>>> US After Hours Summary: FLUT +9.2%, MRCY +8.8%, XP +7.2%, INTA +6.1% higher

After Hours Summary: FLUT +9.2%, MRCY +8.8%, XP +7.2%, INTA +6.1% higher on earnings; GOOG -1.1% on Bloomberg report that DOJ considers breaking up Google following court ruling

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: SERV +11.3%, GRAL +10.5%, FLUT +9.2% (also does not plan to match rival DKNG, which plans to introduce a player surcharge in high-tax states, according to Bloomberg), MRCY +8.8%, XP +7.2%, INTA +6.1%, SVM +5.8%, CAE +4.5%, SLDB +4.3%, NU +3.7%, FATE +3%, NATL +2.1%

Companies trading higher in after hours in reaction to news: NAVI +8.2% (to sell equity interests in Xtend Healthcare for $365 mln), FIX +3.1% (increases share buyback authorization to 1 mln shares), ALL +1.3% (to sell American Heritage units to StanCorp for $2 bln in cash), USFD +1.2% (to repurchase $221 mln of its shares owned by a fund), LUV +1.1% (Elliott Mgmt to launch proxy fight, according to WSJ), SLRN +0.8% (announces phase 3 data for Izokibep; focuses strategy on Lonigutamab), LYFT +0.6% (CEO bought 51,815 shares), CC +0.1% (opens battery innovation center to accelerate evolution of EV batteries)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: OUST -17%, IBTA -7.7% (also announces partnership with Instacart), NPCE -3.8%, USPH -3.7%

Companies trading lower in after hours in reaction to news: RNA -4.4% ($250 mln stock offering), ACHR -2.2% (files for 49,283,582 share offering by selling shareholders), DKNG -2.1% (rival FLUT says it does not plan to match DKNG, which plans to introduce a player surcharge in high-tax states, according to Bloomberg), GOOG -1.1% (DOJ considers breaking up Google following court ruling, according to Bloomberg), CART -0.5% (strategic partnership with Ibotta), GM -0.5% (AG of Texas suing co for collecting drivers' data and selling it), BA -0.1% (NASA to provide update on evaluation of spacecraft's readiness)

>>> Miller Value Partners (Bill Miller) discloses updated portfolio positions in

Miller Value Partners (Bill Miller) discloses updated portfolio positions in 13F filing: New UNFI BBW positions
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • New positions in: UNFI (0.2 mln shares), BBW (70K)
  • Increased positions in: GTN (to 0.8 mln shares from 0.5 mln shares), LNC (to 0.3 mln from 0.2 mln), UGI (to 0.24 mln from 0.17 mln), NBR (to 104K from 70K), CNDT (to 0.75 mln from 0.72 mln), CHRD (to 45K from 35K)
  • Closed positions in: GEO (from 145K shares)
  • Decreased positions in: GCI (to 1.5 mln shares from 2.5 mln shares), TPC (to 87K from 215K), PBI (to 31K from 41K), JXN (to 146K from 153K), AXL (to 192K from 198K), OMF (to 149K from 153K)

>>> Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F fi

Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New WSC SOLV CPRI HUM VRSN positions, Exited ATUS WBD SOUN
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • New positions in: WSC (2.47 mln shares), SOLV (1.82 mln), CPRI (1 mln), HUM (0.42 mln), VRSN (0.11 mln)
  • Increased positions in: CLVT (to 38.93 mln shares from 30.6 mln shares), HLF (to 5.12 mln from 2.24 mln), FTRE (to 3.14 mln from 0.3 mln), GDS (to 4.25 mln from 2.6 mln), CRH (to 4.23 mln from 2.71 mln), WCC (to 0.8 mln from 0.21 mln), JAZZ (to 1.27 mln from 0.83 mln), WTW (to 1.65 mln from 1.56 mln), EXP (to 0.34 mln from 0.26 mln)
  • Maintained positions in: LBTYK (42.31 mln shares)
  • Closed positions in: ATUS (from 4.77 mln shares), WBD (from 3.71 mln), SOUN (from 1.13 mln)
  • Decreased positions in: LSXMK (to 1.06 mln shares from 4.35 mln shares), TBPH (to 4.2 mln from 6.59 mln), LSXMA (to 0.6 mln from 2.68 mln), FIS (to 3.51 mln from 5.58 mln), GOOG (to 1.07 mln from 2.96 mln), VSAT (to 13.76 mln from 15.03 mln)

>>> US Close Dow +1.04% S&P +1.68% Nasdaq +2.43% Russell +1.61%

Closing Stock Market Summary
The stock market rallied today, leaving all the major indices higher by at least 1.0%.

Advancers led decliners by a 4-to-1 margin at the NYSE and by a nearly 3-to-1 margin at the Nasdaq. The positive bias followed pleasing Producer Price Index data for July.

Total PPI jumped 0.1% month-over-month in July (Briefing.com consensus 0.1%) while core PPI, which excludes food and energy, was flat (Briefing.com consensus 0.2%). The monthly figures left total PPI up 2.2% year-over-year, versus 2.7% in June, and core PPI up 2.4%, versus 2.9% in June.

The welcome disinflation in the report contributed to optimism around the Fed's rate cut path, which sent yields lower and boosted equities. The upside bias may continue tomorrow if the release of the July Consumer Price Index at 8:30 ET corroborates the market's view.

Treasury yields were already lower following some weak new loan data out of China and some weak economic sentiment data out of the eurozone and dropped further in response to the PPI data. The 10-yr note yield fell six basis points to 3.85% and the 2-yr note yield, which is most sensitive to changes in the fed funds rate, dropped eight basis points to 3.94%.

With today's move higher, the S&P 500 closed above 5,400 for the first time since August 1, just before the jobs report that precipitated last Monday's sharp selloff. Just about everything participated in upside moves, leaving ten of the 11 S&P 500 sectors higher.

The heavily-weighted information technology (+3.0%), consumer discretionary (+2.4%), communication services (+1.5%), and health care (+1.2%) sectors led the pack. Meanwhile, the energy sector logged a 1.0% decline amid falling commodity prices. WTI crude oil futures settled 1.9% lower at $78.37/bbl and natural gas futures settled 1.4% lower at $2.16/mmbtu.
Dow component Home Depot (HD 350.07, +4.26, +1.2%) closed with a solid gain after trading down as much as 1.9% in response to below-consensus guidance.

Fellow discretionary-related name Starbucks (SBUX 95.90, +18.87, +24.5%) was the biggest advancer in the S&P 500, surging on the news that CEO Laxman Narasimhan has stepped down and will be replaced by Chipotle (CMG 51.68, -4.19, -7.5%) CEO Brian Niccol.

  • Nasdaq Composite:+14.5% YTD
  • S&P 500: +13.9% YTD
  • S&P Midcap 400: +6.2% YTD
  • Dow Jones Industrial Average: +5.5% YTD
  • Russell 2000: +3.4% YTD

Reviewing today's economic data:
  • July NFIB Small Business Optimism 93.7; Prior 91.5
  • July Core PPI 0.0% (consensus 0.2%); Prior was revised to 0.3% from 0.4%, July PPI 0.1% (consensus 0.1%); Prior 0.2%
    • The key takeaway from the report is the disinflation trend in total and core PPI, as that is moving in a necessary direction to drive a rate cut by the Fed.

Wednesday's economic lineup features:
  • 7:00 ET: Weekly MBA Mortgage Index (prior 6.9%)
  • 8:30 ET: July CPI (consensus 0.2%; prior -0.1%) and Core CPI (consensus 0.2%; prior 0.1%)
  • 10:30 ET: Weekly crude oil inventories (prior -3.73 mln)

WWD : ‘Emily in Paris’ Returns for a Season of Revenge Style

‘Emily in Paris’ Returns for a Season of Revenge Style
Revenge is a dish best served wearing Miu Miu, Harris Reed’s Nina Ricci, Philosophy Di Lorenzo Serafini and Jacquemus, according to costume designer Marylin Fitoussi.

LONDON — Princess Diana paved the way for revenge dressing in 1994 — now 30 years later, Lily Collins as Emily Cooper in “Emily in Paris” is following the same path.

Costume designer Marylin Fitoussi is calling season four of the Netflix series the revenge-style season.
Emily is stepping into new territories this season — part one airs Thursday — with salutes to fashion’s greatest: Twiggy, Biba, the Swinging ’60s, Audrey Hepburn, Françoise Hardy, Truman Capote’s Black and White Ball and more.

Fitoussi has been begging the show’s creator Darren Star to put on a ball since season one as “it’s very much part of the French DNA,” she said in an interview, wearing a vintage Saint Laurent chiffon shirt printed with red lips and a black head-wrap. (It’s hard to tell if she’s channeling Elsa Schiaparelli or a clairvoyant with a taste for the finer things in life.)


Emily Cooper in “Emily in Paris” takes on Truman Capote’s Black and White Ball in a Harris Reed for Nina Ricci creation.
When a masquerade ball was mentioned in the script, she quickly jumped to suggest Capote’s famous ball from 1966 that took place at The Plaza hotel in New York City as a reference.

The costume designer contacted Nina Ricci’s British American creative director Harris Reed for the occasion. He designed three outfits and Fitoussi together with Collins decided on a thick striped black and white jumpsuit with an attachable ball skirt that also paid tribute to Audrey Hepburn in “My Fair Lady.”

The English American actor has a resemblance to Hepburn with her small features and
distinct dark eyebrows.
When Emily goes skiing in one of the episodes, Fitoussi had the idea to recreate Hepburn’s famous winter look in the 1963 film “Charade,” where she’s wrapped up in fur with a pair of oversize Pierre Marly sunglasses, which are now on display at the Musée de la Lunette in Morez, France.

Emily Cooper wearing Miu Miu in “Emily in Paris.”
STEPHANIE BRANCHU/NETFLIX

The costume designer was able to obtain the original sunglasses worn by Hepburn.

“When Lily tried them on, we were crying, shouting and having goosebumps. Every season we have a tribute to Audrey Hepburn, it’s part of the game now,” said Fitoussi, adding that Pierre Marly Opticien reproduced the sunglasses for the series and that she used faux fur for the scene.

As Emily steps into more of a French sartorial state of mind in season four, that’s not to say she’s parting ways with her bright and printclashing wardrobe — those pieces are very much still there, and she’s wearing them to the office rather than on the cobbled streets of Paris.

“Emily is much more elevated, but she’s still unapologetic and a fish out of water. She’s showing the [true hidden gems] in her closet now,” said Fitoussi, revealing that her closet this season includes Philosophy Di Lorenzo Serafini, Jacquemus, Marni, Ozias, Miu Miu, La DoubleJ, Boss and more.
Emily Cooper wearing Philosophy Di Lorenzo Serafini and Jacquemus in “Emily in Paris.”
COURTESY OF NETFLIX

Emily’s best friend in Paris, Mindy Chen, played by Ashley Park, has taken not just a page out of her friend’s sartorial library, but perhaps an entire volume.

She wears an eccentric selection of pieces: a graffitied Philipp Plein miniskirt and cropped blazer embellished with diamantes styled with pink sailor hats; a turquoise Magda Butrym jumpsuit printed with pink roses worn with a matching fluffy hat; a vintage Thierry Mugler cobalt blue dress from 1996 accessorized with an Andrew Gn belt made of an assortment of blue stones, and a mini Germanier hobo bag decorated in sequins and beads in different shades of blue and more.

“Fashion is here to be enjoyed and fashion is fun. [Park] has the most beautiful legs that I’ve ever seen and she’s so confident, that you can dress her in sequins and choking items at 10 a.m. She doesn’t question anything [we put on her],” Fitoussi explained.

Mindy Chen wearing Magda Butrym in “Emily in Paris.”
COURTESY OF NETFLIX

The only time she’s ever gotten pushback is when she put Park in a plain white T-shirt for a music rehearsal scene.
Park told Fitoussi that she “’didn’t wake up to wear a plain T-shirt. I want something with treasures,’” she recalled.
As Emily’s sense of style matures, her counterparts are also tapping into new sides of their characters.

According to Fitoussi, Philippine Leroy-Beaulieu’s sharp and witty character, Sylvie, discovers a secret style to herself in part two of the series, which airs on Sept. 12.

Philippine Leroy-Beaulieu as Sylvie in “Emily in Paris.
STEPHANIE BRANCHU/NETFLIX

In Paris, her style speaks more to brands such as Saint Laurent, Charlotte Chesnais and Tod’s, but in Rome, even Sylvie gets flamboyant by dabbling in Emilio Pucci and Gucci.

Fitoussi feels strongly about Leroy-Beaulieu and her on screen character. “A dress is nothing without the woman who is living in it. Beautiful clothes can stay as beautiful clothes if you have the energy, the power and the sexiness to wear it. She owns the clothes she wears,” she said.

She shares that Leroy-Beaulieu often arrives at fittings on a bicycle with a helmet in hand wearing a white T-shirt from the French brand Majestic Filatures, but within five minutes she’s in stiletto heels “walking like a goddess. She blows my mind by how easily she can switch from a character to another one.”


Fitoussi is as involved in the main character’s wardrobes as she is with those in a supporting role.
Bruno Gouery as Luc in “Emily in Paris.”
COURTESY OF NETFLIX
This season all of the tailored outfits for Samuel Arnold’s coworker role as Julian were by Walter Van Beirendonck. The Belgian fashion designer loaned out many pieces from his own personal archive for the series.

Even the actor Bruno Gouery, who plays the role of Luc, the quirky office coworker, has started getting interested in what his character wears, whereas before he was indifferent to fashion, Fitoussi said.

The cravat has become Luc’s signature accessory to go with his softly textured officewear and three piece suits.
“He even asks for [style] advice for his own personal life now,” Fitoussi said.

Emily, Luc, Julien and Sylvie in “Emily in Paris.”
COURTESY OF NETFLIX

The costume designer admits that dressing Lucas Bravo’s chef character Gabriel is a bit trickier because “he’s so beautiful, but we need him to stay as the guy next door.”

She said she fears dressing him in designer pieces will just make him look like a model, so instead she puts him in French brands that are focused on minimalism and sustainability.

Fitoussi is not short of fashion on the show. She wants to use her platform to represent designers from every corner of the world.

This season she’s sourced from Korean designer Christopher Raxxy; Vietnamese brand Sixdo; Indian designers Manish Arora and Gaurav Gupta; Moldovan designer Fidan Novruzova and more.
“Emily in Paris” costume designer Marylin Fitoussi.
Florent Leroux

“If we get a season five, I want an even larger circle of designers. I’m still missing designers from Mexico, Chile and Peru. It’s a privilege to give these young designers a place for their work because it triggers their careers,” Fitoussi said.

Born in the South of France, the costume designer knew the profession she wanted to go into from the age of 12, when her family got their first television.

“Every New Year’s Eve, the French channels would televise a show from the Moulin Rouge with these beautiful creatures almost naked with sequins, feathers, giant earrings and jewels. I said, ‘I want to live in this world, not here, but there where those creatures belong,’” Fitoussi remembers.