Skool Projekt
Posts
Business and Finance News - 8.7.24

Business and Finance News - 8.7.24

Skool Projekt Staff
August 07, 2024

Good Morning, Students!

A pyramid scheme is a business model where individuals are recruited with the promise of payments or rewards for enrolling others into the scheme. The primary way participants make money is by recruiting new members rather than selling actual products or services. This structure leads to an unsustainable model that eventually collapses when recruitment slows, causing the majority of participants to lose their investments.

Avoid pyramid schemes to protect your financial health.

-Mr. W

TOP STORIES

Americans collectively owe a record $1.14 trillion on their credit cards, according to a Federal Reserve Bank of New York report. Credit card balances rose by $27 billion in Q2 2024, with younger adults, especially renters, experiencing higher delinquency rates due to financial vulnerability and pandemic impacts. (CNBC)

*Credit Card Debt - Credit card debt refers to the outstanding balance that a consumer owes to a credit card issuer after using the card to make purchases, take cash advances, or transfer balances.

Starting October 17th, Disney Plus, Hulu, and ESPN Plus will all see price increases, with Disney Plus ad-supported plans rising from $8 to $10 per month and ad-free plans from $14 to $16 per month. Additionally, Disney Plus will introduce new curated playlists and ABC News Live access on September 4th. (The Verge)

*The Walt Disney Company (DIS) - The Walt Disney Company, commonly known as Disney, is a diversified multinational entertainment and media conglomerate that operates in media networks, parks and experiences, studio entertainment, and interactive media.

A federal judge ruled that Google illegally maintained monopolies in search and text advertising, focusing on its exclusive search arrangements on Android and Apple devices. The ruling, stemming from a 2020 antitrust suit by the DOJ and 38 states, marks the first anti-monopoly decision against a tech company in decades. (CNBC)

*Google (GOOGL) - Google LLC, a subsidiary of Alphabet Inc., is a global technology company specializing in Internet-related services and products. Its core offerings include the Google Search engine, YouTube, and the Android operating system.

Palantir Technologies' stock surged up to 13.8% after raising its annual revenue outlook to $2.74-$2.75 billion, surpassing analyst expectations. The company reported strong second-quarter results, with sales up 27% to $678 million and net income of $134 million, driven by increased demand for its AI software. (Yahoo! Finance)

*Palantir (PLTR)-Palantir Technologies is a public American software company that specializes in big data analytics. It provides software solutions for data integration, analysis, and visualization to help organizations make informed decisions.

SunPower filed for Chapter 11 bankruptcy protection and agreed to sell some assets to Complete Solaria for $45 million in cash. The company, which listed assets and liabilities between $1 billion and $10 billion, saw its shares drop 45% in premarket trading and is expected to conclude asset sales by late 2024. (Reuters)

*SunPower (SPWR) - SunPower is a solar energy company that designs, manufactures, and installs high-efficiency solar panels and energy solutions for residential, commercial, and utility-scale customers, aiming to provide sustainable and cost-effective renewable energy options.

THE MARKETS

Here’s how the major indexes did yesterday:

Dow Jones Industrial Average: 38,997.66 +294.39 (+0.76%)
S&P 500: 5,240.03 +53.70 (+1.04%)
Nasdaq Composite: 16,366.85 +166.77 (+1.03%)
Russell 2000: 2,064.30 +25.14 (+1.23%)
CBOE Volatility Index (VIX): 27.71 -10.86 (-28.16%)

Here’s how leading market ETFs did yesterday:

SPDR S&P 500 ETF Trust (SPY): 522.15 +4.77 (+0.92%)
iShares Core S&P 500 ETF (IVV): 525.12 +4.94 (+0.95%)
Invesco QQQ Trust (QQQ): 439.53 +4.16 (+0.96%)
Vanguard S&P 500 ETF (VOO): 479.94 +4.74 (+1.00%)
Vanguard Total Stock Market ETF (VTI): 257.77 +2.59 (+1.01%)

Here’s how The Magnificent Seven did yesterday:

Apple (AAPL) [3.178T]: 207.23 -2.04 (-0.97%)
Microsoft (MSFT) [2.97T]: 399.61 +4.46 (+1.13%)
Nvidia (NVDA) [2.569T]: 104.25 +3.80 (+3.78%)
Alphabet (GOOG) [1.976T]: 160.54 -0.10 (-0.06%)
Amazon (AMZN) [1.658T]: 161.93 +0.91 (+0.57%)
Meta Platforms (META) [1.253T]: 494.09 +18.36 (+3.86%)
Tesla (TSLA) [640B]: 200.64 +1.76 (+0.88%)

Here’s how the major cryptocurrencies did yesterday:

Bitcoin (BTC): $56,783.46 (8:00PM PST on 8/6/24)
Ethereum (ETH): $2,496.28 (8:00PM PST on 8/6/24)
Solano (SOL): $149.23 (8:00PM PST on 8/6/24)

Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.