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- Chip and fries rise.
Chip and fries rise.
McDonald’s’ Q2 results surpassed Wall Street expectations, powered by successful marketing campaigns, including the (possibly fatal) Grimace Shake.
Tupperware? More like Tupperwhere the heck is my container? If you have ever brought your lunch into work, left the container in the dishwasher and returned later only to find it has inexplicably gone missing, you know what I mean. But this is not the only unexplained phenomenon in the world of Tupperware right now — the company’s share price has increased 350% over the last 5 trading days on no news. And unfortunately, this mystery is unlikely to be resolved by leaving a passive aggressive note in the office kitchen.
The lowdown
🧑🍳 Shares of kitchen and homewares maker Tupperware extend their unexplained gains, rising nearly 350% over the last 5 trading days.
💸 The ECB follows the Fed in raising rates a quarter of a percentage point.
👜 Luxury group Kering acquires a 30% stake in fashion house Valentino from Qatari fund Mayhoola, with option to take full control by 2028.
Featured story
Ronald McDonald making chips as imagined by Midjourney.
McDonald’s and Intel beat expectations
Earnings season continues and here are a couple of highlights.
McDonald’s’ Q2 results surpassed Wall Street expectations, powered by successful marketing campaigns, including the (possibly fatal) Grimace Shake.
The company’s revenue in Q2 reached $6.5 billion, beating the estimated $6.3 billion. Global same-store sales increased by 11.7%, more than the 9.4% predicted by analysts. The fast-food giant’s same-store sales also beat expectations internationally. The International Operated Markets segment saw same-store sales rise by 11.9% year-over-year, and International Developed Licensed Markets sales increased by 14%.
Still on chips, Intel announced that the slump in personal computer chip demand is over. The company stated that inventory levels of PC components have returned to normal, prompting renewed orders. Intel reported a surprise profit of 13 cents a share, excluding some items, in contrast to a predicted loss of 4 cents.
The content we're consuming today
The Economist: The demonisation of BlackRock’s Larry Fink ($).
Semafor: Inside Pornhub’s finances.
Reuters: Tesla created secret team to suppress thousands of driving range complaints.
Off-balance sheet items
Scientists may have just made a very significant discovery — a room temperature superconductor. My (very basic) understanding is that the material allows electricity to flow without resistance, meaning no energy is lost as heat. Many are skeptical.
The bottom line
