Good morning. US stock futures fell in Tuesday morning trading as investors looked ahead to the release of economic data.
🏢 WeWork files for bankruptcy protection
The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed in New Jersey.
WeWork’s real estate footprint sprawled across 777 locations in 39 countries.
The company went public in 2021, through a combination with a special purpose acquisition company two years after its IPO was infamously scuttled amid investor concerns about the company’s governance, valuation and growth prospects.
💡 So what: WeWork’s bankruptcy could send ripples through the co-working industry influencing how investors and businesses view such ventures. It might lead to increased scrutiny of business models and financial sustainability within the flexible office space sector.
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Tuesday - Consumer Credit, US Trade Deficit, Fed Governor Waller Speaks
Wednesday - Fed Chair Powell Delivers Opening Remarks,
Thursday - Initial Jobless Claims (wk end Nov 3rd)
Friday - No Major Economic News
🧑🏾💼 Are you applying for too many jobs?
🕶️ NYC downtown post-Covid recovery remains below 2019 levels
☕Starbucks set to hike employee wages
WHY: Starbucks said employees with two to five years of service would be eligible for at least a 4% wage hike, while those with five or more years could get at least a 5% increase in pay.
✈️ FedEx encourages pilots to pick up a “flying side hustle”
WHY: FedEx in the last year has slashed jobs, retired planes, shuttered offices and pared back profit-sapping Sunday deliveries to cut $4 billion in permanent costs by the end of its 2025 financial year.
🏈 Who wants to buy a football helmet maker?
WHY: The company was founded in 1929 by John T. Riddell who invented gear such as removable football cleats and plastic helmet shells.
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