401K balances jumped in the fourth quarter of 2022, but were down 23 percent for the entire year, due to the ongoing bear market. New data from Fidelity Investments also found that the average individual retirement account balance was down 20 percent to $104,000 in the fourth quarter. Amid this economic uncertainty, the savings rate remained steady at 13.7 percent, down slightly from the 13.8 percent in the third quarter and 13.9 percent in the second quarter.
GOODBYE TO THE SUPER HORNET
Boeing said it will end production of the F/A-18 Super Hornet in 2025. The shutdown will affect a production line near St. Louis, which could power back on if the company wins a contract in India. The Super Hornet is considered the most successful aircraft in the history of the U.S. Navy. The company will redeploy staff to pursue new opportunities, including the T-7 Red Hawk.
DOMINO'S SALES SLUMP
Domino's Pizza missed sales estimates in the fourth quarter, as high delivery fees put a dent in online orders. Same-store delivery sales dropped 6.6 percent after the company raised delivery fees to make up for higher labor and commodity costs. With deliveries making up 60 percent of sales, the drop hit the company hard. Its share price fell 11 percent on Thursday.
NETFLIX LOWERS PRICES
Netflix is lowering its subscription price across the globe. The streaming giant has lowered prices in more than 100 territories, including large parts of the Middle East, South America, and Eastern Europe. The discount varies by area, but some saw 20 to 60 percent decreases for the basic tier membership, according to data from Ampere Analysis shared with TechCrunch.
The dreaded Netflix crackdown on profile sharing translated into a major boost in subscribers while the promised rate cuts seem to be a far off fantasy.
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
