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Some parts of Wall Street are worried that a Democratic sweep this November would be bad for stocks — but history suggests otherwise
An increase in taxes and regulatory oversight are reasons often cited why a Democratic sweep this November would be bad for the stock market, but history suggests otherwise. An analysis from LPL Financial showed that the S&P 500 was positive 83% of the time and posted an average annual return of 13.2% when Democrats controlled both Congress and the White House. Last week, Goldman Sachs pointed to prediction markets that showed Democrats are favored to win both houses of Congress and the presidency, and estimated that Joe Biden’s tax plan would reduce S&P 500 earnings by 12% if passed into law. President Trump weighed in last week, saying that a Joe Biden presidency would “disintegrate” stock market returns. Visit Business Insider’s homepage for more stories. Some investors are worried about what the impact of a Democratic sweep would be on the stock market this coming November. A note from Goldman Sachs last week observed that the prediction markets are suggesting Democrats could be victorious in the national elections. The probabilities of Democrats winning the White House, Senate, and House of Representatives are 62%, 61%, and 85%, respectively. A boost in taxes and more regulatory initiatives are often cited asJuly 15, 2020
Jim Bankoff, chairman and chief executive officer of Vox Media Inc.
David Paul Morris | Bloomberg | Getty Images
Vox Media, the owner of media properties including New York Magazine, The Verge, SBNation and Eater, has informed its worker unions to prepare for company-wide layoffs, according to people familiar with the matter.
Vox spoke with union leaders Monday to inform them of their plan to cut staff, said the people, who asked not to be named because the discussions are private. Vox furloughed about 100 employees in April, or 9% of its staff, until July 31 as Covid-19 affected advertising budgets.
Many of the furloughed workers who haven’t already taken buyouts will be laid off, according to a person familiar with the matter. These employees primarily work for parts of Vox that were especially hit hard by the Pandemic, such as SBNation, Curbed and the company’s events group. There may be some additional job cuts, the person said.
Both the Writers Guild of America, East, which represents about 350 of Vox’s 1,200 employees, and NewsGuild of New York, which represents New York Magazine employees, are meeting with executives this week, two of the people said. Vox hopes to resolve those discussions by Friday, one of the people said.
Vox reached profitability in 2019 and planned to become even more profitable in 2020. While the company hit its revenue targets for the first two months of 2020, Vox was 40% off its forecast for the second quarter and plans to miss its full-year target by 25%, said two of the people. Chief Executive Jim Bankoff held an all-hands meeting last week outlining the company’s overall struggles while also highlighting some bright spots, such as podcast revenue bouncing back to pre-Covid levels, said the people, who asked not to be named because the meeting’s details were private.
Unlike some of its peers, Vox attempted to avoid layoffs in April, hoping the business outlook would improve. Media companies across the U.S. have had to cut salary and staff during the coronavirus pandemic to make up for lost advertising revenue.
Union leaders have asked Vox representatives for more data to back up the need for layoffs by Wednesday, said the people. A Vox spokesperson declined to comment.
Disclosure: CNBC parent NBCUniversal is an investor in Vox Media.July 15, 2020
First there was toilet paper. Then there was hand sanitizer. Now there’s a run on guns.
US gun sales surged in recent months as Americans grappled with unprecedented coronavirus lockdowns and massive protests against police brutality, a new report says.
The FBI ran about 5.4 million background checks for gun purchases from April to June, almost double the 2.8 million processed in the same period last year, according to data the Wall Street Journal published Tuesday.
In June alone, the number surged 136 percent year-over-year nationwide, tripled in Georgia and more than doubled in New York, Illinois, Oklahoma and Minnesota, the paper reported, citing figures from the National Shooting Sports Foundation, a trade group.
The spike coincided with the coronavirus pandemic — which has killed more than 135,000 Americans and sparked the worst economic crisis since the Great Depression — and the sometimes chaotic demonstrations that followed a white cop’s killing of George Floyd, a black man, in Minneapolis.
“I don’t want to ever shoot anybody ever,” Craig Geske, who was recently waiting to get a gun permit in Minneapolis, told the Journal. “But if I had to duck and shoot back in self-defense, at least I’d have a chance.”
Dealers say new buyers are responsible for an estimated 40 percent of the recent sales, according to the Journal. And handguns — often used for personal protection — are selling almost twice as often as rifles or shotguns, the paper reported.
“With the pandemic, it’s driven more by fear for personal safety; it’s people who haven’t been interested in the past,” Jacquelyn Clark of Lakewood, Colorado’s of Bristlecone Shooting, Training and Retail Center told the Journal.July 15, 2020
New York, July 14, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Pet Foods Industry” – https://www.reportlinker.com/p097833/?utm_source=GNW8 Billion by 2027, growing at a CAGR of 3% over the analysis period 2020-2027.Dry Food, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach US$35.3 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Snacks/Treats segment is readjusted to a revised 3.1% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Pet Foods market.The U.S. Accounts for Over 27% of Global Market Size in 2020, While China is Forecast to Grow at a 5.6% CAGR for the Period of 2020-2027The Pet Foods market in the U.S. is estimated at US$23.6 Billion in the year 2020. The country currently accounts for a 27% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$22.3 Billion in the year 2027 trailing a CAGR of 5.7% through 2027. Among the other noteworthy geographic markets are Japan and Canada,July 15, 2020