What we’re reading (8/30)
“U.S. Gasoline Jumps, Oil Steady As Hurricane Ida Roils Supplies” (Bloomberg). “U.S. gasoline futures jumped and oil was steady after Hurricane Ida barreled ashore in Louisiana, disrupting energy supplies in the world’s largest economy at a time of rising commodity prices Gasoline for October spiked more than 4% higher in New York before paring gains, while West Texas Intermediate crude was little changed. Last week, WTI rallied 10% as investors wagered global demand would weather the setback posed by the spread of the delta coronavirus variant.”
“Tiger Funds Rocked By Latest Peloton Woes” (Institutional Investor). “More woes for Peloton Interactive. Shares of the online exercise company — a Wall Street favorite during the pandemic-related shutdown — fell more than 6 percent Thursday in after-market trading after the company reported disappointing quarterly results [and] announced a sharp price reduction in its critical product[.]”
“Peloton Investors Face A New Reality As Fitness Company’s Costs Eat Into Profits” (CNBC). “Peloton investors were in for a rude awakening on Thursday. Many expected to see the connected fitness equipment maker report slowing sales. Gyms have reopened, and outdoor runs and vacations beckoned during the summer months. What investors hadn’t anticipated was a 20% price cut in the company’s top-selling product and a ramp up in marketing spending. Growth is slowing, and it’s less profitable growth.”
“Elizabeth Holmes' Trial Is Set To Begin: Here's What You Need To Know” (CNN Business). “Elizabeth Holmes, the disgraced founder and former CEO of Theranos, is set to go to trial this week, more than three years after being indicted on multiple federal fraud and conspiracy charges over allegations she knowingly misrepresented the capabilities of her company's proprietary blood testing technology.”
“New Life And Work Choices Revitalize Exurbs, Bringing New Strains” (Wall Street Journal). “Exurban areas, which include 240 counties as defined by the Brookings Institution, grew at almost twice the national rate over the past decade, a shift that began before the pandemic. There are signs it is accelerating this year as Americans prepare for an expected post-pandemic landscape where increased working from home reduces the need to commute.”
