Calmes: It's all Trump's economy now
Little did I (or just about anyone else) anticipate how quickly Trump would break that inheritance rather than let the good times roll. Certainly his billionaire backers banked that he wouldn't ignite a global trade war — they were just counting on him to cut their taxes and regulations. Yet even those of us who took candidate Trump at his word about 'beautiful' tariffs were stunned when he imposed self-punishing levies on just about every nation in the world and an Antarctic island of penguins.
Read more: Calmes: The case that proves the U.S., under Trump, no longer stands for rule of law
So now, instead of taking credit for a good economy Biden handed off, Trump is blaming him for the damage from Trump's own actions. Stock market slides, diminished 401(k)s, higher prices, negative first-quarter growth, recession warnings — all Biden's fault, says Trump. 'I think the good parts are the Trump economy and the bad parts are the Biden economy,' he said on NBC's 'Meet the Press' on Sunday.
As for the purported 'good parts,' a new page on the White House website titled 'The Trump Effect' boasts that his policies 'have sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure.' The Washington Post reviewed the promised investments listed on the page and found that they mostly reflected companies' regular business costs or dated to those bad ol' Biden days.
In any case, it's pretty rich to have the president boasting about getting companies to invest more in the United States when his own family's businesses are on a tear investing in the Middle East and Asia. (Except for Donald Trump Jr.'s interest in a new, invitation-only Washington club; nothing says 'populist' like a half-million-dollar-plus private club fee.)
Read more: Calmes: When it comes to Trump's economy, the adults have left the room
On April 30, just after the government report on the economy's slowdown, Trump posted, 'Our Country will boom, but we have to get rid of the Biden 'Overhang.' …BE PATIENT!!!' He won't say how long Americans must wait, but at least past Christmas apparently. The president who's never wanted for a thing is telling America's girls to be satisfied with two dolls instead of 30. (His clueless Cabinet members chuckled at that during their recent meeting.)
So, Barbie will be a casualty of Trump's trade war. Toy Assn. CEO Greg Ahearn told the New York Times that the virtual stoppage of trade with China, which makes most toys (including Barbies), is 'putting Christmas at risk.' (Now that's a war on Christmas.) Trump's dismissive quip that the dolls that are available might cost 'a couple of bucks more' is proof he knows he's lying when he says Americans don't pay for tariffs.
His politically tone-deaf take on dolls should stick, right through the 2026 midterm elections in Democrats' campaign ads. It underscores why he won't get away with the Biden-blaming: The economic chaos and uncertainty that companies and consumers are enduring are too well identified with Trump and tariffs. His job-approval slump in recent polls attests to that.
Read more: Calmes: The 'USA' brand was 250 years in the making. It took just 100 days to trash it
Even if Trump retreats on tariffs, as he has selectively and mostly temporarily, or comes to trade deals with various countries, he is unlikely to abandon the levies altogether. This week's out-of-the-blue bombshell for new tariffs on films made outside the United States — 'a national security threat,' he insisted — is evidence of that. What's more, if Trump were to forsake tariffs, with them would go his entire economic rationale — contradictory and implausible as it is — for the 'golden age' they are supposed to usher in: with new investments, trade surpluses and revenues so great that the income tax could be repealed.
No matter how often he bashes Biden, Trump will own the economic travails that are likely ahead. Parallel to the tariff follies, he and the Republican majority in Congress (remember Congress?) are now embarked on fiscal follies, turning the annual federal budget-writing process into an exercise in overreach and hubris. They're trying to write a budget that is crammed with Trump's entire legislative agenda of tax cuts and slashed spending, even calling it by Trump's own term: the One Big Beautiful Bill Act.
As with tariffs, beauty is in the eye of the beholder — and the Republicans' infighting so far is not a pretty sight.
Divided Republicans in the House delayed committee action this week and Senate Republicans held a retreat on Wednesday to air differences away from the Capitol. They aim to extend Trump's expiring 2017 tax cuts and to fulfill his 2024 campaign promises to end taxes on tips, overtime pay and Social Security benefits — for a cost of $9.1 trillion over 10 years, according to the nonpartisan Peter G. Peterson Foundation. That's more than Trump added to the federal debt in his first term, a record.
Republicans' goal is to offset just $1.5 trillion of the lost tax revenues by cutting spending — more than half from Medicaid — even as they inflate spending for the military and border enforcement. Easy prediction: They'll fall way short and the debt will explode, again. Markets and voters won't react well. The president and his party have all the power in Washington. Which means, try as Trump might, there's no one else to blame when things go awry.
@jackiekcalmes
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This story originally appeared in Los Angeles Times.
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For its fiscal year ended May 31, 2026, Tilray expects to achieve adjusted EBITDA of $62 million to $72 million Listen to the earnings call live here. Tilray stock (TLRY) reversed gains, sinking over 6% after hours after the Canadian cannabis company posted mixed quarterly results. Net revenue was $224.5 million in the fourth quarter compared to $229.9 million in the same period a year ago and $233 million estimated, per S&P Global Market Intelligence. Tilray posted adjusted earnings of $0.02 per share, compared to expectations for flat profitability. For its fiscal year ended May 31, 2026, Tilray expects to achieve adjusted EBITDA of $62 million to $72 million Listen to the earnings call live here. An earnings scorecard Yahoo Finance's Josh Schafer reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. S&P 500 hits record highs amid parade of earnings with more Big Tech results on deck The S&P 500 (^GSPC) cleared its fifth straight record high on Friday after a busy week of earnings, headlined by reports from Google (GOOG) and (TSLA). With 34% of S&P 500 companies having reported results, 80% have reported a positive earnings per share surprise, and 80% reported a positive revenue surprise. Earnings season isn't slowing down just yet, however, with more major companies reporting next week. Notable companies reporting include Big Tech giants such as Microsoft (MSFT) and Apple (AAPL) and consumer-facing names like Procter & Gamble (PG) and Mastercard (MA) that can provide an updated view on consumer health. Here's a look at the earnings calendar for the next five business days: Monday: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Tuesday: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Wednesday: Meta (META), Microsoft (MSFT), Arm (ARM), Altria (MO), Carvana (CVNA), Ford (F), Generac (GNRC), Harley Davidson (HOG), Hershey (HSY), Humana (HUM), The Kraft Heinz Company (KHC), Qualcomm (QCOM), Robinhood (HOOD) Thursday: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Friday: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) The S&P 500 (^GSPC) cleared its fifth straight record high on Friday after a busy week of earnings, headlined by reports from Google (GOOG) and (TSLA). With 34% of S&P 500 companies having reported results, 80% have reported a positive earnings per share surprise, and 80% reported a positive revenue surprise. Earnings season isn't slowing down just yet, however, with more major companies reporting next week. Notable companies reporting include Big Tech giants such as Microsoft (MSFT) and Apple (AAPL) and consumer-facing names like Procter & Gamble (PG) and Mastercard (MA) that can provide an updated view on consumer health. Here's a look at the earnings calendar for the next five business days: Monday: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Tuesday: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Wednesday: Meta (META), Microsoft (MSFT), Arm (ARM), Altria (MO), Carvana (CVNA), Ford (F), Generac (GNRC), Harley Davidson (HOG), Hershey (HSY), Humana (HUM), The Kraft Heinz Company (KHC), Qualcomm (QCOM), Robinhood (HOOD) Thursday: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Friday: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Intel turnaround story could realistically take years, analyst says Intel (INTC) stock fell 9% on Friday after the company reported quarterly results on Thursday that showed it was focused on cost-cutting. Intel's revenue of $12.8 billion beat analyst expectations of $11.8 billion, per Bloomberg data, and the chipmaker issued an upbeat Q3 revenue forecast of between $12.6 billion and $13.6 billion. But the company continues to face challenges as it attempts to transform into a chipmaker as well as a chip designer. As Yahoo Finance's Laura Bratton noted in our markets blog, investors focused on Intel's manufacturing roadmap instead of its headline numbers for the quarter. Intel, once a leading global chipmaker, has fallen behind its rivals in both its own products and its attempt to manufacture chips for outside customers. 'This is a multiquarter — realistically, probably multiyear — kind of complete turnaround story before all the benefits start to show up,' TECHnalysis Research president and chief analyst Bob O'Donnell told Yahoo Finance following the report. Intel (INTC) stock fell 9% on Friday after the company reported quarterly results on Thursday that showed it was focused on cost-cutting. Intel's revenue of $12.8 billion beat analyst expectations of $11.8 billion, per Bloomberg data, and the chipmaker issued an upbeat Q3 revenue forecast of between $12.6 billion and $13.6 billion. But the company continues to face challenges as it attempts to transform into a chipmaker as well as a chip designer. As Yahoo Finance's Laura Bratton noted in our markets blog, investors focused on Intel's manufacturing roadmap instead of its headline numbers for the quarter. Intel, once a leading global chipmaker, has fallen behind its rivals in both its own products and its attempt to manufacture chips for outside customers. 'This is a multiquarter — realistically, probably multiyear — kind of complete turnaround story before all the benefits start to show up,' TECHnalysis Research president and chief analyst Bob O'Donnell told Yahoo Finance following the report. Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) reported earnings and revenue that topped analyst expectations on Thursday, and the Samuel Adams brewer maintained its earnings outlook for the year. Profits were $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. SAM stock popped 6% on Friday, as the company also said it expects to see lower tariff costs than previously expected. For the full year, Boston Beer expects tariffs to weigh on costs by about $15 million to $20 million, instead of the $20 million to $30 million it previously modeled. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) reported earnings and revenue that topped analyst expectations on Thursday, and the Samuel Adams brewer maintained its earnings outlook for the year. Profits were $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. SAM stock popped 6% on Friday, as the company also said it expects to see lower tariff costs than previously expected. For the full year, Boston Beer expects tariffs to weigh on costs by about $15 million to $20 million, instead of the $20 million to $30 million it previously modeled. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Charter loses more broadband users in Q2 as competition heats up Charter Communications (CHTR) stock fell 10% premarket Friday after reporting a higher-than-expected fall in broadband subscribers in the second quarter. Reuters reports: Read more here. Charter Communications (CHTR) stock fell 10% premarket Friday after reporting a higher-than-expected fall in broadband subscribers in the second quarter. Reuters reports: Read more here. Puma stock plunges after reporting net loss, with challenges persisting throughout 2025 Puma ( stock plunged 17% after the German sports apparel company lowered its forecast and said it now expects sales to fall by double digits this year. During the second quarter, sales fell everywhere except Latin America and the Middle East, particularly in apparel (-10.7%) and accessories (-6.4%). Footwear sales grew 5.1%, which wasn't enough to offset softness elsewhere. The company swung to a net loss of 241 million euros (roughly $282 million), compared to net income of 41.9 million euros the year before. The sportswear company also noted a hit from tariffs. "Despite ongoing mitigating measures such as supply chain optimization, pricing adjustments and partner collaboration, the U.S. Tariffs are expected to have a mitigated negative impact in 2025 of around € 80 million on gross profit," Puma said in its release. Puma ( stock plunged 17% after the German sports apparel company lowered its forecast and said it now expects sales to fall by double digits this year. During the second quarter, sales fell everywhere except Latin America and the Middle East, particularly in apparel (-10.7%) and accessories (-6.4%). Footwear sales grew 5.1%, which wasn't enough to offset softness elsewhere. The company swung to a net loss of 241 million euros (roughly $282 million), compared to net income of 41.9 million euros the year before. The sportswear company also noted a hit from tariffs. "Despite ongoing mitigating measures such as supply chain optimization, pricing adjustments and partner collaboration, the U.S. Tariffs are expected to have a mitigated negative impact in 2025 of around € 80 million on gross profit," Puma said in its release. Phillips 66 profit beats estimates on higher refining margins Phillips 66 (PSX) stock rose about 1% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports: Read more here. Phillips 66 (PSX) stock rose about 1% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports: Read more here. Health insurer Centene reports surprise quarterly loss Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Deckers stock soars after Hoka, Ugg sales surge Hoka sneakers and Ugg brand shoes boosted Deckers (DECK) sales and profits last quarter, sending shares up more than 14% after hours. On Thursday, Deckers reported net sales grew 17% to $964.5 million, above estimates of $901.4 million, per Bloomberg data. Profits surged 24%, with diluted earnings per share coming in at $0.93. "HOKA and UGG outperformed our first quarter expectations, with robust growth delivering solid results to begin fiscal year 2026," CEO Stefano Caroti said in a press release. "Though uncertainty remains elevated in the global trade environment, our confidence in our brands has not changed, and the long-term opportunities ahead are significant. We will lean on the fundamental strengths of our powerful operating model as we continue executing our strategy." The main story for the quarter was Deckers' international business: International net sales rose 49.7%, offsetting a 2.8% decline in domestic sales. The company expects net sales for the current quarter in the range of $1.38 billion to $1.42 billion, in line with analyst estimates. Earnings are expected to be in the range of $1.50 to $1.55 per share. Read more here. Hoka sneakers and Ugg brand shoes boosted Deckers (DECK) sales and profits last quarter, sending shares up more than 14% after hours. On Thursday, Deckers reported net sales grew 17% to $964.5 million, above estimates of $901.4 million, per Bloomberg data. Profits surged 24%, with diluted earnings per share coming in at $0.93. "HOKA and UGG outperformed our first quarter expectations, with robust growth delivering solid results to begin fiscal year 2026," CEO Stefano Caroti said in a press release. "Though uncertainty remains elevated in the global trade environment, our confidence in our brands has not changed, and the long-term opportunities ahead are significant. We will lean on the fundamental strengths of our powerful operating model as we continue executing our strategy." The main story for the quarter was Deckers' international business: International net sales rose 49.7%, offsetting a 2.8% decline in domestic sales. The company expects net sales for the current quarter in the range of $1.38 billion to $1.42 billion, in line with analyst estimates. Earnings are expected to be in the range of $1.50 to $1.55 per share. Read more here. Intel stock rises on Q2 revenue beat, plans to cut 15% of workforce Intel (INTC) second quarter revenue beat analyst estimates, but its earnings fell short of expectations. The chip giant also said it is slashing its workforce by 15% and expects to have approximately 75,000 employees by the end of the year. Intel's new CEO Lip-Bu Tan has already undertaken or is exploring several cost-cutting measures. According to the Oregonian, the company is shuttering its automotive business, outsourcing marketing jobs, and laying off factory workers. Yahoo Finance's Daniel Howley has more details on Intel's results: Read more here. Intel (INTC) second quarter revenue beat analyst estimates, but its earnings fell short of expectations. The chip giant also said it is slashing its workforce by 15% and expects to have approximately 75,000 employees by the end of the year. Intel's new CEO Lip-Bu Tan has already undertaken or is exploring several cost-cutting measures. According to the Oregonian, the company is shuttering its automotive business, outsourcing marketing jobs, and laying off factory workers. Yahoo Finance's Daniel Howley has more details on Intel's results: Read more here. Intel to report Q2 earnings as Wall Street looks for signs of turnaround Intel (INTC) will report its second quarter earnings on Thursday as the company's new CEO, Lip-Bu Tan, continues his attempt to turn around the ailing chip giant. Yahoo Finance's Dan Howley details what to expect when Intel reports: Read more here. Intel (INTC) will report its second quarter earnings on Thursday as the company's new CEO, Lip-Bu Tan, continues his attempt to turn around the ailing chip giant. Yahoo Finance's Dan Howley details what to expect when Intel reports: Read more here. 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SIGA to Host Business Update Call on August 5, 2025 Following Release of Second-Quarter 2025 Results
NEW YORK, July 29, 2025 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (Nasdaq: SIGA), a commercial-stage pharmaceutical company, today announced that management will host a webcast and conference call to provide a business update at 4:30 P.M. ET on Tuesday, August 5, 2025. Participating in the call will be Diem Nguyen, Chief Executive Officer, and Daniel Luckshire, Chief Financial Officer. A live webcast of the call will also be available on the Company's website at in the Investor Relations section of the site, or by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time. Participants may access the call by dialing 1-800-717-1738 for domestic callers or 1-646-307-1865 for international callers. A replay of the call will be available for two weeks by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers and using Conference ID: 1130215. The archived webcast will be available in the Investor Relations section of the Company's website. About SIGA SIGA is a commercial-stage pharmaceutical company and leader in global health focused on the development of innovative medicines to treat and prevent infectious diseases. With a primary focus on orthopoxviruses, we are dedicated to protecting humanity against the world's most severe infectious diseases, including those that occur naturally, accidentally, or intentionally. Through partnerships with governments and public health agencies, we work to build a healthier and safer world by providing essential countermeasures against these global health threats. Our flagship product, TPOXX® (tecovirimat), is an antiviral medicine approved in the U.S. and Canada for the treatment of smallpox and authorized in Europe, the UK, and Japan for the treatment of smallpox, mpox (monkeypox), cowpox, and vaccinia complications. For more information about SIGA, visit Contacts:Suzanne Harnettsharnett@ and Investors Media Jennifer Drew-Bear, Edison GroupJdrew-bear@ Holly Stevens, CG Lifehstevens@
