Daily Brief United States: Gold, Nasdaq Inc, Symbotic, Tesla , TotalEnergies, UnitedHealth Group , Bitcoin Pro, Ethereum, Evaxion Biotech A/S, Azitra and more

• Fed is expected to start easing cycle in September, potentially leading to a bullish trend for gold and silver
• Structural factors such as US fiscal deficit concerns, central bank reserve diversification, and geopolitical risks could continue to support gold prices
• Chinese physical gold demand has cooled, but other factors like western ETF demand and potential Indian import duty reduction may provide support for gold prices

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• The size of the offering is expected to trigger intra-quarter implementations for both main global indices to be announced on 30 July and become effective 1 August.
• Free float increase is estimated to take place due to Thoma Bravo – Nasdaq’s major strategic shareholder – offering almost half of its stake equivalent to ~$2.7bn. 
• Total forecasted passive fund demand is ~5.3m shares, ~$368m and ~1.8 ADV. It is expected to materialize at close of 1 August 2024. 

• SYM had an increase in system costs. SYM’s management highlighted delays in construction of systems in the quarter resulting in the Company to taking back EPC work.   
• SYM suggests bringing the EPC work in-house would be more efficient. We do not agree. This creates additional headwinds as to timing and could create a new risk for SYM.  
• During the earnings call, SYM’s management referred to delays in permits and product delivery resulting in people not having anything to do. This is a characterization of a construction/contracting company.

• Tesla is a polarizing company with both enthusiastic supporters and skeptical critics.
• The company has the potential to become the most valuable in the world if it solves autonomous transportation.
• The debate around Tesla is focused on its Full Self Driving software, which has recently transitioned to a neural net architecture and is best experienced firsthand at a Tesla delivery center.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.
• TotalEnergies’ hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.
• In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.

• Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.
• Considering the Russell 2000 vs. S&P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.
• With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&P 500 and $443-$449 on the QQQ, expecting a low near the election.

• BTC’s July surge highlights market volatility and potential Q3 consolidation.
• Spot ETF launches drive significant crypto inflows, influencing market dynamics.
• Upcoming token unlocks could impact market liquidity and trading conditions.

• In recent weeks, Bitcoin has shown signs of life, almost reaching $70,000 this morning.
• In our view, it is only a matter of time before we break through this psychological level.
• Enough about Bitcoin. As promised in last week’s Crypto Moves #36, this Crypto Crisp will focus on Ethereum ETFs.

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of the AI technology.
• The company aims to be cash-flow neutral in 2024 and continues to develop relationships with major pharmaceutical companies, while also pushing treatments through the FDA approval process.

• Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
• The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
• Azitra’s lead candidate is ATR-12 for the rare disease Netherton Syndrome (NS).