Wall Street Today | Twitter, Musk hire legal heavyweights for upcoming court battle
MACRO
US Jobs Signal Another Big Fed Hike
The strong employment figures released Friday keep the Federal Reserve on track to raise interest rates by 0.75 percentage points at its meeting later this month to cool high inflation. Employers added 372,000 jobs in June, and the unemployment rate held steady at 3.6% for the fourth month in a row, the Labor Department said.
Fed Officials Commit to Cool Prices as Jumbo-Hike Backing Grows
Atlanta President Raphael Bostic became the ninth member of the 18-strong Federal Open Market Committee to publicly back a second straight 75 basis-point interest-rate hike at the July meeting to curb hot inflation. New York Fed chief John Williams also didn't push back against the bigger move and noted their benchmark rate was still well below the optimal level.
SECTORS
Oil Dips at Start of Week as Economic Slowdown Hangs Over Market
Oil slipped at the start of the week as lingering concerns about an economic slowdown overshadowed signs of a tightening market. West Texas Intermediate edged toward $104 a barrel after posting a loss last week in volatile trading. Concerns that the US may tip into a recession are hanging over the market as the central bank raises rates to combat inflation.
Large Retailers Are Getting Hit Hardest by Overstocking
Big retailers are struggling to cope with large stockpiles of furniture, apparel, and workout equipment, yet broad measures show inventories at American companies remain exceedingly lean by historical standards. Supply-chain experts say inventory disruptions have left big retailers most exposed to changes in consumer behavior.
COMPANY
Twitter, Musk Hire Legal Heavyweights for Upcoming Court Battle
$Twitter (Delisted)(TWTR.US$ has hired merger law heavyweight Wachtell, Lipton, Rosen & Katz as it races to sue Elon Musk for moving to dump his $44 billion takeover of the company. Musk has also hired Quinn Emanuel Urquhart & Sullivan LLP, which successfully defended the $Tesla(TSLA.US)$ chief executive in the 2019 "pedo guy" defamation suit.
Apple Watch to Get A Pro Version Just Like iPhone Pro Models
The Pro features will include a larger and more shatter-resistance display, enhanced hiking and swim tracking, longer battery life, and a heftier and rugged case made of a premium, non-aluminum metal, probably titanium,Bloomberg columnist Mark Gurman said. $Apple(AAPL.US$
Microsoft Sales Will Be Crimped by Strong Dollar, Analyst Warns
Wall Street continues to ratchet down estimates for Microsoft on continued headwinds from unfavorable currency exchange rates and the risks of moderating IT spending in the face of higher inflation and a potential recession.
Uber Lobbied Politicians, Broke Laws in Global Push
$Uber Technologies(UBER.US$ attempted to lobby politicians and flouted laws as part of efforts to expand globally from 2013 to 2017, according to newspaper reports based on leaked documents. The so-called "Uber Files" covered a period of time when Travis Kalanick was chief executive officer and detailed how the company sought to expand into key cities like Paris.
Netflix Slowdown Has Multiple Factors, Co-CEO Says
$Netflix(NFLX.US$ 's co-chief executive officer Ted Sarandos is blaming a recent slowdown at the streaming service on multiple factors, including inflation's impact on household budgets, a decline in smart TV sales due to supply chain constraints, and its departure from Russia. Netflix, which lost 200,000 subscribers in the first quarter, has been trying to bring costs under control.
Source: Bloomberg, Dow Jones, Benzinga
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