Business and Finance News - 7.25.24

AT&T exceeded market expectations in Q2 by adding 419,000 wireless subscribers, driven by its competitive unlimited plans, causing shares to rise 4.8%. Despite missing revenue estimates, free cash flow rose to $4.6 billion, while postpaid phone churn remained low at 0.70%. (Reuters)

*AT&T (T) - AT&T Inc. is a leading multinational telecommunications conglomerate providing mobile phone services, high-speed internet, broadband, and television services, including satellite and streaming options.

Meta has released Llama 3.1, the largest-ever open-source AI model, claiming it outperforms top private models and predicting it will become the most widely used AI assistant by year's end. Llama 3.1 features 405 billion parameters, was trained on 16,000 Nvidia H100 GPUs, and aims to drive industry-wide open-source AI adoption. (The Verge)

*Meta (META) - Meta, formerly known as Facebook Inc., is a multinational technology conglomerate that operates a variety of social media platforms and technology products.

New home sales fell to a seven-month low in June, reaching a seasonally adjusted annual pace of 617,000, a 0.6% decline from May and a 7.4% drop year-over-year. High mortgage rates around 7% have hindered buyer activity, though builders increased new home supply by 0.8% to address resale market shortages. (Yahoo! Finance)

*New Home Sales - New home sales are a critical economic indicator as they reflect the health of the housing market and broader economy, often driving construction activity and related industries.

Disney and Pixar's "Inside Out 2" has become the highest-grossing animated movie ever, surpassing "Frozen II" with global ticket sales of $1.46 billion. The film's box office success follows a series of varied performances from Disney's animated releases and is yet to debut in Japan. (CNBC)

 
*Pixar (DIS) - Pixar Animation Studios, commonly referred to as Pixar, is a renowned American film studio, owned by The Walt Disney Company, specializing in computer-animated films.

Tesla's second-quarter profit dropped over 40% from last year, with adjusted income at $1.8 billion or 52 cents a share, missing analyst expectations. This decline, alongside intensified competition and a slowing EV market, caused Tesla shares to fall 12%, dragging down the broader market. (CNN)

*Tesla (TSLA) - Tesla, Inc. is an American electric vehicle (EV) and clean energy company.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 39,853.87 -504.22 (-1.25%)

• S&P 500: 5,427.13 -128.61 (-2.31%)

• Nasdaq Composite: 17,342.41 -654.94 (-3.64%)

• Russell 2000: 2,196.72 -46.54 (-2.07%)

• CBOE Volatility Index (VIX): 18.05 +3.33 (+22.62%)

• Bitcoin (BTC): (5:00PM PST on 7/24/24)

• Ethereum (ETH): (5:00PM PST on 7/24/24)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 541.23 -12.55 (-2.27%)

• iShares Core S&P 500 ETF (IVV): 544.21 -12.57 (-2.26%)

• Invesco QQQ Trust (QQQ): 463.38 -17.24 (-3.59%)

• Vanguard S&P 500 ETF (VOO): 497.29 -11.65 (-2.29%)

• Vanguard Total Stock Market ETF (VTI): 267.53 -6.16 (-2.25%)

• Vanguard Real Estate ETF (VNQ): 88.32 -1.32 (-1.47%)

Here’s how the THE SUPER SIX STOCKS did yesterday:

• Apple (AAPL) [3.351T]: 218.54 -6.47 (-2.88%)

• Microsoft (MSFT) [3.188T]: 428.90 -15.95 (-3.59%)

• Nvidia (NVDA) [2.815T]: 114.25 -8.34 (-6.80%)

• Alphabet (GOOG) [2.155T]: 174.37 -9.23 (-5.03%)

• Amazon (AMZN) [1.882T]: 180.83 -5.58 (-2.99%)

• Meta Platforms (META) [1.17T]: 461.27 -27.42 (-5.61%)