Durable goods orders had their biggest gain on record last month, on the strength on aircraft orders. The Commerce Department said durable goods orders rose 22.6% to $300.1 billion in July. Economists predicted a 5.1% increase last month. Orders for transportation equipment had their biggest jump ever to 74.2%, due in part to $80 billion in orders for Boeing airplanes. Excluding transportation, durable goods were down 0.8% in July.
It's official. Burger King (BKW) is buying Tim Hortons (THI) for about $11 billion, with Warren Buffett's Berkshire Hathaway (BRK-A) kicking in $3 billion of funding. It’s an inversion deal that would have Burger King’s headquarters move from the U.S. to Canada to get a lower corporate tax rate. Inversions have come under criticism from the Obama Administration and some members of Congress.
Yahoo Finance Editor-in-Chief Aaron Task said the controversy over the tax inversion is a “sideshow.” And while Warren Buffett has in the past called on wealthy Americans to pay their fair share of taxes, Task said of Buffett: “He‘s not about investing in America. He’s about investing in making money.”
Amazon (AMZN) will acquire video-game streaming site Twitch for $970 million in cash. Twitch, which says it has 1.1 million broadcasters per month reaching 55 million viewers, offers live and on-demand video game-play, commentary and online shows. Twitch will be an independent subsidiary of Amazon.