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Yelp lays off 1000, furloughs 1100

blog.yelp.com

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Re: Yelp lays off 1000, furloughs 1100

#31

Post by hkmurakami »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

Reports just came out that OPEC+ is more likely to reach a deal than was expected just a few hours ago.

Virtual meeting started around 10am EST.

But yeah tbh no one really knows

Re: Yelp lays off 1000, furloughs 1100

#32

Post by nicbou »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

This is the part that completely evades me. The economy ground to a halt worldwide, 6 million new unemployment claims are processed every week in the US, established startups are on life support, more and more small businesses are collapsing...

...and the stocks are green.

Re: Yelp lays off 1000, furloughs 1100

#33

Post by outlace »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

My guess: because speculators are speculating that the recent severe dips in the stock market are undervaluing the economy and therefore are buying when it goes low, propping up the price. Speculators speculate that the pandemic has not actually destroyed any significant real value in the economy and will bounce back, therefore the stock dips are overreactions and are good buying opportunities.

Re: Yelp lays off 1000, furloughs 1100

#34

Post by bsurmanski »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

my guess is that people that are well off (rich) still have their income stream. A lot of tech workers, CEOs, etc are working from home. It's poor (or middle class) people (working in retail, tourism, food) that are disproportionately affected by this. In 2008, it hit rich people first, then "trickled down". So, the rich are seeing this as an opportunity to offload some extra cash onto the discounted markets.

Re: Yelp lays off 1000, furloughs 1100

#35

Post by wikiman »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

The market is reactive to relatively short-term inputs. I'm looking at a few things that are causing the jump:

- Some of it is inflationary as others have pointed out. There's a lot of money entering the system right now, and markets tend to go up on that

- Some of it is short sellers realizing gains from the last month and exiting their trades (the effect of closing a short causes markets to rise)

- Some of it is psychological reactions to dropping death estimates, and concurrent optimism that things will go back to "normal" soon (or at least sooner than previously thought)

What the market did 12/21/18 is sort of irrelevant

Re: Yelp lays off 1000, furloughs 1100

#36

Post by crimsonalucard »

scurvy wrote: post #15
Waterluvian wrote: post #5

I know this is a very tired topic, but does anyone have any good blog posts or articles about "what exactly is it that you all do?" Yelp having 6000 employees. I'm not surprised, I'm not mad. I just want to understand.

Sales and account management are easier to hire and fire. That said I bet some engineers were let go. If you're not directly client facing or related to e-commerce, you're not essential right now.

Realistically I would say a lot of engineers are easy to fire. You only need a certain amount of engineers to do maintenance.

Re: Yelp lays off 1000, furloughs 1100

#37

Post by xienze »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

Maybe you missed the ~40% drop it sustained in about a month's time? That happened when it looked like the world was ending and 2 million people were supposed to die in the US. Now that things are looking better, the stock market is improving.

Re: Yelp lays off 1000, furloughs 1100

#38

Post by jerf »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

Along with the cynical, pessimistic, and snarky answers, bear in mind the market does not reflect what is happening now. It reflects an averaged, time-value-of-money-weighted assessment of what the market participants think it's going to happen in the future.

So, despite what you may naturally think, the market crash wasn't reflecting the fact many people aren't working right now, it was reflecting the fear that we could be knocked out for months. Now fears about the worst-case scenario are receding, so the time-averaged result rises as the result of the worst bottom elements lifting, even if the overall assessment is still problematic.

Re: Yelp lays off 1000, furloughs 1100

#39

Post by chewz »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

It is called bear rally.

It happens all the time during sell out (1929, 2008). At some point shorts close their positions en masse. It doesn't stop the market from falling further later...

https://www.marketwatch.com/story/heres-how-big-of-a-bear-ma...

Re: Yelp lays off 1000, furloughs 1100

#40

Post by not_a_moth »

ransom1538 wrote: post #4

Off topic: Can anyone explain why the dow jones is going up? The dow was LOWER Jan 1st 2019. I feel we are worse off than Jan 1st 2019.

Because Fauci said earlier today expected US fatalities has been down revised to 60k

Meaning it's not as bad as we all thought in previous weeks when millions were predicted to die

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