House prices soar to record high; Michael Kors snaps up Jimmy Choo

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Michael Kors has agreed to buy Jimmy Choo, the iconic shoemaker popularized by "Sex and the City” and real-life fans like Princess Diana, for about $1.2 billion. The deal comes amid larger consolidation in the retail industry, as luxury brands fight declining sales and the rise of online shopping. Michael Kors, which recently announced that it would close 125 stores over two years, also faces competition from soon-to-be-combined rivals Coach and Kate Spade. #MichaelKorsJimmyChoo

House prices hit a record high in June, with the median jumping 6.5% from last year to $263,800. It’s the 64th straight month of year-on-year price increases. As prices rise and fewer properties hit the market, the pace of home sales continues to fall. "The fact that demand is so high is actually a good sign of economic health," said Zillow’s chief economist, Svenja Gudell. "But that's probably small comfort to buyers.” #HomeSalesStumble

The Senate is expected to hold a procedural vote today to begin health care debate. In a boost for the GOP, Senator John McCain will be present for the vote following recent surgery related to a brain tumor diagnosis. It’s still unclear what exactly will be debated if the procedural vote passes — an Obamacare repeal with a two-year delay, or a bill to repeal and replace the health care legislation. #GOPHealthCare

Is the stock market set up for a fall? As the Federal Reserve gears up to meet today and tomorrow, analysts are lowering expectations for rate increases — and there’s growing concern that the stock market rally is nearing an end. Experts surveyed by CNBC unanimously predict that the Fed won’t raise rates this week, and half believe the stock market is “too optimistic” about policy changes from Congress and the White House. Many echo the sentiments of Moody’s chief economist Mark Zandi: "The pre-conditions for a significant correction in markets are coming into place.” #MarketCorrection

The newest player in US pharmaceuticals: Samsung. The electronics giant is teaming up with Merck to release an alternative to Johnson & Johnson’s rheumatoid arthritis drug, Remicade, which will be roughly 35% cheaper than the drug’s list price — currently more than $1,100 per vial, and $30,000 per year before discounts. “It is the Samsung business empire’s debut treatment in the world’s biggest drug market and reflects its desires to diversify beyond electronics,” explains The Wall Street Journal. Johnson & Johnson is trying to block the effort, saying Samsung’s new drug violates three of its patents. #SamsungPharmaceutical

Idea of the Day: Technology isn’t just transforming the way we work — it’s transforming the concept of time itself. That’s not always a good thing, says Jeff DeGraff, professor and author of The Innovation Code; “before the new world of work, there was a boundary between our professional and personal lives. That boundary is gone,” he writes. Moreover, the rapid pace of modern work means we don’t always make time to reflect:

“The rhythms of reflection and deep thought run contrary to the speed of work. Making sense of the world requires more than just an infographic. It requires real time.”

What's your take? Join the conversations on today's stories: #MichaelKorsJimmyChoo | #HomeSalesStumble | #GOPHealthCare | #MarketCorrection | #SamsungPharmaceutical

From earlier today: #PayTVCordCutting

— Katie Carroll / Share this using #DailyRundown