1) The mega giant online retailer Amazon is facing more labor problems with a strike of Minnesota warehouse workers on the first day of Amazon’s sales extravaganza. Even though Amazon has committed to pay $15 dollar an hour to all workers, the Minnesota warehouse workers plans a six hour work stoppage on July 15, the first day of Amazon Prime Day sale.
2) Cisco Systems, a major manufacture of networking gear such as servers, announced Tuesday it will acquire Acacia Communications for $2.84 billion dollars. Acacia designs and manufactures high speed optical components and is a supplier of components to Cisco. Cisco is paying $70 per share, which is 46% above Acacia’s Monday closing price.
3) The tourist spaceflight company Virgin Galactic is going public for financing by merging with the investment firm Social Capital Hedosophia. This will infuse $800 million dollars into Virgin Galactic in exchange for 49% of the company. About 600 people have spent $250,000 for a ninety minute suborbital space flight. The company has made test flights to near space and has sent its first passenger up sixty two miles near the edge of space.
4) Stock market closings for- 9 JUL 19:
Dow 26,783.49 down 22.65
Nasdaq 8,141.73 up 43.35
S&P 500 2,979.63 up 3.68
10 Year Yield: up at 2.05%
Oil: up at $58.50