GDP pounces forward

July 28, 2023

28 Jul

*past 24-hour performance

  • US economic growth accelerates: GDP grew at a seasonally- and inflation-adjusted 2.4% annual rate in the second quarter, suggesting the U.S. is steering clear of recession (WSJ)

  • ECB raises rates again: The European Central Bank announced a new rate increase of .25 basis points to 3.75%, marking its ninth raise in a row and 22-year high (FT)

  • FTC readies lawsuit: Amazon Rumors are circulating that The FTC is finalizing its long-awaited antitrust lawsuit against Amazon, a move that could ultimately break up parts of the company (Politico)

  • Bud Light layoffs: Anheuser-Busch is set to lay off a small percentage of its U.S. corporate staff in a restructuring aimed at simplifying and reducing layers within the organization (Axios)

  • From dolls to denim: Top Mattel (MAT) executive Richard Dickson who was credited with reviving Barbie, will become Gap's (GPS) new CEO, capping off a yearlong search (CNBC)

  • Camera-gate: Trump faces new charges as the office of the special counsel accused the former president of seeking to delete security camera footage at Mar-a-Lago (NYT)

  • Nostalgia for the win: McDonald's (MCD) reports global same-store sales rose 11.7%; calls out its "culturally relevant brand and marketing campaigns" as a driver for a strong Q2 (Yahoo)

  • Chipotle earnings: Chipotle (CMG) reported quarterly earnings that crushed expectations, but the burrito chain’s sales fell short causing the stock to drop 9%. Shares are still up 50% this year (CNBC)

  • Lower margins hurting majors: Exxon Mobil Corp (XOM) today reported a 56% slump in second-quarter profit, missing Wall Street bets and joining rivals hurt by a sharp drop in energy prices and lower fuel margins (Reuters)

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  • These are the top 100 brands by value in 2023 (Visual Capitalist)

  • Spotify CEO teases potential AI-powered capabilities surrounding personalization, ads (Techcrunch)

  • Planning a trip to Europe? You’ll need to apply for ‘authorization’ starting in 2024 (The Hill)

  • Inside Pornhub’s finances (Semafor)

  • A Friendly BTC Reminder (CoinSnacks)

  • Labor’s Shadow War With Self-Driving Cars (Pirate Wires)

  • Facebook Bowed to White House Pressure, Removed Covid Posts (WSJ)

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