Opening Bell 6.17.18

Tech troubles; Powell's time to shine; Divine democracy and more!
Author:
Updated:
Original:

Amazon Suffers Tech Crash and Strikes During Prime Day Gala [Bloomberg]

Trouble on the site spiked just as the event began at 3 p.m. Eastern time Monday, but declined significantly within a couple of hours, according to Downdetector.com, which monitors web trouble. Shoppers were expected to spend $3.4 billion on Amazon during the promotion, up more than 40 percent from last year’s Prime Day, according to Coresight Research.

“Some customers are having difficulty shopping, and we’re working to resolve this issue quickly,” Amazon said Monday on Twitter, adding that “many are shopping successfully.” The company’s stock closed at $1,822.49, but slid about 1.5 percent in extended trading in New York.

Netflix stock slammed after earnings, as subscriber growth and revenue fall short [MarketWatch]

The company reported a profit of $384 million, or 85 cents a share, topping the FactSet consensus of 79 cents a share and up from $66 million, or 15 cents a share, in the same quarter a year ago. Revenue rose to $3.91 billion from $2.79 billion the year before, just below the FactSet consensus of $3.94 billion.In a letter to shareholders, Netflix said the company had a "strong but not stellar" quarter, acknowledging the company had “over-forecasted” both domestic and global net subscriber additions and “acquisition growth was lower than we projected.”

Fed’s Powell on Capitol Hill: What to Watch [WSJ]

Federal Reserve Chairman Jerome Powell heads to Capitol Hill Tuesday for his second pair of hearings since becoming the central bank’s new leader in February

He starts Tuesday before the Senate Banking Committee, which releases his testimony when the hearing begins at 10 a.m. EDT. He returns Wednesday to answer questions from the House Financial Services Committee, also starting at 10 a.m.

Papa John’s Founder Says Resignation Was a Mistake [WSJ]

John Schnatter resigned last week after publicly apologizing for using the slur during media training with a marketing agency. Days later, in a letter to the directors reviewed by The Wall Street Journal, he accused the board of failing to do due diligence on the matter.“The board asked me to step down as chairman without apparently doing any investigation. I agreed, though today I believe it was a mistake to do so,” Mr. Schnatter said in the letter, dated Saturday. “I will not allow either my good name or the good name of the company I founded and love to be unfairly tainted.”

Papa John’s declined to comment Monday, but the company has continued to distance itself from its founder. Mr. Schnatter is no longer allowed to use office space at corporate headquarters in Louisville, Ky., and the company said he will no longer be in any advertising or marketing materials.Mr. Schnatter frequently appeared in ads, and his image long adorned the pizza boxes. He remains a board member and, according to regulatory filings, as of March owned 29% of Papa John’s shares, currently worth about $500 million.In his letter to the board, Mr. Schnatter said he was asked during the media training whether he is racist, and answered “no.”

“I then said something on the order of, Colonel Sanders used the word ‘N,’ (I actually used the word), that I would never use that word, and Papa John’s doesn’t use that word,��� he said in his letter.

Sandra Little Brown claims she's Jesus' choice in county commission runoff [AL.com]

Jefferson County Commissioner Sandra Little Brown is claiming her re-election campaign has the blessing of Jesus "and his followers," according to a piece of campaign literature that was distributed in District 2 ahead of tomorrow's Democratic run-off with City Councilor Sheila Tyson.

The pink flyer, which has made the rounds on social media, is a distortion of a sample ballot where Brown's name is magnified and circled in while Tyson's is shown in lower font. The literature goes on to say that Brown is "supported by Jesus Christ and his followers."

Related