Hey Snackers,
A fowl situation: a wild turkey — described as “increasingly aggressive” — is attacking people in the nation’s capital. Several agencies are in hot pursuit of the wanted bird.
Stocks jumped on the first trading day of May, after capping off their worst month since lockdowns hit in March 2020. The 10-year Treasury yield — which affects what you’ll pay for a mortgage and other loans — hit 3% ahead of this week’s Fed meeting.
Stocking up on mini shampoos... one bottle = one squeeze. It's hospitality week, with Hilton, Marriott, Airbnb, Booking.com, and Royal Caribbean dropping earnings. First up: Expedia reported sales were up 81% from last year as bookings reached pandemic-era highs. Ahead of the rest, we're checking in on travel:
Flying coach to Stagecoach... Travel companies are considered "cyclical" because they tend to do well when the economy thrives (and vice versa). ICYMI: the economy isn't exactly crushing it. US GDP shrank last quarter, and global economic growth forecasts have been slashed. Still:
The vacay rebound doesn’t appear to have peaked yet… Unlike the booms experienced by tech and banks last year, travel companies have seen more of a slow-and-steady climb (peppered with Covid-related dips). So far, it looks as if it’s still going, and Visa said demand for summer bookings is “very high.” But inflated prices, war, and new Covid outbreaks could threaten the jet-set recovery.
Hold on to your sweatpants… Offices are becoming optional. Airbnb has reversed its plans to return to offices in September, telling workers they can WFH forever — without pay cuts. It’s a sharp reversal: Airbnb laid off a quarter of its workers during lockdowns as travel collapsed. But bleisure (long trips that blend business and leisure) helped business rebound, and now Airbnb wants its 6K+ workers to join in:
Return-to-office roulette… Pajama-wearing workers have gotten so comfortable WFH that their employers are struggling to get them to return: half of companies expect workers back in the office five days a week, but 90%+ of WFH warriors want to stay remote. To keep them happy, companies have adopted several return-to-office strategies.
Work-from-anywhere is the new kombucha on tap… a popular perk among workers and an important hiring strategy for flexible employers. The option to work from St. Barts for full pay could inspire an applicant to work for Airbnb instead of Apple — a big deal in today’s tight labor market. Airbnb’s CEO, Brian Chesky, said he expects other companies to go remote so that they don’t “limit their talent pool.”
Authors of this Snacks own: Ethereum, and shares of Starbucks, Microsoft, Amazon, Google, Apple, Netflix, and Delta
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