Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Tuesday, August 1st, and I'm your host Julie Morgan.

BP misses on top and bottom line estimates.

A federal judge rejects the ripple ruling on cryptocurrency

and CVS is cutting corporate jobs.

Here's what's making headlines today.

BPQ2 non-Gappy pads of 89 cents misses by 27 cents.

Revenue of $48.54 billion, which is down 28.5% year over year, misses by $6.25 billion.

But BP raised its dividend by 10% and announced a 1.5 billion dollar share buyback.

Capital expenditure in the second quarter was 4.3 billion dollars, including 1.1 billion

dollars for the acquisition of Travel Centers of America.

Looking ahead, BP expects Q3 reported upstream production to be broadly flat compared to Q2.

Within this, the company expects oil production and operations to be lower

and gas and low-carbon energy to be higher,

including the effects of seasonal maintenance and higher margin regions

offset by major project delivery.

In its customers base, BP expects seasonally higher volumes.

In refining, it expects a lower level of turnaround and maintenance

activity compared to Q2. For BP's full 2023 guidance, I'll leave a link to this

earnings article in show notes.

U.S. District Judge Jed Rakoff disagrees with U.S. District Judge Analisa Torres,

who ruled earlier this month that Ripple Labs XRP cryptocurrency is not a security

...