|  | *past 24-hour performance |
| | Amazon crushes earnings: Amazon (AMZN) overshot expectations for its Q2 earnings with multiple business segments (especially AWS) growing by mid-to-high teens. Add in perhaps the best company earnings call from recent memory, and it’s no surprise the stock spiked 8%. (Yahoo)
It’s non-farm payrolls day: The all-important payrolls report drops at 8:30 a.m. EST. Forecasts are for 200,000 added jobs in July. While that would be the weakest print since 2020, it’s still strong historically and may fuel bets on more Fed hikes. (Trading Economics) Bank of England raises rates again: The BOE raised interest rates by 0.25% (its 14th consecutive hike) as inflation remains stubbornly high. (CNN)
More oil cuts: Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, adding it could be extended beyond that or deepened. (Reuters)
iPhone sales are slumping: Apple (AAPL) reported its third straight quarter of revenue declines as it struggles to sell iPhones. Meanwhile, the services unit – home to the App Store, TV, & Music – hit a record $21 billion in sales. (WSJ)
KKR to buy major book publisher: Private-equity firm KKR (KKR) is in advanced talks to acquire Simon & Schuster for $1.65 billion, capping a years-long effort by Paramount Global (PARA) to sell the publisher. (WSJ)
Rolls Royce turnaround: Rolls Royce (RR) has reported $854 million in H1 profit, representing a 5x YoY increase. The stock is now up 140% over the past year Tufan Erginbilgic took over the company in January. (Guardian)
Ackman shorts 30-year treasuries: Bill Ackman has placed a bet against U.S. 30-year Treasuries, calling it both a hedge on the impact of higher long-term rates on stocks and a good standalone bet. (Reuters)
Buffett shrugs off Fitch downgrade: Buffett notes the concerns are valid, and that he doesn’t agree with everything the Fed is doing… but it’s not enough to change his views on U.S. Treasuries and the dollar. (CNBC)
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| | Mexican Housing Crunch: Mexico has been producing fewer and fewer homes every year and is on track to produce a remarkable 50% fewer homes than was produced in 2013. This supply shortage has led to record home price appreciation and profits for homebuilders. That’s why, our colleague at Mindset Value is calling this stock “The most undervalued stock in North America”. Read more » | Do as old money does: Old money is patient and avoids risk. Old money waits for the right opportunities to present themselves… even if that takes a very long time. Old money knows how to be in a position of power when others are weak. Right now, there are a variety of stocks that have “old money” characteristics. Read more » | Reminder, Anheuser-Busch has other brands: The global brewer, Anheuser-Busch (BUD), which accounts for around one of every four beers sold worldwide, posted surprisingly strong results despite cratering Bud Light sales. Read more » |
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| | Mini meme stock bubble bursting? (@beentherecap) How ESPN went from Disney’s financial engine to its problem (NYT) Bizarre-looking whale may have been heaviest animal ever (SA) FCC fines robocaller a record $300M (TechCrunch) How an ex-Goldman banker fought US sanctions over Russia – and won (Bloomberg) Two US Navy sailors charged with spying for China (BBC)
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