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Good morning. US stock futures fell in Tuesday morning trading as investors looked ahead to the release of economic data.

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🏢 WeWork files for bankruptcy protection

📝 Our report: WeWork just pulled out its bankruptcy card, making it the latest plot twist in the saga of the co-working space drama! The company has struggled to recover in the post-pandemic era and has been embroiled in its fair share of scandals since going public in 2019. 

 🔑 Key points:

  • 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?

💳 Credit card debt set to hit new highs

🕶️ NYC downtown post-Covid recovery remains below 2019 levels

☕Starbucks set to hike employee wages

WHAT: Starbucks is brewing up a pay hike for its US baristas, promising a 3% boost in hourly wages from 2024. The company recently said it would increase the number of stores globally to 55,000 by 2030 from 38,000, while also aiming to double the hourly income of baristas over the next two years from 2020 levels through more working hours and higher pay.

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”

WHAT: FedEx is nudging its pilots to explore job opportunities with an American Airlines unit as the company grapples with a shipping downturn that has been a margin drag for most operators in the shipping sector.

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?

WHAT: Riddell, the company behind those fancy NFL helmets, is exploring a sale the company announced. According to industry insiders, a sale could value the company at $800 million as Riddell continues to engage with various investment banks to finalize a valuation and find a buyer.

WHY: The company was founded in 1929 by John T. Riddell who invented gear such as removable football cleats and plastic helmet shells.

✏️ DMB Insider Quiz ✏️

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