Trending Market News

Visa plans to cut 7% of its workforce, eliminating approximately 2,600 jobs, according to a Bloomberg report citing a staff memo. The cuts aim to improve efficiency amid challenging conditions in the payments industry and will primarily impact technology and product teams.

• The layoffs represent 7% of Visa's total workforce, affecting roughly 2,600 employees
• Technology and product teams will bear the brunt of the workforce reduction
• The announcement comes as Visa prepares to report quarterly earnings results

GrubMarket, a food supply chain and delivery company, has confidentially filed for a U.S. initial public offering. The South San Francisco-based firm recently raised $50 million at a $4.5 billion pre-money valuation. Confidential filings allow companies to keep financial details private until closer to the listing date.

• GrubMarket raised $50 million in a recent funding round at a $4.5 billion pre-money valuation
• The confidential filing allows the company to prepare for its IPO away from public market scrutiny while keeping finances under wraps
• GrubMarket operates in the food supply chain and delivery sector

OPEC+ is likely to pause its gradual oil output increases after September 2026 for the remainder of the year, according to four sources. The organization needs additional discussions before determining output quotas for 2027. Neither OPEC nor Russian authorities have commented on the reported plans.

• The pause would halt output hikes for the final months of 2026, following September's planned increase
• Further talks are required among OPEC+ members before setting production quotas for 2027
• The decision reflects ongoing coordination challenges within the oil cartel regarding future supply levels

Major tech companies Amazon, Meta, and Microsoft face increased investor skepticism over massive AI infrastructure spending following Alphabet's stock sell-off after announcing higher 2026 capex plans. The three companies report earnings this week amid concerns about rising capital expenditures, declining cash flows, and uncertain returns on AI investments. Alphabet's negative market reaction signals a shift from Wall Street's previous enthusiasm for capex increases.

• Alphabet raised its 2026 capex forecast to $205 billion, triggering a stock sell-off that also pulled down Amazon, Meta, and Microsoft shares, with analysts expecting similar capex increases from the three companies reporting this week
• Amazon's long-term debt surged 81% to $119 billion from Dec. 31 to March 31, while Alphabet's debt rose 111% to $98 billion and turned cash flow negative in Q2 2026 for the first time
• Microsoft's free cash flow is expected to turn negative in Q4 for the first time since 2001, while Amazon remains in negative free cash flow territory after flipping red in Q1 2026

Pentair reported a 17% decline in second-quarter sales to $933 million, primarily due to approximately $170 million in inventory destocking in its pool segment driven by weak U.S. housing demand. Despite the disappointing results, the water technology firm announced it will acquire Taco Group Holdings for $1.4 billion, with the deal expected to close in Q4 2024.

• The pool segment, Pentair's most profitable vertical, suffered from larger-than-expected inventory corrections as retailers reduced stock amid weak housing market conditions
• Pentair reported adjusted earnings of $1.14 per share for Q2 but maintained its full-year guidance of $4.60 to $4.80 per share
• The $1.4 billion Taco Group acquisition will be integrated into Pentair's Water Solutions segment and continue operating under the Taco brand name

Airbus completed a 24-hour, 24-minute test flight covering 23,075 km from Melbourne to France, marking a key milestone for Qantas' Project Sunrise. The specially adapted A350-1000ULR aircraft is designed to enable nonstop flights between Australia and Europe starting in 2027, eliminating traditional stopovers on ultra-long-haul routes.

• The flight was the second-most-tracked ever on Flightradar24 with over 3.6 million followers, surpassing Boeing's 2005 distance record of 21,601.7 km
• Qantas has ordered 12 modified A350-1000ULR aircraft capable of connecting Sydney to London in 19-21 hours, with the first delivery scheduled for April 2027
• The aircraft features a specially designed extra fuel tank holding 20,000 liters and seats 238 passengers, with nonstop Sydney-London flights planned to launch in October 2027

Boeing reported a larger-than-expected second-quarter loss, driven by a $280 million charge on its delayed Air Force One program. Despite the loss, the company showed progress with revenue rising 8% to $24.56 billion and positive free cash flow of $631 million, beating expectations as it ramps up 737 Max production.

• Boeing posted a net loss of $428 million (67 cents per share), missing analyst estimates, primarily due to the Air Force One program charge with first delivery still expected in 2028
• Commercial aircraft deliveries increased 14% year-over-year to 171 planes, with 737 Max production ramping to 47 per month and further increases planned
• Free cash flow of $631 million significantly exceeded the $177 million cash burn analysts expected, marking improvement from the $200 million cash burn in the prior year quarter

Core Scientific signed an agreement with AMD to provide up to 2.5 gigawatts of data center capacity for the chip maker's AI system deployments. The deal expands AMD's infrastructure capabilities to support its customers' artificial intelligence operations.

• AMD will secure up to 2.5 gigawatts of data center capacity from Core Scientific
• The infrastructure will be used to support customer deployments of AMD's AI systems
• The partnership strengthens AMD's position in the competitive AI chip and infrastructure market

British drugmaker GSK announced a £400 million ($531 million) investment in the UK over three years, including a new R&D center in Cambridge. The move, led by new CEO Luke Miels, aims to accelerate drug development and follows similar commitments by rival AstraZeneca earlier this year.

• The new 300,000 square foot Cambridge facility will accommodate over 1,000 scientists focused on cancer and respiratory drug research
• GSK will close its Stevenage R&D site by 2029 and upgrade its Ware facility as part of the restructuring
• The investment follows April's finalization of policies allowing UK medicine prices to align with U.S. pricing under Trump administration policies

PayPal raised its 2026 profit forecast and outlined cost-saving measures through 2029 as it works to convince investors of its value following a reported $53 billion takeover offer that the board rejected as too low. The turnaround efforts come as the company struggles to regain momentum after its valuation plummeted from $360 billion in 2021, pressured by fading pandemic-driven growth and intensifying competition from Apple and Google.

• PayPal expects to save $400 million in costs by year-end and raised full-year adjusted profit forecast to $5.38 per share, above analyst expectations
• Second-quarter results showed total payment volume increased 9% to $486.4 billion, but operating margin contracted 248 basis points to 17.4% from 19.8% a year ago
• The company forecasts low single-digit decline in third-quarter adjusted profit as it pursues organizational restructuring under new CEO Enrique Lores, who replaced the previous chief after the board cited insufficient pace of change

Coca-Cola raised its annual revenue and profit forecasts on July 28, driven by strong demand for zero sugar beverages and its fairlife milk brand. Increased consumption during the FIFA World Cup and strategic pricing adjustments helped second-quarter comparable revenue rise 6% to $13.37 billion, beating analyst estimates of $13.16 billion.

• The company increased its 2026 organic revenue growth forecast to about 5%, up from a prior target of 4% to 5% growth
• Zero sugar sodas and trademark Coca-Cola beverages showed resilient demand despite broader softening in spending from lower-income U.S. consumers
• Strategic initiatives including price increases, smaller pack sizes for cost-conscious consumers, and investments in ready-to-drink teas and fairlife milk contributed to sales growth

Amazon is overhauling its AI strategy by phasing out most of its flagship Nova AI models, including Premier, Omni, Reel, and Canvas, according to a Business Insider report. The company is redirecting resources toward developing a new frontier model led by researcher Pieter Abbeel, expected to debut at Amazon's re:Invent conference later this year. This shift follows Amazon's struggle to generate buzz around Nova models compared to rivals like OpenAI, Anthropic, and Google.

• Amazon is deprecating its high-end Premier and Omni models, along with Reel video-generation and Canvas image-generation models, while maintaining some Nova models like Nova 2 Lite and Nova 2 Sonic
• The strategy shift comes days after job cuts in Amazon's artificial general intelligence (AGI) group as the company focuses on 'initiatives that matter most for customers'
• Amazon's AGI efforts have experienced significant turnover, with several top executives departing over the past year since the division was consolidated under cloud executive Peter DeSantis in December

Coca-Cola is set to report second-quarter earnings on Tuesday before the market opens, with analysts expecting earnings per share and revenue of $13.16 billion. The beverage giant's stock has outperformed the S&P 500 this year, rising 19%, driven by strong demand from high-income consumers willing to pay premium prices.

• Coca-Cola has a market cap of nearly $360 billion and has benefited from premium product demand, unlike rival PepsiCo which saw North American beverage volume fall 4% in Q2
• The company disclosed a ransomware attack on July 17 targeting its Fairlife dairy brand, temporarily suspending production, though operations have mostly resumed and no material financial impact is expected
• Wall Street expects revenue of $13.16 billion for the quarter as the company continues to show resilience amid economic uncertainty

UPS reported second-quarter earnings that exceeded Wall Street expectations and raised its full-year 2026 guidance. The company posted revenue of $22.8 billion versus the expected $21.81 billion, with net income of $604 million. This marks a significant performance shift as UPS executes its turnaround strategy focused on automation and long-term growth.

• UPS raised full-year 2026 guidance to consolidated revenue of $91.2 billion and adjusted diluted EPS of approximately $7.22 per share
• Second-quarter net income reached $604 million, or 71 cents per share, beating analyst expectations
• The company is implementing a turnaround strategy centered on enhancing network automation and expanding into growing markets

Taiwan prosecutors detained an Nvidia employee as part of an ongoing investigation into illegal exports of Super Micro AI servers equipped with U.S. export-controlled Nvidia chips to China. The detention follows earlier rounds of searches in this probe, which has already resulted in multiple arrests since May. The case highlights enforcement of U.S. export controls imposed since 2022 that prohibit sale of advanced semiconductors to mainland China.

• The suspect, surnamed Chang, was detained on July 24 after prosecutors determined he posed a flight risk and could destroy evidence or collude with accomplices
• This is the third round of searches in the Super Micro investigation; previous rounds in May and June resulted in five detentions of other suspects including Super Micro Taiwan workers
• The U.S. Justice Department charged three people in March, including a Super Micro co-founder, with smuggling at least $2.5 billion worth of U.S. AI technology to China in violation of export controls

Barclays reported a 17% increase in first-half profit to £6.1 billion, exceeding analyst expectations of £5.94 billion. The British bank's strong performance was driven by robust equities trading revenues and deal fees, mirroring trends seen at Wall Street peers.

• Profit before tax for January-June reached £6.1 billion, beating the analyst consensus of approximately £5.94 billion
• Strong equities trading revenues and deal fees were the primary drivers of the profit increase, following similar performance patterns at major Wall Street banks
• The bank announced a fresh share buyback program alongside the earnings results

Unilever reported second-quarter underlying sales growth of 5.8%, exceeding analyst expectations of 4.3%. The consumer goods company's performance was driven by higher prices and strong demand for its home care and beauty brands as consumers favored trusted household names amid geopolitical uncertainty.

• Underlying sales growth of 5.8% significantly beat the consensus estimate of 4.3% for the quarter ended June 30
• Home care and beauty brands, including Dove soap and Axe deodorant, were key growth drivers
• Performance benefited from pricing power and consumer preference for established brands during uncertain times

Google faces a wave of private lawsuits seeking up to $10 billion in damages from European rivals following a record $1 billion EU fine under the Digital Markets Act for favoring its own services. The fine, combined with Google's loss of a long-running antitrust case, is emboldening smaller competitors across price comparison and other sectors to pursue compensation claims. This comes as Google has already paid €10.4 billion in EU fines over the past decade for anti-competitive practices.

• A German court awarded price comparison platform Idealo €465 million in November, Germany's largest antitrust damages award, setting precedent for similar cases across Europe
• Multiple lawsuits are underway in at least six countries, including claims from Sweden's PriceRunner (backed by Klarna) seeking $1.97 billion and UK-based Kelkoo seeking billions in damages
• Cases can take 5-8 years to resolve through appeals, with Google's shopping service case taking nearly two decades from initial alleged abuses to exhausted appeals, allowing the company to maintain market dominance during litigation

Mercedes-Benz reported a 22% increase in Q2 operating profit to €1.5 billion, slightly missing analyst expectations of €1.6 billion. The German automaker downgraded its full-year outlook, now forecasting declining sales and revenue due to weakness in China's car market, reversing its previous expectation of stagnation.

• Q2 EBIT reached €1.5 billion ($1.71 billion), supported by strong performance in financial services and vans units, plus a €131 million gain from selling its Athlon leasing subsidiary
• Mercedes now expects both car sales and group revenue to fall slightly below prior-year levels in 2026, downgrading from previous forecast of flat growth
• CEO Ola Kaellenius committed to additional cost-cutting measures in the second half of the year amid a 'demanding market environment' and ongoing product launches

Johnson & Johnson has offered $5.5 billion to settle approximately 76,000 U.S. lawsuits alleging its talcum powder caused ovarian cancer, though the company maintains the claims are 'meritless' and its products do not cause cancer. The settlement requires acceptance by legal firms representing 95% of claimants and could ultimately reach $7 billion, with J&J planning to pay $3 billion in 2027.

• J&J had won the vast majority of individual trials before offering the settlement, which the company frames as seeking closure rather than admitting liability
• The company faces similar legal action in the UK from thousands alleging baby powder caused ovarian cancer or mesothelioma between 1965 and 2023
• J&J previously discontinued its talcum-based baby powder and switched to a cornstarch product, having already settled most asbestos-related mesothelioma cases