E-truck maker Rivian posted yet another disappointing quarterly result, losing some $1.7 billion in Q2 and citing ongoing supply-chain issues as a prime factor in its struggles. On the plus side, it increased its estimated projected vehicle deliveries by 1,000 and saw revenue climb by more than $250 million as compared to the first three months of the year - NYTimes and WSJ and Bloomberg and MarketWatch and TechCrunch
The SEC is probing hedge fund Melvin Capital Management over the company’s “risk controls and investor disclosure” following its “crippl[ing] by the meme-stock rally last year.” Melvin lost $6.8 billion in January 2021—more than half of its assets under management, “as retail and other investors banded together to target the fund’s short positions” - WSJ
While we’re talking memers, worth noting that a Miami federal judge this week allowed a proposed class action to proceed against Robinhood Markets focusing on “market manipulation claims from retail investors over its January 2021 decision to halt purchases of GameStop Corp. shares and other meme stocks during a social media-fueled trading frenzy” - Bloomberg and Law360
A “deflating property bubble” is causing major headaches in Beijing, where the world’s second-largest economy is already struggling to get past Covid-induced decreases in growth and productivity. Not only are home prices dropping around China, but data shows that “sales of apartments nationwide by the country’s largest developers have slumped annually for 13 consecutive months” - NYTimes and Bloomberg
That CPI Report-prompted market rally proved short lived, with stocks coming back to earth on Thursday as investors considered what those inflation figures might mean for the Fed’s future plans and the state of the U.S. economy - WSJ and Bloomberg and MarketWatch
After running hot through early summer, gas prices in the U.S. are averaging below $4/gallon, a figure most Americans haven’t seen since March. Late August road trip, anyone? - NYTimes and Marketplace and Bloomberg
Cardinal Health CEO Mike Kaufmann is stepping down from his role heading up the healthcare products distributor “as it struggles with the impact of inflation and supply-chain constraints on its medical supplies business.” CFO Jason Hollar will succeed Kaufman, who officially departs at the end of August - WSJ
Following years of neglect, the feds are finally turning their attention to data privacy and cybersecurity. This week saw the CFPB announce its intention to hold financial companies liable under its unfair practices rules for “weak information security protocols” [Law360]. Meanwhile, the FTC, despite significant political pressure, has begun rulemaking “to set limits on companies’ use and sharing of vast troves of consumer data and to crack down on lax security practices” – Law360 and Bloomberg
Walgreen’s is hoping that cool, hard cash will help it address pharmacy staffing shortages. The drugstore chain is offering bonuses of up to $75k to fill positions that have remained open during a “chronic worker shortage that became acute during the Covid-19 pandemic” - WSJ
One of the good things about being a Xennial is that we’re not even trying to keep up with the Zoomers. Because, poor millennials, they come for you when you do - TheAtlantic
Stay safe, and have a great weekend,
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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