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Companies AT&T Inc FollowDec 3 (Reuters) - AT&T Inc. (T.N) has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing. "We are committed to following all applicable laws and pleased to have resolution with the SEC. With this settlement, the company and its employees neither admitted nor denied the SEC’s allegations," AT&T told Reuters in an emailed statement. In a March 2021 lawsuit, the SEC accused Dallas-based AT&T and three investor relations executives of leaking details about its smartphone business to 20 firms. Reporting by Akanksha Khushi; Additional reporting by Sneha Bhowmik in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
BUCKEYE, Ariz.—Earth movers were grading the scraped desert in this city 40 miles west of Phoenix one day last month in preparation for construction of the first 1,100 homes in a master-planned community called Teravalis. Developer Howard Hughes Corp. last year spent $600 million to buy 37,000 acres in a valley flanked by two mountain ranges. It plans to build 100,000 homes over the next half-century, along with 55 million square feet of offices and other commercial real estate—the largest such project in state history, according to the developer.
Emerson Moser , 46, of Cincinnati, general counsel for Meridian Bioscience, on his 2010 Dodge Viper ACR, as told to A.J. My dad was a General Motors engineer, and we spent a lot of time going to racetracks and car shows. When I was in college at Purdue in the 1990s, I was walking across campus one day when I saw a Dodge Viper on display in the Engineering Mall. I thought: This is the coolest, most exotic American car I have ever seen. It had a V-10 engine partially developed by Lamborghini.
Companies AT&T Inc FollowDec 3 (Reuters) - AT&T Inc. (T.N) has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing. AT&T did not immediately respond to a Reuters' request for comment outside business hours. In a March 2021 lawsuit, the SEC accused Dallas-based AT&T and three investor relations executives of leaking details about its smartphone business to 20 firms. read moreThe SEC said it violated fair disclosure which it adopted in 2000 to bar companies from disclosing material non-public information privately, helping level the playing field for investors. Reporting by Akanksha Khushi in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Here’s a roundup of the month’s most noteworthy movies and TV shows, as covered by The Wall Street Journal’s critics. After the remake of “Murder on the Orient Express” revived the murder mystery in 2017, two years later “Knives Out” revived the subgenre of the comic whodunit best exemplified by such ’70s Peter Falk movies as “The Cheap Detective” and “Murder by Death.” When it comes to comedy, Daniel Craig is no Peter Falk, and in the second “Knives Out” movie, the biggest mystery remains, “Why is Daniel Craig’s Southern accent so terrible?” I half-expected the explanation to be that Mr. Craig’s detective Benoit Blanc is actually a suave English spy in disguise. Still, the nattily attired Blanc is not only a detective dandy, he’s a dandy detective, and “Glass Onion: A Knives Out Mystery” is breezy holiday entertainment.
Over UndersStand tall and take a high step to the left with your left foot as if trying to sweep it over a fence. Repeat with the right foot and sink down into a low squat. From the low squat, step laterally to the left, keeping low as if trying to walk under a fence. Stand tall and raise the left foot, then the right foot in a high step to the left. Sink low into a squat and step left in the low squat.
Junior bankers at Goldman Sachs work an average of 98 hours per week, according to a new survey. In 2021, Goldman's junior bankers protested similarly long work hours, calling it "workplace abuse." This number does not include bonuses, and assumes junior bankers are taking two weeks of vacation. The spokesperson also declined to share the firm's own findings about how many hours its junior bankers are clocking a week. At an average of 98 hours a week, Goldman's junior bankers are working 18 hours more than their fellow junior bankers who reported working an average of 80 hours per week, the survey found.
Three major Wall Street banks expect the S&P 500 to tank over 20% at some point next year. Here's what Morgan Stanley, Bank of America and Deutsche Bank say about what could drag stocks lower. For Bank of America, a Federal Reserve-induced liquidity crisis could put pressure on the S&P 500 stock index. Here's where the S&P 500 is headed, and why, according to the major banks. He added lower earnings will cause intense pain for larger-cap stocks, and not just tech stocks.
Stocks fell on Friday after the Bureau of Labor Statistics announced a robust November jobs report. But with the economy resilient, the Fed could continue to cause more pain for stocks going forward. November's jobs report, however, puts a pin the hopes of those anticipating easier policy sooner. He added: "Chairman Powell's speech earlier in the week was interpreted with a dovish lens, but that spin is likely to be reassessed based on the jobs report. Even before Friday's jobs report, some Wall Street strategists and money managers have been warning of further trouble ahead.
Peter Kern, CEO of online travel company Expedia Group , sees the cloud as an area where his company can reduce its fixed costs. Amazon leads the market in cloud computing, with an estimated 39% share. Selipsky said that moving IT jobs to the cloud could help budget-strapped organizations save money, citing customers Agco and Carrier Global . It offers Graviton computing instances based on energy-efficient Arm-based chips, a less expensive alternative to instances using standard AMD and Intel processors. He said AT&T 's DirecTV unit was able to eliminate 20% of computing costs by adopting current-generation Graviton chips.
Trian calls itself a "constructivist," implying a more friendly activist investor. Trian, like most activist investors, intends to be friendly and always starts off that way, and then it is up to the company to respond. The firm is an activist investor, plain and simple. On Nov. 21, The Wall Street Journal reported that Trian Fund Management took an approximately $800 million stake in Disney. In this situation, Trian seems to be looking for a board seat and is urging Disney to make operational improvements and reduce costs.
Apple is increasing its efforts to shift production outside of China, according to the Wall Street Journal. Production at factories like Foxconn has taken a massive hit amid riots over zero-Covid policies. Shifting production will likely be difficult in the current global economic climate, sources told WSJ. In November, the area known as "iPhone City" erupted into violent protests among employees over withheld pay and strict zero-Covid policies that prompted a lockdown in Zhengzhou. The protests, which coincided with the start of the holiday shopping season in the US, have led to significant supply chain issues and shortages of Apple iPhone products.
Chinese cities this week loosened COVID restrictions in the wake of mass protests, lifting Chinese stocks. China's top pandemic official this week appeared to signal a softening in the zero-COVID policy but the government has yet to pledge a comprehensive step-down. Retail investors should be prepared to move defensively should Beijing's decisions on zero-COVID policy go against their respective positions, Martin said. Here's what some market experts are looking at as global investors watch for developments surrounding the Chinese government's zero-COVID stance. "You have to understand that nobody has an edge as to predicting China policy anymore.
A 17% S & P 500 surge off a new bear-market low in a market drenched in stagflation panic? On a purely technical, tape-reading basis, the S & P 500 this trip has in fact now closed above its 200-day average, whereas it merely touched that threshold in August. The equal-weighted version of the S & P 500 is down only 8.5% this year and a mere 2% off its August peak, compared to 14.5% and 5% for the standard market-cap-weighted S & P, more evidence that the "typical stock" is holding up better than the biggest ones. This time, stocks began falling two months before the first Fed rate hike. Wall Street strategists, meantime, are collectively projecting a modest drop in the S & P 500 for 2023, the first time since at least 1999 when the consensus failed to target annual gains.
Former Disney CEO Bob Iger is back in his old job, in a move that shocked the media world. From cost cuts to streaming to a solid future succession plan, here's what they hope the CEO will tackle. Following the stunning November 20 announcement that former Disney CEO Bob Iger would be returning to his old job, the happiest place on earth might actually be Wall Street. "What I like about Bob Iger is Bob Iger has always been direct, he's been honest, he's been willing to make tough choices," Michael Nathanson, a senior research analyst and co-founder of the firm, said in a CNBC interview. Are you a Disney insider with insight to share about Bob Iger's return?
JPMorgan, Citi and BlackRock are among those who believe a recession is likely in 2023. Nevertheless, many on Wall Street are increasing allocations to areas of the market that have a reputation for outperforming during uncertain economic times. The S&P 500 Health Care sector is down around 1.7% year-to-date, handily beating the broader index's performance. JPMorgan's analysts forecast a "mild recession" and expect the S&P 500 to test its 2022 lows in the first quarter of next year. Signs of ebbing inflation have fueled hopes that the Fed may tighten monetary policy less than expected, supporting a rebound in the S&P 500 that has buoyed the index from its October low.
The U.S. Labor Department reported that nonfarm payrolls increased by 263,000 jobs last month compared with economist expectations for 200,000 jobs. "That sentiment shift has been more powerful than any 'negativity' to be taken from today's jobs report," he said. MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.15% on the day but added 1.5% for the week. Earlier it had jumped sharply in response to the jobs data, gaining as much as 0.82%. Gold prices also regained some lost ground from their earlier reaction to the jobs data.
Dec 2 (Reuters) - Wall Street banks are weighing plans to slash bonuses this year, Bloomberg Law reported on Friday, as investment banking comes under pressure from choppy markets and a high interest-rate environment. Citigroup Inc (C.N) and Bank of America Corp (BAC.N) are considering cutting bonus pools by as much as 30%, the report said, citing people with knowledge of the internal deliberations. JPMorgan Chase and Co , the biggest U.S. bank by assets, is also planning bonus cuts, a source familiar with the matter told Reuters. Compensation and performance discussions typically begin in December as senior executives give indications about overall bonus pools that will be negotiated and finalized toward year-end. Citigroup and Bank of America declined to comment on the matter, while JPMorgan and Goldman Sachs did not respond to Reuters requests for comment.
The GOP Spending Poseurs
  + stars: | 2022-12-02 | by ( Kimberley A. Strassel | )   time to read: +1 min
Kimberley Strassel is a member of the editorial board for The Wall Street Journal. She writes editorials, as well as the weekly Potomac Watch political column, from her base in Alaska. Ms. Strassel joined Dow Jones & Co. in 1994, working in the news department of The Wall Street Journal Europe in Brussels, and then in London. She moved to New York in 1999 and soon thereafter joined the Journal's editorial page, working as a features editor, and then as an editorial writer. An Oregon native, Ms. Strassel earned a bachelor's degree in Public Policy and International Affairs from Princeton University.
Stocks had rallied earlier in the week after Fed Chair Jerome Powell's comments on scaling back interest rates hikes as early as December. Even with Friday's weakness, the S&P 500 and Nasdaq were poised for a second straight week of gains, while the Dow showed modest losses for the week. Information technology shares (.SPLRCT) bore the brunt of selling pressure among the 11 major S&P 500 sectors, down 1.23% as the worst performer on the day. The S&P 500 growth index (.IGX) lost 0.79%. The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 59 new highs and 84 new lows.
Psychos in the C-Suite
  + stars: | 2022-12-02 | by ( Peggy Noonan | )   time to read: +1 min
Peggy Noonan is an opinion columnist at the Wall Street Journal where her column, "Declarations," has run since 2000. She has been a fellow at Harvard University’s Institute of Politics, and has taught in the history department at Yale University. Before entering the Reagan White House, Noonan was a producer and writer at CBS News in New York, and an adjunct professor of Journalism at New York University. She was born in Brooklyn, New York and grew up there, in Massapequa Park, Long Island, and in Rutherford, New Jersey. In November, 2016 she was named one of the city's Literary Lions by the New York Public Library.
The SEC’s Strategy for Enforcing Regulation on Crypto, Explained As the crypto industry struggles in the wake of FTX’s collapse, the question of how the SEC will react is unanswered. Here’s what past investigations tell us about how the SEC sees cryptocurrency and may regulate it moving forward. Illustration: Ali Larkin
Job growth was much better than expected in November despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for an increase of 200,000 on the payrolls number and 3.7% for the jobless rate. In another blow to the Fed’s anti-inflation efforts, average hourly earnings jumped 0.6% for the month, double the Dow Jones estimate. Wages were up 5.1% on a year-over-year basis, also well above the 4.6% expectation.
The U.S. court hearing was part of a globally coordinated deal that extends to authorities in South Africa, Switzerland and Germany, with the apparent bulk of the fines being collected in South Africa. The settlement is the first that U.S. authorities have reached in coordination with authorities in that country. The Kusile Power Station, a coal-fired power plant in South Africa. Switzerland on Friday said it was issuing a fine of 4 million Swiss francs, equivalent to about $4.3 million dollars. The Justice Department said it anticipated a related settlement with German authorities, but didn’t indicate a time frame.
Like many parents, Greg and Selena Robleto offered to pay their kids for doing household chores. The couple quickly learned their money was no good. The girls wanted to be paid in Robux—the online currency in videogames from Roblox Corp.—and turned up their noses at the crinkled, paper dollars the couple was offering.
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