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Wiz Fizz
TLDR
MARKET RECAP → The S&P 500 (VOO) stayed relatively unchanged on Tuesday as traders anticipated earnings reports from major tech giants.
COCA-COLA Q2 2024 EARNINGS: SOLID GROWTH AMID INFLATION→📈 Coca-Cola's (KO) Q2 earnings of $0.84 per share beat expectations, with revenue at $12.36 billion, prompting a raise in FY24 guidance despite inflation pressures.
GOOGLE ENDS ACQUISITION TALKS WITH WIZ→ 📉 Google’s (GOOG) $23 billion deal to buy cybersecurity startup Wiz fell through, leaving founders without their anticipated billions and Google's cloud security strategy in a bit of a scramble.
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TODAY’S TOP NEWS
Coca-Cola Q2 2024 Earnings: Solid Growth Amid Inflation
📈 Beat Market Expectations: Coca-Cola reported Q2 earnings of $0.84 per share, surpassing analysts' estimates of $0.81. Revenue hit $12.36 billion, a 3.3% increase, driven by strong organic revenue growth of 15%.
📊 Raised FY24 Forecast: The company boosted its fiscal 2024 guidance, now expecting 5-6% earnings growth and 9-10% organic revenue growth, attributing this to robust performance and strategic pricing amid inflation.
🥤 Steady Profit Margins: Despite intense inflation, Coca-Cola maintained a solid operating margin, with Q2 profit at $2.41 billion. CEO James Quincey highlighted the effectiveness of their all-weather strategy in navigating the dynamic market.
TODAY’S TOP NEWS
Google Ends Acquisition Talks with Wiz
📉 Deal Collapse: Google's anticipated $23 billion acquisition of Israeli cybersecurity startup Wiz fell through. This would have been Google's largest acquisition, emphasizing the importance of cloud security.
💰 Founder Windfall Lost: The four founders of Wiz, who were set to become billionaires from the deal, now have to look for new opportunities. They were expected to earn around $2.3 billion each.
🌍 Strategic Impact: The deal's failure signals a significant setback in Google's strategy to enhance its cybersecurity capabilities through acquisitions. This move was part of a broader trend of major tech companies investing heavily in cybersecurity.
KEEP READING
GM far exceeds second-quarter estimates, will restructure struggling China business (CNBC)
UPS shares slide on earnings miss, guidance cut (CNBC)
Oil prices drop to lowest levels in more than a month (CNBC)
Spot ether ETFs are set to trade Tuesday. Here’s what it means for the Ethereum blockchain (CNBC)
Inside Best Buy’s push to get back to sales growth, cash in on AI craze (CNBC)
The worst may be over for homebuyers (CNN)
39% of Americans worry they can’t pay the bills (CNN)
Overstock.com is back from the dead (CNN)
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