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U.S. President Biden plans to request $715 billion for his first Pentagon budget (fiscal 2022), according to Bloomberg. Adjusted for inflation, this would be a 0.4% decline from the current fiscal year's budget of $704 billion. The White House reportedly plans to release an outline today of Biden’s spending priorities, including defense.
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Boeing is alerting 16 of its customers who purchased the 737 MAX Jet of potential production issues related to the planes' electrical power systems. The issue, according to reports, is unrelated to the failures that led to the two fatal crashes of the 737 MAX in 2018 and 2019.
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Levi Strauss beat analyst forecasts for Q1 2021, raised its guidance based on "strong demand signals" and increased its quarterly dividend. The jeans maker now expects 24-25% year over year growth in net revenues and adjusted EPS of $0.41-$0.42 for the first half of fiscal 2021. "We've started the year strong, beating our internal expectations even as we are lapping a particularly good quarter in the prior year," said CEO Chip Bergh.
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Robinhood says 9.5 million customers traded cryptocurrencies on its platform last quarter, compared to 1.7 million in the fourth quarter of 2020. This is despite it only supporting seven coins. Meanwhile, Kraken, one of the largest crypto exchanges in the world by volume (and inexplicably named after a sea monster), is considering going public through a direct listing in 2022, reported CNBC.
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Amazon has a strong lead in the vote to form a workers' union currently underway in Alabama, according to media reports. With over a thousand ballots left to count, the tally last night was 463 voting in favor of forming a union and 1,100 voting against it. The tech giant privately pressured USPS to install an illegal ballot dropbox at its warehouse entrance, a FOIA request by the Retail, Wholesale and Department Store Union (RWDSU) showed.
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FuboTV has secured the exclusive live streaming rights to the Qatar World Cup 2022 South American qualifying matches. The "meme stock" discussed on Reddit's WallStreetBets forum is down more than 25% year-to-date. Disney, Viacom, Discovery and Microsoft are among the investors in the sports-focused platform currently reporting ballooning losses. It plans to enter the sports betting market later this year.
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Impossible Foods is preparing for a public listing which could value it at around $10 billion or more, reported Reuters. The U.S. plant-based burger patty maker, which raised money at a nearly $4 billion valuation in March 2020, is exploring IPO and SPAC reverse merger options.
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