Movers & Shakers: August 6, 2019
China-US currency dispute underscores major market selloff. The new currency battle between the two nations led to a 767 point drop in the Dow Jones Industrial Average on Monday, the worst decrease in 2019. The top equity exchanges were poised for a small rebound on Tuesday after China moved to stabilize the yuan against the U.S. dollar. While the two sides continue to seek to negotiate a trade deal, experts are progressively dour on the prospects of a U.S.-China agreement this year.
Jeff Bezos selling more Amazon shares. The 55-year-old founder of the e-commerce giant sold off $2.8 billion worth of stock this month, ahead of the firm shedding $3.4 billion in value during Monday’s market drop. In July, Bezos sold over 20 million shares, the bulk of which were given to ex-wife Mackenzie in their divorce settlement.
Disney reports earnings amid blockbuster box office year with new streaming service looming. The entertainment giant releases financial results through June after the closing bell on Tuesday. Disney is in the midst of a blockbuster year for its film division, earning $7.67 billion worldwide in just seven months. Underscoring that record amount is the success of “Avengers: Endgame,” “Captain Marvel” and “The Lion King,” among others. Attention will be on any updates from the firm on its pending streaming service. The cost for “Disney+” will be much lower than competitors like Netflix and AT&T and will include both original content based on classic franchise and classic films from the Disney vault.
Google again in lawmakers’ crosshairs over employee classification as backlash over environmental summit continues. Ten Senate Democrats sent a letter to CEO Sundar Pichai asking him to reclassify its temporary workers as full-time employees amid allegations that the tech giant “misuses” the labor category. Google reportedly has more third-party workers than full-time employees, many that manage long-term projects alongside those that are on the firm’s direct payroll. Meanwhile, criticism lingers over Google’s three-day climate change summit which brought A-listers like former-President Barack Obama and Prince Harry to Sicily via a slew of private jets and yachts.
Perkins & Marie Callender’s LLC file for bankruptcy after shuttering nearly 30 locations. The restaurant chain plans to sell the Perkins chain and its Foxtail bakery business as it continues talks with investors and possible buyers. As part of its restructuring efforts, the Memphis-based firm closed 19 Marie Callender’s and 10 Perkins locations.
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