The S&P 500 is back within 1% of all-time highs less than two weeks after the “Yen carry trade” sent the market into a tailspin. Simplicity continues to pay in August’s low-volume trading sessions, with bulls expecting the path of least resistance to remain higher. Let’s see what you missed. 👀

Today's issue covers AMD’s big acquisition, Carl Icahn’s SEC settlement, a Slurpees’ Canadian suitor, and a shipping giant showing momentum. 📰

Here’s the S&P 500 heatmap. 11 of 11 sectors closed green, with technology (+1.65%) leading and consumer staples (+0.34%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $NCNA, $FN, $EVOK, $SOND, $APDN 📉 $IEP, $FFIE, $VOR, $BMY, $SHAK*

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

The semiconductor giant plans to acquire server maker ZT Systems in a deal worth $4.90 billion. It will finance the purchase with 75% cash and 25% stock as it expands its artificial intelligence chips and hardware portfolio. 💸

AMD CEO Lisa Su said, “AI systems are our number one strategic priority. The main way (ZT Systems) is additive to the company is we sell more GPUs.”

The company plans to break off its server manufacturing business and sell it once the deal closes, reiterating that it has no plans to compete with Super Micro Computer and others in the space.

AMD plans to retain just 40% of ZT Systems’ 2,500 employees, and CEO Frank Zhang will report to AMD’s data center chief. The acquisition will result in about $150 million in annualized operating expenses. 🔺

Shares rose about 5% on the news, with Stocktwits sentiment pushing back into ‘bullish’ territory for the first time in about two weeks. 🤗

Famed activist investor Carl Icahn was back in the news today, but instead of his typical raid on a company making headlines, he found himself at the center of a Securities and Exchange Commission (SEC) settlement. 🎯

The regulator announced charges against Icahn Enterprises (IEP) and its founder for failing to disclose information related to his pledges of IEP securities as collateral to secure personal margin loans worth billions of dollars.

These issues date back several years when it was noted that the firm failed to disclose the necessary information until its Form 10k was filed on February 25, 2022. IEP and Icahn have agreed to pay $1.50 million and $500,000 in civil penalties, respectively, to settle the charges. 💵

Shares were down initially but recovered to close green on the day. Carl Icahn’s outside counsel responded on X, taking shots at Hindenburg for its “false” short report issued a year ago that Icahn Enterprises says has yet to be substantiated by the authorities or anyone else.

Still, the overhang from that has kept Stocktwits sentiment in ‘extremely bearish’ territory as prices struggle to regain traction near two-decade lows. 🐻

Canadian convenience store giant Alimentation Couch-Tard is looking to become the new Slurpee king by making a preliminary takeover offer for Tokyo-listed Seven & i, which operates 7-Eleven stores. 🏪

Financial details were not disclosed, but the proposal sent Seven & I shares surging to their daily upper limit of 23%, valuing the company at a record $38 billion.

Analysts say the sharp reaction suggests the market believes there’s significant value available to unlock in what would be the biggest purchase of a Japanese company by an overseas firm. 🤑

The Israel-based shipping giant beat earnings and revenue estimates and also raised its full-year guidance. It now expects full-year EBITDA of $2.60 to $3.00 billion, up materially from its prior estimate of $1.15 to $1.55 billion. 📊

CEO Eli Glickman attributed the company’s recent success to its strategic increase in spot market exposure in the Transpacific trade, allowing it to capitalize on elevated freight rates. With supply disruptions in the Red Sea, management expects momentum to continue during the second half of 2024.

Stocktwits users are optimistic alongside management, with the sentiment meter hitting a one-year high of 94/100 in ‘extremely bullish’ territory. 🐂

Economic data: Redbook (8:55 am ET), Fed Bostic speech (1:35 pm ET), and Fed Barr speech (2:45 pm ET).

Pre-Market Earnings: Workhorse Group ($WKHS), Xpeng Inc ($XPEV), FUTU Holdings ($FUTU), Vipshop Holdings ($VIPS), Lowe’s Companies ($LOW), Medtronic ($MDT), and Nano Dimension ($NNDM). 🛏️

After-Hour Earnings: ZTO Express Cayman ($ZTO), Coty Inc ($COTY), Toll Brothers ($TOLL), Emeren Group ($SOL), and Keysight Technologies ($KEYS). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

🎙️ IBD Live is the best interactive broadcast for finding top stocks––try 3 months for just $9.95*

🏘️ How buyers and sellers are navigating real estate’s seismic shake-up

✂️ GM lays off more than 1,000 salaried software and services employees

😟 Fed survey shows lows in employment, worries about finding work and dissatisfaction with pay

😡 Amazon’s troubled drone delivery program faces latest challenge in Texas: Annoyed residents

🏎️ From a $2.5 million hyper car to a Spanish track-ready EV, here were the most interesting EVs at Monterey Car Week

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

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