Snapchat

In the last month, Snap Inc. ($SNAP) is down more than 25% at market close on 7/29/22. Last Thursday, July 21st, Snapchat missed revenue expectations by 2.61%. Snapchat earns its revenue from its ads. A reasonable assumption is that companies who buy advertising aren’t expecting customers to buy their products, given high inflation.

However, Personal Consumption Expenditures on July 29th show consumer spending is still rising. (PCE excludes food & energy) Source: Federal Reserve Economic Data (FRED) https://fred.stlouisfed.org/series/PCE

SpaceX

The day before the San Diego Comic-Con, July 20th, Mattel – the toy company behind matchbox cars, announced a partnership with space x to produce toys and collectibles beginning in 2023. No further details have been released regarding the agreement.

Elon and Tesla have almost a cult-like following of investors and fans. Currently, Space X is a private company. However, this partnership with Mattel suggests Musk may be attempting to create a fan base with SpaceX similar to Tesla in hopes of creating loyal investors.

3M

On Tuesday, July 26th, 3M announced that it would spin off its Health Care division into a separate publicly traded company.

This new company will be a diversified healthcare & technology company. With its focus on oral & wound care, as well as biopharma filtration & healthcare IT.

In addition, 3M hopes to complete the previously announced spin-off of its Food Safety business in the fall of 2022.

Coinbase

Ishan Wahi, the former product manager at Coinbase, was arrested by the FBI in an attempt to flee to India. Ishan has been charged with the first-ever cryptocurrency insider trading scheme.

Typically, when a currency grows enough to join an exchange like Coinbase, it will jump in value when added to a popular exchange.

So someone like Ishan told his brothers to buy large amounts of the new coins before being released on the exchange. Ishan and his brothers accumulated over 1M dollars running this scheme.

The FBI acted on a tip from a Twitter user @cobie when he tweeted about a crypto wallet regularly buying coins hours before Coinbase listed the currency on their exchange.

JetBlue

JetBlue has agreed to buy spirit airlines for 3.8 billion dollars. This merger is likely to face antitrust scrutiny from the justice department.

Should the deal go through, JetBlue would become the 5th largest US airline carrier.

Chipotle

Chipotle CEO stated, “low-income consumers have pulled back their purchase frequency.” Fortunately for Chipotle, the majority of our customers are higher household income consumers”.

Chipotle has plans to raise prices by 4% in August to cover the rising costs of goods.