(Dan Kitwood/Getty Images) |
These gifts aren’t gonna sort themselves |
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Good news for banana-bread lovers: the dockworkers’ union suspended its strike till January 15, meaning that 75% of the US’s banana imports are back in business.
Stocks ticked down yesterday while oil prices spiked as turmoil in the Middle East continued to weigh on markets. Today all eyes are on the September jobs report for more clues about the economy’s health (and the Fed’s next interest-rate moves).
👔 Quizness casual: It’s Friday, and the Snacks Seven quiz is back to test how closely you’ve been paying attention to the biggest biz news. Try the first q: |
- Which chain was crowned the fastest drive-thru for the fourth year in a row? (Check your answer.)
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That’s a lotta blue vests… The time of year when retail onboarding videos boost primetime-viewership numbers is upon us. Amazon said it plans to hire 250K US workers for its holiday season — maintaining its staffing level from last year — as it prepares to handle an estimated 42% of the country’s online orders this fall and winter. Last month, rival Target said it would also repeat last year’s hiring level, bringing on 100K workers. Retailers are on a hiring spree to cover the industry’s most important stretch of the year.
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- Now hiring: JCPenney said it’ll bring on 10K+ workers this season, while competitor Macy’s is adding 32K seasonal employees. Bath & Body Works plans to recruit 30K and Walmart is expected to hire about 40K.
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Short-staffed: While major retailers are maintaining holiday staff levels, the US is expected to add about 8% fewer retail jobs in the last quarter of the year, the second lowest total in the past 15 years.
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Seeing the shopping bag half full… The nation’s retailers breathed a sigh of relief yesterday after union dockworkers reached a deal to suspend their strike till January 15. The work stoppage at the East and Gulf Coast ports was expected to disrupt nearly half of all US imports and create a holiday supply-chain nightmare. Still, sellers are facing some hurdles this holiday season, when more than half of US retail revenue is generated. Sales are expected to grow at the slowest pace since 2018, and almost 60% of US shoppers say inflation will ding their gift budget.
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More time = more money… The stretch between Thanksgiving and Christmas is five days shorter than last year, so to account for lost time, retailers started promotions and holiday sales early (think: “Summerween” in July). Walmart said about half of US shoppers started buying gifts in August. |
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1 The device as a regenerative fuel cell creates a continuous energy process for the life of the product. |
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1 The device as a regenerative fuel cell creates a continuous energy process for the life of the product. |
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Truckload of problems… Tesla issued a recall that affects most of its Cybertrucks on US roads. The country’s EV leader called back 27K+ Cybertrucks pending a software update next month, after drivers reported up to an 8-second delay in the rearview-camera display when backing up. It’s the fifth and largest recall for the flashy steel truck since it hit roads last fall.
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- FYI: In August, Tesla discontinued its $60K entry-level Cybertruck, leaving its mid-range $100K model as the next most affordable option.
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Rocky rollout… The Cybertruck has gotten a lot of attention (especially on social media), but its debut has been far from smooth. Production snags caused nearly two years of delays, and almost a year after the vehicles hit the roads, the speed bumps haven’t stopped. In April, Tesla recalled 4K trucks after finding that some pedals could get stuck at full-throttle speed (yikes). Then in June, Tesla called back 12K of the vehicles for faulty windshield wipers and loose trim pieces.
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- Checked out: The National Highway Traffic Safety Administration said it didn’t have plans to conduct an official safety test on the Cybertruck because it’s not sold at scale.
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Bad reps don’t always crush demand… Despite a slew of issues, Cybertruck fans have shown they’re willing to charge ahead for the latest tech. This week Tesla topped quarterly delivery estimates, partly thanks to rising demand for the truck. In July it was the best-selling car over $100K. |
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Measuring a song's popularity has never been more complicated. Read more. |
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- Amazon saw that subscribers tolerated ads on Prime Video, so it’s piling on more ads (unless you pay the extra $3/month for interruption-free streaming).
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Levi’s denim sales were up 5% last quarter, but the jean icon’s overall results were distressed by its Dockers brand, which it’s considering selling.
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Booze biggie Constellation Brands uncorked quarterly sales growth as demand for beers like Modelo and Corona offset weakness in wine and spirits.
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Costco started selling platinum bars after seeing bullish demand for bullion (it reportedly sells up to $200M worth of gold bars each month).
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Budget carrier Spirit Airlines is reportedly exploring a bankruptcy filing after its attempted merger with JetBlue failed to take off.
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Employment report
- NHL season begins
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Authors of this Snacks own shares of: Amazon, Tesla, and Walmart |
Advertiser's disclosures:
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Past performance is no guarantee of future results. Start-up investments are speculative and involve a high degree of risk. Those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investment tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Further, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns.
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