What we’re reading (11/30)
“People Are Working Longer Hours During The Pandemic” (The Economist). In the U.S., people are working an average 32 extra minutes per day, according to workplace software developer Atlassian. Across 65 countries, the average increase is about 30 minutes per day.
“Salesforce Deal To Buy Slack Expected To Be Announced Tuesday After Market Close” (CNBC). “Salesforce’s deal to buy Slack is expected to be announced Tuesday after markets close, sources told CNBC’s David Faber. The deal is expected to be about half cash and half stock, the sources said, and will price Slack at a premium. Salesforce is set to report quarterly earnings on Tuesday. Slack’s market cap was more than $24 billion as of Monday morning.”
“The Franchise Relationship That Powers Small Business Is Fraying” (Wall Street Journal). “Stressed by the hit to business from the coronavirus pandemic, store owners and corporate bosses at Subway, Econo Lodge and other companies are bickering publicly as never before. Companies are asking franchisees to buy equipment and adopt new safety protocols, moves they say are necessary to reassure customers during the pandemic and to grow thereafter. Franchisees are pushing back on store upgrades, promotional discounts and fees they say are excessive and undermine their profits. Some are agitating to replace executives or suing to change practices.”
“The Stock Market Could Pull Back Up To 7% Before The End Of 2020 — But Investors Should Use It As A Buying Opportunity, Says Top Wall Street Market Strategist” (Business Insider). “Major stock indexes are reaching record highs, but BNY Mellon's Liz Young sees a bumpy finish to 2020. She told CNBC on Monday that stocks could pull back up to 7% before the end of the year, but investors should buy the dip as the economy is set to recover in 2021. Both the Nasdaq and S&P 500 closed at record highs on Friday, while the Dow Jones is on pace for its best month since 1987.”
“The Luxury E-Commerce Wars Heat Up” (New York Times). “Unlike the music industry, which has Spotify, or the hotel business, which has Booking.com, the luxury fashion industry is still without a single dominant online player…Scott Galloway, a professor of marketing at New York University’s Stern School of Business, agreed. ‘A supreme luxury e-commerce group is a compelling idea, but no one so far has been able to pull it off,’ he said. Could that be about to change?”
