TikTok vs Amazon

26 Jul

*past 24-hour performance

  • TikTok vs Amazon: TikTok is launching an e-commerce business in the U.S. to sell made-in-China goods to consumers, stepping up its rivalry with Amazon (WSJ)

  • Rate hike day: The Fed is expected to raise rates a quarter point to the 5.25%-5.5% range, a 22-year high, and decide if it’s done hiking later today at 2PM EST (Bloomberg)

  • Strike averted, supply chain rejoices: UPS reached a tentative deal today with the Teamsters, the union representing 340,000 of its workers, averting a much-feared strike (CNN)

  • Americans are getting more confident: The Conference Board Consumer Confidence Index jumped to 117 in July, up from 110.1 in June, marking the highest level in two years, and follows a similarly big surge from last month (PR)

  • GE Beats: Storied manufacturer General Electric (GE) beat Wall Street expectations and raised its cash-flow targets for the year, citing robust demand for its jet engines and wind turbines (Morningstar)

  • PE firms are underperforming: For the first time since the 2008-09 financial crisis, benchmark private-equity returns turned negative (WSJ)

  • Lenders seek strength together: Banc of California (BANC) agreed to buy PacWest Bancorp (PACW) in a move by the lenders to further shore themselves up (WSJ)

  • Junk bonds are getting hammered: America’s $1.4 trillion risky corporate loan market has been hit by the biggest slew of downgrades since the depths of Covid19 crisis in 2020 (FT)

  • Lyft may shed its bikes: Lyft is looking into strategic options for the company's bike segment, including selling the fleet or collaborating with an investor (NY Post)

  • Rolls-Royce flies: Shares of Rolls-Royce (RR) rocketed to their highest level since the start of the pandemic after the British aerospace & defense firm said it would vastly outperform expectations for its half-year results (CNBC)

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  • X marks the spot, but what does that spot signify, ask media agency execs (Digiday)

  • Custom instructions for ChatGPT (OpenAI)

  • 2023’s States with the Best & Worst School Systems (WalletHub)

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