🦢 Black Swan Street Weekly Stock Market Summary (June 20th - June 23rd 2023)

Hello! Hello! Hello!

It’s Friday, the weekend is near, and that means Black Swan Street is sliding in your email like this ↓

This is what we got for you this week:

• Stock Market Summary 🦢

• Nvidia Board Member Cashes Out 💰

• Other News In The Stock Market 🌎

• Next Week In The Stock Market 🔮

Let’s get into it ↓

Get the Black Swan Street newsletter sent directly to your inbox

Join for free here ↓

Stock Market Summary 🦢 

Performance This Week:

Earnings Summary This Week:

Nvidia Board Member Cashes Out 💰

You know Nvidia? The company that mentioned ‘Generative AI’ 43 times on their earnings call back in May? The company that essentially started the AI bubble? 

Well, they’ve had a crazy year. 

After that earnings call back in May, Nvidia’s stock rose over 25%, which propelled the company to an over $1 trillion market cap.

YTD, Nvidia’s stock is up almost 200%

And let’s just say, the board members are cashing out. Mark Stevens is someone who’s been on Nvidia’s board of directors since 2008 and was the second-largest shareholder investor. Recently, Stevens has unloaded some of his shares. How much to be exact? 118,602 shares of Nvidia over the recent trading sessions.

So, how much did he make from the trade?

Over $50 million.

Stevens sold the shares at a price range between $429.90 - $434.20

The crazy part is… He owns plenty more. Stevens still owns over one million shares in a trust he shares with his wife, along with 1.98 million shares in another trust and 1.29 million shares he owns directly.

We also saw:

Board member, Tench Coxe, pocketed $21 million from selling some of his stock, after pocketing $38 million from an earlier sale in June.

Board member, Harvey Jones, recently sold over $48 million worth of stock. This was after selling more than $28 million earlier in the month.

One thing is clear: Nvidia’s insiders are selling.

Other News In The Stock Market 🌎

Monday

Market Closed

Tuesday

• KKR to buy nearly $44B of PayPal’s buy now, pay later loans in Europe - RT

• China’s Nio to get near $740M investment from Abu Dhabi-backed firm, aka 7% stake - RT

• Nike stock slips as analysts warn of inventory problems ahead of earnings - YF

• Rivian & Tesla reach deal for using EV supercharger network - FB

• Goldman Sachs joins Wall Street banks in cutting China’s growth - CNBC

• Intel to build $33B chip plant in Germany with government help - FB

• Eli Lilly to acquire Dice Therapeutics for $2.4B in autoimmune treatment push - CNBC

• Alibaba CEO to step down to focus on cloud business - CNBC

Wednesday

• Bitcoin rallies 10% to highest level in over a month as traders get bullish on ETF news - CNBC

• FTC sues Amazon over ‘deceptive’ Prime sign-ups and cancellation process- CNBC

• Tesla stock sinks as Barclays says it’s time ‘to move to the sidelines’ - YF

• Logitech’s board approves $1B share buyback program - MW

Thursday

• Bank of England surprises with 50 basis point rate hike, bringing interest rates to 5% - CNBC

• U.S. jobless claims holds steady at 20-month high - RT

• SEC fines JPMorgan subsidiary deleting 47 million emails - CNBC

• Ocado shares surge on Amazon takeover rumors - BBC

• Ford-SK venture to get $9.2B U.S. loan for battery plants - RT

• Science Applications gets $1.3B contract to provide cloud services - MW

• Apogee Therapeutics files for IPO - MW

• Overstock wins Bed Bath & Beyond assets with $21.5M bid - USAT

Friday

• Ford preparing for another round of layoffs - FB

• U.S. equity funds see biggest outflow in 12 weeks - RT

• Virgin Galactic shares sink as company raises $300M in common stock, seeks $400M more - YF

• GSK soothes investors by settling first Zantac cancer lawsuit due for U.S. trial - RT

• Starbucks union says workers at more than 150 stores will strike - CNBC

Next Week In The Stock Market 🔮

Earnings Next Week:

What The Swan Is Watching:

Monday: Carnival Corp

Tuesday: Walgreens, TD SYNNEX

Wednesday: General Mills, Micron Technology

Thursday: Nike

Friday: Constellation Brands

Economic Calendar Next Week:

That’s all we got for this week!

Except for one more questions…

We love and really appreciate feedback. Please reply to this newsletter and let us know anything you liked, didn’t like, or would want to see in future editions.

We want to always be improving the newsletter for your experience!