Yahoo Finance's Brian Sozzi breaks down the top 10 most interesting moments in markets this week, including earnings for Clorox, Hostess, Marriott, Beyond Meat, and Kellogg's as well as Fed speak and layoffs.
JULIE HYMAN: Well, it has been a busy week, indeed, for the markets. We've seen everything from new ticker symbols to companies calling out record high inflation. The top moments of the week, that's where we find Sozzi's take today. I don't know how you can fit them all in, but I'm excited to see you try.
BRIAN SOZZI: I'm going to do it very quick. So 10 top moments for me, I'll run it through here. First up, Clorox EPS guidance at the midpoint, about $1.26 below consensus. We hammered the company yesterday and rightfully so. Terrible quarter, terrible outlook, terrible earnings call. Number two, Hostess calls out 20% inflation. I actually wrote that story up on Yahoo Finance. It's still on our homepage. Give it a read.
Number three, tiny layoff announcements from Walmart. And then last night, Beyond Meat, Beyond Meat laying off 4% of its workforce after a challenging quarter. Number four, Marriott CEO told Yahoo Finance big booking trends for Labor Day. Now we did see that nice strong number in the leisure and travel number in today's jobs report. Marriott CEO Anthony Capuano all over. Kellogg CEO told me yesterday on the phone snacks demand is hot. So people are buying snacks despite price increases. Saw that over at Hostess.
Number six, 79% inflation in Turkey for July annualized. That is the country, not the turkey, the food or the animal. Number seven, Federal Reserve brigade squashes hopes for a rate hike pause. And you probably won't be hearing any more talk of a pause after today's red hot jobs report. Number eight talked about earlier, ticker symbol Ape for new preferred AMC stock, just real interesting work there by the AMC team.
Number nine, PayPal out of the blue cutting $900 million in costs. Just not a growth company anymore. Now they're looking to rein down cost cuts and lay off a lot of people. Last but not least, Julie, you spoke to outgoing CEO of MicroStrategy, Michael Saylor. He is now changing roles, what, executive--
JULIE HYMAN: Chairman.
BRIAN SOZZI: --chairman role as well. So big news out there as well. Overall, my take is this. Be on high alert, folks. August and September are going to be weird times for the business world. Look, we've had two straight quarters of negative GDP. We come out here today, jobs report, 528,000 on the headline, 3 and 1/2% unemployment rate. It's just a strange time to be in the world of business, but fun. It's exciting. It's exciting. And I got through all 10.
JULIE HYMAN: You did. And now I feel like I need a nap.