SoulCycle CEO on the Peloton threat
Treasury Reveals Details Of Two-Five, Five-Year And Seven-Year Note Auctions
On Thursday, the Treasury Department announced the details of this month’s auctions of two-year, five-year and seven-year notes.
The Treasury revealed it plans to sell $40 billion worth of two-year notes, $41 billion worth of five-year notes and $32 billion worth of seven-year notes.
The results of the two-year note auction will be announced next Tuesday, the results of the five-year note auction will be announced next Wednesday and the results of the seven-year note auction will be announced next Thursday.
Last month, the Treasury also sold $40 billion worth of two-year notes, $41 billion worth of five-year notes and $32 billion worth of seven-year notes.
The two-year auction attracted above average demand, while the five-year and seven-year note auctions attracted below average demand.
Kohl’s Cuts 250 Jobs
Kohl’s Corp. (KSS) is laying off 250 people as the retailer restructures parts of its business following a weak holiday season.
Kohl’s said the lay offs include an entire “layer” of regional store leadership positions and restructuring teams in its merchant organization.
“Today, we restructured parts of our organization to create a more customer-centric focus and position Kohl’s for long-term success. This reorganization in our business will empower decision-making, reduce management layers, streamline communications and drive greater efficiency in many areas of our business,” Kohl’s spokesperson Jen Johnson shared this statement with WTMJ.
The company said it has offered a competitive severance package and outplacement services to help all affected associates as they transition.
The company also noted that it is not closing any stores or corporate offices and will be continuing to hire in key areas. The company is also continuing to invest in many areas of the business including stores, technology and strategic growth initiatives.
Pentagon Mistakenly Awarded $877 Million Meant for Disabled Vets
The Pentagon mistakenly awarded $876.8 million in contracts to ineligible small businesses supposedly owned by disabled veterans, according to the Defense Department’s inspector general.
If personnel continue to award contracts “without verifying contractor eligibility, service-disabled veterans may be in jeopardy of not receiving contract awards intended for them, and the DoD will be at risk of misreporting the amounts” of participation for qualified contractors, according to the audit released Thursday.
A 2004 executive order requires the heads of federal agencies to provide an opportunity for service-disabled veteran businesses to increase their participation in federal contracting. The order set a target goal of providing at least 3% of all federal contracting dollars to service-disabled veteran businesses each year.
The report, which doesn’t name any businesses which received payments, also doesn’t give a time frame for when the ineligible contracts were awarded.
US STOCKS SNAPSHOT-Wall St drops more than 1% as coronavirus fears grow
Feb 20 (Reuters) – U.S. stock indexes fell more than 1% on Thursday, with technology stocks among the hardest hit as investors weigh how bad the economic damage will be from the coronavirus outbreak as the number of cases rise outside of China.
At 11:36 a.m. ET, the Dow Jones Industrial Average was down 328.03 points, or 1.12%, at 29,020.00 and the S&P 500 fell 38.45 points, or 1.14%, to 3,347.70. The Nasdaq Composite was down 157.28 points, or 1.60%, at 9,659.90.
Halton police make ‘swatting’ arrest in Oakville
Halton Regional Police say they have made an arrest following an investigation into two “swatting” incidents in Oakville earlier this year.
“Swatting” is defined as a prank call to the police but on a much more sophisticated level. Police say the caller makes a false report with the goal of having numerous police and emergency resources dispatched to a false incident.
Bulls remain in charge of the S&P 500 — but watch this level
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Charts for S&P 500 index SPX, -0.92% and the Nasdaq CompositeCOMP, -1.41% remains bullish in that new intraday and/or new closing highs are being made almost daily. In the case of the S&P, it has made such highs on eight of the last 10 trading days.
No matter what other indicators are saying, this chart is strong. As long as that is the case, the bulls are in charge, and one’s outlook is necessarily bullish — at least until some support level is broken.
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SoulCycle CEO on the Peloton threat
New York (CNN Business)Owners of Flywheel’s in-home bikes will soon be forced to spin into enemy territory.
Flywheel said Wednesday that it will shut down the virtual classes that are connected to its in-home bikes in March. Peloton will let Flywheel customers swap out the $1,500 bikes for a used Peloton bike for free. This comes after Flywheel and Peloton’s two-year legal battle over patent infringement.
Peloton sued Flywheel in September 2018 claiming the former copied the technology used to create its in-home bikes and the leaderboard that lets customers race against each other. Flywheel settled earlier this month, admitting that it copied the technology and agreed to “stop infringing Peloton’s patented technology.” That resulted in Flywheel having to shut down the in-home bikes.
“We look forward to welcoming these new members into the Peloton family,” the newly publicly traded company said in a statement. Flywheel customers will have to fill out a form to receive the bikes.
Flywheel’s studio operations aren’t affected by the changes. It still has about 30 studios in the US after closing roughly a dozen in 2019.
Peloton (PTON) sells $2,245 indoor bikes and a $4,295 treadmill with an HD touchscreen to watch classes. Customers pay subscription fees of $39 per month associated with its bike and treadmill to participate in classes. The company, which went public last year, has seen its shares fall 4% for the year.
Flywheel didn’t immediately return CNN Business’ request for comment.