Wall Street Breakfast

Is there an AI bubble building in stocks or a cash generating machine? Verizon (VZ) maintains full-year forecast. Amazon (AMZN) and iRobot (IRBT) adjust terms of big merger.

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Look at free cash flow when evaluating AI companies - Citi
Disney falls as Atlantic Equities downgrades on TV, Disney+ worries
Consumer confidence climbs in July to highest level in two years
Meta ticks higher after New Street Research upgrades on AI efforts
RTX declines after disclosing Pratt & Whitney engine defect
3M reports Q2 loss with ‘forever chemicals’ settlement
General Motors gains after boosting guidance, hitting EV target
General Electric rises after Q2 revenue, earnings beat estimates

Disinflation could become a headwind - Morgan Stanley. (00:30) Adobe (ADBE) reportedly won't offer remedies to address EU concerns over Figma deal. (01:26) Kellogg (K) files SEC statement for splitting up as Kellanova and WK Kellogg Co. (02:28)

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Biden administration proposes new rules for residential water heaters
Gasoline futures hit highest since October after Exxon refinery outage
Alphabet Q2 earnings look-ahead: All eyes on new AI development
Apollo Global plans to make equity investment in PetSmart
West Virginia AG files brief asking Supreme Court to OK Mountain Valley Pipeline
Catalyst Watch: Earnings blitz, central bank meetings, UPS strike jitters and Barbenheimer

Vietnamese EV maker VinFast is ready to begin North Carolina plant. J&J launches Kenvue exchange offer. Are stock valuations justified amid rising rates?

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Stock valuations are justified, even in the face of rising rates - Goldman
Tesla slips after UBS downshifts to a Neutral rating on the EV stock
Microsoft to get 'golden 1-2 punch' from cloud, AI, Wedbush says
Labor strike wildcard hangs over airline, automobile and package delivery sectors

AMC doubles after hours, APEs slide as settlement is rejected. (00:28) 'Barbie' (WBD) and 'Oppenheimer' (CMCSA) give jolt to summer box office. (01:16) U.S. Senate OKs legislation banning Strategic Petroleum Reserve sales to China. (02:06)

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GM, Ford revving up for solid results: Earnings preview
Restaurant earnings are coming - watch these stocks
Social media monetization? Elon Musk rebrands Twitter to 'X'
Biden administration moves to raise cost to drill on federal lands
AMC doubles after hours, APEs slide as settlement is rejected
Catalyst Watch: Earnings blitz, central bank meetings, UPS strike jitters and Barbenheimer

Victor Dergunov runs The Financial Prophet.

• (0:35) 25 basis point increase likely coming from Fed and already priced into the market
• (4:20) Cooling inflation and how macro picture is affecting earnings
• (11:00) Avoiding a textbook recession; looking for troubling signs
• (18:20) Favorite AI plays - the heavy lifters

This is an abridged conversation from Seeking Alpha's Investing Experts podcast.

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Wall Street Breakfast on Twitter

Catalyst watch for the week of July 23. Seeking Alpha Managing News Editor Kim Khan on what investors can expect when the Federal Open Market Committee meets. (00:21) Kim gives a brief earnings preview of Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META) and Alphabet (GOOG) (GOOGL). (01:23) Why did Netflix (NFLX) slip following its earnings report? (02:59)

Transcripts available on Seeking Alpha

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Catalyst Watch: Earnings blitz, central bank meetings, UPS strike jitters and Barbenheimer
Earnings week ahead: Microsoft, Google, Meta, Boeing, Coca-Cola and more
Post Q2 2023 Earnings, Netflix Still Looks Terribly Overvalued
Inside Netflix: New plans, new factors for subscriber growth
Retail buzz: Amazon sets Prime Day sales records
Amazon: AWS Is Rolling Over
Microsoft: Still The Cornerstone Of A Great Portfolio
Google: This FAANG Laggard Has Q2 Surprise Potential
Meta Q2 2023 Earnings Preview: Will The Turnaround Continue?

Hackers already deep into AI as Big Tech pledges cooperation with DC. Stock bulls face trouble without a soft landing. What big names go ex-dividend next week?

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Dividend Roundup: Bank of America, Ford, Pfizer, Kinder Morgan, and more
SLB slips after Q2 earnings top estimates but revenue misses
Sirius XM Holdings slumps as analysts downgrade after 'massive' run
XPeng is on watch after JPMorgan warns shares will go in reverse
FTC official withdraws internal suit over Microsoft, Activision merger

AI race in full swing as Google (GOOG) (GOOGL) goes into overdrive to power Gemini. (00:31) Trump SPAC Digital World (DWAC) jumps amid settlement with SEC. (01:57) Biden said to form team to avert future debt-limit standoffs. (03:02)

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Codexis streamlining operations, reducing headcount
SAP slumps after unveiling Q2 results, tweaking 2023 outlook
Tesla skids 10% after earnings disappoint; other EV stocks go in reverse
Sirius XM, heavily shorted, jumps 27% and triggers halts (updated)
Wall Street Breakfast newsletter
Catalyst Watch: Microsoft-Activision Blizzard drama, Splunk event and Nasdaq 100 rebalancing countdown

Stocks may only be slightly better than bonds over the next decade. Exxon (XOM) plans on building a huge lithium facility in Arkansas. Barclays sees Nvidia (NVDA) earning $20 per share or more.

Read a full transcript of this episode at Seeking Alpha.

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Stocks set for 4% annual return over next decade, just edging bonds - Bernstein
AMD added to Wolfe Alpha List as firm expects earnings to rebound 'sharply'
Johnson & Johnson posts Q2 beat as Pharma, MedTech outperform
Abbott Q2 results top consensus as base business offsets COVID impact
Blackstone Q2 distributable earnings, beating consensus, fall as expenses rise
United Airlines rises after upping its forecasts; Q2 earnings beat estimates
American Airlines's record Q2 follows peers in strong quarterly reports
Microsoft said to be hit with second antitrust complaint over Teams
Initial jobless claims drop again
Existing home sales retreat more than expected in June
Philly Fed manufacturing rises less then expected in July

Netflix (NFLX) earnings call: Paid sharing key to ramping revenues in 2023. (00:28) Tesla (TSLA) investors size up margin crunch, deliveries update, FSD licensing. (01:43) Catalent (CTLT) gains after report of activist Elliott taking stake. (02:59)

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IBM rises as Q2 revenue misses estimates, reaffirms full-year guidance
UPS, Teamsters will return to negotiating table next week as threat of strike looms
KKR expects a mild recession in 2024
American Airlines expected to follow peers with strong Q2 print
Taiwan Semiconductor GAAP EPADR of $1.14 beats by $0.06, revenue of $15.68B beats by $300M
Netflix dips as revenues miss, profits and subscribers beat forecasts
Catalyst Watch: Microsoft-Activision Blizzard drama, Splunk event and Nasdaq 100 rebalancing countdown