IN THE NEWS TODAY
More than eight months after winning the election, President Donald Trump last night declared Hillary Clinton's defeat "the greatest loss" in American politics. At a rally in West Virginia, he also painted the Russian investigation as a "total fabrication" by Democrats. (NBC News)
* Special counsel Robert Mueller's Russia probe heats up (WSJ)
* Senators propose legislation to protect special counsel from Trump (Reuters)
* Kushner companies said to be under investigation over visa program (NY Times)
A week after his dramatic call for bipartisanship in Congress, Sen. John McCain said he wants to revive a long-standing attempt to reform the nation's immigration system when he returns to Washington after getting treatment for brain cancer. (USA Today)
Australia's prime minister insists his relationship with President Trump is "warm," despite transcripts of January's heated conversation. The two leaders sparred over an Obama-era deal, under which the U.S. would take hundreds of refugees in Australian detention camps. (Washington Post)
The White House has asked the likes of Apple (AAPL), Amazon (AMZN), Oracle (ORCL), and Qualcomm (QCOM) to lend some of their digital expertise in the coming months to help the Trump administration rethink the way that federal agencies use technology. (Recode)
Ousted Uber Chief Executive Travis Kalanick has hired high-profile CEO advisory firm Teneo to help him manage his own embattled interests. Meanwhile, the search for a new CEO to replace the co-founder continues. (Recode)
* Uber was slow to pull recalled cars off the road in Singapore, until one caught fire (CNBC)
Toyota and Mazda plan to build a $1.6 billion U.S. assembly plant, the two announced on Friday, as part of an alliance that will also see the Japanese automakers jointly develop electric vehicle technologies. (Reuters)
Shares of Wal-Mart (WMT) have been on a tear lately, rising for 11 consecutive sessions, their longest winning streak since their 12-session string that ended in February 1995. (CNBC Trading Nation)
STOCK TO WATCH
Viacom (VIAB) reported adjusted quarterly profit of $1.17 per share, 12 cents above estimates, and revenue that beat forecasts. The beat comes despite a two percent drop in ad revenue.
Shake Shack (SHAK) came in 4 cents ahead of estimates with adjusted quarterly profit of 20 cents per share. Revenue also beat. However, the restaurant chain's comparable store sales drop of 1.8 percent missed expectations.
Kraft Heinz (KHC) reported adjusted quarterly profit of 98 cents per share, 3 cents better than estimates, but the food company's revenue was short of consensus forecasts. Sales were impacted by weak North American demand, but the bottom line was helped by expense controls.
Activision Blizzard (ATVI) earned an adjusted 43 cents per share for its latest quarter, beating estimates of 30 cents per share. The videogame maker's revenue also came in ahead of forecasts, but its full-year guidance falls short of projections.
Online crafts marketplace Etsy (ETSY) reported earnings of 10 cents per share for the second quarter, compared to forecasts of a loss. Revenue was slightly above estimates, helped by an increase in active sellers and cost cuts.
Walt Disney (DIS) is creating a "Star Wars" virtual reality experience at some of its resorts. Lucasfilm, a Disney subsidiary, and VR company The Void are teaming up to create the attraction beginning this holiday season. (CNBC)
Nike (NKE) is re-releasing the futuristic Air Max shoes, which originally debuted two decades ago, on Friday. The "premiums" offer a more modernized look and lighter, more cushioned feel while still paying homage to the originals. (USA Today)