Amazon's blowout profit

BEFORE THE OPEN BEFORE

MARKETS:

• Stock futures near flat ahead of major employment report

• Amazon surges 9% on strong earnings and positive guidance

• Apple drops over 2% due to lower-than-expected revenue

• Airbnb slides as bookings growth falls short of expectations

• DraftKings and Dropbox rise on stellar earnings reports

• Over 78% of S&P 500 companies have reported, 80% beat expectations

• Jobs data to provide insights into labor market and economy

• Economists expect 200,000 nonfarm payrolls in July, 3.6% unemployment rate

• Stocks down on higher 10-year U.S. Treasury yield

• Major indexes on track for weekly losses, Nasdaq and S&P 500 worst since March

EARNINGS

What we’re watching:

• Today: Cboe Global Markets (CBOE)

• Full earnings calendar here

NEWS BRIEFING

Musk Says Treasury Bills Are ‘No-Brainer’ — Stance Echoes that of Warren Buffett, Who Said He Has No Plans to Stop Buying Bills

• Warren Buffett is buying Treasuries regardless of US downgrade by Fitch (more)

• Amazon reports blowout profit, beats on sales and issues optimistic guidance (more)

  • Amazon’s online advertising unit just brought in over $10 billion in the second quarter (more)

• 10-year Treasury yield climbs as investors digest U.S. rating downgrade (more)

• US Treasury jacks up bill sales to kickstart borrowing spree (more)

• Share buybacks get the boot as corporate america reinvests in Itself (more)

• Buffett’s Berkshire poised for gains on rate hikes (more)

• Oil prices set for sixth weekly gain as producers pledge output cuts (more)

• Apple's most profitable line of business is making up for some hardware struggles (more)

• Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside (more)

• ESPN went from Disney's financial engine to its problem (more)

• Twitch expands its ban on gambling livestreams. It also says viewership of the content is down 75% (more)

• Hasbro sells off costly production studio, taking a page from Mattel’s playbook (more)

• LK-99 Is the ambient superconductor of the summer (more)

• China wealth fund CIC hires Point72 veteran to lead quant team (more)

DEALFLOW

• Snack maker Shearer’s Foods explore potential $3B sale (more)

• KKR in advanced talks to buy Simon & Schuster for $1.65B (more)

• E-Cigarette maker Juul Labs is seeking $1B in funding (more)

• Adani’s Ambuja Cements buys Sanghi Industries in $600M deal (more)

• CoreWeave raises $2.3B in debt collateralized by Nvidia chips (more)

• Bain, Cinven weighs sale of €10B drugmaker Stada (more)

• PacBio, a developer of high-quality, highly accurate sequencing solutions, is to acquire Apton Biosystems, Inc. (more)

• VoxNeuro Inc., developer of EEG-based brain performance software, closed its second financing of $3.4M (more)

• Amber Bio, a developer of multi-kilobase gene editing platforms to reach previously undruggable diseases, launched with a $26M seed financing round (more)

• Endor Labs, a creator of the code and pipeline governance platform, raised $70M in Series A financing (more)

• Hushmesh, a cyber security startup aimed at securing the world’s digital infrastructure, raised $5.2M in early stage financing (more)

• Datasaur, a natural language processing (NLP) platform that helps annotators train AI algorithms, closed a $4M seed funding (more)

• Language I/O, a leader in real-time, business-accurate translation technology, raised $8M in Series A1 funding round (more)

• Haus, a growth command center combining causal inference with experimentation & AI, raised $17M in Series A funding (more)

• Knot, a platform that enables card issuers to automatically switch saved payment methods at the request of their users, raised $10M in Series A funding (more)

• Petal, a credit card and financial technology company, closed a committed $200M debt facility from Victory Park Capital (more)

• Divirod, a real-time flood management and water risk analytics company, closed a $3.6M bridge funding round (more)

• Newlight Technologies, Inc., a leader in decarbonization technology using natural microorganisms to convert greenhouse gas into high-performance AirCarbon®-based materials, closed a $125M equity funding round (more)

• Functional Finance, a software platform that integrates and automates data and reporting functions for insurance companies, secured $8M in seed funding, plus $2M in SAFE notes (more)

• Acelab, a NYC-based platform for product selection in the building industry, raised $5.3M in funding (more)

• Kyverna Therapeutics, a clinical-stage cell therapy company with the mission of engineering a new class of therapies for autoimmune diseases, closed a $60B Series B financing round extension (more)

• Uptiv Health, an infusion care startup, raised $7.5M in seed funding (more)

• Tallac Therapeutics, Inc., a developer of multiple novel immunotherapies to fight cancer, received a $15M venture loan facility (more)

CRYPTO

• Ether-futures ETF filings return en masse amid crypto optimism (more)

• Hong Kong’s new crypto regime awards first exchange License to HashKey (more)

• Litecoin’s halvening price drop is no proxy for Bitcoin next year (more)

• Wall Street rapper’s husband pleads guilty in crypto heist tied to Bitfinex hack (more)

BULLISH BITES

☀️ The Summer Interns at Insight Partners are Learning the Firm’s Number One Value — “Hunger to Win” — the Hard Way... 
The New York-based company, known for taking early stakes in ventures like DocuSign Inc. and Shopify Inc., publicly ranks its investing interns using metrics displayed on a so-called leaderboard… (continue reading)

🧠 Bill Gates Used to Think This Habit Was ‘Lazy and Unnecessary’—Now it’s His No. 1 Key for a Healthy Brain...
Gates said he changed his mindset after his father was diagnosed with Alzheimer’s disease, prompting him to start learning about brain health.… (continue reading)

DAILY SHARES

Have an incredible weekend! 😎 -mb