Illustration: Sara Grillo

Activist investors have seized control of EQT, the largest U.S. natural gas producer, following an overwhelming shareholder vote that resulted in changes of CEO, chairman, general counsel and 7 of the company's 12 board seats.

Why it matters: Because this is as much about the fiscal viability of shale fracking as it is about Pittsburgh-based EQT, with new management basing most of its argument on using tech to improve drilling efficiency.

  • M&A history: EQT became the industry leader via its 2017 purchase of Rice Energy, and Rice's co-founding brothers led the activist group. The brothers hold around a 3% stake in EQT.

The bottom line: "The dissidents' victory highlights the urgency for shale producers to demonstrate that they can translate drilling success into shareholder returns. While gas explorers have been remarkably adept at ramping up output and turning the U.S. into a net exporter, their track record of doing so profitably has been spotty at best. Gas prices haven't helped: They've languished near 1990s-era lows amid record production." — Scott Deveau & Naureen Malik, Bloomberg

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 18,996,008 — Total deaths: 712,476— Total recoveries — 11,478,835Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 4,877,115 — Total deaths: 159,990 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
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  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
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Trump issues order banning TikTok if not sold within 45 days

Illustration: Aïda Amer/Axios

Americans and U.S. companies will be banned from making transactions with ByteDance, the Chinese owner of TikTok, in 45 days, according to a new executive order President Trump issued Thursday evening.

The big picture: Last week Trump announced his intention to ban TikTok but said he'd leave a 45-day period for Microsoft or other U.S.-based suitors to try to close a deal to acquire the popular video-sharing app.

Bill Hagerty wins Republican Senate nomination in Tennessee primary

Former U.S. Ambassador to Japan Bill Hagerty speaking at CPAC in 2019. Photo: Mandel Ngan/AFP via Getty Images

Former U.S. Ambassador to Japan Bill Hagerty won the Tennessee Republican Senate primary on Thursday evening, beating out surgeon Manny Sethi for GOP Sen. Lamar Alexander's seat, who announced his retirement in late 2018, AP reports.

Why it matters: Though the race narrowed in July, Hagerty — who received President Trump's endorsement in 2019 — stuck close to the president's messaging and touted his Tennessee roots.