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• 🛩️ Execs who misuse the company jet could be in trouble.
  The IRS is cracking down on the companies that allegedly save millions...
  The IRS is cracking down on the companies that allegedly save millions by writing off personal PJ flights as business trips. Announced yesterday, the IRS’s audit of corporate plane usage will also hold accountable passengers who didn’t report the non-business trips on their tax forms. To parse through dozens of corporations’ business deductions, the IRS will use new tech developed with some of the $80 billion it received from the Inflation Reduction Act of 2022. Lawmakers already rescinded $20 billion of that funding, and the IRS is currently trying to convince Republicans in Congress that it’s worth letting them keep the rest.
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• ☕️What Else is Brewing Thursday Morning
  Nvidia Corp. reported highly...
  Nvidia Corp. reported highly anticipated fourth-quarter earnings yesterday that smashed records for both its quarterly and full-year results, boosted by strong demand for its semiconductors amid an artificial intelligence boom. The California chipmaker saw record fourth-quarter revenue of $22.1B, up 22% from the previous quarter and 265% from the previous year. The company's fourth-quarter net income was $12.3B, up 769% from $1.4B a year ago. Nvidia shares rose 9% in after-hours trading.
  
  Boeing’s head of the 737 Max program is leaving the company in its biggest executive shake-up since a door panel blew out on an Alaska Airlines flight in January.
  
  The Biden administration is investing more than $20 billion in port security over the next five years, including building cargo cranes domestically that the US currently buys from China.
  
  Mortgage rates jumped to over 7% for the first time since December, a reflection of dimming hopes that the Fed will cut interest rates soon.
  
  Beyoncé became the first Black woman to hold the No. 1 spot on Billboard’s Hot Country Songs chart with her single “Texas Hold ’Em.”
  
  Beyond Meat introduced a healthier version of its plant-based burger to help keep its floundering business afloat. The company’s value has dropped from a peak of $14.1 billion to less than $500 million today.
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• Lucid’s stock drops more than 5% as losses mount for the EV startup
  Lucid Group Inc. shares fell nearly 5% in the extended session Wednesday...
  Lucid Group Inc. shares fell nearly 5% in the extended session Wednesday after the EV maker reported a mixed fourth quarter, with revenue below Wall Street estimates, and production guidance also disappointed.
  
  Lucid LCID lost $654 million, or 29 cents a share, in the fourth quarter, compared with a loss of $473 million, or 28 cents a share, in the year-ago period.
  

  
  
  The EV maker’s revenue fell to $157.2 million, from $258 million a year ago.  Lucid shares have lost about 63% in the past 12 months, which contrasts with gains of around 24% for the S&P 500 index SPX.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for April delivery ...
  Benchmark U.S. crude oil for April delivery rose 87 cents to $77.91 per barrel Wednesday. Brent crude for April delivery rose 69 cents to $83.03 per barrel.
  
  Wholesale gasoline for March delivery rose 1 cent to $2.29 a gallon. March heating oil fell 2 cents to $2.71 a gallon. March natural gas rose 19 cents to $1.77 per 1,000 cubic feet.
  
  
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• Dow, S&P 500 squeak by with slight gains, avert third straight session of losses
  U.S. stocks finished mostly higher on Wednesday, with the Dow Jones Industrial...
  U.S. stocks finished mostly higher on Wednesday, with the Dow Jones Industrial Average and S&P 500 advancing within the final half-hour of trading. Still ahead on Wednesday are after-hours earnings results from Nvidia Corp.
  
  The Dow Jones Industrial Average closed up by 48.44 points, or 0.1%, at 38,612.24, based on preliminary figures. It had been down by more than 200 points at its intraday session low.
  
  The S&P 500 ended higher by 6.29 points, or 0.1%, at 4,981.80.
  
  The Nasdaq Composite finished down by 49.91 points, or 0.3%, at 15,580.87. It was the Nasdaq's third consecutive trading day of losses.
  
  Minutes of the Federal Reserve's most recent gathering in January, released on Wednesday, revealed lingering concerns about inflation.
  
  "The Fed still has a few more meetings to see how the labor market and inflation are progressing to make any decisions, though expectations for a short-term bump in inflation in the next few months could make their job a bit more difficult," said Rob Swanke of Massachusetts-based Commonwealth Financial Network.
  
  "Markets are still looking for the June meeting as the likely time for the first rate cut," Swanke wrote in an email.
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