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Gavin Newsom to face recall election

Gov. Gavin Newsom (D) will face a recall election later this year, California's Secretary of State confirmed Wednesday.

Why it matters: This will be the second time in California's history that a recall campaign has succeeded in getting on the ballot, out of a total of 55 attempts, per Bloomberg.


The state of play: The movement to recall Newsom has been gaining speed for a while, with the Republican-led movement reaching enough votes in April to get on the ballot.

  • In accordance with state law, a 30 day window from April 26 to June 8th was given for voters to withdraw their signatures from recall petitions if they wished to.
  • 43 signatures were withdrawn statewide, leaving a certified total of 1,719,900 verified signatures.

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Department stores race to attract younger shoppers

Companies see Gen Z as the next big cash cow. Struggling department stores are now getting into the race to court them.

What’s new: Nordstrom said Monday it notched a deal with ASOS — the online, budget-friendly fashion house that's laser-focused on young shoppers and boasts millions of active customers.

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Netflix shocks Wall Street with earnings miss, weak 3rd quarter guidance

Netflix's stock was down more than 12% in after-hours trading on Thursday after the entertainment giant said it missed analyst expectations on earnings-per-share and added fewer subscribers than expected during the second quarter.

Why it matters: Netflix was supposed to be a safe bet for investors this quarter. Third-party measurement companies like Nielsen and Parrot Analytics suggested throughout the quarter that the entertainment giant was pulling ahead of competitors in the U.S. in terms of consumer engagement during the pandemic.

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