Here are five key things investors need to know to start the trading day:
1. New streak
2. Hot to go
Brand new GMC trucks are displayed on the sales lot at Hanlees Hilltop GMC on July 02, 2024 in Richmond, California.
Justin Sullivan | Getty Images
General Motors easily beat Wall Street’s earnings expectations for the second quarter on Monday. The automaker also raised several key financial targets for the year: The company now expects full-year adjusted earnings before interest and taxes between $13 billion and $15 billion, or $9.50 and $10.50 a share, up from previous guidance of $12.5 billion to $14.5 billion, or between $9 and $10 a share. GM’s North American operations, driven by truck sales, were largely responsible for the strong quarter. But it did not achieve an anticipated return to profitability in China, where it’s seen significant declines. GM’s EV deliveries during the quarter increased 40% compared with the same period a year earlier, but still made up only 3.2% of sales in the period.
3. All eyes on her
U.S. Vice President Kamala Harris laughs as she delivers remarks to the women’s and men’s NCAA championship teams in her first public appearance since President Joe Biden dropped out of the 2024 race, on the South Lawn of the White House in Washington, D.C., on July 22, 2024.
Nathan Howard | Reuters
Vice President Kamala Harris pulled in record-breaking campaign cash on Monday, a day after President Joe Biden backed out of the 2024 presidential race and endorsed her. Since Sunday afternoon, Harris and the Democratic party have pulled in roughly $250 million in online donations and major donor commitments, while her campaign noted that “over 888,000 grassroots donors made donations in the past 24 hours, 60% of whom made their first contribution of the 2024 cycle.” Harris — who praised Biden’s “legacy of accomplishments” in her first public remarks since last weekend’s events unfolded — also earned key endorsements from House Speaker Nancy Pelosi, senators, governors, unions and more. In a sign of growing support, NBC News projected late Monday that Harris had won endorsements from a majority of the Democratic party’s pledged convention delegates, which she needs to become the party’s nominee. Read more about the latest political developments here.
4. Going their own way
A view of the Google headquarters in Mountain View, California, on April 16, 2024.
Tayfun Coskun | Anadolu | Getty Images
No deal. Cybersecurity firm Wiz has walked away from a $23 billion deal to be acquired by Google and plans to pursue an IPO instead. It would have been Google’s largest-ever acquisition. Wiz abandoned the deal in part because of antitrust and investor concerns, a person familiar with the matter told Tech Zone Daily. Wiz’s cloud security products would have helped Google compete with Microsoft, which also sells security software, as the search giant faces pressure to keep capturing business during the AI boom. The news comes as Google’s parent company Alphabet is set to report earnings after the bell on Tuesday.
5. Mixed emotions
People visit the Top of the Rock observation deck behind a Comcast corporate logo at the top of 30 Rock in Rockefeller Center seen from the Empire State Building on May 8, 2023, in New York City.
Gary Hershorn | Corbis News | Getty Images
Comcast reported mixed earnings results on Tuesday, beating on the top line but missing revenue estimates, as the company is facing tough year-over-year comparisons for its film studio and theme parks. Its revenue fell nearly 3% to $29.69 billion compared with the same period last year, while revenue for the Universal Pictures studio segment fell 27% from last year. Comcast had one of its best theatrical quarters ever when it released “Super Mario Bros.” and “Fast X” in 2023. Meanwhile, NBCUniversal’s streaming service Peacock remained a bright spot, with paid subscribers increasing 38% year over year, while its TV business posted $6.32 billion in revenue, up 2% from last year. (Disclosure: Comcast owns NBCUniversal, the parent company of Tech Zone Daily.)
— Tech Zone Daily’s Samantha Subin, Michael Wayland, Brian Schwartz, Josephine Rozzelle, Dan Mangan, Rebecca Picciotto, Ruxandra Iordache, Isabel Engel, Rohan Goswami, Jennifer Elias, Jordan Novet and Lillian Rizzo contributed to this report.
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