Shares of Nordstrom rose 24% after activist investor Ryan Cohen bought a major stake in the company. Cohen aims to support cost cutting
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2023-02-06 | Sign Up | View Online
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Business & Stocks 🏢
Nordstrom stock surges after activist investor Ryan Cohen buys stake (2 min read)

Shares of Nordstrom rose 24% after activist investor Ryan Cohen bought a major stake in the company. Cohen aims to support cost cutting efforts and shake up Nordstrom's board, which he has already recruited director candidates for potential replacements. Nordstrom says it's open to hearing Cohen's views, but will do what's best for the company and its shareholders. The news comes after Nordstrom reported lackluster holiday sales and lowered its guidance for the year.
Biden administration expands EV tax credits in boost for Tesla, Cadillac, others (2 min read)

The US Treasury is raising the cap on retail prices for EVs eligible for federal tax credits to $80,000, which allows more electric vehicles from automakers like Tesla, GM and Ford to qualify. The move follows criticism from Elon Musk and lobbying from automakers. The credits are part of Biden's $437B Inflation Reduction Act. The decision may impact Tesla's announced 20% price cuts for the Model Y, and could lead to an EV pricing war. Shares of Tesla and Ford were slightly boosted by the new adjustment on Friday.
Markets & Economy 📈
The US economy added a whopping 517,000 jobs in January (5 min read)

The US economy added 517K jobs in January, more than double what economists were expecting. The unemployment rate fell to 3.4%, a level not seen since May 1969. The strong job growth bucks the trend of five consecutive months of moderating growth and may complicate the Fed's efforts to tame inflation with higher interest rates. Despite strong job growth, average hourly earnings fell 0.4% to 4.4% YoY. However, average weekly hours increased and employment in temporary help services rebounded, indicating further demand for labor.
EU Supports $100 Russian Diesel Price Cap (2 min read)

EU members have agreed to support a $100 per barrel price cap on Russian diesel sales to third-party countries. The price cap is part of a ban on Russian seaborne crude oil imports that goes into effect on Feb 5. It is aimed at limiting Russia's revenue from crude oil and its refined products, while keeping the market supplied with Russian energy. Despite the ban, Russia's energy minister says there's no reason to reduce the country's output of petroleum products.
Funds & ETFs 📊
Cathie Wood Says ARKK Is ‘the New Nasdaq’ (2 min read)

Cathie Wood says her flagship fund, the ARK Innovation ETF (ARKK), gives investors better exposure to long-term innovation than other popular growth stock benchmarks. ARKK has jumped 40% this year, but is still down 70% from its peak two years ago. Wood calls ARKK the "new Nasdaq" and says investors moved into it last year despite its 67% plunge. She feels that innovation was one of the biggest victims of rising interest rates last year and wouldn't be surprised if the Fed cuts rates in 2023.
International Topped US Stock ETFs in January (3 min read)

Investors are shifting towards international equity ETFs and away from US equities. International ETFs brought in $20.2 billion in January, more than double the previous month, while US equities only received $1.4 billion. The weaker US dollar and attractive returns in foreign markets are driving this trend, and it's expected to continue. European equities are especially popular, and the Fed's recent moves are also boosting investor confidence in overseas markets.
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