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  • On Monday, 10-year Treasury yields fell to 2.374% from 2.393% on Friday, their highest settlement in nearly two months.
  • The U.S. second-quarter earnings season will also begin in earnest with investors expecting a roughly 6% gain in earnings per share across the S&P 500.
  • President Donald Trump’s effort to roll back Obamacare faced growing obstacles on Monday.
  • Abercrombie & Fitch shares were down 19% after the teen apparel retailer terminated discussion on a potential deal following a review.


Abercrombie & Fitch ends talks with potential buyers

  • Abercrombie, along with other teen apparel retailers, has been hurt by fierce competition from fast-fashion retailers such as H&M and Zara.
  • Abercrombie said in May it expects to shutter about 60 stores in the United States in the year ending January 2018.

Elon Musk shows off first production Tesla Model 3

  • Late Saturday evening, Elon Musk tweeted the first production unit of Tesla’s Model 3.
  • Tesla says the first 30 customers who order the car will receive it at a party on July 28.
  • Production is expected to grow to 100 cars in August, more than 1,500 by September, and then 20,000 by December.

Tesla Sales Fall to Zero in Hong Kong After Tax Break Is Slashed

  • Tesla’s sales in Hong Kong came to a standstill after authorities slashed a tax break for electric vehicles on April 1, demonstrating how sensitive the company’s performance can be to government incentive programs.
  • Not a single newly purchased Tesla model was registered in Hong Kong in April.
  • In March, shortly after the tax change was announced and ahead of the April 1 deadline, 2,939 Tesla vehicles were registered there—almost twice as many as in the last six months of 2016.

Costco fundamentals are good, but they don’t matter because of ‘Amazon fears,’ analyst says

  • Costco shares were downgraded by BMO Capital Markets even after posting strong June sales figures last week; the analyst cites Amazon’s growing grocery enterprise.
  • This is at least the third downgrade by a major Wall Street analyst since the Whole Foods deal.
  • Since Amazon’s purchase of Whole Foods was announced in mid-June, Costco shares have fallen over 14 percent.
  • Costco shares have climbed more than 80 percent in the last five years and have long outperformed other retailers throughout the rise of e-commerce retailing.

Apple’s iTunes Falls Short in Battle for Video Viewers

  • Amazon, Comcast are grabbing a bigger chunk of the digital-movie business.
  • The company’s market share for renting and selling movies has been falling for several years, tumbling to between 20% and 35% from well over 50% as recently as 2012.
  • Amazon, in addition to its Prime subscription service rents and sells movies on a “transactional” basis.
  • Its market share in that business has recently risen to around 20%.
  • Another is Comcast, the nation’s largest cable provider by subscribers, which has long rented movies on its set-top boxes and in late 2013 began selling digital copies as well. It now has about 15% of the combined market.

Facebook Again Cuts Price of Oculus Rift VR Headset

  • The company is lowering the price again to capitalize on a significant increase in recent months of the number of games and apps for the device.
  • For the next six weeks, Facebook’s Oculus VR unit will charge $399 for the Rift, Touch motion controllers and some games.
  • Previously, Oculus sold that bundle for $598, itself a $200 discount from their combined launch prices.
  • The new, temporarily lowered bundle price doesn’t account for the cost of buying a computer powerful enough to support the Rift.

Amid Turbulence, Fox News Holds On to No. 1 Spot as MSNBC Rises

  • Ratings for all three cable networks are up substantially from before the presidential election cycle, but MSNBC is enjoying the most sustained growth.
  • The network finished the quarter that ended in June first in total prime-time viewers and first among those 25 to 54 years old, growing 21% in that key demographic compared with the year-earlier period.

The Cosmetics Counter Was Long Immune to Discounting. Not Anymore

  • Last month, Lord & Taylor offered 15% off almost all cosmetics and fragrances. Bloomingdale’s gave members of its loyalty program a $25 reward card for every $100 beauty purchase.
  • Department stores have long given prestige cosmetics prime space on the ground floors of their stores, and the brands confined their distribution to these emporiums.
  • But the retail landscape has shifted.
  • Shoppers are increasingly skipping the mall to buy online. Specialty chains like Sephora and Ulta Beauty are siphoning away customers.

Crispr Patent-Holders Move toward Easing Access to Gene-Editing Technology

  • The Broad Institute of MIT and Harvard submitted 22 patents for evaluation to the proposed pool.
  • The move comes amid growing concerns that the logjam over rights to the technology may hinder breakthroughs in disease treatment.
  • Crispr is the defense system of bacteria and was adapted by scientists, using the protein known as Cas9, to edit genes in plants, animals and people.

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Consumer Credit Growth Slowed in April

  • Month to month, consumer credit slowed to $8.2 billion, down from a long standing trend in the $15 to $20 billion range.
  • Forecasters see consumer credit moving back up to trend, at a consensus $14.6 billion in May.
  • The revolving credit component has been soft reflecting reluctance among consumers to run up their credit cards.

Trump Jr. Met Russian Lawyer Who Claimed to Have Information on Hillary Clinton

  • President Donald Trump’s eldest son arranged a June 2016 meeting between top campaign aides and a Russian lawyer who has been linked to the Kremlin after being told she “might have information helpful to the campaign.”
  • In a statement Sunday, Donald Trump Jr. said he didn’t know the lawyer’s name before the meeting, and said they were set up by an “acquaintance” from the 2013 Miss Universe pageant.
  • The meeting, in New York City, was also attended by Jared Kushner, the president’s son-in-law and senior adviser, and Paul Manafort, President Trump’s campaign chairman at the time.
  • Mr. Trump Jr. said Natalia Veselnitskaya’s statements were vague, ambiguous and made no sense. No details or supporting information was provided or even offered. It quickly became clear that she had no meaningful information.

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Wanda’s Disney Dreams Are Frozen as It Retreats from Theme Parks

  • Dalian Wanda Group, the giant Chinese property developer and entertainment company, is selling off most of its theme parks and hotels in a deal that would pare down a heavy debt load that has drawn attention from regulators.
  • The $9.28 billion sale to Sunac China Holdings comes after China’s banking regulator last month asked lenders to review loans made to big overseas deal makers, including Wanda.
  • Wang Jianlin, the Chinese billionaire who founded Dalian Wanda, described his burgeoning chain of theme parks as a “pack of wolves” that would encircle and overpower Walt Disney’s $5.5 billion Shanghai Disneyland.

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  • Wyoming became the 44th state in the United States  (1890)
  • The Bahamas became independent from Great Britain (1973)
  • Boris Yeltsin was sworn in as Russia’s first elected president (1991)

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