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Welcome Back,

Introducing a new section in the newsletter today - ‘Movers and shakers’ scroll below and let us know what you think of it! Should we keep it?!

Market Headlines 👀 

• S&P 500 (SPX) valuations continue to rise after earnings growth revise further up.

• Intel (INTC) US administration in talks to possibly take a 10% stake in Intel.

• OpenAI having discussions to raise $6b at a $500b valuation.

• Apple (AAPL) some believe company’s Vision pro device is suffering from a lack of immersive video experience.

• SalesForce (CRM) will be acquiring an AI company - Regrello.

Earnings 💸

• Palo Alto Networks (PANW)

  • EPS: $0.95 beats (exp. $0.89)

  • Revenue: $2.54b beats (exp. $2.50b)

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S&P 500 Heatmap 🔥 

Movers and Shakers 📷 

 📈 Top Gainers

• ❇️ $DAY ( ▼ 1.73% )  (Dayforce): Jumped after reports that private‑equity firm Thoma Bravo is in acquisition talks

• ❇️ $GDRX ( ▼ 8.79% )  (GoodRx): Soared following a partnership with Novo Nordisk to sell Wegovy and Ozempic pens for $499/month

• ❇️ $FSLR ( ▼ 3.82% )  (First Solar): Rallied on better‑than‑expected U.S. clean‑energy tax‑credit guidance

• ❇️ $NVO ( ▲ 1.92% )  (Novo Nordisk): Gained after FDA approval for Wegovy to treat liver disease and a direct‑to‑consumer Ozempic pricing move

• ❇️ $SHCO ( 0.0% )  (Soho House): Climbed on confirmation of a $2.7 billion buyout offer led by MCR

• ❇️ $DUOL ( ▼ 7.73% )  (Duolingo): Rose after analysts brushed off AI‑related concerns and upgraded their outlook

🔻 Top Decliners

• 🔴 $NEM ( ▼ 2.35% )  (Newmont): Slumped ~14.3% following a disappointing earnings report and weak forward guidance.

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Recap Around the Street 🧠

Valuations are back to pandemic era highs and are well above historical averages. Yes, there are reasons it is “different this time” because of index constitution, but these narratives also tend to take hold at highs in order to justify lofty valuations. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Palo Alto Networks earnings snapshot (contributed by Brad Freeman @Stockmarketnerd):

Market Preview 🎞️ 

• Tuesday, August 19th: Housing starts; Building permits

• Wednesday, August 20th: MBA mortgage applications; July US Fed meeting minutes

• Thursday, August 21st: Weekly jobless claims; S&P manufacturing and services PMIs; Existing home sales

• Friday, August 22nd: Jerome Powell speech at the annual Jackson Hole event

Enjoy reading?👇

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

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