MARKET MOVERS

  • Jack Dorsey subpoenaed as Musk-Twitter buyout battle heats up. Musk is seeking evidence from Dorsey about fake accounts on the site. Elon Musk’s lawyers sent a subpoena to Twitter co-founder Jack Dorsey ahead of the trial surrounding the stalled $44 billion takeover of the social media platform. It’s the latest sign that the courtroom battle between Twitter and Musk, due to take place in Delaware in October, will be full of high drama.

  • Macy’s cuts full-year forecast despite strong quarter. The company anticipates deteriorating consumer spending on discretionary items like apparel. The warning comes even as the retailer reported a fiscal second-quarter profit and revenue that topped analysts’ expectations. CEO Jeff Gennette said that Macy’s so-called Polaris turnaround plans have made the company faster and more agile.

  • Intel signs a $30 billion funding partnership with Brookfield to finance chip-factory expansion. The agreement with the publicly traded Canadian asset-management firm is the first of what could be a series of such arrangements Intel pursues to underpin Chief Executive Pat Gelsinger’s push to make the company a leading contract chip maker and regain its manufacturing advantage over competitors in Taiwan and South Korea. Read more here.

  • Amazon Prime signs a deal with DirecTV. Amazon Prime and DirecTV reached a multi-year agreement that will see the satellite-TV provider air “Thursday Night Football” games in more than 300,000 bars, restaurants, and other businesses. Amazon Prime holds the exclusive rights to “Thursday Night Football” games for the next 11 seasons. DirecTV will air the first game, a preseason matchup, on Thursday.

  • Homes haven’t been this unaffordable since 1989. As home affordability weakened and the median home price shot to a record $413,800 in June, NAR’s index fell to its lowest reading in 33 years. “Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers,” NAR Chief Economist Lawrence Yun said recently.

  • Zoom video communications stock got crushed Tuesday morning. The video communications company reported $1.10 billion in revenue for the quarter, short of the $1.12 billion expected by analysts, according to Refinitiv. The company lowered its projections for the full 2023 fiscal year, primarily blaming economic conditions that caused executives to revise their views.
    Read more here.

  • eBay acquires trading card e-commerce platform TCGplayer for $295M. eBay's current market cap is $25 billion, 2021 revenue was $10.4 billion. TCGplayer serves individual users and businesses and it's like gamified eCommerce. The more you sell, the more abilities you'll have on the platform. Source(59:05)
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WHAT TO WATCH

  • $4.7 billion in trade to be delayed in an eight-day strike at Port of Felixstowe. MDS Transmodal tallies the total value of containers impacted by the eight-day strike is estimated at $4.7 billion 48% of all containers for the U.K .are processed at Felixstowe Port, and the strike could threaten the arrival of holiday products. Amazon, General Mills, Diageo, Kellogg, and Mars Foods are just some of the companies that use Felixstowe for imports.
  • Cash is king for investor portfolios right now, according to Morgan Stanley. It’s slated to perform better than many other asset classes, according to the bank. Because of this, Morgan Stanley is generally overweight short-dated fixed income in its Core+ optimized fixed income portfolios. U.S. cash also outperforms other currencies and should continue to be strong, according to the bank. Read more here.
  • Instacart revenue growth accelerates ahead of planned IPO. Instacart orders and revenue grew in the second quarter as consumers stuck to online grocery delivery despite rising prices and store reopenings, a promising sign for investors as the company prepares for an initial public offering as soon as later this year. Revenue for Instacart during the three months ended in June climbed 39% from the year-earlier period to $621 million.
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