Daily's Pre Market: Bitcoin, Microsoft, Citigroup, Delta Airlines, and JPMorgan

Bitcoin ETFs could open floodgates to $30 trillion wealth management market

• Following the approval of spot bitcoin ETFs, analysts at Standard Chartered anticipate fund inflows in the range of $50 billion to $100 billion in 2024.

• It’s the first opportunity for many large wealth managers to get access to crypto.

• “Bitcoin is beginning to become a benchmark asset for the younger generation,” said Anthony Pompliano, founder of Pomp Investments.

Microsoft tops Apple as world’s most valuable public company

• At the end of Friday’s U.S. trading session, Microsoft was the most valuable public company by market capitalization, eclipsing Apple.

• Redburn Atlantic Equities downgraded Apple this week to neutral from buy.

• Microsoft held an artificial intelligence event in San Francisco on Thursday, leading to positive reception from one group of analysts.

Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul

• Citigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank’s results and stock price.

• In November, CNBC reported that managers and consultants involved in CEO Jane Fraser’s restructuring discussed job cuts of 10%.

• The company has since executed several waves of layoffs, with another round of cuts set for Jan. 22, according to a source.

Airline stocks tumble after Delta trims profit forecast

• Delta shares fell after the company trimmed its 2024 earnings forecast.

• The company reported a fourth-quarter earnings beat as bookings, both for corporate and leisure travel, continued to pick up from the Covid-19 pandemic lows.

• Airline stocks including United, American and Southwest were also down on the news.

JPMorgan Chase profit falls after $2.9 billion fee from regional bank rescues

• The bank said quarterly earnings slipped 15% to $9.31 billion, or $3.04 per share, from a year earlier.

• Excluding the fee tied to the regional banking crisis and $743 million in investment losses, earnings would have been $3.97 per share, according to JPMorgan.

• Shares of JPMorgan rose 1.9% during premarket trading.