(Chad Salvador/Getty Images) |
Is Bob Iger the Tom Brady of the corporate world? |
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The cost of being a Girl Scout is more than a couple of Samoas-induced cavities: the org, which doesn't earn anything from troops' cookie sales, is hiking its membership fees by 160%. That's a lot of dough. Stocks had a slow start to the week with all sectors dipping except tech. A fifth of S&P 500 companies are set to report Q3 results this week, including Tesla, IBM, and Coke. |
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On the hunt for Bob 3… The Mouse House finally has a plan for finding its next big cheese. Disney yesterday said it'll name a replacement for legendary CEO Bob Iger in early 2026 (FYI: Iger oversaw Disney acquisitions including Pixar, Marvel, and Lucasfilm). He said he's definitely calling it quits, but some insiders have their doubts: he delayed his first retirement four times, and then returned after just two years in 2022 after his replacement, Bob Chapek, was ousted. |
- High stakes: Iger's last retirement didn't go well. Under Chapek, Disney's shares tumbled from a peak of $200 to $85, with investors criticizing several of the company's moves.
- Not so magic: Iger, who's said he's "obsessed" with his succession, hasn't had an easy comeback. Hollywood strikes, box-office flops, underperforming parks, and activist-investor battles have dampened business.
- Up next: Several Disney division heads are believed to be at the top of the "Next Iger" list, including the chair of TV and the head of parks and experiences.
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Heavy lies the crown… More companies have been struggling to find the right leader fit. There were 1.3K chief-exec departures in the first half of this year, the highest rate since at least 2015. About 40% of this year's CEO exits have been firings or force outs. Execs aren't given much time in the corner office either: since the pandemic, the average big boss's tenure has halved from 12 years to about 6. |
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Celeb CEOs are hard to lose… It's tough replacing longtime leaders who've become the face of their companies. In some cases it's worked, like when Jeff Bezos handed the Amazon reins to Andy Jassy. Others have struggled and gone back to OG execs. Nike replaced its CEO with longtime company vet Elliott Hill last month, and Under Armour replaced its chief exec (after just a year on the job) with founder Kevin Plank. |
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Nasdaq leads the way in investment intelligence. Their latest report turns to ETFs… and how they've won the favor of the newest entrants to the investment world: Gen Z. In fact, nearly half of all trades advisors made for Gen Zers in 2023 were in the form of ETFs. Nasdaq's report found that: |
- One particular category of ETFs are a firm favorite, capturing the interest of 59% of Gen Z investors.
- A digital-first trading platform is seeing a 39% increase in Gen Z usage.
- A handful of lesser-known social media platforms attract 75% of Gen Z investors for making financial decisions.
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Nasdaq leads the way in investment intelligence. Their latest report turns to ETFs… and how they've won the favor of the newest entrants to the investment world: Gen Z. In fact, nearly half of all trades advisors made for Gen Zers in 2023 were in the form of ETFs. Nasdaq's report found that: |
- One particular category of ETFs are a firm favorite, capturing the interest of 59% of Gen Z investors.
- A digital-first trading platform is seeing a 39% increase in Gen Z usage.
- A handful of lesser-known social media platforms attract 75% of Gen Z investors for making financial decisions.
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What you bring to the tray table… Boeing's proposing a 35% pay hike over four years to 30K+ of its factory workers, who've been on strike for five weeks. The jet manufacturer and its machinists' union reached the tentative deal on Saturday, and Boeing's striking workers are set to vote on it tomorrow. The beleaguered plane maker is hoping employees will agree to the deal as it seeks to end a strike that's halted most of its production. But the proposed pay falls short of the 40% hike the union demanded. |
- Boeing stock flew up yesterday as investors saw a resolution on the horizon, but it's TBD whether workers will approve the deal. Last month the union rejected Boeing's "best and final" offer of a 30% pay hike.
- Busy day: Boeing's also expected to report Q3 earnings tomorrow. Its deliveries rose from last year, but it's expected to see the biggest brunt of the strike this quarter.
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Reaching crisis altitude… There's a lot on the line for Boeing and the companies that depend on it. The strike cost the aviation icon an estimated $5B in the first four weeks, and it could lose an additional billion for every month it goes on. Boeing suppliers have lost an estimated $900M, and its airline customers have racked up $285M in losses as deliveries get delayed. Last week Boeing said it would lay off 10% of its workers and try to raise up to $25B as it looks to avoid a cash crunch. It's sitting on $60B in debt, and its credit score could get downgraded to junk status. |
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Peeling off the Band-Aid can be painful… Instead of meeting workers' demands out of the gate, Boeing has made incremental bumps to its pay-hike proposals, which has contributed to the strike dragging on. That's had painful effects, and not just for Boeing. Spirit Aerosystems, a major Boeing supplier, said it'll furlough 700 workers because of the strike. |
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- A year after going bankrupt, Bed Bath & Beyond is teaming up with home-decor store Kirkland's to bring back Beyond stores.
- Shipping giant Maersk boosted its annual guidance for the fourth time this year as continued disruptions in the Red Sea have pushed up freight rates.
- Pennsylvania's governor called for law enforcement to look into the legality of Elon Musk's $1M daily giveaway to swing-state voters who sign his petition.
- Spirit Airlines' shares soared as much as 73% yesterday after the no-recline carrier nabbed a two-month extension to refinance $1B+ in debt.
- Hugh Hefner's son wants to buy back the Playboy brand for a not-so-hefty $100M (in 2021 it was valued at $2B+).
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- Generation ETF… Nasdaq leads the way in investment intelligence. Their latest report turns to ETFs… and how they've won the favor of the newest entrants to the investment world: Gen Z.1
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- NBA season begins
- Earnings expected from Verizon, GM, GE, 3M, Quest Diagnostics, Lockheed Martin, Sherwin-Williams, Denny's, Philip Morris, Norfolk Southern, Kimberly-Clark, Texas Instruments, and Canadian National Railway
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Authors of this Snacks own shares of: Amazon, Disney, GM, and Tesla |
Advertiser's disclosures:
1 Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security, digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or digital asset or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. Investing in options carries unique risks. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. |
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