Trump selling bibles

Author

Adam Garcia
August 16, 2024

Good morning. It's August 16th, 2024, and today, we are taking a look at Bayer shares moving higher due to their legal win, Trump's crypto holdings, and META being probed by top US lawmakers over some controversial ads.

Futures 📈

Futures are little changed this morning, and the major indexes are essentially flat as the markets await the next move from the fed.

What to watch

Today's economic calendar includes the release of Housing Starts and Permits in the morning, followed by the Consumer Sentiment Index and Year-ahead Inflation Expectations later in the day.

In the afternoon, the Baker Hughes Rig Count will provide insights into activity in the energy sector.

A tiny stock could be preparing to pivot into a new trading range after a recent pullback.

Shares have been holding strong at a key support level, and a recent analyst upgrade could be the catalyst it's been waiting for.

Conglomerates

Bayer shares surge on legal win in roundup cancer claims.

Bayer's shares saw a significant rise this morning following a pivotal legal win concerning its widely-used Roundup weed killer. The German life sciences company announced that the 3rd U.S. Circuit Court of Appeals in Philadelphia ruled in its favor, rejecting a claim that Roundup's label should have included a warning about cancer risks. The case was brought forward by David Schaffner, a landscaper who was diagnosed with non-Hodgkin’s lymphoma in 2006. Schaffner alleged that his illness was due to prolonged exposure to Roundup, both in his professional work and on his personal property.

Bayer acquired Monsanto, the original manufacturer of Roundup, in 2018, inheriting a wave of legal challenges related to the product. The court's decision marked a crucial moment for Bayer, as it affirmed that the Federal Insecticide, Fungicide, and Rodenticide Act requires uniform labeling laws across states, thus preventing Pennsylvania from imposing additional warning requirements.

This ruling stands out as it contrasts with other decisions made by federal appeals courts, and Bayer is now considering bringing the matter before the U.S. Supreme Court to resolve these discrepancies. The company emphasized the importance of this decision, not just for its ongoing litigation, but also for setting a precedent on federal preemption in labeling laws. As Bayer continues to navigate a complex legal landscape, with thousands of claims still pending, this latest development could have far-reaching implications for the future of Roundup litigation in the U.S.

Politics

Trump’s Financial Disclosure Reveals Over $1 Million in Crypto Holdings and $300K from Branded Bible Sales

Former President Donald Trump's latest financial disclosure reveals that he owns over $1 million in cryptocurrency and earned $300,000 from the sale of branded Bibles. The Bible, known as "The Greenwood Bible," retails for $59.99 and includes lyrics from "God Bless the U.S.A." by Lee Greenwood. A special edition with Trump's signature is also available for $1,000.

In addition to his Bible sales, Trump has made a significant investment in cryptocurrency, with his holdings valued between $1 million and $5 million. This is a notable shift from his earlier stance when he criticized digital currencies during his presidency. Recently, however, Trump has taken a more favorable view, encouraging the growth of cryptocurrency and highlighting its potential benefits, especially in comparison to China’s involvement in the sector.

Trump’s financial disclosure also provided an updated valuation of his social media company, Trump Media & Technology Group Corp., which he now estimates to be worth more than $50 million, up from the previous year's estimate of between $5 million and $25 million. Additionally, the number of trademarks he holds in China has surged from just two in his previous disclosure to over 100, reflecting a significant expansion of his business interests.

Technology

Lawmakers Urge Zuckerberg to Address Illicit Drug Ads on Facebook and Instagram

A group of bipartisan federal lawmakers has sent a letter to Meta CEO Mark Zuckerberg, expressing serious concerns over the company's apparent failure to prevent the spread of ads promoting illicit drugs on Facebook and Instagram.

The letter, signed by 19 members of Congress, references recent investigations by The Wall Street Journal and the Tech Transparency Project. These reports highlighted a surge in advertisements on Meta's platforms that directed users to third-party sites where they could purchase prescription drugs, cocaine, and other illegal substances.

The lawmakers emphasized that despite being under investigation by U.S. federal prosecutors for allegedly facilitating the sale of illegal drugs, Meta continues to allow such ads to run on its platforms. They noted that these ads were neither hidden on the dark web nor confined to private social media groups but were openly visible and approved by Meta's advertising processes.

The signatories, including Representatives Tim Walberg, Gus Bilirakis, Kathy Castor, and Lori Trahan, criticized Meta's apparent oversight and its continued opposition to congressional efforts aimed at improving data privacy and security. The lawmakers highlighted that while Meta claims to offer personalized experiences to users, the company's internal systems failed to detect and remove ads containing blatant references to illegal drugs.

The letter also included 15 specific questions aimed at understanding how Meta is addressing this issue and requested Zuckerberg’s response by September 6. Meta has acknowledged receiving the letter and stated that it plans to respond

Take a look at this chart. The red bars show where 20 well-respected Wall Street institutions—like JPMorgan, Goldman Sachs, and Morgan Stanley—predicted the S&P 500 would be by the end of 2024. But here we are, only halfway through the year, and the S&P 500 has already surpassed every single one of those predictions.

How did they miss the mark so badly?

These Wall Street giants clearly have no clue about the dramatic event that’s about to hit U.S. stocks in the coming weeks—an event we've only seen 13 times since 1920. It could send certain stocks soaring by 100%, or even 1,000%, in a very short window of time… or wipe out the portfolios of those who are unprepared.

Movers and Shakers

Cingulate Inc [CING] - Last Close: $4.80

CING is continuing to rally today.

Shares of the biopharma company are up almost 80% today after closing yesterday up 160%

Shares started rallying on news that the company was issued a European patent for its lead ADHD treatment drug.

My Take: With CING quadroupling over the past two days it would be best for investors to watch from the sideline.

Quantum BioPharma Ltd. [QNTM] - Last Close: $4.27

Quantum biopharma is among one of the biggest gainers in the market this morning.

Shares are up 15% in pre-market trading.

Yesterday, the company announced the completion of a name change, a 65:1 reverse split, and a new ticker.

The company also announced a convoluted new share class structure.

My Take: Low liquidity and the reverse split make this one a pass from me.

Shimmick Corporation [SHIM] - Last Close: $2.40

Shares of Shimmick are falling in pre market trading.

The stock is down nearly 27% after announcing their second quarter results after the bell yesterday.

The water infrastructure provider had a net loss of $51 million on revenue of $91 million.

The company also announced a settlement agreement on litigation of a federal lock and dam project where the army corp of engineers will pay SHIM $33million.

My Take: SHIM is a big goverment contractor and this could be an opportunity to pick up shares cheaply as the company tries to turn things around.

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Everything else

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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