Netflix’s bad (but not as bad as expected, thank you) year rolls on. The streaming giant announced this week that it lost 1 million subscribers in Q2, the “largest subscriber defection in company history, but . . . far short of the two million it had originally forecast during its dismal first quarter report in April.” Despite the losses, the ‘Flix saw “its revenue grow 9 percent to $7.9 billion” over the past 3 months and also predicted better performance ahead - NYTimes and Bloomberg and WSJ and MarketWatch and TechCrunch and NPR
The S&P 500’s best performance in nearly a month helped pull all markets up on Tuesday, as generally strong earnings reports helped buoy spirits on Wall Street - NYTimes and WSJ and Bloomberg
Bitcoin also closed up, topping the $23k mark for the first time in over a month - Bloomberg
The Delaware Chancery Court has set October as the month that Twitter and erstwhile buyer Elon Musk will square off over Musk’s $44 billion acquisition of the company. Twitter was hoping to start trial in September, while Musk wanted to push it to February 2023 - NYTimes and WSJ and Law360
Under Director Rohit Chopra, the CFPB is getting ready to “prod banks to pay back more customers who are the victims of alleged scams on Zelle and other money-transfer services.” New guidance from the Bureau could mean “heightened requirements around certain scams that have become more prevalent on these platforms . . . such as when a customer is tricked into sending money to a scammer pretending to be a representative of his or her bank” - WSJ
Welcome to the summer internships: 2022 edition, where offices remain at half capacity and many days are spent “sitting unsupervised with other interns and trying desperately to impress managers over video calls” - NYTimes
Apple will pay $50 million to resolve class action claims “over an alleged defect in the company’s butterfly keyboard” that could “result in characters typed being repeated unexpectedly or keys not responding in a consistent manner.” The settlement involves MacBook models from 2015-19 - WSJ and Law360 and Mashable and TechCrunch
The DOJ has signed off on Google’s $5.4 billion deal to acquire cybersecurity firm Mandiant. Investors had raised possible antitrust concerns, but federal authorities determined the agreement passed muster – Law360
The Times offers this fascinating look at what a banking scandal focused mostly in China’s Henan Province that’s led to the freezing of thousands of accounts for regular citizens there means for the overall state of the ruling Communist Party, “which prizes stability and its ability to control any threats to it” - NYTimes
Depression burgers? With that much onion? You betcha. Done and done - NYTimes
Stay safe,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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