Big Tech And Banks Buoy Markets

Boeing's acquisition, a Chewy situation, and homebuilders breaking down.

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Big Tech And Banks Buoy Markets

Big tech and bank stocks spent their day in the green while the rest of the market struggled to gain traction. Meanwhile, crypto prices stabilized, allowing many crypto-related equities to begin a new run. Let’s see what you missed. 👀

Today's issue covers Boeing buying Spirit Aerosystems, Roaring Kitty creating a chewy situation, and homebuilders breaking down. 📰

Here's today's heat map:

4 of 11 sectors closed green. Technology (+0.76%) led, & materials (-1.54%) lagged. 💚

The S&P Global manufacturing PMI showed a modest improvement in June, staying in expansion territory. Meanwhile, the ISM manufacturing index fell again in June, marking the 19th month of the last 20 in contraction territory. 🏭

Construction spending posted a larger-than-expected decline in May, falling 0.10% MoM and rising 6.40% YoY. Private residential construction fell 0.20% during the month, offset by 2.60% in public residential construction. 🏗️

Teva Pharmaceuticals fell after reports that the Federal Trade Commission (FTC) is investigating the generics company. The FTC cited the company's refusal to remove two dozen patents for its asthma and COPD inhalers. 💊

China-based electric vehicle (EV) makers reported upbeat delivery data for June and the second quarter. Nio, Li Auto, Xpeng, and BYD Co. Ltd. all rose. 🔋

Floor & Decor Holdings is the latest company under pressure from short sellers. In its newest short report, Spruce Point Capital Management questioned management’s credibility and overall strategy. 📝

NextEra Energy Partners fell 9% after the Royal Bank of Canada downgraded the stock to sector perform, citing a “challenging” road ahead. 🔻

Cruise stocks fell as Hurricane Beryl made landfall as a Category 4 storm. 🛳️

Other active symbols: $MARA (+13.65%), $TSLA (+6.05%), $CSIQ (-5.02%), $TDOC (-4.70%), $HE (-9.31%), and $CSLR(+32.14%). 🔥

Here are the closing prices: 

S&P 500






Russell 2000



Dow Jones



Boeing Buys Spirit Aerosystems

What’s better than one troubled company? Two troubled companies. At least that’s the math Boeing management is doing as it acquires its key supplier, Spirit AeroSystems…

The aerospace and defense giant will acquire Spirit Aero for $37.25 per share in stock, valuing the company at $8.30 billion, including debt. As for its equity, it’s valued at roughly $4.70 billion. 💰

Boeing CEO Dave Calhoun said, “By reintegrating Spirit, we can filly align our commercial production systems, including our Safety and Quality Management Systems, and our workforce to the same priorities, incentives, and outcomes.”

Meanwhile, Airbus will buy back some business from Spirit and receive $559 million in cash in a sweetheart deal for the Boeing competitor. 🤩

Shares rebounded about 3% on the news, continuing its recovery from the one-year low it set back in April. Right now, retail investors view this as an important next step in the company’s longer-term turnaround story. But time will tell if Boeing’s management team can stick the landing. 🛬

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