Summary

This Friday marks triple-witching day, where stock options, stock index futures, and stock index options contracts all expire simultaneously. Nvidia is particularly noteworthy today, with speculation swirling that a significant portion of their outstanding options may expire by day's end. Recent heat waves in the United States might affect your stock portfolio. Research from the University of Calgary suggests that companies in sectors like utilities and healthcare tend to experience decreased earnings during periods of extreme heat. Warren Buffett has been actively investing, acquiring shares of Occidental Petroleum for nine consecutive days, increasing his stake to 28.8% with over 255 million shares. Buffett also sold 1.3 million shares of the Chinese EV maker BYD on June 11th. Boeing CEO Dave Calhoun faced intense scrutiny on Capitol Hill this week, apologizing for the company's recent mishaps but enduring tough questions from lawmakers. Despite being in the hot seat, Calhoun plans to step down as Boeing's CEO by year-end, leaving uncertainty about his successor. Golden Goose, known for its unique and trendy shoe designs, has decided to postpone its IPO. Despite this setback, the Italian sneaker company reported a promising 12% increase in revenue for the first quarter of this year.

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For those who read...‍

Happy Friday business enthusiasts and welcome back to C2 Business! My name’s Jake and today we’re taking a look at what’s new in the stock market, and then we’ll jump over to see what’s happening with Warren Buffett (the goat investor), the latest from Boeing’s CEO, and Golden Goose’s postponed IPO? Let’s hop into it!    

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In Stock Market News:

• This Friday is triple-witching day, a day when stock options, stock index futures, and stock index options contracts all expire on the same day: wow, try saying that three times fast. Triple-witching days occur on the third Friday of each quarter’s final month, and they’re certainly quite the event, with traders prepping in advance for trading volume and volatility to shoot through the roof (so get ready for a busy Friday my trading friends)! Keep an eye out for Nvidia today: they recently attained the title of the US’s largest stock by market cap, and with options contract purchases soaring in the days leading up to today, the chip maker might be facing its toughest test yet. 
• It’s been a little hot in the states lately, if you haven’t noticed please go touch some grass. Well, what you might not know is that this latest bout of extreme heat might do more than just melt your ice cream: it could also hurt your stock portfolio. Research from the University of Calgary has found that companies in sectors such as utilities, energy, and healthcare see their earnings drop during periods of outstanding heat, especially during those warmer months of the year. Feels a little counterintuitive for energy stocks but I’ll let you take that up with the good people of Calgary. 

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In Business News:

• Warren Buffet’s been on a spending spree lately, purchasing shares of the oil and gas company Occidental Petroleum for nine days straight. In total, Buffett's holdings of Occidental Petroleum are now over 255 million, making his stake in the company 28.8%. That’s not all for Buffet, however, as his conglomerate Berkshire Hathaway also sold around 1.3 million shares of the Chinese EV maker BVD on June 11th. Considering the recent multinational tariffs imposed on Chinese EVs from the US and Europe, really, who can blame the guy?  
• We all know about Boeing’s recent mishaps, with PR-nightmare level headlines seeming to stroll into our For You pages every other week at this point. Well, Boeing CEO Dave Calhoun hit Capitol Hill this Tuesday to testify before Congress and took quite the heavy beating thereafter; though the chief executive began by apologizing for Boeing’s recent failures, lawmakers were more interested in the recent whistleblower tip they’d received hours before Calhoun’s testimony and his $32.8 million yearly salary. Calhoun’s stint as the fall guy won’t be too long, however, as he plans to step down as CEO of Boeing by the end of this year, and who in the world would want to fill that empty chair?‍
• Finally, Golden Goose, aka every rich girl’s favorite shoe brand that looks like it was DIY'd by a  first-grader and then left in the dumpster overnight, has postponed its IPO, announcing in Milan Tuesday that the company won’t go public. Nevertheless, the news isn’t all gray for the Italian sneaker company, as they reported a 12% increase in revenue in the first quarter of this year. Turns out all that glitters is gold.

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Bulletin Brief

Triple-witching day and Nvidia (MB, MarketWatch)

Extreme heat hurting stocks (MB)

Warren Buffet’s moves  (MB, CNBC)

Boeing CEO testifies before Senate (MB)

Golden Goose postpones IPO (MB)