Media

6 Most Important Financial and Economic Stories Today

https://www.flickr.com/photos/iphonedigital/

Apple Inc. (NASDAQ: AAPL) has hired Dr. Sumbul Desai, who runs Stamford’s digital health initiatives. Apple has digital health products, primarily for Apple Watch. More and more of these may be transferred to the iPhone to create additional consumer features to differentiate it from other smartphones.

Hudson Bay, which owns Saks Fifth Avenue and Lord & Taylor, will cut 2,000 jobs in North America. It becomes the latest victim of the carnage in the brick-and-mortar retail business that has caused companies like Sears Holdings Corp. (NASDAQ: SHLD) and Macy’s Inc. (NYSE: M) to close hundreds of stores. Industry experts predict layoffs and the shuttering of stores is far from over as they are cannibalized by Amazon.com Inc. (NASDAQ: AMZN) and their own e-commerce efforts.

Japan’s Softbank, the majority owner of Sprint Corp. (NYSE: S) will buy Alphabet Inc.’s (NASDAQ: GOOGL) robot arm, Boston Dynamics. Softbank is in the midst of raising a $100 billion investment fund.

Snap Inc. (NYSE: SNAP) is the most shorted tech stock, according to Bloomberg. One reason is that millions of its shares will become “unlocked,” which means insiders and other investors will be able to sell shares that were previously restricted. According to the news agency:

Investors are skeptical that the company, which owns the Snapchat photo-sharing app, can grow quickly enough to justify its valuation — now at about $22 billion — given aggressive competition from Facebook Inc., which has been copying some of Snapchat’s features. That’s helped drive short interest in Snap up to 28 percent of the free float, or shares available to be traded publicly, according to data from Markit Group Ltd. The increase comes before the first lockup expiration on the shares — on July 30 — when certain stakeholders and executives will be free to unload their positions for the first time since the March 1 IPO.

Snap shares last traded at $18.25, down from $29.44, the high point after its IPO

Ford Motor Co. (NYSE: F) will offer buyouts to 15,000 salaried workers, mostly in the United States and Asia. The car maker has struggled recently, which cost CEO Mark Fields his job. He was replaced by Jim Hackett. This is Hackett’s first major move as he tries to turn around the company.

Nasdaq posted its 38th daily high during the year, which has not happened since the 1999 internet bubble.

100 Million Americans Are Missing This Crucial Retirement Tool

The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.

Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to learn how to get a quote in just a few minutes.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.