Not that long ago, Department Stores were where you went to get new shoes for a Job Interview or something nice for a birthday gift. Marshall fields in chicago, beltz in atlanta, barneys in new york. The oldest and most storied though is lord taylor, 1826 which means it survived the civil war and the great depression, but it could not survive the modern day. Lord taylor faced the same problem all other stores have faced. Ecommerce, a changing clientele, declining foot traffic at malls. Lord taylor started Closing Stores until rescue came from the strangest of places, an upstart San Francisco Company Called la tote run by a couple of young men who have probably spent very little time inside an oldfashioned Department Store. They paid a paltry 75 million for the iconic store chain. Rakesh, ceo of la tote andceo of lord taylor joins me this morning. Thanks for having me, scott. It surprises me that the hutzpah buying a major, major chain. How did that come about . We were talking about a
A couple of big stories this morning. Peloton pricing the ipo. Price tag at 29 a share raising about 1. 6 billion now valued at roughly 8. 1 billion makes about a billion in revenue but loses 245 million annually. Now under the ticker pton. The peloton ceo will join us live this morning. If you have questions sen them in peloton. 245 million in losses well talk about the math of that and where they see profits and what it all means. Does anyone know about the treadmill . I do. It is expensive. It is about 4,000 the bike is about 2,000 plus. I have one. The bike is quite a piece of equipment. It is heavy. It is really well made i just got one two weeks ago. You can have someone screaming at you you can go outside. It is there, all free. Eamon javers is with us the hardware is a highmargin product. Higher now than an iphone. It is the services and the investment and the media component costing them they are doing a lot of build outs is that recurring cost or eventually be built out . The
We are pleased to have with us Julie Albright, author of left to their own devices how digitial natives are reshaping the American Dream. Published this month by prometheus books. Julie albright is a sociologist digital and communication, a lecture in supplied psychology at the university of southern california. Julie albrights research is on the growing intersection of technology and behavioral systems. Her writing on digital culture, a number of scholarly articles, served as pure review or and National Science foundation, and the Research Council and variety of other professional publications. A sought after keynote speaker and consultant for insights Julie Albright has given talks at several energy conferences, served as a Research Associate at eharmony and appeared as an expert in National Media outlets, nbc nightly news, the wall street journal, the New York Times and in pr. In left to their own devices how digitial natives are reshaping the American Dream Julie Albright looks at
Good friday morning. Welcome to squawk alley with Morgan Brennan and jon fortt at post 9 of the New York Stock Exchange obviously watching these markets here dow is down 331 after yesterday, deep in the red. The dow, the s p, and the nasdaq are all on pace for their worst week of 2019 tech names getting hit pretty hard, apple, alphabet, facebook, intel all down around 2 , guys this is a period in which trade concerns might result in selling thats a little more indiscriminate than weve seen in recent months and among the tech names, a look at cisco thats down closer to 4 . Some other cloud names not doing so well. You see, dell is down more than that you know, Network Appliance well, that one has its own issues but certainly, hp down 5. 5 a lot of these trade issues rippling through not just the names that have higher valuations or have high flyers, but some of these core enterprise tech names, vm is another onedown almost 8 in this trade if you look at all the major averages, were now
Pressing issues. The House Select Intelligence Committee hearing is the House Select Intelligence Committee hearing is nearly three hours. [inaudible conversatns] the committee will come to order. Without objection the chair mayk declare a recess at any time. Today we come to discuss the intelligence communities 2024 annual threat assessment we begin with an open session has been broadcast live and streamed on the committees and youtube channel. Open session cth is entirely unclassified. Allun, participants are remindeo refrain classified information or other informationub protected from public disclosure. On the conclusion of the open session we will recess and resume in a closed session and commit him group at two p. M. Or immediately following the first vote series scheduled from 130 time mac2 ten. We will proceed wh without any disruptions. Any disruption of the committeed will result in the United States Capitol Police restoring order and the protesters will be removed and arreste