TLDR

MARKET RECAP → Stocks fell Thursday as another batch of hotter-than-expected inflation data sent Treasury yields higher.

TIKTOK TAKEOVER BID → 🎯 Amid legislative pressures, Steven Mnuchin leads a bid to acquire TikTok, navigating a complex web of U.S.-China tensions and bipartisan moves to secure the app's American ownership against national security concerns.

DICK’S SCORES BIG → 🏆 Dick's Sporting Goods (DKS) swings to record Q4 earnings, lifting dividends and forecasting bullish growth, despite CEO's cautious outlook amid economic unpredictability and shifting consumer habits.

CHINA'S COPPER CATALYST →🚀 China's economic stimulus ignites a rally in copper prices, propelling Freeport-McMoRan (FCX) and Southern Copper stocks past key levels, as global markets and mining giants respond to Beijing's bold financial maneuvers.

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TODAY’S TOP NEWS

Dick’s Score Big

📈 Record-Breaking Quarter: Dick's Sporting Goods announced its most successful sales quarter in history, surpassing Wall Street's expectations with $3.88 billion in revenue, an 8% increase from the previous year, and adjusted earnings per share of $3.85 against the $3.35 forecast.

💰 Dividend and Growth Outlook: Following this stellar performance, the company raised its quarterly dividend by 10% to $1.10 per share and projected continued growth for 2024, expecting earnings per share between $12.85 and $13.25 and revenue in the range of $13 billion to $13.13 billion.

🛍 Strong Sales and Cautious Optimism: With a 2.8% rise in same-store sales, significantly ahead of the 0.8% prediction, Dick's attributes its success to transaction growth and market share gains. Despite the robust quarter, CEO Lauren Hobart expressed a conservative stance for the future, mindful of the unpredictable holiday shopping season and broader economic challenges.

TODAY’S TOP NEWS

TikTok Takeover Bid

🔍 Mnuchin's Move: Former Treasury Secretary Steven Mnuchin is assembling an investor group to acquire TikTok from ByteDance, amidst legislative pressures that threaten TikTok's operation in the U.S., advocating for the platform to be owned by U.S. businesses for national security reasons.

📜 Legislative Landscape: A bipartisan bill, which could force ByteDance to divest TikTok or face a ban, has passed the House and is headed to the Senate. President Biden has expressed his willingness to sign it into law, emphasizing the urgency and complexity of the situation.

🌐 International Implications: Despite the push for a sale, it remains uncertain if China would allow ByteDance to sell TikTok to a U.S. buyer, with TikTok's CEO and China's Foreign Ministry showing resistance. The debate underscores the geopolitical tension surrounding the app, valued at $220 billion, and its influential algorithm developed in China.

TODAY’S TOP NEWS

Copper’s Chinese Boost

📈 Stimulus Sparks Surge: Freeport-McMoRan (FCX) and Southern Copper leaped past key levels as China's economic revival measures, including a significant stimulus and a reduction in bank reserve requirements, propelled copper prices up 2.2% to $3.88 per pound, rejuvenating mining stocks.

🌏 Global Markets React: The announcement of China deploying $278 billion to bolster its stock market and a half-point reserve requirement cut by China's central bank ignited stock indexes, with Hong Kong's Hang Seng Index climbing 3.6%, showcasing the global impact of China's fiscal maneuvers.

💰 FCX's Financial Flourish: Despite a year-over-year dip in Q4 profit, Freeport-McMoRan's earnings outpaced estimates, with revenue climbing to $5.91 billion. The company's strategic capital expenditure adjustments and copper sales projections underscore its adaptive strategy amidst fluctuating market conditions.

KEEP READING

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Refund fraud schemes promoted on TikTok, Telegram are costing Amazon and other retailers billions of dollars (CNBC)

EU opens probe into Alibaba’s AliExpress over illegal content, pornography on platform (CNBC)

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