23 years on, people in the US and around the world are remembering the day when almost 3,000 people lost their lives in the September 11 terror attacks. Today weâre exploring: - Walred: The worst performing stock in the S&P 500 this year.
- Rebrand: Campbell is ditching the âsoupâ from its name.
- Workaholic: Bill Gates doesnât want to step down at 68, most Americans disagree. Have feedback for us? Just hit reply - we'd love to hear from you! TOGETHER WITH [Sponsor Logo] Squeezed by the rise of online pharmacies, falling [reimbursement rates]( for prescription drugs, and giants like Amazon eating into their general retail sales, Walgreens investors have had a disappointing year â and nowhere does that show up more clearly than on the ticker tape. Indeed, Walgreens (WBA) stock has now shed 63%+ of its value this year, more than any other in the S&P 500 Index, per data from FactSet. Some shareholders are even suing the company and its management, [alleging]( that they breached their fiduciary duty by inflating Walgreensâ performance projections. For the interactive graph, comparing stock performance across industries, [visit here](. An Rx for Walgreens So, how does Walgreens turn its ship around? In recent years the company was betting on getting closer to patients, spending more than $5 billion to acquire a majority stake in [VillageMD in 2021](, as part of an effort to turn its stores into primary-care destinations, as well as just being prescription fillers. That didnât really work. Indeed, in June Walgreens announced that it would be cutting its stake in VilageMD, after the company booked an eye-watering $5.8 billion write-down of its value earlier this year. It also said it would begin to dramatically slim its [store portfolio](, with as many as one-quarter of its 8,600 stores set to close. But Walgreensâ new CEO, who was appointed last October, doesnât have the luxury of lots of time on his side. Not just because the company faces a number of headwinds, but because it has billions of dollars of debt. As of May 31, the company had $703 million of cash and cash equivalents on its balance sheet and $8.9 billion of interest-bearing debt. But it also has hundreds of leases. These are, primarily, agreements for the stores, warehouses, office space, and distribution centers that it rents. Although they arenât technically âdebt,â they can behave a lot like it. And, once included, the companyâs financial position looks very different. Indeed, all told, the company reported having âLease adjusted net debtâ of $29.8 billion at the end of May. [Read this on the web instead]( After more than 100 years, a few iconic pieces of art, and well over 20 billion cans of tomato soup, Campbellâs has decided itâs high time for a rebrand. The 155-year-old company, which officially became the Campbell Soup Company [in 1922](, is cropping the middle section of its name, as the brand continues to shift away from the product that made it famous. The Campbell Company, as it will now be officially known, has built out its snack portfolio to make up a very healthy chunk of the business in recent years, with its popular Goldfish crackers as a key growth driver. In 2018, Campbell [acquired]( Snyderâs-Lance (the company behind Kettle Chips and Snyderâs of Hanover) for ~$6.1 billion, and itâs been making most of its money from its snack division ever since, with snacks contributing $4.6 billion, or almost 50%, of the companyâs sales in 2023. Soup sales, by comparison, have gone a little cold over the same period: in 2015, the companyâs famous cans added $2.8 billion to the top line, 8 years later it notched $2.7 billion. [Read this on the web instead]( [Sponsored by Monogram]( Closing Tomorrow: Secure an 8% Dividend by Investing Before the Offering Ends on 9/12 [Monogram (Nasdaq: MGRM)](, known for its autonomous robotic surgical systems, completed a crowd funded public offering and NASDAQ listing last year. Whatâs next? They just filed for FDA approval* to market and commercialize their patented AI joint replacement tech. By the year 2027, 50% of knee replacement surgeries will be robotic. Now, Monogramâs offering [a new chance for investors](: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). [Monogram will be closing the Series D Preferred offering tomorrow.**]( [Monogram will be closing the Series D Preferred offering tomorrow.**]( Pulling a Buffett At 68, Bill Gates is co-chair of one of the largest charitable foundations in the world; an advisor at Microsoft, the tech giant he co-founded almost 50 years ago; and ([soon, at least,]() the host of a new five-part Netflix documentary series. To him, stepping away from full-time work âsounds awfulâ. In a recent interview [with CNBC](, the billionaire said that he aims to follow in the footsteps of his 94-year-old friend Warren Buffett and delay retirement â âat least 10 years⦠hopefully itâll be more like 20 or 30â. Unsurprisingly, the majority of workers in the US donât feel the same way. In fact, many Americans are looking to stop working earlier. Feelinâ Sixty-Two According to the Fed Reserve Bank of New Yorkâs [most recent analysis]( of the triannual Survey of Consumer Expectations, American workers thought thereâd be a 46% chance that theyâd still be working full-time when they were 62+, on average. Thatâs down significantly on the 58% likelihood that the survey reported back in 2016. Respondents also cut the likelihood to just 31% by the time they reach 67, 2 years younger than Gates will be in October. While the thought of bowing out might not appeal to the former head of Microsoft, the reality of retirement actually comes as a pleasant surprise to millions of Americans, with 74% of retirees saying theyâre financially comfortable in retirement, compared to just 45% who expected to be, per a recent [Gallup poll](. [Read this on the web instead]( More Data - Just hours after Apple revealed the new iPhone 16, Huawei launched its cutting-edge $2,800 smartphone, which folds in [3 ways](.
- As the Olympic summer draws to a close, Panasonic is bidding farewell to the Games too, ending its 37-year sponsorship [contract](.
- Russia sees its birth rate plummet to a [25-year low](.
- Baseball sensation Shohei Ohtani is on the cusp of achieving a historic 50-50 season, potentially becoming the first player to hit 50 home runs and steal 50 bases in a single [year](.
- Australian TV show Bluey has captivated US audiences, amassing 35 billion minutes watched this year, making it the most-watched show in the [country](.
- US household income rose by 4% last year, marking the first increase since the pandemic and reaching a record high of [$80,610](. [Monogram (Nasdaq: MGRM)]( is offering the public preferred stock with an 8% dividend (in cash or kind) thatâs convertible to its public stock. [Learn more on their website.](** Ad Hi-Viz - Is what you see as âblueâ the same as everyone else? [Find out here](.
- A map of Americaâs most [expensive tasting menus](. Off the charts: Which 3 regional grocery store chains have kept their locations pretty concentrated, building local cult-like followings in the process? [Answer below]. [Answer here.]( Thanks for stopping by! Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi,
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