US FINANCIAL MARKET

US Futures Slip Before Economic Data; Dollar Gains: Markets Wrap – Bloomberg, 2/28/2024

• Wall Street traders gearing up for crucial inflation data waded through mixed economic figures, awaiting several Federal Reserve speakers for clues on the interest-rate outlook.
• Equities saw small losses on Wednesday after a report showed the US economy expanded slightly slower at the end of last year as a downward revision to inventories masked more robust household spending and investment.
• The data — seen as “uneventful” by many investors — came just 24 hours ahead of the release of the Fed’s favored inflation gauge.
• Following a jump in consumer and producer price indexes, Thursday’s core personal consumption expenditures price index will likely highlight the central bank’s bumpy path in achieving its 2% target.
• The data would also validate recent Fedspeak, underscoring officials are in no rush to cut rates.
• Among Wednesday’s central bank speakers are Raphael Bostic (Atlanta), Susan Collins (Boston), and John Williams (New York).
• The S&P 500 dropped to around 5,065, led by losses in its most influential group: technology.
• The Nasdaq 100 fell 0.6%, The Dow Jones Industrial Average fell 0.3%.
• Apple fell ahead of its annual shareholder meeting, approaching the $180 technical support.
• Treasury 10-year yields fell two basis points to 4.29%.
• Traders have been moving to price over 75 basis points of US easing by year-end — roughly in line with what policymakers indicated as the likeliest outcome in December.
• That would equate to three interest rate cuts in 2024 — given that Fed rate changes historically have been increments of 25 basis points.
• US regulators issued an ultimatum to Boeing after a near-catastrophic accident last month, giving the US plane manufacturer 90 days to devise a plan to fix “systemic” quality-control issues.
• Walt Disney and billionaire Mukesh Ambani’s conglomerate have signed a binding pact to merge their media operations in India, creating a sector behemoth valued at $8.5 billion in one of the world’s fastest-growing entertainment markets.
• EBay posted a strong holiday quarter, giving investors fresh hope that the company can boost profits following steep job cuts.
• Beyond Meat, the maker of plant-based protein food products, reported fourth-quarter sales that surpassed expectations.
• Baidu’s profit plunged a worse-than-anticipated 48%, underscoring the growing costs of training and developing AI to fend off challengers in the burgeoning arena.
• The Stoxx Europe 600 fell 0.4%.
• West Texas Intermediate crude rose 0.3% to $79.12 a barrel.

eBay Reports Strong Holiday Quarter, Expands Buyback Plan – Bloomberg, 2/28/2024

• EBay posted a strong holiday quarter, giving investors fresh hope that the company can boost profits following steep job cuts.
• Fourth-quarter profit was $1.07 a share on sales of $2.56 billion, the company said Tuesday in a statement.
• Analysts estimated $1.03 on sales of $2.51 billion.
• Gross merchandise volume, the value of all goods sold on eBay, increased 2% to $18.6 billion in the holiday quarter, topping analysts’ average estimates of $18.2 billion.
• The company said it had 132 million active buyers in the quarter, down 2% from a year earlier.
• Advertising revenue of $393 million topped analysts’ estimates of $375 million and helped eBay boost profits despite losing customers.
• The company projected earnings of $1.19 to $1.23 a share on revenue of as much as $2.54 billion in the current period ending in March.
• Analysts, on average, estimated a profit of $1.10 per share on sales of $2.54 billion.
• The company added $2 billion to an existing stock buyback program, increasing the total repurchase authorization to $3.4 billion.

Beyond Meat, shares soar as company tops quarterly revenue estimates, plans ‘steep’ cost cuts in 2024 – CNBC, 2/28/2024

• Beyond Meat on Tuesday topped market expectations for fourth-quarter revenue on resilient demand for its faux meat patties in key markets outside the United States and said it would ramp up its pricing actions in 2024.
• About 40% of the company’s shares were short at the end of January, as per LSEG data.
• Net revenue for the fourth quarter fell 7.8% to $73.7 million but topped analysts’ average estimate of $66.7 million, as per LSEG data.
• Volumes rose 8% in the quarter ended December 31, compared to a 3.5% increase in the third quarter.
• It reported a bigger-than-expected loss of 92 cents per share for the fourth quarter, compared with expectations of 88 cents.
• Still, the company’s full-year net revenue forecast of $315 million to $345 million was mainly below market expectations of $343.8 million.
• To counter weak demand in the United States, Beyond Meat supplies its plant-based meat patties to fast food chains such as McDonald’s and Yum! Brands have lowered prices and resorted to higher discounts.
• The company has also sustained demand for plant-based meat in its international markets, mainly Europe.
• Cost-cut measures, including job cuts taken last year, have also helped reduce the burden on margins from sluggish demand in the United States.

First Solar predicts a better year and stock gains – Market Watch, 2/28/2024

• First Solar shares rose in the extended session Tuesday after investors looked past a mixed quarter for the solar-power company to cheer guidance for the year.
• Revenue rose by $400 million to $1.2 billion, the company said.
• Analysts polled by FactSet expected earnings of $3.19 a share on sales of $1.3 billion.
• First Solar earned $349 million, or $3.25 a share, in the fourth quarter, compared with $268 million, or $2.50 a share, in the year-ago period.
• The company guided for 2024 net sales between $4.4 billion and $4.6 billion and EPS between $13 and $14 for the year.
• That compares with FactSet expectations of EPS around $13.26 a share on sales of $4.56 billion.

Ambarella Shares Up 12% After Co. Reports 4Q Results, Offers Guidance – Market Watch, 2/28/2024

• Shares of Ambarella were trading higher in the after-hours market on Tuesday, following the release of fourth-quarter financial results and guidance from the company.
• After the bell, Ambarella reported a fourth-quarter loss per share of $1.50 on revenue of $51.6 million.
• In the year-ago period, the company reported a loss per share of 29 cents on revenue of $83.3 million.
• Ambarella expected first-quarter revenue from $52 million to $56 million.
• Fermi Wang, the company’s president and chief executive officer, said, “We expect to return to revenue growth in fiscal year 2025 due to the strength of our AI products and the early actions we took to help our customers navigate their excess inventory.”

Advance Auto’s stock rises after upbeat guidance for 2024 offsets quarterly loss – Market Watch, 2/28/2024

• Advance Auto Parts’s stock jumped early Wednesday after the car parts maker’s upbeat profit guidance weighed against a quarterly loss as it continues to overhaul its business and rein in costs.
• Sales fell to $2.465 billion from $2.474 billion a year ago.
• Raleigh, N.C.-based Advance Auto had a net loss of $35.1 million, or 59 cents a share, for the quarter, after income of $82.9 million, or $1.39 a share, in the year-earlier period.
• The FactSet consensus was for EPS of 21 cents and sales of $2.464 billion.
• The company is still moving ahead with a strategic review of the business, which includes plans to sell its Worldpac and Canadian businesses, he said.
• The company is now expecting full-year sales to range from $11.3 billion to $11.4 billion and EPS from $3.75 to $4.25.
• The FactSet consensus is for 2024 EPS of $3.65 and sales of $11.5 billion.

TJX tops earnings estimates but issues light guidance ahead of uncertain growth path – CNBC, 2/28/2024

• On Wednesday, TJX said holiday sales jumped 13% as shoppers hunting for deals flocked to the off-price retailer.
• Revenue: $16.41 billion vs. $16.21 billion expected.
• During the quarter, comparable sales at Marmaxx, including TJ Maxx, Marshall’s, and Sierra stores, rose 5%, better than the 4.6% uptick analysts had expected, according to StreetAccount.
• In the US, T.J. Maxx and Marshall’s sales grew 11.7% compared to a 7% increase in the prior year, Saunders noted.
• As other retailers report soft sales for home furnishings amid high-interest rates and a sluggish housing market, TJX is bucking the trend at its HomeGoods banner.
• During the quarter, comparable sales were up 7%, compared to the 4.7% rise analysts had expected, according to StreetAccount.
• The numbers are off of slightly easier comparisons, as comparable sales at HomeGoods were down 7% in the year-ago quarter.
• Earnings per share: $1.22 vs. $1.12 expected.
• Excluding an additional week in the quarter, TJX reported earnings per share of $1.12.
• For the current quarter, it expects earnings per share of 84 cents to 86 cents, in light of the higher end of Wall Street’s expectations of 82 cents to 93 cents, according to LSEG.
• For the full year, it expects earnings per share of $3.94 to $4.02, compared to estimates of $3.88 to $4.40.

Novavax stock falls 20% as vaccine maker misses quarterly estimates, sees sluggish 2024 sales – CNBC, 2/28/2024

• Shares of Novavax fell more on Wednesday after the vaccine maker reported fourth-quarter revenue and earnings that missed Wall Street’s estimates and said it expects full-year 2024 sales to come in flat or lower than last year.
• Revenue: $291.3 million vs. $322 million expected.
• Loss per share: $1.44 vs. a loss of 45 cents expected.
• Novavax expects full-year 2024 revenue to come between $800 million and $1 billion.
• Novavax anticipates first-quarter revenue to come in at $100 million, reflecting the end of the current COVID-19 vaccination season.
• The company previously expected $300 million in sales for the period.
• That forecast reflects an expected $500 million to $600 million in revenue from advanced purchase agreements and $300 million to $400 million from commercial market product sales, royalties, and other income from the company’s “partner-related activity.”
• Analysts surveyed by LSEG expect 2024 revenue of $969.6 million.

Virgin Galactic Revenue Misses Estimates, Will Focus on Delta Ships – Bloomberg, 2/28/2024

• Virgin Galactic Holdings’ fourth-quarter revenue fell short of Wall Street expectations as the space tourism company works to rein costs and slow its launch schedule while developing a new spaceplane.
• Revenue in the period was $2.81 million, according to a statement Tuesday, below the $2.98 million in analyst estimates compiled by Bloomberg.
• Sales were driven by commercial spaceflight operations and membership fees from future astronauts.
• The company lost 26 cents a share in the fourth quarter on an adjusted basis, better than the 32-cent deficit analysts expected.
• Revenue for the first quarter of 2024 is expected to be some $2 million, the company said.
• Virgin Galactic said it increased its pricing to $600,000 per seat on its tourism flights, up from $450,000, in line with its current pricing for research flights.
• Its next commercial spaceflight remained on track for the second quarter of 2024, the company said.

Apple Ends Quest to Build Its Own Electric Vehicle – Wall Street Journal, 2/28/2024

• Apple has ended its decadelong push to build its electric vehicle, an effort once seen as potentially transforming the auto industry.
• That transformation, which has been underway for years without Apple, continuously increased Apple’s difficulty as it spent billions trying to catch or exceed the capabilities made available during a revolution led by Tesla.
• The secret group inside the iPhone giant—known internally as Project Titan—has been informed that Apple would shut down its efforts to build a car. At the same time, the company ramps up investments in generative artificial intelligence, a person familiar with the situation said.
• Some employees inside the group will shift to Apple’s AI group, while others working on car hardware will likely face layoffs.

Google CEO Calls AI Chatbot Responses Biased and Unacceptable – Wall Street Journal, 2/28/2024

• Google’s artificial intelligence push is turning into a reputational headache.
• Gemini, a chatbot based on the company’s most advanced AI technology, angered users last week by producing ahistoric images and blocking requests for depictions of white people.
• The controversy morphed over the weekend into a broader backlash against the chatbot’s responses to philosophical questions.
• Google Chief Executive Officer Sundar Pichai said in an email to staff late Tuesday that it was unacceptable that some of Gemini’s outputs had offended users and shown bias.
• Pichai said the company would make structural changes in response.
• Teams at Google “have been working around the clock to address these issues,” he wrote.
• “No AI is perfect, especially at this emerging stage of the industry’s development, but we know the bar is high for us, and we will keep at it for however long it takes,” Pichai wrote.
• “And we’ll review what happened and make sure we fix it at scale.”

Elon Musk Says Long-Delayed Tesla Roadster Coming Next Year – Wall Street Journal, 2/28/2024

• Tesla has finished designs for its long-delayed Roadster electric sports car and intends to begin shipments next year, Chief Executive Elon Musk said.
• In a series of posts on his social media platform X, Musk said Wednesday that the vehicle’s design was a collaboration between Tesla and his rocket company SpaceX and would be unveiled at the end of the year.
• The car will accelerate to 60 miles per hour in less than a second, which “is the least interesting part,” he said.
• “Tonight, we radically increased the design goals for the new Tesla Roadster,” Musk wrote.
• “There will never be another car like this if you could even call it a car.”

Stripe’s $65 billion valuation by Goldman Sachs, Sequoia shows fintech appetite is back – Market Watch, 2/28/2024

• Stripe said it’s providing liquidity to current and former employees in a so-called private IPO transaction valued at $65 billion.
• While the “private initial public offering” may appear to be an oxymoron, it’s a term that bankers have been using to allow insiders to sell shares as the IPO market remains muted.
• In this case, Stripe investors Sequoia Capital and Goldman Sachs Asset Management’s growth-equity unit are buying at least $1 billion in stock from insiders.
• Stripe’s valuation has climbed by $15 billion to $65 billion in the past year, a spokesperson said.

Investing Platform Webull to Go Public Through SPAC Deal – Wall Street Journal, 2/28/2024

• Digital brokerage Webull said it has struck a deal to go public through a merger with a special-purpose acquisition company.
• Webull said it would merge with SK Growth Opportunities, which trades on the Nasdaq under the ticker SKGR. After the deal’s closing, the combined company would be listed on the Nasdaq as Webull.
• Webull expects to begin trading under a new ticker around September, according to Webull Group President Anthony Denier.
• The deal is expected to raise about $100 million and values Webull at around $7 billion.
• Webull plans to use proceeds from the deal to further its international expansion and add new products, Denier said.

US ECONOMY & POLITICS

US GDP Revised Slightly Lower Despite Stronger Consumer Spending – Bloomberg, 2/28/2024

• The US economy expanded slightly slower at the end of last year as a downward revision to inventories masked more robust household spending and investment.
• Gross domestic product rose at a revised 3.2% annualized pace in the fourth quarter, compared with a prior estimate of 3.3%.
• Consumer spending advanced at a 3% rate, faster than initially estimated, Bureau of Economic Analysis figures showed Wednesday.
• Inflation was revised higher.

• Last year, the economy expanded by 2.5%, accelerating from 2022 to outperform the broader eurozone and Japan.
• Inflation-adjusted final sales to private domestic purchasers, a key gauge of underlying demand, increased more than initially estimated.
• The Fed’s preferred inflation metric — the personal consumption expenditures price index — rose at a 1.8% annual rate in the fourth quarter.
• Excluding food and energy, the gauge increased at a 2.1% pace, the Bureau of Economic Analysis report showed.
• Both were marginally higher than initially estimated.
• Inventories subtracted 0.27 percentage points from GDP, with a slight boost in the initial fourth-quarter estimate.
• Personal consumption added 2 points.
• Spending was revised on the back of more outlays for services.

Michigan Wins Carry Warning Signs for Biden and Trump – Wall Street Journal, 2/28/2024

• < UNK> President Biden and former President Donald Trump drew sizable protest votes to secure victory in Michigan’s primaries Tuesday.
• Now comes the crucial question in the battleground state: What will those voters do in November?
• Although Biden faced minimal opposition in the primary, an effort to persuade voters to cast ballots as “uncommitted” garnered tens of thousands of votes as Michiganders went to the polls.
• The vote marked one of the more high-profile protests to date over the president’s handling of the Israel-Hamas war and humanitarian crisis in Gaza.
• For the Trump team, Michigan offered a chance to see if the former president could improve on his support among voters with a four-year degree, a notable weak spot in early 2024 Republican primary contests.
• Some of those problems for Trump appeared again on Tuesday night as his opponent, Nikki Haley, captured more than 25% of the vote just days after getting close to 40% in her home state of South Carolina.
• A coalition of pro-Palestinian groups had set a modest target of 10,000 uncommitted votes—Trump’s margin of victory in Michigan in 2016—to send a message that voter frustration over Biden’s backing of Israel’s military campaign could cost him in November.
• Biden carried Michigan by 154,000 votes in 2020. Still, organizers behind the uncommitted effort said Trump’s margin demonstrated how even a smaller fraction of votes could make a difference in a close election.

US trade in goods deficit widens 2.6% in January – Market Watch, 2/28/2024

• The US trade deficit in goods widened 2.6% to $90.2 billion in January, according to the Commerce Department’s advanced estimate released Wednesday.
• Economists polled by Econoday were looking for the deficit to narrow to a $88.1 billion deficit.
• Exports of goods rose $400 million to $170.4 billion in January.
• Imports rose $2.7 billion to $260.6 billion.
• The report also showed a 0.1% decline in wholesale inventories in January.
• And advanced retail inventories were up 0.5%.
• Excluding autos, retail inventories were up 0.3%.

President Biden Gets Annual Physical Amid Concerns About Age – Wall Street Journal, 2/28/2024

• President Biden is having his annual physical examination Wednesday, as questions about his age and health shadow his re-election campaign.
• The White House said Biden, who at 81 is the oldest president in US history, was getting the exam at Walter Reed National Military Medical Center.
• Following previous check-ups, Biden’s doctor has pronounced him healthy and vigorous.
• Biden spoke to reporters as he left the White House shortly after 9 a.m. Wednesday.
• “I’m going to Walter Reed to get my physical,” he said.

Progressive Firebrand Katie Porter Fights to Survive in California Senate Race – Wall Street Journal, 2/28/2024

• In her five years in Congress, Katie Porter has become a beloved figure among many liberals, known nationally as a whiteboard-wielding, occasionally foul-mouthed critic of big business.
• Now, she is fighting for her political life.
• The Democrat is running neck-and-neck for second place in the race for California’s open US Senate seat with Republican Steve Garvey, a former baseball star, and lagging behind fellow Democratic US Rep. Adam Schiff, according to polls.
• Under the state’s open primary system, the top two vote-getters on March 5 will face each other in a November runoff, regardless of party.
• If she loses, Porter’s fast-rising political career will come to an abrupt end, at least for now.
• California law required her to give up the chance to run for re-election to the House—as did Schiff and fellow Democratic US Rep. Barbara Lee, who trails them both in polls.
• A head-to-head Senate race between Porter and Schiff would be expensive and unpredictable.
• If Schiff faces Garvey, however, he is virtually guaranteed victory in the heavily Democratic state.

Wildfires Sweep Across Texas Panhandle, Forcing Evacuations – Wall Street Journal, 2/28/2024

• Devastating wildfires spreading through the Texas Panhandle burned homes and prompted evacuations as fire crews battled blazes strengthened by high winds.
• Several large fires were raging north of Amarillo early Wednesday, according to the Texas A&M Forest Service.
• Dry conditions and above-normal temperatures in the region had contributed to the fires starting, the forest service said.
• The largest, the Smokehouse Creek Fire, had scorched more than 500,000 acres across several counties in the north of the state since Monday afternoon, the service said.
• The fire was 0% contained Wednesday morning.
• Residents from the town of Canada, near the Oklahoma border and roughly 95 miles northeast of Amarillo, were evacuated as the fire spread.
• Texas Gov. Greg Abbott issued disaster declarations for 60 counties.

7% interest rates hit weekly mortgage demand hard – CNBC, 2/28/2024

• Higher mortgage rates continue to hit demand from both current homeowners and potential homebuyers.
• Total mortgage application volume dropped 5.6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
• An additional adjustment was made to account for the Presidents Day holiday.
• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.04% from 7.06%, with points increasing to 0.67 from 0.66 (including the origination fee) for loans with a 20% down payment.
• The rate was about a quarter percentage point higher than one year ago.
• As a result, applications to refinance a home loan were 7% lower than the previous week and were 1% lower than the same week one year ago.
• Applications for a mortgage to purchase a home dropped 5% for the week and were 12% lower than the same week one year ago.

EUROPE & WORLD

Baidu’s Profit Halves After AI Spending Erodes Bottom Line – Bloomberg, 2/28/2024

• Baidu’s profit plunged a worse-than-anticipated 48%, underscoring the growing costs of training and developing AI to fend off challengers in the burgeoning arena.
• The company reported a December-quarter net income of 2.6 billion yuan ($361 million) that missed projections, though much of that stemmed from a loss from equity accounting for preferred shares.
• It overshadowed a 6% rise in revenue after Baidu’s ChatGPT-style service began to augment advertising sales, helping the Chinese AI leader weather a severe economic downturn.
• But revenue generated by the AI model known as Ernie is a drop in the bucket for Baidu, which still relies mainly on search ads.
• Ernie will contribute “several billion yuan” of additional revenue through advertising and cloud services in 2024, billionaire founder Robin Li told analysts on a conference call, up from several hundred million yuan in the December quarter.
• Revenue from Baidu’s pivotal cloud arm grew 11% to 5.7 billion yuan in the quarter, executives said.
• Revenue from Baidu’s core businesses, including online marketing and the cloud, met analysts’ expectations during the December quarter.

Coupang Soars After Loyalty Perks Lift Sales Above Estimates – Bloomberg, 2/28/2024

• Coupang jumped in late US trading after South Korea’s largest online retailer reported its fastest revenue growth since 2021.
• Net revenue at Coupang rose 23% to $6.6 billion in the December quarter, beating an average analyst estimate of $6.4 billion.
• It reported a net income of $1.03 billion, although more than 80% stemmed from a one-time tax accounting gain.
• “We anticipate incurring adjusted EBITDA losses in developing offerings of approximately $650 million in 2024, excluding losses related to Farfetch,” he said, adding that the company does not anticipate further incremental investments in Farfetch.

Reckitt Falls as Sales Drop Amid Easing Inflation – Bloomberg, 2/28/2024

• Reckitt Benckiser is expecting more modest growth this year after sales fell and its price rises slowed following a period of historic inflation.
• Like-for-like sales fell 1.2% in the fourth quarter, the consumer goods company said Wednesday, missing an expected rise of 1.8% forecast by a Bloomberg-compiled consensus.
• The maker of Nurofen expects sales to grow between 2% and 4% in the current fiscal year, which is both lower than the range it targeted in 2023 and its goal of mid-single-digit like-for-like revenue growth in the medium term.
• Reckitt said it’s aiming for mid-single-digit growth in its health and hygiene units in 2024, with nutrition, which makes Enfamil formula, only returning to growth late in the year.

Disney, Reliance Sign $8.5 Billion Deal to Merge India Media Operations – Bloomberg, 2/28/2024

• Walt Disney and billionaire Mukesh Ambani’s conglomerate have signed a binding pact to merge their media operations in India, creating a sector behemoth valued at $8.5 billion in one of the world’s fastest-growing entertainment markets.
• The US media company will control 36.84%, while Ambani-led Reliance Industries will own 16.34% in the joint venture, according to a Reliance statement on Wednesday. Viacom18 Media will hold the remaining 46.82%.
• Reliance will also invest another 115 billion rupees ($1.4 billion) in the joint venture as growth capital, and Disney may contribute certain additional assets after getting regulatory approval.
• The joint venture will be granted exclusive rights to distribute Disney films and productions in India, with a license to more than 30,000 Disney content assets.
• The deal is expected to close in the last quarter of 2024 or the first quarter of 2025.

Muslim Holy Month Looms as Flashpoint in Fight Between Israel and Palestinians – Wall Street Journal, 2/28/2024

• The start of Ramadan looms as an informal but urgent deadline to strike an Israel-Hamas cease-fire, as the militant group called Wednesday for mass protests during the Islamic holy month that Israel fears is part of a plan to spread the conflict outside of Gaza.
• Israeli leaders have said they would launch an offensive against Hamas’s last stronghold in Gaza—the city of Rafah, where more than one million displaced Palestinians have taken shelter—if a deal isn’t reached by Ramadan, set to start around March 10.
• The US, Egypt, and Qatar, which are mediating the hostage and cease-fire talks, have warned Israel against a ground offensive in Rafah, as it could endanger the negotiations.
• On Wednesday, Ismail Haniyeh, head of Hamas’s political bureau, called on Palestinians outside Gaza to converge on Jerusalem’s Al Aqsa Mosque, one of Islam’s holiest sites, on the first day of Ramadan to protest limits set by Israel on Palestinian worshipers.
• Israeli security officials say Hamas—which called its October 7 attack that sparked the war the “Al Aqsa Flood”—wants to use the mosque as a rallying symbol for Islamist groups.
• It also wants to encourage other actors, such as Iran and its ally, the Lebanese militia Hezbollah, to join its fight against Israel.
• “Hamas’s main goal is to take Ramadan, with an emphasis on the Temple Mount and Jerusalem, and turn it into the second phase of their plan that began on October 7,” Israeli Defense Minister Yoav Gallant said Tuesday.
• “We must not give Hamas what it has not been able to achieve since the beginning of the war and converge the combat fronts,” he said.

Factmonster – TODAY in HISTORY

• John Wesley issues a “Deed of Declaration” formally establishing the Methodist Church. – 1784
• The steamship California landed in San Francisco, bringing the first East Coasters to the Gold Rush. – 1849
• The last British troops left India. – 1948
• James Watson and Francis Crick described their theory that two DNA strands were coiled in a double helix. – 1953
• Four federal agents were killed in Waco, Texas, after they tried to serve an arrest warrant for weapons charges on Branch Davidian sect leader David Koresh, starting a 51-day standoff. – 1993

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Historical performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

All investing involves risk including loss of principal. No strategy assures success or protects against loss. Any economic forecasts set forth may not develop as predicted. 

All company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services.

Material presented is excerpts derived from third party content and you may need a subscription to access the full the content. The views and opinions expressed are those of the authors and do not necessarily reflect the views of Pence Financial Group or LPL Financial.

Prior to making any investment decision, please consult your financial advisor regarding your specific situation.