Good evening,
Stocks bounced up Tuesday, with the Federal Reserve’s meeting on everyone’s minds. The Dow Jones Industrial Average was up 1.1%, the S&P 500 climbed 1.2%, and the Nasdaq grabbed 1%. …Europe had a good day as well, with the Stoxx Europe 600 growing 1.1%. …The Shanghai Composite keeps swinging, but managed to only lose 1.7% Tuesday after hitting as low as a 5% drop during the day. …Oil sunk Tuesday, hitting the lowest price since January. The U.S. oil benchmark was up slightly, closing at $47.98 a barrel.
Twitter earnings surprise market. Even amid a CEO search, Twitter beat earnings and revenue expectations, reporting 7 cents per share on $502 million in revenue. Analysts had predicted 4 cents per share on $481 million in revenue. CNBC
Yelp dips low. Consumer review site Yelp surprised analysts and fell short of expectations, reporting the slowest revenue growth in 18 quarters. Shares were down as much as 16% in extended trading. Yelp reported losing 2 cents per share, and a slight rise in revenue to $133.9 million thanks to advertisers. Reuters
UPS slays earnings on overseas margin growth, volume. The company reported $1.35/share, up from $1.21 the 2014 second quarter, and well above the Wall Street consensus of $1.26/share. Ford and Pfizer also reported strong earnings. Disappointing investors: DuPont and Ingersoll-Rand. CNBC, MarketWatch
It’s deja vu in Asia. Emerging markets are seeing a repeat of Thailand’s currency collapse 18 years ago, and this time they’re being dragged down by China. The IMF cut global growth forecasts for the year from 3.5% to 3.3%. Emerging market investors are already playing defense, so it’s unlikely the markets will tank suddenly. But the currencies don’t look like they’ll rebound any time soon. Financial Times
Former Merrill broker barred from industry. Tom Buck was barred from the brokerage industry Tuesday by FINRA for defrauding clients and engaging in unauthorized trading. Buck formerly worked at Merrill Lynch, managing $1.3 billion of client assets. He had been working at RBC Wealth Management since leaving Merrill. Buck’s two daughters remain employed at RBC, one of which will take over her father’s business. Wall Street Journal
U.S. frees Israeli spy. The U.S. will release Jonathan Pollard, a former U.S. Navy intelligence analyst jailed for spying for Israel, in November. Pollard was jailed for life in 1987 after being found guilty for passing documents to Israel. At first Israel denied any connection to Pollard, but they made him a citizen in 1996, and have been pushing for him to be released. BBC
Lion slayer in trouble. Minnesotan dentist Walter James Palmer says he now regrets killing Cecil the lion in Zimbabwe. Palmer, who secured hunting permits and paid $50,000 for the experience, says he had no idea that this king of the forest was a beloved lion from the nearby national park, and was illegally lured out of his haven. The 13-year-old Cecil had been collared and was part of a study before his death. The Zimbabweans involved in the hunt will likely be prosecuted for poaching. The Telegraph
It’s a big day in football. The NFL upheld Tom Brady’s four game suspension for his involvement in “Deflategate.” The NFL says that Brady had an assistant destroy his cell phone to hide text messages that may link him to the football tampering scandal. The Arizona Cardinals made history, hiring the first female coach of the NFL. Jen Welter will join the team as a preseason coaching intern, a small but significant step for women in the sport. Welter played professional football for 14 years in the Women’s Football Alliance and rugby in college, and has recently been coaching an indoor football league team in Texas.CNN, GQ
Comedian Jon Stewart had two private meetings with President Obama. The president requested the secret meetings in 2011 and 2014 before announcing controversial policies — during the budget fight and then during the Ukraine conflict with Russia. The tete-a-tetes reveal the extent of Stewart’s power and how the White House has wooed him. Politico
Photo: Michael Dorausch