On the previous trading day, thanks to NVIDIA's flawless financial report, both the Dow Jones Industrial Average and the S&P 500 Index hit historic highs, while the Nasdaq surged by about 3%.
Larry Tentarell, Chief Technology Strategist at Blue Chip Daily Trend Report, a market research firm, said that Nvidia's stunning financial report triggered a market rebound, but many sectors also made contributions, making it a very constructive breakthrough.
Federal Reserve Governor Waller said on Thursday that the January inflation data in the United States was too high, increasing the possibility of having to postpone interest rate cuts. Before deciding how to take the next action, he will need to look at inflation data for at least a few more months.
Nvidia surged over 16% on Thursday, with a daily increase of $277 billion in market value, bringing its total market value to $1.96 trillion. The stock rose more than 2% before Friday trading, with a market value expected to break through the $2 trillion mark.
Company news
Tesla recalls some imported Model S, Model X, and domestically produced Model 3 electric vehicles
Starting from today, Tesla will recall a total of 1071 imported Model S and Model X electric vehicles produced between January 27, 2023 and January 7, 2024; A total of 7629 domestically produced Model 3 electric vehicles were produced between September 12, 2023 and January 12, 2024. Due to software issues, some vehicles within the scope of this recall may have unstable communication with the integrated circuit of the rear camera, which may result in the inability to display the reverse image and affect the driver's field of view when reversing, increasing the risk of vehicle collisions and posing a safety hazard.
LVMH will establish an entertainment company to market its brands through movies and television programs
On February 23rd, luxury goods giant LVMH Group announced the establishment of entertainment company 22 Montaigne Entertainment, with the goal of collaborating with leading entertainment creators, producers, and distributors to expand its marketing activities to "high-quality film, television, and audio formats.".
22 Montaigne Entertainment was created by LVMH Group in collaboration with American consulting firm Superconnector Studios and its co founders Jae Goodman and John Kaplan. It will be led by Antoine Arnold, the eldest son of LVMH Chairman Bernard Arnold, and Anish Melvani, the North American chairman of the group.
[Cai Chongxin's family office significantly reduces its holdings in Blue Owl]
On February 23rd, regulatory filing documents showed that the Cai Chongxin family office, Blue Pool Capital, sold most of its shares in alternative asset giant Blue Owl Capital Inc. in the fourth quarter of last year. Blue Pool Capital is responsible for managing some of Cai Chongxin's wealth. According to regulatory filing documents, Blue Pool Capital sold 34.3 million shares of Blue Owl, which is its remaining 83% stake. Based on the weighted average trading price over the past three months, the value of these stocks is approximately $460 million. It is understood that Blue Owl's stock price has risen by 41% in 2023.
JPMorgan Chase CEO reduces $150 million in stock holdings
According to a document released by the Securities and Exchange Commission on the 22nd, Jamie Damon, CEO of JPMorgan Chase Bank, has reduced his holdings of approximately $150 million in the bank's stock. This is the first time Damon has reduced his holdings in the bank's stock since becoming the CEO of JPMorgan Chase in 2005. JPMorgan Chase wrote in a document last October that Damon and his family hold 8.6 million shares of JPMorgan Chase and intend to sell 1 million of them. So far, Damon has sold approximately 822000 shares.
[CEO of insurance giant Ansheng: No intention of large-scale mergers and acquisitions, priority will be given to dividend payments and stock repurchases]
Insurance giant Axa CEO Thomas Buber stated on February 22 that the group does not intend to engage in large-scale mergers and acquisitions, and Axa will prioritize dividend payments and stock repurchases before potentially considering small transactions.
【 General Motors autonomous driving subsidiary Cruise resumes unmanned taxi testing in the next few weeks? Company response 】
On February 23rd, Pat Morrissey, spokesperson for Cruise, a self driving company under General Motors, stated in a statement that the company has not yet finalized a timetable for resuming vehicle deployment. "Our goal is to restart manual driving vehicles and supervised unmanned taxi testing in a city as soon as possible after taking measures to regain the trust of regulatory agencies and the public.". We are meeting with officials from specific markets with the aim of collecting information, sharing the latest developments, and rebuilding trust.
According to previous media reports, Cruise is expected to resume unmanned taxi testing in the coming weeks, with Houston and Dallas in the United States becoming potential testing locations.
Volvo plans to reduce its stake in Polestar Motors to 18%
Volvo announced on February 23 that it plans to transfer shares of Swedish electric vehicle manufacturer Polestar worth approximately 9.5 billion Swedish kroner (approximately 921 million US dollars) to shareholders.
Volvo currently holds nearly 48% of the shares in Polestar. After the proposed equity distribution is completed, Volvo will retain 18% of Polestar's shares. This equity transfer must be approved by shareholders at Volvo Cars' annual general meeting next month.
According to the statement, Geely Holdings will continue to support Polestar in terms of operations and funding, while Volvo will stop providing funding to Polestar, but will provide support in areas such as research and development, manufacturing, and after-sales service.
[Sanofi: The new indication for dabitol has been given priority review by the US FDA]
On February 23rd, Sanofi announced that the US Food and Drug Administration (FDA) had granted dabitol& Reg; Priority review of the application for market authorization (sBLA) for the sixth potential indication of Duprizumab, which is used for additional maintenance therapy in adult patients with uncontrolled chronic obstructive pulmonary disease (COPD). The FDA approval results are expected to be obtained on June 27, 2024.
Events worth paying attention to during the US stock market period (Beijing time)
February 24th
02:00 Total oil drilling for the week from the United States to February 23