A Bunch of Malarkey?

TLDR

MARKET RECAP → The S&P 500 (VOO) saw a rise on Monday, marking its best performance since June 5. This came as tech shares rebounded following the index's worst weekly loss since April.

BUFFETT TRIMS BANK OF AMERICA STAKE→ 🏦 Warren Buffett’s Berkshire Hathaway (BRK.B) sold $1.5 billion worth of Bank of America (BAC) shares, still keeping it as a top holding while keeping plenty of cash ready for future opportunities​.

VERIZON'S Q2 EARNINGS HIGHLIGHTS→ 📈 Verizon's (VZ) Q2 saw a subscriber boost and free cash flow hitting $8 billion, but overall revenue and net income dropped by 3.5% and 10.3%, respectively.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Buffett Trims Bank of America Stake

🏦 First Trim Since 2019: Warren Buffett's Berkshire Hathaway (BRK.B) trimmed its Bank of America (BAC) stake for the first time since 2019, selling shares worth $1.5 billion. This move came after a strong rally in the stock, signaling a strategic shift in Buffett's portfolio.

📉 Still a Major Holding: Despite the reduction, Bank of America remains one of Berkshire's largest holdings, indicating continued confidence in the bank's long-term prospects. The decision to trim the stake likely reflected profit-taking after substantial gains.

💡 Strategic Flexibility: Berkshire's overall strategy has involved reducing stakes in various companies while maintaining a significant cash reserve. This approach provides flexibility to capitalize on new opportunities in a volatile market​.

TODAY’S TOP NEWS

Verizon's Q2 Earnings Highlights

📈 Subscriber Surge: Verizon (VZ) reported an impressive increase in wireless subscribers, with postpaid phone net additions hitting 8,000 and total wireless service revenue climbing 3.8% year-over-year, reaching $19.1 billion.

💸 Cash Flow Overperformance: The company's free cash flow soared to $8 billion, significantly surpassing analyst expectations of $5.05 billion. This reflected strong operational performance amid a challenging market​.

📉 Revenue and Income Dip: Despite these gains, Verizon's total revenue fell by 3.5% to $32.6 billion, and net income dropped 10.3% to $4.8 billion. The company attributed these declines to a decrease in wireless equipment revenue​.

BULL VS. BEAR

NOTABLE POSTS

KEEP READING

Markets could unwind the ‘Trump trade’ after Biden drops out of presidential race (CNBC)

Automakers report earnings this week. GM is set to be the standout (CNBC)

Nvidia preparing version of new flagship AI chip for Chinese market, Reuters reports (CNBC)

Korean Air orders at least 40 Boeing wide-body planes in a vote of confidence for the manufacturer (CNBC)

Ryanair shares tumble 17.3% as budget airline reports 46% fall in quarterly profit, sees lower fares (CNBC)

Costs from the global outage could top $1 billion – but who pays the bill is harder to understand (CNN)

A major shift at Starbucks is changing its personality (CNN)

The ‘first’ post-Covid Olympics are exciting sponsors. Fans? Not so much (CNN)

It’s becoming harder to get — and keep — a car (CNN)

WHAT WE’RE WATCHING

OUR FAVORITE TOOLS & RESOURCES

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  • CME FedWatch Tool — Market-implied probabilities of future levels of interest rates 

  • Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

  • ChatGPT — Large language model-based chatbot powered by generative AI

  • 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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