Netflix has been priming markets for bad news, and it delivered on Wednesday, reporting the loss of 126,000 paid U.S. subscribers in Q2—the company’s first domestic decrease since it started its streaming service 12 years ago. The drops coincided with Netflix’s March rate hike, in which it raised rates 13-18% – NYTimes and WSJ and Bloomberg and MarketWatch
The House wasn’t any more receptive to Facebook’s Libra pitch than the Senate was the day before. AKA, Facebook exec David Marcus earned his paycheck this week – NYTimes and Bloomberg and Law360 and Mashable
EU antitrust authorities have imposed a $272 million fine on chipmaker Qualcomm—the second substantial penalty in the past 2 years—as part of a continuing effort to target US tech companies for anticompetitive behavior – WSJ
Treasury Secretary Mnuchin has been hinting that US/China trade talks are on the cusp of restarting, but as progress on a grand trade deal continues to stall, the Huawei problem has emerged as the biggest stumbling block between the two nations – WSJ and Bloomberg
Quick, timely note on staying “financially stable when the world might be falling apart.” You know, no big thing – NYTimes
Also, why even the experts are having trouble explaining exactly what’s going on with the U.S. economy at the moment – Marketplace
Chinese ride-hailing giant Didi Chuxing is working on additional share sales in hopes of raising “up to $2 billion from investors” as it faces the same profitability challenges as US counterparts Uber and Lyft – WSJ
Key Madoff investor Kingate Management Ltd. has reached a deal with liquidators to pay a remarkable 93%–or some $860 million—of what they received from Madoff’s “phantom investment fund over their lifetimes” under a settlement agreement filed this week in New York bankruptcy court – WSJ and Law360
When humans finally return to the moon someday, they’ll find a mostly gray and desolate place. Mostly, because, as is our wont, humans have manage to leave a fair bit of other stuff there in the past 50 years, too – WSJ
Out on assignment through early next week. We’ll see you back here then.
