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Warren Buffett took an interest in Ulta Beauty. Ulta’s stock soared after reports that Berkshire Hathaway bought a big stake in the cosmetic company. Separately, Walmart shares climbed thanks to wealthier shoppers. And the stock prices of two pharmaceutical giants rose after the World Health Organization declared monkeypox a public health emergency.
Strong U.S. retail sales also boosted the stock market. Robust consumer spending and falling unemployment eased recession fears.
Alaska Airlines flight attendants rejected a tentative union contract. The deal would’ve given them a 32% pay raise.
Google’s former CEO regretted his harsh words about remote work. Eric Schmidt took back his earlier comments blaming Google’s work-from-home policies for losing its AI edge.
U.S. Democratic presidential nominee Kamala Harris promised to ban corporate price gouging. Harris aims to prevent food and grocery companies from “unfairly jacking up prices.”
Earnings season glow
The kids are enjoying their last days of summer. Corporate employees are cherishing their final Summer Fridays. And earnings season is about to wave its final goodbyes. Though saying farewell to long days lounging at the pool feels pretty sad, the final weeks of earnings season are set to leave a cheery afterglow.
Just last week, a global stock selloff sparked fears of an economic downturn. Investors panicked, worrying that the Federal Reserve’s fight against inflation had cooled the economy too much. The risk of a recession still looms, but this corporate earnings season shone a positive light on the biggest firms underpinning the economy — and their customers.
Of the S&P 500 companies that have reported earnings so far, 55% beat expectations. Quartz’s Rocio Fabbro shares three big takeaways from this (almost-complete) earnings season.
One big number: $1.5 billion
Cumulative out-of-pocket costs that Americans with Medicare prescription coverage will save in 2026
This week, Medicare successfully negotiated lower prices for 10 drugs. Right now, those drugs are really expensive — they accounted for over $56 billion in total Medicare spending last year alone. But the new prices, which will go into effect in 2026, will help patients with diabetes, autoimmune disorders, and other diseases save a lot. Quartz’s Bruce Gil has the story.
Friday market haiku
Terran Orbital,
The sad, struggling satellites
Frown from outer space.
Shares of satellite-maker Terran Orbital fell over 40% yesterday. The stock tanked following news that it will be acquired by defense giant Lockheed Martin.
More from Quartz
🥪 The CEOs of United Airlines and Boeing had a really productive lunch date
🤖 The startup behind Elon Musk’s wild AI image tool isn’t his own xAI
🤝 Chipotle’s stock tanked after CEO left but analysts say it ‘remains in very good hands’
💉 The anti-aging tech guy got $25,000 stem cell injections for his achy joints
🛒 Walmart cut prices on more than 7,000 items
⚖️ Disney is trying to get a wrongful death lawsuit dismissed
Surprising discoveries
About 4,500 years ago, the people who built Stonehenge hauled one of its massive rocks from 5,000 miles away. Moving the “Altar Stone” isn’t exactly a two-person job — the rock weighs 6 tons.
Coastal North Carolina is home to the last wild red wolves. North Carolinians have been working to save the endangered wolves since the 1970s.
A new video chat app lets users communicate with their eyes only. Users see another person’s pair of eyes and eyebrows, and they probably get a lot of practice smizing.
Some companies’ benefit plans include baby milk shipping. At Elon Musk’s X and Johnson & Johnson, nursing moms can send refrigerated breast milk home.
Scientists in Hong Kong have invented robotic clothing for outdoor workers as climate change intensifies. The “intelligent soft robotic clothing” automatically adjusts temperature.
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Our best wishes on a safe start to the day. Send any news, comments, robotic tees, and big rocks to talk@qz.com. Today’s Daily Brief was brought to you by Laura Bratton, Rocio Fabbro, and Bruce Gil.