🧹 EchoStar gets rids of its $30B debt

Good evening. Trump is trying to force out Fed governor Lisa Cook over mortgage fraud allegations, raising questions about the Fed’s independence. He’s also threatening new tariffs on countries that tax U.S. digital services. But let’s not get distracted by what really matters: Nvidia’s earnings tomorrow. Expectations are sky high.

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Market data: today’s market close

WINNERS

⬆︎70.25% EchoStar

After decades of trying to build its own mobile network, EchoStar is throwing in the towel. The telecom group, founded by billionaire Charlie Ergen and owner of Boost Mobile, Dish TV, Sling, and Hughes, agreed to sell $23 billion worth of spectrum licenses to AT&T. The deal gives EchoStar breathing room from its $30 billion debt load, while AT&T strengthens its 5G network. [Read more]

⬆︎7.14% Scotiabank
⬆︎4.94% BMO

🔔 Earnings report - Canadian banks kicked off big bank earnings season swinging. They didn’t need to stash away as much cash for bad loans because people are actually paying their bills. Trade tensions with the U.S. are still a headache, but for now, most Canadian industries remain tariff-free under the USMCA deal. [Read more]

⬆︎5.85% Eli Lilly

The drugmaker is getting closer to bringing yet another weight-loss pill to market. In a late-stage trial, its oral GLP-1 drug helped overweight and diabetic patients lose nearly 23 pounds on average over 72 weeks, though the results were less dramatic than Lilly’s injectable Zepbound or Novo Nordisk’s Wegovy. Lilly says it now has enough data to file for regulatory approval. [Read more]

⬆︎5.23% Trump Media

The Trump crypto empire just got bigger. Trump Media, the company behind the family’s media properties, raised more than $6 billion to load up on Cronos, the token from crypto exchange Crypto.com. The venture will merge with Yorkville Acquisition Corp and trade under the ticker MCGA: Make CRO Great Again. [Read more]

⬆︎3.51% Boeing

Trump keeps padding Boeing’s backlog. The U.S. planemaker landed a $36 billion deal with Korean Air for 103 new jets, including passenger planes and cargo freighters, as the airline modernizes its fleet ahead of its merger with Asiana. The agreement was unveiled during a U.S.-South Korea trade meeting in Washington. [Read more]

⬆︎2.00% AMD

Two shots of good news for AMD. The chipmaker teamed up with IBM to pair its CPUs and GPUs with IBM’s quantum computers, and analysts at Truist raised its price target from $173 to $213, pointing to AMD’s new AI chips as a real shot at gaining ground in data-center GPUs. Just like it did in CPUs when it went from an underdog to a serious Intel rival. [Read more]

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Market data: today’s market close

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LOSERS

⬇︎3.24% Constellation Brands

From fiesta to siesta. Bank of America downgraded the company behind Corona and Modelo and cut its price target from $182 to $150. Beer demand is slowing (especially among Hispanics) and overall alcohol consumption is trending down. Not ideal for Constellation, who’s pouring big money into expanding its breweries in Mexico. [Read more]

⬇︎4.23% BNP Paribas

Political drama in France. Prime Minister François Bayrou’s push for €44 billion in budget cuts has sparked a confidence vote set for September 8, with opposition parties already signaling they won’t back him and the government could fall. French stocks were hammered, and banks like BNP Paribas were hit the hardest. [Read more]

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Market data: today’s market close

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