From Our Two Cents Monthly Newsletter – September 2017 Edition.
The Market In Action
- Venezuela is continuing to battle economic and political turmoil. The country’s GDP has shrunk by about 35 percent since 2013. In comparison, in the four years spanning the duration of the Great Depression, the United States’ GDP decreased by 28 percent.
- Boxing legend Floyd Mayweather faced off against MMA superstar Conor McGregor on August 26 in Las Vegas in what was declared “The Fight of the Century.” Though the exact numbers have not yet been released, pay-per-view purchases are expected to surpass 4.6 million, resulting in an estimated$500 million in revenue. Live gate for the monumental event could be as much as $90 million.
- Walmart recently filed for a patent for a “floating warehouse” that would be used as a way for drones to more easily deliver to homes. This move is said to help Walmart bring down costsfor consumers and to remain competitive in the increasingly crowded online shopping space.
- The second-largest Powerball in history, worth over $700 million if the annuity option was exercised, was won in August. The odds of winning were roughly one in 292 million.
- Disney announced that it would be removing its movies from Netflix at the end of 2018. Disney then announced that it is planning on launching its own exclusive streaming platform, tentatively scheduled for 2019.
- Productivity in the United States in the second quarter grew more than projected. According to the US Labor Department, productivity rose by .9 percent, up from just .1 percent, in the first quarter.
- The price of bitcoin, the most prominent cryptocurrency in the world, skyrocketed in August, increasing by over 100 percent in the weeks following a drop in value in mid-Jul.
- On its first day of being operated by Amazon, Whole Foods saw prices slashed by up to 43 percent.
