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Tamra Judge is reinventing herself once again!

Nestle Shares Plunge Most Since Dot-Com Bust As Weak Volume Shatters High Hopes Of Turnaround

Nestlé shares in Switzerland tumbled the most in 24 years after North American sales volumes unexpectedly contracted, undercutting investor confidence in CEO Philipp Navratil's turnaround efforts.

Organic sales rose a better-than-expected 3.7% in the second quarter, but real internal growth in North America fell 0.6%, while an infant formula recall and the Gulf conflict weighed on operations.

"Given the rally, we don't think the real internal growth print is quite good enough and expect some profit taking," Barclays analyst Warren Ackerman said in a note.

Ackerman said, "NESN's turnaround is a work in progress, and expectations were too elevated, which explains the steepest fall in the shares since 2020."

If the 7.2% decline holds through the European close, it would mark Nestlé's steepest one-day loss since July 22, 2002, according to Bloomberg data.

Shares peaked around 127 euros in late 2021 and have since fallen 44% into a 4.5-year bear market. Any upside momentum seen this year has stalled - for now - as hopes of a turnaround dim. 

Ackerman added, "Coffee and Petcare remained strong, but were not sufficient to offset weakness elsewhere."

Here's what other institutional desks are saying (courtsey of Bloomberg):

Citi (neutral)

• Cedric Besnard doesn't expect changes to consensus expectations on the back of the print "as the end of the sequential H2 margin acceleration narrative is actually aligned with current expectations"
• "Especially after a relatively strong share price performance recently, we would not expect a re-rating," Besnard writes

Vontobel (buy)

• "Nestle is showing clear execution on the key priorities, marking a meaningful milestone in this new strategic roadmap," Jean-Philippe Bertschy writes
• Adds accelerating RIG, cost savings and improving cash generation are particularly reassuring given higher advertising and marketing spend

Nestlé also agreed to sell half of its Perrier and S.Pellegrino water business to Platinum Equity for 3 billion euros in cash, creating a 50-50 venture valued at 4.9 billion euros. The deal advances Navratil's plan to shed underperforming assets and refocus the company heavily on coffee, pet care, nutrition, food and snacks.

Navratil is pulling every lever to stabilize the sinking ship, and the strategy appears to be working.

As CFO Anna Manz told investors on an earnings call earlier today: "You see us manage, as we have in the first half, any elements that come our way quite consistently, and that's why we're maintaining our margin guidance today."

Tyler Durden Thu, 07/23/2026 - 07:45

Hunter Biden has furiously called CNN's Jake Tapper a "complete and utter a--hole" who is "full of f--king s--t."

The sight of Cole and Fried going back-to-back was a reminder of the Yankees’ championship aspirations.

Talking to The Economist, Musk said he doesn't care if people hate him and said he was not a racist.

The alleged pot-head has been smoking cigarettes and weed at all hours of the day and night, and burning up his Kips Bay neighbors’ patience, according to an explosive new Manhattan Supreme Court lawsuit.

Sheridan, notably, was not in the writers' room for Season 1 of the "Yellowstone" spinoff. He served as the show's executive producer.

Sheridan, notably, was not in the writers' room for Season 1 of the "Yellowstone" spinoff. He served as the show's executive producer.

RBC Commodities Chief Warns "War Entering Dangerous Phase" As Chokepoint Chaos Risks Oil Above 2008 Peak

Brent crude futures rose nearly 5% to the mid-$98-a-barrel range after tanker attacks near the Bab el-Mandeb Strait threatened another critical maritime chokepoint as the Strait of Hormuz remained partially disrupted. Tankers are again turning away from the southern Red Sea, reversing a recovery in traffic following the 2023 disruptions.

On Wednesday night, we reported that Houthi militants targeted two Saudi Arabian tankers in the Red Sea, escalating the Gulf area conflict and threatening deeper energy supply disruptions - which spiked Brent above $95 in post-settlement trading.

Here we go again:

Murban futures surged to as much as $112.56 a barrel, a rise of 26% from Wednesday. The rise was much more than other benchmarks including Brent and WTI.

— zerohedge (@zerohedge) July 23, 2026

Iran's key proxy in Yemen, the Houthis, pose a direct threat to regional energy flows, while Saudi Arabia signaled it will respond forcefully to any attacks on its tankers or land-based energy assets. By early Thursday, the added war risk premium sent Brent crude to $98.70.

Helima Croft, head of global commodity strategy at RBC Capital Markets, warned clients earlier today that "war enters a dangerous phase with the Red Sea and critical infrastructure at risk."

Croft continued:

While Brent prices have risen over 30% since July 1, we still see them as a lagging indicator of the extreme pressure building in the region. Given the dangerous escalation currently unfolding, we remain of the view that oil prices could potentially take out the Russia/Ukraine oil price highs of $128/bbl in 2022 or even the 2008 peak of $146/bbl, especially in the worst-case scenario of a full regional war.

The Houthi entry into the conflict has the potential to expand the war's supply losses by reducing the effectiveness of the East-West pipeline offset route. With the Houthis indicating that they targeted two Saudi tankers in the Red Sea, we think a sustained deployment of force would cause a material reduction in total Red Sea oil flows. It could also shift the sentiment of "the market always finds a workaround" camp.

On Monday, Goldman commodities expert Daan Struyven warned that Brent crude futures could surge above $120 a barrel by the fourth quarter if disruptions in the Hormuz maritime chokepoint persist. He noted, however, that such an outcome is not his base case.

The big risk now is that the Hormuz disruption is unfolding after global oil buffers have already been depleted, with Cushing inventories reportedly near "tank bottoms." This leaves the market with limited spare capacity to absorb a prolonged supply shock and will likely increase pressure on the Trump administration to revive diplomacy once the US military has sufficiently degraded Tehran's missile and drone capabilities used to threaten commercial shipping through the strait.

The US national average for regular gasoline breached $4 a gallon on Monday, intensifying pressure on the Trump administration to pursue Gulf diplomacy.

Gas prices may go higher...

Saudi Arabia has offset some disruption from the Strait of Hormuz closure by rerouting crude through its 7 million-barrel-a-day East-West pipeline. However, if Bab el-Mandeb becomes impassable, Asia-bound tankers would be forced around the Cape of Good Hope, raising freight costs, delaying deliveries by weeks, and further tightening the physical market.

Simultaneous disruption would therefore put roughly one-fifth of global oil supply directly at risk through Hormuz, while disrupting or delaying as much as another 8 million to 9 million barrels a day that normally transits the Bab el-Mandeb chokepoint.

Next Read: "Goldman Warns Brent Could Top $120 If Gulf Chokepoint Crisis Deepens."

Tyler Durden Thu, 07/23/2026 - 07:20

The flood of emotions hit Makenna Webster like a tidal wave. 

To The Woke Woodshed: Burnham Is Funding UK Populism By Liquidating The Progressive Project

Andy Burnham has been UK Prime Minister for three days, and he has already settled into a routine: announce something cheap for households in the morning, pay for it by killing a progressive unicorn. 

The tally so far:

Monday, within hours of kissing rings at the Palace, Burnham signaled he would fast-track oil and gas development in the North Sea - which is just words for now, but 'un-Labour' enough that Donald Trump welcomed it in the same post that dismissed Britain as a "Poverty Stricken Disaster." 

Tuesday: VAT stripped from domestic electricity bills from October 1, funded by cancelling Starmer's £1.8 billion Digital ID programme outright. BritCard - the surveillance flagship that survived a near-three-million-signature petition and a year of civil-liberties fury - died in the end as a budget line, sold for parts to buy down winter energy bills.

And Wednesday: a £2 nationwide cap on single bus fares from January 1, 2027, running through that year, announced by a Prime Minister insisting cheaper transport was always possible: "I've done it before and I will do it again." The funding? A £454 million package drawn entirely from a "reprioritisation" of the Department for Energy Security and Net Zero's budget - the bulk of it from converting investment money earmarked for international climate finance into repayable loans. The climate budget pays the bus fare.

Whose Money Is It Anyway

The government's line, delivered by Chancellor John Healey, is that all of this is funded from savings rather than borrowing, with no burden on taxpayers. Except - on the Digital ID swap, the OBR has pointed out that the £1.8 billion BritCard budget was never actually funded in the first place - meaning its cancellation conjures savings from a line item that existed mostly on paper. On the bus cap, the £454 million covers a scheme whose total cost is expected to top £500 million, with the gap filled by Department for Transport money "already allocated to buses."

The climate-finance maneuver is the cleverest of the three, and the department has an answer ready. Converting grants to loans, DESNZ argues, frees the capital for bus fares while still allowing Britain to invest in international climate projects such as the Tropical Forests Forever Facility - the money goes out either way, it just comes back now. Which is true, if it comes back. A grant that becomes a loan books a saving today against a repayment that lands in somebody else's parliament.

Critics are abuzz in response. Shadow Transport Secretary Richard Holden's complaint begins with the observation that the Conservatives "introduced the £2 bus fare cap, expanded it, and pledged to keep it" - which is to say, the Tories' first objection to Britain's new left-wing government is that it is stealing their policies. He then asks how Labour intends to pay for any of it, and predicts borrowing or taxes will have to rise. On that second point he is asking the same question the arithmetic asks. A 20% business-rates cut for hospitality is reportedly next in the queue. There will presumably be something progressive left to defund by then.

The Mayor's Playbook

Burnham, it appears, is basically going to run Britain the way he ran Greater Manchester for nine years; bills, bus fares, and no patience for Whitehall's pet schemes. The £2 cap is literally his Manchester policy gone national - he kept it there out of his own budget when Starmer and Rachel Reeves raised the national cap to £3 in 2024 - and the loser, three days running, has been his own party's managerial wing: the ID cards, the climate money, the net zero department's budget. Ed Miliband, the climate agenda's standard-bearer, can do the math from his new office - packed off to the Foreign Office on Monday evening - roughly 36 hours before his old department's budget was raided to subsidize bus tickets.

The gilt market is letting all this slide for one simple reason: he is raiding, not borrowing. The 10-year yield jumped 8 basis points to 5.04% on Burnham's first-day rhetoric, then retreated in relief once Healey - a defense hawk, not a spender - got the Treasury. 

Tyler Durden Thu, 07/23/2026 - 06:55

Google's fine was the latest major crackdown on Big Tech by Brussels, which has led the world in reining in some of the world’s largest companies from Silicon Valley to Beijing.

“I didn’t want to do what the voice was telling me, but at the same time, I felt like it was going to make me do it,” she told The Post.

The Secret Service has investigated approximately 10,000 threats to its protectees -- including President Trump -- in the first half of this year, the head of the agency revealed Wednesday.

Trump Suggests He May Restart Bombing Yemen

Authored by Dave DeCamp via AntiWar.com,

President Trump on Tuesday suggested he could restart a bombing campaign in Yemen in response to the Houthis, officially known as Ansar Allah, enforcing a blockade on the Red Sea.

Trump's comments came after Ansar Allah announced a maritime blockade on Saudi Arabia, which came a week after the Saudis bombed Yemen’s Sanaa airport to prevent the landing of a plane carrying a Yemeni delegation from Iran to enforce its long-standing blockade on the country that was eased under a 2022 ceasefire deal but never fully lifted.

Getty Images

Ansar Allah has already warned shipping companies against using Saudi ports, and Reuters reported that two oil tankers loaded with Saudi crude bound for China and India made U-turns in the Red Sea, heading for the Suez Canal instead of attempting to cross the Bab el-Mandeb Strait. Yemeni media reported that a total of six ships turned around following the warning.

For his part, Trump downplayed the blockade, claiming it hasn’t started yet. "So far, it hasn’t happened, might happen, but we take care of things," Trump told reporters while meeting with Lebanese President Joseph Aoun in the Oval Office.

"If something like that happens, we take care of it. You know, we’ve done that with the Houthis before, and we haven't heard from them in a while since we did what we did originally," he added.

Trump launched a bombing campaign in Yemen on March 15, 2025, a few days after Ansar Allah announced it was renewing its blockade of Israeli-linked shipping in the Red Sea in response to Israel violating the January 2025 Gaza ceasefire deal by imposing a full blockade on the Palestinian territory.

The US bombing campaign lasted about a month and a half and involved major civilian casualties, including the bombing of the Ras Issa Fuel Port in Hodeidah, which killed 84 people, all civilians, according to the monitoring group Airwars. A few days after the strike, the US bombed a migrant detention facility in Saada, killing 68 African migrants.

Airwars recorded more than 250 civilian deaths in Yemen as a result of the bombing campaign, which ended on May 6 with a ceasefire between the US and Ansar Allah as the US failed to end the blockade on Israeli-linked shipping and the Yemeni missile and drone attacks on Israel that began after Israel restarted its full-scale bombing campaign in Gaza.

President Biden also conducted a bombing campaign against Ansar Allah that failed to stop the blockade on Israeli shipping that lasted from January 2024 to January 2025, until the Gaza ceasefire deal halted the Yemeni attacks.

President Trump minimized the prospect of immediate talks with Iran as the two sides exchanged strikes and Houthi militants in Yemen threatened shipping in the Red Sea https://t.co/qRs3Xouamz pic.twitter.com/hW0ax2UZFO

— Bloomberg (@business) July 21, 2026

The US also backed a brutal Saudi/UAE war against Ansar Allah from 2015 until the ceasefire in 2022, which killed hundreds of thousands of Yemenis, including many children who starved to death under a blockade, but failed at reinstalling the government of former Yemeni President Abd Rabbuh Mansour Hadi, who died in Riyadh earlier this year.

Tyler Durden Thu, 07/23/2026 - 06:30

This Knicks group winning another championship together would go against the grain in the modern NBA.

US Secretary of State Marco Rubio said on Thursday that the United States remains prepared to play a "constructive role" in helping ​bring an end to the war in Ukraine, following talks with Russian ‌Foreign Minister Sergei Lavrov on the sidelines of an ASEAN gathering in Manila.

Not even a whopping 59 criminal charges against manosphere influencer Andrew Tate and his brother, Tristan, can dampen their reach. In fact, the controversy may have activated their fanbase.

The former NBA star exclusively spoke to Page Six while promoting his new true crime series.