Today is Wednesday, June 28, 2023.
The Early Bird Index today is 56.41.
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Nvidia's Growing China Problem
Nvidia (Nasdaq: NVDA)’s good 2023 might be challenged by new potential restrictions, according to a report published on Tuesday afternoon.
Details: According to The Wall Street Journal, the Biden administration is considering new restrictions on exports of artificial intelligence chips to China. This is due to concerns over the power of advanced chips getting into the hands of U.S. rivals.
Background: Despite tense relations between the U.S. and China, Nvidia has continued to ship its products to China. Nvidia did not comment on the report.
Final Thoughts: Nvidia is on fire this year and is up 192%. Can this news derail the company’s success?
Notable Earnings Today: General Mills (NYSE: GIS), Micron Technology (Nasdaq: MU), UniFirst (NYSE: UNF), BlackBerry (NYSE: BB), Concentrix (Nasdaq: CNXC), Franklin Covey (NYSE: FC), Worthington Industries (NYSE: WOR), H.B. Fuller (NYSE: FUL), American Outdoor Brands (Nasdaq: AOUT), Aethlon Medical (Nasdaq: AEMD), Culp (NYSE: CULP).
Notable IPOs Today: Noble Corporation plc (NYSE: NE), Golden Star Acquisition Corporation Ordinary Shares (Nasdaq: GODN), GEN Restaurant Group, Inc. Class A Common Stock (Nasdaq: GENK), Bukit Jalil Global Acquisition 1 Ltd. Unit (Nasdaq: BUJAU).
Notable Equity Crowdfunding Campaigns Ending Today: Motobyo (Netcapital), Pashion Footwear (StartEngine).
Notable Economic Events Today: Goods Trade Balance (8:30 a.m. ET), Retail Inventories (8:30 a.m. ET), Fed Chair Powell Speaks (9:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).
Boeing Gets Spirit AeroSystems Bounce
Photo by John McArthur / Unsplash
Details: Spirit AeroSystems announced the contents of a new four-year contract proposal unanimously agreed to by the bargaining committee of the striking workers. Union members will vote on approval on Thursday.
Background: The back and forth between Spirit AeroSystems and the workers was a big concern after the workers voted to strike last week. Spirit AeroSystems ticked up 1.13% in after-hours trading.
Final Thoughts: Boeing is up 7% in 2023 and is aiming to have a comeback year. This new agreement certainly helps.
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AeroVironment’s Record Funded Backlog
Shares of AeroVironment (Nasdaq: AVAV) jumped 5.9% in after-hours trading on Tuesday after the defense contractor posted good financial results.
Financials: AeroVironment reported earnings of 99 cents per share, which were below estimates. But the revenue hit $186 million, which was better than expected.
Details: The funding backlog was $424.1 million, up from $210.8 million last year, which is a record.
Outlook: The company expects revenue for the full fiscal year to be between $630 million and $660 million, which was better than expected.
Final Thoughts: Shares of AeroVironment are up 7% this year. The company is benefiting from increased defense spending.
Trends to Watch
EV Trouble: Lordstown Motors, an Electric Truck Maker, Files for Bankruptcy (The New York Times)
Waze To Go: Google cuts jobs at Waze as it continues to merge mapping products (CNBC)
Driving Up: Zoox headcount grows as Amazon's self-driving unit expands testing in Vegas (Reuters)
More Support: Bitcoin Briefly Pushes Above $31K After Fidelity Spot ETF Report (CoinDesk)
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