeing is up 19% in the past 12 months. Keep in mind that Boeing’s stock price still has not recovered since the first 737 MAX groundings in 2019.
Also: Boeing may not be the only company in trouble over this incident. Reuters reported that aerospace supplier Spirit AeroSystems (NYSE: SPR) made the part of the plane that malfunctioned over the weekend.
Final Thoughts: This incident could spell trouble for Boeing and other aviation stocks. Boeing reports earnings on January 31.
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Notables
Notable Earnings Today: Accolade (Nasdaq: ACCD), Helen of Troy (Nasdaq: HELE), Jefferies (NYSE: JEF), Commercial Metals Company (NYSE: CMC).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Native Ingredients (Honeycomb), Precycle (Honeycomb), Legion Works (StartEngine).
Notable Economic Events Today: NY Fed 1-Year Consumer Inflation Expectations (11:00 a.m. ET), Consumer Credit (3:00 p.m. ET).
Hologic: “Bigger, Faster, Stronger”
Medical tech company Hologic (Nasdaq: HOLX) reported preliminary financial results on Sunday.
Financials: Hologic reported revenue of $1.01 billion in the quarter, which was better than expected.
Quote: “Each division continues to execute and our preliminary revenue results reinforce that we are a new Hologic; a bigger, faster, stronger company than prior to the pandemic.” - CEO Steve MacMillan.
Background: It’s been a weird year for Hologic. While financials have been mixed, there were rumors about potential leadership changes at one point.
Stock Price: Hologic is down 8% in the last 12 months, but up in the last 30 days.
Final Thoughts: Biotech can be a risky space. Hologic reports its full financial results on February 1.
Bitcoin Ready for Potential Spot ETF Decision
The price of Bitcoin dipped 1% on Sunday, with a potential decision regarding the approval of spot Bitcoin ETFs (exchange-traded funds) in the U.S. coming this week.
Final Thoughts: An approval could be a game-changer for cryptocurrency. In the short term, we’re talking about price increases. In the long term, it could mean added credibility.
Trends to Watch
Lifting All Boats: How will Ethereum price react to Bitcoin ETF approval? (Cointelegraph)
2024 Guide: Looking to ride the Asia-Pacific rally? Here are analysts’ top markets to invest in 2024 (CNBC)
Monetary Outlook: Fed Pivot Will Dominate Year of Rate Cuts in Turn of Global Cycle (Bloomberg)
Earnings Season: The Stock Rally Has Stalled. Now Comes Earnings Season (Wall Street Journal)
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