CEO Evan Spiegel has given Snap Inc. the directive of achieving full-year profitability in 2019 and has refocused the company around a new set of strategic goals, according to a 15-page memo sent to employees last week," Cheddar's Alex Heath reports:
Spiegel admits Snapchat "rushed our redesign, solving one problem but creating many others. ... In our excitement to innovate and bring many new products into the world, we have lost the core of what made Snapchat the fastest way to communicate."
Why it matters: "Spiegel’s memo ... surfaces at a time when the company’s stock is trading at all-time lows."
The two-year Treasury yield is spiking to levels not seen since before 2008, and U.S. 10-year and 30-year Treasury yields are hitting levels not seen in more than five years, having climbed steadily since September.
Why it matters: The second-longest economic expansion in U.S. history (and longest job-market expansion) shows no signs of slowing, and that has investors driving up bond yields as the Fed continues its plan to gradually raise interest rates.
The Washington Post editorial board on Thursday urged the U.S. Senate to vote against Supreme Court nominee Brett Kavanaugh — a move the publication has not made against a high court nominee since 1987.
The details: The announcement comes ahead of a key procedural vote the Senate is set to cast Friday on Kavanaugh's nomination. The editorial board notes that Republicans have refused to properly vet Kavanaugh, including through the release of documents from his time serving in the George W. Bush White House. "The reason was not principled but political," it reads. The board also takes issue with Kavanaugh's "hyperpartisan rhetoric" against Democrats during last week's intense Senate Judiciary Committee hearing, and hoped the "FBI had been allowed to probe Kavanaugh’s credibility more fully."
McDonald's has become the minimum wage target for Senator Bernie Sanders, who is demanding the fast food chain to pay its workers $15 an hour companywide. In a letter to CEO Steve Easterbrook, Sanders wrote that such move by McDonald's "would set an example for the entire fast food industry to follow."
Why it matters: Sanders had previously called on Amazon CEO Jeff Bezos to increase the company's minimum wage, which he followed through on this week. The Vermont senator and Rep. Ro Khanna (D-Calif.) introduced the "Stop Bezos Act" last month to punish large companies whose workers depend on public assistance because of low wages.
Elon Musk is back on Twitter antagonizing the Securities and Exchange Commission just four days after settling with them for $20 million.
Why it matters: The SEC reached settlements with Musk and Tesla that contain provisions aimed at vetting Musk’s shoot-from-the-hip tweeting. He’s mocking the very commission he struck a deal with — before that deal has even been approved by a judge.
Tronc, short for "Tribune Online Content" is reverting back to its old name, "Tribune Publishing Co.," after years of criticism from pundits, investors and the media elite, the Chicago Tribune reports.
Why it matters: The name change comes amid rumors that the company is exploring a sale.
One year ago tomorrow, with a stunning New York Times exposé — "Harvey Weinstein Paid Off Sexual Harassment Accusers for Decades" — the feared mogul became the first of many prominent men to fall as the #MeToo movement became a cultural force.
The big picture: Allegations about past sexual behavior have ranged from corner suites to the silver screen to the brink of the Supreme Court. Thanks to a $22 million Time’s Up Legal Defense Fund, a dollar-store cashier and aspiring signer are among the women teamed up with top-notch lawyers to pursue #MeToo-style sex harassment cases, AP reports.
Cheddar, the streaming video network dubbed the "CNBC for millennials," is launching a partnership with Synacor Inc., a tech platform, that will give people who pay for "skinny bundle" TV packages access to Cheddar content for free.
Why it matters: The capability gives customers access to Cheddar in the same way they would access a traditional cable network through a skinny bundle.
ZipRecruiter, a Los Angeles-based online job posting company, has raised $156 million in new funding co-led by IVP and Wellington Management at a $1.5 billion post-money valuation.
Bottom line: This is only eight-year-old ZipRecruiter's second funding round, after a $63 million Series A in 2014, and it became profitable before ever taking a penny of outside money.
CNN is launching its new business, tech and media brand called CNN Business — with a new design, editorial focus on the intersection of business and tech and a new bureau in San Francisco.
Why it matters: The new brand replaces the old CNN Money, which the network didn't feel was representative of the new tech-driven economy.
Although eBay just accused Amazon of unfair trade practices, it isn't looking for regulators for help. In an onstage interview at the GeekWire Summit yesterday, CEO Devin Wenig told me, "That's not the way we compete."
Driving the news: Wenig's comments came shortly after it was reported that eBay had sent Amazon a cease-and-desist letter accusing the company of violating California law and eBay's terms of service by trying to lure away eBay merchants.
The Director-General of the World Trade Organization, Roberto Azevêdo, said during an episode of Freakonomics Radio that while he has had conversations with the leaders of nearly every major economy, he has never spoken directly with President Trump.
Why it matters: Trump has repeatedly threatened to withdraw from the WTO, a move that would send global markets into a spiral and cast trillions of dollars of trade into doubt, per Axios' Jonathan Swan. The U.S. has also blocked the reappointment of one of the WTO's four remaining appellate judges, claiming the panel oversteps its authorities and protects unfair trade practices by other countries.
