Welcome Back,

OpenAi has a Netflix documentary level saga!

Market Headlines 👀 

• OpenAI board abruptly fires CEO and founder of company Sam Altman on Friday.

  • Over 700 of the 770 employees have threatened to quit if Altman and Greg are not brought back.

  • If OpenAi is unable to bring Altman back, Satya Nadella Microsoft CEO is ready to launch a AI research team at Microsoft, led by Altman.

• Amazon (AMZN) launches ‘Ai Ready’ a program to train over 2m people on AI through online classes by 2025.

• Citigroup (C) announces it will cut over 300 senior manager roles.

• SpaceX launched its second starship rocket into space on Saturday.

• Nvidia (NVDA) stock, Microsoft and others close at an all time high today.

Earnings 💸

• Zoom (ZM)

  • EPS: $1.29 beats (exp. $1.09)

  • Revenue: $1.14b beats (exp. $1.12b)

Recap Around the Street 🧠

Momentum in equities propelled by soft landing outlook for the economy that would enable the Fed to lighten policy through rate moderation as inflation slows down towards long term targets without triggering a recession.(Contributed by Benjamin Lavine, CIO at Freedom Investment Management (3D)).

Current Factset earnings outlook for CY2023 is flat rather than negative earnings growth. So this current cycle is more of a slowdown than an earnings recession.(Contributed by Benjamin Lavine, CIO at Freedom Investment Management (3D)).

Market Preview 🎞️

• Tuesday, November 21st: Nov FOMC meeting minutes; Existing home sales

• Tuesday earnings: Lowes (LOW), Nvidia (NVDA), Medtronic (MDT), and D-local (DLO)

• Wednesday, November 23rd: MBA mortgage applications; Weekly jobless claims

• Wednesday earnings: John Deere (DE)

• Thursday, November 24th: Thanksgiving!

• Friday, November 25th: Michigan consumer sentiment

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

Enjoy reading?👇

That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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