Disney is reportedly mulling over a “broader membership plan, which could offer discounts, special experiences and other perks to its legion of super fans.” The Prime-style program would tout increased value on the company’s products and services while further monetizing its most loyal fans by providing Big Mouse with tons of additional data about their preferences - Bloomberg and MarketWatch and NYTimes and WSJ and TechCrunch
Toyota is “more than doubling its investment in a batter plant in North Carolina” as the automaker tries to “catch up to rivals in fielding electric vehicles.” That amounts to a “total of $3.8 billion” Toyota will invest in the factory, which is expected to employ about 2,100 people - NYTimes and WSJ and TechCrunch
Social media company Snap will lay off 20% of its workforce, “discontinuing at least six products and appointing its first chief operating officer in seven years” as the struggling company seeks a way forward. The company blamed “challenging macroeconomic conditions” for the cuts, which will “affect close to 1,300 of Snap’s 6,400 employees” - NYTimes and WSJ and TechCrunch
Bed Bath & Beyond is also in the cutting mood, announcing this week that it is closing 150 stores and laying off up to 20% of its corporate and supply-chain workers in an effort to “trim costs and raise money . . . to correct recent operating missteps and navigate a challenging economic environment” - WSJ and NYTimes
The current market slide hit 4 days, marking a 4-5% loss for the major indices in August—“their worst monthly performances since June” as traders continue to sweat Chair Powell’s Jackson Hole comments from last Friday - WSJ and Bloomberg
Lysol parent-company CEO Laxman Narashimhan is unexpectedly leaving Reckitt Benckiser for a “senior position at a different company in the U.S.,” a “surprise move that sent shares of the consumer-goods giant lower” today - WSJ and MarketWatch
Walmart has acquired a minority stake in a planned Nebraska processing plant by Sustainable Beef LLC “to help stock its meat sections and increase processing capacity in the beef industry” - WSJ
Just when you thought you knew all there was to know about the Great Pyramids, the Times goes and blows your mind with talk of a “long-lost branch of the Nile” that was vital to the wonders’ construction - NYTimes
Stay safe,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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