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How Industrious is changing the coworking industry

Jamie Hodari, CEO of Industrious, joins The Final Round to discuss the company's partnership with Equinox and how Industrious is redefining the coworking industry.

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  • Stock Selloff Hits Asia as Bond Yields Climb: Markets Wrap

    (Bloomberg) -- Asian stocks fell with U.S. futures Thursday after an overnight surge in bond yields once more dragged down shares on Wall Street. The dollar strengthened and benchmark Treasury yields ticked higher.Stocks dropped in Japan, South Korea and Australia, while S&P 500 futures saw modest declines. Earlier, the Nasdaq 100 slumped to a two-month low and the S&P 500 extended its slide into a second day. A selloff in high-flying giants such as Apple Inc. and Amazon.com Inc. outweighed gains in banks and energy producers.Australian bonds slumped after benchmark Treasury yields approached 1.5% on Thursday, and a market gauge of inflation expectations over the next five years hit its highest level since 2008. Traders also assessed data pointing to a slow and uneven economic recovery from the depths of the pandemic. Oil extended losses.The selloff in Treasuries has rattled nerves across the globe amid warnings of excessive investor optimism in stocks. Policy makers still appear reluctant to step in to buy more longer-dated bonds, with focus turning to Federal Reserve Chairman Jerome Powell’s upcoming comments. Chicago Fed President Charles Evans said Wednesday he shared the view that the recent rise in yields was healthy.“Inflation is a concern; there is a lot of money sloshing around the system and it makes sense to have some sort of a correction right now,” said Shana Sissel, Spotlight Asset Group chief investment officer. “And bond yields going up is the market’s implicit way of tightening since the Fed has made it clear they don’t have the intention of doing so.” Read: U.S. Inflation Expectations Hit Decade High as Yields ResurgeData Wednesday showed that growth at U.S. service providers slowed to a nine-month low in February. Meanwhile, the number of employees at U.S. businesses rose by less than expected, underscoring the jobs market’s struggle to recover despite a decline in Covid-19 infections in recent weeks.The U.S. economy expanded modestly in the first two months of the year and sentiment among business owners is picking up as vaccinations bolster the prospects for growth, according to the Federal Reserve’s Beige Book. Democratic leaders in the Senate are working to consolidate support for the $1.9 trillion stimulus bill.Elsewhere, oil retreated on a government report showing a record drop in domestic fuel inventories following a deep freeze that shuttered refineries in the U.S. South.Some key events to watch this week:OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the moves in markets:StocksS&P 500 futures fell 0.4% as of 9:07 a.m. in Tokyo. The S&P 500 fell 1.3%. The Nasdaq 100 lost 2.9%.Topix index fell 0.7%.Australia’s S&P/ASX 200 Index fell 1.2%.Kospi index fell 1.3%.Hang Seng Index futures fell 0.9% earlier.CurrenciesThe yen traded at 107.03 per dollar.The offshore yuan was at 6.4781 per dollar.The Bloomberg Dollar Spot Index gained 0.1%.The euro traded at $1.2056, down 0.1%.BondsThe yield on 10-year Treasuries was steady at 1.49% after rising nine basis points.Australia’s 10-year bond yield rose 10 basis points to 1.77%.CommoditiesWest Texas Intermediate crude fell 0.8% to $60.79 a barrel.Gold was at $1,711.40 an ounce after sliding.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Zoom Shares Surge Over 10% On Solid Q4 Earnings, Upbeat Guidance

    San Jose, California-based communications technology company Zoom’s shares rose over 10% in extended trading on Monday after the video conferencing platform provider reported better-than-expected earnings in the fourth quarter and issued a solid outlook for the first quarter.

  • UK banks face savings glut on road to pandemic recovery

    Britain's big four banks amassed more than 200 billion pounds ($277.52 billion) of new deposits last year as customers reined in spending through pandemic lockdowns, far outstripping extra lending to struggling businesses and households. Full-year earnings reported by HSBC, Barclays, Lloyds and NatWest last month revealed the extent to which lenders' finances have been upended by the crisis. The banks now face a glut in savings, a Reuters analysis of the banks' results show, as domestic customers of the four lenders deposited 221 billion pounds of extra cash.

  • Your next stimulus check may be in jeopardy now

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  • Cathie Wood’s ARKK Sinks 20% From Peak as Tech Sells Off

    (Bloomberg) -- The main fund from Cathie Wood’s Ark Investment Management extended its drop from a February peak to 20%, highlighting a swift turnaround for the formerly high-flying stocks favored by the firm.The $24.6 billion Ark Innovation ETF (ARKK) tumbled 6.3% on Wednesday alone as growth stocks such as Pinterest Inc. and Zillow Group Inc. took a beating. The Nasdaq 100 Index lost almost 3% as traders turn away from tech in favor of so-called value stocks that had underperformed during the pandemic, bringing its losses since a peak last month to 8.1%.The rotation, along with higher bond yields that dim the allure of equities, is taking the shine off what had been one of the hottest investments on Wall Street, with ARKK growing 10-fold over the past year, including a whopping $2.37 billion inflow just last month. Since peaking on Feb. 12, ARKK’s price has now dropped by a fifth, the level that commonly defines a bear market.“People are worried the crowded trades will lose their momentum like they did last September” when some of the biggest tech names suffered a bout of selling, said Matt Maley, chief market strategist at Miller Tabak + Co.Yields on benchmark 10-year Treasury notes have jumped more than 50 basis points in 2021, on track for the largest quarterly increase since 2016. Consequently, it’s growing more difficult to justify sky-high valuations for highly speculative, expensive areas of the stock market.ARKK’s three largest holdings, Tesla Inc., Square Inc. and Roku Inc., have about tripled over the past year. Tesla is up close to 350%, while Square has surged about 200% and Roku is up more than 240%. On Wednesday, they all slumped.In fact, all but three stocks held by ARKK fell and three suffered losses exceeding 10%, including Stratasys Ltd., a maker of 3D printers, and Veracyte Inc., which develops molecular tests for oncology.The fund’s tilt toward long-term growth means short-term profitability isn’t a key consideration when stocks are picked. In fact, two-thirds of its current holdings didn’t make a profit in the past year. And even after the recent losses, ARKK is still slightly up for the year.Inflows to the fund have faltered in the past week, but there’s yet to be a mass exodus. ARKK took in more than $600 million combined the past two days, after losing more than $690 million last week in its worst five-day period on record.“There is growing unease in the markets and whether higher-risk asset classes can continue to climb,” said Michael Purves, chief executive officer at Tallbacken Capital Advisors. “If sentiment turns, you can see substantial outflows.”(Updates prices throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Day-Trading Reddit Users Nearly Crashed the Stock Market. Now They’re the Organizing Principle for a New ETF.

    Barstool Sports founder Dave Portnoy tweeted an elaborately produced “emergency press conference” video to debut the ETF. The stunt was also an uncomfortable reminder that one man’s meta meme may be another’s market manipulator.

  • Maxing Out Your 401(k) and What to Do Next

    Max out your 401(k) each year, and be sure to get your 401(k) employer match, if you have one. And for you super savers, here are other ways to save for retirement.

  • The oil market’s wild pandemic ride is about to take another turn

    The oil industry is no stranger to boom-bust cycles, but the pandemic has been its wildest ride to date, and on March 4 it’s due to take another turn when OPEC meets to consider rolling back production cuts. As the world’s cars and airplanes idled, global oil demand bottomed out in April at levels 16.4% below the previous year, dragging the price into negative territory for the first time. White-knuckling through it all has been OPEC, the 13-member cartel that dictates quotas for most of the world’s biggest oil-producing countries (notably excluding the US).

  • Stellantis CEO says 4th largest carmaker to be disruptive

    Stellantis CEO Carlos Tavares on Wednesday said the new car company formed from the merger of Fiat Chrysler Automobiles and PSA Peugeot would be a “disruptive” force in the industry, and that both sides would provide technologies to achieve the promised 5 billion euros ($6 billion) in cost savings each year. The Italian-American carmaker and the French mass-market automotive company completed their merger on Jan. 16, creating Stellantis, the world’s fourth-largest carmaker, despite a pandemic year that saw profits plunge.

  • Investors Dumped Cloud Stocks Today. Here’s Why.

    FEATURE Investors dumped their holdings in cloud-based software stocks on Wednesday, taking profits in last year’s hottest names and shifting cash to other sectors expected to benefit from an economic recovery late this year.

  • How to Buy Bitcoin at an 80% Premium From Michael Saylor

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  • BJs Wholesale Is Creeping In On Costco's Territory: Here's How

    Costco Wholesale Corporation (NASDAQ: COST) remains the wholesale leader, but smaller rival BJs Wholesale Club Holdings Inc (NYSE: BJ) is showing superior metrics. What To Know: Costco entered 2020 on a strong note but the early days of the COVID-19 pandemic quickly shifted buying habits, according to the foot traffic analytic firm Placer.ai report. Since early 2020, Costco has seen inconsistent foot traffic trends to the point where it saw year-over-year growth in just four months -- all of which were in the back half of the year. BJs, on the other hand, saw a stellar 2020 with year-over-year foot traffic growth in every month except January. The smaller wholesale chain averaged 13.8% monthly year-over-year growth in visits in the back half of 2020. The momentum continues into 2021 with an identical 13.8% growth rate in January. Related Link: Can Grocers Sustain The 'Pre-Christmas Bump'? Why It's Important: Foot traffic trends are only one part of the equation as it's possible that customers are visiting Costco less often but spending more per trip. In Costco's case, visits were down 1.7% from November 2020 to January 2021 while visits per visitor were down 28.9%. "A massive decline in visits per visitor alongside a fairly minor drop in overall visits shows that Costco may actually be stronger than it's ever been and that the brand is likely adding new members at a very high rate," according to the Placer.ai report. What's Next: BJs deserves credit for a strong 2020 performance but it's unclear if it can sustain momentum in 2021 and beyond, according to Placer.ai. The company continues to offer the compelling value that stands out amid economic uncertainty. BJs Wholesale's stock is up nearly 60% over the past year, while Costco's is up about 4.5%. See more from BenzingaClick here for options trades from BenzingaAccelerated Vaccine Timeline Will 'Inspire Confidence' In Travel Says Marriott CEOBurger King UK's Menu To Be Half Plant-Based Food By 2031© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Macy’s Brings $500 Million Debt Sale Amid Hot Junk Market

    (Bloomberg) -- Macy’s Inc. is tapping the junk-bond market to capitalize on record-low borrowing costs after reporting better-than-expected holiday sales and predicting that pandemic pressures will ease later this year.The department store chain is selling $500 million of senior notes due 2029 to help fund a tender offer of the same amount, according to separate statements Tuesday. It’s looking to buy back notes due in the next four years with coupons between 2.875% and 7.6%.The bond deal launched at a coupon of 5.875% after initial price discussions ranged between a low-to-mid 6% yield, according to people with knowledge of the matter, who asked not to be identified discussing a private transaction.Representatives for Macy’s and Credit Suisse Group AG, which is leading the bond sale, declined to comment.Troubled companies have been engineering reprieves for themselves by taking advantage of historically cheap funding costs in high-yield markets. Party City Holdco Inc. and Carnival Corp. have raised cash with junk bond sales over the past few weeks. Bloomberg reported in February that Macy’s was sounding out investors on a potential debt sale that would further aid the retailer through the pandemic.Macy’s shares and bonds plunged last year as the pandemic took hold in the U.S. and it was forced to temporarily close stores. Government stimulus measures and gradual re-openings helped the company’s debt rally from distressed levels, and many of the securities now trade near or above par.Macy’s, which also owns Bloomingdale’s and BlueMercury, reported all three of its brands exceeded expectations in the holiday quarter. It predicted 2021 will be a “recovery and rebuilding year,” according to a statement, “with momentum building in the back half.”The new issue may be sold as soon as Tuesday, one of the people said. JPMorgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc. are also managing the offering.(Updates with early pricing discussions and coupon from third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Rocket Companies Short Squeeze Gives $25B Single-Day Boost To Dan Gilbert's Wealth

    Rocket Companies Inc (NYSE: RKT) founder Dan Gilbert’s wealth got a $25 billion booster on Tuesday as the holding company gets the attention of retail investors on Reddit’s r/WallStreetBets, according to Bloomberg Billionaire’s Index. What Happened: Gilbert, Age 59, has moved up 19 spots to No. 16 on the index that tracks 500 of the world’s richest. A large chunk of Gilbert’s fortune, 93% to be precise, is comprised of his stake in Rocket, reported Bloomberg. See also: How to Buy Rocket Companies (RKT) Stock Why It Matters: The one-day jump in Gilbert’s wealth is the largest so far in the year, noted Bloomberg. As of press time, Detroit-based Rocket Companies with subsidiaries such as Rocket Mortgage and Quicken Loans was the most discussed company on WallStreetBets, according to SwaggyStocks data. WallStreetBets investors previously carried out short squeezes in the stocks of GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), Nokia Oyj (NYSE: NOK), BlackBerry Ltd (NYSE: BB), and others. Rocket reported 162% revenue growth and 350% growth in net income for the fourth quarter, which beat analyst estimates. The company’s shares have shot up since last Friday. S3 Partners data indicates the Rocket has currently $1.2 billion in short interest — making it one of the most shorted stocks in the market. Price Action: Rocket shares traded nearly 8.2% lower at $38.20 in after-hours trading on Tuesday after shooting up almost 71.2% in the regular session. Photo by Steve Jennings on Wikimedia See more from BenzingaClick here for options trades from BenzingaRocket Companies Overtakes GameStop, Palantir As WallStreetBets' Top Interest© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Workhorse Wants to Overturn the USPS Decision. What That Would Mean for the Stock.

    Commercial electric-vehicle maker Workhorse meets with the USPS Wednesday to discuss its contract bid loss to Oshkosh.

  • Monthly stimulus checks may be on the way for families later this year

    A bill in Congress would give families up to $300 a month per child starting this summer.

  • What Will Happen To Bitcoin In The Next Decade?

    Bitcoin's first decade of existence was marked by scandals and wild price swings. Will the next decade be similar or is the cryptocurrency poised for bigger things?

  • 13 years after investing in an obscure Chinese automaker, Warren Buffett’s BYD bet is paying off big

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  • U.S. Inflation Expectations Hit Decade High as Yields Resurge

    (Bloomberg) -- U.S. Treasuries tumbled anew on Wednesday, driving long-maturity yields to their highest levels this week and pushing up inflation expectations as traders continued to price in a quicker economic rebound from the pandemic.Benchmark 10-year Treasury yields surged as much as 10.3 basis points to 1.495%, a move reminiscent of last Thursday’s startling selloff in government debt. Meanwhile, a market proxy for the anticipated annual inflation rate for the next half-decade exceeded 2.5% for the first time since 2008 -- aided by climbing oil prices. At least part of the trigger for the fixed-income losses came from the U.K., which said it will sell more bonds than expected as its economy emerges from a deep recession.Also in the background was Joe Biden’s announcement that enough doses of virus vaccine should be available to every American adult by the end of May, and a report Wednesday that the president would moderate certain stimulus demands to try to win support for his virus-relief bill. Rising yields have started to draw the attention of Federal Reserve officials, leaving all eyes on an appearance Thursday by Chair Jerome Powell.Among other things, “the stimulus package is likely to go through and the economy is reopening,” said Michael Franzese, managing partner at MCAP LLC in New York. “The battle is on between rates going higher super-fast and a Federal Reserve that’s trying to keep the market stable and may try to slow the momentum of the reflation and economic-rebound trade into something more manageable.”Early inklings of inflation were evident in data from the Institute for Supply Management this week: Measures of prices paid jumped to their highest levels since 2008.A large trade on Wednesday in 10-year Treasury options and accompanying futures selling also fueled the leap in yields, as did heavy corporate bond supply.The rates market is not yet done fully pricing in robust U.S. economic growth, which would entail a 10-year yield trading around 1.90%, said Mark Heppenstall, chief investment officer of Penn Mutual Asset Management in Horsham, Pennsylvania. That’s the level last seen in January 2020, two months before pandemic fears started prompting forced shutdowns in the U.S.Beyond rising nominal and breakeven rates, “the dynamic rise in the 10-year real, inflation-adjusted yield we’ve seen is the market partly adjusting to a faster-than-anticipated pace of rate normalization by the Fed,” he said.The timing of the Fed’s first rate hike, known as liftoff, and subsequent rate hikes haven’t been factored in, making Treasuries vulnerable to a further selloff in the weeks ahead, according to Heppenstall.(Adds reference to Fed rate hikes in ninth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Melvin Capital gained 21.7% net of fees in February - source

    Melvin Capital, the hedge fund at the center of the GameStop trading frenzy, gained 21.7% last month, helping wipe away some of the heavy losses it suffered when it bet that the video retailer's stock would fall, sources said on Wednesday. The fund, founded by Gabe Plotkin, lost 53% in January when retail investors joined forces to drive up the stock to trade at more than $400 a share. Plotkin had bet that GameStop stock, which had traded at less than $5 a share in 2020, would fall.