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Start-up

Uber: when they settle, they settle high

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The new CFO won’t like this… because Uber has agreed to pay $1.9M to 56 current and former employees to settle claims of harassment, gender discrimination, and a hostile work environment. Actually, that sum is nothing to Uber – the real damage is likely to be found in the negative PR the company continues to receive. Additionally, $5.1M will be divvied up amongst 480 workers included in the lawsuit.

 

So, what is this all about… the lawsuit was filed in October of last year and focused on unequal pay between Latina engineers and their white and Asian coworkers. The women in the suit alleged that female and employees of color were receiving unfair performance reviews due to their gender and race. The performance reviews would go on to negatively impact their pay at the company.

 

Uber fixed this… by increasing pay and making pay equal for all based on cut-and-dry metrics like location, job, and tenure. The company also took a second look at salaries after paying out bonuses in March. In July, the company’s head of human resources resigned after an internal investigation regarding how she handled such racial discrimination claims within the company. So it looks like this matter has been resolved – but we’ll see if Uber can put their disastrous PR days behind them…

Start-up

Marijuana stocks reach new highs

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Here is what’s happening… Rival Cronos Group is up 40% over the past seven days and 11% on Tuesday alone. Tilray went public on the Nasdaq and is up over 60% since Friday, up 10% on Tuesday. Canopy Growth is up 30% since striking a deal with Corona last week. As you can see, weed stocks are going up into the clouds with these gains, and it is mostly thanks to that Corona deal.

 

Also thanks to Canada… don’t forget about Canada. Our neighbors to the north (or maybe just your regular neighbors, if you live there), were pioneers in legalizing recreational marijuana nationwide. Cronos, Tilray, and Canopy are all looking to capitalize on the new law and have been announcing plans left and right.

 

There needs to be a first… and Canada has done just that. Now, investors are hoping that other countries, especially the United States, will follow suit. However, Constellation investing in Canopy seems to be enough for investors to get that warm, fuzzy feeling that the green is known to give.

Fang

Why does Jeff Bezos need a cardiologist?

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Amazon hires a cardiologist… and a good one at that. Yes, the company hired Maulik Majmudar, an associate director of the Healthcare Transformation Lab at Massachusetts General Hospital. This announcement came from Majmudar himself as he tweeted the news to the world. However, what he will be doing at Amazon remains unclear.

 

We already knew… how serious Amazon is about operating in the pharmaceutical space and this could be yet another step in that direction. The tech giant acquired PillPack in June, a company that holds a pharmacy license in all 50 states. Amazon is also working with Berkshire Hathaway and JPMorgan to lower health care costs for companies and employees alike. And, last but not least, the retailer also offers a line of private label OTC medicines.

 

The perfect fit… because Majmudar has experience working with healthcare and tech. Majmudar said, “The one reason I am taking on this opportunity is the possibility of making a significant impact on the health and wellbeing of hundreds of millions of individuals throughout the world.” With expectations like that, we shall eagerly wait to see the results of this new partnership. The rest of health care and pharmaceuticals – maybe not so much.

Blue Chip

Goldman Sachs will deliver your breast milk

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Well, this is nice… of Goldman Sachs because the company will pay for women to ship breast milk back home while they are away on business trips. The service is MilkShip, and they send breast milk overnight in a refrigerated shipping kit. While this benefit is rare, it has been done before – notably by the accounting firm EY back in 2007.

 

Being a parent is hard… but being a parent and working for Goldman Sachs is another level of hard.  Programs, such as this one, are becoming more common as employers realize that successful home lives often lead to better work results. So if breast milk shipping will make you happy – why not?

 

Not everything is so great… at other companies where some women aren’t even guaranteed paid maternity leave. Not only that, but it can be impractical to breastfeed while on the job (duh), and employers aren’t always understanding. Women are not getting the support they need from health care providers, family, or employers. But GS has the last part covered – 16 weeks

Start-up

Uber can’t go public without one of these…

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Believe it or not… Uber didn’t have a CFO until today. That’s right – Uber has been operating without a CFO since 2015. But have no fear because Nelson J. Chai is here! Chai has experience as a CFO for Merrill Lynch & Co., and in case you didn’t know, Uber is going public pretty soon so this move makes a lot of sense.

 

They were very selective… as the ride-share company should be because it isn’t like there was a shortage of applicants. Moreover, Uber now has their guy, and he looks to be a good one. The new hire is also good news for the company because the finance department at Uber was hurting after their head of global finance left to play CFO at DoorDash.

 

The latest hire… out of several new hires to improve the executive ranks at Uber. The company also got another “chief” last week in former NSA official Matt Olsen. Olsen will be taking over as the chief security officer at the company. Talk about getting your $#!% together right before making the leap to go public.

Fang

Netflix users call ‘bull***’ after this stunt

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They thought we wouldn’t notice… Netflix began testing video promotions this week. Netflix commercials mark a binge-watchers worst nightmare, and many subscribers threatened to cancel the service altogether. But relax, people – they can be skipped.

 

If you can find your remote… you can use it to skip the commercial. However, all Netflix wants to do is give you new ideas for the next show to watch. So they aren’t selling you anything, per se, and hey, maybe you will see something you like. This way you can avoid sifting through the endless garbage Netflix has to offer only to switch back to ‘The Office’ when you don’t find anything suitable.

 

False alarm… a spokesperson said that Netflix tries many different things throughout the year (most of which don’t stick). But overall, the streaming giant wants to get you watching more and surfing less. If you are one of 130 million strong – what was your reaction? Hopefully, you left your subscription, television, and living room in-tact after hearing the news.

Fang

Facebook wants to bring you faster MRI exams

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You don’t need to be on Facebook… to “like” this news because it benefits everyone in some way. Facebook announced that their artificial intelligence lab is working toward making MRI exams ten times faster than they are now. Rather than taking up to an hour, an MRI exam could be completed in just minutes.

 

Yes, tests can take up to an hour… which, if you are claustrophobic, would be hell on Earth. Also, the longer people lay in that tube, the more it costs everyone because hospitals are limited in the number of exams they can complete each day.

 

Here’s how they’ll do it… researchers will use data to train an algorithm to recognize bones, muscles, ligaments, and various other things that we are made of. With this knowledge, artificial intelligence can create a portion of the necessary image and save time. However, researches need to do this while being sure they aren’t missing any important details that the exam would otherwise detect. And you thought Facebook was only good for leaking your information…

Blue Chip

Pepsi wants you to ‘do-it-yourself’

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Pepsi is looking healthy… and they are adding to that look with a $3.2 billion deal to buy seltzer-maker SodaStream. This deal is Pepsi’s latest effort to move away from high-calorie soda to healthier options. Apparently, the word is out that soda is unbelievably bad for you and you should not drink it – just kidding, we knew that, and most of us don’t care.

 

Here’s how SodaStream fits… with a soda company like Pepsi. SodaStream has always marketed themselves as a “healthy alternative to sugary sodas” which coincides with Pepsi’s goal of making [more] nutritious products while limiting their environmental footprint. Currently, Pepsi products are split into three categories: Fun For You (Pepsi), Better For You (diet Pepsi), and Good For You (Naked Juice smoothies).

 

SodaStream rebranded itself… as a sparkling water company, rather than a soda company. The rebranding paid off because SodaStream stock is up 320% since and now they have a multi-billion dollar deal with Pepsi. The deal has been unanimously approved by both companies and is expected to close in January. And if you aren’t seeking a healthy alternative, surely you will be able to make your own Pepsi with your new SodaStream.

International

Why can’t China get along with tech?

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Apple has removed… somewhere around 25,000 apps from the App Store in China. This move is coming on the heels of complaints and criticism from Chinese state media. Last month, eported that the App Store was exposing citizens to fake lotteries and gambling.

 

Gambling apps are illegal… in China and they are not even allowed in the App Store. Apple will also have the task of removing apps and developers alike, as they will undoubtedly continue to crop up. Apple is the latest tech giant to fall victim to strict Chinese regulations and content monitoring.

 

Not even domestic companies are safe… and even Tencent, a large Chinese tech firm, had online games banned by regulators. This week isn’t the first time Apple has had to remove apps – in 2017, the company removed apps that provided VPNs to users in China. These VPNs gave Chinese citizens the ability to access things like Google… and you should know that Google is strictly forbidden in China.

Fang

Amazon is coming to a theater near you

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They are changing everything… so why not movie theaters next? That is what Amazon is asking as they are in the running to purchase Landmark Theaters. Landmark Theaters is a small chain of around 50 theaters that shows independent and foreign movies. However, the company is controlled by Mark Cuban and Todd Wagner – a name or two you may recognize.

 

Why do they even want a theater… actually, this is something we touched upon last week with mattress company Casper moving to brick-and-mortar locations. Amazon may see value in having a significant online presence and physical presence in the future. The move could also bolster Amazon’s reputation for their digital entertainment offerings.

 

But unlike pharma… where Amazon showed their intention to enter the market and made investors freak out, the same response was not there upon the theater announcement. Shares of AMC and Cinemark were actually up on Thursday. However, you never know because Amazon has a way of disrupting just about everything – it is possible that movie theaters could be next.