What Kamala Harris Means for Wall Street and Silicon Valley [DealBook]
Wall Street is happy about the signal it sends. Ms. Harris was the moderate choice among more left-leaning candidates who may have taken a tougher line on finance firms…. Silicon Valley is happy about seeing a familiar face. Ms. Harris got her start in the Bay Area, and has been a fixture in fund-raising circles there for decades. Tech executives appear excited by her place on the ticket and reassured by her circumspect stance on things like breaking up the biggest tech companies.
Airbnb Plans to File for IPO in August [WSJ]
Morgan Stanley has been tapped to lead the offering, with Goldman Sachs Group Inc. also playing a key role, the people said…. Since spring… the rebound for Airbnb has been surprisingly swift. Even as people stayed closer to home, they still sought rental-home bookings. On July 8, guests booked more than one million nights of future stays at Airbnb listings around the world, the company said. It was the first time to hit that level since March 3.
Tesla announces five-for-one stock split [CNBC]
Tesla shares rose more than 6% in post-market trading even though the stock split changes nothing fundamental about the stock…. Shares of Tesla have more than tripled so far this year, and are up 228.54% year-to-date.
U.K. Economy Shrinks by More Than Any Other Rich Country [WSJ]
The country’s gross domestic product shrank 20.4% in the second quarter, equivalent to an annualized rate of 59.8%, its statistics agency said Wednesday. In the same period, U.S. and German output declined by around 10%, while Italy lost 12%, France 14% and Spain 19%.... The outsize hit reflects the timing and duration of the U.K.’s nationwide lockdown. Britain locked down in late March, weeks after comparable European countries, and only gradually began easing restrictions late May. That meant the economy was shut throughout most of the second quarter, whereas Germany and other neighbors had already begun to reopen.
ABN Amro exits trade, commodity finance in corporate bank shake-up [Reuters]
“This has been the higher risk and more volatile part of the bank, which is why we are choosing to wind it down”, Chief Financial Officer Clifford Abrahams told Reuters…. ABN took a $200 million first quarter loss on clearing after a U.S. hedge fund missed its margin requirements.
Jim Cramer Says Don't Own Uber Stock: 'This Is Death Knell' [TheStreet]
A judge in California issued a preliminary injunction on Monday requiring Uber and Lyft to stop classifying their drivers as independent contractors, and potentially setting the stage for a major shift in their business models…. If this order goes through, it might be the "death knell" for Uber, says Jim Cramer.
Mets’ shaky finances could help determine impending sale [Thornton/N.Y. Post]
[Steve] Cohen, who is the favorite in the auction because of his $14 billion net worth, will need to gauge how much more he needs to bid than his rivals to be chosen, sources said…. There is still a question as to whether the required three-quarters of baseball owners would approve him as a buyer due to his checkered past, sources close to owners have told The Post….
Cohen in February broke a non-binding deal to buy the Mets for $2.6 billion after reportedly clashing with the Wilpons on short-term control of the franchise, leading some to believe he is untrustworthy.