Your Daily Dose of Financial News

Demolition of an old house

Facebook’s disappointing Q2 earnings (and, presumably, some pent-up scandal-fueled anti-‘Book sentiment) sent its stock into freefall yesterday, erasing more than $120 billion from the company’s market value as shares dove down nearly 19% by the closing bell – NYTimes and WSJ and Bloomberg and MarketWatch

That dive helped bring down the entire Nasdaq – NYTimes and WSJ

A bit of day-after reaction to the EU’s apparent truce with the White House over the escalating trade war between the economic powers – NYTimes and WSJ and Bloomberg

Now-jilted NXP chief Richard Clemmer laid blame for the failed deal with Qualcomm squarely with Beijing, saying that Chinese authorities gave “no explanation for withholding approval for the transaction” and suggesting that “international politics rather than antitrust issues were solely to blame for the deal’s collapse” – NYTimes

NY Federal Judge Valerie Caproni dismissed Bank of America, Barclays, and three other large banks from an MDL over “an alleged conspiracy to fix the price of silver,” finding that the plaintiff investors haven’t “demonstrated that the banks’ manipulation of the silver market would necessarily cause them to pay different prices” – Law360

Even as the Senate mulls the fate of CFPB nominee Kathy Kraninger, interim director Mulvaney has officially rolled out a new brand of [markedly softer] CFPB enforcement – WSJ

New Chipotle CEO Brian Niccol appears to be bringing some of his good Taco Bell vibes to his new company, and a combination of “investing in store remodels, new food items, faster service time and a new advertising campaign” paid Q2 dividends – Bloomberg

The Justice Department has opened in inquiry into whether Sinclair Broadcast Group, Tribune Media, and other independent TV station owners “violated antitrust law in ways that inflated local television advertising prices” – WSJ

The SEC to the Winklevii on their Bitcoin ETF bid: Nope – MarketWatch and Law360 and Bloomberg

In case you haven’t treated yourself to this Taffy Brodesser-Akner long-read on G.P. and her Goop empire, please do yourself a favor and make it your Friday guilty pleasure – NYTimes

Have a great weekend,

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