Thursday, Jun 23rd 2022

Three Things (6/23)


"To reach a port, we must sail - sail, not tie at anchor - sail, not drift."-Franklin Roosevelt

1) JPMorgan to lay off hundreds of employees: JPMorgan Chase plans to let go hundreds of lending employees in a shakeup of the bank’s mortgage business. With borrowing costs rising to their highest levels since 1987, housing demand is starting to cool after a decade-long bull run. The move follows Wells Fargo, the largest lender, decision to reassign and cut its workforce.

Titan’s Takeaway: The once-unstoppable housing market is finally showing signs of a slowdown. With mortgage demand slowing, we expect banks to shift their focus away from lending and into other parts of their enterprise less impacted by higher interest rates.

2) FDA to ban Juul from the U.S. market: The FDA is set to remove Juul Labs products from U.S. stores following a two-year review of the vaping juggernaut’s authorization. Juul, which has been under fire for marketing to underage smokers, now will have to look at new markets for its vaping products. The tobacco industry is already confronting a Biden administration looking to lower nicotine levels in all cigarettes.

Titan’s Takeaway: If the FDA bans Juul Lab products from its largest market, it could be the final death blow for the company once poised to disrupt the tobacco industry. Altria Group Inc, which has written down its 35% stake in the vaping company several times, might have to adjust that $1.6 billion stake once again.

3) Twitter unveils long-form content feature: Twitter plans to double its character count from 140 to 280 characters, supporting the company’s desire to support long-form content on its platform. The new feature, called Twitter Notes, allows users to upload media, edit formatting, and create articles.

Titan’s Takeaway: Twitter’s shift to long-form content is more than just a cosmetic change, as the new feature fundamentally changes the once 140-character social media site. With Elon Musk set to take over the social media giant, we expect even more drastic changes in store.

Correction from Wednesday's edition of Three Things: PepsiCo owns Cap'n Crunch, not Kellogg as stated.

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