Stimulus Talks Stall...Then Start...Then Stall... October 9, 2020
The last stimulus bill was passed in late March and some Americans got their $1,200 as early as April 13th. It’s now October (about 6 months later) and there are still only “talks” of a second bill.
Let’s look at the recent timeline:
● Both parties were working towards an agreeable bill.
● The president took to twitter to declare there would be no aid until after the Nov. 3rd election.
● The president took to twitter again to declare that Americans need aid and he wants to make that happen.
According to an interview on Fox Business, he said, “I shut down talks two days ago because they weren’t working out...now they’re starting to work out.”
Check out the most recent updates here. Otherwise...
Let’s take a look at some of the biggest business updates from this week.
Bed, Bath and Beyond soars on sales earnings
Bed, Bath, and Beyond has been struggling for years as they have seen increased competition from Target, Walmart, and especially Amazon. Many people had been pessimistic and the stock had fallen 65% since 2015.
This changed abruptly, however, when they reported their first same-store sales gain since 2016 and posted a $218 million dollar profit, compared to a $139 million dollar loss during the same period last year. This gain also came during the midst of a global pandemic.
The stock is up 84% over the past month.
Three areas that have increased in hiring since corona
The coronavirus has changed the way that people work and interact and business leaders have identified three hiring trends that they expect for the coming months. To get these projections, global consulting firm McKinsey & Company surveyed 800 executives globally about where they plan to increase hiring following the pandemic.
1. Health and safety - These roles are centered around keeping the workplace sanitized and distanced.
2. Freelancers - The changing landscape will be more attractive for a flexible workforce.
3. Remote workers - New hires will be expected to be able to complete most of their work remotely.
Apple boots third party audio devices from their stores
Apple announced that they’ll be pushing all 3rd-party smart speakers from their stores to make room for an Apple-only speaker.
Speaker brands that will no longer be in Apple stores:
- Bose speakers & headphones
Apple is moving towards all in-house products. They already have Apple watches, MacBooks, Apple TVs, and Apple Airpods. Apple speakers are up next on the list.
A few other updates:
➢ Cooler Screens raises $80 million to turn glass doors into advertisements.
➢ Coco-Cola discontinues Zico coconut water (1 of 278 brands they discontinued since 2018)
➢ Lyft and Grubhub partner up to offer free delivery to Lyft Pink Members.
➢ Levi’s launches “Levi’s Secondhand” so you can return your old denim for a gift card.
➢ Check out the House of Representatives report that slams big tech.
That’s it for this week -- Join us next week for another market update.
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This material is not intended as an offer or solicitation for the purchase or sale of a security or any other financial instrument. Past performance does not guarantee future performance.
All the views expressed are those of Chris Simpson and not those of Sierra Ridge Wealth Management or NEXT Financial Group Inc.
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