☑️Not good enough. Aloha ohana. Salesforce announced yesterday that it would be cutting 1k jobs despite a monster quarter. The company is hoping to streamline its organization further, despite coming off a quarter where revenue climbed 29%.
The company also increased its annual sales forecast. So it’s safe to say those jobs being cut aren’t in the sales department. Investors were more excited than the employees that got pink slips, and Salesforce’s shares jumped 26% on the day. Ah, capitalism.
☑️Stay the course. The Fed is expected to keep interest rates where they are for the foreseeable future as part of a new monetary policy. The plan, which is expected to be unveiled as early as next month, could see interest rates hanging around zero for at least the next five years. “Where do I see myself in five years? Hopefully not running this dumpster fire anymore.” – Jay Powell, probably.
The move could also see the Fed taking a more lax stance on inflation, going so far as to allow it to rise above the current 2% target to make up for this sh*show that has been 2020. Jay Powell is expected to reveal the new plan today at the central bank’s Jackson Hole conference.
☑️WAP (Wet Ass Property). First Street Foundation is prepared to change the way we think about home buying. That is, if flooding concerns are something you consider when buying a home. Working with more than 80 researchers and scientists, the non-profit is mapping out the flood risk data on more than 142M homes and properties in the US.
The data also includes projections for the length of a standard mortgage, so potential buyers can see what sort of impacts rising sea levels and warming global temperatures might have on their future investment.
Realtor.com is including that risk data in its listings as of this week. If this move is like anything else in the real estate tech realm, Zillow and the other big boys will be sure to follow, potentially shifting the entire real estate market and the way Americans shop for homes.
☑️Home improvement. Dick’s Sporting Goods reported earnings Wednesday, and this quarter was a grower and a shower. The sporting goods store was helped in large part by gym closures thanks to COVID, as customers flooded its website to purchase in-home exercise equipment to fend off the quarantine fifteen. According to the phonetically phallic sporting goods company, online sales nearly tripled in the quarter ended August 1.
On the news, Dick’s’ shares climbed more than 14%. That despite COVID potentially putting a damper on the ongoing return to school and the possible cancellation of fall team sports around the country. Looking at you, Tuscaloosa. Same-store sales also climbed, with a 20.7% jump in sales during the quarter, despite many of those stores being closed through the end of June.