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Happy Monday! Have a great week:
👉 24/7 Stock Market
👉 General Motors earnings are in
👉FTC blocks merger
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NYSE: 24/7 Trading
The New York Stock Exchange (NYSE) is surveying market participants about the idea of trading stocks 24/7. This interest in extended trading hours for blue-chip stocks has been sparked by the ongoing 24/7 trading in cryptocurrencies and increased retail trading during the COVID-19 lockdowns. Currently, other major markets such as US Treasuries and major currencies already operate round-the-clock. Some brokers offer 24-hour trading during weekdays by matching trades within their systems or through dark pools.
Source: Medium
The NYSE's survey also explores whether trading should be extended to weekends and how to manage overnight trading, including staffing and protecting investors from price swings. They are considering whether focusing on overnight trading might impact regular trading hours.
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EARNINGS: General Motors
On Tuesday, General Motors upgraded its 2024 financial outlook after exceeding Wall Street's revenue and profit expectations for the first quarter. The company now expects adjusted earnings between $12.5 billion and $14.5 billion, and free cash flow between $8.5 billion and $10.5 billion.
Source: WSJ
The company reported a 7.6% increase in revenue to about $40 billion and a 26% rise in net income to $2.95 billion for the quarter. The key to this growth were strong sales of high-end pickups, such as the Chevrolet Colorado and GMC Canyon, and entry-level SUVs like the Chevrolet Trax. GM also increased its U.S. inventory by 77,000 vehicles, a 17% rise from the end of 2023, further boosting revenue since GM records sales upon vehicle production. GM also noted its production of electric vehicles is accelerating, aiming to produce between 200,000 and 300,000 units in 2024.
FTC: Blocks Merger
On Monday, the U.S. Federal Trade Commission sued to block Tapestry, the parent company of Coach and Kate Spade, from acquiring Capri Holdings for $8.5 billion. This legal challenge pauses a major merger in the luxury retail industry, which would combine well-known brands like Coach, Kate Spade, Versace, Jimmy Choo, and Michael Kors under one roof. The FTC argues the merger would hurt consumers and reduce competition, while Tapestry contends the agency misunderstands market dynamics and consumer behavior.
Source: UPI
Both companies intend to fight the lawsuit, aiming to complete the merger by 2024. The deal had already been approved in Europe and Japan, awaiting only U.S. approval. Tapestry's CEO Joanne Crevoiserat believes the merger will significantly expand their global market presence and increase revenues to over $12 billion annually.
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Source: Bloomberg, Tavi Costa
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