1. U.S. Mortgage Rates Hit 2024 Low
2. Peloton Surges 30% on Profit
3. Blue Origin Rocket Faces Two Mishaps
4. Nestlé CEO Steps Down
5. U.S. Law Firms Offer $50K Referral Bonuses
6. Stripe to Buy Back Employee Shares Ahead of IPO
7. Cava Raises Revenue Outlook
1. U.S. Mortgage Rates Hit 2024 Low
Freddie Mac announced today that the average 30-year fixed mortgage rate dropped from 6.49% to 6.46% last week — the lowest level so far this year.
Lower rates are boosting buyer affordability, and many previously hesitant buyers are now re-entering the market.
The National Association of Realtors (NAR) also reported that U.S. existing home sales rose 1.3% in July — the first monthly increase in five months — although the pace was the slowest for any July since 2010.
With the Fed widely expected to cut rates next month, many buyers are still waiting for further declines.
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2. Peloton实现盈利暴涨30%
Connected fitness company Peloton Interactive reported $644 million in revenue — a YoY increase of less than 1%, but well above Wall Street’s forecast of $630 million.
The company said it is making progress toward profitability. Last quarter, EBITDA reached $70.3 million, compared to a $34.7 million loss the year prior. Peloton plans to continue optimizing costs and operations.
Following the news, Peloton’s stock jumped 30%, marking its biggest one-day gain since February 2023.
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3. Blue Origin Rocket Faces Two Mishaps
Sources revealed that Blue Origin’s latest New Glenn rocket collapsed due to a mishap during worker transport.
In a separate incident, another rocket’s upper stage exploded during a failed pressure test. Repairs are underway, and fortunately, no injuries were reported.
The New Glenn rocket has already faced a four-year delay and is considered founder Jeff Bezos’ flagship project. It is scheduled to launch for NASA’s Escapade mission.
The rocket must launch within two months, when Mars is closest to Earth — or wait another two years.
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4. Nestlé CEO Steps Down
Nestlé announced today that CEO Mark Schneider, who has served for eight years, will step down from his role and from the board. Laurent Frexie will take over starting in September.
Chairman Paul Bulcke said under Laurent’s leadership, Nestlé will become a more reliable and sustainable company.
During his tenure, Mark focused on fast-growing categories such as pet food, coffee, and health drinks — helping Nestlé outperform competitors like Unilever.
However, Nestlé has missed revenue targets in recent quarters, and its stock is down 14% over the past year.
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5. U.S. Law Firms Offer $50K Referral Bonuses
op U.S. law firms are offering up to $50,000 in referral bonuses to recruit junior lawyers — underscoring the fierce war for legal talent.
Sources say Kirkland & Ellis has raised its referral bonus to $50,000 for employees who help bring in hires before January 2025, up from the previous $25,000.
In 2021 and 2022, talent competition was even hotter, with some bonuses exceeding $100,000.
To compete with U.S. firms, the UK’s top five “Magic Circle” firms have raised starting salaries to £150,000.
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6. Stripe to Buy Back Employee Shares Ahead of IPO
Sources say fintech company Stripe plans to repurchase employee shares using company cash, as it prepares for a potential IPO.
As of the end of Q2, Stripe had $615 million in cash. Last month, Sequoia Capital reportedly offered to buy shares at $27.51 each, valuing Stripe at $70 billion.
Stripe’s peak valuation during the pandemic hit $95 billion, but it dropped to $65 billion earlier this year. Key competitors include PayPal and Adyen.
In June, co-founder John Collison said Stripe is in no rush to go public.
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7. Cava Raises Revenue Outlook
n Q2, fast-casual restaurant chain Cava Group posted a 14.4% YoY increase in sales at stores open more than one year — beating analysts’ estimates. The company now expects full-year revenue growth of up to 9.5%, up from a prior forecast of 6.5%.
Fast-casual chains that balance quality and speed have performed well in recent quarters. With McDonald’s prices closing in on premium fast-casual options like Cava and Sweetgreen, many consumers are opting for healthier meals.
Cava’s new grilled steak offering drew strong customer demand in the second quarter.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.