Automakers Absorb Tariff Costs, Price Hikes Coming

 

Automakers are currently absorbing billions in tariff costs from imported materials and vehicles, preventing immediate price hikes for consumers. Despite this, new vehicle prices only rose 1.2% year-over-year in June, lower than the 10-year average. Companies absorbed these costs to maintain sales, but investors are pressuring them to...

Meta Beats Q2 Earnings, Stock Soars on AI Outlook

 

Meta Platforms exceeded second-quarter revenue and earnings expectations, reporting $47.52 billion in revenue and $7.14 earnings per share, surpassing analyst forecasts of $44.83 billion and $5.89 respectively. This positive performance resulted in a nearly 10% surge in after-hours trading. Investors are keen to learn more about Meta's AI...

Blackstone Exec Killed in Random Shooting

 

Wesley LePatner, Blackstone's global head of Core+ real estate and CEO of its $70 billion REIT, was tragically killed in a random shooting at the firm's Manhattan office. The shooter, targeting a different tenant, was found to have left a suicide note citing CTE. LePatner, 43, was remembered as...

Warner Bros. Pictures Announces 10% Staff Cuts

 

Warner Bros. Motion Picture Group is undergoing a 10% reduction in staff across various departments, including marketing, distribution, and production. This restructuring, planned since early this year, shifts the company from a US/international model to a global structure. Co-Chairs Pamela Abdy and Michael De Luca announced the layoffs, expressing...

Media Capitulation Index Ranks Major News Outlets

 

A new "Media Capitulation Index" ranks major media and tech companies based on their perceived capitulation to powerful interests. The index, created by Sophie Culpepper and published by the Nieman Journalism Lab, assigns ratings ranging from "chicken" (The New York Times) to "star" (Bloomberg). The index assesses how these...

Trump Imposes Tariffs on India Over Russian Oil Purchases

 

Former President Trump announced a 25% tariff on Indian goods, citing high tariffs on US products and India's purchase of Russian oil. This additional "penalty," effective Friday, comes after trade deals with other nations. Trump aims to offset budget deficits and boost domestic jobs. Economists predict slower US...

Adidas Stock Plunges Amid US Tariff Fears

 

Adidas shares plummeted 9.1% after revealing a projected €200 million hit from US tariffs in the second half of 2024. The company warned of potential inflation-driven consumer demand risks and macroeconomic uncertainty. Despite this, Adidas maintained its full-year guidance, projecting high-single-digit sales growth and operating profit between €1.7 billion...

US, China Agree to Explore Tariff Deadline Extension

 

US and China concluded two days of trade talks in Stockholm, agreeing to explore extending a tariff deadline beyond August 12th. While China stated an agreement to work towards an extension, the US indicated it was discussed but not finalized. Discussions covered various concerns including China's oil purchases...

HSBC Misses Profit Targets Amidst Global Uncertainty

 

HSBC's second-quarter profit before tax fell 29% year-on-year to $6.3 billion, missing analyst expectations of $6.99 billion. The shortfall stemmed from impairment charges and increased operating expenses, partly due to restructuring and tech investments. CEO Georges Elhedery cited global economic uncertainty, including tariffs and fiscal vulnerabilities, impacting lending...

Starbucks Earnings Reveal Mixed Results, China Sale Speculation

 

Starbucks releases its fiscal third-quarter results Tuesday, with analysts showing mixed sentiment. Earnings are projected at 65 cents per share, a 30% drop year-over-year, but revenue is expected to reach $9.31 billion, a 2.1% increase. Recent performance has been disappointing, with declining same-store sales. CEO Brian Niccol highlights...