Hey Snackers,
Careful what you reel for: a family on a fishing vacation in Fort Lauderdale had a "jaw-dropping" surprise after catching a great white shark.
Stocks kicked off the week in the green after UBS’s weekend takeover of its struggling rival, Credit Suisse. Investors were hopeful that a broader banking crisis could be avoided. All eyes are on the Fed’s rate-hike decision tomorrow. Traders expect a bump of 25 bps.
Failure to launch… Sir Richard Branson’s Virgin Orbit could be on the brink of bankruptcy. Last week the satellite-launching startup paused operations and reportedly furloughed most of its staff. Yesterday, CNBC reported that Branson’s baby was scrambling to raise cash. If Virgin Orbit fails to secure a funding lifeline or a buyer, it could file for bankruptcy as soon as this week. If dollars are rocket fuel, Virgin Orbit is burning it fast.
To infinity, and Elon… The satellite industry has mostly been dominated by huge missions to launch huge satellites for huge companies, but startups like SpaceX and Virgin Orbit have found a niche: launching smaller satellites for smaller customers at lower orbits. SpaceX's Starlink satellite-internet biz has launched ~4K satellites to date and has 1M subscribers (think: residential WiFi). Now SpaceX is gearing up to test Starlink satellite-to-cell phone service, which Musk had said would be available on T-Mobile phones this year. Meanwhile, Amazon just revealed “Project Kuiper,” its forthcoming low-cost satellite-internet dishes.
A big L can be the nail in a small coffin… In the increasingly competitive small-launch market, there may be room for only a few providers, which means that even one high-profile mishap could mean game over. While Virgin Orbit had four successful launches before its failed UK launch, the high-profile flop may’ve been a final blow.
Meeting up for an early tee time… at 2 on a Wednesday afternoon. Pandemic-born remote work has reshaped the modern office (#hotdesking), but it's also reshuffled non-office life. The flexibility has created a "whenever economy." Remote workers are taking advantage of their schedules to shop or work out when they'd have typically been at a downtown desk. Now they're working different hours (picture: afternoon golf games, late-evening emails). For some industries, that's been a boon:
Slack pings to an empty desk… As big names like Amazon, Salesforce, and Meta require (or “strongly encourage”) in-person office work, they may end up looking like loud outliers. A recent survey of 1.1K corporate execs found that only 3% plan to cut down remote options, while 5% said they'll expand them. Many prospective employees are on board: remote opportunities recently attracted a majority of LinkedIn applications, despite making up only 13% of job listings.
The 9-to-5 is losing its hold… Say hello to the 9-to-whenever-it's-done. An overlooked detail of the whenever economy: workers aren't necessarily working less. A three-hour lunch break might mean a post-dinner spreadsheet sesh. That flexibility may be hard to relinquish, both for employees lovin' afternoon golf and for employers expecting late-night email replies.
Authors of this Snacks own shares: of Amazon, Apple, Google, and Microsoft
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