PayPal doubles down on crypto

Plus, Biden’s land grab...

08 Aug

*past 24-hour performance

  • Tesla CFO resigns: Zachary Kirkhorn has stepped down as Tesla's CFO after 13 years with the company, stirring new questions about Tesla's succession plans. (Axios)

  • Biden’s land grab: President Joe Biden will curb land development on a stretch of nearly 1 million acres near Arizona's Grand Canyon; Uranium companies vehemently opposed. (Fortune)

  • PayPal doubles down on crypto: PayPal (PYPL) has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. (PayPal)

  • Playoff baseball coming to Max: Warner Bros. Discovery (WBD) has targeted the beginning of the MLB playoffs to debut a sports tier for its Max streaming service (CNBC)

  • China’s trade slump: China’s exports to the rest of the world tumbled in July, falling 14.5% YoY, the steepest decline since the Covid pandemic in February 2020. (BBC)

  • KKR gives private equity some optimism: KKR (KKR) reported Q2 earnings that beat estimates, despite falling 23% from a year ago amid a PE deal drought. (Yahoo Finance)

  • Telecom sector continues to consolidate: Shares in United States Cellular (USM) surged more than 75% after the telecom company and Telephone & Data Systems (TDS) – which owns ~83% of US Cellular – have decided to look into options including a sale. (WSJ)

  • Campbell goes for the sauce: Campbell Soup (CPB) is buying Sovos Brands (SOVO) for $2.7 billion. The purchase is highlighted by the Rao’s pasta sauce brand, which accounted for 69% of adjusted net sales last year for Sovos. (Food Dive)

  • Moody’s doubles down after Fitch: Moody’s has cut its credit ratings on 10 mid-size and small US lenders and said it could downgrade some larger ones too as part of a sweeping report on the state of the sector. (Bloomberg)

  • Palantir announces buyback program: Palantir (PLTR) posted its third quarter in a row of GAAP profitability, matching analyst expectations with its latest earnings report and announced a new $1 billion buyback authorization. (MarketWatch)

Chicken is a scary economic indicator right now: Inside of Tyson Foods’(TSN) latest earnings report was some startling data into U.S. consumer purchasing behavior right now. In short, instead of buying beef or pork, Americans are turning to chicken. This might not seem like a huge deal initially, but when you see the swing in the amount they buy, its a negative signal for the U.S. economy. Read more »

The hidden costs of reshoring: Even as tech like AI transforms the way we work and play, it won’t change our need for significant physical investment in infrastructure and energy systems. Read more »

Even when the stock market goes up it still goes down: It’s important to understand that even in the really good years, there’s a decent chance you’ll have to live through a correction along the way. Read more »

  • It only goes downhill from here; Why college sports will never be the same (Extra Points)

  • Short seller Hindenburg nabs tiny gains off $173 billion carnage (Bloomberg)

  • The complete blueprint for lifetime income during retirement (TCR)*

  • Google Maps has become an eyesore. 5 examples of how the app has lost its way (Fast Company)

  • Big oil’s talent crisis: high salaries are no longer enough (WSJ)

  • Apple TV+ is on a scripted-series hot streak. Are people paying attention? (The Ringer)

  • The FDIC sold Silicon Valley Bank’s wine (Twitter)

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