US FINANCIAL MARKET

Stocks Hit Session Lows With Nasdaq 100 Down 2%: Markets Wrap – Bloomberg, 8/2/2023

• Stocks fell and bond yields rose, following a hot labor-market reading and as the Treasury boosted the size of its debt sales just a day after the US was downgraded by Fitch Ratings.
• The S&P 500 fell over 1% and was set for its biggest decline since May, while the Nasdaq 100 dropping almost twice as much.
• The Dow Jones Industrial Average fell 0.8%.
• Ten-year yields hit the highest since November as the Treasury said it will sell $103 billion of longer-term securities at its quarterly refunding auctions next week.
• The yield on 10-year Treasuries advanced nine basis points to 4.11%.
• The dollar climbed against most of its developed-market peers. The Bloomberg Dollar Spot Index rose 0.5%.
• Private payrolls increased by 324,000 last month, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. That exceeded all estimates.
• The monthly jobs report due Friday will provide further insight into the direction the labor market is headed.
• Fitch stripped the US of its top-tier rating, criticizing the ballooning fiscal deficit and an “erosion of governance.”
• The downgrade serves up an extra dose of uneasiness among investors already concerned about the risks of a recession and whether this year’s run-up in stocks is sustainable.
• In other corporate news, Pinterest dropped after saying said revenue in the current quarter will rise in line with analysts’ estimates, disappointing some investors after digital-ad rivals posted surprisingly upbeat results last week.
• CVS Health rose after beating estimates for second-quarter profit and sales, a sign of strength as the drugstore chain cuts staff to reduce costs and focuses on broadening its health-care offerings.
• Apple and Amazon.com are among companies scheduled to report this week, with investors on the lookout for clues on how high interest rates are affecting the economy.
• The Stoxx Europe 600 fell 1.5%.
• West Texas Intermediate crude fell 2% to $79.71 a barrel.
• Gold futures fell 0.3% to $1,972.20 an ounce.

Fitch’s US Credit Downgrade Sparks Criticism Along With Unease – Bloomberg, 8/2/2023

• Fitch Ratings’ downgrade of US government debt sparked criticism from Washington and Wall Street even amid unease that swollen fiscal deficits risk eventual turbulence in markets, the economy and next year’s presidential election.
• Fitch cut the US’s sovereign credit grade one level from AAA to AA+.
• The move comes just two months after it warned the rating was under threat as lawmakers flirted with default by battling over raising the nation’s debt limit.
• Pushing back hours before her department is set to ramp up its borrowing to plug a ballooning budget deficit, Treasury Secretary Janet Yellen called the downgrade “arbitrary” and “outdated.”
• The economy has recently shown signs of resilience and the debt limit was ultimately lifted, she noted.
• Mohamed El-Erian, the chief economic adviser at Allianz SE and a Bloomberg Opinion columnist, said he was “puzzled” by the announcement’s timing and predicted it wouldn’t carry much sway over investors.

AMD Reports Solid Earnings and ‘Strong Progress’ on AI Chips. – Barron’s, 8/2/2023

• For the June quarter, AMD reported second-quarter adjusted earnings of 58 cents a share, compared with Wall Street’s consensus estimate of 57 cents, according to FactSet.
• Revenue came in at $5.36 billion for the period, slightly above analysts’ expectations of $5.3 billion.
• The chip maker’s data-center unit revenue was down 11% from a year earlier in the June quarter, while revenue in its client PC business fell by 54% versus the prior year.
• AMD’s gaming business declined by 4% in the same period.
• For the current quarter, AMD gave a revenue forecast of $5.7 billion at the midpoint of a range, which was slightly below the consensus of $5.8 billion.
• Su said AMD’s widely anticipated MI300 accelerators are on track to launch during the fourth quarter.
• On a conference call with investors and analysts, Su said AMD expects the market for AI accelerators in data centers to reach over $150 billion by 2027.

Starbucks Revenue Misses Estimates as Its US Growth Slips – Bloomberg, 8/1/2023

• Starbucks’s quarterly sales fell short of analysts’ estimates as traffic growth slowed in the US. Higher prices and add-ons to beverages helped bolster profit.
• Revenue in the company’s fiscal third quarter was a record $9.2 billion, Starbucks said, but that still fell just short of the $9.3 billion analysts expected.
• The chain’s comparable sales, a key gauge of how existing stores are performing, rose 10% in three months through July 2 from the prior year, trailing the average estimate of analysts polled by Bloomberg.
• Sales by that metric rose 7% in North America as transactions advanced 1%, slower than last quarter.
• International same-store sales grew 24% in the quarter, in line with estimates, powered by higher traffic.
• Meanwhile, adjusted earnings per share of $1 beat the 95-cent average analyst estimate.

Pinterest expenses skyrocket during the second quarter – CNBC, 8/2/2023

• Pinterest shares sank after the company’s second-quarter earnings report revealed expenses grew faster than revenue.
• Revenue: $708 million vs. $696 million expected, according to Refinitiv.
• Pinterest said its total costs and expenses were $781 million during the second quarter, an 11% increase from the $700 million it recorded the previous year during the same period.
• Pinterest said its global monthly active users jumped 8% year over year to 465 million during the period.
• Earnings: 21 cents per share, adjusted, vs. 12 cents expected, according to Refinitiv.
• The company said that it expects its third-quarter sales “to grow in the high single digits range year over year” while its third quarter non-GAAP operating expenses would “grow in the low single digits range year over year.”

CVS Reports Stronger Demand Amid Cost-Cutting Push – Wall Street Journal, 8/2/2023

• CVS Health reported a 10.3% increase in its second-quarter sales, driven by growth in its health benefits business.
• Revenue for the quarter ended June 30 was $88.9 billion, ahead of analyst estimates of $86.4 billion, according to FactSet.
• The Woonsocket, R.I.-based company’s healthcare benefits segment reported revenue of $26.7 billion, up 17.6% from a year ago as more people used Medicare Advantage compared with the same period last year.
• Its health services segment saw revenue climb 7.6% in the latest quarter to $46.2 billion, driven by recent acquisitions.
• The company’s pharmacy and consumer-wellness segment posted revenue of $28.8 billion, up from $26.7 billion a year ago.
• Stripping out one-time items, earnings per share came in at $2.21, compared with $2.13 expected by analysts polled by FactSet.
• The company reported a $496 million pretax restructuring charge for the quarter and expects to complete its restructuring program by the end of 2023.
• The company lowered its full-year per-share earnings guidance to between $6.53 and $6.75, compared with its previous view of $6.90 and $7.12.

EA stock falls following earnings report, forecast – Market Watch, 8/2/2023

• Electronic Arts shares fell in the extended session Tuesday after the videogame publisher’s revenue forecast for the current quarter fell short of the Wall Street consensus.
• Revenue rose to $1.92 billion from $1.79 billion in the year-ago quarter, while net bookings for the quarter, which account for deferred revenue, were $1.58 billion.
• The company reported fiscal first-quarter net income of $402 million, or $1.47 a share, compared with $311 million, or $1.11 a share, in the year ago period. EA did not specify an adjusted per-share figure.
• Analysts had forecast unadjusted earnings of $1.10 a share, adjusted earnings of $1.02 a share on revenue of $1.92 billion, and bookings of $1.9 billion.
• EA had forecast unadjusted earnings of 98 cents to $1.14 a share on net revenue of $1.83 billion to $1.93 billion, and net bookings of $1.5 billion to $1.6 billon.
• EA forecast second-quarter earnings of 72 cents a share to 89 cents a share on revenue of $1.83 billion to $1.93 billion, and bookings of $1.7 billion to $1.8 billion.
• Analysts estimate second-quarter earnings of $1.50 a share on revenue of $1.95 billion and bookings of $1.82 billion.
• For 2024, the company forecast net revenue and bookings of $7.3 billion to $7.7 billion, and earnings of $3.42 to $3.92 a share, without an adjusted figure.
• For the year, analysts expect full-year earnings of $6.87 a share on revenue of $7.63 billion and bookings of $7.6 billion.

Insurer AIG profit beats estimates on gains in life and retirement unit – Reuters, 8/2/2023

• American International Group exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry.
• AIG, one of the world’s biggest commercial insurers, said net premiums written in its general insurance arm for the quarter ended June grew 10% to $7.5 billion.
• AIG’s life and retirement unit saw a 42% jump in premiums and deposits, partly helped by record sales in fixed index annuities.
• The New York-based company’s general insurance underwriting income fell 26%, hurt by $250 million in total catastrophe-related charges mainly related to U.S. storms and Typhoon Mawar, which hit the Western Pacific Island of Guam in May.
• AIG’s general insurance accident year combined ratio was 88%, compared with 88.5%, a year earlier.
• Adjusted after-tax income attributable to common shareholders climbed to $1.75 per share from $1.39 a year ago.
• Analysts on average had expected $1.59, according to Refinitiv data.
• Reinsurance broker Gallagher Re preliminarily pegged global insured losses from natural hazards in the first six months of 2023 at $52 billion, while weather and climate events alone were expected to have driven an insurance bill of $46 billion.

Allstate posts bigger loss as catastrophe claims rise – Reuters, 8/2/2023

• Insurer Allstate posted a bigger-than-expected quarterly loss on Tuesday as claims related to higher catastrophic events offset gains from strong investment income.
• The insurer’s catastrophe losses in the quarter were $2.7 billion, compared to $1.11 billion a year earlier.
• The company’s net investment income for the quarter increased to $610 million from $562 a year ago.
• Allstate posted an underlying combined ratio of 92.9%, compared to 93.4% a year earlier.
• A ratio below 100% means the insurer earned more in premiums than it paid out in claims.
• The insurer’s adjusted second-quarter loss widened to $4.42 per share from 75 cents a year earlier.
• Analysts on an average had expected a loss of $4.18 per share, according to Refinitiv data.

Kraft Heinz sales miss estimates as higher prices hit demand – Reuters, 8/2/2023

• Kraft Heinz missed quarterly sales estimates on Wednesday as inflation-hit customers bought fewer packaged meals and condiments, discouraged by higher product prices.
• The Heinz ketchup maker’s net sales rose to $6.72 billion in the quarter, from $6.55 billion last year.
• Analysts on average had expected $6.81 billion, based on Refinitiv data.
• Kraft Heinz’s product prices rose 11% percentage points in the second quarter ended July 1, driving a 7 percentage point decline in volumes.
• The Philadelphia Cream Cheese maker logged adjusted earnings of 79 cents per share for the quarter, above analysts’ estimate of 76 cents per share.
• The company reiterated its 2023 targets for organic sales growth of 4% to 6% and adjusted profit of between $2.83 and $2.91 per share.

Taco Bell owner Yum Brands misses revenue estimates despite soaring KFC sales – CNBC, 8/2/2023

• Yum Brands on Wednesday reported mixed quarterly results as Taco Bell’s and Pizza Hut’s same-store sales disappointed.
• Revenue: $1.69 billion vs. $1.75 billion expected
• Earnings per share: $1.41 adjusted vs. $1.24 expected
• Yum Brands’ same-store sales grew 9% in the quarter, topping StreetAccount estimates of 6.9%.
• The company’s restaurants saw growing customer traffic and market share gains, executives said.
• KFC’s same-store sales climbed 13%, fueled by returning demand in China, its largest market.
• KFC’s system sales in China soared 32%, while its U.S. system sales rose 5%.
• Most of its U.S. growth came from low-income consumers, Yum CEO David Gibbs said.
• Pizza Hut reported same-store sales growth of 4%, missing StreetAccount estimates of 6.3%.
• The pizza chain’s domestic same-store sales rose just 1%.
• Taco Bell’s same-store sales also rose 4%, falling short of estimates of 4.3%.
• Its U.S. same-store sales increased 4%, but its international same-store sales shrank 1% in the quarter.

Humana sparks rally among health insurers after it says claims activity is stabilizing – Market Watch, 8/2/2023

• Humana stock rallied in premarket trade Wednesday, after the health insurance company topped earnings estimates for the second quarter and said the rush by seniors for pandemic-delayed surgeries had abated.
• Revenue rose to $26.747 billion from $23.662 billion a year ago, also ahead of the $25.825 billion FactSet consensus.
• Adjusted per-share earnings came to $8.94, ahead of the $8.76 FactSet consensus.
• The company said its benefits expense ratio rose to 86.3% from 85.8% a year ago, but was within the previously provided guidance range of 86.3% to 87.3% for 2023, which Humana reaffirmed.
• Humana said it now expects full-year adjusted EPS of at least $28.25, which compares with a FactSet consensus of $28.29.
• The company said it also expects Medicare Advantage growth of 50,000 to about 825,000 this year, or about 18% above 2022 levels, which it said was “meaningfully” higher than industry growth.

Vertex Pharmaceuticals 2Q Profit Up On Higher Cystic Fibrosis Drug Revenue – Market Watch, 8/2/2023

• Vertex Pharmaceuticals posted higher second-quarter earnings, boosted by higher sales of its cystic fibrosis drugs.
• Revenue rose 14% to $2.49 billion, ahead of analyst estimates for $2.42 billion, primarily on strong uptake of its cystic fibrosis drug, known as Trikafta in the U.S.
• Revenue increased 7% in the U.S. and 26% in international markets.
• Adjusted for certain items, the company said per-share earnings were $3.89.
• Analysts recently polled by FactSet had expected a profit of $3.86 a share.
• Vertex also lifted full-year revenue guidance for cystic-fibrosis products to between $9.7 billion and $9.8 billion from $9.55 billion to $9.7 billion.

Match Surges After Revenue Beats Estimates on Tinder Gains – Bloomberg, 8/2/2023

• Match Group surged after the company reported revenue that beat analysts’ estimates, buoyed by growth at its biggest dating property, Tinder.
• Second-quarter revenue increased 4% to $830 million, with direct revenue from Tinder up 6% to $475 million, the company said in a statement.
• Analysts were expecting revenue of $811 million.
• The number of paying Tinder users declined 4% from a year earlier to 10.5 million as a result.
• But the site saw a pickup in subscription revenue throughout the quarter and said a marketing campaign helped boost growth.
• Earnings per share were 48 cents, compared with a loss of 11 cents a year earlier.
• The company also raised its third-quarter outlook, projecting revenue of $875 million to $885 million.

Amazon Unveils Biggest Grocery Overhaul Since Buying Whole Foods – Bloomberg, 8/2/2023

• Amazon.com is launching the biggest overhaul of its grocery business since it acquired Whole Foods Market six years ago—revamping stores, testing new highly automated warehouses and, for the first time, offering fresh-food delivery to customers who aren’t Prime subscribers.
• In a move likely to play well with shoppers, the company also plans to merge its various e-commerce supermarket offerings—from Whole Foods, Amazon Fresh, Amazon.com—into one online cart.
• In an interview with Bloomberg Businessweek, Hoggett, 49, describes the company’s ambitions to transform Amazon from something of a niche grocer specializing in organics and home delivery of cereal and paper towels into a destination for shoppers trying to stretch their dollars and consolidate trips to the store.
• On Aug. 2, Amazon will begin inviting people without Prime subscriptions in a dozen US metropolitan areas—including Boston, Dallas and San Francisco—to order groceries online from Amazon Fresh stores and warehouses.
• The company aims to make the offer standard nationwide by the end of the year and eventually include products from Whole Foods and other grocers.
• Delivery fees range from $7.95 to $13.95, or $4 more than Prime members pay.

HomeStreet Bank Is Said to Explore Options Including Sale – Bloomberg, 8/2/2023

• HomeStreet, a Seattle bank that’s lost about two-thirds of its market value this year, is exploring options including a potential sale, according to people familiar with the matter.
• HomeStreet, which is working with a financial adviser, is also considering raising capital and selling assets, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and HomeStreet could opt to remain independent or keep its business intact, the people added.
• “We decline to specifically comment on your article, however, we note that the board of directors and management of HomeStreet review the company’s strategic options from time to time in pursuit of maximizing shareholder value,” a representative for HomeStreet said in an emailed statement.

PG&E Scraps Tree-Trimming Program Once Seen as Key to Fire Prevention – Wall Street Journal, 8/2/2023

• The California utility company PG&E spent about $2.5 billion on a yearslong effort aimed at reducing wildfire risk by cutting or clearing more than a million trees growing alongside power lines.
• It now says that work was largely ineffective and is eliminating the program, according to an internal analysis reviewed by The Wall Street Journal and interviews with utility executives.
• The strategy shift marks a calculated risk by the utility that new power-line settings will be more effective than the tree-trimming program that was put in place after a series of devastating wildfires.
• The program, which the company called “enhanced vegetation management,” was meant to supplement routine tree-trimming work required by regulators.

Toyota’s Land Cruiser to Return to U.S. – Wall Street Journal, 8/2/2023

• Toyota Motor is bringing a long-running icon of off-roading back to the U.S.
• At an event in Tokyo on Wednesday, Toyota showed off a new Land Cruiser, reminiscent of boxy pre-2000s versions of the sport-utility vehicle.
• The company said it plans to bring the new vehicle to the U.S. next year, two years after discontinuing the Land Cruiser in that market.
• The move resembles Ford’s decision in 2020 to relaunch its previously discontinued off-roading SUV, the Bronco.
• Like the Bronco, the new Land Cruiser could put further pressure on rival Jeep’s position in the “adventure vehicle” category.
• The U.S. price of the new Land Cruiser will start in the mid-$50,000s.

American Air in Talks With Airbus, Boeing for 100-Jet Purchase – Bloomberg, 8/2/2023

• American Airlines Group is in talks with Airbus and Boeing to order at least 100 narrowbody jets to replace some of the oldest aircraft in its fleet, according to people familiar with the matter.
• The US airline is considering Boeing’s 737 Max and Airbus’s A321neo to replace aging 737-800, A319 and A320 single-aisle models late this decade, said the people, who aren’t authorized to speak publicly about the discussions.
• The deal size could top 200 aircraft, including commitments for future purchases, two of the people said.

US ECONOMY & POLITICS

US Companies Added 324,000 Jobs in July, ADP Says – Bloomberg, 8/2/2023

• US companies added more jobs in July than expected, highlighting the persistent strength of the labor market.
• Private payrolls increased by 324,000 last month, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab.
• That exceeded all estimates in a Bloomberg survey of economists.
• The job gains were relatively broad-based, but boosted by a 201,000 advance in leisure and hospitality.
• Jobs were added in all regions but the South and concentrated among businesses with less than 250 employees.
• Companies with at least 500 staffers shed positions for a third straight month.
• Workers who stayed in their jobs experienced a 6.2% pay increase in July from a year ago, the slowest since November 2021.
• For those who changed jobs, the median rise in annual pay was 10.2%, the slowest in two years.

US Mortgage Applications Fall to Two-Month Low Amid Higher Rates – Bloomberg, 8/2/2023

• US mortgage rates rose last week, curbing demand for those looking to buy a home.
• The contract rate on a 30-year fixed mortgage rose by 6 basis points to 6.93% in the week ended July 28, according to Mortgage Bankers Association data out Wednesday.

US Plans $103 Billion Debt Sale, as Issuance to Keep Rising – Bloomberg, 8/2/2023

• The US Treasury boosted the size of its quarterly sale of longer-term debt for the first time in over 2 1/2 years, testing dealers’ appetites amid an increase in government borrowing needs so alarming it helped spur Fitch Ratings to cut the US sovereign rating from AAA.
• The Treasury said it will sell $103 billion of longer-term securities at its so-called quarterly refunding auctions next week, which span 3-, 10- and 30-year Treasuries.
• Issuance plans for Treasury Inflation-Protected Securities, or TIPS, were held steady except for the 5-year maturity, where October’s new-issue auction will go up by $1 billion.
• Floating-rate note auction sizes were increased by $2 billion.
• As for next week’s refunding auctions, they break down as follows:

• • $42 billion of 3-year notes on Aug. 8, compared with $40 billion at the May refunding and at the last auction in July.
  • $38 billion of 10-year notes on Aug. 9, compared with $35 billion last quarter.
  • $23 billion of 30-year bonds on Aug. 10, versus $21 billion in May.
  • The refunding will raise about $19 billion in new cash

• Separately, after announcing in May that it would launch a buyback program in the calendar year 2024, the Treasury said “significant progress” has been made in designing it.
• Initially, the operations will be set at a maximum of $30 billion per quarter, the department said in a statement.
• The buybacks have a two-fold aim, one being to bolster liquidity in some pockets of the market and the other to help smooth the volatility of bill issuance as it manages its cash balance.

EUROPE & WORLD

Ferrari Drops After Outlook Upgrade Falls Short – Bloomberg, 8/2/2023

• Ferrari fell after investors took a dim view of revised guidance that brought the company’s outlook in line with expectations.
• Revenue totaled €1.47 billion.
• During the second quarter, adjusted earnings before interest, taxes, depreciation and amortization rose to €589 million, out-pacing the average analyst estimate of €577 million.
• Ferrari also raised its full-year sales outlook to €5.8 billion from a previous guidance of about €5.7 billion.
• The Italian sports-car maker now sees adjusted earnings before interest, taxes, depreciation and amortization of as much as €2.22 billion ($2.44 billion) this year, it said Wednesday, up from as much as €2.18 billion announced in February.

BMW lifts outlook, warns inflation and supply issues not over – Reuters, 8/2/2023

• BMW lifted its annual outlook for its margin on earnings before interest and taxes (EBIT) in the automotive segment on Tuesday but said it foresaw ongoing challenges from supply chain issues and inflation in the second half of the year.
• BMW sales rose 4.7% in the first half of the year compared to last year, when supply chain issues caused by factors including the war in Ukraine and lockdowns in China dented output.
• The carmaker reported preliminary figures of a 12.6% group margin on earnings before taxes in the first half of the year and a 10.6% EBIT margin in the automotive segment, helped by higher sales and pricing.
• BMW now expects an EBIT margin on its cars division of between 9%-10.5% from 8%-10% previously, and expects solid growth in its deliveries, up from a previous forecast of only slight growth, on the basis of a strong order bank and improved availability of its premium vehicles.
• But it reduced its forecast for free cash flow to above 6 billion euros ($6.58 billion) from around 7 billion euros previously, citing the need to stock up its inventories and higher investment in electrification.

Cargill Extends Record Revenue Streak Amid Strong Grains Prices – Bloomberg, 8/2/2023

• Cargill, the world’s biggest crop trader, extended its streak of record annual revenue for its second straight year, helped by strong prices in its grains business.
• Revenue for the year ended in May rose 7.3% to $177 billion from the prior year, the closely held Minneapolis-based company said Wednesday in its annual report.
• Russia’s war in Ukraine and adverse weather for crops around the world has kept prices of agricultural goods high, favoring commodity traders including Cargill.

Taiwan Unveils Dates for U.S. Stops by Vice President Despite China’s Protests – Wall Street Journal, 8/2/2023

• Taiwan Vice President Lai Ching-te plans to stop in New York and San Francisco this month on his way to and from a formal visit to Paraguay, defying Chinese warnings.
• Lai is scheduled to land in New York on Aug. 12 and depart for Paraguay the following evening as part of his seven-day trip to attend the inauguration of Paraguay’s incoming president, Santiago Peña Palacios, on Aug. 15, according to Alexander Yui Tah-ray, Taiwan’s vice minister of foreign affairs.
• Coming the other way, he will arrive in San Francisco in the afternoon of Aug. 16 before flying back to Taiwan on the next day, Yui told a press conference on Wednesday in Taipei.
• Stops by Taiwanese officials in the U.S., officially referred to as transits, are part of the deliberated arrangements made between Washington and Taipei to allow its leaders to engage with the other side on American soil after the two severed formal diplomatic ties in 1979.

Russian Drones Hit Danube Port Key to Ukraine Grain Exports – Bloomberg, 8/2/2023

• Russian drones struck a Ukrainian port on the Danube River, driving global wheat and corn prices higher as Moscow continues its campaign to cripple Kyiv’s ability to export food.
• The attack damaged grain storage facilities, a fuel tank and administrative buildings in the Odesa region in southwestern Ukraine, officials said Wednesday.
• Izmail, one of Ukraine’s biggest river terminals near the border with Romania, was the worst hit, although it continued to operate.
• “Russian terrorists again were attacking ports, grain, global food security,” Ukrainian President Volodymyr Zelenskiy said on Telegram.
• “The world has to react. When civilian ports are targets, when terrorists deliberately destroy even silos — this is a threat to everyone on all continents.”
• Ukraine’s attempt to circumvent the Russian blockade by sending grain via the Danube to be shipped from Romanian territorial waters.
• Ukraine shot down 11 of the 25 Iranian-made drones launched at the Odesa region overnight, Governor Oleh Kiper said in televised remarks.
• Izmail port manager Serhiy Tkachenko said the port was still operating.

Factmonster – TODAY in HISTORY

• The first U.S. census was completed, showing a population of 3,929,214 people. – 1790
• The first Lincoln penny was issued. – 1909
• PT-109, a torpedo boat commanded by Lt. John F. Kennedy, was sunk off the Solomon Islands by a Japanese destroyer. – 1943
• The Potsdam Conference, in which Allied leaders planned the postwar governance of Germany, ended. – 1945
• The Persian Gulf War broke out when Iraq invaded Kuwait. – 1990

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