Retirement income will eventually become a major challenge for advisers as plan sponsors come to recognize that they have workers who don't know if they will ever be able to retire, said Sean Murray, principal and chief revenue officer at Retiree Income. Advisers need to understand that Americans' biggest fear is running out of assets in retirement, he said.
Built Robotics, a startup focused on automation in construction, raised $33 million in a funding round. The new capital will be used to hire more engineers and expand the uses for the company's AI systems.
If WeWork doesn't complete a now-postponed $3 billion initial public offering by Dec. 31, it will lose access to a critical $6 billion loan, sources said. The loan agreement reportedly does not include any extension options.
Beijing-based educational startup VIPKid will receive a $150 million investment from China's Tencent Holdings, sources said. Some US lawmakers and officials have expressed concern about the data stored by VIPKid, which relies on teachers in the US and elsewhere to offer online English lessons.
Transportation startup Wunder Mobility, based in Germany, has raised an additional $30 million, bringing its Series B total to $60 million. The company, which already has customers in the US, has also announced the opening of a US headquarters.
It's difficult to extract big lessons about private-company valuations from WeWork's situation, two major tech investors say. Scott Kupor of Andreessen Horowitz said the situation is a result of several factors, and Glen Kacher of Light Street Capital Management said rapidly changing valuations for private businesses should not be surprising.
With losses of 34% this year, a 52% drop from its 52-week high and a 25 million share sell-off by 3G Capital this week, Kraft Heinz is the poorest performer on the S&P 500. Technical analyst Mark Newton, CMT, warns its downtrend remains intact and comments: "We have lower lows, lower highs, and in technical analysis, you want to see at least some evidence of that trend being broken before you can take a real stand."
Technical analyst Fawad Razaqzada says interest rates look set to remain low globally, after the Federal Reserve announced a modest cut this week and the Fed dot plot, which tracks individual board members' views on future direction, suggests no further cuts this year, going into 2020. "Over the past 24 hour or so, we have seen lots of central bank action and the message has been clear: global interest rates will remain at or near record lows for the foreseeable future," Razaqzada said on Thursday.