Today is Thursday, July 6, 2023.
The Early Bird Index today is 57.24.
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JetBlue Dumps American Airlines
Details: JetBlue is winding down its Northeast Alliance (NEA) with American Airlines following a recent federal ruling. The airline said that nothing will change immediately, but the alliance will end within the coming months.
Background: The NEA was created over 20 years ago to serve customers in New York and Boston. Both JetBlue and American Airlines shared passengers and revenue.
Stock Price: Both JetBlue and American Airlines are up 43% this year, while Spirit is down 8%.
Final Thoughts: Despite lower travel demand, most airline stocks are having a good year. If Spirit’s combination with JetBlue goes through, then that could shake up the industry.
Notable Earnings Today: Levi Strauss (NYSE: LEVI), Simulations Plus (Nasdaq: SLP), Kura Sushi USA (Nasdaq: KRUS).
Notable IPOs Today: Lifezone Metals Limited (NYSE: LZM), Prestige Wealth Inc. Ordinary Shares (Nasdaq: PWM), Roper Technologies, Inc. Common Stock (Nasdaq: ROP), Electrovaya Inc. Common Shares (Nasdaq: ELVA).
Notable Equity Crowdfunding Campaigns Ending Today: Rumble Motors (StartEngine), PSYONIC (StartEngine), Tall Pines Distillery (Honeycomb), iMetabolic Biopharma (StartEngine), DRONEDEK (StartEngine), VirZOOM (StartEngine), Earth Robotics (StartEngine).
Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), Jobless Claims (8:30 a.m. ET), Exports/Imports/Trade Balance (8:30 a.m. ET), Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), ISM Non-Manufacturing PMI (10:00 a.m. ET), JOLTs Job Openings (10:00 a.m. ET), ISM Non-Manufacturing Employment (10:00 a.m. ET), Crude Oil Inventories (11:00 a.m. ET).
BlackRock CEO's Bitcoin Talk
Photo by Traxer / Unsplash
Details: Speaking on Fox Business on Wednesday, Fink defended Bitcoin as an alternative investment. Fink described Bitcoin as an “international asset” that is “digitizing gold.”
Background: BlackRock filed for a spot Bitcoin ETF in June, which will track the price of Bitcoin assets and give investors direct exposure to the cryptocurrency. The SEC has rejected previous attempts to start a spot Bitcoin ETF.
Price: Bitcoin dropped about 1% on Wednesday, but is having a good year.
Final Thoughts: It is encouraging to see Larry Fink defend Bitcoin, but we are still a long way off from the SEC’s decision on the proposed spot Bitcoin ETF.
Nikola Gets Hydrogen Refueling Grant
Electric vehicle maker Nikola (Nasdaq: NKLA) ticked up 0.7% in after-hours trading on Wednesday after disclosing that it is getting a $41.9 million grant.
Details: Made possible under the Trade Corridor Enhancement Program (TCEP), the grant will help Nikola build six heavy-duty hydrogen refueling stations across Southern California. The company said that this project will play a part in the deployment of Nikola’s zero-emissions hydrogen refueling infrastructure.
Final Thoughts: Nikola is down 35% this year. The company plans to launch hydrogen fuel cell electric trucks this month, which could be good for investors.
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Trends to Watch
In and Out: Vimeo CEO Sud to Step Down; Adam Gross Named Interim Chief (Bloomberg)
No Consensus: Are We Back? Crypto Analysts Split on Bitcoin’s Bull Run (Decrypt)
Brown Out: Risk of major disruption as UPS strike looms in US (BBC News)
OK Boomer: America’s Retirees Are Investing More Like 30-Year-Olds (The Wall Street Journal)
Working Together: Pinterest, Amazon partnership is live 'earlier than expected', says RBC (Seeking Alpha)
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