Stonks: Chipotle portions, $JPM bearish, Credit suisse fined, Eli Lilly approved

A Wells Fargo analyst ordered the same Chipotle burrito bowl 75 times and found the portion problem is real

• Reddit sentiment: negative

• Wells Fargo analyst Zachary Fadem ordered and weighed 75 Chipotle burrito bowls to study portion consistency

• Found that weights of burrito bowls varied drastically, with heaviest bowl weighing 87% more than the lightest

• Chipotle has been criticized on social media for supposedly smaller portion sizes

• Chipotle executives insist portion sizes have not decreased

• Chipotle's foot traffic continues to increase despite controversy over portion sizes

• Wells Fargo remains optimistic about Chipotle's stock

JPMorgan's Chief Strategist Reiterates Bearish Outlook, Says The S&P 500 Will Fall 23% By Year-end

• Reddit sentiment: mixed/negative

• JPMorgan's Marko Kolanovic predicts a 23% drop in S&P 500 from 5,483 to 4,200 by end of 2024

• GDP growth declined from 3.4% in Q4 2023 to 1.4% in Q1 2024

• Kolanovic believes US equity valuations are disconnected from business cycle

• Housing market affordability crisis projected until at least 2026

• Concerns about labor market losing steam with growing unemployment and fewer job openings

• Kolanovic recommends diversifying into defensive value plays like utilities and healthcare

• Investment banking sees need for upward earnings forecast revisions for big tech firms

• Market risks are present as hyperbolic moves in price could be corrected violently

Credit Suisse fined for short selling

• Reddit sentiment: negative

• South Korea's financial regulator fined Credit Suisse AG and Credit Suisse Singapore Ltd for illegal stock short-selling violations

• The fines imposed were 16.9 billion won ($12.17 million) and 10.2 billion won respectively

• Credit Suisse AG conducted naked short-selling trades worth 60.3 billion won, violating South Korea's Capital Markets Act

• UBS, which took over Credit Suisse, did not immediately respond to comments

• South Korea extended the ban on short-selling stocks through the first quarter of 2025 to control illicit trading practices

FDA approves Eli Lilly Alzheimer’s drug, expanding treatment options in the U.S.

• Reddit sentiment: mixed/negative

• FDA approved Eli Lilly's Alzheimer's drug donanemab, sold under the brand name Kisunla

• Donanemab and a similar drug Leqembi from Biogen and Eisai are milestones in Alzheimer's treatment

• Both drugs are monoclonal antibodies targeting toxic plaques in the brain to slow disease progression

• Eli Lilly's drug slowed Alzheimer's progression by 35% over 18 months

• Drug administered through monthly infusions, expected costs are $12,522 for a 6-month course

• Drug is not a cure and comes with significant safety risks, including severe side effects

• This is the third Alzheimer's drug to reach the market after Leqembi and an ill-fated therapy from Biogen and Eisai

• FDA received criticism for expedited approval of Aduhelm in 2021 despite negative recommendation from an advisory panel

Here’s some other headlines we couldn’t squeeze in:

• Cathie Wood's Ark Invest Sells Tesla Shares Worth $14.5M Amid Rally Driven By Q2 Delivery Numbers, Picks Up Palantir Shares Again Today

• The stock market will crash within 120 days. Enjoy the final gasping breath of this bloated swine.

• GM reports best U.S. quarterly sales since 2020

• Another Bear bites the dust. JPM’s kolanovic “Gandalf” fired for being too bearish

• Bezos is selling Amazon stock

• Only interrupt compounding, unless it's absolutely necessary.

• Porsche holding extremly undervalued?