1) The mega giant online retailer Amazon is facing more labor problems with a strike of Minnesota warehouse workers on the first day of Amazon’s sales extravaganza. Even though Amazon has committed to pay $15 dollar an hour to all workers, the Minnesota warehouse workers plans a six hour work stoppage on July 15, the first day of Amazon Prime Day sale.
2) Cisco Systems, a major manufacture of networking gear such as servers, announced Tuesday it will acquire Acacia Communications for $2.84 billion dollars. Acacia designs and manufactures high speed optical components and is a supplier of components to Cisco. Cisco is paying $70 per share, which is 46% above Acacia’s Monday closing price.
3) The tourist spaceflight company Virgin Galactic is going public for financing by merging with the investment firm Social Capital Hedosophia. This will infuse $800 million dollars into Virgin Galactic in exchange for 49% of the company. About 600 people have spent $250,000 for a ninety minute suborbital space flight. The company has made test flights to near space and has sent its first passenger up sixty two miles near the edge of space.
4) Stock market closings for- 9 JUL 19:
Dow 26,783.49 down 22.65 Nasdaq 8,141.73 up 43.35 S&P 500 2,979.63 up 3.68
1) The Ford Motor company will eliminate 20% of its European workforce in a sweeping move to overhaul the manufacture’s falling sales. This will entail reducing its manufacturing facilities from 24 down to 18, with England, Germany and Russia the hardest hit. About 12,000 regular, staff and workers at joint ventures will be effected. Predicted deliveries for automobiles is down, as a result of Britain’s uncertainty from Brexit, with Ford’s European sales dropping 8.3% in May.
2) The crypto-currency Bitcoin having moved up over the last eighteen months to $14,000, suddenly drop 16%, down to $11,000. Bitcoin’s all time high was $20,000 reached in December of 2017, and is noted for it’s wild deviations of price over the last few years. Facebook just announced they are coming out with their own crypto-currency which may be a factor in Bitcoin’s sudden drop.
3) The Federal Aviation Administration has announced more safety concerns with Boeing’s 737 MAX just as the aircraft is being evaluated for software fixes designed to correct computer flight control systems. This system was responsible for two recent crashes with the death of all passengers and crew. Boeing’s stock dropped 3% Thursday as a result of added concerns for its star product, which the FAA is now evaluating software fixes with the expectations of finally getting its airliners airborne again. Boeing is presently parking completed 737 MAX aircraft in its car parking lots waiting for approval so they can make deliveries.
4) Stock market closings for- 27 JUN 19:
Dow 26,526.58 down 10.24 Nasdaq 7,967.76 up 57.79 S&P 500 2,924.92 up 11.14