🦢 Black Swan Street Weekly Stock Market Summary (June 5th - June 9th 2023)

Good Afternoon!

It’s Friday, and that means it’s time for the only thing you’re looking forward to more than the weekend: The Weekly Black Swan Street Newsletter

This is what we got for you this week:

• Stock Market Summary 🦢

• Crypto Crackdown 📉

• Other News In The Stock Market 🌎

• Next Week In The Stock Market 🔮

Let’s get into it ↓

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Stock Market Summary 🦢 

Performance This Week:

Earnings Summary This Week:

Crypto Crackdown 📉

Baaaad week for crypto. This week led us to see Coinbase and Binance being sued by the SEC. Coinbase, and its parent company CGI, are being accused of “operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program.”

Coinbase stock has taken a big hit ↓

We’ll be covering the story as it unfolds live on our Twitter

Follow us here ↓

Other News In The Stock Market 🌎

Monday

• UnitedHealth offers over $3 billion for home health firm Amedisys - ST

• SEC sues Binance - YF

• GM investing more than $1 billion in Michigan plants to boost heavy-duty truck production - FB

• Restaurant chain Cava sets IPO terms, could be valued at $2 billion - AXS

• Intel to sell $1.5 billion stake in Mobileye - RT

• Saudi Arabia cuts oil production again, this time by 1 million barrels per day - BBC

• Tesla’s China-made EV sales rose 2.4% in May from April - RT

• KKR to take machinery maker Circor private in $1.6 billion deal - RT

• Palo Alto Networks set to join S&P 500 - YF

• Spotify lays off 200 employees, or about 2% of workforce - CNBC

Tuesday

• AIG seeks to sell 65M shares of Corebridge in secondary offering - ZCKS

• GitLab soars on plan for new AI-powered product - RT

• Reddit to cut 5% of workforce - MW

• Crypto exchange Binance hit by outflows of $780 million in last 24 hours - TS

Wednesday

• Affirm stock soars on new deal with Amazon Pay - YF

• GameStop fires its CEO, Matt Furlong - TV

• Warner Bros. Discovery shares jump as CNN CEO Chris Licht is fired PCO

• Tesla Model 3 now qualify for $7,500 tax credit - FB

• Coinbase sued by SEC - YF

Thursday

• Carvana rallies 56% on stronger-than-expected Q2 guidance outlook - YF

• GM to use Tesla’s charging network for EVs - FB

Friday

• UBS CEO signals takeover of Credit Suisse could be completed by Monday - RT

• Fisker to open China delivery center in 2023 and start deliveries of Fisker Ocean SUV in Q1 2024 - YF

• NY AG approves $17.3 billion opioid settlement with CVS, Walgreens, Teva, and AbbVie’s Allergan - MW

• Target shares downgraded again on sales concerns - FB

• U.S. will buy 3 million more barrels of oil for emergency reserve - BBG

Next Week In The Stock Market 🔮

Earnings Next Week:

Next week’s going to be a slower week for earnings. That being said, there are still some heavy hitters reporting…

What The Swan Is Watching:

Monday: Oracle

Wednesday: Lennar

Thursday: Jabil, Adobe, Kroger

Economic Calendar Next Week:

The Swan’s Picks 🦢

• 😎 Apple Vision Pro is Apple’s new $3499 AR headset. It’s described as “the device uses passthrough video that lets you see the real world in full color, but you can project 3D objects into real space.

• ⛳️ PGA Tour to merge with Saudi-backed LIV golf. LIV Golf, backed by the Saudi Public Investment Fund, recieved plenty of backlash when coming onto the scene. Now, they’re merging with the largest players on the golf scene, The PGA Tour.

• 🦢 The Building in Public of Black Swan Street. Every week, we go behind the scenes and show you the business of Black Swan Street from a different perspective.

That’s all we got for this week!

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