🌳 Biden’s green-collar jobs

…and Earnings Wrap feat. FedEx, General Mills, and KB Home   Putting that environmental studies degree to work (Maskot/Getty Images)   [Sponsored by]( Yesterday’s Market Moves   Dow Jones 34,070 (-1.08%) S&P 500 4,330 (-1.64%) Nasdaq 13,224 (-1.82%) Bitcoin $26,625 (-1.84%) Dow Jones 34,070 (-1.08%) S&P 500 4,330 (-1.64%) Nasdaq 13,224 (-1.82%) Bitcoin $26,625 (-1.84%) Hey Snackers, Love doesn’t always last, and your ink doesn’t have to either. Tinder is [hosting]( a tattoo-studio takeover in London so that singles can remove tats of their exes’ names by transforming them into something new. I ❤️ Wendy → I ❤️ Wendy’s? The S&P 500 hit its lowest level since June yesterday as investors digested comments from the Fed, which suggested that rates could stay higher for longer. The US 10-year Treasury yield hit its highest level in over 15 years. 🧠Test your Snacks-pertise! Take our new [Snacks Seven quiz]( to test your knowledge of news we covered this week (you’ll have the best business banter at any weekend hang). Green The White House’s climate jobs training program aims to put 20K people to work in its first year Green-collar jobs… The Biden admin [announced]( a new climate-related jobs training program. In its first year, the American Climate Corps would train about 20K young people in sustainability skills (think: retrofitting homes for energy efficiency, installing solar panels, disaster prep). The Climate Corps could help trainees land quality jobs in green industries and is designed to attract participants from communities most affected by climate disasters. - Examples: The $15M ForestCorp program will train young people in skills like wildfire prevention and reforestation. The Climate Corps could also train a new generation of electricians in climate-friendly tech. - Inspo: The Climate Corps is modeled after a much larger New Deal-era work program, the Civilian Conservation Corps, which nearly a century ago employed 3M young men to enhance public lands (picture: planting 2.3B trees). Quittin’ for the climate… More than 24M green jobs could be created globally by the end of the decade, and young people — who are more likely to be affected by stronger storms and wildfires than previous generations — are increasingly choosing them. Over half of business-school students said they would take a lower salary to work for an environmentally responsible company. And 44% of Gen Z and millennial workers said they’ve quit a job because the company’s values didn’t align with theirs. Employers are reflecting those principles too: LinkedIn job postings requiring green skills grew 22% last year. THE TAKEAWAY President Biden wants a green thumbs-up… Voters under 30 in particular have criticized the Biden admin’s climate efforts. His climate approval fell this year after he OK’d the Willow oil-drilling project, which had strong opposition from environmental groups. As thousands of activists protest US fossil-fuel use during the UN General Assembly this week, Biden’s hoping the Climate Corps will help appease critics and move America closer to reaching its climate goals. Sponsored by Percent Trade secrets: what the pros invest in Pro tip: Institutional investors often invest in special asset classes that aren’t available to the average joe investor. Take private credit for example, which is when non-banks lend money to private businesses who need capital. With hedge funds, pension funds, and asset managers including private credit in their portfolios, it’s no wonder this multi-trillion dollar asset class has grown 800% since 2006. Thanks to [Percent]( non-professional accredited investors now have access to private credit with a minimum investment of only $500. Hi, yields! Major benefits of private credit are diversification from market volatility, a hedge against inflation, and typically higher yields compared to what’s available in public markets. On the Percent platform, the current weighted average yield is 18.55% (as of August 31, 2023). See risk information below.* Extra credit: [Open a free account and get up to $500 with your first investment.]( SnacksWrap Earnings Wrap: FedEx, General Mills, and KB Home 📦 Status: delivered… FedEx shares spiked after the shipping titan topped profit estimates thanks to cost cuts, price hikes, and market-share gains. But sales fell 6% as shipping demand slowed. FedEx raised its earnings forecast as it tries to slash $4B in expenses by 2025 through layoffs + consolidation. It also benefited from its rivals’ woes last quarter: Yellow Corp, a big FedEx Freight competitor, went bankrupt. Meanwhile, UPS’s tense negotiations with the Teamsters union helped FedEx win over antsy UPS customers. - Fresh off the call: "We captured upside as a result of these one-time events," FedEx CEO Raj Subramaniam said, referring to the turmoil at UPS and Yellow. 🥣 Pip, pip, Cheerios… General Mills reported 4% quarterly sales growth as folks kept stocking up on its snackable brands like Lucky Charms, Chex Mix, and Häagen-Dazs. The cereal icon got a boost from price hikes, as consumers stomach higher spend for brand names. CEO Jeff Harmening noted three themes for the quarter: cooling inflation, stabilizing supply chains, and “a resilient but increasingly cautious consumer.” He suggested Big Food companies could profit as folks dial back restaurant spending. - Fresh off the call: “People aren’t eating less… as consumers start to get squeezed, what generally happens is people move more at home,” Harmening said. 🏠BYOH (build your own house)… US homebuilding giant KB Home reported lower quarterly sales, profit, and home deliveries as demand cooled from its record results a year ago (it still beat estimates). KB’s average selling price for a home dropped to $466K from $509K a year ago (still ain’t cheap). Even though home supply is scarce, this month US homebuilder confidence fell to the lowest level since April as high mortgage rates and prices crush white-picket-fence dreams. Still, KB’s home orders for the quarter were up. - Fresh off the call: “We believe we are well positioned to navigate the potential for shifting housing market conditions,” CEO Jeffrey Mezger said. FRIED The Crypto Catch-Up… 🪙 Coins… PayPal said it’s [adding]( PYUSD, its recently launched [stablecoin]( to Venmo. With a market cap of $44M, PYUSD’s been slow to gain traction. Venmo, which as of last year had 90M US accounts, could help the coin grow market share. 🌶️ Spicy… FTX [sued]( Sam Bankman-Fried’s parents, alleging the two misappropriated millions in funds. The suit says SBF’s dad received a $10M gift from his son in 2022 after asking him to raise his $200K/year FTX salary. 🤖 Techy… Traditional-finance heavyweight Citigroup said it’ll offer some customers the ability to [tokenize]( their deposits (picture: digi assets representing account balances) on a private blockchain, which would allow for faster transfers. What else we're Snackin' - [Ci$co]( Conference-call biggie Cisco said it’ll buy cybersecurity-software biz Splunk for $28B as it looks for an AI leg up. Caesars’ and MGM’s recent hacks follow a Q2 that saw cyberattacks spike globally. - [Swab]( The US gov’t said it’ll (once again) offer free at-home Covid tests starting Monday as hospitalizations rise. Meanwhile, updated Pfizer and Moderna boosters are hitting pharmacies. - [Stick]( Olive Garden parent Darden Restaurants topped estimates after quarterly sales jumped 11% thanks to deal-seeking diners. But its pricier chains like Capital Grille saw sales fall. - [Succession]( Media mogul Rupert Murdoch is stepping down as chairman at Fox and Wall Street Journal parent News Corp. after 70+ years at the helm. His son Lachlan will stay on as the sole exec of the news empire. - [Danger]( A family is suing Google, saying its maps software directed a man to drive over a collapsed bridge, though Google had been notified that the route was dangerous, a lawsuit alleges. The driver died. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Starbucks has 383B latte varieties [Read more]( Friday - Last day of summer (official start of spooky season) Authors of this Snacks own shares of: Google, Match, Moderna, and Starbucks *Advertiser’s disclosure: Alternative investments are speculative and possess a high level of risk. No assurance can be given that investors will receive a return of their capital. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. 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