Your Daily Dose of Financial News

Demolition of an old house
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Walmart’s broader foray into the grocery biz—letting customers order online and pick up in person and expanding home delivery—is paying dividends for the retailer and helping push its revenue up 3.8% from this period a year ago – NYTimes and Bloomberg

Corona parent company Constellation Brands is making a serious play in the legalized cannabis industry, announcing this week that it had dropped $4 billion in Canopy Growth, a publicly traded Canadian cannabis producer – NYTimes

A new Moody’s report may have deal-seeking investors taking a closer look at the “record amounts of junk-rated corporate loans” they’ve snapped up in recent year, as the “rapid deterioration in the quality of ‘leveraged loans’ means loanholders would recover far less in a future economic downturn than they have historically” – WSJ

Ambac Assurance Corp. has sued Deutsche Bank’s trust arm in an effort to be released from its obligation to insure “some  of the $900 million in losses” suffered by a RMBS trust DB managed. Ambac argues that the bank didn’t hold the underlying loan issuers “accountable” – Law360

Today’s Muskdate focuses on Elon’s rather fragile psyche, defined by what he, himself, has called “the most difficult and painful year of my career” – NYTimes

The SEC has officially accused REIT firm Equitybuild Inc. and its owners of running a $135 million Ponzi scheme that “ensnared about 900 investors with promises of double-digit returns” – Law360

The White House has called on the Justice Department directly to sue opioid companies on its own in federal court, “rather than joining state lawsuits,” and investigate fentanyl coming from China and Mexico – WSJ and Bloomberg

Those US/China talks about talks (coupled with some positive earnings numbers) helped push markets higher yesterday – NYTimes and WSJ and MarketWatch

Insurer MetLife and State Street Corp. have struck a deal to “originate and service as much as $2 billion in commercial mortgages” – Bloomberg

A Kansas small-business-owner led lawsuit accuses Facebook of misleading advertisers on its platform by “demonstrating it had a far larger audience size in U.S. cities and states than it actually had” – EastBayTimes and Law360

Not, apparently, content with disrupting movies through their video streaming service, Bezos & Co. have their sights set on Landmark movie chain, too – Bloomberg

California federal judge Haywood Gilliam has rejected “large parts of a nearly $4 billion government lawsuit alleging satellite-TV giant DirecTV engaged in deceptive advertising.” Gilliam found that the FTC failed to prove that “any of DirecTV’s print, television or electronic banner ads were unlawful” – WSJ

Remembering the Queen of SoulYouTube and NYTimes

Have a great weekend,
MDR

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