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Rousseau Kazi earned a bachelor's degree in computer science from UC Berkeley. He worked at Facebook from 2011 to 2017. For most of that time he was a product manager. In 2019 he launched Threads, a text-based messaging app for workplaces. The name is trademarked. On July 5, 2023, Meta launched Threads, a text-based messaging app. Kazi might take legal action against Meta.
You may have downloaded the wrong Threads
A four-year-old app with the same name has seen a surge in popularity since Instagram launched its Twitter clone. More than 1.8 million people have downloaded the "other" Threads app. It surged in Europe, where Meta's Threads is not available.
https://www.businessinsider.com/down...wnloads-2023-7
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In many cities – including New York, Los Angeles, Boston, Pittsburgh. Seattle and Washington DC – unused office space is being converted to rental apartments. In California, the Affordable Housing Act (Assembly Bill 2011) took effect July 1. It allows for expedited approval of affordable housing to be built on properties zoned for retail, office or parking. Unused commercial properties in Los Angeles County could accommodate as many as 1.6 million housing units.
Office vacancy hits an all-time high
Business Insider, Jul 19 2023 10:38 AM PDT
The US office vacancy rate hit a record high of 13.1% at the end of last quarter, despite an uptick in people heading back to in-person work, according to the National Association of Realtors.The vacancy rate surpassed prior highs from 2022, when every quarter stood above 12%. In the two years before the pandemic, the quarterly rate held at around 9.5%. NAR attributed the new record high to hybrid work, which allows people to split their time between the home and the office, leaving a lot of space still empty.
https://markets.businessinsider.com/...lending-2023-7
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In the second quarter of 2023, Netflix added 5.9 million subscribers and made a profit of $1.8 billion on revenues of $8.3 billion – but shares of Netflix closed today at 437.42, a loss of 40.17 (8.41%).
Streaming has surpassed cable as America's most-watched viewing platform
https://www.nbcnews.com/business/con...form-rcna95313
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I nominate Elon Musk for the "Idiotic Business Ideas of 2023" award.
Elon Musk says he's retiring Twitter's bird mascot, renaming site
Musk unveiled a slick new X logo hours after bidding "adieu" to the bird.
https://www.huffpost.com/entry/elon-...b0df863210e2d0
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I nominate this product for the "Bad Ideas of 2023" award. Shares of French's parent company McCormick closed today at 89.82, a gain of 1.03 (1.16%). Skittles parent company Mars Incorporated is privately held.
French’s and Skittles team up to release mustard-flavored candy
https://ktla.com/news/nationworld/fr...lavored-candy/
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Among the gainers today: IBM, Intel, Amgen, Apple, Merck, Chevron and Verizon. NASDAQ's biggest gainer today is Vicor Corporation, a Massachusetts-based manufacturer of modular power components and complete power systems. Shares of Vicor closed at 93.70, a gain of +34.29 (57.72%).
Dow notches longest winning streak since 1987 after latest Fed rate hike
https://markets.businessinsider.com/...ed-hike-2023-7
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Yellow Corporation, founded in 1929 as Yellow Transit Freight Lines, had nearly 30,000 employees and owned more than 12,000 trucks. Among their subsidiaries were Reddaway, Roadland Express, New Penn Motor Express, Reimer Express Lines and YRC Freight. Shares of Yellow closed July 28 at 0.71.
Trucking giant Yellow shuts down operations
https://www.msn.com/en-us/money/comp...ns/ar-AA1ewWa6
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In June, Overstock bought the Bed Bath & Beyond brand for $21.5 at an auction supervised by a bankruptcy court. The purchase did not include the chain's few remaining stores, which have since closed.
Bed Bath & Beyond is back from the dead
CNN, Aug 1 2023 10:21 AM EDT
A month after Overstock.com announced it bought Bed Bath & Beyond’s brand out of bankruptcy, the company has dumped its name and morphed its website and app. Overstock’s website relaunched today as BedBathandBeyond.com, a move that merges Overstock’s online business model and merchandise categories with popular branded products favored by Bed Bath & Beyond shoppers.
https://www.cnn.com/2023/08/01/busin...nch/index.html
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The first iPhones went on sale June 29, 2007. There was a 4 GB model and an 8 GB model. The newest model, the iPhone 14 Plus, was released in October 2022. Shares of Apple closed today at 191.17, a drop of 1.41 (0.73%), and fell after hours to 187.02, a drop of 4.15 (2.17%).
Apple iPhone sales drop more than forecast; revenue falls for third straight quarter
https://www.aol.com/apple-q3-earning...185434243.html
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During a July 26 conference call with investors, Mark Zuckerberg predicted Threads would someday have one billion users. Uh, yeah, about that.....
Threads' user base has plummeted 82%. Meta's app ended July with just 8 million daily active users.
https://www.businessinsider.com/thre...kerberg-2023-8
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Bud Light used to be the top-selling beer in the United States. Based on dollar volume, Modelo Especial has been the top-selling beer for the past three months. Shares of Anheuser-Busch closed today at 56.50, a gain of 0.18 (0.32%).
Anheuser-Busch to sell off eight beer, beverage brands amid falling Bud Light sales
https://www.nationalreview.com/news/...d-light-sales/
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Tapestry is the parent company of Coach, Stuart Weitzman and Kate Spade New York. Capri Holdings, founded in 1981 by fashion designer Michael Kors, sells clothes, shoes, handbags, wallets, watches and other accessories. Shares of Tapestry closed today at 34.67, a drop of 6.57 15.93%). Shares of Capri Holdings closed at 53.90, a gain of 19.29 (55.74%).
Coach parent Tapestry to buy Versace and Jimmy Choo owner Capri Holdings in $8.5 billion deal
Deal will create a US luxury fashion conglomerate that will rival major competitors in Europe, including LVMH.
https://www.theguardian.com/fashion/...wner-85bn-deal
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Aldi was founded in 1946 by brothers Karl and Theo Albrecht in Essen, Germany. The name is short for Albrecht Discount. Aldi now operates more than 10,000 supermarkets worldwide and is the third-largest grocer in the United States after Walmart and Kroger.
Aldi to buy 400 Winn-Dixie, Harveys grocery stores in southeastern U.S.
https://www.msn.com/en-us/money/othe...-s/ar-AA1fmB5E
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Abram, Ira, Joseph and Philip Shorin founded the Topps Chewing Gum company in 1938 and introduced Bazooka Bubble Gum in 1947. From 1954 to 2013, each pack of gum included a tiny Bazooka Joe comic strip. Topps began producing baseball cards in 1952. In January 2022, the baseball card business was sold and the company's confection divsion, which also makes Ring Pop, Push Pop and several other candies, rebranded as Bazooka Candy Brands. .
Apax Partners buys US confectioner Bazooka Candy Brands for $700 million
https://www.just-food.com/news/apax-...bazooka-candy/
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Richard Stack founded Dick's Sporting Goods in 1948 in Binghamton, New York. The chain now has 791 stores and is the largest sporting goods retailer in the United States. Shares of Dick's Sporting Goods closed today at 111.53, a drop of 35.51 (24.15%).
Dick's Sporting Goods blames 'increasingly serious' theft problem for profit plunge
https://www.cnn.com/2023/08/22/busin...eft/index.html
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United Parcel Service was founded in 1907 in Seattle as the American Messenger Company. Since 1919, all UPS delivery trucks have been brown. Shares of UPS closed today at 168.88, a gain of 2.00 (1.2%).
UPS workers approve new contract with hard-fought pay and safety gains, ending strike threat
The five-year deal, with wage increases and new protections for working in high temperatures, covers 340,000 employees and could boost other labor efforts across the country.
https://www.nbcnews.com/business/bus...ins-rcna100466
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Roark Capital Group, founded in 2001 in Atlanta, is named for Howard Roark, the protagonist in Ayn Rand's 1943 novel The Fountainhead. Roark owns Arby's, Hardee's, Jimmy John's, Carl's Jr., Green Burrito, Baskin-Robbins, Buffalo Wild Wings, Sonic Drive-In, Jim 'N Nick's Bar-B-Q and the Cheesecake Factory. Subway has nearly 37,000 locations worldwide and around 20,000 in the United States, even after closing thousands of locations over the past eight years.
Sandwich chain Subway will be sold to fast-food investor Roark Capital
https://www.npr.org/2023/08/24/11958...-roark-capital
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John Tyler and Thomas Leavey founded Farmers Insurance Group, originally Farmers Automobile Inter-Insurance Exchange, in 1928 in Los Angeles. Farmers is now owned by Zurich Insurance Group and insures cars, trucks, RVs, motorcycles, boats, homes and businesses and offers life insurance and financial services. Shares of Zurich closed today at 47.09, a gain of 0.69 (1.49%).
Farmers Insurance to lay off 2,400 workers across its entire business
https://www.cnn.com/2023/08/29/busin...ffs/index.html
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Consulting company CMSPI estimates these increases will cost merchants an.additional $502 million annually – .and the cost is certain to be passed on to consumers. By the way, for the year ending June 30, 2023, Visa's gross profit was $29,310,000,000 and Mastercard's gross profit was $23,590,000,000.
Visa, Mastercard plan to hike credit-card fees
https://money.usnews.com/investing/n...-card-fees-wsj
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Charles Walgreen founded the Walgreen's drugstore chain in 1901 in Chicago. In 1955 the comma was dropped from the name. Shares of Walgreens closed today at 23.43, a drop of 1.88 (7.43%).
Walgreens chief executive steps down
The Wall Street Journal, Sep 1 2023
Rosalind Brewer has stepped down as chief executive of Walgreens Boots Alliance. Brewer, a former Starbucks and Sam’s Club executive, took over as CEO of Walgreens in March 2021. Her abrupt exit leaves the drugstore giant in search of a new leader at a time of upheaval. Walgreens’ share price has fallen nearly 50% in the past two years, while rival CVS Health has dropped almost 25%. Walgreens has been the worst-performing component in the Dow Jones Industrial Average this year.
https://www.msn.com/en-us/money/comp...wn/ar-AA1g5F7Y
