Mortgage rates jump back to 2002 levels: U.S. mortgage rates surged this week, with the 30-year fixed rate hitting the highest level in more than 21 years (7.09%), further complicating the housing market outlook (NYT)
SpaceX makes bank: Private documents give a rare look into the finances of Elon Musk’s SpaceX. The privately held company generated $55 million in profit on $1.5 billion in revenue during Q1 of 2023 (WSJ)
Bitcoin takes a massive dip: Bitcoin dropped as much as 9% to just over $26,000 yesterday; The current speculation is it's an Elon Musk/SpaceX-driven selloff, after WSJ reported that SpaceX has sold all the BTC on it’s balance sheet (CNBC)
Not your grandfather's Walmart: Walmart (WMT) reported a jump in revenue and soaring profit — and the company raised its fiscal-year outlook as it continues to excel during inflationary times (Yahoo)
Activist Starboard takes stake in Bloomin Brands: Starboard Value, who won a major proxy battle with Darden Restaurants (DRI) nearly a decade ago, has another restaurant chain in its sights: Outback Steakhouse owner Bloomin’ Brands (BLMN) (WSJ)
You’re not alone: Global household wealth fell last year for the first time since the financial crisis in 2008, as inflation and the appreciation of the US dollar wiped some $11.3 trillion off assets (Bloomberg)
China’s second-largest property developer goes bankrupt: China Evergrande Group, the real estate giant whose default two years ago accelerated a broader property debt crisis in the country, sought Chapter 15 bankruptcy protection in New York yesterday (CNN)
Blue Shield of California drops CVS: Shares of CVS Health (CVS) and other managed care companies fell after health insurer Blue Shield of California said it will drop CVS's Caremark pharmacy-benefit manager to work with other companies, including Amazon and Mark Cuban's drug firm (Reuters)
Tyson exits: Tyson Foods (TSN) is planning to sell its poultry business in China, amid a trend of companies divesting from the country (Reuters)
Private money is hard to come by: Funding for current unicorn companies dwindled to $2.2 billion in July 2023, compared to $6.6 billion the previous year, showing how much investors have slowed their pace in investing in private high-growth companies (Crunchbase) | 