Don't push that button

MARKETS

• Milestones: Amazon's market cap briefly hit $900 billion for the first time Wednesday. It's closing in on current market value leader Apple, worth $935 billion. Who's going to get to $1 trillion first?
• U.S. economy: The Fed's latest beige book update showed most regions of the U.S. are reporting modest economic growth this summer. That said, tariffs and trade tensions remain a concern.

ENERGY

U Bet Uranium This Could Mean Tariffs

Before you read this, please locate your nearest eye wash station. It's time to step into the lab with the Brew.

Today's topic? Uranium

You may not have given the element much thought since chem class, but it's time to reconsider. Why's that? The U.S. Commerce Department is investigating the possibility that uranium imports pose a national security threat.

But because you asked, some uranium fast-facts:

• Uranium is a chemical element that fuels nuclear power.
• One kilogram of uranium can produce as much energy as 1,500 tons of coal.
• The U.S. only produces about 5% of the uranium it needs for military and nuclear infrastructure, down from 49% in 1987.

That last one means the U.S. is importing a whole lot of uranium, leaving it dependent on other countries for a resource that powers reactors supplying 20% of our electrical grid...not to mention important national security equipment like Navy submarines and aircraft carriers.

So here's the deal: If the Commerce Department labels uranium imports a possible threat, it could mean the Trump administration will consider tariffs on foreign producers.

Which foreign producers are we talking about?

Well, Canada is the biggest source for U.S. uranium imports, followed by Kazakhstan, Australia, Russia, and Uzbekistan.

Commerce Secretary Wilbur Ross is using a nifty little trade law called Section 232 to investigate uranium imports. Does 232 sound familiar? It's the same law the Trump administration used to slap tariffs on steel and aluminum imports earlier this year.

So let's say the U.S. decides to impose uranium tariffs. What happens?

• Pro: With tariffs, the U.S. should start producing more uranium domestically. That way, it'll become less dependent on (sometimes unpredictable) foreign producers to power our country.
• Con: Nuclear power plants may experience price hikes when many are already struggling to keep the lights on. That could be especially tough for plants already competing with cheap natural gas and renewable energy.

Ball's in your court, Wilbur.

TECH

The EU Sends Google to Time-Out

There are good cops and bad cops...and then there's EU antitrust chief Margrethe Vestager. Her European Commission fined Google a record $5 billion for anti-competitive behavior.

What's the crime?

• The EU is accusing Google of leveraging its stranglehold of the market (over 80% of smartphones run on Google's Android OS) to essentially force smartphone manufacturers to preload Google's browser and search engine on their phones...while leaving competitors squeezed out.
• That means more usage of Google's apps, driving crucial advertising revenue (eMarketer predicts it'll bring in $60 billion from mobile ads this year).

Here's Google's take:

• CEO Sundar Pichai: "The decision ignores the fact that Android phones compete with iOS phones..." and Android's "created more choice for everyone, not less."
• Google has 90 days to change its behavior. You can bet it's appealing the ruling.

Zoom out: The EU's trust-busting unit is serious about reining in U.S. tech. Here are some recent fines, per Statista.

RETAIL

Talk About Prime Time

More than 100 million products sold worldwide during Amazon's 36-hour shopping bonanza, which earned the new title as the site's best sales event ever. The product that sold the most globally? Amazon's Fire TV Stick.

But here's what got us: Turns out Prime Day's just as much about avoiding a trip to the corner bodega as it is about snagging a deal on a high-tech Alexa device.

Excluding Amazon products, these are the (pretty mundane) top-sellers in a handful of countries.

• U.S.: Instant Pot 6 Qt 7-in-1 Multi Use; 23andMe DNA Test; LifeStraw Personal Water Filter
• Japan: Top Super Nanox Liquid Laundry Detergent + Extra Large Refill; SAVAS Whey Protein 100 cocoa flavor 1050g
• Italy: Finish Dishwasher Tabs All in 1 Max; Braun Multi-grooming Kit Precision Trimmer 9-in-1 for beard Styling; Hoover Rechargeable Broom 2-in-1 Freedom
• Australia (which participated in Prime Day for the first time this year): PlayStation 4 Pro 1TB Console with Bonus Fortnite Content; FIFA 18 for PlayStation 4; Philips Hue lightbulbs

BANKS

Big Bank Earnings: Who’s Top Dog?

Put a fork in big bank earnings, 'cause they're done.

Morgan Stanley (+2.81%) anchored the relay by notching $10.6 billion in Q2 revenue, topping estimates. Plus, earnings grew 39% annually.

• Sign of the times: The last time MS reported two-straight quarters of $10 billion-plus revenue was in 2007, just before the financial crisis.

Now that Christmas in July is over, who won and who lost?

• Winner: Goldman Sachs beat forecasts across the board, and all four of its main business units reported double-digit revenue gains. Goldman also capped its strongest first-half to a year since 2009.
• Loser: Yikes, Wells Fargo. The Fed's mandate to limit Wells from growing weighed heavily—deposits dropped 2% and loans dropped 1% annually. It also took 65 cents to generate every dollar of revenue...no other big U.S. bank topped 60 cents.

Zoom out: Geopolitical tensions and trade wars? No biggie. Bank earnings showed Wall Street isn't sweating global jitters and signaled this economic train is chugging along.

ENTERTAINMENT

Your Guide to Comic-Con 2018

We hope you've strapped on your Spidey Suit, because Comic-Con, the annual pop-culture blowout, is starting today in San Diego.

Here's who and what the 130,000+ attendees can hope to see this year:

Not these three: Jon Snow, Chewbacca, or Tony Stark. Yep, heavy-hitters like HBO, Lucasfilm, and Marvel Studios are taking this year off. So with the spotlight up for grabs...

...can Warner Bros. take advantage? It's featuring the upcoming DC Films picture "Aquaman" and the sequels to "Wonder Woman" and Harry Potter-spinoff "Fantastic Beasts." Time to regroup after last year's "Justice League" disappointment.

But that's not all...

• The long-running "Doctor Who" will show off its first female doctor.
• The TV streaming wars between Amazon, Netflix, and Hulu will be on full display. Amazon, especially, is introducing a major new slate of shows.

The backdrop to all of this: A rapidly changing media + entertainment industry. AT&T just acquired HBO owner Time Warner, Disney/Comcast are battling for Fox assets, CBS/Viacom are flirting, and more chips could fall...

SPORTS

Super Teams

WHAT ELSE IS BREWING

• Netflix (-1.15%) is creating a comedy channel on Sirius XM.
• Wendy's (+1.95%) and Papa John's (+4.00%) were in early merger talks before the pizza chain's chairman John Schnatter resigned last week, per CNBC.
• Berkshire Hathaway Class A shares gained 5.1% after it loosened stock buyback rules for Warren Buffett.
• IBM (+2.02% after hours) beat earnings, and for the first time ever, brought in more than 50% of its revenue from its new focus areas, like analytics and cloud.

BREAKROOM

GAMES WE'RE PLAYING
Monikers—One of our favorite party games. And it couldn't be simpler: You try to get your friends to guess the name on your card. In the first round, say anything you want. Second round, you're restricted to one word. In the third? Find out for yourself.

BRAIN TEASER
What three-digit number when doubled is, by value, one more than the value of the same three digits when reversed?

(Answer located at bottom of newsletter)

Breakroom Answers

Bonus Question
Buffalo Bills, Cincinnati Bengals, Detroit Lions