WORD ON THE STREET 

• I’m Thinking We’re Back – Oddity Tech stormed Wall Street during its IPO yesterday, debuting at the already high $35 per share and closing at $47.53 per share. The beauty and wellness company is capitalizing on the AI craze, using artificial intelligence to develop new cosmetics.

• Mixed Bag For Tesla Results – Tesla posted all-time high quarterly revenue but posted lower margins as the pricing war took a tool. TSLA was down more than 4.1% in after-hours trading.

  

• United Posts Record Earnings – UAL was up 3.25% in after-hours trading after the airline posted record quarterly earnings. The company earned $5.03 per share, a full dollar above what was expected. Revenue was also higher than expected, topping $14.1 billion.

• Texas AG Settles With Walmart On Opioids – Walmart settled with the Texas Attorney General for $168 million. Texas accused the retailer of “negligent practices” in the drug crisis. It’s the third settlement in recent weeks – the Texas AG received $300 million from CVS and $340 million from Walgreens on similar issues.

HOT SPOTS: What’s Going on in Geopolitics

• Wagner Boss Tells Mercs To Get Ready For Africa – Yevgeny Prigozhin spoke to his fighters in Belarus and told them to get ready for a “new journey to Africa.” “You have done a great deal for Russia,” he told his men. “What is going on at the front is a disgrace that we do not need to get involved in.”
  

• China Blows Off Kerry On Climate – The People’s Republic of China brusquely denied Special Presidential Envoy for Climate John Kerry any new agreement. An embarrassed Kerry said the two side had engaged in “frank” talks (I’ll bet) but admitted “it is clear that we are going to need a little more work to be able to complete that task.”

• Russia Goes On The Offensive – Russian troops are attacking in the Kupiansk sector in the northeast as Ukraine struggles to get its own counteroffensive underway. A Ukrainian spokesman said that Russia had assembled more than 100,000 troops in the area and several hundred tanks.

CUTTING EDGE: What‘s Happening In Tech

• What’s Up With WhatsApp? – A “major disruption” took WhatsApp down for users around the world yesterday. Owner Meta Platforms admitted the outage but didn’t give a cause. The outage occurred for between 40 and 50 minutes for most.

• Netflix Adds Almost 6 Million Subscribers – Netflix’s controversial campaign to stop people sharing accounts appears to be paying off. NFLX added 5.9 million subscribers in the last quarter and boosted its free flow cash estimate to $5 billion for the year. That’s a sizable increase over its previous estimate of $3.5 billion – a beneficial side benefit of the writers’ strike allowing the company to save money because there isn’t as much new content.

• Carvana Comes Roaring Back – CVNA announced a new deal that will reduce its debt by a sizable $1.2 billion, the latest boost for the rallying stock. Though the company posted a loss of 55 cents a share, that’s a lot better than the $1.13 loss per share analysts were expecting. CVNA posted a blockbuster 40.2% gain yesterday and rallied a bit further in after-hours.

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