Snap tanks after huge quarterly loss; A shakeup at Whole Foods, and more news
Wall Street plays "Now you see it, now you don't" with Snap, and the Trump administration considers a new ban* (*of carry-on laptops aboard European flights). Read on...
Share this using the hashtag #DailyRundown
Snap cratered after hours on it first earnings report: Huge IPO expenses ($2 billion), and lower-than-expected revenue and daily active users. The picture-sharing enterprise that wants to be known as a camera company and said it may never make a profit faces intense competition from Facebook and Instagram for users and Google and Facebook for ad revenue. And now it's trading pennies above its IPO price. But CEO Evan Spiegel shrugged off Facebook on the earnings call: "Just because Yahoo has a search box doesn’t mean they’re Google," he said with a laugh.
Whole Foods is replacing five directors and is naming a new chairwoman "as it confronts pressure from an activist investor and other restless shareholders," reports the New York Times. This is "the most significant crisis of confidence" in the organic chain's 37-year history, it says, as what once was a unique approach to grocery sales has become ubiquitous, and often cheaper elsewhere.
Spirit pilots agreed to obey a court order to return to work after what their airline called “a pervasive illegal work slowdown.” Hundreds of cancellations affecting more than 20,000 passengers this week erupted Monday in a public brawl at Fort Lauderdale-Hollywood airport — the latest black eye for an industry that could use a good vacation to get away from it all. (Picture: Reuters)
The Trump administration is considering expanding its laptop ban to include flights from some European countries. There's just one hitch: they first need to be sure all those lithium ion batteries in checked baggage don't explode. A ban for flights originating from 10 Middle Eastern and African airports was issued in March.
Common painkillers like Advil and Aleve have been linked to an increased risk of heart attack. The risk in the use of so-called NSAIDS was detected even in over-the-counter dosages. And while the findings merely note an association — not a cause/effect relationship — the researchers suggested "doctors and patients weigh the potential harms and benefits before relying on the drugs as a treatment option," CNN reports.
Cover Art: Bankers laugh while wearing Snapchat glasses on the floor of the New York Stock Exchange (NYSE) as they wait for Snap to begin trading, March 2, 2017. REUTERS/Lucas Jackson
It seemed that WF had over extended itself and located stores near competitors like NFL man to man coverage. Why have two WF within a two mile radius?
Engineering Manager at Red Hawk Fire & Security
7 年By telling investors that we the founders will maintain full control, Snap may never make money, user growth is slowing, losses are widening, we burned $2 billion in an IPO and we laugh off competition from tech giants, Snap may seem refreshingly candid to some but, to paraphrase a Shark Tank line, “for those reasons, you should be out” :)