Swiss Lawmakers Poke Holes In $CS Deal

Switzerland’s parliament has opened a special session to discuss the state-imposed takeover of Credit Suisse by its Rival UBS. 📝

The group will convene for up to three days to consider many questions, including the following:

  • How does this collapse impact the country’s financial stability and economy?
  • How does the government hold Credit Suisse executives accountable and protect workers from mass layoffs?
  • What are the broader implications of merging the country’s two largest banks into one? (The new bank’s balance sheet will be twice as large as Switzerland’s annual economy)
  • What regulatory changes are necessary to prevent future bank failures?

Clearly, this is an evolving situation with a lot of moving parts. As a result, the first day of talks is unlikely to produce any actual results. Instead, everyone’s airing their ideas, criticisms, and frustrations as they prepare for more meaningful discussions. đŸ—¯ī¸

In addition to the $100 million rescue package, the attorney general’s office has a probe into the takeover, and the executive branch of government cut millions in executive bonuses. Ultimately, all stakeholders are looking for clearer “next steps” for everyone involved. And hopefully, this “meeting of the minds” can help provide that. 🧠

In addition to solving the current banking crisis, this is also a test of leadership for many lawmakers who face reelection later this year. Those who have lobbied in favor of Swiss banks are facing significant blowback from their peers who were pushing for stronger regulations. đŸ—ŗī¸

We’ll just have to wait and see how the days ahead pan out. But it looks like the spotlight won’t be off Credit Suisse for quite some time. đŸ”Ļ

Media Mogul Eyes Disney’s ABC

Yesterday, Disney said it was considering selling its ABC television network assets as it looks to focus purely on ESPN (sports) and its streaming business. Local broadcaster Nexstar was the expected buyer, but today, we may have found out who another potential bidder is. 👀

Media mogul Byron Allen has reportedly offered $10 billion to purchase the ABC TV network and cable networks FX and National Geographic. So far, it looks to include the national TV network and several regional stations, but terms could change anytime. đŸ“ē

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Retail Favorites’ Mixed Day

It was a mixed day for several of retail investors’ favorite stocks. Let’s see what’s moving. 👀

First up is Canadian Solar, which reported mixed second-quarter results and reaffirmed its full-year 2023 outlook. However, its third-quarter revenue forecast of $1.9 to $2.1 billion lagged the $2.5 billion consensus estimate. $CSIQ shares fell 13% as the solar industry remains under pressure. 🌩ī¸

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Sell The Rumor & The News

Unlike the excitement over the pizza at Casey’s General Store, Apple’s annual iPhone launch event was an absolute snoozefest. 😴

Investors had been looking for exciting changes to the product to help justify higher-priced phones or at least entice customers to upgrade; they were left disappointed. That’s because the iPhone 15 price was not raised and will again start at $799 for the base model and $999 for the pro model. The only model to see a change was the Pro Max, which will start $100 higher at $1,199.

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Rite Aid Reemerges (Again)

Rite Aid has been on the decline for a long time but is one of those stocks that occasionally pop back up on the radar. 🧭

Today, the pharmacy chain said it’s preparing to file for bankruptcy in an attempt to address mass federal and state lawsuits over its role in the sale of opioids. The Chapter 11 bankruptcy filing would cover its more than $3.3 billion debt load and pending legal allegations that it oversupplied prescription painkillers. 💊

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