Stash Learn

Financial News

Jan 23, 2023

The Weekly Scan January 23, 2023

By Team Stash

Find out what’s happening in the world of business this week

Twitter LinkedIn Facebook

Welcome to the Weekly Scan. Here’s what we’re following for the week of January 23, 2023.

Hastings hits the road. Netflix’s founder Reed Hastings announced last week that he will be stepping down as co-CEO of the streaming business. Hastings’ current counterpart Ted Sarandos will stay on, and chief operating officer Greg Peters will take over Hastings’ role. Hastings has held the position of CEO since he started Netflix in 1997 and will now serve as executive chairman, where he plans to serve for “many more years to come.” The change in leadership came alongside its most recent earnings report. 


Debt drama continues. As predicted by Treasury Secretary Janet Yellen, the U.S. hit the debt ceiling—$31.4 trillion—on Thursday, January 19. The Treasury will take “extraordinary measures” to prevent the U.S. from defaulting on its debt, according to Yellen. Those measures are set to protect the U.S. from defaulting until June 5, 2023. Yellen has called upon Congress to raise the debt ceiling, but Democrats and Republicans have already expressed an unwillingness to compromise.  Things could become even more difficult as Republicans have control of the House of Representatives, while Democrats hold a majority in the Senate, and the executive branch.


Party pooper. Party City has filed for Chapter 11 bankruptcy, as the pandemic and changing consumer behaviors challenged the party supplier’s business. The chain of party stores made a deal with creditors that will support the company as it restructures. The creditors will also convert Party City’s debt to equity, and the company plans to exit bankruptcy in four months. Party City has attributed its woes to smaller gatherings due to the pandemic, lower consumer demand, supply chain issues, and inflation. 

Wall Street Journal.

Something’s fishy. Sales of canned tuna are reportedly on the rise, thanks in part to TikTok. In 2022, sales of canned seafood increased by 9.7% to $2.7 billion as young people look for cheaper food options. The hashtag #tinnedfish, which has more than 25 million views on TikTok, is also reportedly driving demand to younger consumers. Canned fish makers like Wildfish Cannery and Bumble Bee Foods are investing in new marketing campaigns and increased output to meet demand. 

Wall Street Journal.

Investing made easy.

Start today with any dollar amount.
Get Started

Hooked on Stash? Tell your friends!

Get $5 for every friend you refer to Stash.
Refer friends

Hooked on Stash? Tell your friends!

Get $5 for every friend you refer to Stash.
Refer friends

Written by

Team Stash


Invest in

By using this website you agree to our Terms of Use and Privacy Policy. To begin investing on Stash, you must be approved from an account verification perspective and open a brokerage account.