Walmart reported its Q2 earnings on Tuesday, beating analysts’ expectations for earnings and revenue. The retailer posted $152.9B in total revenue, up 8.4% YoY. Net income came in at $5.15B, or $1.88 a share, up 20.4% YoY. Walmart reported $151.4B in net sales, up ~8% YoY. More: - Walmart U.S. comp sales grew 6.5% YoY and 11.7% compared to 2020.
- U.S. eCommerce sales grew 12% YoY and 18% on a two-year basis.
- Walmart International generated $24.4B in net sales, up 5.7% YoY.
- International net sales lost $1B to currency fluctuations.
- Sam’s Club comp sales rose 9.5% YoY and 17.2% on a two-year basis.
- Membership income rose 8.9% YoY, with member count at an all-time high.
- CFO John David Rainey, during an appearance on CNBC, said Walmart’s reputation as a discount store is attracting more middle- and high-income shoppers as inflation drives up prices.
- Walmart shares closed at $139.37, up more than 5% for the day.
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Amazon is accusing the FTC of harassing the company’s founder and executive chairman, Jeff Bezos, and CEO, Andy Jassy. The e-commerce giant claims the FTC is making excessive and unreasonable demands on both men by requesting they testify in its investigation of Amazon’s Prime membership program. More: - In a filing made earlier this month, Amazon requested that the FTC cancel the civil subpoenas issued to Bezos and Jassy, arguing that the agency has not provided a reason why their testimony is necessary.
- Amazon claims the FTC’s demands are overly broad and burdensome, and its legal tactics have been unfair.
- The FTC has been investigating Amazon’s marketing and cancellation practices for its Prime subscription service since March 2021.
- The investigation focuses on whether Amazon has engaged in unfair or deceptive practices to boost its Prime subscription service.
- The FTC is also probing other Amazon subscription businesses, including Audible, Amazon Music, Kindle Unlimited, and Subscribe & Save.
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Activist Investor Elliott Management has exited its positions in Twitter and SoftBank. The firm sold its entire equity stake in Twitter in Q2 before Elon Musk announced he was backing out of the deal. According to a securities filing, Elliott had no Twitter holdings as of June 30. On March 31, the firm held about 10 million Twitter shares worth $387M. More: - Elliott has also exited most of its position in Japan’s SoftBank.
- According to people familiar with the transaction, Elliott had as much as $2.5B in SoftBank.
- A source said Elliott had lost confidence in SoftBank founder Masayoshi Son and his ability to close the gap between the value of SoftBank’s various holdings and its market cap.
- The exact size and timing of Elliott’s SoftBank selloff could not be learned.
- Elliott manages about $56B in assets.
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Tencent is considering selling most or all of its stake in food-delivery company Meituan. According to people familiar with the matter, Tencent has held talks with investment banks to explore ways to exit a significant portion of its 17% stake in Meituan. The move comes as China has been curbing the power and influence of the country’s internet giants. More: - Tencent’s stake in Meituan was worth about $24B as of Monday’s market close; however, news of Tencent’s plans sent Meituan’s stock down ~9% on Tuesday.
- Tencent plans to start reducing its stake in the company when the timing is favorable.
- Tencent, which owns super app WeChat, is scheduled to release its April to June quarter results on Wednesday.
- Meituan is one of China’s most valuable tech companies; its market cap rose to about $300B in early 2021 before a wide-spanning regulatory crackdown on internet companies in the country.
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Warren Buffett's Berkshire Hathaway tripled its position in auto and home lender Ally Financial in Q2. The firm also increased its position in Apple, Occidental Petroleum, Chevron, and streaming service Paramount Global. Buffett's recent investments signal a continued belief in the U.S. economy even as the Fed plans to increase interest rates. More: - By June, Berkshire Hathaway owned 30 million shares of Ally, or a 9.7% stake, worth about $1B.
- Berkshire is one of Ally's largest shareholders.
- Berkshire bought 3.9 million more shares of Apple in Q2, bringing its total stake in the iPhone maker to 5.6%.
- Apple is Berkshire's largest holding at $125.1B.
- Berkshire also has stakes in Bank of America and American Express.
- The firm made a $2.9B investment in Citigroup in Q1.
- Berkshire's top five largest U.S. holdings are Apple, Bank of America, Coca-Cola, Chevron, and American Express.
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American Airlines has agreed to buy 20 supersonic Overture planes from Boom Supersonic with an option to purchase 40 more. Boom is still years from building its first commercial supersonic jets. Boom says its Overture jet will fly as fast as Mach 1.7 or 1,304 mph. Currently, commercial passenger planes fly at Mach 0.75 to 0.85, or 460 to 575 mph. More: - Boom says its jet would cut trans-Atlantic and trans-Pacific flight times by almost half.
- The supersonic planes would carry 65 to 80 passengers while flying on sustainable aviation fuel, offering lower emissions.
- Last year, United Airlines committed to purchasing 15 Overture jets.
- Boom plans to build the jet at a new manufacturing plant in North Carolina and expects to produce the first model in 2025, with the first flight in 2026.
- If all goes well, Boom says the planes could enter commercial use by the end of the decade.
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- HBO Max is laying off about 14% of its staff, or about 70 workers. The cuts are part of a larger Warner Bros. Discovery effort to reduce costs following Discovery’s merger with WarnerMedia in April. Most of the jobs cut are in casting, acquisitions, and reality TV departments. HBO Max and Discovery+ are combining to become one streaming service next year.
- Chancellor Kathaleen McCormick of the Delaware Court of Chancery has ordered Twitter to collect, review, and produce documents from former General Manager of Consumer Product Kayvon Beykpour. In Musk’s court filings, Beykpour is described as one of the executives most intimately involved with determining the number of spam accounts on the social media platform.
- Dodge will discontinue its gas-powered Challenger and Charger muscle cars at the end of next year as the brand transitions to electric vehicles. Dodge’s plans include seven special-edition models and a commemorative “Last Call” under-hood plaque for all 2023 model-year vehicles.
- Apple has told its employees they must return to the office in September for at least three days a week. In a memo to employees on Monday, CEO Tim Cook said the move would preserve the in-person collaboration that is essential to Apple’s culture.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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