NEWS
Friday, Only Slightly Better Than Fed Day

Stocks closed down on the day but green on the week, as utilities and consumer staples were the only sectors to close positive. Still, market participants continue to find opportunities on the long side as the Fed’s rate cuts fuel optimism. 👀

Today's issue covers beaten-down brands catching a bid, AI investments going nuclear, and signs Micron could be bottoming. 📰

Here’s the S&P 500 heatmap. 2 of 11 sectors closed green, with utilities (+2.64%) leading and materials (-0.71%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $LFLY, $NBY, $CEG, $CERO, $ZVRA, 📉 $CRBP, $FRES, $DRI, $CVNA, $BIOR*

*If you’re a business and want to access this data via our API, email us.

COMPANY NEWS
Beaten-Down Brands Catch A Bid 🙂

Starbucks' poaching of Chipotle’s CEO sparked a lot of bottom-fishing in the stock market’s biggest brands, which have been left behind in the bull market.

Nike is the latest beneficiary, with the struggling athletic footwear and apparel company’s CEO, John Donahoe, stepping down amid a leadership shakeup. Former senior executive Elliott Hill will rejoin the company, bringing his 32 years of experience in leadership positions across Europe and North America to get things back on track. 👨‍💼

Nike shares posted a 7% gain on the news, with analysts and retail investors cheering the move. Stocktwits sentiment pushed into ‘extremely bullish’ territory as turnaround hopes find some momentum. 📈

Intel was also in the news today, being halted late in the day on news that Qualcomm recently approached the company about a possible takeover. 😮

Analysts expressed some concerns that Qualcomm ($190 billion market cap) may not have the funding to take over the company, which currently has a market cap of $90 billion. Still, the company’s recent efforts around its foundry business and other initiatives have renewed optimism in the stock.

Stocktwits sentiment pushed into ‘extremely bullish’ territory as investors digested the news. 🐂

STOCKTWITS “CHART ART”
Micron May Have Bottomed Before Earnings 🤔

With semiconductor stocks perking back up over the last two weeks, Micron has failed to attract the same level of interest…at least until now. 🧐 

Stocktwits user @TheProphetOfProfit pointed out that the stock has begun to stabilize above trendline support and its YTD lows, with momentum diverging positively.

Given the market has turned into positive territory and investors are taking shots at beaten-down stocks, Micron looks potentially ripe to rip. However, it does report earnings on Wednesday after the bell, so some volatility is anticipated. 🤷

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