Market News
1. Miscellaneous
Social Security remains a critical concern for voters, as a recent CNBC poll highlights its significance, while strategies to maximize benefits are being emphasized. In other news, global economic dynamics are shifting with expectations of record air travel from China in 2024, US support for reducing plastic production, and concerns from Japan about US political leadership impacting business. (newslink)
2. General market updates and trends
U.S. stock indexes are seeing upward movement ahead of key economic reports, with S&P 500 futures rising and notable gains from companies like Ulta Beauty and Sirius XM Holdings. Investors remain cautious due to ongoing market volatility, fueled by concerns over retail sales and housing data from China. (newslink)
3. China's economic recovery struggles with weak industrial output and property slump
China's economic recovery continues to struggle, with weak industrial output and a deepening property slump negatively impacting growth prospects. July's data revealed a slight improvement in retail sales; however, factory output came in disappointing, highlighting the unevenness of the recovery amid ongoing challenges in consumption and home prices. (newslink)
4. Walmart boosts outlook and reports strong earnings
Walmart has raised its full-year outlook for 2024, attributing the increase to strong consumer spending and demand for bargains amidst inflation concerns. Following a positive earnings report, Walmart's stock surged, reflecting investor optimism about the state of the U.S. economy. (newslink)
5. Trump's economic focus and political activities
C-suite advisors suggest that many business leaders continue to anticipate a Trump victory despite current uncertainties, as Trump gears up to deliver an economic-focused speech in battleground North Carolina. Polls show Trump with a slight lead over Harris, and during his rally, he emphasizes inflation and criticizes her, aiming to solidify his message on economic issues. (news link)
Company News
1. Warren Buffett's Berkshire Hathaway's Q2 adds Ulta, sheds Snowflake, others ( $ULTA ) ( $SNOW )
Warren Buffett's Berkshire Hathaway made significant changes to its portfolio in Q2, acquiring stakes in Ulta Beauty and Heico while selling off shares in Snowflake and reducing its Apple holdings. The adjustments reflect a strategic shift, with Berkshire focusing on stocks that are surging in value, suggesting a continued commitment to quality investments. (news link)
2. Starbucks appoints Brian Niccol as new CEO with significant compensation package ( $SBUX )
Starbucks has appointed Brian Niccol as its new CEO, offering him a substantial compensation package worth $85 million, alongside a base salary of $1.6 million. This leadership change, which comes with a cost of $120 million, is part of a strategic bet on revitalizing the company amid Elliott's advocacy for better deals. (news link)
3. Mars to acquire snack maker Kellanova in $36 billion deal ( $K )
Mars is set to acquire snack manufacturer Kellanova, known for brands like Cheez-It, Pringles, and Pop-Tarts, in a significant deal valued at approximately $36 billion. This marks Mars' largest acquisition to date, further expanding its portfolio in the snack food market. (news link)
4. Wally Amos, founder of Famous Amos cookies, dies at 88 ( $COTY )
Wally Amos Jr., the founder of Famous Amos cookies, has passed away at the age of 88 in Hawaii. Celebrated as a pioneer and "true original Black American hero," Amos found success beyond his cookie brand throughout his life. (news link)
5. Alibaba's revenue misses estimates, impacting revival efforts ( $BABA )
Alibaba's first-quarter revenue fell short of expectations, marking a setback for the company's revival efforts amidst a struggling Chinese economy. The disappointing results highlight ongoing challenges for the e-commerce giant as it seeks to regain momentum. (news link)
