Black Swan Street Weekly Stock Market Summary (June 10-June 14 2024)

Welcome to Black Swan Street!

Welcome back to another edition of Black Swan Street!

It was an action-packed week, so let’s get into it:

• Should Google Be Worried About Apple Intelligence🤖

• The Swan’s Selections🦢

• In Other News🗞️

• Next Week In The Stock Market🔮

• The Swan’s Story Of The Week🦢

Read time: 6 minutes

Should Google Be Worried About Apple Intelligence🤖

Apple and Google’s relationship can be classified into many things: friends, collaborators, enemies, and competitors.

It’s a strained partnership that pits them together and against each other amongst their various departments.

They have worked hand in hand when it comes to search and online advertising; however, this may now change as Apple looks to partner with OpenAI to bring ChatGPT to the iPhone.

To say that things have not been difficult for Google would be inaccurate.

With many AI misfires for Google this year, people often overlook the significance of the landmark antitrust lawsuit against Google’s search engine dominance.

Apple was featured heavily in this lawsuit.

Pivoting at the perfect time, an opportunity has fallen to them at the most convenient hour as AI looks to change everything that we know about search and the way that people seek out information online.

Read the full story (here)

A Message From Betterment…

Make your money rise and grind while you sit and chill, with the automated investing and savings app that makes it easy to be invested.

Learn more.

The Swan’s Selections🦢

📺Tesla Vote Passes. Tesla Shareholders Approve Elon Musk's $56 Billion Pay Deal. The Tesla board won approval for Musk's pay package Thursday with 77% of the total vote of shares. Here is why this was bound to happen.

📺Google Debuts Ad Streaming Network. Advertisers can now place unskippable in-stream ads on more than 125 live channels, adding yet another revenue source for the search engine business. With over 20 million monthly Google TV devices, this can set up a new healthy revenue stream for the company.

🔀240 Year Old Rebrand. Bank of New York Mellon was founded 240 years ago by founding father Alexander Hamilton. This week it was announced, the oldest U.S. bank is getting a new name. Bank of New York Mellon will now be known as ‘BNY’.

💰Everything Must Go Sale! New York Community Bancorp acquired the assets of the failed Signature Bank this week. The estimated total fair value of these assets is $37.8 billion - ~$24.9B in cash and cash equivalents and ~$11.7B in loans and leases. NYCB also assumed an estimated fair value of $35.7B in liabilities - ~$33.5B in customer deposits.

🏦Wells Fargo Fires Employees. Who would have thought that faking your keyboard strokes could get you fired? That is what happened this week at Wells Fargo: bankers were caught slacking on the job, likely with a $20 mouse mover from Amazon.

In Other News🗞

• U.S. added 272k jobs in May, dimming rate cut hopes - RT

• Activist investor ‘Elliott Investment Management’ built a $2B stake in Southwest Airlines - WSJ

• CrowdStrike, KKR, and GoDaddy will join the S&P 500 - RT

• GM partnered with Costco to drive EV sales - CNBC

• Japan banks to divest strategic Toyota shareholdings worth $8.5B - RT

• Apple introduced 'Apple Intelligence' and new OpenAI partnership in AI push - WSJ

• Outstanding zero-coupon Treasury bonds rose to a ~$500B high - BBG

• OpenAI named its first CFO and chief product officer - CNBC

• GM cut EV production forecast and approved a $6B share buyback - RT

• App developer Voodoo will acquire social media platform BeReal for $537M - FT

• CPI inflation slowed to 3.3% YoY in May - CNBC

• Citron Research closed its GameStop short position - RT

• EU will slap 48% tariffs on China EV imports - BBG

• Wells Fargo fired over a dozen employees for faking work - BBG

• US PPI fell to 2.2% YoY to its lowest since October - CNBC

• Tesla shareholders approved Musk's $56B pay package and firm's move to Texas - RT

Next Week in the Stock Market🔮

Earnings Calendar Next Week:

Economic Calendar Next Week:

The Swan’s Story Of The Week🦢

Bill Ackman's Investing Process

Bill Ackman is one of the most prominent figures in finance and the founder and CEO of Pershing Square Capital Management.

Ackman founded hedge fund ‘Pershing Square’ in 2004 and has grown the fund’s assets under management from $500 million to well over $18 billion over the course of the last two decades.

But we’re not here to simply admire Bill Ackman’s success. We’re here to reveal Bill Ackman’s strategies and show how you can apply it to your investing strategy.

We’ve spent countless hours studying Ackman and the strategies he’s employed over the years.

Read it all (here)

The Wrap-Up🔄

🎊🎉 That’s it for this week of Black Swan Street🎉🎊

Have a great weekend!