The stock market has had a strong start to the month of August, with the S&P 500 Index (SP500) up 20% year-to-date. With markets anticipating the Fed to soon turn the corner in its war against inflation, this has been the best seven-month start to a year since 1997.
After the Supreme Court rejected the Biden administration’s proposal to forgive up to $20,000 in debt for millions of Americans, the administration devised a new strategy to reduce debt burdens. The U.S. Department of Education anticipates that one million additional citizens will be eligible for zero monthly payments. The SAVE Plan increases the income threshold at which no payments are required from the existing $22,000 or less to $32,805.
After spending $16B in 2018 to acquire a controlling interest in the Indian e-commerce behemoth, Walmart spent an additional $1.4B to acquire further shares of Flipkart. The digital market in India is booming
Bloomberg reports that Birkenstock is preparing for an IPO in September, which could give the company a valuation of $8 billion to $10 billion. In 2017, Birkenstock saw a 29% increase in sales, totaling $1.3 billion. L. Catterton, the private equity firm backed by LVMH, acquired Birkenstock two years ago in a deal valued at approximately $4.9 billion.
A proposed class action lawsuit against Taco Bell claims the company misrepresented the contents of its Mexican Pizzas and Crunchwraps.
Amazon is now delivering video telemedicine through its online medical clinic. The service is now available in all 50 states as the store expands into the care delivery market. During the 2009 COVID-19 epidemic, the use of virtual care saw a huge surge in popularity.
Meta is rolling out its AI ‘personas’ across all of its products. The company claims that its AI-powered avatars can offer services like search and suggestions to customers while they use the company’s products. Meta’s debut has the potential to increase user engagement with its services and showcase the company’s artificial intelligence (AI) capabilities in contrast to rivals like OpenAI and Bard.
Reed Jobs, Steve and Laurene Powell Jobs’ 31-year-old son, has worked primarily behind the scenes. DealBook stated, “He is stepping into the spotlight with a new venture capital firm to invest in new cancer treatments.”
Walmart intends to use in-store marketing as part of its strategy to acquire higher profit companies. Self-checkout lane and TV aisle shoppers, for example, may soon be subjected to more third-party advertisements, in-store sports broadcasts, and product demos.
After a decline last year owing to Covid regulations, Starbucks’ business in China has recovered. The company reported Tuesday that sales in China at stores open for at least 13 months saw a 46% year-over-year increase in the quarter ending July 2. The market in China has been crucial to Starbucks’ expansion.
As a result of new legislation in Canada requiring tech companies to negotiate fees to news organizations for hosting their content, Meta has begun removing news content from Facebook and Instagram in the country, the social media giant announced on Tuesday.
Twitter has filed a lawsuit against the organization Centre for Countering Digital Hate over the latter’s criticism of Twitter’s treatment of hate speech. According to the lawsuit filed against CCDH on Monday in federal court in San Francisco, the organization intentionally tried to discourage advertisers from using Twitter by posting reports that were critical of the platform’s response to hateful content.
Trump’s third politically explosive criminal case comes as he prepares his latest push for the White House and includes charges of conspiring to overturn the 2020 presidential election. The indictment was handed down in Washington, DC.
CVS Health (CVS), Shopify (SHOP), PayPal (PYPL), Kraft Heinz (KHC), MetLife (MET), Humana (HUM), Skillz (SKLZ), and Joby Aviation (JOBY) will all report earnings on August 2.
Stocks to watch this week. SNDL, WMT, AMZN, META, GRPN, JPM, MSFT, GOOGL, eBay, AAPL, TSLA, PYPL
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