|  | *past 24-hour performance |
| | What could go wrong?: Zillow (ZG) is offering mortgages with just a 1% down payment as it tries to attract house hunters facing the most-unaffordable market in almost four decades (YF)
One of the worst public listings in history: Shares of Better Home & Finance (BETR) fell 93% yesterday after it’s public listing (Techcrunch)
DOJ sues SpaceX: The Justice Department is suing SpaceX, alleging that the company discriminated for years against refugees. Space industry confused, as the current law states they have to discriminate (Delian)
The nuclear option: Saudi Arabia is weighing a Chinese bid to build a nuclear-power plant in the kingdom in a move designed to pressure the Biden administration to compromise on its conditions for U.S. help in the kingdom’s quest for nuclear power (WSJ)
Department store sector blues: Despite earnings results topping Wall Street expectations, Nordstrom (JWN) says its sales and profits fell in Q2, joining its department store peers coping with shoppers' cautious spending (AP)
Massive layoff round: Wireless carrier T-Mobile (TMUS) said Thursday it plans to cut 5,000 jobs, or about 7% of its workforce (AP)
New fast fashion friends: Shein, the Chinese e-commerce retailer, is teaming up with Forever 21 to expand its reach into Americans’ closets. The tie-up will bring together two of the biggest names in the fast-fashion sector online and in malls across the country (NYT)
“Elevated shrink”: Dollar Tree (DLTR) posted Q2 results that beat estimates but expects a weak Q3, citing several issues weighing on margins and retail theft; shares hit 52-week low yesterday (Kiplinger)
Walmart drones: Walmart (WMT) announced its drone delivery service at two Dallas stores is about to take flight in the coming months and serve upwards of 60,000 homes (Bloomberg)
China bans all Japanese seafood: Shortly after Japan started releasing treated radioactive water from the Fukushima nuclear power plant into the Pacific Ocean, China announced an immediate blanket ban on all aquatic products (Reuters)
Lira jumps 6%: Turkey's central bank unexpectedly hiked interest rates to 25%, signaling it was willing to follow through on a new commitment to damp inflation through monetary policy (ZeroHedge)
Disney stock hits 9-year low: Shares of Walt Disney (DIS) fell 3.9% on Thursday, closing at their lowest level in nearly nine years (Reuters)
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| | Cannabis value investing: Even talking about investing in cannabis makes people cringe a little. It was (and still is) such a promising industry. And, well, it just got all screwed up for many, many reasons. But now, there are some interesting opportunities popping up in cannabis. Read more » | What are interest rates? It’s funny—everyone wanted bonds at 1% yields in the 2010s, but nobody wants them at 4.5% yields in 2023. And there is probably no yield that would ever make them attractive. In fact, the higher yields go, the more unattractive they become as the narrative that we’re in an inflationary debt spiral continues. Things may look very different a year from now. Read more » | The calm before the storm: The failing banks, and the soaring rates of violence and crime you see everywhere across the country… This is the calm before the storm. A far more dangerous series of events is about to unfold. This could “reset” your finances, your credit score, possibly even where you live. Read more »* |
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| | The recession should probably be here by now (Axios) Donald Trump arrested; back on Twitter; mugshot goes viral (X) Financial progress for cryptocurrency holders (Arch)* Apple's long-term bonds have lost 40% of their value since late 2020 (Insider) Does the ocean floor hold the key to the green energy transition? (Noema)
| | | | | The Global Exodus to Gold | Global Central Banks are “panic-buying” gold at historic rates. Last year, they added more gold to their coffers than any other year since 1950. But this is no random occurrence… | It’s part of a serious shift in the global monetary system, one that could have big implications for investors. Details here… | SPONSOR |
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