☑️ Taking a breather. Israeli pot company, Breath of Life, has postponed its IPO on the Toronto Stock Exchange, citing subpar market conditions… also, Phish is playing that night. The cannabis company was originally looking to raise $113M via its public offering, at a range of C$27 to C$32 a share, but is sitting on the sidelines until market conditions improve. The marijuana market has been bearish since the spring due to regulatory issues, disappointing earnings, and vaping concerns.
☑️ HSBC, which announced 4.7k job cuts in August, plans to cut up to 10k more employees, bringing the total headcount down to roughly 238k. Interim CEO Noel Quinn, who just took over in August, is looking to control costs while the bank deals with trade war and Brexit headwinds. This is far from the first bank to “tighten the belt” and “make tough decisions” this year, as Deutsche (lol), Barclays, and Citigroup have trimmed more than 60k worker bees combined.
☑️ Comcast’s NBCUniversal appointed a new boss to head its streaming service Peacock. As a part of the television-production restructuring efforts, Bonnie Hammer will be named chair(wo)man of the NBCUniversal Content Studios, overseeing its new streaming service and all content for NBCU outlets. Current EVP of Xfinity Services, Matt Strauss, will become chairman of Peacock, which will make its debut next April. Both Mr. Strauss and Ms. Hammer were seen confidently strutting around the office after the announcements.
☑️ Farmers rejoice (though, I doubt you’re reading this), as China is buying soybeans again. Chinese buyers bought more than 1.5M metric tons of US soybeans last week, which is the biggest purchase of those soiboiz in over a year. In August, China bought nearly $1B worth, which was the most since January 2018, but nowhere near the peak levels of 2017 when China purchased $15B in the year. Hmmm, wonder what happened? Agricultural purchases are a good barometer of how the trade talks are going, and while there is not a deal in place, there’s at least money changing hands. So we’ve got that going for us.