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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Friday, the nineteenth of July twenty twenty four. I'm

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Speaker 1: Sean Elma. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. The SMPASX

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Speaker 1: two hundred closed down about one percent today. A maning

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Speaker 1: for the week, of course, was flat, mind you, it

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Speaker 1: had quite a ride earlier in the week. The benchmark

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Speaker 1: hit both a new interday high around eight thousand and

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Speaker 1: sixty points and a new closing high today. The big

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Speaker 1: miner has led the way down, but there were some

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Speaker 1: decent falls among the real estate, utilities and financial stocks.

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Speaker 1: A bit of corporate news around today, white Haven Coal

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Speaker 1: said it didn't meet its unit cost target, even though

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Speaker 1: the companies sold higher volumes of coal. Cost pressures have

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Speaker 1: hit all miners, and white Haven managing director Paul Flynn

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Speaker 1: said in parts, materials and services, inflation is rife. There

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Speaker 1: you go. The good news is that the availability of

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Speaker 1: labor is looking better. There are a couple of retailers

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Speaker 1: flagging earnings changes today. Jewelry store operator Michael Hill blamed

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Speaker 1: economic condition for a squeeze in margins and weak revenue growth,

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Speaker 1: and The Door Beauty said sales are up about seven

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Speaker 1: percent for the last financial year. Both retailers report their

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Speaker 1: full year earnings next month. Story number two. Donald Trump

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Speaker 1: officially accepted his nomination as the Republican nominee for the

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Speaker 1: November presidential election in the US at the party's national

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Speaker 1: convention in Milwaukee today, giving a speech in which he

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Speaker 1: said he will win in four months time, and I quote,

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Speaker 1: we will begin the greatest four years in the history

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Speaker 1: of our country. Mister Trump said he felt very safe

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Speaker 1: after last week's assassination attempt because he had God on

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Speaker 1: his side. He said he'd been down inflation and interest

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Speaker 1: rates and lower the cost of energy. He wants to

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Speaker 1: finish construction of the southern border wall next to Mexico,

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Speaker 1: and he said he'll end both the Russia, Ukraine and

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Speaker 1: Israel Gars Awards, though he didn't actually give any details.

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Speaker 1: Harry was going to do. That's quite the show. Hulk

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Speaker 1: Hogan was there so to kid Rock ramping up the crowd.

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Speaker 1: Milania Trump, who's been largely absent from the campaign so far,

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Speaker 1: It's front and center. The crowd also included Rupert Murdock

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Speaker 1: and Kevin Rudd. The former Prime Minister in Australia's ambassador

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Speaker 1: to the US. Story number three, The Blue Screen of

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Speaker 1: Death has hit Windows computers across Australia, New Zealand, Japan

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Speaker 1: and India this afternoon, which Microsoft is blaming on issues

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Speaker 1: with multiple versions of anti malware protection software from the

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Speaker 1: group CrowdStrike. According to posts on x, the outage has

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Speaker 1: affected the four countries and media groups, banks and other

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Speaker 1: financial service firms. Thousands of other businesses are hit. This

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Speaker 1: is happening as we got aware. Hopefully the problem won't

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Speaker 1: last too long. Story number four. Lifestyles Communities share price

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Speaker 1: tumbled today after it withdrew forward guidance, blaming interest rate rises,

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Speaker 1: high inflation, ongoing insolvencies in the building sector, and the media.

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Speaker 1: Life Style develops owns and managers affordable independent living communities.

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Speaker 1: Over the past week, the AVC has alleged the company's

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Speaker 1: gouging residents with unfair fee and eighty homeowners in a

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Speaker 1: community had lodged claims in the Victorian Civil and Administrative Tribunal.

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Speaker 1: The company rejected the allegations. It did that again today

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Speaker 1: and said media coverage was incomplete, as in it didn't

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Speaker 1: provide the Whole Story LifeStyle's share price has falled about

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Speaker 1: twenty four percent this week and Story number five. A

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Speaker 1: crackdown on password sharing, a push into advertising, and a

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Speaker 1: strong viewing lineup has helped Netflix push its quarterly profit

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Speaker 1: up forty four percent, well above expectations. The streaming service

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Speaker 1: added eight million subscribers globally in the three months. At

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Speaker 1: the end of June. It now has nearly two hundred

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Speaker 1: and seventy eight million subscribers, up thirty seven percent from

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Speaker 1: a year ago. Netflix's share price is up more than

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Speaker 1: thirty percent this year. Since mid twenty twenty two, a

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Speaker 1: couple of years ago, Netflix has been blocking the previously

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Speaker 1: widespread practice of sharing subscriber passwords with friends and families

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Speaker 1: living outside households. It also introduced commercials for the first

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Speaker 1: time as part of a low priced version of its service.

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Speaker 1: Since they moves again rolling out, Netflix has picked up

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Speaker 1: nearly fifty five million more paying customers. It's also cut

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Speaker 1: back on spending, particularly around some movies and series. That's

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Speaker 1: it for the afternoon report for Friday, the nineteenth of

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Speaker 1: July twenty twenty four. I sure hope that blue screen

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Speaker 1: of Death hasn't hit your laptop, Adam Lang, guest judge

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Speaker 1: Stephen Cacole a sty We'll be back tomorrow morning with

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Speaker 1: the weekend edition of Fear and Greed Business News. I'm

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Speaker 1: Suan i Elma. Enjoy your reavening.