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Good Morning!
Happy Thursday! One more day until Friday:
👉Google drops plans
👉Delta earnings are in
👉Costco raises fees
BREAKING: Inflation dropped to 3.0% from 3.3% in June (expected 3.1%)
GOOGLE: Drops Plans
Google has dropped its plans to acquire HubSpot sources. This potential deal, which would have been among the largest of the year, is now off the table.
Source: CX Today
HubSpot, a CRM company, saw its shares plummet 19% on Wednesday, their steepest drop since 2020, closing down 12% at $492.31, with a market value of $25 billion. Earlier this year, Alphabet expressed interest in HubSpot, but discussions never advanced to due diligence. HubSpot shares peaked in April at $682 and have since fallen 21%, while Alphabet shares have risen 37% this year.
🎯 GRIT TAKE: Google’s decision to walk away … upgrade to VIP now to read the full GRIT Take!
EARNINGS: Delta Airlines
Delta Air Lines forecasts record third-quarter revenue due to high summer travel demand but falls short of analysts’ estimates. Delta expects a 4% sales increase, below the 5.8% analysts predicted, and projects adjusted earnings per share between $1.70 to $2, missing the $2.05 estimate.
Source: CNBC
Delta's shares dropped about 9% in premarket trading, impacting other U.S. airlines. Despite booming travel, rising costs and expanded capacity pressure profits. In Q2, Delta’s adjusted revenue was $15.4 billion, up 5.4%, with net income dropping almost 30% to $1.31 billion. Adjusted earnings were $2.36 per share, matching estimates. Delta anticipates a 5-6% capacity growth in Q3 and continued strong international travel revenue.
COSTCO: Raises Fees
Costco is raising its membership fees starting September 1. The annual fee will increase by $5, making standard memberships $65 and Executive Memberships $130.
Source: Bloomberg
This change affects about 52 million members, with more than half being Executive Members. Costco last raised fees in June 2017 and typically does so every five and a half years, but delayed this increase due to high inflation.
Chart of the Day
📊July Passive Income
Source: @Dividend_Dollar
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Source: @wallstreetoasis
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