On Wednesday, private payroll provider ADP released its monthly jobs report. According to the report the private sector added 177,000 jobs. Next stop, Friday’s Department of Labor NFP job report.
Google (GOOGL) is moving into Uber’s turf launching its version of a ride-sharing service. In May, Google began a pilot program around its California headquarters that enabled workers at specific firms to use the Waze app to connect with fellow commuters. The Waze app works slightly different from Uber or Lyft, it connects drivers and commuters who are going the same direction. Google is hoping to discourage commuters from using the more expensive taxi drivers and instead use its lower fare option. Currently, Waze charges riders $.54 a mile and Google does not charge a fee for the service. The program, right now, is only open to employees of Google, Walmart, and Adobe who work in San Francisco however, the company plans on launching the program this fall to all San Francisco residents.
Flying The Friendly Skies…
On Monday, Scott Kirby was given a $13 million severance package and told to hit the road after the American Airline’s board decided it wouldn’t be able to retain its executive team in their current roles long term. On Wednesday, Kirby became President of rival airline United Continental Holdings. The 49- year- old will report directly to Oscar Munoz, chief executive, and have responsibility for operations, marketing, sales, revenue management, a network planning. Kirby is known in the industry for having strong views. While he was president of US Airway, he abandoned fuel hedging and during his tenure at American he pulled the airline out of the futures markets, calling hedging of oil contracts “a rigged game that enriches Wall Street”.
Asia: Asian markets closed mostly higher on Wednesday, as investors wait for today’s ADP jobs report.
Europe: European markets closed mostly higher as the U.S. consumer confidence report came in stronger than expected.
U.S: U.S markets closed lower on Tuesday, as investors wait for this week’s jobs reports and the clues they provide on when future rake hikes will occur. DJIA: -48.69 18,454.30 NASDAQ: -9.34 5,222.99 S&P: -4.26 2,176.12
Word of The Day:
The removal of a listed security from an exchange. Removal of the stock can be either voluntary or involuntary, if the company is not in compliance with the listing requirements of the exchange.
Dinner or Drink:
AJ Summer Drink
Take a martini shaker add mint leaves & ice Muddle break down the mint too much. Then add Grey Goose vodka, fresh lemon juice, triple sec, simple syrup now add more ice cube. Shake all ingredients together and strain into a chilled cocktail glass. Enjoy.