TLDR

MARKET RECAP → Stocks fell Thursday as geopolitical tensions ensued, keeping investors apprehensive ahead of the September payroll report on Friday.

LEVI CUTS GUIDANCE AMID MISSES → 👖 Levi Strauss missed revenue targets for Q3 and trimmed its guidance, banking on Beyoncé’s ads and a potential Dockers sale to turn things around.

REVOLUT CALLS OUT META→ 💻 Revolut took a shot at Meta, accusing the tech giant of not doing enough to stop online scams and suggesting they should compensate victims—because fraud isn’t cheap!

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Levi Cuts Guidance Amid Misses

👖 Levi Strauss missed Wall Street expectations for Q3 2024, posting earnings of $132 million, or 33 cents per share, and $1.52 billion in sales. Despite slight sales growth, Levi trimmed its revenue guidance for the year.

📉 The company struggled with lower-than-expected revenue, particularly in the U.S. market, and is considering selling its Dockers brand to streamline its portfolio. This strategic shift reflected challenges in maintaining growth.

🎤 Levi hoped Beyoncé's ad campaign would boost its women’s category, signaling a pivot to more aggressive marketing efforts to revitalize demand and drive future sales.

TODAY’S TOP NEWS

Revolut Calls Out Meta

💻 Revolut slammed Meta for its lax approach to dealing with online scams, arguing that the tech giant should directly compensate fraud victims. The digital bank claimed that Meta wasn’t doing enough to tackle the growing issue of financial fraud.

💰 Revolut highlighted the increasing threat of scams on social platforms, which often result in customers losing significant amounts of money. They urged Meta to take more responsibility for fraudulent activity occurring on its platforms.

⚠️ The criticism reflected a broader concern within the fintech world, as companies like Revolut continue to battle online fraud while feeling unsupported by large tech firms like Meta, which control key digital spaces.

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