“Can someone give me some resources on collecting rare cards? Specifically I’ve been told black lotus cards are very valuable.” — Martin Shkreli, pharma fraudster and former CEO of Turing, asking Reddit users for information about buying cards used in the game Magic: The Gathering. Leave it to Shkreli to get 5 black lotuses in one night.
- U.S. markets finished mixed with the S&P and Dow dragged down by oil, as investors eagerly await Friday’s jobs report
- Chipotle’s stock finished down over 2.5% after the author of Jason Bourne tweeted that his editor has been hospitalized in New York after eating Chipotle
- Health insurance companies Humana and Aetna both saw their shares dip after rumors surfaced that the two had met with the Justice Department
You Can Download iOS 10
…But you probably shouldn’t. Apple made the prerelease version of its upcoming iPhone and iPad operating system available yesterday with all of its new features, such as upgraded messaging and a redesigned lockscreen. Fancy. But before you get all excited and start googling “how to download iOS 10 beta,” you should know that the software still comes ridden with bugs and will likely crash. We recommend waiting for the final release due this fall, but suit yourself.
Pack Your Bags
…For Cuba. More than a year after reestablishing diplomatic relations, the U.S. tentatively OK’d major airlines such as American, United and Delta to fly non-stop to Cuba from ten U.S. cities as early as this fall. U.S. based commercial airlines had been banned from flying to the Caribbean island for nearly 60 years. Although American tourism to Cuba is still largely prohibited, the announcement is a step in the right direction for bolstering Cuba’s economy. Now about those cigars.
Waves Don’t Die
…Especially for Danone. The French dairy company, known as Dannon in the U.S., forked up over $10 billion for Denver-based WhiteWave Foods—the maker of Silk almond milk and Horizon organic milk. The U.S. market for organic foods is booming, and with the acquisition Danone is hoping to double its North American revenue to offset lapses in Brazil and Russia. The move is the first multibillion-dollar deal since Britain voted to leave the EU. Way to buck the trend, Danone.
It’s Good to Impress Others
…Even better to impress the Street. Shares of PepsiCo jumped after the snack and soft-drink company beat earnings expectations and raised its full-year forecast. Pepsi benefited from rising juice and flavored water sales in North America and cost-cutting measures that have boosted profits. Despite the impressive numbers, the quarter wasn’t all smooth sailing for the beverage giant. Diet Pepsi loyalists lashed out after the company removed aspartame from the popular drink, leading CEO Indra Nooyi to announce that the old version is coming back. Hallelujah. Pepsi is now bubbling with cash and looking to spend.
- Facebook is being investigated by the IRS
- Wendy’s says more than 1,000 restaurants affected by hack
- Lyft just added a luxury service
- Amazon wants you to pay for podcasts
- Monday: Markets Closed
- Tuesday: Factory Orders (-)
- Wednesday: Greenbrier (+), Walgreens (+/-) Earnings; International Trade (-)
- Thursday: PepsiCo (+) Earnings; Weekly Jobless Claims (+)
- Friday: June Jobs Report; Consumer Credit
THE UNPAID INTERNSHIP STRUGGLE
Landing a paid internship is pretty sweet. For those lucky folks who receive paychecks every two weeks, it gets even better. A new survey conducted by the National Association of Colleges and Employers found that students who assumed paid intern positions had a better chance of getting a full-time job and earning a higher salary, than those who took unpaid internships. Before you jump for joy (or bang your head) check out these figures:
- The study found that interns working at private, for-profit companies had a 72% chance of being hired, compared to just 44% of unpaid interns. Where’s the love?
- The median salary of students who had paid internships was $53,521, while the median offer for students who held unpaid intern positions was $34,375.
- And perhaps most shocking of all: students with no internship experience had a 3% higher chance of getting a job offer than students who had unpaid internships in government. Boy, that’s a head scratcher.
INTERVIEW QUESTION OF THE DAY
Can working capital be depreciated? Why?
BUSINESS TERM OF THE DAY
Hubbert Curve — A statistical theory of oil’s production life cycle that states that the rate of extraction from a particular region follows a bell shaped curve. Initially, rate of production is limited due to minimum drilling operations. However, as infrastructure increases and larger chunks of land are explored, resource production approaches peak production. Eventually, the oil will become depleted and extraction rates begin to slow down.
FOOD FOR THOUGHT
Happy Friday! At $540 million, the third largest Mega Millions jackpot lottery drawing is happening tonight at 11 pm EST. Will you be the lucky one in 259 million?
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