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☆ PayPal's CEO search amid an uncertain economy will be no easy task
▼ + stars: | 2023-02-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In case you missed it, PayPal CEO and President Dan Schulman announced his plan to retire at the end of 2023 earlier this month. Coming off an extremely difficult 2022, and with competition seemingly coming at them from every which way, PayPal has to find a new CEO. I hesitate to compare this to the seemingly never-ending CEO search at Carlyle, but it's easy to see how a difficult quarter or two could complicate this entire search. The rich stay rich thanks to another loophole that helps them save on taxes. Elliott Management's Paul Singer and Two Sigma's David Siegel both played second fiddle to Haidar Capital's Said Haidar in 2022 when it came to comp.

☆ Asia shares creep higher, wary on Fed and BOJ outlooks
▼ + stars: | 2023-02-20 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

All of which made for a cautious start and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) nudged up 0.7%, after sliding 2.2% last week. The bounce was led by Chinese blue chips (.CSI300) which firmed 1.1% as Beijing kept interest rates steady as expected, having already poured liquidity into the banking system in recent days. CORE PCE A RISKMinutes of the Fed's latest meeting due on Wednesday should add colour on the deliberations, though they have been superseded somewhat by barnstorming numbers on January payrolls and retail sales. The Fed's favoured inflation indicator, the core PCE index, is seen rising 0.4%, the biggest gain in five months, while the annual pace may have slowed just a fraction to 4.3%. There are also at least five Fed presidents speaking this week, to provide running commentary.

☆ Asia shares hesitant ahead of updates on Fed, BOJ policies
▼ + stars: | 2023-02-20 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

All of which made for a cautious start and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) nudged up 0.3%, after sliding 2.2% last week. Chinese blue chips (.CSI300) firmed 0.9% as Beijing kept interest rates steady as expected, having already poured liquidity into the banking system in recent days. CORE PCE A RISKMinutes of the Fed's last meeting due on Wednesday should add colour on the deliberations, though they have been superseded somewhat by barnstorming numbers on January payrolls and retail sales. The Fed's favoured inflation indicator, the core PCE index, is seen rising 0.4%, the biggest gain in five months, while the annual pace may have slowed just a fraction to 4.3%. There are also at least five Fed presidents speaking this week, to provide running commentary.

☆ Asia shares muted by unease over Fed, Bank of Japan policy
▼ + stars: | 2023-02-20 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

All of which made for a cautious start and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was largely flat, after sliding 2.2% last week. Markets have steadily lifted the expected peak for Fed funds to 5.28%, while sharply scaling back rate cuts for later this year and next. There are also at least five Fed presidents speaking this week, to provide running commentary. Investors are anxiously awaiting Friday's testimony from the newly nominated head of the Bank of Japan, and his thinking on the future of yield curve control (YCC) and super-easy policy. Oil prices were trying to steady after shedding around 4% last week amid signs of ample supply and concerns over future demand.

☆ Wall Street Week Ahead: Retailers' results may be next test for rally in U.S. stocks
▼ + stars: | 2023-02-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

Nolte is considering buying home-improvement retailer stocks that were hit hard in 2022 as the housing market struggled. Other companies set to report next week include chip company Nvidia (NVDA.O), COVID-19 vaccine maker Moderna (MRNA.O) and e-commerce firm eBay (EBAY.O). Both companies are set to report on Tuesday and will "set the stage for everyone else," according to JPMorgan retail analysts. Reuters GraphicsAmong the other retailers set to report in the coming week are TJX Companies (TJX.N) and Bath & Body Works (BBWI.N). "We are clearly emphasizing retailers in select industries versus the mass market retailers," Tuz said.

☆ Warren Buffett is missing out on this year’s market comeback
▼ + stars: | 2023-02-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

But the Oracle of Omaha has missed out on this year’s stock market rally. Buffett, in fact, has promoted that idea to investors many times, arguing that most individual stock pickers will not be able to beat the market. And to his credit, that usually pays dividends: Berkshire stock was up 3% last year in a down market. “High rates of inflation create a tax on capital that makes much corporate investment unwise,” Buffett said in his 1980 shareholder letter to Berkshire investors. Investors will get several more clues about consumer spending this week when several top retailers report earnings.

☆ The Fed’s favorite inflation gauge will be the big market hurdle of next week
▼ + stars: | 2023-02-18 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Most important this week is Friday's core personal consumption expenditure (PCE) price index for January. In comparison, the consumer price index (CPI), released this past week, only tracks price changes over time. The market is expecting the core PCE price index to rise 0.4% monthly and 4.9% annually. In addition to the core PCE price index, we're going to be looking closely at the housing and utilities component. Lastly, the January producer price index came in hotter than expected, rising 0.7% from December versus expectations for 0.4% increase.

☆ Salesforce, activist investor Elliott may soon reach deal - sources
▼ + stars: | 2023-02-17 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Feb 17 (Reuters) - Cloud-based software firm Salesforce Inc (CRM.N) and activist investor Elliott Management Corp are in discussions to reach an agreement that may end a possible board challenge, according to two people familiar with the matter. The battle at Salesforce has pitted Elliott as well as other activist investors against Marc Benioff, one of Silicon Valley's most iconic chief executives. Salesforce's growth has slowed dramatically in recent quarters and last month the company said it would cut 10% of jobs to address its performance. Representatives for Salesforce and Elliott declined to comment. Elliott too has long invested in technology companies and in the past reached settlements for board seats with companies including Pinterest (PINS.N), Twitter and eBay (EBAY.O).

The Federal Reserve's latest meeting minutes will be a key focal point for investors in the week ahead, as they seek clarity on the central bank's interest rate hiking path. Fed meeting minutes For Wall Street, there will be greater emphasis next week on the minutes from the Fed's latest meeting, which are set to be released Wednesday. Following some recent comments from central bank officials suggesting greater rate hikes ahead, investors will parse the meeting minutes for further signs of hawkishness. ET: Fed minutes 5:30 p.m. ET: Kansas City Fed Manufacturing Index (February) Earnings: Alibaba , Beyond Meat , Block , Booking Holdings , Warner Bros Discovery Friday 8:30 a.m.

☆ Get Paid Online? Here’s How to Tell if You Owe the IRS Taxes
▼ + stars: | 2023-02-14 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

Whether you sell vinyl records on eBay, teach tennis lessons and get paid via Venmo, or rent your home on Airbnb, your side hustle can end up as a tax hassle. The Internal Revenue Service delayed for a year a new law requiring payment processors like Venmo and Cash App and platforms such as eBay, Etsy and Airbnb to send tax forms to users who make more than $600 in revenue.

☆ Nike temporarily closed a celebrated Portland store because of ongoing theft
▼ + stars: | 2023-02-14 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

The store has been a point of pride for Nike and the Northeast Portland community since it opened. The Portland Nike store closure comes as large retailers are warning about the proliferation of stolen goods on online marketplaces like Amazon, Craigslist, eBay and Facebook. In November, KGW, the Portland NBC affiliate, said the Nike store reported 437 shoplifting cases to police since 2019, second only to a Portland Target store, which had 650. Matthew Kish/InsiderThe now-closed Portland store has been a point of pride for Nike, its employees, and the Northeast Portland community since it opened in June 1984. While the Nike store is at least temporarily closed, it hasn't been abandoned.

☆ Sell on eBay or Get Paid on Venmo? You Probably Owe the IRS Taxes
▼ + stars: | 2023-02-13 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

☆ Twilio to lay off about 1,500 employees, or 17% of its workforce
▼ + stars: | 2023-02-13 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Twilio on Monday announced plans to cut around 17% of its workforce, or roughly 1,500 jobs based on the 8,992 employees reported as of Sept. 30, 2022, in a company filing with the Securities and Exchange Commission. Twilio announced the layoffs in a blog post shared on its website. Lawson said Twilio is forming two business units to help the company spend less and become more efficient. One unit, Twilio Data & Applications, will be led by Elena Donio, and the second unit, Twilio Communications, will be led by Khozema Shipchandler. In January, Google revealed plans to lay off more than 12,000 workers, Microsoft announced plans to cut 10,000 employees and Salesforce said it planned to lay off 7,000 workers.

☆ Oreo is selling $40 limited-edition NBA cookies ahead of the All-Star Game — and fans are not pleased at the price
▼ + stars: | 2023-02-11 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +2 min

Priced at $40 for a pack of 12, some fans scoffed at the price tag. For $40, fans can buy a box of 12 cookies decorated with frosting, sprinkles, and their favorite team's logo ahead of the NBA All-Star Game next weekend. "$40 for 12 Oreos that have some NBA logos on them is the worst deal ever," one user wrote on Twitter. But NBA fans this time around seem a little less keen on novelty Oreos than Pokémon fanatics. "Yes of course I want these NBA logo Oreos.

☆ Biotech CEO famous for spending millions to reverse age accused of walking out on ex after her breast cancer diagnosis and manipulating her in the spirit of 'radical transparency"
▼ + stars: | 2023-02-10 | by ( Azmi Haroun | Lloyd Lee | ) www.businessinsider.com time to read: +6 min

A biotech CEO famous for trying to reverse his age was accused of walking out on a cancer-stricken partner. Ex-fiancée Taryn Southern alleged that Bryan Johnson emotionally and financially manipulated her. "Trickery, deceit, preying on Ms. Southern's physical and emotional weaknesses and financial dependence, and creating confusion and fear with his threats of legal action were major features of Johnson's scheme against Ms. Southern," Southern's attorneys wrote. "He aggressively pursued and propositioned Ms. Southern's own friends and acquaintances – while other women were paid prostitutes or girls from 'Sugar Daddy" apps,' Southern's attorneys said in the suit. "He became obsessed with his sexual conquests and relaying the details of his triumphs to Ms. Southern under the guise of 'radical transparency and honesty.'"

Macroeconomic pressures have begun to hurt American consumers, particularly those in the lower income bracket, but PayPal's customers continue to spend largely undeterred by decades-high inflation. Even so, the company's upbeat forecast comes alongside its previously announced commitment of lowering expenses in the backdrop of its key e-commerce segment feeling the pinch of a slowdown. Inflationary pressures have affected discretionary consumer spending and post-COVID spending patterns are still evolving," acting finance chief Gabrielle Rabinovitch said in a call with analysts. In a divergence from prior quarters, PayPal said it will not provide a forecast for full-year revenue growth. PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis.

☆ PayPal CEO Dan Schulman to leave at end of 2023, company begins search for successor
▼ + stars: | 2023-02-09 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Dan Schulman, CEO of Paypal, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, July 10, 2019. PayPal said on Thursday that CEO and president Dan Schulman will retire and leave the company at the end 2023. Schulman, who became PayPal CEO after the split from eBay in 2015, notified the company of his decision to retire at the end of December. He will remain a member of PayPal's board of directors, which is hiring a search firm to find a successor. PayPal shares jumped by about 130% since the 2015 spinoff.

☆ AI is the latest Wall Street craze. Is it also the next bubble?
▼ + stars: | 2023-02-09 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

All of this AI news has helped boost shares of Baidu (BIDU), Microsoft (MSFT) and Google owner Alphabet (GOOGL) this year. Shares of the artificial intelligence software company have more than doubled this year, to about $26. SoundHound AI, which makes speech- and other audio-recognition software, has also seen its stock more than double this year. The fact that many of the world’s largest tech companies are embracing artificial intelligence is evidence of that. “We believe tech companies and tech equities will continue to face headwinds, as long as the Fed keeps its foot on the brake,” Siebel said in December.

☆ Adidas could lose over $750 million as it tries to figure out what do do with its stockpile of Yeezys
▼ + stars: | 2023-02-09 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Adidas may lose over $700 million in operating profits in 2023 if it doesn't sell off excess Yeezys. Adidas has said it plans to sell Yeezys without Ye after the business relationship ended in October. According to a company statement Thursday, Adidas stands to lose over $750 million in operating profits in 2023 if it does not sell off excess Yeezy inventory. But fans of Adidas Yeezys are split on whether they would buy the shoes without a Ye connection. Adidas immediately brought its Yeezy business to a halt and asked wholesale partners to do the same.

☆ Tech layoffs: Zoom and ebay are the latest companies to cut their workforce
▼ + stars: | 2023-02-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech layoffs: Zoom and ebay are the latest companies to cut their workforceCNBC's Jon Fortt reports on news from the tech sector.

☆ The Intercept laid off half a dozen staffers last month, culling the video team and other key positions from the nonprofit investigative newsroom
▼ + stars: | 2023-02-08 | by ( Reed Alexander | ) www.businessinsider.com time to read: +3 min

The Intercept laid off half a dozen staffers last month, Insider has learned. The layoffs mean the investigative outlet no longer has a video team and cut other key positions. Amid a spate of layoffs that have rocked newsrooms over the past few months, the nonprofit newsroom The Intercept laid off half a dozen staffers in January, Insider has learned. "We can't build something if we're losing colleagues at a rate like this," the union organizers wrote in the mid-January note. Are you a media insider who's been affected by recent layoffs, or thinks a staff cut might hit your company?

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☆ An entrepreneur who has used Shopify since it was in beta shares how he built an app to solve the biggest problem he faced on the platform while scaling to $1 million in sales
▼ + stars: | 2023-02-08 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

Thomas Bertrand built a Shopify app after years of selling on the e-commerce platform. He launched his Shopify store, Bento&co, where he sells bento boxes and related accessories, in 2008. But he also created an app on Shopify's App Store that was directly inspired by his years as a merchant. Shopify's app store is home to more than 7,000 apps to help merchants with tasks like store design, product sourcing, SEO, marketing, and shipping. Shopify's merchants made $46.2 billion in sales on the platform in the third quarter of 2022 alone.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Ebay announces job cuts
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEbay announces job cutsCNBC's Seema Mody reports that it's cutting about 500 jobs. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Bonawyn Eison, Dan Nathan and Guy Adami.

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