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Employee âreassignmentsâ are surging. Hereâs what that means
Mentions of âreassignmentsâ on company earnings calls have more than tripled in the last year but that doesnât make it easier on employees.
U.S. stocks finished higher on Monday to start the last week of August, with the tech sector attempting to recover
• After a 20-month drought of notable venture-backed tech companies going public in the U.S., marketing automation platform Klaviyo filed to make its stock market debut on Friday. It follows in the footsteps of British chip designer Arm, which filed to go public last week. The upcoming IPOs should illuminate whether the market has regained its appetite for new investments in tech.
• Chinese electric car company Xpeng (XPEV) will acquire DiDi's (DIDIY) smart electric car development business in a share exchange worth $744 million. The two companies plan to collaborate in marketing, charging, robotaxi development, and international expansion. Xpeng intends to develop an electric car under a new mass market brand "MONA" and target a price range of $20,000.
• SpaceX launched its 11th human spaceflight mission for NASA, known as Crew-7. The mission carried four astronauts to the International Space Station for a six-month stay in orbit. This launch brings the total number of astronauts launched by SpaceX to 42 since their first crewed launch in May 2020.
What to be on the lookout for today
• Investors will receive a June update to the home price index. In May, the housing metric increased 1.5% month-over-month, marking a fourth straight increase. Additionally, the Labor Department will report job openings for July. In June, the number of available positions fell to 9.5 million, the lowest since April 2021 but still a much higher level than pre-pandemic.
• Best Buy (BBY), along with tech giant HP (HPQ) and semiconductor company Ambarella (AMBA) will kick off the week. The retail sector has suffered recently and investors will look to see whether Best Buy can buck this trend.
Should you trade in an old car or sell it outright?
There comes a time when you just outgrow a car. Maybe your family is expanding, or your commuter vehicle doesnât make sense for your now-regular road trips. Before you upgrade your wheels, do the math on trade-ins.
First, assess both the market and trade-in value of your car. Trade-in value is typically lower, which may give you pause. However, sales tax on your new car is calculated after the value of your trade-in is deducted, effectively increasing the value of your old car. In the end, you may decide the convenience of a trade-in is worth it. Hereâs how to tell how much your car is really worth.
Either way, a larger down payment can save you money. SoFi makes it easy to build your savings with no account fees and automatic saving features like Vaults and Roundups.
Todayâs top stories
The billion-dollar industry putting your wallet in crisis mode From first-aid kits to full-blown survival backpacks, emergency preparedness has gone retail. Hereâs how bug-out bags became a billion-dollar industry. Read more >> Remote workers care less about their companyâs mission than ever before The post-pandemic work landscape is further complicated by a disconnect between employees and what their employers are trying to achieve. Read more >> These are your options when your CDs expire Certificates of deposit are a great way to lock in higher savings rates for the short term. Hereâs what to do when they expire. Read more >>Not-so-breaking news
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American Airlines (AAL) is due to pay $4.1 million for tarmac delays, the largest civil penalty the Department of Transportation has ever given.
- 3M (MMM) is preparing to pay more than $5.5 billion to settle 300,000 lawsuits involving its earplugs. The litigation, which is the largest mass tort in history, accused 3M of selling defective combat earplugs to the US military.
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J.M.Smucker (SJM) is challenging the hybrid work model, asking employees to work on-site for 22 âcoreâ weeks out of the year. The strategy has been well-received by workers for the balance it strikes between remote and in-office work.
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IHOP (DIN) is rolling out its biscuits menu nationwide. Customers across the country can now order buttermilk biscuits, breakfast biscuit sandwiches, chicken biscuit sandwiches, and more.
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Hotel operator Hilton (HLT) will more than double its number of luxury offerings available in Asia, opening 25 new upscale hotels in Malaysia, Vietnam, India, and other Asia-Pacific nations.
Financial planner tip of the day
"Financial health isnât synonymous with a personâs savings or how much they currently earn. It may be helpful to think of good financial habits as a future-oriented exercise routine that can start with small daily stepsâsomething done today thatâs motivated by longer-term gains."
Brian Walsh, CFPÂŽ at SoFi