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- Udemy | July 9th, 2024
Udemy | July 9th, 2024
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Today's insights are courtesy of Udemy, they offers courses on a variety of topics, including business, technology, personal development, and creative pursuits.
| Market | Day | Month | Year |
|---|---|---|---|
| Dow | ▼0.08% | ▲1.52% | ▲16.82% |
| S&P | ▲0.10% | ▲4.23% | ▲26.69% |
| Nasdaq | ▲0.28% | ▲7.43% | ▲34.50% |
| Bitcoin | ▼4.10% | ▼19.41% | ▲85.13% |
| 10-Year | ▲0.00% | ▲1.49% | ▼0.61% |
GOOD MORNING
Here's everything you need to know today: Earnings season is kicking into high gear as Wall Street investors closely watch companies like Microsoft, Apple, and Google report critical earnings. This period of significant market activity and likely volatility will see many companies report quarterly results in the upcoming weeks, with the most intense reporting on July 22.
Eli Lilly has announced its acquisition of Morphic for $3.2 billion to enhance its immunology pipeline with oral integrin therapies. This strategic move targets inflammatory bowel disease and is expected to significantly boost Lilly's competitive edge in the biotech sector.
Galaxy Digital’s latest report projects that Ethereum spot ETFs, rumored to be approved this week, will attract approximately $1 billion per month in inflows over the first five months of trading. This significant milestone for the crypto sector is expected to enhance institutional adoption and drive greater accessibility to Ethereum.
Let’s dive into more detail below.
EARNINGS SEASONING
Earnings Season Hits Full Throttle as Markets Brace for More Bullishness
Wall Street investors are closely watching as companies like Microsoft, Apple, and Google look to critical report earnings
BREAKING NEWS
Earnings season is kicking into high gear as the financial world braces for a critical period of market activity and likely volatility.
Many companies will report quarterly results in the upcoming weeks, with the most intense reporting on July 22.
With significant implications for investment strategies and economic outlooks, market participants are closely watching this earnings season to gauge the health and direction of the economy.
WHAT HAPPENED
Many companies, including tech giants like Microsoft, Apple, and Google, will disclose their financial performance in July and August. This surge will likely provide critical insights into various sectors, influencing investor sentiment, market trends, and the future of markets in 2024.
The data highlights the significant impact of the week of July 22, which stands out with nearly half of the market cap at stake. This includes critical disclosures from technology heavyweights, healthcare leaders, and financial giants, sectors that collectively drive market performance. In July, notable weeks include July 15 and July 29, accounting for 10% and 16% of the market cap, respectively, featuring influential companies like Tesla, UnitedHealth, Procter & Gamble, and Merck.
In the weeks following, the reporting activity continues with essential contributions from companies across various industries. Notable reports come from Nvidia and Home Depot, while other weeks include vital players such as JPMorgan Chase, Berkshire Hathaway, and Salesforce.
Each week provides additional granularity and helps investors refine their strategies based on sector-specific performances and emerging trends.
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M&A
Eli Lilly Acquires Morphic for $3.2 Billion
Morphic develops oral treatments for serious diseases like autoimmune disorders, heart disease, fibrosis, and cancer
BREAKING NEWS
Eli Lilly has announced its acquisition of Morphic for $3.2 billion to enhance its immunology pipeline with oral integrin therapies. Morphic's stock exploded surging 75% while Eli Lilly rose a modest 3.4%.
This deal involves Morphic's development of treatments for inflammatory bowel disease, currently in Phase 2 trials.
This acquisition will strengthen Lilly's position in the gastroenterology market, potentially improving treatment and expanding therapeutic options for chronic disease patients.
WHAT HAPPENED
Eli Lilly's strategic $3.2 billion acquisition of Morphic aims to incorporate its innovative oral integrin therapies into its immunology portfolio, explicitly targeting inflammatory bowel disease.
A recent study estimates that nearly 1 in 100 Americans have inflammatory bowel disease. It reveals a growing burden the disorder inflicts in the U.S., where up to 56,000 new cases are diagnosed each year.
This acquisition is expected to significantly enhance Lilly's competitive edge in the biotech sector, boosting investor and market confidence, likely driving Lilly's stock value up 6% monthly and hitting a new all-time high on Monday. Contributing factors include Morphic's promising clinical trials for MORF-057 and its proprietary technology platform, which attracted Lilly's interest.
Long-term expect to see accelerated development and commercialization of new therapies, which would improve patient outcomes and expand market share.
CRYPTO
Galaxy Digital Predicts Ethereum ETFs Will Attract $1 Billion Monthly Inflows
VanEck and other industry giants are gearing up to launch Ethereum ETFs, promising substantial investor interest
BREAKING NEWS
At the moment, Bitcoin and Ethereum are looking bearish, yet Galaxy Digital’s latest report explores the anticipated market impact and demand for Ethereum spot ETFs, which are rumored to be approved this week.
With the SEC’s recent approval of 19b-4 filings, multiple issuers are poised to launch Ethereum ETFs, projected to attract substantial inflows and significantly shape Ethereum’s market dynamics.
This development represents a significant milestone for the crypto sector, heralding greater accessibility and enhanced institutional adoption.
WHAT HAPPENED
Galaxy Digital’s report projects that Ethereum spot ETFs will attract significant inflows, estimated at approximately $1 billion per month over the first five months of trading. This figure represents 20-50% of the inflows observed for Bitcoin ETFs, which have garnered significant investments since their launch.
The report also emphasizes that retail and institutional investors will drive demand for Ethereum ETFs. This mirrors the trend seen with Bitcoin ETFs, where institutional participation has notably increased over time. Major financial institutions and hedge funds are expected to play a crucial role in this demand, bolstered by crypto's growing acceptance and integration into mainstream investment portfolios. For example, on Monday, VanEck (AUM 89.5 billion) officially filed an S-1 for its Spot Ethereum ETF along with 21 Shares (AUM $3.22 billion).
It should be noted a significant portion of Ethereum’s supply is locked in staking, intelligent contracts, and other mechanisms, which ultimately reduces the liquid supply available for trading. This tighter supply condition means that new ETF inflows could have a more pronounced impact on Ethereum’s price, potentially driving higher volatility and more excellent price appreciation relative to Bitcoin.
YESTERDAY | Here’s what you missed |
1. Bitcoin Drops Anew on Fears of Sales from Mt. Gox Distributions
Bitcoin is under pressure again due to concerns about possible sales by creditors of the failed Mt. Gox exchange, which has begun returning a roughly $8 billion hoard of the largest digital asset. This distribution is expected to weigh on Bitcoin's price in the near term.
2. Tesla on the Verge of a 9-Day Winning Streak Amid Tech Stock Rally
Tesla Inc. is nearing a nine-day winning streak as prominent tech stocks, including Nvidia, Apple, and Microsoft, continue to rise. The remarkable performance reflects investor optimism in Tesla's market position and growth prospects.
3. Danish Brewer Carlsberg to Acquire Britvic in $4 Billion Deal
Carlsberg has agreed to purchase the soft drinks maker Britvic for $4 billion after improving its offer. This acquisition aims to expand Carlsberg's presence in the soft drinks market, diversifying its portfolio beyond alcoholic beverages.
4. Euro Slips After French Vote as Busy Week Begins
The euro fell in early trading after initial projections showed a left-wing coalition was set to win the French legislative election. This outcome has raised concerns about the country's financial stability and political direction.
5. Eli Lilly to Acquire Morphic Therapeutic in $3.2 Billion Deal
Eli Lilly has announced plans to acquire Morphic Therapeutic, a biotech company focused on oral integrin drugs for chronic diseases, for $3.2 billion. This acquisition enhances Lilly's portfolio in the autoimmune space, reflecting continued interest in innovative therapies.
6. Paramount Global to Merge with Skydance Media
Paramount Global has agreed to merge with Skydance Media, marking a significant consolidation in the entertainment industry. This merger is expected to create synergies and strengthen the competitive position of the combined entity in content creation and distribution.
7. Germany Moves Another $28 Million in Bitcoin to Bitstamp, Coinbase
The German government has moved 250 BTC each to the crypto exchanges Bitstamp and Coinbase, with an additional 500 BTC sent to an unidentified address. This action is part of the ongoing liquidation of seized crypto assets, influencing market dynamics.
8. Amazon's Turnaround Under CEO Andy Jassy Earns Wall Street's Confidence
After a challenging start as CEO, Andy Jassy has led a massive turnaround at Amazon, earning Wall Street's confidence and generating record profit. This strategic overhaul has positioned Amazon for continued growth and success.
9. Delivery Hero Warns of Potential €400M Antitrust Fine
Berlin-based food delivery giant Delivery Hero has warned investors it may face an antitrust fine of up to €400 million. This potential penalty comes amid increased regulatory scrutiny in the competitive food delivery market.
10. Tesla Investors to Urge Judge to Reject $7 Billion Legal Fee in Musk Pay Case
Tesla shareholders will appear in court to argue that an unprecedented request for more than $7 billion in attorneys' fees related to the Elon Musk pay case is excessive. This legal battle highlights the contentious issues surrounding executive compensation.
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Today's insights are courtesy of Udemy, they offers courses on a variety of topics, including business, technology, personal development, and creative pursuits.
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