Raytheon Bags $985M Contract with the Pentagon for Missile Prototype

Per Reuters Raytheon Technologies won a $985 million contract with the Pentagon for prototypes of a hypersonic attack cruise missile. This follows its $3.2 billion SPY-6 radar contract with the US Navy. The company beat Boeing and Lockheed Martin for the contract to develop hypersonic weapons that run

FedEx Investors Lose Confidence in Company's Forecasting Abilities Dropping 28% Since New CEO

Per Reuters Investors are questioning the ability of FedEx to make forecasts. Its stock has fallen 28% since Raj Subramaniam was named CEO. The company is in hot water for issuing over-optimistic, full-year profit forecasts. Investors believe FedEx can generate higher profits by slashing costs, shedding assets, and

Mesa Plans to Solve Pilot Shortage Through Interest-Free Loans for Flying

Per Wall Street Journal Mesa Air is optimistic that offering interest-free loans will help solve the pilot shortage. The loans are designed to be used for logging the needed flight hours for pilots to qualify to work for the company. On top of this, the company has bought 29

Luxury-Home Purchases Drop by a Record-Breaking 28% as Bay Area Hit the Most

Per Redfin As purchases of non-luxury homes fell 19.5% during the last three months ending on Aug 31, purchasing of luxury homes fell 28.1%. The last time luxury homes fell this hard was in 2012 when the market saw a 23.2% plunge in luxury home purchases.

Wells Fargo's Michael Schumacher: FED is Raising Rates too Slowly, 'Why Not Just Rip Off the Band-Aid?'

Per CNBC Michael Schumacher from Wells Fargo Securities says the Federal Reserve is raising rates too slowly. The head of macro strategy said if it were him, he would seriously consider a 150 basis point hike. Schumacher acknowledged how this move could violently shake the markets and suggests the bond

Ford Drops $7B in Market Valuation Signifying Worst Day Since 2011

Per CNBC Ford stock is down by 12.3% with roughly $7 billion knocked off from its market value. This is only second to Jan 28, 2011 when the automaker's stock fell 13.4% in one day. The drop came as the automaker warned investors of $1 billion

Amazon Air Growth Slows Down After Pandemic Acceleration

Per Bloomberg The rate of growth of Amazon Air has slowed down to just 3.8% from March 2022 to September 2022. Previous growth for Amazon Air was the following: * 7.9% from August 2021 to March 2022 * 17.1% from February 2021 to August 2021 * 14.75% from September

Morgan Stanley Pays $35M Fine to the SEC for Putting 15M Customers at Risk

Per Bloomberg The SEC says Morgan Stanley didn't dispose their devices properly leading to 15 million clients from 2015 to around 2020 being compromised. The broker paid a $35M fine for one of its units allegedly failing to secure the personal data of customers when disposing of hard

Goldman Sachs Warns of 26% Stock Market Drop if FED Pushes Interest Rate Hikes

Per Business Insider The Federal Reserve is expected to raise interest rates next week by another 75 basis points on top of the added 225 points year-to-date. Golden Sachs warns that this could result in the stock market dropping another 26%. Should the FEDs hurt the job market,

Mark Zuckerberg Lost $70B in Net Worth as Meta Drops 58% YTD

Per Bloomberg Meta is down over 58% year-to-date and Mark Zuckerberg's net worth has slumped by around $70 billion during the same period. The chief executive of Facebook's parent company is far from his title as the third-richest person in the world (2018)

Zillow Says Home Values Hit Highest Monthly Decrease Since 2011

Per Zillow: Zillow said home values dropped by 0.3% from July to August. This is the highest monthly decrease since 2011 measured by the Zillow Home Value Index. Midwest markets are retaining their competition while the demand in Western markets is cooling. Home values have risen in 12 of

Cathie Wood Buys 400,000 Shares of NVIDIA After 55% Plunge in 2022

Per Bloomberg Cathie Woods buys 400,000 shares of Nvidia in September. Wood's ARK had 675,000 shares as of June 30 but sold 300,000 on August 23 before its $1 billion-short earnings report. Nvidia has dropped by 55% in 2022 but is still priced over

Treasury Inspector General for Tax Administration Agrees to Internal Investigation

Per Senator Ernst: Senator Ernst announced that the US Treasury Inspector General for Tax Administration will be auditing employees of the IRS. This comes as a spending bill was passed by the DC Democrats to add 87,000 new IRS agents to the existing 80,000 full-time workforce.

Biden Stays Positive Amidst Inflation Woes and Declares Pandemic ‘Over’

Per Bloomberg and CNN: In an interview on 60Minutes, Biden was asked what he thought about the 8.2% inflation rate. After being told it was the highest in 40 years, the President highlighted the following: * General prices have gone up but energy prices have gone down * 10 million new

Stock trading ban delayed until after midterms

Nancy Pelosi said that the bill would come this month. But Senate Dems will not release a bill until after midterms, per BI. BI spoke to Jeff Merkley, who said this and is leading the legislation. Originally scooped by Bryan Metzger. [https://twitter.com/metzgov] See all trades of politicians:

Burr FBI documents unsealed

Per CNBC: As chair of the Senate Intelligence Committee, Burr was given access to classified intelligence reports [https://www.washingtonpost.com/national-security/us-intelligence-reports-from-january-and-february-warned-about-a-likely-pandemic/2020/03/20/299d8cda-6ad5-11ea-b5f1-a5a804158597_story.html] in January and early February

Russia shuts off gas to EU

Per FT: Russia’s gas supplies to Europe via the Nord Stream 1 pipeline will not resume in full until the “collective west” lifts sanctions against Moscow over its invasion of Ukraine, the Kremlin has said. Dmitry Peskov, President Vladimir Putin’s spokesman, blamed EU, UK and Canadian sanctions for

Congressional Committees and Conflicts in Stock Trading

Introduction Congressional committees are specialized sub-organizations within Congress that handle, form, and approve new legislation that is deemed to be under that committee’s jurisdiction. In the previous Congressional trading reports [https://unusualwhales.com/i_am_the_senate], the trading behaviors of the House and Senate were explored, now

Lambos sold out until 2024

Per AFP: Italian sports car maker Lamborghini has already pre-sold the entire production run to early 2024, its boss said. The Volkswagen subsidiary is enjoying “high demand” and has an order book covering the next 18 months, chief executive Stephan Winkelmann said. “We have more and more [people] stepping

Powell erased $78 billion from richest Americas

Per Bloomberg: In eight minutes, Federal Reserve Chair Jerome Powell sparked a market rout that slashed the fortunes of America’s richest people by $78 billion. Elon Musk’s saw $5.5 billion erased from his wealth. Jeff Bezos lost $6.8 billion. The fortunes of Bill Gates and Warren

GameStop increases compensation for some store employees with shares and raises

Per WSJ: GameStop, $GME, plans to reward thousands of employees with stock and pay raises. The company plans to award stock to all of its U.S. store leaders and give raises to some senior store staff. Store leaders will receive up to $21,000 in stock, which will vest

Biden’s student debt forgiveness plan may cost taxpayers an average of $2,000

Per CNBC: Some policy experts were quick to sound an alarm after President Joe Biden announced a sweeping new plan [https://www.cnbc.com/2022/08/24/biden-expected-to-cancel-10000-in-federal-student-loan-debt-for-most-borrowers.html] Wednesday to cancel up to $10,000 in federal

Biden to forgive10K in student debt

President Biden announced a sweeping effort to forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for other qualifying borrowers. Biden also extended the federal student loan payment pause through Dec. 31. "In keeping with my campaign promise, my

California to ban gas cars in 2035

California is expected to put into effect on Thursday its sweeping plan to prohibit the sale of new gasoline-powered cars by 2035, per NYT. The rule, issued by the California Air Resources Board, will require that 100 percent of all new cars sold in the state by 2035 be

Many are waiting on a housing market crash, per Consumer Affairs

Per Consumer Affairs: * 78% of Americans think we’ll soon face a housing market crash; Gen Z is most likely to want one. * Nearly half of respondents believe 2023 is the year the housing market will crash. * 3 in 4 respondents said they have plans to buy a home if