Good Afternoon. On this day in 1991, Tim Berners-Lee introduced his World Wide Web project to the public internet.

The first website was already live at CERN, but today’s market learned that a polished landing page still isn’t enough: demand has to survive the supply chain, spending has to produce a return, and guidance has to lead somewhere useful.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

🔢 Big number: $18.2 billion — That’s Honeywell Aerospace’s record backlog. It’s evidence that aircraft demand remains strong, but it also shows why the next competitive advantage won’t be finding customers; it’ll be turning orders into engines, parts, and cash on time.

Honeywell Aerospace started its life as an independent company with a record order book and a reminder that demand can’t manufacture a missing component. Airlines and aircraft makers still want what it sells, but supplier delays are stretching production schedules and moving the market’s attention from orders to execution.

The news: Quarterly sales rose 5% to $4.52 billion and backlog grew 9% to $18.15 billion, yet adjusted operating profit fell 7% and adjusted earnings per share dropped 32%. Management cut its full-year organic sales growth forecast to 4%–5% from 7%–9% and reduced its profit outlook. Shares were down close to 21.2% late in the session, so investors clearly aren’t treating the shortfall as a routine first-quarter adjustment.

What’s next: Honeywell can’t solve an industrywide parts shortage with a fuller spreadsheet, but it can widen the supplier bench and shorten recovery times. It’s qualifying more than 50 new suppliers, increasing tooling spending by 20%, and expanding dual sourcing. Watch whether those moves improve second-half deliveries without eroding margins; the company still expects $1.0–$1.5 billion of second-half free cash flow.

Source: Honeywell Aerospace

AppLovin is still growing at a pace most companies would happily claim, but the market wasn’t grading on an ordinary curve. The advertising platform has trained investors to expect exceptional revenue growth and expanding profitability, which means a small crack in that pattern can matter more than a large headline increase.

The news: Revenue climbed 53% to $1.92 billion, while free cash flow reached $863 million. Adjusted earnings before interest, taxes, depreciation, and amortization margin was 84%, one point below the prior quarter. Management expects third-quarter revenue of $2.06–$2.09 billion and an adjusted margin near 83%. Shares were down close to 20.1% late in the day because strong results didn’t clear the expectations embedded in the valuation.

Bottom line: AppLovin’s challenge isn’t proving that its software can grow; it’s proving that growth, margins, and new products can all advance without interruption. Advertisers will keep spending where they see measurable returns, but investors won’t assume each model improvement arrives on schedule. Watch customer expansion beyond mobile gaming and whether the next quarter’s guidance turns into sustained cash generation.

Source: AppLovin

Defense manufacturer Hadrian doesn’t want America’s production shortage to remain a policy talking point. It raised $1.37 billion to build a network of highly automated factories, betting that faster tooling, software, and repeatable processes can give aerospace and defense customers capacity before a crisis turns the backlog into a national-security problem.

The news: The financing values Hadrian at just under $8 billion and is expected to support roughly 3 million square feet across four sites. Its factories-as-a-service model combines skilled workers with robotics and artificial intelligence, while an Alabama operation will make submarine components for the Navy. The round follows a $260 million Series C, so capital isn’t the scarce input anymore; building dependable output is.

Big picture: More factory space won’t automatically create more usable defense hardware. Hadrian still has to hire and train workers, qualify parts, secure materials, and meet exacting customer standards across multiple sites. If the model works, contractors may gain a flexible alternative to building every facility themselves. If it doesn’t, expensive capacity could arrive without the throughput national planners expect.

Source: Axios

Warner Bros. Discovery is paying the bill for a combination it can’t complete yet. The planned Paramount merger is stuck behind a court challenge, while Warner’s existing businesses are moving in opposite directions: streaming profit is improving, but studios and traditional television are losing ground faster than one bright segment can fully offset.

The news: Warner’s recorded $350 million of merger-related costs in the second quarter, bringing the year-to-date total to $600 million. The trial is scheduled for March 2, 2027, and a $7 million-per-day ticking fee begins after September 30. Quarterly revenue fell 11% to $8.72 billion; streaming revenue rose 10% and streaming operating earnings increased 75%, but studio revenue fell 39% and linear advertising declined 27%.

What’s next: The legal calendar doesn’t pause cord-cutting, debt costs, or the need to produce new hits. Warner has to keep improving streaming economics while protecting cash across weaker divisions and preparing for more merger expense. Watch the court timetable, subscriber profitability, and whether studio releases recover; those operating results will matter even if the deal eventually receives a green light.

Source: Cinco Días

America’s weekly unemployment claims still aren’t showing a broad wave of layoffs, even as monthly hiring has slowed. That split matters: employers may be reluctant to add workers, but many also seem reluctant to lose the people they already have. It’s a labor market that’s cooling through fewer openings and slower hiring rather than widespread cuts.

The news: Initial jobless claims were 199,000 for the week ending August 1, up just 1,000 from the revised prior week. The four-week average fell by 4,500 to 198,750. June payroll growth was only 57,000, though, and July’s employment report arrives Friday. Claims won’t answer every question about wages or participation, but they aren’t confirming a sudden downturn.

Bottom line: Low claims don’t guarantee that job seekers have an easy path to a new role. A low-hire, low-fire market can feel stable from inside a company and frustrating from outside one. Households should watch Friday’s payroll growth, unemployment rate, and revisions together, while employers should prepare for a labor market that can cool without producing a large pool of immediately available talent.

Source: Associated Press

Iran says negotiations over the Strait of Hormuz have reached a final drafting stage, but ships and energy markets can’t run on unfinished language. The dispute has rerouted traffic, raised costs, and tested a passage that once carried about a fifth of the world’s traded oil and gas, so every unresolved sentence has an economic price.

The news: Oman-mediated negotiators have produced a draft, and Iran says it’s awaiting review by Supreme Leader Ayatollah Ali Khamenei. The hard questions include the U.S. blockade and port controls, as well as Iran’s proposed role and fees in the waterway. Brent crude was up close to 3.9% at $82.55 as traders weighed progress against the possibility that political approval or implementation still fails.

What’s next: A draft isn’t the same as safe, predictable passage. Shippers will want enforceable navigation rules, insurers will want clarity on risk, and governments will want a mechanism that survives the next confrontation. Businesses exposed to fuel or freight costs shouldn’t unwind contingency plans yet; vessel traffic and insurance pricing will show whether diplomacy is producing operational relief.

Source: Associated Press

Deutsche Telekom isn’t relying on bigger technology promises to earn attention. Customer growth, pricing, and cost control lifted profit faster than revenue, while football helped turn its German television bundle into a useful example of how content can reinforce a communications business.

The news: Quarterly revenue reached €29.9 billion, up 3.3% organically, while adjusted operating earnings after leases rose 7.3% to €11.8 billion. Adjusted net profit increased 11.1% to €2.8 billion, and free cash flow after leases grew 3.1% to €5.0 billion. Management’s now raised its full-year cash-flow target to about €20.0 billion, and MagentaTV added roughly 1 million customers during the World Cup.

Big picture: A sports event can’t support subscriber growth forever, but a better bundle can reduce churn after the final whistle. Deutsche Telekom now has to retain those viewers, keep network investment disciplined, and carry its margin gains beyond a strong quarter. Watch German customer trends and U.S. service revenue for evidence that the upgraded cash outlook reflects a durable system rather than one timely promotion.

Source: Deutsche Telekom

Electronic Arts has officially left the public market after a $55 billion acquisition led by Saudi Arabia’s Public Investment Fund, Silver Lake, and Affinity Partners. The deal gives the game maker patient owners and more room to invest, but it also shifts the questions from quarterly shareholders to debt, governance, and creative independence.

The news: Investors are receiving $210 in cash per share, and Electronic Arts is being delisted. The new ownership group is backing franchises with enormous global audiences and sees artificial intelligence as part of the company’s next production cycle. Going private doesn’t remove the pressure to produce successful games, though; it changes who absorbs the development risk and who decides how aggressively technology reshapes the work.

Bottom line: Private ownership won’t make hit-driven entertainment predictable. Electronic Arts still needs players to trust its franchises, employees to navigate new tools, and owners to balance investment with financial obligations. Watch studio autonomy, release schedules, and monetization choices; those signals will show whether the transaction funds better games or asks familiar brands to carry a heavier strategic load.

Source: PC Gamer

Q: Why’d the investor bring a compass and a map?

A: It couldn’t find the company’s guidance.

The risk created by company-specific decisions or events rather than a move across the whole market.

In a sentence: Honeywell’s supply constraints and Deutsche Telekom’s execution show idiosyncratic risk, because the broader economy won’t determine every company’s outcome in the same way.

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