BUSINESS NEWS MAY 17TH, 2016
Erlinda Delacruz had a full-time manufacturing job in Winters, Texas. The job provided her health benefits, paid vacation, and a salary that allowed her a good life. However, when the plant closed, Delacruz’s life was turned upside down, and she was forced to work part-time jobs in order to make ends meet. Unfortunately, even her persistence could not prevent her losing her house to a foreclosure. Through her three part-time jobs, Delacruz makes roughly 1,600 a month, much less than the 2,000 she took home at the end of each month with her manufacturing job.
NETFLIX’S TROUBLES
In 2015, Netflix was one of the fastest gaining stocks, rising at a rate of 130%. This year, it’s losing value fast, at a rate of 20%. Of the big four tech stocks, known as FANG (Facebook, Amazon, Netflix, Google), Netflix is by far performing the worst. The streaming company’s investors were underwhelmed by estimates of international subscriber growth. Despite what Wall Street believes, Netflix’s problems do not lie in attracting customers. Economic experts believe that Netflix’s problems have to do with its high premiums.
OIL HITTING NEW HEIGHTS
Oil is now trading at $48.41 per barrel. In what has been a rollercoaster of a year for crude oil, we are seeing the natural resource hitting its highest levels yet. Since early morning trading, prices have fallen slightly, but unexpected supply distributions in Canada, Nigeria, and Venezuela have propelled prices to new heights. A wildfire in Canada forced the shutdown of oil production in Alberta, resulting in a production cut of 1.2 million barrels per day. Nigeria’s production also dropped due to militants targeting oil rich regions in Niger Delta region.