🏎️ Waymo's in Dallas?

+ Union Pacific to Acquire Norfolk Southern in $85 Billion Rail Megamerger

July 29, 2025

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Good afternoon! Pet spending has skyrocketed post-Covid, but a growing number of Americans are now making the heartbreaking decision to give up their pets. Owner surrenders are rising sharply across the country as higher prices for food, grooming, and vet care stretch already thin budgets. In New York, the city’s largest animal shelter has paused intakes after hitting capacity, with “I can’t afford it” now the top reason for giving up a pet.

Americans are set to spend $157 billion on their pets this year up 62% since 2019 but the surge in costs may be signaling more than just inflation. With pet services now 42% pricier than pre-pandemic, economists are starting to view rising surrender rates as a kind of emotional recession indicator.

MARKETS

*Stock data as of market close*

  • Stocks kicked off strong Tuesday but drifted lower as the day wore on, with investors bracing for a big Fed decision and a flood of tech earnings. A brief rally followed news that the US and China will keep their trade truce talks going. But momentum faded, and the S&P 500 snapped its six-day winning streak, closing down 0.3% while the Nasdaq and Dow also dipped.

  • The US dollar climbed to a one-month high against the euro, fueled by the recent US–EU trade agreement and rising rate expectations. With earnings rolling in and the Fed’s latest move just hours away, markets are holding their breath and tomorrow’s calendar looks anything but quiet.

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STOCKS
Winners & Losers

What’s up 📈

  • Chart Industries jumped 15.82% after agreeing to be acquired by Baker Hughes for $13.6B and reporting an earnings beat. ($GTLS)

  • Amkor Technology surged 18.13% after crushing Q2 estimates on both revenue and EPS. ($AMKR)

  • Sarepta Therapeutics soared 14.21% after the FDA recommended lifting a voluntary hold on its gene therapy Elevidys, prompting upgrades from JPMorgan and Oppenheimer. ($SRPT)

  • CyberArk Software popped 13.47% after reports it’s in acquisition talks with Palo Alto Networks in a deal valued over $20B. ($CYBR)

  • Polaris gained 16.84% after beating Q2 expectations and surprising with stronger-than-expected profitability. ($PII)

  • Corning climbed 11.86% following an earnings beat and upbeat guidance tied to strong Gen AI and solar product demand. ($GLW)

  • Cadence Design Systems rose 9.74% after posting a solid Q2 earnings beat and raising full-year guidance. ($CDNS)

  • SoFi Technologies gained 6.57% after reporting its fastest revenue growth in over two years and raising its full-year outlook. ($SOFI)

What’s down 📉

  • Novo Nordisk plunged 21.83% after slashing full-year sales and profit guidance, citing weaker-than-expected U.S. demand for Wegovy. ($NVO)

  • Whirlpool tumbled 13.43% after lowering its profit forecast, slashing its dividend, and warning about tariff headwinds. ($WHR)

  • Spotify fell 11.55% after posting a Q2 loss, with higher labor costs and soft ad-supported revenue weighing on results. ($SPOT)

  • United Parcel Service (UPS) dropped 10.57% after missing EPS expectations and once again withholding revenue guidance due to macro uncertainty. ($UPS)

  • Carrier Global slid 10.61% after saying U.S. residential and light commercial sales would decline 10% in H2. ($CARR)

  • Stanley Black & Decker fell 7.20% after missing revenue estimates and issuing weak cash flow guidance. ($SWK)

  • PayPal declined 8.66% after Q3 EPS guidance disappointed investors, despite a Q2 beat and Venmo’s 20% revenue growth. ($PYPL)

  • Johnson Controls dropped 7.42% following guidance that failed to meet investor expectations. ($JCI)

  • UnitedHealth Group fell 7.46% after a disappointing 2025 outlook and rising cost concerns. ($UNH)

NEWS
Waymo Taps Avis for Dallas Robotaxi Launch in 2025 Expansion Push

Waymo is heading to Dallas. Alphabet’s self-driving unit announced it will launch a robotaxi service in the city next year, with rental car giant Avis managing the fleet. That means charging, maintenance, and depot operations for Waymo’s all-electric Jaguar I-PACE vehicles will now be handled by the folks who once handed you a rental Corolla.

A Smarter Route

This marks the first time Waymo is partnering with a rental car company for fleet operations. In other cities, it’s worked with Uber and smaller players like Moove. But Avis brings scale and ambition. Both companies said this isn’t a one-city fling. They plan to roll out the partnership in more markets as Waymo continues expanding its footprint.

Robotaxis Rolling In: Waymo’s been mapping Dallas for months and already has safety-operator-backed cars testing on public streets. Eventually, the company will remove the humans and go fully autonomous. While there’s no official launch date, Waymo plans to scale up to hundreds of vehicles in Dallas alone. The company already operates in five cities and has its eyes on Washington, D.C. and Miami next.

Uber Left at the Curb

One loser in all this? Uber. The ride-hailing giant is Waymo’s current partner in Austin, Phoenix, and Atlanta. But this Avis deal signals Waymo wants more independence and potentially fewer handoffs to third-party platforms. Investors took note: Uber stock dipped nearly 4 percent on the news.

The Road Ahead: Waymo is pulling ahead in the robotaxi race, completing over 250,000 paid rides weekly. With rivals like Tesla, Zoox, and Wayve still stuck in testing mode, Waymo’s focus is shifting from cool tech to real infrastructure. That includes partnerships with companies like Avis who know how to keep fleets running and customers moving.

NEWS
Market Movements

MERGER
Union Pacific to Acquire Norfolk Southern in $85 Billion Rail Megamerger

Union Pacific is buying Norfolk Southern in an $85 billion megamerger that would create the first coast-to-coast freight rail network in the United States. The new company would control more than 50,000 miles of track across 43 states, linking the East and West without the bottleneck of transferring cargo in Chicago. CEO Jim Vena, who will lead the combined railroad, says the goal is simple: cut transit times by one to two days and run the most efficient railroad in North America.

Wall Street Unimpressed

Despite the historic scope, investors weren’t feeling it. Norfolk Southern fell 3.04 percent while Union Pacific dropped 2.39 percent. The deal values Norfolk shares at $320, but they’re trading roughly $35 below that - suggesting investors are wary about the 22-month timeline and regulatory risks. Rail mergers are rare and face heavy scrutiny from the Surface Transportation Board, which has only approved one Class 1 deal in the past two decades.

Union Pushback and Monopoly Fears

Labor unions are already sounding alarms. The SMART Transportation Division, the largest rail union, criticized Union Pacific’s labor and safety record. Meanwhile, regulators may worry that the merger would hand nearly 40 percent of US freight rail traffic to one operator. If a second megamerger between BNSF and CSX ever materializes, two companies could dominate 90 percent of the market.

Trains vs Trucks: Behind the deal is a strategy to claw freight back from the trucking industry. Norfolk Southern’s CEO said the sector has lost market share for years, and a true transcontinental service could reverse that trend. Executives project $1.75 billion in added revenue and $1 billion in cost savings within three years, pushing free cash flow from $7.3 billion to $12 billion by 2029. But none of that matters unless the STB gives the green light.

Zooming Out: Rail consolidation is nothing new. There were 30 major freight operators in the 1980s. Now there are six. If this goes through, there may soon be five and potentially fewer if more tie-ups follow. Monopoly jokes aside, one thing is clear: American freight is on track for one of its biggest shakeups in decades.

CALENDAR
On The Horizon

Tomorrow

A wave of data is headed for Wall Street, with ADP jobs, GDP, and home sales all due tomorrow - but the spotlight belongs to the Fed. Rates are expected to stay steady, but Jerome Powell’s press conference could shake things up. Meanwhile, President Trump may offer his own running commentary from outside the Eccles Building.

Microsoft and Meta headline a massive earnings day, joined by Qualcomm, ARM, Ford, Hershey, ADP, Altria, UBS, and more. With market volatility rising and investors hungry for direction, this week’s results could set the tone for August.

After the close:

  • Robinhood reports after the close, and expectations are sky high. The stock is up over 400% in the past year, but some analysts worry the hype may be outrunning fundamentals. With Schwab and Interactive Brokers just logging blowout quarters, traders will be watching to see if Robinhood can ride the same retail momentum.

NEWS
The Daily Rundown

  • 🔫 Midtown Manhattan Office Shooting Kills Four: Four people, including off‑duty NYPD officer Didarul Islam, were killed in a mass shooting at the office building housing the NFL and Blackstone on Park Avenue. The gunman, identified as 27-year-old Shane Tamura of Las Vegas, opened fire with an M4 rifle before dying by suicide. His rambling note blamed the NFL for perceived CTE-related brain damage from his high school football days. An NFL employee was critically injured but survived, and authorities continue their investigation.

  • ✈️ Spirit Airlines to Furlough 270 Pilots: Spirit Airlines announced plans to furlough 270 pilots on November 1 and demote 140 captains to first officers on October 1. The moves are part of broader flight schedule reductions aimed at cutting costs post-bankruptcy. The airline cited lower passenger demand and the need to better align crew levels with its route network. Additional route suspensions and frequency cuts are planned in the fall.

  • ⚖️ Judge Blocks Planned Parenthood Medicaid Cuts: A federal judge blocked a Trump administration provision that would have cut Medicaid reimbursements to Planned Parenthood nationwide. The ruling prevents enforcement of a provision in the new tax and spending bill targeting abortion-linked providers. Judge Indira Talwani ruled the legislation likely violates equal protection and constitutional clauses against singling out organizations. Planned Parenthood clinics will continue receiving funding while the lawsuit proceeds.

  • 🏈 Deion Sanders Declared Cancer-Free: University of Colorado coach Deion "Coach Prime" Sanders revealed he was diagnosed with high-risk bladder cancer and underwent bladder removal surgery followed by reconstruction. His oncologist confirmed Sanders is now cancer-free, and he will coach the Buffaloes this season as planned. Sanders made the announcement publicly, flanked by his medical team. Support poured in across college football as fans celebrated his recovery.

  • 🎬 Wizard of Oz Reimagined at Sphere Las Vegas: Starting late August, the Las Vegas Sphere will premiere an immersive, AI-enhanced version of the 1939 Wizard of Oz on its 16‑K LED wraparound screen. A massive team of technologists, historians, and artists used AI to restore and expand the original film footage. The presentation includes never-before-seen visual details and transforms poppy fields and Emerald City into multi-dimensional experiences. It’s the first classic Hollywood feature showcased in such immersive scale.

  • 🧒 UK Kids Bypass Age Checks with VPNs: Britain’s new Online Safety Act, meant to restrict minors from accessing explicit or harmful online content, sparked a VPN surge over the weekend. Proton VPN saw an 1800% spike in UK signups, becoming the country’s top free app. Critics argue the new age-verification system risks user privacy and could censor educational content, while creative teens have even used video game characters to trick ID scanners. The UK joins other countries in pushing for stricter age checks online.

  • 🎥 Warner Bros. and Discovery Break Up: Warner Bros. Discovery unveiled its post-split structure: the studio and streaming businesses will operate as Warner Bros., while the cable TV arm will become Discovery Global. CEO David Zaslav will lead Warner Bros., and current CFO Gunnar Wiedenfels will run Discovery Global. The split reverses the $43 billion merger that formed WBD in 2022. The transaction is expected to finalize by mid-2026.

  • 👶 China Offers Cash to Boost Births: China will now pay families $500 per year per child until age three to combat its plummeting birth rate, which fell to 1.01 children per woman. Some local governments offer much more—up to $14,000 per baby in Inner Mongolia. The US has floated similar ideas, including a $1,000 investment account per baby under a new tax bill. Experts say financial incentives alone have limited impact on birthrates compared to parental leave and childcare access.

  • 🏠 Home Flippers Drive Housing Market Activity: Investors—especially smaller ones—now account for 30% of US home purchases, the highest share since tracking began. Unlike institutional giants, these small-scale flippers can move quickly and capitalize on discounts from overstocked builders. But overall home sales are sluggish, with Q2 marking the weakest spring season since 2012. Elevated mortgage rates and sky-high prices are keeping traditional buyers sidelined.

  • ⚾ Hall of Famer Ryne Sandberg Dies at 65: MLB legend Ryne Sandberg, the iconic Chicago Cubs second baseman known as "Ryno," died at age 65 following a battle with metastatic prostate cancer. Sandberg was a 10-time All-Star, 9-time Gold Glove winner, and 1984 NL MVP, finishing his career with 282 home runs and a .285 average. His #23 jersey is retired by the Cubs, and a statue was erected at Wrigley Field in 2024. Prostate cancer affects 1 in 8 men and accounts for over 15% of new male cancer cases.

  • 🧬 Genes Linked to Stuttering Identified in Massive Study: A new study identified 48 genes linked to developmental stuttering using data from 99,776 23andMe users who reported stuttering. The findings suggest genetic overlap with autism, ADHD, asthma, and depression. One top gene, VRK2, is also linked to beat synchronization. Researchers hope this breakthrough reduces stigma and improves early identification of speech disorders.

  • 🥋 Shaolin Temple’s ‘CEO Monk’ Defrocked Amid Scandal: Shi Yongxin, the high-profile abbot of the Shaolin Temple, was removed from his position and is under investigation for alleged embezzlement, affairs, and fathering a child. Known for transforming the 1,500-year-old kung fu temple into a global commercial brand, Yongxin had previously faced similar accusations in 2015, which were dropped. The new probe reignites debate over commercialization of Buddhism in China.

  • 🌍 Google Updates Earthquake Warning System After Miss in Turkey: Google revised its Android earthquake alert system after it failed to notify up to 10 million people ahead of the deadly 2023 Turkey quake. The system, which uses data from over 2 billion phones to detect seismic activity via accelerometers, is being upgraded for accuracy.

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