US FINANCIAL MARKET

Stocks Rise as CPI Bolsters Bets on a Fed Skip: Markets Wrap – Bloomberg, 8/10/2023

• Stocks rose after US inflation data reinforced speculation the Federal Reserve will pause its interest-rate hikes in September.
• The stock market advanced after a two-day slide, with all major groups in the S&P 500 pushing higher.
• The tech-heavy Nasdaq 100 outperformed, led by gains in giants Tesla, Apple and Microsoft.
• The S&P 500 rose 0.7%. The Nasdaq 100 rose 0.9%. The Dow Jones Industrial Average rose 0.7%.
• Treasury two-year yields, which are more sensitive to imminent policy moves, dropped two basis points to 4.79%.
• Fed swaps priced in slightly lower odds of another rate increase this year.
• A report Thursday showed the core consumer price index, which excludes often-volatile food and energy costs, rose 0.2% for a second month.
• That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months.
• Fed Bank of San Francisco President Mary Daly said the data came in largely as expected, noting that the central bank still has “more work to do” before it claims victory on inflation.
• She added that officials have yet to decide whether to raise and for how long to hold interest rates.
• Alibaba Group Holding gained as revenue beat expectations after its core e-commerce arm returned to growth, a big step for a national icon trying to revive its business in a volatile economy.
• Walt Disney rose after management of the world’s largest entertainment company said capital spending and outlays for movies and TV shows are coming in lower than projected.
• Tapestry, the owner of brands including Coach and Kate Spade, agreed to acquire Michael Kors parent Capri Holdings in an $8.5 billion deal that shows the wave of consolidation in the luxury-goods sector is far from finished.
• The Stoxx Europe 600 rose 0.8%.
• The Bloomberg Dollar Spot Index fell 0.1%.
• The yield on 10-year Treasuries advanced two basis points to 4.03%.
• West Texas Intermediate crude fell 1.2% to $83.36 a barrel.
• Gold futures fell 0.2% to $1,947.10 an ounce.

Disney Rises as Cost Cuts, Hollywood Strikes Save $3 Billion – Bloomberg, 8/10/2023

• Walt Disney rose in extended trading after management of the world’s largest entertainment company said capital spending and outlays for movies and TV shows are coming in lower than projected.
• Sales grew 3.8% to $22.3 billion in the quarter ended July 1, missing analysts’ projections slightly.
• But subscribers to the Disney+ streaming service tumbled 7.4% to 146.1 million from the previous three months, missing the 154.8 million consensus analysts had expected.
• Nearly all of that shortfall was borne by the company’s Disney+ Hotstar in Asia.
• The company also announced it’s raising prices for some streaming subscriptions by as much as 27%.
• The company’s theme-park business, the world’s largest, earned $2.43 billion, an 11% increase from last year.
• Weakness at the Florida resorts was offset by a huge swing to profitability at the international theme parks.
• During the period, Disney’s online video operation cut its loss to $512 million from more than $1 billion a year ago.
• Earlier Wednesday, Disney reported fiscal third-quarter profit of $1.03 a share, beating the 99-cent average of estimates compiled by Bloomberg.
• Disney expects content spending this year to total about $27 billion, Kevin Lansberry, acting chief financial officer, said Wednesday on a call with investors after the Burbank, California-based company posted third-quarter results.
• Disney typically spends about $30 billion.
• The savings are partly as a result of production cuts tied to writer and actor strikes in Hollywood, he said.
• Disney also forecasts capital spending of $5 billion, lower than projected previously, as the company shifts the timing of some projects.
• He reiterated Disney’s ambition to pay a modest dividend this year.

Illumina cuts annual profit forecast as biotech funding woes linger – Reuters, 8/10/2023

• Illumina cut annual profit forecast, in a sign that a funding crunch among its biotech and pharmaceutical clients is expected to weigh on sales for its genetic testing tools and diagnostics products.
• It recorded total sales of $1.18 billion for the quarter ended July 2, compared with expectations of $1.16 billion.
• The San Diego, California-based company reported adjusted profit of 32 cents per share, compared with expectations of 2 cents per share, according to Refinitiv data.
• Illumina expects full-year adjusted profit per share to be between $0.75 and $0.90, compared with its prior forecast of $1.25 to $1.50.
• The outlook reflects a tax expense impact of about $75 million.

Sonos Shares Jump 10% After 3Q Adjusted Earnings, Revenue Top Estimates – Market Watch, 8/10/2023

• Shares of Sonos jumped Wednesday after the company’s third-quarter adjusted earnings and revenue topped Wall Street’s estimates.
• Revenue rose 0.4% to $373.4 million, topping the $335.9 million expected by analysts, according to FactSet.
• Adjusting for certain one-time items, the company posted earnings of 16 cents a share, compared with a loss of 7 cents a share expected by analysts polled by FactSet.
• Sonos also narrowed the range of its full-year outlook for revenue and adjusted earnings.

Trade Desk posts upbeat earnings in tough ad climate, but its stock moves lower – Market Watch, 8/10/2023

• Advertising-technology company Trade Desk sailed past quarterly earnings expectations Wednesday, but its shares fell in the extended session.
• Revenue increased to $464 million from $377 million, whereas analysts were projecting $455 million.
• The company recorded adjusted earnings per share of 28 cents, compared with 20 cents in the year-earlier period.
• Analysts tracked by FactSet were expecting 26 cents.
• For the third quarter, Trade Desk expects at least $485 million in revenue, while analysts were anticipating $481 million.
• The company also models $185 million in adjusted earnings before interest, taxes, depreciation and amortization, whereas analysts had been looking for $183 million.

Wynn Resorts Swings to Profit on Higher Revenue – Market Watch, 8/10/2023

• Wynn Resorts turned a profit in the second quarter as it posted higher revenue on strength in its North American and Macau resorts.
• Revenue rose to $1.6 billion from $908.8 million a year earlier, beating the $1.54 billion expected by analysts polled by FactSet.
• Stripping out certain one-time items, adjusted per-share earnings came to 91 cents, ahead of the 64 cents forecast by analysts, according to FactSet.
• Chief Executive Craig Billings said a continuing recovery from the Covid-19 pandemic boosted results in the company’s Macau segment, while North American resorts showed strength.

Plug Power Sales Beat Expectations – Barron’s, 8/10/2023

• Hydrogen technology company Plug Power keeps pushing out its hydrogen production targets.
• Wednesday evening, Plug reported a second-quarter loss of 40 cents a share from sales of $260.2 million.
• Wall Street was looking for a 27 cents loss and sales of $237.7 million.
• Plug reiterated its guidance for full-year 2023 sales of $1.2 billion to $1.4 billion.
• The $1.3 billion midpoint implies Plug will generate roughly $830 million in sales in the second half of 2023.
• Wall Street is currently projecting about $827 million.

Amazon Cuts Dozens of House Brands as It Battles Costs, Regulators – Wall Street Journal, 8/10/2023

• Amazon.com is jettisoning dozens of its in-house brands as part of a significant reduction of its private-label operation as it works to fend off antitrust scrutiny and shore up profit.
• The Seattle-based company in the past year has decided to eliminate 27 of its 30 clothing brands, such as Lark & Ro, Daily Ritual and Goodthreads, according to people familiar with the matter.
• Some of the brands remain on Amazon’s site for now as the company sells off remaining inventory, but when completed its house-label clothing division will have just three brands: Amazon Essentials, Amazon Collection and Amazon Aware.
• Amazon also is dropping private-label furniture, phasing out its Rivet and Stone & Beam brands once its stock of those items are gone, some of the people said.
• Exact numbers for brands being cut in other parts of the business couldn’t be learned, but Amazon Basics, which sells a range of home goods and tech accessories, will remain a focus for the company.

Avid to Be Acquired by Private Equity Firm STG for $1.4 Billion – Bloomberg, 8/10/2023

• Avid Technology, a maker of audio and video editing tools, agreed to be acquired by private equity firm STG for about $1.4 billion, including debt.
• Under the terms of the deal, Avid investors will get $27.05 a share in cash, representing a 32% premium over the stock price on May 23, before speculation about an acquisition surfaced, the companies said in a statement Wednesday.
• The deal followed a review of strategic alternatives that included a variety of options, Avid Chairman John Wallace said.
• The transaction is expected to close during the fourth quarter of 2023.
• Avid, founded 36 years ago, sells editing tools that have become ubiquitous in Hollywood and the recording industry.

Coach Owner Strikes $8.5 Billion Deal for Parent of Michael Kors, Versace – Wall Street Journal, 8/10/2023

• Coach owner Tapestry struck a deal to buy Capri Holdings, parent of well-known fashion brands Michael Kors, Jimmy Choo and Versace, in a move that could help the new company better compete with the European fashion giants.
• The all-cash deal, which has been under discussion for months, is valued at $8.5 billion.
• Tapestry is expected to pay $57 per Capri share, equal to a premium of about 59% over the 30-day volume weighted average price ending Wednesday, the companies said.
• As of Wednesday, Capri had a market value of $4 billion; Tapestry’s was around $10 billion.
• Shares of Capri surged in premarket trading, while Tapestry shares were little changed.
• Tapestry said that the combined fashion house will generate sales of more than $12 billion annually.
• It expects to generate about $200 million cost savings from the combination within three years.
• The retailer will be financing the deal largely by taking on debt.

US ECONOMY & POLITICS

US Core CPI Posts Smallest Back-to-Back Increases in Two Years – Bloomberg, 8/10/2023

• A key measure of US consumer prices rose only modestly for a second month, bolstering hopes that the Federal Reserve can tame inflation without sparking a recession.
• The core consumer price index, which excludes often-volatile food and energy costs, rose 0.2% for a second month, Bureau of Labor Statistics data showed Thursday.
• Economists view the core measure as a better indicator of underlying inflation than the overall CPI, which also increased 0.2%.
• The annual CPI measure, however, picked up slightly due to a less-favorable comparison with the index a year ago.

• The details showed more than 90% of the increase on the overall CPI was due to housing costs that have otherwise moderated since the start of the year.
• Used-car prices, meanwhile, fell for a second month, while airfares posted the biggest back-to-back declines since the start of the pandemic.
• Excluding housing and energy, services prices rose 0.2% from a month earlier, a pickup from June, according to Bloomberg calculations.
• As a result, the year-over-year metric edged up to 4.1%, the first acceleration this year.
• Shelter costs, which are the biggest services component and make up about a third of the overall CPI index, rose 0.4% for a second month.
• After falling for two years, inflation-adjusted wages grew 0.3% in July and were up 1.1% from a year earlier, a separate report showed Thursday.

U.S. jobless claims rise to highest level in a month – Market Watch, 8/10/2023

• U.S. initial jobless benefit claims rose by 21,000 to 248,000 in the week ended Aug. 5, the Labor Department said Thursday, the highest level since the week ended July 1.
• Economists polled by The Wall Street Journal had estimated new claims would rise 5,000 to 231,000.
• Last week claims rose 6,000 to 227,000, unrevised from the initial estimate.
• The number of people already collecting jobless benefits fell by 8,000 to 1.64 million.
• Continuing claims are down from a high of 1.86 million in mid-April.

Social Security Benefits Will Go Up Next Year, but Not by a Lot – Wall Street Journal, 8/10/2023

• Social Security recipients are on track to pocket a significantly smaller raise in 2024 because of a slowdown in inflation.
• If inflation rises in line with its recent trend over the next two months, recipients’ monthly checks will rise by about 3% in 2024, according to estimates from analysts and nonprofits.
• The estimates follow an 8.7% cost-of-living increase in 2023 as inflation soared.
• And while inflation cooled in June to its slowest pace in more than two years, inflation’s decline is uneven, with prices for some products and services still rising sharply.
• With a cost-of-living adjustment, or COLA, of 3%, the average monthly Social Security check for retired workers would rise by about $55 to $1,892 in January from $1,837 this year.
• The annual cost-of-living increase is tied to the average inflation for July, August and September, using the Labor Department’s consumer-price index for urban wage earners and clerical workers.

US Allows Carriers to Extend NYC Flight Cuts Amid Air Congestion – Bloomberg, 8/10/2023

• Airlines that have reduced their flight schedules into New York’s congested airports to help limit gridlock this summer will be allowed to continue doing so without facing penalties.
• The US Federal Aviation Administration said in an order Wednesday that it would extend the current agreement from Sept. 15 through Oct. 28.
• The shortage of air-traffic controllers in the New York region combined with the post-pandemic airline rebound had led to growing numbers of flight delays.
• Normally, airlines at LaGuardia, John F. Kennedy and Newark Liberty risk losing slots if they don’t operate the flights they’ve been allotted, but the FAA is extending a waiver that allows reductions of as much as 10%.
• The terms also apply to some flights at Washington’s Reagan National Airport.
• Carriers including Delta Air Lines, United Airlines Holdings, American Airlines Group and JetBlue Airways have cut flights in the region after an FAA request earlier this year.

To Battle New Threats, Spy Agencies to Share More Intelligence With Private Sector – Wall Street Journal, 8/10/2023

• U.S. spy agencies will share more intelligence with U.S. companies, nongovernmental organizations and academia under a new strategy released this week that acknowledges concerns over new threats, such as another pandemic and increasing cyberattacks.
• The National Intelligence Strategy, which sets broad goals for the sprawling U.S. intelligence community, says that spy agencies must reach beyond the traditional walls of secrecy and partner with outside groups to detect and deter supply-chain disruptions, infectious diseases and other growing transnational threats.
• The intelligence community “must rethink its approach to exchanging information and insights,” the strategy says.
• The U.S. government in recent years has begun sharing vast amounts of cyber-threat intelligence with U.S. companies, utilities and others who are often the main targets of foreign hackers, as well as information on foreign-influence operations with social-media companies.

EUROPE & WORLD

U.S. and China Poised to Drift Further Apart After Investment Ban – Wall Street Journal, 8/10/2023

• After years of blacklisting Chinese companies and scrutinizing their investments in the U.S., the Biden administration is sending an unmistakable signal to American business to steer investment away from China.
• An executive order President Biden issued Wednesday—while narrowly targeted at critical leading-edge technologies with military, surveillance and cyber capabilities—more broadly aims to reorder the flow of American capital and expertise away from its biggest global rival.
• The order prohibits U.S. investment in advanced semiconductors and quantum computing, and requires American investors to notify Washington about investments in other types of semiconductors and artificial intelligence.
• It also bars U.S. citizens and permanent residents from taking part in prohibited deals.
• In doing so, White House officials said, the order intends to deny China the know-how, market access and other benefits U.S. venture-capital and private-equity firms bring with their investments.
• That is likely to further rattle American companies doing business in China, coming on top of weakening Chinese growth, Covid lockdowns that made travel to China difficult and a recent pressure campaign against U.S. and other foreign companies amid rising tensions between Washington and Beijing.

Alibaba reports solid earnings beat, revenue rises most since Sept. 2021 – CNBC, 8/10/2023

• Chinese e-commerce giant Alibaba on Thursday said revenue grew by 14% year on year in the quarter ended June 30.
• Revenue: 234.16 billion yuan ($32.29 billion) versus 224.92 billion yuan expected, up 14% year on year.
• Alibaba’s main business, Taobao and Tmall Group, saw revenue rise 12% year on year to 114.95 billion yuan in the June quarter.
• The company noted that the Taobao app for online shopping saw daily active users rise in June by 6.5% from a year ago — and rose further to more than 7% in July.
• The company’s push into overseas markets also bore results, with revenue from international commerce retail surging by 60% year on year to 17.14 billion yuan in the June quarter.
• That international demand also helped drive revenue for Alibaba’s Cainiao logistics business up by 34% to 23.16 billion yuan during the same period.
• Alibaba’s cloud business reported revenue growth of 4% to 25.12 billion yuan.
• Those results were dragged down by a drop in revenue from top customers as well as reduced need for remote work, streaming and education services in the wake of the coronavirus pandemic, the company said.
• Net income attributable to ordinary shareholders: 34.33 billion yuan versus 28.66 billion yuan expected, up 51% year on year.

Obesity drug maker Novo Nordisk lifts sales forecast – Financial Times, 8/10/2023

• Novo Nordisk, the Danish pharmaceutical group behind a best-selling obesity drug, has lifted its annual sales forecast as it expands its manufacturing capacity to tackle supply chain bottlenecks.
• In the first half, Novo reported sales in line with expectations at DKr108bn, up 30% from the same period a year earlier.
• Sales in obesity care more than doubled.
• Earnings per share were DKr17.41, up 44% year on year but slightly below expectations.
• The drugmaker, best known for its new weight-loss medicine Wegovy, now expects sales to grow 27-33 per cent this year and operating profit to climb 31-37 per cent, smashing its previous forecasts.
• Novo previously expected sales growth of 24-30 per cent and operating profit growth of 28-34 per cent.
• Novo also announced plans to acquire Canadian biotech group Inversago Pharma for up to $1.1bn, adding its early-stage drug candidate to treat obesity and diabetic kidney disease to its portfolio.

Siemens sees weakening demand trends as third-quarter misses forecasts – CNBC, 8/10/2023

• Siemens missed profit forecasts in its latest quarter, the German engineering company reported on Thursday, noting weakening demand in several markets including China.
• The trains-to-factory-automation manufacturer said China, long a driver for global manufacturing and its third largest market, had seen only a tepid recovery after its zero-Covid shutdown last year.
• Revenue rose 6% to 18.89 billion, missing forecasts for 19.27 billion euros.
• Net profit of 1.44 billion euros also missed forecasts.
• Siemens said it was now seeing a “normalisation of demand” after customers pre-bought last year to avoid shortages.
• Orders increased by 10% during the three months to the end of June, down from the 13% increase in the previous three months.
• For the three months to the end of June, Siemens’ industrial profit – covering its mobility, smart infrastructure and factory automation businesses – fell 4% to 2.75 billion euros ($3.02 billion), missing the 2.90 billion euro expected by analysts in a company-compiled consensus.
• The division, seen by analysts as the jewel in Siemens’s crown, now expects comparable revenue growth of 13% to 15%, lower than its previous outlook of 17% to 20%.
• Order intake in digital industries plunged 37% during the quarter, particularly in the short-cycle factory automation business, Siemens said.
• During its third quarter, Siemens orders rose 10% to 24.24 billion euros, beating forecasts of 22.19 billion euros.
• Siemens maintained its guidance at group level. It expects comparable revenue growth of 9% to 11% for the 12 months to end-September and earnings per share of 9.60 to 9.90 euros.

SMIC posted a drop in second-quarter revenue on persisting weak chip demand – CNBC, 8/10/2023

• Semiconductor Manufacturing International posted on Thursday a drop in second-quarter revenue against a backdrop of ongoing U.S. sanctions and a sluggish recovery in global chip demand.
• Revenue: $1.56 billion, vs. $1.55 billion expected
• In the second quarter of 2023, SMIC revenues increased by 6.7% quarter-on-quarter and logged a gross margin of 20.3% — in line with the company’s guidance of a 5-7% revenue hike and a 19-21% gross margin range.
• Net income: $402.76 million, vs. $184.2 million expected
• “Third quarter’s revenue is expected to grow by 3%-5% sequentially, and gross margin is expected to be in the range of 18%-20%,” it added.
• The company expects its revenue in the second half of the year will be “better than that in the first half” and aims to “strengthen our technology R&D and platform development, verify new products quickly, arrange the supporting capacity as soon as possible, and fully prepare for the next round of growth cycle.”

Japan’s struggling Rakuten to combine credit card and mobile payments business – Reuters, 8/10/2023

• Japan’s Rakuten Group will fold its payments and points businesses into its credit card unit, it said on Thursday, a move that could set up the struggling e-commerce company to eventually list the card business.
• In the April-June period, Rakuten posted an operating loss of 48.9 billion yen ($340.13 million), narrowly better than expectations of a loss of 51.2 billion yen, based on the average of six analysts polled by Refinitiv.
• Losses at the mobile segment narrowed to 82.4 billion yen on higher average revenue per user and increasing subscriptions.
• The company said on Thursday it plans to consolidate its payments and points businesses and fold them into Rakuten Card, its credit card and loans unit.
• The group has a total 1.9 trillion yen ($13.22 billion) in debt, with 406 billion yen due in 2024 and a further 430 billion yen in 2025, according to Refinitiv data.

Country Garden Expects First-Half Loss of Up to $7.6 Billion – Bloomberg, 8/10/2023

• Country Garden Holdings expects to report a multibillion-dollar loss for the first half of this year, as the Chinese developer provided more specifics to its recent forecast that helped fuel stock and bond declines.
• The country’s sixth-largest builder said in a Hong Kong exchange filing Thursday night it anticipates posting a net loss of 45 billion to 55 billion yuan ($6.2 billion to $7.6 billion), compared with earnings of 1.91 billion yuan in the first half of 2022.
• The company on July 31 only said it expected a loss for the opening half of 2023.
• For the first seven months of this year, attributable sales fell 35% to 140.8 billion yuan, Country Garden said Thursday.
• “Due to the recent deterioration of sales and refinancing environment, the available funds in the book of the company have been continuously reduced, resulting in a phased liquidity pressure,” Country Garden said.
• Country Garden said it, together with joint ventures and associates, deliveries nearly 278,000 units in the first half of this year.
• The builder is forecasting the total will reach nearly 700,000 for all of 2023, matching the level reached in 2022.

China Lifts Ban on Group Tours to U.S. and Other Countries, in Boost to Global Travel Industry – Wall Street Journal, 8/10/2023

• China lifted restrictions on group tours to the U.S., Australia, South Korea and Japan on Thursday, a move that is set to boost global tourism after three years of pandemic restrictions.
• China’s Ministry of Culture and Tourism added almost 80 new destinations to a list of countries approved for group travel on Thursday, with immediate effect.
• The countries were the third batch of places that group tours led by travel operators can now visit, including some in East Asia that are among the most popular destinations for Chinese holiday makers.
• With Thursday’s announcement, Chinese tourists can now travel in groups to almost 140 countries around the world.
• A few dozen nations remain excluded, including Canada, Ukraine, as well as some countries in South America and Africa.

Ukraine Uses Small-Unit Tactics to Retake Captured Territory From Russia – Wall Street Journal, 8/10/2023

• Under cover of darkness, 15 Ukrainian soldiers crept along tree lines to the edge of this Russian-occupied village in southeastern Ukraine and launched an assault just after dawn.
• When the Ukrainians opened fire, Russian troops responded with a hail of machine-gun bullets.
• Ukrainian drones and artillery slammed into Russian positions. After a day of fierce fighting that killed two Ukrainian soldiers and injured others, the platoon managed to gain a foothold in Robotyne, a settlement of around 150 houses.
• Ukraine’s two-month-old counteroffensive had advanced another mile.
• Ukraine’s attempts in early June to smash through lines of entrenched Russian forces using large mechanized formations trained and equipped by the West stalled in the face of deep minefields and Russian air power.
• So Ukraine has fallen back on the kind of small-unit tactics that brought it success earlier in the 17-month war.
• These kinds of operations are a specialty of Skala Special Unit, a group of around 170 men who are now on the leading edge of the Ukrainian campaign here.

U.S. Broadens Sanctions Against Belarus – Wall Street Journal, 8/10/2023

• The U.S. Treasury marked the three-year anniversary of the disputed election of Belarusian President Alexander Lukashenko by expanding its sanctions on Belarus, targeting the country’s flagship airline, three other companies and a government office involved in suppressing a news site.
• The Office of Foreign Assets Control on Wednesday said the broader sanctions responded to the country’s “complicity” in Russia’s war in Ukraine and its “callous crackdown” on Belarus’s pro-democracy movement.
• In the enhanced sanctions package, OFAC designated Belavia, the country’s main airline, under an executive order that allows U.S. officials to seize any of its assets on U.S. soil and prohibits Americans from doing business with it.
• In Wednesday’s round, OFAC also sanctioned a jet it said is operated by Belavia and used by high-ranking officials and family members connected to the Lukashenko regime.
• The agency also sanctioned a state-owned aviation plant and BSW, a state-owned steel works, along with a Bel-Kap-Steel, a Miami-based joint venture with BSW.

US Is Sending FBI to Ecuador to Help Probe Presidential Candidate’s Killing – Bloomberg, 8/10/2023

• The Biden administration is planning to send the Federal Bureau of Investigation to Ecuador to aid in the investigation into the assassination of presidential candidate Fernando Villavicencio, according to people familiar with the plans.
• The US offered the assistance on Wednesday night after the shooting of Villavicencio in Quito, according to one of the people. Both asked not to be identified without permission to speak publicly.
• The FBI didn’t immediately respond to a request for comment.
• It’s relatively common for the FBI to assist in this type of investigation in countries that are US allies.
• “The assassination of Ecuadorian presidential candidate Fernando Villavicencio, an outspoken opponent of organized crime, is a brazen attack on democracy and the rule of law,” Brian Nichols, the assistant US Secretary of State for the Western Hemisphere, said in a post on Twitter, the social media platform Elon Musk has renamed X.
• “We urge a swift and thorough investigation by the appropriate authorities and offer our support.”

Factmonster – TODAY in HISTORY

• Missouri became the 24th state in the United States. – 1821
• The Smithsonian Institution was established in Washington, D.C., from funds left by British scientist James Smithson. – 1846
• S. forces seized Guam from Japan. – 1944
• President Reagan signed a bill that awarded $20,000 to each survivor of the Japanese-American internment. – 1988
• Ruth Bader Ginsburg was sworn in as the second female U.S. Supreme Court justice. – 1993

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