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Today in the Market (4/4/2024)

Good Morning! On Thursday, U.S. stock prices fell hard due to a surge in oil prices, reaching their highest level in the last 6 months. All three indexes were in the green for the majority of the day but all decreased into the red, with the S&P 500 falling by 1.23%, the Dow Jones decreasing by 1.35%, and the Nasdaq sliding by 1.40%.

WHAT IF?

According to sources, Alphabet (GOOG, GOOGL), has been discussing the potential of making a bid for HubSpot (HUBS), a firm that develops internet marketing software. HubSpot is currently valued at $35 Billon.

What is special about this deal if it did happen? If Alphabet proceeds with an offer, it would be an uncommon instance of a big tech company pursuing a large-scale transaction in the face of increased regulatory scrutiny for the industry. However, if this deal were to happen, it would be the biggest purchase to date and would enable the company to use a portion of its substantial cash reserves, which stood at $110.9 Billon as of December 2023.

What would this deal do for Alphabet? This would enhance Google’s portfolio in the thriving CRM software sector, allowing it to access a broader range of business clients that allocate resources to marketing and advertising. Additionally, this would greatly benefit Google’s cloud computing business, as it aims to reduce the competitive distance between its competitors, Microsoft (MSFT) and Amazon (AMZN).

IT'S BACK...

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Cal-Maine, the leading egg producer in the U.S., ceased all activities at a Texas plant earlier this week and euthanized about 4%, or 1.6 Million chickens, upon discovering the presence of the bird flu (avian influenza). The virus is rapidly spreading across the country thanks to migratory ducks, with Texas being particularly hard hit.

However, that’s not all… This virus has been transmitted to livestock as well. This occurrence has been documented in seven dairy herds in Texas and seems to be transmitted from one cow to another. On top of that, one individual in Texas had direct contact with cattle that were carrying the virus. However, according to the state health department, the only symptom the individual had was pink eye and the CDC stated the risk to people is minimal.

However, it might have an effect on your wallet. Cal-Maine has a significant 20% market share for eggs and the shutdown of production could increase prices. For example, back in January 2023, the price of a dozen eggs reached an all-time high of $4.82 due to the bird flu outbreak.

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