Markets Continue Their March Upwards

Good morning. It's August 20th, and today we’ll look at Lowe’s disappointing results, an unexpected last-minute bid in the Paramount acquisition saga, and a $5 stock that has nearly doubled in premarket trade.

Previous Close 📈

The major indices continued their bounce back after the massive fall earlier in August.

Futures

Futures are flat today as investors await Federal Reserve Chair Jerome Powell’s remarks later during the week.

What to Watch

Medtronic will share their earnings data before the market opens today.

We will also have Atlanta Fed President Raphael Bostic’s speech at 1:35 p.m., followed by Fed Vice Chair for Supervision Michael Barr’s speech at 2:45 p.m.

After hours, keep a close eye on Keysight Technologies and Coty, who will declare their quarterly results.

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Retail

Lowe's Reduces Its Annual Projections Due to Softening Home Renovation Market

Lowe's has lowered its annual profit and sales forecasts, citing weaker-than-expected demand for home improvement projects as economic uncertainties discourage consumers from investing in costly renovations.

The company’s revised outlook mirrors that of its larger competitor, Home Depot, which also recently issued downbeat projections.

Higher borrowing and mortgage rates have hit the home improvement sector, leading to subdued demand for new homes, which in turn has impacted sales at Lowe's and Home Depot.

Fewer new home sales in May and June have contributed to reduced store traffic for these companies. Additionally, unseasonably warm weather has further dampened sales, as consumers delayed lawn and home renovation projects during the spring season.

Lowe's reported a 5.1% decline in second-quarter comparable sales, surpassing analysts' expectations of a 4.11% drop.

The company adjusted its full-year earnings per share forecast to $11.70-$11.90, down from the previous estimate of $12.00-$12.30.

It is also expecting a 3.5-4% decline in comparable sales for 2024, worse than its earlier forecast of a 2-3% drop.

Lowe's shares are trading at a 1% decline in premarket.

Cryptocurrency

State Street Partners With Taurus to Launch Digital Asset and Tokenization Services

State Street, a major player in financial services, announced a partnership with Swiss crypto company Taurus to expand its digital asset services, including the tokenization of real-world assets.

This move aims to meet the growing demand from institutional investors for diversified investment options and the ability to hedge against inflation using digital assets.

Through this partnership, State Street will offer custody services for clients' crypto assets and assist in creating tokenized assets like funds and securities.

Tokenization, the process of converting ownership rights of traditional assets into digital tokens on a blockchain, is seen as a way to enhance transparency, security, and ease of trading.

The collaboration reflects a broader trend of traditional financial institutions venturing into the crypto space. With increasing institutional interest in regulated crypto products, State Street aims to position itself as a trusted partner for asset managers seeking to integrate digital assets alongside traditional finance.

State Street's plans to offer crypto custody services are contingent on changes to SEC regulations that currently make it costly for publicly listed banks to hold crypto assets for clients.

The partnership with Taurus is a significant step in State Street’s ongoing efforts to expand its digital asset capabilities in response to rising institutional demand.

Media & Entertainment

Bronfman Challenges Skydance With $4.3 Billion Paramount Offer

Edgar Bronfman Jr., a veteran media executive, has submitted a rival bid of approximately $4.3 billion to acquire Paramount Global through National Amusements, the family-holding company that controls the media giant.

This move introduces a new twist in the ongoing sale process, which had been poised for a deal with Skydance Media, led by tech scion David Ellison.

Bronfman’s offer includes $2.4 billion in debt and equity for National Amusements and an additional $1.5 billion to strengthen Paramount’s balance sheet, potentially reducing the company’s debt. He has also accounted for a $400 million breakup fee to terminate the existing deal with Skydance, making his bid competitive.

Skydance had previously agreed to acquire Paramount in a complex transaction involving the purchase of the Redstone family's controlling stake, with plans to merge into the larger publicly traded company.

However, with the “go-shop period” for evaluating other offers set to end on August 21, Paramount’s board is now faced with deciding whether to extend this period and fully assess Bronfman’s proposal.

Bronfman, who has a history in the media industry, including leading Warner Music Group and a previous bid to acquire Time Inc., believes his offer is superior as it does not involve acquiring Skydance.

The special committee of Paramount’s board is expected to review the offer this week and determine its viability.

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Titan Pharmaceuticals, Inc. [TTNP] - Last Close: $5.02

Titan Pharmaceuticals is surging by 103% in premarket trading.

The company announced a merger agreement with KE Sdn. Bhd., a well-established distributor of human capital management solutions in the Asia-Pacific region.

The merger is seen as a strategic move to shift Titan's focus from its previous drug development efforts to a new business area with promising growth potential.

This is seen as an opportunity for value creation and a fresh direction for Titan, which has been exploring strategic alternatives to enhance shareholder value.

Actelis Networks, Inc. [ASNS] - Last Close: $1.30

Actelis Networks is rallying by 20% following the announcement of a strategic partnership to launch an AI-powered cybersecurity SaaS specifically for IoT networks.

This new offering, part of Actelis' “Cyber Aware Networking” initiative, integrates advanced AI-driven threat detection and mitigation directly into their networking devices.

Through this partnership, Actelis is positioning itself as a key player in the $306 billion IoT security market.

Bit Digital, Inc. [BTBT] - Last Close: $2.99

Bit Digital's stock is rallying by 15% so far before the opening bell today.

The company announced impressive financial results for the second quarter of 2024, which saw a 220% increase in total revenue to $29.0 million compared to the same period in 2023.

This growth was primarily driven by the commencement of its high-performance computing (HPC) services and higher bitcoin prices. The company also reported significant operational milestones, including the earning of 244.2 bitcoins and the recognition of $12.5 million in revenue from its new HPC business.

Additionally, Bit Digital announced a potentially lucrative partnership with Boosteroid, the world's third-largest cloud gaming provider. The partnership could generate over $700 million in revenue over five years.

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Everything Else

• Morgan Stanley’s chairman and a tech entrepreneur are among those missing in the Sicily yacht tragedy.

• European markets await fresh economic cues amid easing recession fears.

• Tesla's China-made EVs will face a lower 9% EU tariff as Brussels finalizes anti-subsidy findings.

• Seven & I shares are falling as regulatory hurdles loom over Couche-Tard's acquisition bid.

• Riksbank slashed its rates to 3.5% and hinted at more cuts by year-end.

• TSMC begins construction of its $10.9 billion German plant to strengthen Europe’s chip independence.

That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.

Best Regards,

— Adam Garcia
Elite Trade Club

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