|  | *past 24-hour performance |
| | Price pressures continued cooling: The consumer-price index, a measure of goods and services prices across the economy, rose a mild 0.2% in July, the same as in June. (WSJ)
Weight loss drug soaring demand: Novo Nordisk (NOVO) is struggling to keep pace with the soaring demand for its obesity drug Wegovy as raises its profit outlook for the second time this year. (Forbes)
Amazon scraps private label clothing brands: In an effort to cut costs and address antitrust scrutiny, Amazon (AMZN) has decided to eliminate 27 of its 30 in house-label clothing brands. (Yahoo)
WeWork gets meme-stock treatment: WeWork (WE) leaped by a record 43%, after earlier soaring as much as 153%, just days after the co-working space provider warned that it may have difficulty staying solvent. (Bloomberg)
Mortgage rates rise for the third week in a row: The 30-year fixed-rate mortgage averaged 6.96% in the week ending August 10, up from 6.90% the week before, according to data from Freddie Mac. (CNN)
Solar energy IPO pending: Dutch solar firm Esdec Solar Group, supported by Blackstone (BX), is contemplating a US IPO that could peg its valuation at over $5 billion. (Investing)
Uber supported robots go public: Serve Robotics, the autonomous sidewalk delivery robot startup that spun out of Uber’s acquisition of Postmates, is going public via SPAC. (Techcrunch)
News Corp hints at AI: Rupert Murdoch’s News Corp (NWSA) swung to a loss with revenue down 9%; CEO says the company is in talks with AI companies to establish the value of its content. (WSJ)
Would Apple buy Disney?: Rumors are swirling that with Bob Iger back at the helm, Disney (DIS) is setting itself up to be acquired by Apple (AAPL) which is sitting on $62 billion in cash. (THR)
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| | Colleges Spend Like There’s No Tomorrow. ‘These Places Are Just Devouring Money: It has long been clear to American families that the cost of college has gone up. To get at the root cause, The WSJ examined financial statements since 2002 from 50 universities and adjusted for inflation. What they learned was alarming. Read more » | Retirees face $17,400 cut to social security benefits in 2033: A new analysis has calculated the potential reduction in payouts if politicians are unable to address the looming budget shortfall. Read more » | DC plan sponsors want to add annuities: Americans, who are increasingly concerned that the Social Security system will run out of money, are hoping their employers will add retirement income options to their 401(k) plans. Read more » | Adjust your extra principal automatic mortgage payment when rates rise: Paying down extra principal when the yield curve is inverted is suboptimal because you reduce liquidity in the face of a potential recession. Read more » |
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| | President Biden blasted China’s economic problems as a “ticking time bomb” and referred to Communist Party leaders as “bad folks” (Daily Post) The local-news crisis is weirdly easy to solve (The Atlantic) UPS CEO says drivers will average $170k in pay and benefits (CNBC) The average Manhattan rent just hit a new record of $5,588 a month (CNBC) Biden asks Congress for billions more in Ukraine funding (Axios) Ecuador presidential candidate Villavicencio assassinated (Reuters)
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