Trade War On Hold; Campbell Soup CEO Out; Student Loan Repayment Benefits
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THE OLD COLLEGE TRY
Companies are now offering student loan repayment assistance as part of their benefits packages. The perk is becoming more common to help companies attract talent.
Studies have shown the benefit is more important to millennials than even a 401k.
And this couldn’t come at a better time for millennials with terrible majors: seven out of every ten college graduates have student loan debt, averaging around $37k. An astonishing 20% owe more than $100k.
Water Cooler Talking Point: “Here’s a fun fact: did you know if you say “Sallie Mae” three times aloud that an English major appears to complain about their crippling debt?”
NO SOUP FOR YOU
Things are “Mmm, Mmm, Bad” at the company whose name is synonymous with mediocre canned soup. Cambell’s Soup CEO, Denise Morrison, abruptly retired from her post on Friday.
Andy Warhol’s favorite soup brand announced earnings soon after Morrison’s departure and let’s just say things were lukewarm. Organic sales (excluding sales stemming from the purchase of Snyder-Lance) were flat and the company missed expectations on almost every front.
It turns out Americans do care about their health. Sales of SpaghttiOs and other lunches of champions continue to decline as buyers become increasingly conscious about what they are putting in their bodies.
Water Cooler Talking Point: “It’s safe to assume that Donovan McNabb’s mom is the top candidate to replace her.”
Donald Trump’s game of economic chicken (read: the “trade war”) with China will be placed on hold … for now. The countries made a joint statement on Sunday essentially ending all tariff threats … for now.
Washington and Beijing plan to work on a trade agreement that would narrow the roughly $335B trade deficit.
It remains to be seen if the deal will affect US sanctions on ZTE, the large Chinese telecom firm who is being punished for having violated US rules around trading with Iran and North Korea.
Water Cooler Talking Point: “The art of the deal, indeed.”
IN OTHER NEWS
- Heinz is releasing its own brand of mayonnaise and a hybrid ketchup-mayo called “mayochup.” Ordering french fries just got a whole lot more complicated.
- TV networks are pretty excited about the possibility that gambling during sporting events will offer.
- After backlash from just about everybody, Starbucks will let just about anyone use their bathrooms. Now the nearest bathroom is no more than 300 feet away.
- GE is closing in on a deal to merge its transportation unit with rail-maker Wabtec, in a deal that would value the company at $20B.
- The 3D headphone maker, Ossic will be closing its doors after raising almost $4M via crowdfunding. No one will be getting a refund. Let the class action suits begin.
- US indices were mostly down Friday:
- DOW: 0.00%
- S&P 500: -0.26%
- NASDAQ: -0.38%