WORD ON THE STREET 

• Nothing Can Stop It – Amazon (AMZN) surged about 9% in after-hours trading after reporting blowout earnings. AMZN brought home 65 cents a share, almost double the 35 cents a share expected. Revenue, at $134.4 billion, also significantly topped expectations.

• Poisoned Apple – Apple reported that sales had declined for the third quarter in a row, with revenue slightly below expectations. AAPL was down in after-hours trading even though earnings were actually better than what was expected, at $1.26 per share instead of the expected $1.19.

• Yeah, He’s Running – Or at least keeping the door open. West Virginia Senator Joe Manchin, the last of the Blue Dog Democrats and facing a tough re-election battle, hit both parties in response to Fitch Ratings downgrading the government’s long-term debt rating. “The downgrading of America’s credit rating by Fitch represents a historic failure of leadership by both political parties and the Executive Branch,” he said. “The credit agency specifically cited the decline in governance, erosion of cooperation in the federal government and ballooning national debt when making the determination to lower our credit rating.” Well, let’s just put them in charge then, smart guy.  

• Imagine If He Wins From Jail – Former president Donald Trump, still the presumptive GOP nominee unless something changes, is out on bond. He reported to Washington DC to plead not guilty and is free until the next hearing on August 28 – five days after the first GOP debate. It’s unknown whether Trump even intends to participate in it.

HOT SPOTS: What’s Going on in Geopolitics

• Two Sailors Charged With Spying For China – Sailors Jinchao Wei and Wenheng Zhao are under arrest and accused of selling military secrets to China. “There’s no country that presents a more significant threat to our innovation, our ideas, our economic security, and our national security than the Chinese government,” said FBI Director Christopher Wray earlier this year.
  

• US Offers To Help Russian Food Shipments – In a sign that America is offering the carrot as well as the stick, Secretary of State Antony Blinken said the United States will “continue to do whatever is necessary” to allow Russia to ship its agricultural products. However, that deal is contingent on Russia returning to a deal that would allow Ukraine to ship its grain through the Black Sea, currently blocked by the Russian Navy.

• Canadian PM And Wife Separate – Canadian Prime Minister Justin Trudeau has separated from his wife Sophie Gregoire Trudeau. As befits our solemn times, the unfortunate announcement was made on Instagram. The couple has signed a “legal separation agreement.”

CUTTING EDGE: What‘s Happening In Tech

• Coinbase Comeback – Second-quarter earnings from Coinbase exceeded expectations, though sales were down too. Sales, at $707.9 million, still exceeded the expectations of analysts. However, what really cheered investors was that expenses have been significantly cut, leading to a net loss of just $97.4 million, about half of what was expected.

• Kenya Bans The Orb – Worldcoin, which operates by scanning your eyeballs through a special orb, has been banned by the nation of Kenya. The government said it wanted to investigate the potential privacy and security risks. It blamed a “lack of clarity on the security and storage” of iris scans.

• China Considers Smartphone Limits – The Cyberspace Administration of China has recommended limiting the use of smartphones by people under the age of 18. Kids will also be banned from accessing them from 10PM to 6AM. Non-addiction is bad for business, so Alibaba and Bilibili were down.

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