North America

Down The Memory Hole Goes The Truth

It was hard to find a bright spot for auto investors in July's auto sales figures released earlier today with GM down 15% YoY, Ford off 7% and Chrysler down 11%.

The companies blamed the drops on lower fleet sales but GM’s retail sales also fell 14.4% from July 2016.  Meanwhile, Ford and Fiat Chrysler retail sales had single-digit declines, and their fleet sales fell 26% and 35%, respectively.

Here's a recap of how each of the largest OEM's made out in July:

GM:

When it comes to Netflix and its stratospheric (forward) valuation, the thesis is simple: the company is (so far) the undisputed leader in the arena of internet streaming. As the LA Times summarizes, the global streaming giant today boasts impressive stats: 104 million subscribers worldwide, up 25% from last year and almost quadruple from five years ago. Its series and movies account for more than a third of all prime-time download Internet traffic in North America. Its more than 50 original shows garnered 91 Emmy Award nominations this year, second only to premium cable service HBO.

As many traders quietly leave for summer break soaking up even more liquidity as they go, a busy US calendar unfolds in the week ahead, with ISM, PCE price data and, of course, payrolls in the spotlight.

Key Events, courtesy of RanSquawk

Jeff Bezos enjoyed the title of world's richest man for several hours, before he had to relinquish it back to Bill Gates after AMZN stock dumped after hours when the company reported Q2 net income of $197 million, or $0.40 per diluted share, down 77% from $857 million, or $1.78 in Q2 2016. This was on revenue of $37.955 billion, up 25% from the $30.4 billion a year ago, and above both the company's own expectations of $35.25-$37.75BN and consensus estimates of $37.18 billion. The company also reported operating margin of 1.7%, down from 2.8% last quarter and well below expectations.