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)
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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 »
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Here’s what we’re watching for COIN’s Q2 earnings (CoinSnacks)
This year a mirror image for S&P 500 Energy vs. Tech … 2022 (blue) saw massive Energy outperformance; yet now (orange), dynamic completely flipped with Energy underperforming by ~35% [Past performance is no guarantee of future results] http
Jul 18, 2023
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