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Built Ford Rough?
TLDR
MARKET RECAP → Stocks wavered on Thursday as Wall Street scrambled to bounce back from the S&P 500 (VOO) and Nasdaq Composite’s (QQQ) worst session since 2022.
AUTO STOCKS DIVE AFTER EARNINGS → Ford (F), GM (GM), and Stellantis (STLA) stocks took a nosedive after disappointing earnings highlighted mounting production costs and weak sales, putting the brakes on investor optimism.
BERKSHIRE SELLS $2.3 BILLION BANK STAKE → Warren Buffett's Berkshire Hathaway (BRK) swiftly dumped $2.3 billion of Bank of America shares (BAC) in six days, raising eyebrows and speculation about the investment mogul’s next move.
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TODAY’S TOP NEWS
Auto Stocks Dive After Earnings
🚗 Ford, GM, and Stellantis saw their stocks plummet following a series of disappointing earnings reports. The auto giants’ underwhelming financials stoked concerns over future growth and profitability, shaking investor confidence.
📉 The earnings miss was largely attributed to higher production costs and weaker-than-expected sales. This financial hiccup exposed ongoing struggles in the automotive sector, where profits are increasingly hard to rev up.
🔧 Analysts and investors are now eyeing how these companies plan to navigate the turbulent market. With costs climbing and consumer demand fluctuating, the road ahead looks bumpy for the major automakers.
TODAY’S TOP NEWS
Berkshire Sells $2.3 Billion Bank Stake
📉 Berkshire Hathaway unloaded a hefty $2.3 billion worth of Bank of America shares in just six days, signaling a strategic shift. This rapid divestment left many wondering about Warren Buffett’s next move and what’s driving this abrupt decision.
🔍 The sale represented a notable decrease in Berkshire's holding, potentially reflecting a strategic rebalancing of their investment portfolio. Buffett’s knack for timing might be at play here, as the sale aligns with market conditions and broader economic indicators.
💼 Despite the large sale, Bank of America’s stock barely flinched, suggesting the market had anticipated or already factored in this significant divestment. Investors remain curious about the implications for both Berkshire's future investments and Bank of America’s stock performance.
KEEP READING
OpenAI announces a search engine called SearchGPT; Alphabet shares dip (CNBC)
Lineage begins trading in the market’s largest IPO of 2024 (CNBC)
Viking Therapeutics stock jumps nearly 30% after drugmaker moves weight loss injection to late-stage trial (CNBC)
Boeing’s crewed Starliner flight won’t return until at least August, NASA says (CNBC)
Southwest Airlines is getting rid of open seating (CNN)
Amazon Prime Day ‘major cause of injuries’ for workers, Senate finds (CNN)
‘Just shocking’: Delta passengers tell of airport agony and honeymoon travel woes during tech meltdown (CNN)
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Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more
Vimcal — Lightning-fast calendar and AI scheduling assistant
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