☑️ Have your people call our people. The US and China have agreed to meet… again, according to Chinese State-run media. According to the report, Steve Mnuchin, Robert Lighthizer, and Chinese commerce head Liu He ironed out the deal before the deal and set a date to meet in early October. Many believed the meeting would take place in September, but the “anything you can do, I can do better” approach to the trade war this past week, threw a wrench in those plans. Stock futures rose on the news.
☑️ Slack posted its first earnings since going public earlier this year, and… let’s just say things did not go well. The email killer’s share price dropped 16% over the course of the day, even though the firm beat its forecasted earnings and revenue growth for Q2. It probably didn’t help that, in July, Microsoft announced its Slack-competitor Teams had a larger user base than Slack… and Slack didn’t provide any numbers to the contrary, which certainly didn’t help its cause. The AOL Instant Messenger on steroids also saw uptime drop below 99.9%, which in the tech world is, as the experts say, “bad.” Talk about high expectations.
☑️ Lab-testing startup uBiome, which focused on assessing users’ health by inspecting their #2, filed for bankruptcy. The company filed for Chapter 11 on Wednesday, mentioning that it has an $8M bankruptcy loan ready to hold them over until it finds a buyer. The writing was on the wall, as the company laid off about half its global workforce back in July. You may recall that the company was under investigation for its alleged billing practices, which double-charged some customers. For their part, the company’s co-founders were forced out of the C-suite and resigned from the board. Sh*t really does roll downhill.
☑️ “There’s a new sheriff in town” – DJ D-Sol to Lloyd’s disciples. As many as 12 Goldman Sach‘s partners are likely to depart by the end of the year, with many of them already arranging to do so. Among the losses are Goldman’s chief technology executive Elisha Wiesel and research head Steven Strongin. Just this week, GS said bon voyage to Marty Chavez, the former CFO who was responsible for building out GS’s tech offerings, and Jeff Nedelman a stock-trading senior partner. When the smoke clears, up to 15% of Goldman’s partners could be gone by 2020.
☑️ Apple filed a prospectus to borrow in the US bond market on Wednesday, marking the first time the firm has done so since 2017. It’s also the first time Tim Apple and the gang have dipped their toe into the bond market since US tax reforms allowed Apple to bring hundreds of billions of dollars back into the US at a more favorable tax rate. For those of you keeping track at home, Apple has no shortage of cash. As of July, the firm said it has more than $210B in cash on hand and marketable securities but plans to use the cheap debt to fund its share repurchasing program and pay dividends.