It’s understandable if you failed to notice one meaty if unglamorous trend on Wall Street: Private equity’s love affair with franchising.
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Friday ended with the main indices in Asia, Europe, and New York pointing down in unison, the Nasdaq even entering correction.
The asset manager announced annual revenues rose 14%, topping $20 billion for the first time, with record net inflows of $641 billion.
It’s basic Newtonian physics, as Boeing just learned: When the sky falls for a company, so, too, will the bottom line.
The company’s struggle gives us a glimpse into how the wider world of voice assistants is trying to keep up with the technology zeitgest.