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➊ Amazon acquires iRobot: Amazon announced it would acquire Roomba maker iRobot in an all-cash deal for $1.7 billion. For iRobot, the acquisition comes at a good time – the “pandemic darling disruptor” is now struggling to offload an inventory glut. . The iRobot acquisition will be  Amazon’s 4th largest acquisition.   Titan’s Takeaway: Only weeks after Amazon’s acquisition of One Medical, it is clear that Amazon is on a shopping spree. We’ll be interested to see how these purchases play out… and if soon, we’ll be able to say, “Alexa, vacuum the kitchen.”

➋ Tesla shareholders approve stock split: Tesla shareholders approved a 3-for-1 stock split at their annual meeting last Thursday. The split will drop Tesla’s share price into the $300 range and intends to target retail investors. It is Tesla’s second stock split in the past two years.  Titan’s Takeaway: Though the split could create a temporary boost for a company with an already sizable retail presence, Tesla continues to face steep headwinds as battery production remains tight and the cost of raw materials continues to increase.

➌ July payrolls beat expectations: Nonfarm payrolls rose 528,000 in July, a sign that the labor market is maintaining its resilience despite growing concerns of a recession. Other data from the July report revealed that the unemployment rate stayed low at 3.5%, and wage growth jumped.   Titan’s Takeaway: Job creation remains high, undermining many projections of the effects higher interest rates could have on the labor market. In our eyes, the robust labor market gives the Fed even more ammunition to continue its monetary tightening policy.