"Green cheese," as we all know, is a fresh moon cheese that has neither thoroughly dried nor aged, and is white in color and usually round in shape. Then again there's actual green cheese like this Gouda flavored with pesto produced by Henri Willig:
It looks like Oscar the Grouch had relations with a Wensleydale!
Green is the color of envy. It's why the grass is always greener on the other side of the fence. Today's cheddlines, meanwhile, discourage comparison to the circumstances enjoyed, or otherwise, by others. Plough your own furrow, my cheeses! Run your own race! Quit trying to keep up with the Joneses!
More not-so-great news. February jobs data shows a significant spike in layoffs, predominantly attributed to the widespread firings within the government sector, instigated by the Department of Government Efficiency.
In February alone, the U.S. witnessed an alarming 172,017 job cuts, marking a 245% increase from January and a figure double than that of February the previous year. Such figures haven't been seen since July 2020, when 262,649 job cuts were recorded. As we say on this program: Oof.
The DOGE cuts have not only stirred uncertainty and concern among the remaining workforce but also prompted some agencies to reconsider and rehire critical positions, such as bird flu experts at the U.S. Agriculture Department, who were previously let go.
Retail and technology sectors also saw significant job cuts in February, with nearly 39,000 and 14,554 positions eliminated, respectively. The DOGE cuts have also indirectly affected private nonprofits, leading to approximately 900 job losses due to reduced federal funding. The full impact of the DOGE-initiated layoffs is also yet to be realized in official government reports. In other words, look out for next month's jobs report, if you thought this one was a doozy.
Lady Gaga has unveiled her latest album, "Mayhem," to critical acclaim and fanfare. For those yearning for the Lady Gaga who gave us anthems like "Bad Romance" and "Poker Face," "Mayhem" is a nostalgic homecoming. The album amalgamates the essence of her early work with the maturity and insight garnered through years of personal and professional evolution, critics say.
Gaga's lyrics also weave tales of overcoming adversity, embracing one's true self, and the transformative power of music. Those are all things I'm going to need before, during and after checking my 401(k), when I eventually need to crack it to pay our living expenses at the end of the month.
Lady G is all over the internet talking about the new album, but here's a five-minute interview with "Good Morning America." (Gaga! We'd love to have you on Cheddar!)
SpaceX's SPACEX.P ( 0.0% ) Starship, the behemoth of modern rocketry, embarked on what was meant to be a routine test flight from Texas last Thursday, but instead it blew up.
The un-crewed Starship lost contact and control, spiraling into an unplanned disassembly during its ascent. The explosion grounded commercial flights, predominantly in Florida areas such as Miami and Orlando, due to concerns over falling debris. The incident has naturally rekindled debates on the safety protocols and reliability of SpaceX's operations, especially concerning densely populated areas and crucial air travel routes.
Fortunately, no injuries were sustained ("Easy for you to say," we imagine the rocket saying), and immediate checks confirmed the absence of any property damage stateside, though the skyfall did alarm residents across Caribbean island nations. Despite fiery debris observed over the Caribbean Sea, SpaceX has assured the region that the debris dispersion fell within controlled and expected boundaries and contained no toxic substances. In response to the incident, SpaceX has launched a comprehensive data review to pinpoint the root cause of the failure and refine their designs.
SpaceX CEO and owner Elon Musk described the explosion of the company's Starship spacecraft as "barely a bump in the road."
These recurring incidents haven't bypassed regulatory scrutiny. Following the January mishap, SpaceX faced a temporary grounding of Starship launches by the Federal Aviation Administration, which also discussed potential risks and damages incurred over the Turks and Caicos Islands in the Caribbean. The latest launch was reportedly conducted before the FAA had concluded its investigation into January's incident, a point that could provoke further governmental and public pushback.
Bloomberg reported last week that Musk and his staff have threatened to fire FAA staff who stand in his way, which is an unusual relationship between a business owner and his federal regulator.
Starship stands as a cornerstone in Elon Musk's vision of space exploration, potentially facilitating future missions to Mars and supporting NASA's Artemis missions to the Moon. Its design ambition — a fully reusable spacecraft — proposes a revolutionary step in space technology. But again, a spacecraft is not reusable if it explodes.
Nasdaq's NDAQ ( ▼ 1.98% ) president, Tal Cohen, shared in a LinkedIn post last week that the exchange is engaging in discussions with regulators to shift towards a round-the-clock, five-days-a-week trading model. The move aims to capture the burgeoning global demand for U.S. equities, the company says, although not this week. But soon. They're hoping things might be up and running by 2026.
Nasdaq is not alone in its quest to extend trading hours. Rivals like Cboe Global Markets CBOE ( 0.0% ) and Intercontinental Exchange ICE ( ▲ 0.35% ) , the operator of the New York Stock Exchange, are also on a similar trajectory. While platforms like Charles Schwab SCHW ( ▼ 1.23% ) and Robinhood HOOD ( ▼ 0.94% ) offer limited 24-hour trading options, Nasdaq's comprehensive approach could revolutionize how investors engage with the stock market, making it more accessible and in tune with the global economy's tempo.
The transition to a 24-hour market will not be without its hurdles. Issues such as liquidity, fair market pricing, and the operational challenge of maintaining round-the-clock services come to the forefront. On the other hand you could trade derivatives all night, and doesn't that sound exciting? Wait…
Private equity firm buys Walgreens for $10 billion
Last summer I had to yell at a pharmacist in Walgreens because he told me it would take him two hours to prepare a hospice prescription for morphine. I say I "had to" yell at him. In fact I rather enjoyed yelling at him in the circumstances, and remarkably, he was able to turn it around in 15 minutes after I had done so. What I thought at the time, however, was that "this company deserves to go out of business."
And so. It is perhaps not surprising news that after years of plummeting share price, Walgreens Boots Alliance WBA ( ▲ 7.45% ) has announced its acquisition by Sycamore Partners, for $10 billion. It'll pull Walgreens out of the public markets' limelight and throw the company a much needed lifeline.
The downward trend is not unique to Walgreens but indicative of a broader sectorial upheaval impacting many major pharmacy chains. The expansionist strategy of yesteryear, with an aggressive push for brick-and-mortar footprint growth, now seems to be a double-edged sword as profitability from prescription sales wanes under the pressure from intermediaries. Moreover, consumer caution, fueled by persistent inflation, combined with fierce competition from retail juggernauts like Amazon AMZN ( ▼ 0.72% ) and Walmart WMT ( ▼ 3.09% ) , has further squeezed margins on non-prescription sales, spanning from snacks to cleaning supplies.
Valued at over $100 billion a decade ago, Walgreens' market valuation plunged below $8 billion prior to whispers of the Sycamore acquisition hitting the market. Sycamore's offer at $11.45 per share, an 8% premium over the closing share price before the announcement, represents a lifeline of sorts for the beleaguered pharmacy giant.
Walgreens has not been idle in the face of these challenges. Under the leadership of CEO Tim Wentworth, who took the helm in October 2023, the company has been striving to revitalize its business model. Wentworth's tenure, though relatively short, has been marked by a commitment to an "ambitious turnaround strategy," focusing on efficiency and profitability enhancements, and now, of course, this sale. I wonder what he'll pocket? Looks like he only earned $13.3 million in salary and benefits last year, which is next to nothing in CEO salary land.
Walgreens is among about 100 major U.S. companies planning mass layoffs this month.
