Today is Thursday, June 16 and on this day in 1911, IBM was formed and started automating business transactions with punched card-based data tabulating machines. Retail sales unexpectedly dropped in May, while stores sit on an overstock of inventory.
Revlon is filing for bankruptcy, and baby formula maker Abbott had to halt production in its Michigan plant due to flooding. In sweeter news, it’s National Fudge Day, and on the healthier front, Fresh Veggie Day. Fresh vegetables are forecasted to double in price over last year; fudge prices are stable. Here’s what else should be on your radar this morning.
Robinhood Woes. The good times are over for no-fee stock trading app Robinhood — at least for now — as its user base drops off, the cash on its balance sheet dwindles and its share price hits record lows. Since its initial public offering (IPO) last July, Robinhood’s losses topped $3 billion. READ MORE
Zoo NFTs. Serkan Terek, co-founder and chief product officer at Meadow Labs, talks to PYMNST about the NFTs it’s minting for the Australia Zoo in the inaugural edition of the Blockchain Payments Tracker®. PYMNTS also looks at blockchain tech and the emerging technologies that will power the future of blockchain payments. READ MORE
Rich Reality. Even people earning $250,000 per year are living paycheck-to-paycheck and dipping into credit cards to live, which isn’t smart, LendingClub Financial Health Officer Anuj Nayar told PYMNTS. In the latest installment of the series “New Reality Check: The Paycheck-To-Paycheck Report: The High Earners Edition,” consumers living paycheck-to-paycheck without issues paying their bills carry an average balance of 48% of their credit limit. READ MORE
Friendly Fraud. Verifi CEO Sara Craven told PYMNTS CEO Karen Webster that summer is ripe for disputed transactions, especially during this extra-busy post-pandemic time. With a surge of airline and hotel bookings, overbookings and even cancellations, customers change up where they spend their funds, leading to a seasonal uptick in friendly fraud. READ MORE
ICYMI. Record-high prices on food, fuel and lodging are impacting consumers’ budgets and are reflected in the official numbers as retail sales dropped 0.3% in May, from a downwardly revised 0.7% pace in April. Economists were forecasting an increase of 0.2% month over month. READ MORE
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