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Good Morning!
Happy Wednesday! We are almost to Friday:
👉Sirius lands Call Her Daddy
👉Target earnings are in
👉Ford delays production
SIRIUS: Lands Call Her Daddy
Alex Cooper’s popular podcast, "Call Her Daddy," is making a big move. The show, known for its unfiltered take on sex and dating, is leaving Spotify and signing a new multiyear deal with SiriusXM. Reports suggest the new deal is worth over $100 million.
Source: Fortune
Previously, Spotify paid around $60 million for exclusive rights to the podcast, but as of January, it became available on all major platforms, reflecting Spotify’s strategy shift. SiriusXM will now have exclusive rights to distribution, advertising, events, and more for "Call Her Daddy" and Cooper’s Unwell Audio Network.
🎯GRIT TAKE: SiriusXM is making a bold move…upgrade to VIP now to read the full GRIT Take!
EARNINGS: Target
Target's sales grew 3% in the second quarter, beating Wall Street expectations and returning to growth. Shoppers visited more and bought items like clothing, helping profits rise over 40% to $1.19 billion.
Source: Target
Despite this, Target kept its full-year sales forecast at flat to 2% growth, with profit guidance now between $9 and $9.70 per share. Digital sales were strong, up 8.7%, and customer traffic increased 3%, boosted by price cuts and loyalty programs. Back-to-school shopping also met expectations.
FORD: Delays Production
Ford is delaying production at its new Tennessee plant, initially set to produce a next-gen all-electric pickup, and is canceling plans for a three-row electric SUV. Instead, Ford will focus on developing hybrid models and electric commercial vehicles, including a new electric van in 2026 and two EV pickups by 2027.
Source: Reuters
Due to these changes, Ford expects to incur a $400 million non-cash charge and up to $1.5 billion in additional costs. Despite the delays, battery production at the $5.6 billion Tennessee site will begin in 2025.
Chart of the Day
📊 Inflation
Source: Carbon Finance
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @wallstreetoasis
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