Stocks limped to the finish with a 5 point loss and closed at 21,408, whereas crude oil increased to $44.40 . In anticipation of “Prime Day” (which is actually a little bit more than a day, starting at 6pm tonight and going all day tomorrow) Amazon continued to rebound from their minor correction whereas the retail stores struggled to stop the downward slide. The Amazon effect has prompted the creation of a new ETF that shorts the “bricks and mortar” stores and buys companies that benefit from online sales. In other bear news, Snapchat fell below their IPO price for the first time, closing the day at $16.99.
Apollo Global has stepped into the golf market with the purchase of Club Car Corp for $1.1B. Shareholders will receive $17.12 per share, which is about a 31% increase from the Friday close price. Apollo acquires ownership of more than 200 private golf clubs, country clubs, and non-golf private social clubs, including Firestone Golf Club which routinely hosts a World Golf Championship, and is famous for the shot that Tiger Woods hit to one foot from the hole in the pitch dark to win the championship. This will be interesting as Apollo joins the likes of former Microsofter and local, Scott Oki, as a non-traditional golf entity that will attempt to “Master” the industry. Last October, Oki sold the ten area golf courses he owned to the now troubled Chinese hospitality company HNA Group.
Wells Fargo has received approval for a $142 million settlement for its class action lawsuits. This comes after already agreeing to pay $185 million to regulators for their violations.
Lastly, Congress is under pressure to pass a new healthcare bill before the August recess begins in three weeks. The GOP is threatening its own with the possibility of bi-partisanship – fascinating that members of Congress think that working together is the last resort.