Weekly Flash Report 7/31 2020.07.31

Current Happenings

  • Microsoft is pressing forward on a possible deal to purchase the social media app
  • TikTok. The effort took a new urgency after Trump threatened to ban the app which is owned by Chinese company ByteDance
  • PayPal‘s quarterly profit surged 86%. Contactless payment options are thriving during the COVID-19 era.
  • Lord & Taylor, and Tailored Brands the parent company of Men’s Warehouse and JoS. A. Bank filed for bankruptcy.
  • Apple announced its best fiscal 3rd quarter ever. Sales jumped 11% despite closed stores and Apple took home $11B in profit. 

Regulatory Chatter and Industry Trends

  • Princeton University ERISA lawsuit settlement details have been released. The university has agreed to pay $5.8 million to settle the excessive fee lawsuit. The agreement also calls for conducting an RFP process, creating rules for how often committees meet and reviewing TIAA’s participant loan program.
  • Federal Court has ordered the Bridgeport Health Care Center (BHCC), which had operated two former Bridgeport, Connecticut, nursing homes, and former officer Chaim Stern to pay a total of $3.4 million to the BHCC’s health and retirement plans to resolve violations of ERISA.

Investment Manager News

  • Franklin Templeton has completed its previously announced acquisition of Legg Mason.
  • Franklin Templeton has appointed Jeff Masom as head of U.S. Distribution.

What's Ahead

  • Construction Spending – August 3, 2020
  • EIA Petroleum Status Report – August 5, 2020
  • EIA Natural Gas Report – August 6, 2020
  • Jobless Claims – August 6, 2020
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