Business Update – July 26, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Social media shares tumble, but traders feel optimistic
Stocks wobbled last week as investors digested new corporate earnings information. Social media companies took the brunt of the fall, with disappointing results announced all around.
Twitter blames Musk for value drop
Twitter shares were down last week as results missed analyst estimates on earnings, revenue and user growth for the second quarter in a row. The company blames industry headwinds and uncertainty surrounding Musk’s takeover.
Amazon makes big moves to acquire health care provider
Amazon offered $18/share to buy subscription-based primary care provider One Medical – 77% higher than last week’s closing valuation price. The proposed $3.9 billion takeover would see Amazon gain a firm foothold in the healthcare industry.
Despite challenging economic conditions due to sanctions, Russia cuts key interest rate
Russia’s Central Bank cut its key interest rate by 150 basis points from 9.5% to 8% on Friday, citing a slowing of inflation. The ruble has seen an unexpected rebound after plummeting in the days following Russia’s invasion of Ukraine.
Russia and Ukraine sign deal to resume grain export to world’s markets
The UN and Turkey managed to help Russia and Ukraine come to an agreement last week that will reopen Ukrainian Black Sea ports for grain exports, raising hopes that an international food crisis aggravated by the Russian invasion can be eased.
Housing market cools down even further
The Fed has aggressively raised short-term interest rates to fight inflation, which pushes mortgage rates higher. This combined with already-high home prices is discouraging would-be buyers.
USPS aims to make 50% of fleet electric
The United States Postal Service announced last week that it plans to modernize its fleet, with an initial order of 50,000 next-generation mail trucks that will be battery electric vehicles.
Tesla makes gains after surprising earnings report
Last week, Tesla released its Q2 2022 financial results. Market expectations were beat by a considerable margin, causing the stock to surge.
IRS releases 5-year Strategic Plan
Last week, the Internal Revenue Service released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration. Details can be found here.
5 things that are worth spending money on
Personal Finance has rounded up 5 things that are always a good investment and should be worked into your budget. Their list can be found here.
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