Big tech meets its maker

[The beef 675] [I'm an image] “The guys who bullied Tim Cook, Zuck, Sundar and Jeff Bezos in high school must be sh*tting themselves this week.” - Jeff Hey there carnivores, Markets jumped on Wednesday after tech stayed steady. Today we’re talking about how tech firms held their own against Congress. Keep raging, Jeff & Jason [Image] [I'm an image] A stern talking-to Big tech put their differences aside (check that, Zuck [threw]( Apple, Amazon and Google directly under the bus the first chance he had) on Wednesday to [square up]( with the lawmakers in DC. The CEOs of Amazon, Facebook, Google, and Apple were hammered for roughly 6-hours during a marathon AMA hosted by the House Judiciary Committee. And let's just say the richest guys in the room were not let off easy. Remote pressure Thanks to COVID, the meeting took place virtually (just in case you ever wondered what Zuck's OnlyFans would look like)... but it was still an electric factory on the virtual Hill. Congress Folk [came out swinging](, despite most of them using tech services to win the seats they currently sit in. Lawmakers frequently referenced internal company emails (some that had not yet been seen by the public) to assert the fact that the companies abuse their powers to curb stomp competition. Did they consider the environment before printing them? All the way up How aggressive did it get? Well, at one point Rep. David Cicilline dropped this bomb: “Our founders would not bow before a king. Nor should we bow before the emperors of the online economy” Be more dramatic, David. The tech firms didn’t take their insults laying down. They fought back, saying that stiff competition keeps companies innovating and serving consumers. *Sent from Tim Cook’s iPhone* So, what's next? When does Zuck get locked up? Despite the hoopla, the most likely outcome of this spectacle is some bad press. You see, technically Congress can't do anything to rein in big tech... yet. The Committee will, however, issue a report in August that could press lawmakers to pass legislation with some teeth. In the meantime, big tech has plenty to worry about, like investigations by states, the FTC and the Justice Department. In fact, the Justice Department is [expected]( to bring charges against Google any minute. And that's just in the US. The EU has proven to be a complete pain in big tech's ass too. The bottom line... But... the biggest news is yet to come, as the tech juggernauts are set to [report]( earnings right around the same time this afternoon. Apple, Amazon, Google, and Facebook are announcing after 4PM. The companies with more than $5T in combined market cap are being closely watched after stumbling over the past few weeks. This follows an unprecedented run during the pandemic and comes in the wake of Microsoft and Intel's stumbles last week. [Image] There Are 252 Trading Days In A Year Jason Bond Wants To Give You His Best Trade Idea For Each Of Them [Alternate text]( Introducing For The First-Time Ever: The Rooster Report A Brand New Trade Idea Each Day From Jason Bond [Watch Now]( [I'm an image] ☑️For Fedder or worse. The Federal Reserve met this week and [decided to keep interest rates unchanged]( at their current range of 0% to 0.25%. It will also continue its lending and liquidity programs for the foreseeable (and unforeseeable) future in an effort to combat the coronavirus’s effects on the economy. Jerome Powell stated that there are no concerns in the markets right now, but the Fed wants to keep liquidity options open. Riiight, [this is fine. Everything is fine](. ☑️What’s this, a profit? I’m not saying Blue Apron started the coronavirus, but I’m not NOT saying that. Stick with me here… Blue Apron [recorded its first profitable quarter]( in the three years since it hit the public market, thanks to lockdowns and stay at home orders forcing customers to… well, stay at home. The Apron said that sales increased 10%, driving profit up to $1.1M for Q2. Which is great compared to its $7.7M loss for the same period last year. Hmm, makes you think... ☑️Clipped wings. Boeing [reported earnings yesterday](, indicating that its revenue of $1.6B was a 65% drop from the same period last year due to a fall-off in new plane orders. This helped contribute to a $2.4B loss for the period. And this may come as a surprise but shares fell 2.8% to $166.01, bringing its YTD return to -50%. Is that bad? The weaker demand drove workforce cuts of roughly 19k employees, which led to severance costs totaling $2B for the quarter. On the plus side, the company plans to increase production of its 737 Max to 31 per month by 2022. On the downside, you might die on that plane. ☑️Total’ly… sh*t. French oil company Total is [writing down its assets by billions]( due to low oil prices thanks to weak demand during the pandemic. The energy company wrote down its assets by $8.1B, just one day prior to reporting earnings. Gee, I wonder how that will go. This is a big week for the oil majors, as Shell, which wrote down $22B in June, also reports earnings today. Exxon and Chevron report Friday, with BP bringing up the rear next Tuesday. The outlook for the industry is about as bright as staring directly into a barrel of West Texas Sour crude. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website,application or other service ("Services"), please review our full disclaimer located at [(disclaimer. FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. 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