Electric vehicle startup Fisker filed for bankruptcy protection late Monday with plans to sell its assets after recently suspending production.
Why it matters: It's the second bankruptcy for an EV company founded by former BMW and Aston Martin designer Henrik Fisker, whose vehicles have earned critical plaudits for their design but have failed to generate commercial success.
On Thursday, Apple was the most valuable company in the world. On Monday, it was Microsoft. On Tuesday, for the first time ever, it was Nvidia.
Why it matters: Nvidia is a relative newcomer to the world of megacaps: It only broke through the $1 trillion barrier in mid-2023. Now it has eclipsed all of its competitors, thanks to broad excitement about artificial intelligence — which is overwhelmingly powered by Nvidia's chips.
Netflix wants fans to chill together IRL at its "house" — a new 100,000+ square foot retail space that lets shoppers feel like they're inside the worlds of hit shows like "Bridgerton" and "Squid Game."
Why it matters: Like Disney, Netflix has amassed massive fanbases for its original content — intellectual property that can be parlayed into a portfolio of businesses.
The booming consumer looks to be no more. Shoppers have steadily slowed spending growth this year — a crack in what has been a resilient economy.
Why it matters: This might be the type of cooldown the Fed has longed for in its fight against inflation. But it risks snowballing into the kind of economic weakness that would be difficult to undo.
A Houston-based land acquirer in one of the country's highest-producing oil basins launched an initial public offering Monday, in what looks like an indirect play on the crypto-mining sector.
Why it matters: LandBridge's IPO will test the market — and regulatory appetite — for crypto-adjacent deals, with other more crypto-y public debuts waiting in the wings since the last bull market.
Why it matters: Immigration is a central issue for the 2024 presidential campaign, and the nonpartisan agency's forecasts demonstrate the considerable impact to the nation's economy from the surge in foreign workers.
Billions of dollars have rushed into spot bitcoin ETFs since January, and a few smart folks in traditional finance (TradFi) have been somewhat skeptical of the narrative that all of that money represented pent-up demand from institutions.
Recent comments from a BlackRock executive and a JPMorgan Flows & Liquidity report validated that doubt.
Why it matters: Those ringing the alarm on what set of investors — retail or institutions — own bitcoin ETFs worry that the former will spark a selloff when breakeven is reached.
Behind the scenes: "Retail Degens are paper-hands and will sell when they start losing money, more so than TradFi, which historically is a much stronger-handed ETF buyer," Jim Bianco of the eponymous financial services firm said on social media.
A month-old Solana meme coin called DJT, or "Save America," popped on rumors of former President Trump launching an endorsed coin by the same name, with his son Barron Trump spearheading.
Behind the scenes: Crypto Twitter was lit, though the link, unsubstantiated.
Infamous pharma investor Martin Shkreli said it was real.
👆 Because the ticker of the meme coin is also the ticker of Trump Media & Technology Group Corp. and the former president's initials — references to coin are muddied.
Of note: "DJT" existed before the rumor, but it's unlikely that the Trump team launched it. So they could be planning to make a new one.
Retail sales edged up only slightly in May, and revised data showed shoppers pulled back more than initially thought in April, the Commerce Department said on Tuesday.
Why it matters: Consumers have been more cautious about spending in recent months — a warning sign for the economy and a notable shift from last year when consumer spending boomed.
Tesla topped an annual list of the most made-in-America vehicles for the third consecutive year, while foreign automakers made up the majority of the top 10.
Why it matters: Where vehicles are assembled — and where their parts are from — feeds into the ongoing political debate over tariffs on imported goods, unionized labor and America's business climate.
"The Myth of Making It": Inthis extremely readable book, the former executive editor of Teen Vogue,Samhita Mukhopadhyay, explains why she quit her job in 2021. (Hint: Extreme burnout.) She then zooms out, looking at the unrealistic demands placed on women in the work world — and how we internalize them — from Cosmo editor Helen Gurley Brown to the girl boss.
Job search standards: Applying for a job shouldn't be humiliating, writes labor economist Kathryn Anne Edwards in Bloomberg. She proposes federal standards that would ensure job seekers are treated respectfully — even compensating applicants if they have to spend an excess of hours on interviews or tests. Employers who rescind job offers should pay a penalty, she explains.
A Texas federal judge on Monday dismissed a lawsuit by ExxonMobil against activist investor Arjuna Capital following the firm's promise not to file any climate change-related shareholder proposals.
Why it matters: Although the oil giant could refile its lawsuit, this ruling is a blow to the company's attempt to get more company-friendly guidance on shareholder resolutions via the court.
GameStop's shareholder meeting, which clocked in at under 20 minutes on Monday, failed to give investors specifics on the company's future growth strategy.
Why it matters: Rescheduled from last Thursday due to a technical issue that was attributed to "unprecedented demand," the event had been viewed as an opportunity for the video game retailer's leadership to explain its turnaround plans.
