7/26/22

The federal government is taking a closer look at “Coinbase.” And your next home might come with some discounts. Earnings continue today – GM fell short of expectations, while McDonalds says higher prices helped boost sales at the golden arches.

On Wall Street:
The Dow dropped 228 points to close at 31,761.
The S&P fell 45 points, or just over 1%.
The Nasdaq lost almost 2% today, or 220 points.

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Shopify will lay-off 10% of its workforce, about a thousand workers. Shares sank 15%. The company makes tools for companies to sell products online. The CEO says he mis-judged how long the pandemic-driven e-commerce boom would last.

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Shares of the crypto-trading company Coinbase also fell 15% today… after the SEC said it’s investigating the company. The Feds want to know if Coinbase let users trade assets that aren’t registered as securities. The Coinbase CEO says they’re doing things legally.

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Homebuilders are now facing a slowdown in sales, and an increase in supply. Sales of newly-built homes fell 8% in June, while inventory rose. Many homebuilders are boosting incentives, like discounts on options and lot premiums.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.