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  • 🦢Black Swan Street Weekly Stock Market Summary (Jan. 29th - Feb. 1st 2024)

🦢Black Swan Street Weekly Stock Market Summary (Jan. 29th - Feb. 1st 2024)

Novo Nordisk vs fat people, Fed's interest rate decision is here, China fights against short sellers, Elon Musk plans to enter your brain, UPS to cut 12,000 jobs...

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Welcome to Black Swan Street!

asset performance

Welcome back!! It’s @JohnWetter here with another edition of Black Swan Street…

It was a wild week with lots of data, so let’s get straight into it:

  • Novo Nordisk vs Fat People💊

  • The Swan’s Picks🦢

  • In Other News🗞

  • Next Week In The Stock Market🔮

Read time: 7 minutes

Novo Nordisk vs Fat People💊

What’s the deal? 2023 saw huge rise in popularity of weight loss drugs, specifically ‘Ozempic’ and ‘Wegovy’. Both medications belong to a class of drugs called ‘GLP-1s’. Ozempic is approved to treat Type 2 diabetes and Wegovy is a higher-dose version that’s approved for weight loss - however people are using both for weight loss purposes.

Who’s cashing out from this? This is Black Swan Street, so you know we gotta cover the business/finance side of things. And the answer to this question would be Novo Nordisk A/S (NVO). Novo Nordisk A/S is the danish pharmaceutical company that’s the maker of the hottest drugs in the world - ‘Ozempic’ and ‘Wegovy’.

Ozempic prescription graphic

And wow, do i got something interesting for you. Novo Nordisk actually released their annual report for 2023 this week, so let’s cover it.

By the numbers:

  • Novo Nordisk reported an increase in sales of 31% (in Danish kroner) to a total of 232.3 billion kroner in net sales, or $33.71 billion in USD

  • Net profit of 83.7 billion Danish kroner, or roughly $12 billion USD

  • Ozempic sales topped 95.7 billion in Danish kroner, or about $13.9 billion USD (~66% of sales came from the U.S.)

  • Wegovy sales topped 31.3 billion in Danish kroner, or about $4.5 billion USD (~90% of sales came from the U.S.)

  • GLP-1 sales rose 52% YoY

This smashing of earnings pushed Novo Nordisk past a $500 billion valuation, which makes them the second-ever European company to pass $500 billion in market value - luxury goods maker ‘LVMH’ being the first.

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The Swan’s Picks🦢

⬇️China vs Short Sellers. Starting this week, officials in China will limit the ability of big investors to lend certain stocks for the purposes of short selling. This comes as the latest move in Beijing to boost the market as the country’s economic outlook continues to weaken. Last week, officials announced cuts to bank reserve requirements that would inject $140 billion into the banking system, which helped lift Chinese stocks from five-year lows.

🛩️Boeing Can’t Catch A Break. Every week, it feels like it has been something new for Boeing - because it kinda has. Well this week, they’re being sued. Shareholders of Boeing are suing the airplane manufacturer after they believe the company “put profit over safety.”

🧠Elon Musk Plans To Enter Your Brain. If you haven’t heard, Elon Musk’s neurotech startup ‘Neuralink’ plans to implant devices into the human brain. Well, he’s officially done it. Neuralink implanted its first device in a human patient this week. And, according to a post on X, the patient is “recovering well.”

🚗Toyota Remains On-Top. Toyota posted record annual sales in 2023 of 11.2 million vehicles, a 7.2% increase YoY. This also marks the fourth consecutive year Toyota is the best-selling automaker.

Amazon Says ‘See-Ya-Later’ To The Roomba. Amazon has abandoned its $1.4 billion acquisition of Roomba maker ‘iRobot’. This comes after iRobot said the deal has “no path to regulatory approval in the European Union.” iRobot also announced they’re laying off around 350 employees, or ~31% of its workforce - tough week.

🎥Joe Rogan’s New $250 Million Deal. Joe Rogan and Spotify have reached a new multi-year, $250m deal that will allow ‘The Joe Rogan Experience’ podcast to be distributed across many platforms. Spotify will own the distribution and monetization rights, while allowing the show to be on other platforms, including Apple, Amazon, and Youtube.

In Other News🗞

  • Apple’s ‘Vision Pro’ to become available in U.S. February 2nd - WSJ

  • Fed holds rates steady - CNBC

  • Bank of America employees to share $800 million stock reward - BBG

  • United CEO kickstarts Airbus talks amid Boeing delays - CNBC

  • Amazon is now charging Prime members extra for ad-free streaming - WSJ

  • Top Goldman Sachs executive leaves after nearly 30 years - NYP

  • NASCAR president talks new streaming deal, says Amazon is “here to stay” in sports - CNBC

  • FanDuel parent ‘Flutter’ plans to move primary listing from London to the NYSE - RT

  • Inflation in UK shops drops to lowest in more than a year - BBG

  • UPS to cut 12,000 jobs and mandate return to office five days a week - NYT

  • Elon Musk’s $56 billion Tesla compensation voided by judge - CNBC

  • JPMorgan quants warn of Dot-Com style concentration in U.S. stocks - BBG

  • Walmart announces 3-for-1 stock split - WSJ

  • PayPal will cut 2,500 jobs, or ~9% of global workforce - CNBC

  • White House touts highest consumer confidence in more than 2 years - CNBC

  • Billionaire ‘Barry Sternlicht’ sees $1 trillion loss in office values - BBG

  • Media mogul ‘Byron Allen’ made a $14.3 billion takeover offer for film and TV giant ‘Paramount Global’ - BBG

  • Deutsche Bank to cut 3,500 jobs - CNN

  • Elon Musk wants to move Tesla’s incorporation from Delaware to Texas - WSJ

Next Week in the Stock Market🔮

Earnings To Watch Next Week:

earnings calendar in the stock market for the week of feb 5th

What the Swan is watching:

Monday: Palantir, McDonald’s, Caterpillar, Tyson Foods, Amkor Technologies

Tuesday: Eli Lilly, Spotify, Toyota, BP plc, Snapchat, Ford, Chipotle, Amgen, Cava

Wednesday: Alibaba, Uber, CVS Health, Roblox, Fox Corporation, PayPal, Walt Disney, McKesson

Thursday: ConocoPhillips, Deutsche Bank, Ralph Lauren, Shell, Spirit Airlines, Phillip Morris, Expedia, Affirm, Pinterest

Friday: PepsiCo, Enbridge, Catalent, Newell Brands

Economic Calendar Next Week:

Economic Calendar

The Wrap-Up🔄

🎊🎉 That’s it for this week 🎉🎊

Quick reminder: Follow my Twitter @theJohnWetter, if you want real-time market and economic analysis.

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