BEFORE THE OPEN BEFORE

MARKETS:

• Dow Jones rises 1.16% with best day since June

• S&P 500 advances 0.9%, Nasdaq up 0.61%

• Nasdaq and S&P 500 end four-day losing streaks

• Berkshire Hathaway climbs over 3%, A and B shares hit record levels

• Elanco rallies 4% on earnings beat, Tyson Foods slides 3.8%

• Sovos Brands surges 25% after Campbell Soup acquisition announcement

• Wall Street concludes losing week; Nasdaq and S&P 500 record worst week since March

• Strong corporate earnings season surpasses expectations; 80% of S&P 500 companies beat forecasts

• Investors eye July consumer and producer price index data later this week, key inflation indicators

EARNINGS

What we’re watching this week:

• Today: AMC Entertainment (AMC), Duolingo (DUOL), Eli Lily (LLY), United Parcel Service (UPS)

• Wednesday: Roblox (RBLX), The Trade Desk (TTD), Walt Disney (DIS)

• Thursday: Alibaba (BABA)

• Friday: Spectrum Brands (SPB)

• Full earnings calendar here

NEWS BRIEFING

Stocks Rebound From a Losing Week

North Korean Hackers Breached Top Russian Missile Maker

• U.S. microchips are fueling Russia’s military — despite sanctions (more)

• Congress must find debt solution without cutting Social Security, Medicare, Sen. Coons says (more)

• U.S. consumers saying 'bad time to buy' a house hits 13-year high (more)

• France is Europe’s top power exporter as Germany turns importer (more)

• Tesla names insider Taneja CFO as Kirkhorn steps down (more)

• Campbell just spent $2.7 billion to buy Rao's sauces (more)

• After trying for three years, Paramount finally unloads Simon & Schuster for $1.6B (more)

• Trucking giant Yellow files for bankruptcy after shedding 30,000 jobs (more)

• Hospitals using A.I. to fight doctor burnout (more)

• Apple’s iPhone 15 reportedly set for mid-September launch (more)

• Boeing resets Starliner plan to be ready for first NASA crew flight by March (more)

• Amazon switches rockets for first test satellites to expedite launch (more)

• Texas power prices surge 800% yesterday amid searing heat (more)

• Musk's X to pay legal bills of people 'unfairly treated' for posting on platform (more)

• Warner Bros. Discovery’s Max targets MLB playoffs for new streaming sports tier (more)

• Zoom can now train its A.I. using some customer data, according to updated terms (more)

• ChatGPT was given $20K to invest in stocks and crypto — here’s how it made $2,000 in a month (more)

DEALFLOW

• JIP-led $15B tender offer for Toshiba to start Aug. 8 (more)

• Adobe's Figma deal may restrict competition, EU antitrust regulators say (more)

• FTC agrees to dismiss case against ICE's $11.7B Black Knight deal (more)

• Advent nears $1B deal for retail brand Zimmermann (more)

• Starwood weighs sale option for $230M American Dream (more)

• Chelsea FC is in talks with US investor Ares Management (more)

• Campbell to buy Rao’s premium sauces maker Sovos for $2.33B (more)

• Tilray to buy eight beer brands from Anheuser-Busch in bid to boost beverage portfolio (more)

• Paytm CEO to buy 10% stake from China's Antfin (more)

• CEZ plans to bid for Czech gas distribution network GasNet (more)

• Billionaire Struengmann Brothers agree to buy EQT’s Schuelke (more)

• Leia Inc., a provider of 3D display hardware and content services, and the creator of the 3D•AI Lume Pad 2 tablet, acquired Dimenco, an innovator in the display technology space (more)

• Frontgrade Technologies, a supplier of high-reliability, advanced electronic solutions for space and national security missions, closed the acquisition of Aethercomm, a designer/manufacturer of high-power RF solid state power amplifiers as well as transmit/receive and high-power RF switches (more)

• One Model, a people analytics software company, raised $41M in growth funding (more)

• Tromzo, an application security posture management company, secured an additional $8M in seed funding (more)

• Multiplayer, a provider of a collaborative tool for teams that work on distributed software, emerged from stealth with $3M in funding (more)

• Resilience, a holistic cyber risk platform provider, received a $100M equity financing (more)

• VIX, an AI-powered platform designed to help governments address pervasive financial crimes and tax evasion at scale, closed a $12.5M Series A funding round (more)

• PHX Ventures, a seed-stage venture capital firm focused on investing in B2B software companies in Arizona, announced its second fund, with $25.4M commitments to date (more)

CRYPTO

• PayPal unveils dollar-backed stablecoin on Ethereum (more)

• Former FTX US head of partnerships Sina Nader joins Web3 startup Mysten Labs (more)

• Crypto's next craze? Orbs that scan your eyeballs (more)

• Crypto exchange Bitstamp in talks to raise funds for expansion, CEO says (more)

BULLISH BITES

🥷 Short Seller Hindenburg Nabs Tiny Gains Off $173 Billion Carnage…
In mere months this year, he erased as much as $99B of their combined wealth while knocking $173B off the value of their publicly traded companies. In an era when prominent short sellers have retreated from the limelight, the deft researcher has emerged as the gutsiest bear around. Allies say he’s risking civil suits, physical attacks and potentially even overseas arrest… (continue reading)

🎨 One of the World’s Oldest Auction Houses Gets Into E-Commerce... 
Phillips, the auction house best known for catapulting the prices of hot young artists into the stratosphere, is moving into e-commerce. Starting on Aug. 20, the auction house will launch Dropshop, a buy-now platform at which collectors can purchase fine art... (read more)

DAILY SHARES

Thank you for reading — see you bright and early… -mb