Jamie Dimon: Fitch downgrade is 'ridiculous'

Plus, BUD's massive profit drop...

03 Aug

*past 24-hour performance

  • Budweiser boycotts hitting hard: AB InBev (BUD) reported a massive drop in Q2 net profit as overall volumes fell 1.4% and North America volumes fell 14.5%. (WSJ)

  • Made in India: One of the world's largest tech companies, Foxconn, who is best known for being a supplier of Apple is set to invest $600 million in chip manufacturing plants in India. (TechCrunch)

  • Crude oil update: US crude stockpiles plunged by a record 17.05 million barrels – the largest weekly crude draw in history. American inventories are now at the lowest since January. (HFIR)

  • CVS starting to turn: CVS Health (CVS) posted a better-than-expected revenue and earnings report, beating Wall Street estimations. The company had $88.9B in revenue, $2B more than estimated. (CVS)

  • $103 billion in bonds: The US Treasury boosted the size of its quarterly bond sales for the first time in 2 1/2 years to help finance a surge in budget deficits. (Treasury)

  • Chemicals profits plunge: The world’s most valuable chemicals maker – Sabic, which is majority owned by Saudi Aramco – saw profit plunge by 85% in Q2 as the global economy weakened. (Bloomberg)

  • Paypal slumps: Paypal (PYPL) fell 7% after Q3 operating margins were reported below expectations due to competition, although it slightly beat earnings and revenue estimates. (Bloomberg)

What’s Happening with the Economy? The Great Wealth Transfer: The economy clearly isn’t reacting in the usual way to the Fed’s tightening; it is much stronger than normal and stronger than expected. Why is that? Here’s Ray Dalio’s take. Read more »

IRS Says Staking Rewards Are Taxable Income in Latest Revenue Ruling: Crypto investors who earn staking rewards are now required to report these earnings as part of their gross income for tax purposes. Read more »

A glut of mediocre Realtors is screwing over homebuyers: In most states, getting a license to help people buy or sell a home requires only a few hundred dollars, several weeks of coursework, and a passing grade on a multiple-choice test. Read more »

Foreign buyers are bailing on the U.S. housing market: International buyers purchased 14% fewer U.S. homes in the past year, the least since the National Association of Realtors began tracking the statistic in 2009. Read more »

  • Here’s what we’re watching for COIN’s Q2 earnings (CoinSnacks)

  • How much oil is produced in the US? (USA Facts)

  • How to protect your hard earned retirement with gold & silver (Vault)*

  • China and India might be most at-risk of water shortages (CNBC)

  • Bordeaux’s cabernet and merlot grapes are being ravaged by a rare mildew (Robb Report)

  • Apple moves cautiously on AI as other tech giants race ahead (Axios)

  • Jamie Dimon calls Fitch Ratings U.S. downgrade ‘ridiculous’ & ‘doesn’t really matter’ (CNBC)

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