Tex-change

Hi, today we're exploring: (1) Why Texas might be getting a stock exchange, (2) The economics of cruises, and (3) Job openings. Good morning! President Biden has arrived in Paris on a trip to mark the 80th anniversary of [D-Day](. Today we're exploring: - Tex-change: The Lone Star State might be getting a stock exchange. - Cruise economics: Breaking down the cost of a cruise. - Between posts: Job openings fell again in April. Have feedback for us? Just hit reply — we'd love to hear from you! TOGETHER WITH Lone Star stocks Texas’ economy has been firing on all cylinders recently… and now the state might be getting its own national stock exchange, the TXSE — which could begin trading as early as next year, according to the [Wall Street Journal](. Positioning itself as a more CEO-friendly alternative to the NASDAQ and NYSE, backers of the TXSE include some of the industry’s heavyweights, like BlackRock and Citadel, who want to cut down on compliance costs for listing on America’s largest incumbent exchanges. By headquartering itself in Texas, it also aligns with a new crop of companies that are seeking lower taxes, favorable regulations, and growth. Last year, the Texan economy was one of the nation's fastest growing, with its GDP surging 5.7%, second only to North Dakota (5.9%). It also welcomed nearly half a million new [residents]( and now boasts 52 Fortune 500 [companies]( tied with New York. Indeed, since the pandemic, a number of high-profile companies — including Tesla, Oracle, and HP — have moved to the Lone Star State, joining established Texas institutions such as ExxonMobil and AT&T. New York has long reigned supreme as the center of trading, having absorbed regional exchanges like the Boston Stock Exchange, the Chicago Stock Exchange, and the Philadelphia Stock Exchange over the years. But, the emergence of the Dallas-based TXSE harks back to a time when exchanges dotted the nation, each vying for a slice of the trading pie. Indeed, starting a new exchange is hardly a novel idea, but, so far, other efforts like the Long-Term Stock Exchange have [attracted only a handful]( of companies. [Read this on the web instead]( On Monday, the world’s largest cruise company, Carnival Corp., [announced]( that it’s retiring one of its flagship enterprises — P&O Cruises Australia — and folding it into the wider Carnival Cruises brand. The boats that rocked Carnival said the move should help further optimize “the company's brand portfolio creating operational efficiencies”... which is just the kind of corporate jargon that investors love. In turn, the company’s shares rose 6% yesterday amidst a strong day for cruise stocks in general — an industry that, after nearly collapsing 4 years ago, has sailed back into profitable territory and is seeking to cut costs wherever it can. Indeed, 2023 was the first fiscal year since the pandemic that Carnival Corp. reported an operating profit (~$2B), after accruing cumulative operating losses of more than $20B between 2020-2022. So, if you were one of Carnival’s 12.5 million passengers last year, where exactly did your money go? Per company filings, the average ticket in 2023 would have cost about $1,125. But your wallet doesn’t get off that lightly, with Carnival banking another $600 or so per customer on top of that thanks to excursions, food, drinks, casino games, retail sales, spa treatments, laundry services, internet access, and other onboard concessions. Actually operating the cruise and tours cost the company $1,145 in our example, leaving a healthy $582 left to cover overheads. Of course, one major cost we’ve ignored until now is the ships themselves. That shows up predominantly in “depreciation”, with the company spreading the cost of its ships over a 30-year lifespan. So, what’s Carnival left with? About $150 out of the original $1,700, or a 9% margin. Company execs will be hoping that cutting less profitable routes will get it back to the 15-16% margins that were common pre-pandemic. [Read this on the web instead]( [Sponsored by NativePath]( Your Most Abundant Protein People are waking up to the power of one protein in particular. Starting in your 30s, the body produces 1-2% less collagen protein per year. As the [most abundant protein in the body]( this decline is a major contributor to signs of aging. 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The new figures released yesterday showed that the number of available positions in the US for April was 8.06M — some ~300K less the month prior — translating to 1.24 openings for every unemployed person, the smallest ratio recorded since June 2021 and down from a peak of 2:1 in 2022. With [hiring rates slowing]( and quitting rates stalling, the latest job openings data suggests that the supply and demand for labor is normalizing back towards pre-pandemic levels; as such, [bonds are surging]( ahead of Friday’s employment report, which is forecast to show the US adding 185K jobs for May. [Read this on the web instead]( More Data • The [Dubai Mall]( already one of the world’s largest — with 1,200 stores, a 10-million-liter aquarium, and an indoor Chinatown — is getting even bigger, as developers plan a 1.5B dirham ($408M) expansion. • Storage Blox: Swedish furniture titan IKEA will pay people €14.80 (~$16) per hour to work at its virtual store within [Roblox](. • Starting in your 30s, the body produces 1-2% less collagen protein per year — but [NativePath’s best selling collagen]( helps to restore those levels for improved bone density, joint strength, skin elasticity and other health benefits. [Chartr readers get 45% off with this link]( • Joint venture? On Sunday, the CEO of Canadian cannabis company [Green Thumb]( wrote to the chairman of Boston Beer… just to check if the brewer would be interested in buying them. **This is sponsored content. Hi-Viz • Center-back and sides: Visualizing how the mullet has taken over the [Australian Football League](. • One chart that shows just how bonkers the [data center boom]( is getting. Off the charts: Which content creator claimed the crown of the most subscribed YouTube channel over the weekend, after also recently blowing past the 50 billion views milestone? [Answer below]. [Answer here](. Thanks for stopping by! Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi%2C%0A%0AI%20like%20the%20newsletters%2C%20but%20I%20had%20a%20thought%20for%20you...) or want to [sponsor]( newsletter](mailto:james@sherwoodmedia.com?subject=Chartr%20NL%20Sponsorship%20Enquiry%20)? Not a subscriber? Sign up for free below. [Subscribe]( Copyright © 2024 CHARTR LIMITED, All rights reserved. You are receiving this email because you opted in via our website. 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