Newsletter Jul 20, 2023

Quick Six

Tesla posts record jump in profits as domestic rivals take aim
Tesla reported a jump in second-quarter profits Wednesday as a series of price cuts translated into sharply higher car sales. Elon Musk's electric vehicle company reported profits of $2.7 billion, up 20 percent on the year-ago level. While profit margins fell from the prior quarter following price cuts, the results still topped analyst estimates. Revenues surged 47 percent to $24.9 billion -- a record for the company. The move comes as more EVs from legacy carmakers like General Motors and Ford are hitting dealerships.
HOW TESLA IS USING PRICE CUTS TO KEEP RIVALS AT BAY

Disney stock drops on news of plan to sell television assets
The Walt Disney Co. is planning to sell some of its television assets but a blockbuster deal is unlikely. Disney CEO Bob Iger said the entertainment and media company was open to selling certain television assets. The news was not well received on Wall Street. Disney's stock fell to $87.04 a share at close of trading on Wednesday, down from $90.46 a share the close of July 13. That price is near the company's 52-week low of $84.07 a share.
WHY ANALYSTS SAY A MAJOR TRANSACTION IS UNLIKELY

Canadian port strike continues as union rejects settlement
Unionized Canadian dock workers are back on strike after failing to reach an agreement. The Canadian port strike temporarily ended July 13, as a proposed settlement was offered through a federal mediator. The settlement was immediately ratified by the British Columbia Maritime Employers Association, but the International Longshore and Warehouse Union Canada rejected the proposal and announced its intent to strike again on Tuesday.
WHY THE STRIKE MAY BE ILLEGAL UNDER CANADIAN LAW

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Markets

DJIA	35,061.21	0.31%
S&P 500	4,565.72	0.24%
Nasdaq Composite	14,358.02	0.03%
Japan: Nikkei 225	32,896.03	1.24%
UK: FTSE 100	7,588.20	1.80%
Crude Oil Futures	75.35	0.00%
Gold Futures	1,980.40	-0.02%
Yen	139.62	-0.01%
Euro	1.12	-0.01%
* As of market close

US unveils $1.3B aid package for Ukraine

The US on Wednesday announced a new $1.3 billion military aid package for Ukraine featuring air defense systems, anti-tank missiles, drones and other equipment. The package includes four NASAMs air defense systems and related munitions, TOW anti-tank missiles, 152 mm artillery shells, drones as well as counter-drone systems, and various vehicles. The aid comes as Ukrainian forces are fighting to advance against Russian troops in a slow-moving counteroffensive.

WILL MORE ARMS BOOST UKRAINE'S COUNTEROFFENSIVE?

Haley: US can't afford more Trump 'drama'

Republican presidential candidate Nikki Haley slammed the "drama" surrounding former President Donald Trump, calling it a "distraction" in the 2024 primary race. Her comments came after Trump revealed that he has been notified that he is a target of a Department of Justice investigation into the Jan. 6, 2021, attack on the Capitol. "It's gonna keep on going," said Haley, pointing out several foreign and domestic policies she thinks need greater exposure than Trump's legal woes.

HOW HALEY'S COMMENTS PLAYED WITH MAGA REPUBLICANS

Singapore supplants Japan as top passport

Singapore's passport has emerged as the world's most powerful after snapping Japan's five-year stint at the top spot of the Henley Passport Index. Travelers holding a Singaporean passport currently enjoy visa-free entry to 192 out of 227 destinations in the world. Japan dropped to third, with Germany, Italy and Spain tying for second. The rankings also reflect the diminishing US passport power as it has "fallen behind."

SEE HOW THE US FARED IN THE PASSPORT POWER RANKINGS

Extra point

Which country receives the most number of tourists visiting annually?

Wednesday's answer: Mattel bought the rights to Germany's "Lille" doll, renaming her "Barbie" after the daughter of the company's co-founders.

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