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HomeBusinessCWEB Summarized Business Newsletter August 6th 2023

CWEB Summarized Business Newsletter August 6th 2023

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Economic growth headline on newspaper

After Elon Musk declared that their fight would be streamed live on X, formerly known as Twitter, Mark Zuckerberg responded by striking back and throwing some shots at the X owner.
The CEO of Meta responded to Musk on Threads, “Shouldn’t we use a more reliable platform that can actually raise money for charity?”

After Friday’s drawing resulted in no winners, the estimated Mega Millions jackpot grew to an astounding $1.55 billion. This would make it the highest payout in the game’s entire history. This would be the third highest payout in the history of the United States lottery if the current projection holds. On Friday, the winning combination had the numbers 11, 30, 45, 52, and 56, with a Mega Ball of 20.

Inflation will catch up with 2023-2024 back-to-school consumers when they stock up for the new school year. According to the National Retail Federation’s annual poll, shoppers’ wallets are getting thinner as rising prices and demand for products force them to spend more than ever before.

According to CNBC’s Ana Teresa Solá, the price of both new and pre-owned electric vehicles has dropped dramatically over the past year.Used electric vehicle prices averaged $40,916 in June, down nearly 30% from June 2017.From an all-time high of $66,390 in June 2022, the price of a brand-new electric vehicle has dropped over 20% annually.Reduced prices contributed to a second-quarter record of 300,000 EV sales..

Yellow’s inability to pay its $1.6 billion in debt, $1.2 billion of which is due next year, was the direct cause of its demise. This includes over $500 million owed to Apollo, a prominent private equity firm with about $600 billion in managed assets, and over $700 million owed to the United States government.

Customers of Wells Fargo say their direct deposits have vanished. Users of X (previously Twitter) expressed concern over their vanishing money on the service. A bank client reported that they learned of the problem at the same time they realized their deposits had vanished.

Traders and investors are still interested in the “meme stock” stories surrounding companies like Tupperware Brands, Yellow Corporation, and American Superconductor.

Having invested in the social app IRL, SoftBank is now suing the company for fraud. The Japanese investment group filed a fraud lawsuit against the now-defunct business, seeking $150 million in compensation. In 2021, IRL received a series C funding round headed by SoftBank for $170 million due to the company’s boasted success. In contrast, a board of directors’ probe conducted earlier this year revealed that 95% of the app’s users were fictitious.

It’s possible that starting very soon, some passengers on British Airways will go hungry. In an effort to limit the amount of food that is thrown away, the firm stated that it would discontinue providing meals on flights for all of the passengers. Instead, the new catering experience offered by the airline ensures that passengers who make a reservation in advance will be served a meal.

ABC News reported on Saturday that streamer Kai Carlos Cenat III had been issued a desk appearance ticket and released from custody early on Saturday morning on accusations including at least two counts of inciting a riot. A police official told the AP that Cenat’s court date is set for August 18.

On Monday, earnings will be released for 154 different equities, including VTRS, SWAV, PARA, CHGG, GOGO, and DO.
On Tuesday, earnings will be announced by over 400 companies, including UPS, UAA, TWLO, SFTBY, AMC, BLNK, and LYFT.
On Wednesday, the following stocks will be releasing earnings: DIS, RBLX, XPEL, APRN, SONO, UHAUL, and 290 more.
On Thursday, earnings will be released for 193 companies, including NVO, BN, BABA, and SFT.
Friday will see results announcements from EMRAF, SPB, CEPU, VISL, RWLK, AIRS, and 16 more stocks.

Stocks to watch with positive momentum this week.  SNDLWMTAMZNMETAGRPN, MSFTGOOGLeBayAAPLTSLAPYPL , BLNK , UAA

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CWEB Summarized Business News Letter August 2nd 2023

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