💵 Pay transparency spreads

Plus: Ian hits Florida | Wednesday, September 28, 2022

Open in app View in browser   Presented By SiriusXM   Axios Closer By Hope King and Nathan Bomey · Sep 28, 2022 Hello! Let's close out your Wednesday... Today's newsletter is 673 words, a 2½-minute read. 🔔 The dashboard: The S&P 500 closed up 2.0%. Biggest gainer? Biogen (+39.9%), the biopharmaceutical company, on positive results from its experimental Alzheimer's drug study. Biggest decliner? VF Corp. (-6.9%), as the apparel and footwear company cut its full-year guidance following weaker than expected back-to-school performance.     1 big thing: Transparent pay Illustration: Brendan Lynch/Axios   Workers are set to hold onto the upper hand they gained over the past two years as more states start requiring pay disclosures on job postings, Hope writes. Why it matters: Salary transparency in job postings will prompt people to talk more openly about their own pay and enable job seekers to gain more information about their value in the marketplace. At the same time, companies will have to do more work to update pay policies and handle questions from employees — all amid continuing staff shortages, contentious return-to-office policies and a rise in unionization efforts. Driving the news: California just became the largest state to require salary information on job ads for companies with 15 or more employees starting Jan. 1 next year. The move comes after Colorado, Nevada, Connecticut and Washington have implemented or approved similar rules and as rules are set to take effect in New York City next month. New York state is weighing new rules. What they're saying: There is currently a lot of "angst" among business leaders who have to figure out not only what different states are asking for, but also how to restructure pay policies and to communicate and educate existing workers, Mariann Madden, North America Fair Pay co-lead at WTW, tells Axios. The big picture: Pay secrecy has led to large disparities that impact women and other underrepresented workers disproportionately. While new laws may not solve every individual issue, requiring companies to disclose compensation will empower workers and force companies to be more aware of their competition. Go deeper.     2. Charted: Apple's iPhone overshoot Data: FactSet; Chart: Axios Visuals Apple shares were sent tumbling today on a Bloomberg report that suggested demand for new iPhone 14 products was weaker than the company previously expected, Hope writes. Yes, but: Apple analysts were largely unsurprised and unfazed. Gene Munster at Loup Funds noted on Twitter that production cuts happen "every iPhone cycle" because "Apple always overshoots production goals to its suppliers in the summer and 'cuts' in the fall." The big picture: Sales growth of the iPhone (which alone makes up more than 50% of the company's overall sales) have cooled over the past few years — and it's partly why the company has pushed so deeply into higher margin services, including news, gaming, music and media. Of note: Apple shares closed down 1.3% today, after falling nearly 4% earlier in the day.     3. What's happening 📦 Macy's launched a marketplace for third-party sellers. (Axios) 📄 DocuSign plans to lay off 9% of its workforce in a restructuring. (CNBC)     A message from SiriusXM Stream SiriusXM today and get 3 months free     With SiriusXM, stream expertly curated ad-free music on your devices with channels dedicated to your favorite decades, hits, styles and genres. The deets: Get access to more than 425 channels on the SXM app, plus podcasts, sports talk, Howard Stern and more. See Offer Details.     4. Hurricane Ian wreaks havoc Photo: Joe Raedle/Getty Images   Florida braced for impact today as Hurricane Ian made landfall packing 150 mph winds. Driving the news: Hundreds of stores, schools and all of the major theme parks announced closures, while power outages spread throughout the state, Axios' Kelly Tyko writes. Walmart has closed about 170 stores and Sam's Club locations throughout the state, up from 40 Tuesday. Publix listed hundreds of stores either closed or closing soon, as of this morning. Meanwhile, more than 2,000 flights into, within or out of the U.S. were canceled as of mid-morning Wednesday, Axios' Ivana Saric writes, citing flight tracking website FlightAware.   Share Axios and earn rewards If you like this newsletter, your friends may, too! Refer your friends and get free Axios swag when they sign up. Be a good friend and share   5. King of pickleball 👑 LeBron James (left) and MLP player JW Johnson. Photos: Ethan Miller/Getty Images; Michael Reaves/Getty Images   A bomb was just dropped in the world of professional pickleball, Axios' Pete Gannon writes. NBA legend LeBron James is headlining a new ownership group in the MLP. Why it matters: That's "Major League Pickleball" for the uninitiated, and it's one of three professional leagues vying for America's attention — each a multimillion-dollar operation, according to the Boston Globe. Catch up fast: While invented in 1965, pickleball has been called a "pandemic sport," with participation exploding 40% since 2019. Driving the news: James' investment group will own one of the four new teams created as the MLP expands to 16 next year. The size of his investment was undisclosed. His competition in MLP's ownership ranks will include Super Bowl champion Drew Brees and tennis' former No. 4 ranked player, James Blake.     6. What they're saying "The current 'healthy' definition [is] outdated." — The Food and Drug Administration in its proposed rule to change the standards for the use of the term on food product labels.     A message from SiriusXM Get 3 months free of SiriusXM     Stream more than 425 channels on your devices for free on the SXM App, including expertly curated ad-free music with channels dedicated to your favorite decades and genres. Even better: You'll even get access to exclusive music channels created by your favorite artists. See Offer Details.   Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller. 💪 Big news: Axios will host its inaugural dealmaker summit, the Axios BFD, on Oct. 26. Request an invite to see and hear Mark Cuban, Social Capital founder Chamath Palihapitiya, NYSE president Lynn Martin, ESPN president Jimmy Pitaro, and JPMorgan global M&A co-head Anu Aiyengar in person in New York City. Why stop here? Let's go Pro. 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