🛍️ Kate Spade unloads inventory

Good evening. We went from certain the Fed would cut rates in September to suddenly not so sure. July’s PPI (Producer Price Index) showed prices jumping 0.9% from last month and 3.3% from a year ago, the biggest rise since February.

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Market data: today’s market close

WINNERS

⬆︎59.52% TeraWulf

From bitcoin mining to powering AI. Google is putting $1.8 billion behind the company’s Lake Mariner data center expansion in New York, in exchange for an 8% stake. The project includes $3.7 billion worth of 10-year hosting deals with AI cloud operator Fluidstack, with the potential to grow to $8.7 billion [Read more]

⬆︎3.62% Eli Lilly

The pharma giant is teaming up with Superluminal Medicines in a $1.3 billion deal, to develop new small-molecule drugs for obesity and other cardiometabolic diseases. Superluminal uses AI to design drugs and already has several programs in the works, including one aimed at a gene-linked cause of obesity. [Read more]

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Market data: today’s market close

IN PARTNERSHIP WITH PLAYERSTV

Invest Alongside Kyrie Irving and Travis Kelce

A new media network is giving pro athletes ownership of their content…and they’re inviting fans, too.

That network is PlayersTV.

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• Ken Griffey Jr.

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LOSERS

⬇︎6.76% Deere

🔔 Earnings report - A few bumps in the field. The world’s biggest farm machinery maker cut its yearly profit outlook after a tough quarter. It's dialing back production to match demand and clearing out a glut of used equipment. Tariffs will cost about $500 million this year, but higher prices on some products have helped soften the blow. [Read more]

⬇︎14.30% Intuitive Machines

Lunar dreams need funding. The space-tech firm is raising $300 million through convertible notes (loans that can turn into shares) due in 2030, up from an initially planned $250 million. While the funding will help advance its programs and extend its runway, it could dilute existing investors over time. [Read more]

⬇︎15.10% Bumble

Uh-oh. The dating app is feeling the pressure after reports that shareholders are selling a large block of stock at $6.33 to $6.54 per share. That's roughly 8.5% to 11.5% below yesterday's $7.15 close. [Read more]

⬇︎15.71% Tapestry

🔔 Earnings report - Tough decisions. The parent of Coach and Kate Spade says new U.S. tariffs will cost it about $160 million next year. The hit will be biggest for Kate Spade, which leans heavily on U.S. sales and has weaker pricing power, so it will cut its handbag lineup by 30% to focus on the most profitable styles. Coach, meanwhile, should be able to pass more of the cost to customers. [Read more]

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Market data: today’s market close

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