Here is what you need to know.
1. Tesla’s earnings shocker is is set to wipe $5.6 billion off the stock. Tesla’s shares crashed in premarket trading — falling as much as 12% in premarket trading after its Q2 earnings report.
2. Stock-investing app Robinhood, which was just valued at $7.6 billion, is urging some customers to change their passwords after a technology glitch. The Company said to some customers: "some user credentials were stored in a readable format within our internal systems."
3. SoftBank wants Microsoft to invest in its next Vision Fund, and it offered to encourage its startups to ditch Amazon’s cloud for Azure. SoftBank’s second Vision Fund could total $40 billion and already has commitments from Goldman Sachs and Apple
4. A fleet of boats, a corrupt crew, and fresh locks — here’s how smugglers loaded $1 billion worth of cocaine onto a ship owned by JPMorgan. Crew members used the ship’s crane to hoist the drugs onboard, and relied on replacement seals to conceal their tampering with shipping containers.
5. Volkswagen on Thursday said its first half operating profit rose 10.3% to 9 billion euros ($10.02 billion), buoyed by a jump in demand for Porsche vehicles. Higher demand for VW, Porsche and Skoda cars helped to offset a drop in Audi sales, the carmaker said.
6. AB InBev beat earnings expectations as beer sales spike.The maker of Budweiser, Corona and Stella Artois said on Thursday that earnings before (EBITDA) rose by 9.4% on a like-for-like basis to $5.86 billion, compared with the $5.73 billion.
7. Nissan to axe 12,500 jobs after first quarter profit drops 98.5%. The changes would take place by 2022, as Japan’s no.2 auto maker aims to rein in costs as it suffers from sluggish sales and rising costs and tries to recover from a scandal surrounding ousted Chairman Carlos Ghosn.
8. Stocks around the world today were largely mixed. US Futures were mixed with the S&P 500 flat, and Nasdaq (-0.2%) down. In Europe Germany’s Dax (+0.1%) was up as was Euro Stoxx 50 (+0.5%). In Asia stocks were rising. The Nikkei 225 was up (+0.2%) as was the Shanghai Composite (+0.5%) and Hang Seng (+0.3%)
9. Thursday is set for a bumper earnings day. Amazon, Alphabet (ex Google), Unilever, BASF, Intel, and Comcast.
10. There’s more interesting data in the docket today. Today’s highlight – Nondefense Capital Goods Orders ex Aircraft.
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