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  • 💎 Bitcoin Blasts Past $88K

💎 Bitcoin Blasts Past $88K

+ Haiti Shuts Airport After Spirit Airlines Jet Hit by Gunfire

November 11, 2024

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Good afternoon! Barnes & Noble is reviving the golden age of mall strolls, opening 12 new stores this month on its way to 60 for the year. After nearly going under, B&N is embracing the indie bookstore vibe to pull itself back into relevance.

Amazon’s dominance once forced B&N into desperate moves (hello, $1 billion Kindle clone). But in 2019, British bookstore guru James Daunt took over, allowing stores to tailor displays to their communities. Recent openings include a Chicago location in the historic Noel State Bank and a return to Georgetown, D.C.

MARKETS

*Stock data as of market close*

  • Stocks wrapped up their fifth day in the green, with investors riding high on the "Trump trade" boost. Bitcoin shattered past $87,000, and the dollar hit a one-year peak as the Dow and S&P 500 both topped new records. Tesla? Still climbing, now with five straight days of gains under its belt.

  • The Dow soared 0.7%, crossing the 44,000 milestone with a hefty 300-point gain, while the S&P 500 notched its own record close above 6,000. The Nasdaq played it cool, inching up just 0.06% to hover around 19,298.76, capping off a rally-heavy start to the week.

STOCKS
Winners & Losers

What’s up 📈

  • Crypto Stocks continued their rally: Coinbase gained 19.76%, MicroStrategy rose 25.73%, and bitcoin miners Marathon Digital Holdings and Riot Platforms climbed 29.92% and 16.86%, respectively. ($COIN, $MSTR, $MARA, $RIOT)

  • RadNet surged 19.2% after reporting strong Q3 earnings and announcing a strategic partnership with GE HealthCare. ($RDNT)

  • Cigna rose 7.28% after announcing it will not pursue a merger with Humana, which fell 8% on the news. Cigna also reiterated its guidance for fiscal years 2024 and 2025. ($CI, $HUM)

  • Tesla rose 8.96%, building on last week’s 29% gain as investors speculated that a Trump administration could benefit the company and CEO Elon Musk. ($TSLA)

  • Wells Fargo, Bank of America, Morgan Stanley: Major bank stocks were up, with Wells Fargo rising 3.6%, Bank of America 2.1%, and Morgan Stanley 3.08% as investors anticipated looser regulations under the new administration. ($WFC, $BAC, $MS)

  • Geo Group, CoreCivic: Private prison stocks gained after Trump appointed Tom Homan as “border czar.” Geo Group rose 4.42% and CoreCivic increased 6.32%. ($GEO, $CXW)

What’s down 📉

  • AbbVie fell 12.57% after its experimental schizophrenia drug failed to show statistically significant results in Phase 2 trials, while competitor Bristol-Myers Squibb rose nearly 12%. ($ABBV, $BMY)

  • Super Micro Computer dropped 5.26% as shares continued to slide following Ernst & Young’s recent resignation as auditor and unaudited results that fell short of revenue expectations. ($SMCI)

  • Enphase Energy fell 4.84%. ($ENPH)

  • Intel declined 4.39% after reports emerged that the U.S. ordered TSMC to stop sending advanced AI chips to China, impacting chip stocks across the Nasdaq. ($INTC)

  • Reddit dipped 4.13%. ($RDDT)

CRYPTO
Bitcoin Blasts Past $88K

Bitcoin's on a bull run like never before, smashing through $88,000 following Trump’s election win, with the crypto market feeling the love. Investors are all-in on Trump's pro-crypto promises, including his pledge to make the U.S. the world’s “crypto capital” and even amassing a federal Bitcoin reserve.

Crypto stocks, from MicroStrategy to Coinbase, joined the euphoria, with shares jumping over 20% as the industry basks in a potential regulatory warm-up. It seems the Trump-trade wave is paying off big in the crypto world, and the bulls are charging.

Hitting $100K? Market's Got Its Eyes on the Prize

As crypto bulls dream of the elusive $100K mark, bets are stacking up on platforms like Deribit, where traders are banking on Bitcoin’s next big milestone. Just days after the election, Bitcoin ETFs scored record-breaking inflows of $2 billion, hinting that institutional players are back—and bringing some serious cash flow.

Citi strategists say this is “one Trump trade that keeps on trucking,” and as ETF investments pour in, the momentum has no sign of cooling off.

Trump’s Crypto Crew: The Regulatory Shakeup

Crypto fans are cheering Trump’s win not just for the price action but for the regulatory shakeup it could bring. Trump’s intentions to oust SEC Chair Gary Gensler, a known crypto hard-liner, have stoked hopes for more lenient oversight.

With a Congress full of pro-crypto allies and Trump promising to make digital assets a national priority, the road ahead looks smoother. All eyes are on whether the former crypto skeptic can turn this wave of optimism into lasting policy that fuels Bitcoin’s future ride to the top.

NEWS
Market Movements

  • 🚀 Tesla Soars on Trump Win: Tesla stock jumped 9%, pushing its market cap above $1.1 trillion as Wedbush raised its price target, citing optimism around Trump’s support for AI and autonomous driving. Short sellers faced $8.7 billion in losses since the election. ($TSLA)

  • 🔐 TSMC Stops Advanced Chip Shipments to Chinese Firms: TSMC has suspended shipments of advanced chips to Chinese companies after finding its products in Huawei devices, potentially violating U.S. export rules. The company is set to review Chinese orders to ensure compliance. ($TSM)

  • 🇨🇳 Steve Madden Cuts Chinese Manufacturing Due to Tariff Concerns: Steve Madden will reduce its production in China by 50% to avoid potential tariffs of up to 60% under Trump’s trade policies, shifting manufacturing to countries like Vietnam and Brazil. ($SHOO)

  • 🧙‍♀️ Wicked’s Merch Blitz Ahead of Holiday Film Release: Comcast-owned Universal is rolling out a massive merchandise campaign for its upcoming “Wicked” movie release on November 22, aiming to drive retail sales with exclusive, limited-time holiday offerings. ($CMCSA)

  • 🔔 Tech Giants’ Latest Updates Boost Productivity and Compatibility: Amazon is developing smart glasses for delivery drivers to improve navigation, Apple’s iOS update now supports inline reactions from Android users, and Microsoft Outlook has introduced AI-powered “Themes by Copilot” for select users. ($AMZN, $AAPL, $MSFT)

ARLINES
Haiti Shuts Airport After Spirit Airlines Jet Hit by Gunfire

A Spirit Airlines plane heading to Port-au-Prince from Fort Lauderdale was hit by gunfire upon landing on Monday, forcing a quick detour to the Dominican Republic. The unexpected gunfire incident left a flight attendant with minor injuries and caused Spirit to suspend all flights to Haiti’s capital and Cap-Haitien.

In response to the escalating violence, Toussaint Louverture International Airport shut down, with American Airlines and JetBlue also pausing their operations to the country.

The Security Crisis That’s Grounding Flights

This incident comes amid a new surge of gang violence that’s claimed more than 3,600 lives this year alone. The U.S. Embassy in Haiti issued a stark warning about “gang-led efforts” to disrupt travel, cautioning about potential armed confrontations and roadblocks across the country.

This latest shutdown hits an already vulnerable economy, with Haiti’s key transport hubs being cut off by a mix of political instability and gang dominance. Travelers are being warned to avoid the area unless absolutely necessary.

Political Instability Adds Fuel to the Fire

As if things couldn’t get more turbulent, Haiti is in the middle of a leadership shuffle. Following the ousting of Prime Minister Garry Conille, Alix Didier Fils-Aimé was sworn in as his replacement just this week, pledging to bring back “democracy and security.”

But in a nation where armed groups control swathes of the capital, Fils-Aimé’s promises face steep odds. With the political scene in turmoil and civil unrest on the rise, airlines are bracing for further disruptions, which only tighten the grip of gang-led chaos in Haiti.

Calendar
On The Horizon

Tomorrow

Small Biz Vibes: The NFIB Small Business Optimism Index for October drops, with last month’s 91.5 reading showing a pinch of anxiety. October’s expected bump to 92.0 could hint at cautious optimism—but still falls short of pre-pandemic averages. This index isn’t just a number; it’s a barometer for how small businesses feel about the economy’s outlook.

Fed Talk on Tap: A trifecta of Fed bigwigs—Governor Christopher Waller, Richmond Fed’s Tom Barkin, and Philly Fed’s Patrick Harker—are hitting the mic today. With markets itching for direction on rate cuts or pauses, any hawkish or dovish tone in these speeches could ripple across Wall Street.

Before Market Open:

  • Shopify’s been on a steady climb this year, but Q3 might slow things down. Last quarter’s $2.05 billion in revenue, a 20.7% increase, beat estimates, but analysts expect Q3 growth to taper at 23.4%, reaching $2.11 billion. With peers like GoDaddy and BigCommerce seeing modest gains, Shopify’s edge in e-commerce may face pressure as growth cools. Consensus: $0.27 EPS, $2.11 billion in revenue. ($SHOP)

  • Home Depot’s had a strong year with shares up 18%, but tomorrow’s report may cool things down. Analysts are expecting adjusted earnings of $3.65 per share on $39.3 billion in revenue, though same-store sales are projected to decline 3.1% year-over-year, marking eight straight quarters of declines. Wall Street isn’t forecasting a rebound in same-store sales until mid-2025, though demand from hurricane recovery could lead to a short-term boost. The Fed’s rate cuts could support a future lift in renovation spending, but with mortgage rates still high, recovery might be slower than hoped. Consensus: $3.65 EPS, $39.3 billion in revenue. ($HD)

After Market Close:

  • Spotify’s had a strong year, rallying 118% so far, but its Q3 report could still surprise. Analysts expect earnings at $1.73 per share on $4.4 billion in revenue, marking 380.6% and 19.5% growth year-over-year, respectively. Despite solid subscriber growth—total MAUs projected at 639.2 million, up 11.4%—the stock’s earnings beat is uncertain due to recent downward estimate revisions. Price hikes among rivals like Apple and Amazon may add pressure, but Spotify’s loyal user base and recent cost cuts could keep its bottom line resilient. Consensus: $1.73 EPS, $4.4 billion in revenue. ($SPOT)

  • Cava’s had a strong year, and all eyes are on its Q3 earnings report tomorrow. The company’s Q2 numbers set the bar high, with earnings of 17 cents per share beating expectations and revenue hitting $233.5 million, a 35% year-over-year jump. Same-restaurant sales climbed 14.4%, fueled by increased traffic and menu tweaks like grilled steak, helping Cava sustain a 26.5% profit margin despite rising costs. Expansion remains aggressive, with 341 locations and a goal of 1,000 by 2032. Analysts expect digital growth, a new loyalty program, and menu innovation to keep driving momentum. ($CAVA)

NEWS
The Daily Rundown

  • 🗳️ Election Updates: President-elect Trump swept all seven swing states, marking a clear path to his win. With many House races still being called, Republicans appear poised to secure majorities in both chambers of Congress. If confirmed, this would provide Trump a united front to advance his agenda. Meanwhile, 13 states will have female governors next year—a new record.

  • 🛑 Qatar Halts Cease-Fire Talks: Qatar has suspended its role as mediator in Gaza cease-fire talks, citing a lack of progress from both Israel and Hamas. The Gulf state, which serves as a critical U.S. ally and diplomatic broker in the region, has left the door open to resume mediation if both sides demonstrate willingness to negotiate.

  • 🚫 Elon Musk Backs “End the Fed” Movement: Federal Reserve Chair Jerome Powell has no plans to step down despite Trump’s potential pressure to remove him. In response to Fed Chair Powell’s comments, Senator Mike Lee’s call to “#EndTheFed” found support from X CEO Elon Musk, who amplified Lee’s post with a “100” emoji. The legality of firing a Fed Chair remains unclear, but Trump’s allies suggest a Supreme Court case may follow.

  • 🎭 Wicked Movie Hypes Up Merch: Part one of Wicked premiered in LA this weekend, and fans have already seen a surge in themed merchandise. From Elphaba Squishmallows to pink and green Great Value mac-and-cheese cups, the movie has embraced a fully immersive marketing approach. Following a series of Broadway-to-screen flops, Wicked is aiming to draw huge box office numbers.

  • 💰 Crypto Election Bet Pays Off: The crypto industry invested $135 million in the 2024 election, backing 58 candidates—54 of whom won. The Trump administration and Republican Congress are expected to favor pro-crypto regulations, fueling optimism for a stronger crypto market in the coming years. Super PAC Fairshake, with $78 million in reserves, is already planning for the 2026 elections.

  • 🌲 New York Parks Employee Dies Battling Brush Fire Amid Drought Conditions: A New York State Parks employee tragically lost his life while combating a brush fire near the New York–New Jersey border. Both states are grappling with ongoing fires and deteriorating air quality due to unseasonably dry conditions.

  • 🎓 Surge in U.S. Students Seeking Degrees Abroad Post-Election: Following the recent election, there has been a significant increase in U.S. students searching for bachelor's and master's degree programs abroad, with inquiries rising more than fivefold, according to Studyportals.

  • 🚫 FEMA Employee Terminated for Political Bias in Disaster Relief Efforts: The Federal Emergency Management Agency (FEMA) dismissed an employee who instructed a disaster relief team to avoid homes displaying pro-Trump yard signs, citing a violation of the agency's impartiality standards.

  • 🏈 49ers' Nick Bosa Fined for Wearing MAGA Hat During Interview: San Francisco 49ers defensive end Nick Bosa was fined over $11,000 for donning a "Make America Great Again" hat during a postgame television interview on October 27, breaching the NFL's regulations on personal messaging.

  • 🐒 South Carolina Lab Monkey Escape: One Recovered, 42 Still Missing: In South Carolina, one monkey from a group that escaped a laboratory has been safely recaptured, while 42 remain at large, prompting ongoing recovery efforts.

RESOURCES
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