|  | Nasdaq | 20,892.69 | |
|  | S&P | 6,309.62 | |
| | Dow | 44,502.44 | |
| | 10-Year | 4.336% | |
| | Bitcoin | $119,731.73 | |
| | Lockheed Martin | $410.74 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Like a middle-aged guy going up for a layup in pickup basketball, stocks barely got off the ground yesterday, but it was enough to secure the S&P 500 another record high. Lockheed Martin wasn't as fortunate, taking a nosedive after reporting disappointing quarterly profits.
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RETAIL The department store at the center of many mother-daughter dressing room screaming matches saw its stock suddenly more than double at one point yesterday. How did Kohl's—a fluorescently lit warehouse full of air fryers and Jessica Simpson jewelry—manage to have its best trading day since January? It's a meme stock. Kohl's stock surged 105% in premarket trading before trading was halted for volatility. It eventually closed the day up ~38%, worth almost $4 per share more than it was on Monday. The faltering department store didn't raise its outlooks or announce any flashy new investments—it just caught the eye of retail investors on social media and r/WallStreetBets: - Retail investors love to stick it to short sellers, who have been shorting Kohl's stock. Half of the company's outstanding shares are sold short, according to FactSet.
- Kohl's had been in the news for all the wrong reasons, like for its descent toward bankruptcy, a series of failed deals, and, most recently, the ousting of its CEO for mixing business with pleasure.
- Like with the original GameStop mania in 2021, many younger investors may feel nostalgic about Kohl's from their childhoods.
Meme stocks are back While investors everywhere seemed to freeze up in the beginning of the year as they waited to see how the new admin played out, there's been some thaw. Shares of 14 companies in the Russell 3000 index have more than tripled since April 8—and 10 of those do not make a profit, according to Bespoke Investment Group analysts. Most recently…the stock of homebuying tech firm Opendoor jumped from under $1 to nearly $5 after hedge fund manager Eric Jackson (whose claim to fame is picking Carvana as a good buy) started hyping it up. However, the stock quickly fell yesterday, closing under $3. Bonus watch: Have you been inside a Kohl's recently? Like…aside from returning an Amazon package? This tour is haunting.—MM | | |
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WORLD  Ozzy Osbourne died at 76. The Black Sabbath frontman and heavy metal legend was "with his family and surrounded by love," according to a statement from the Osbourne family. No cause of death was mentioned, though Osbourne had been dealing with a range of health issues, including Parkinson's disease. Osbourne died just weeks after he reunited with his original Black Sabbath bandmates for a farewell concert in England. Following his career as a rocker, Osbourne became a reality TV star in the 2000s with the MTV series The Osbournes, which chronicled his chaotic life alongside his wife, Sharon, and their children Jack and Kelly. Nicknamed the "Prince of Darkness," Osbourne was inducted into the Rock & Roll Hall of Fame twice—once as a member of Black Sabbath, and again as a solo artist.
 Johnson shut down the House early to avoid an Epstein vote. The US House of Representatives will start its summer break early today after Speaker Mike Johnson cut this week's business short to prevent a vote to release files related to Jeffrey Epstein. Johnson, a Republican, accused Democrats of playing "political games" by trying to vote to force the DOJ to release information related to Epstein. Some GOP lawmakers have joined Democrats in seeking to make the information public, which President Trump campaigned on doing but has since disregarded. Trump is now suing the Wall Street Journal after the paper published a story about the president's links to Epstein, who died by suicide in 2019 while awaiting trial on sex trafficking charges. The House will now be in recess until September.
 GM's profit hit adds to tariff woes for US automakers. A day after Stellantis reported a surprise $2.7 billion loss for the first half of the year in part due to tariffs on car parts, GM revealed that tariffs are hurting its bottom line, too. The owner of Chevrolet and Cadillac said its Q2 profit sank by 35% after tariffs cost the company $1.1 billion. It also warned that the impact from tariffs will be even bigger next quarter, as the White House's 25% tax on imported autos sets in. Still, GM maintained its full-year forecast on the strength of international sales. Tesla reports its latest earnings today after the bell.—AE
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INTERNATIONAL A US government employee and a US-based Wells Fargo executive are currently stuck in China, adding to tensions as the US and China continue high-stakes trade negotiations. The US government confirmed the news yesterday, following a Washington Post report that a US Patent and Trademark Office employee who was visiting family in China has been barred from leaving the country for months. Meanwhile, the Wall Street Journal reported last week that a Wells Fargo executive was banned from departing China earlier this summer, with local officials saying the banker is involved in a criminal case. Business buzzkill Wells Fargo recently suspended business travel to China, according to the Wall Street Journal. And increasingly frequent exit bans for both local citizens and foreigners—often business travelers—of interest to government investigators (as witnesses or suspects) have stoked anxiety about corporate trips to China just as the country is actively trying to lure foreign investors: - Last week, BlackRock banned its employees from using company-issued devices during China travel, suggesting they use loaner phones and laptops instead.
- Japanese companies have reportedly pulled back on travel to China. Last week, a Beijing court sentenced a Japanese pharma executive to 3.5 years in prison for espionage.
It's hard to assess the risks...since the reasoning behind China's exit bans is often vague, US-China Business Council President Sean Stein told CNN.—SK | | |
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ENTERTAINMENT South Park creators Trey Parker and Matt Stone reached a five-year, $1.5 billion global streaming deal with Paramount for the rights to stream the long-running animated series, per the Los Angeles Times, ending a contentious negotiation that tangentially involved the White House. How did a show about cartoon children in Colorado get into this sticky situation? - In 2019, Paramount licensed South Park's digital rights, which are co-owned by Parker and Stone's production company, to HBO Max—as Paramount+ didn't exist yet and there was no way for your dad to watch Yellowstone on his computer.
- With the rights up for grabs again in June, Paramount (now with its own streaming platform) wanted them back. But Parker and Stone threatened a lawsuit, accusing incoming Paramount President Jeff Shell of
not respecting their authoritah! meddling in negotiations with competitors.
Then there's the merger. Paramount and Skydance announced an $8 billion merger last year. Not long after, President Trump sued Paramount for $20 billion. The company settled three weeks ago for $16 million (and now Trump says he will get an additional $20 million from Skydance in the form of ad commitments), which was seen by many (cough, cough, Stephen Colbert) as a bribe to get regulatory approval and seemingly free the firm to approve deals like the South Park one. Looking ahead: The 27th season of South Park premieres tonight after a two-week postponement. Parker and Stone are renegotiating a new overall deal to produce new episodes—their current six-year contract, signed in 2021, is worth a reported $900 million.—DL | | |
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STAT American spirits haven't been this down since Casper remembered his death. Sales of US spirits plummeted by 66% in Canada between March and April after the country pulled certain liquors from shelves to retaliate against President Trump's tariffs, Bloomberg reported. The de-whiskeyfication of Canada didn't just ding American imports—it had a chilling effect on all alcohol sales. Total spirits sales in the country fell by a larger-than-expected 13% during that period, analysts said. In addition to being bereft of Tito's and Jack Daniel's, consumers north of the border are also boycotting the American products that remain on Canadian shelves. Per Bloomberg, over 60% of Canuck households are spending less on US products.—AE |
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NEWS - Kellanova, the maker of Pop-Tarts, Pringles, and Eggo waffles, will remove artificial dyes from its foods by 2028, the company said.
- Target is scaling back its popular "price match" perk to include only other Target stores or its website, as opposed to Amazon and Walmart.
- The Trump administration again pulled the US out of the UN cultural agency UNESCO, two years after President Biden rejoined the group following a five-year absence that started during Trump's first term.
- The LA Times will go public, its billionaire owner, Patrick Soon-Shiong, said in an appearance on The Daily Show this week.
- Coca-Cola plans to launch a version of its flagship soda that is made with cane sugar rather than corn syrup following President Trump's push.
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RECS  Stay breezy: This high-tech, portable fan is $20 on Amazon.**
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PLAY Word Search: Go blue da-ba-dee, da-ba-di in today's color-coded puzzle. Play it here. Lion trivia Now that Leo season has arrived, here are some trivia questions about lions: - What is the name of Simba's mom in The Lion King?
- Which Ivy League school's sports teams have the nickname Lions?
- Which actor voices Alex the lion in Madagascar?
- Leo the Lion is the mascot for MGM Studios. Which three names comprise M-G-M?
- Most wild lions live in sub-Saharan Africa, but there's also a small population in one other country. Can you name it?
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ANSWER - Sarabi
- Columbia University
- Ben Stiller
- Metro-Goldwyn-Mayer
- India
Word of the Day Today's Word of the Day is: bereft, meaning "deprived of or lacking." Thanks to Cheryl from Hawaii for the suggestion. Submit another Word of the Day here. |
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