WeWork forecast its Q4 revenue to be lower than estimated. The company had also reported Q3 revenues that were less than what
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2022-11-11 | Sign Up | View Online
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Business & Stocks 🏢
WeWork exits 40 U.S. locations after gloomy forecast (2 min read)

WeWork forecast its Q4 revenue to be lower than estimated. The company had also reported Q3 revenues that were less than what analysts expected. As a workspace provider, they are facing challenges of people working from home. The surging inflation this year has pushed their business expenses higher while the overall revenues have slowed. WeWork said it will exit about 40 underperforming US locations as measures to cut costs.
Keurig Dr Pepper CEO resigns after violating code of conduct (2 min read)

Keurig Dr Pepper announced that CEO Ozan Dokmecioglu has agreed to resign after violating the company’s code of conduct. The company said the violation was not related to strategy, operations, or financial reporting. Ozan was appointed as the CEO only four months ago. The board has reappointed chairman and former CEO, Bob Gamgort, as chief executive. Shares of Keurig Dr Pepper went up about 2% on Thursday morning after the news.
Markets & Economy 📈
October CPI shows inflation rising at a slower pace (5 min read)

The Consumer Price Index (CPI) in October increased lower than expected, at 7.7% over the year and 0.4% from the previous month. The “core” CPI which strips out food and energy that the Fed pays the most attention to, also grew less than expected, at 6.3% over the year and 0.3% from the previous month. While the data showed the inflation remains elevated, there are signs of it starting to cool off and may possibly lead to less aggressive rate hike in December.
Stocks and treasury yield reversed sharply after CPI report (2 min read)

The stock markets rallied after October’s CPI gave investors hope that inflation has peaked. The S&P 500 jumped more than 5%, the biggest one day rally since April 2020. Tech stocks that got hit the hardest by high inflation and interest rates this year led the gains on Thursday with most of them surging more than 10%. Treasury yield and US dollar on the other hand, plunged over the anticipation that the Fed would slow its aggressive tightening policy.
Funds & ETFs 📊
Interview with Schwab Asset Management’s CEO (4 min read)

Schwab entered the ETF market in 2009 and it is currently the fifth largest ETF provider in the US. Schwab Asset Management’s CEO, Omar Aguilar, said the overall direction of the business and future product launches will be towards personalization. For example, their thematic ETFs and direct indexing service are for clients to have a more personalized investing journey. He also shared his view on the trend of ETFs taking market shares from mutual funds and the trajectory going forward.
Crypto ETFs Tumble Amid Bitcoin Rout (1 min read)

After crypto exchange giant, Binance, said it’s walking away from a planned purchase of FTX due to unspecified liquidity issues, the crypto market suffered another sell-off. Crypto-focused ETFs like ProShares Bitcoin Strategy ETF (BITO) and Amplify Transformational Data Sharing ETF (BLOK) plunged to an all-time low. At one point BITO was halted briefly after dropping more than 6% in just minutes. The only winner among the shake-ups is ProShares Short Bitcoin Strategy (BITI), which bets on falling bitcoin prices.
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