|Happy New Year! We are back after the long holiday break. Today we cover tech layoffs, the continuation of crypto winter and a likely bankruptcy for Bed, Bath and Beyond. Welcome back!|
Stocks & Economy
Stock market acting like it did before the recession of 1969, JPMorgan strategist finds (MarketWatch)
An economist’s model shows we are on a similar path to the 1969 recession…which means a little further down to go but a quick recovery. So maybe good news?
Amazon layoffs will top 18K, many in retail (Retail Dive)
Amazon continues the trend of tech layoffs with a massive 18,000 layoff.
Salesforce to cut 10% of workforce amid broader tech layoffs (USA Today)
Another tech giant with more layoffs.
U.S. authorities to seize US$460 mln of Robinhood shares in FTX fraud case (Yahoo! Finance)
SBF had purchased 56 million shares of Robinhood in his Alameda Research investing arm.
Microsoft vs. Amazon analysis, which stock? (The Street)
An analysis of two tech heavyweights.
5 Best Dow Dividend Stocks to Buy Now (Kiplinger)
Looking for some safer bets in 2023 for the portfolio? Kiplinger has these picks.
A Record Share Of Home Sellers Gave Concessions To Buyers In The 4th Quarter (Fortune)
According to a Redfin report, sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter—the highest share of any three-month period in the company’s records.
What is BONK, and why is its price up 3,174% this week? (Marketwatch)
There’s a new crypto dog in town…–Solana’s dog-themed meme coin brings a little excitement during the long dire crypto winter.
Crypto lender Genesis lays off 30% of staff (Yahoo! Finance)
The move comes two months after the company froze customer withdrawals.
Mark Cuban Warns of Potential New Crypto Scandal and Fraud (The Street)
Could be a long winter…
Retail & Commerce
Bed Bath & Beyond warns of possible bankruptcy as sales continue to decline (USA Today)
The struggles continue on for this troubled retailer with a strong chance of bankruptcy.
Sears Hometown stores disappearing from rural America (Retail Dive)
And just like that, it’s over. The Sears Hometown division declares bankruptcy and all 115 or so stores will liquidate.
As always, thank you for reading and check us out on www.brostocks.com for more! Why not share this newsletter with a friend today? Until then, see you next Friday!