Here’s what you need to know today

• As News Corp reported its full year results, it shared plans to sell its stake in Foxtel. Foxtel is a joint-venture between Telstra and Rupert Murdoch’s News Corp. At its peak in 2015, Foxtel had 2.9 million set-top box subscribers. Today it has 1.2 million.
  
  

• It isn’t just Australian cable TV that is struggling. In the US, Warner Bros Discovery wrote down the value of its cable TV business by $9.1 billion, as it loses sports broadcast rights and fees from cable and satellite distributors. As a result, shares were down 11% reaching an all-time low. 
  
  

• Dating apps are struggling. Bumble saw its share price fall 33% after reporting quarterly earnings and forecasting growth of only 1-2% for this year. Previously, the company had been guiding 8-11% growth. Bumble’s shares are down 64% over the past 12 months. Match Group, owner of Tinder and Hinge, is down 22% in the same time.
  
  

• Rex administrators have reported Australia’s third-largest airline owes $500 million to 4,800 creditors. While capital city services are unlikely to continue, Rex’s administrators are confident the regional flights will continue.
  
  

• The China-EU trade spat continues. In June, the EU proposed tariffs of between 26% and 48% on Chinese electric vehicles, accusing the country of unfairly subsidising the industry. In response, China has now filed a complaint with the World Trade Organisation. 
  
  

• Australia’s Nine Entertainment announced it would scrap a plan to buy back 10% of its shares. The plan was announced in 2022 after Nine reported $315 million in profit. Now, 2 years later, the company is facing a weak ad market, losing money from Meta and is laying off more than 200 staff, so has decided to scrap the remaining buy back.

What the…?

Former President Donald Trump has gone to great lengths to signal his support of the crypto industry in this election. But we probably didn’t need this. He’s just launched Trump x Bitcoin orange high-top sneakers, that are retailing for $500 each.

Investing is a lifelong journey

Here’s what you can learn today.

Buy the dip: Twenty-six shares fundies would snap up in another rout

Sometimes all we want is a stock tip. After a tough week in markets last week, we thought we’d start this week by sharing an article full of tips that was published in the AFR this weekend.

The AFR asked 7 Australian fund managers what stocks they’ll be buying if the market keeps falling. Collectively, the fundies shared a list of 26 stocks that they’re watching and hoping they can pick up for a cheaper price.

The list reads like a who’s who of high quality Australian businesses including CSL, Xero, Pro Medicus, Netwealth and Cochlear amongst others. Now a reminder - never take a stock tip without doing your own research, even if it is from a professional in the newspaper. But, to kick off the week, enjoy this list from the AFR.

Today’s sponsor is Australian Property Scout

Join Sammy Gordon, Equity Mates’ regular property expert, as he is joined in the studio by Nick Wilcox, long term client and mortgage broker. 

In this ep, Nick breaks down how he aggressively built his portfolio out over a 3 year window, what he looked for in his investments, how partnering with Sam changed his strategy.

Prepare to be inspired by Nick’s impressive journey as he breaks down exactly how he did it, including the numbers on all his. 

Tune in to this episode on the Scouting Australia Podcast on all your favourite listening platforms.

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