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Things Are TURNING… but for who? Arizona

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    1. ‘Netflix shares closed down 5.1% at $182.94. That’s a long way down from its 52-week high of over $700. Year to date, it’s lost almost 70% after missing on its subscriber numbers and outlook last quarter. Netflix is now a “show me story,” Goldman said, citing rivals Disney and Amazon whose stocks are also being pummeled today amid the downdraft (off, respectively, 3.7%% and 5.6%). Other losers include Spotify, down 8.7% and Snap, off 5.8%. Meta is down 4.6%. Paramount fell 3.6%. Warner Bros Discovery dropped 4.9%.’

      ‘Overall bearish sentiment on technology has compounded the executional issues for Netflix, with the sector’s stocks hitting their worst stretch in 20 years.’

      https://deadline.com/2022/06/netflix-stock-goldman-downgrade-1235043122/

  1. ‘As U.S. inflation hit a four-decade high, rising prices in Southern California — where costs of shelter and food are among the highest in the nation — are warping the fabric of daily life: Shoppers are cutting grocery budgets, businesses are scaling back operations and low-wage workers are seeing their paychecks eaten away at the gas pump.’

    ‘In Los Angeles, residents who were already stretched thin by high housing costs are figuring out how to make ends meet. “[Inflation] has changed a lot of my shopping patterns,” said Thomas Morgan, 40, a machine operator in the aerospace industry. “Steak was on the menu and now it’s turned down to sandwiches sometimes.”

    ‘Arnold Rodriguez, owner of Black Sugar Rib Co., a private caterer and a food vendor at the weekly Smorgasburg market in downtown Los Angeles, said that every part of his product — including major ingredients such as mayonnaise and almond slivers— has been jumping in price.’

    ‘As a result, “my profit margins have shrunk” and he’s had to make significant adjustments. After meat prices rose, Rodriguez raised the price of his pulled pork nachos to $20 from $18. A pulled pork sandwich currently goes for $16, but “in the next week or two, we might start charging $18.”

    ‘Bob Wishnefsky, a post-production engineer at Paramount Pictures who is a longtime customer at the pizzeria, ordered a $12.75 meatball sub and said that inflation had given him a vague sense of anxiety. “Everything is really out of control,” Wishnefsky said.’

    https://news.yahoo.com/inflation-looks-southern-california-losing-004830731.html

  2. ‘Anne Wallace has been in the fish and chip business for almost 60 years. Her shop, Taylors in Stockport, survived the three-day week in the 1970s, the financial crisis and a pandemic; but the current bout of high inflation now threatens to close its shutters for good.’

    ‘Ms Wallace said: “This is without a doubt the hardest challenge we have ever faced. Coming straight off the back of the pandemic, we are all so tired, and now the price of everything is soaring and customers are having to cut back. You just think what’s next? A plague of locusts?”

    ‘Ms Wallace said: “Our utility bills have doubled and the cost of fish, peas and oil have gone through the roof. “Our sides, like mushy peas, used to be a staple for making a profit, but these are now almost three times more expensive. We don’t want to pass those sorts of increases on to customers, but we also can’t absorb all of it ourselves.”

    https://www.msn.com/en-gb/money/other/ive-been-on-the-high-street-for-60-years-%E2%80%93-but-i-know-my-time-is-over/ar-AAYi5Es

    1. Between COVID and now run-away commodity expenses our green woke government(s) have done a splendid job of strangling middle-class taxpayers.

  3. ‘Milwaukee is home to America’s largest Polish festival, and it’s back at Summerfest grounds after a two-year hiatus. Klaud Wiosna is the owner of Tata’s Pierogi and made the hour and half drive from Illinois to serve his famous Pierogi. Pierogi is a dumpling that can be filled with meat or cheese.’

    ‘He said since the pandemic, it’s been difficult to keep up with the spike in prices, with polish’s up nearly 50%. “We used to sell polish plates for $10, now we have to sell them for $15 not because we want to get more profit, but because everything costs more,” Wiosna said.’

    ‘And he’s not the only one. Craig Geml owns Polish Pride of Michigan and told us shipping items from Poland is so expensive, it’s impacting what he can sell. “We’ve had to cut some items that we normally would carry because of the cost,” Geml said. For items in stock, it’s priced nearly 10% higher than two years ago. Still as a small business owner he said he’s taking the brunt of it, so his customers don’t.’

    “You can’t price customers out,” Geml stated. “This is my business. If I don’t have customers, I don’t survive.”

    https://www.tmj4.com/news/local-news/its-tough-polish-fest-vendors-are-dealing-with-spike-in-prices

    You know, it’s almost like this inflation thing is kinda serious. Who created this cluster fook?

  4. ‘California has the highest average price, at $6.40 a gallon, according to AAA. Several other Western states and Illinois are higher than $5.50. Quentin McZeal of Oakland, California, said it used to cost him $100 to fill up his tank and now it’s more like $140-$160. The prices have forced him to change his behavior and make different choices, like turning down people who ask for rides unless they’re willing to kick in for gas.’

    “It’s a lot of other things I can’t do because I have to pay for gas, you know what I’m saying?” McZeal said. “Less food, less playtime because I got to get gas. I got to go to work, right?”

    https://www.khon2.com/news/national/gas-prices-hit-record-highs-draining-wallets/

  5. ‘Remember the movie, “Mad Max,” where gas is so precious that people are killing each other for a few gallons?

    It was set in the future — I think it was July 2022.

    I’m thinking about making a new movie, “Mad Hubby,” where gas is so expensive that he drives his wife crazy.

    When gas hit $5.09 a gallon, Hubby remarked that the Amish have the right idea, driving a horse and buggy.

    Now, Hubby wants us to live like the Amish.

    He’s gone as far as insisting I don’t use our clothes dryer any more. Instead, he wants me to hang our clothes on chairs around the house.

    No kidding! I came home from work Tuesday to find his underpants draped over the kitchen chairs. Yikes!

    “What on earth?” I said out loud.

    As soon as Hubby came home, I abstained from any pleasantries and went right to the heart of the matter.

    “Why is your underwear hanging all over the place?” I said.

    “I’m saving money. Have you seen the price of gas? It’s exorbitant!” he said, waving his arms in the air and looking all wild eyed.

    “But we have an electric dryer,” I said.

    “So what! We have to cut costs everywhere,” he said. “I’ve decided that we are going Amish!”

    I stood there dumbfounded.

    Faithful readers know Hubby keeps a tight grip on his wallet even in the best of times, but this is ridiculous!

    I told him he’s ridiculous and you know what he said? “Amish wives obey their husbands!”

    https://www.starbeacon.com/news/local_news/hubby-going-amish-due-to-rising-gas-prices/article_bd436b0e-e75a-11ec-9737-f3c49a6cb78a.html

        1. As it was for Grandma Macdonald. Never had any use for an electric dryer. I think it’s called a “Clothes Maiden”.

  6. ‘According to Crunchbase, more than 17,000 tech workers have lost jobs since the start of this year. ‘In my experience, founders and investors usually come out unscathed on the other side of events like these. For below-the-line employees, however, unexpected layoffs can be life-changing: One former product manager I used to work with now sells residential real estate, and another works in public health.’

    ‘Before Karl Alomar became managing partner of VC firm M13, he led one company through the dot-com bust of 2000 and helped another survive the Great Recession of 2008. “The key difference between 2022 and previous downturns is that this contraction was anticipated for a long time, whereas the previous downturns were far more sudden,” he says.’

    https://news.yahoo.com/techcrunch-roundup-growth-marketing-survey-183235749.html

    1. “The key difference between 2022 and previous downturns is that this contraction was anticipated for a long time, whereas the previous downturns were far more sudden,” he says.

      +1 Keep your powder dry, and the lenders at arm’s length!

  7. Nsadaq is down 28% for 2022. No more mean tweets though, right Wall St and Silicon Valley? Lol.

  8. Good grief. These people are dingbats. A sixpacker Joe trusts them with the biggest financial decision of zer’s life.

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