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Still Dreaming of Retirement in the Sun Belt?
  + stars: | 2023-08-05 | by ( Paula Span | ) www.nytimes.com   time to read: +1 min
The number of older Americans like the Coxes who are exposed to extreme heat is increasing, the result of an aging population, continuing migration to heat-prone places and climate change. Phoenix, long a retirement destination, has averaged 108 days a year of 100-plus degree temperatures since 1970. But this year has been brutal: By July 31, Phoenix had already reached 68 days this year with temperatures over 100 degrees. Temperatures hit at least 110 degrees Fahrenheit for 31 straight days, from the last day of June to the end of July, setting a record. Summer in the Phoenix suburbs has been “miserable,” Ms. Cox said, on a midmorning when the temperature in Goodyear had already reached 106.
Persons: Cox, Cox’s, , Deborah Carr, Phoenix, Ms, , haven’t Organizations: Boston University, Goodyear Locations: Goodyear, Phoenix
Morning Bid: Next up, payrolls
  + stars: | 2023-08-04 | by ( ) www.reuters.com   time to read: +3 min
U.S. markets are reeling this week from surging funding needs, the loss of the government's prized triple-A credit rating and a still-hot labour market. Longer-dated U.S. Treasuries have taken a beating this week, with 10-year and 30-year yields surging over 20 basis points, heading for their biggest weekly jump since late December. On Friday, if economists polled by Reuters are right, non-farm payrolls will have risen by 200,000 in July -- pretty much unchanged from June. Just last month, another stronger-than-expected ADP report sent yields surging, only to be followed by a weaker-than-expected nonfarm payrolls report, stoking yield swings. Key developments that should provide more direction to U.S. markets later on Friday:* U.S. July non-farm payrolls* Canada July employment data* Goodyear Tire earningsReporting by Yoruk Bahceli; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.
Persons: Elizabeth Frantz, Yoruk Bahceli, Fitch, Jerome Powell, nonfarm, Christina Fincher Organizations: REUTERS, Yoruk, Markets, Treasury, Reuters, Citi, Traders, Goodyear, Thomson Locations: Arlington , Virginia, U.S, Yoruk Bahceli . U.S, United States, Canada
All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.
Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho
Here are the biggest calls on Wall Street on Wednesday: Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's bullish on the e-commerce giant's earnings next week. Morgan Stanley downgrades RTX to equal weight from overweight Morgan Stanley said in its downgrade of the stock that risk/reward seems "balanced" right now. Morgan Stanley upgrades WW International to overweight from equal weight Morgan Stanley said shares of the company formerly known as Weight Watchers are underappreciated. Citi reiterates Meta as a top pick Citi said Meta is a top pick heading into earnings on Wednesday afternoon. Morgan Stanley reiterates General Motors as overweight Morgan Stanley said the stock's weak reaction to Tuesday's GM earnings report is a "headscratcher."
Persons: Morgan Stanley, it's bullish, it's, Raymond James downgrades, Raymond James, Morgan Stanley downgrades RTX, Needham, NFLX, Citi, Eli Lilly, Elliot, Burger, Disney, TD Cowen, bitcoin, GOOGL Organizations: Deutsche Bank, Spotify, Deutsche, Barclays, Apple, Target, Bank of America, NXP Semiconductors, International, Netflix, Citi, Goodyear Tire Deutsche, Elliot Management, Goodyear, Elliott Management, Operational, Restaurant Brands Citi, Microsoft, Hollywood, Meta, JPMorgan, United Airline, AFL, DAL, Motors, UAW Locations: 1Q23
Goodyear Tire to expand board in settlement with Elliott
  + stars: | 2023-07-25 | by ( ) www.reuters.com   time to read: +2 min
The firm urged the company to refresh the board, sell its stores and conduct an operational review. On Tuesday, Goodyear said it would establish a strategic and operational review committee. Elliott, which has a history of taking board seats at companies including Twitter and eBay, had previously criticized the tyre-manufacturer for mismanagement and lagging behind its rivals, Michelin and Bridgestone. "We have been encouraged by Goodyear's openness to taking actions necessary to realize its full potential," Elliott executives said in a statement on Tuesday. Evercore, Lazard and Goldman Sachs are financial advisers to Goodyear, while Paul Weiss the legal counsel.
Persons: Goodyear, Richard Kramer, Elliott, Lazard, Goldman Sachs, Paul Weiss, Nathan Gomes, Sriraj Organizations: Goodyear Tire &, Elliott Investment Management, Twitter, eBay, Michelin, Bridgestone, Evercore, Goodyear, Thomson Locations: Tyre, Akron , Ohio, Bengaluru
MEXICO CITY, July 19 (Reuters) - The United States and Mexico reached an agreement to remedy violations of workers' rights at a Goodyear Tire & Rubber Co (GT.O) plant in the Mexican city of San Luis Potosi, both countries said on Wednesday. The Mexican government has committed to carry out a number of measures under the agreement, the U.S. Trade Representative's (USTR) office said in a statement. Goodyear must also inform workers of their labor rights and respect union activity, the USTR said. Mexico will carry out periodic inspections of the plant, and if warranted, could impose sanctions on people, labor organizations or the company, the USTR said. The remediation plan comes after a petition from a Mexican independent union, which found Goodyear was offering employees fewer benefits than an industry-wide agreement required.
Persons: Goodyear, Raul Cortes, Valentine Hilaire, Kylie Madry, Brendan O'Boyle, Sonali Paul Organizations: MEXICO CITY, Goodyear Tire &, U.S . Trade, Goodyear, Thomson Locations: MEXICO, United States, Mexico, Mexican, San Luis Potosi, U.S
Microsoft shares rose as much as 5.8% Tuesday after the company announced a new artificial intelligence subscription service for Microsoft 365. The company will charge users an additional $30 per month for the use of generative AI with tools such as Teams, Excel and Word. Adding on the subscription to Copilot, a generative AI assistant that works across Microsoft 365 programs, could increase monthly prices for enterprise customers as much as 83%. The updates come as the race to offer consumer-driven generative AI tools heats up among tech giants such as Microsoft, Google, IBM and more. The company also announced a significant update to Bing Chat, its AI chatbot, on Tuesday: visual search.
Persons: It's, Bing Organizations: Microsoft, Google, IBM, Goodyear, General Motors
Microsoft CEO Satya Nadella speaks at the company's Ignite Spotlight event in Seoul on Nov. 15, 2022. Microsoft shares closed at a record on Tuesday after the company announced pricing for its new Microsoft 365 artificial intelligence subscription service. Microsoft's Copilot subscription service adds AI to the company's popular Office products like Word, Excel and Teams. Microsoft has been pouring money into generative artificial intelligence, largely through a multibillion-dollar investment in OpenAI, the creator of ChatGPT. Microsoft Copilot, first announced in March, can design presentations, offer writing prompts, summarize meetings and rank incoming emails.
Persons: Satya Nadella, Nadella, It's, Microsoft hasn't, — CNBC's Hayden Field Organizations: Microsoft, Goodyear, General Motors, CNBC, YouTube Locations: Seoul, OpenAI
MEXICO CITY, July 3 (Reuters) - The U.S. wants Mexico's government to build strong institutions to protect worker rights as companies aiming to avoid supply chain disruptions in far-off production spots bring more jobs to the country, a top U.S. labor official told Reuters. Mexico has begun to benefit from "nearshoring" in which companies seek to move production closer to the U.S. market while maintaining competitive costs. "Hopefully that will ensure that Mexico doesn't become a dumping ground for companies looking for cheap labor and lax regulations," said Thea Lee, U.S. Deputy Undersecretary for International Labor Affairs who polices USMCA compliance. Mexico has made progress improving labor courts, resolving worker complaints faster and easing union organization, but needs to do more, Lee said. Since 2020, several U.S. labor complaints in Mexico have paved the way for independent unions to land pay raises and even expand.
Persons: Thea Lee, Lee, Cristina Ramirez, Ramirez, Daina Beth Solomon, David Gregorio Our Organizations: MEXICO CITY, Reuters, International Labor Affairs, Goodyear, Grupo Mexico, VU Manufacturing, La Liga, VU, Thomson Locations: MEXICO, U.S, Mexico, Canada, Piedras Negras
To implement its plan, Elliott is recommending adding five new directors to the board. Six members of the 12-person board (including CEO Richard Kramer) have served on the board for 11+ years. This, along with the underperformance and tenure of many directors makes for a compelling case for serious board reconstitution. Based on its history, we would expect this to be a diversified and qualified group of industry and professional directors with one Elliott executive. Elliott right now is working amicably with management and recommending potential directors as opposed to threatening to nominate their own slate of directors.
But Michelin, Continental and Pirelli (PIRC.MI) told Reuters they are pursuing alternatives to 6PPD, with Michelin and Continental adding collective industry action may be necessary to find solutions. Continental said its dandelion tyres were developed to find a sustainable form of natural rubber, and addressing 6PPD was a separate focus. The worst-performing rival tyres Michelin has tested so far emit around 8 kg per year. Michelin and Continental said they are already focused on making their tyres more durable - Michelin cut its tyre emissions 5% between 2015 and 2020, Roget said. "The advent of the EV is the time to make this change," to improve tyres," Enso's Erlendsson said.
The entertainment giant also reported revenue and earnings in line with Wall Street's estimates, according to Refinitiv. AppLovin — Shares popped 23.53% following the company's first-quarter revenue beat. Unity Software's revenue of $500 million beat the $480 million expected from analysts polled by Refinitiv. Tapestry — Shares of the Coach parent jumped 8.27% after the company reported stronger-than-expected earnings and revenue for its latest quarter. Its first-quarter revenue came in at $441 million, versus analyst estimates of $425 million, according to Refinitiv.
A Bridgestone warehouse. Some tires already contain sensors that monitor pressure and wear. Tire makers are trying to develop sensors that could gather data on friction and road conditions in real time to help guide the decisions of self-driving vehicles. Photo: Toru Hanai/Bloomberg NewsTire manufacturers hope to play a critical role in feeding real-time information to self-driving vehicles, though first the companies will have to beat technical limitations and difficulties around data integration. Companies like Goodyear Tire & Rubber and Bridgestone aim to equip the tires of autonomous vehicles with sensors that can gather and relay data on friction and road conditions, helping the vehicles decide, for instance, how fast to take a turn or how soon to start braking.
Mexico committed to eliminating these so-called "protection contracts" under the United States-Mexico-Canada Agreement (USMCA), a trade pact that replaced the 1994 NAFTA. "This is historic, because we finally managed to rid the labor market of pretend contracts and fake unions," Labor Minister Alcalde said in an interview. Since the vote process began four years ago, workers have cast ballots on some 20,000 contracts in sectors spanning autos, retail and mining. The Independent Mexico Labor Expert Board, a U.S. advisory committee, said in March the small number of rejected contracts "raises serious doubts about the credibility" of the process. Alcalde said she expects unions to aim to establish new contracts in place of ones that were canceled.
I grew up in a family dealership and did everything from marketing to customer service to a little bit of sales. From a customer service perspective, it became very difficult during COVID and it's still difficult now with parts. Whitney Yates-WoodsMy most challenging thing right now would be that customer service pieceThose parts taking a long time to get in is still really very prevalent. I think sometimes people think that that 1950's car salesperson persona still existsIt's evolving from the stereotypical car sales guy. I especially want women coming in by themselves to not feel like they're going to get taken advantage of.
The $60,000 car is having a moment — and may be here to stayIn 2018, 44% of new vehicles sold were under $30,000, per an Edmunds release. Some of this has been going on since before COVID, especially as many automakers discontinued sedans several years earlier. Profit, as Jominy pointed out, is also a key factor — and automakers are even willing to sacrifice market share for it. "There is definitely a void happening in the market for those vehicles," Kunes added. "If they focus purely on luxury cars and high-end SUVs that cost $100,000, there are only so many people that can afford those."
Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.
Companies Goodyear Tire & Rubber Co Follow(Reuters) - Goodyear Tire & Rubber Co (GT.O) convinced an Ohio federal judge on Friday to throw out a $64 million jury verdict over its alleged theft of trade secrets related to self-inflating tires. A jury decided last year that Goodyear misappropriated five of the 12 trade secrets Coda accused it of misusing. But Lioi said Friday that four of the five secrets – related to Coda's design, development and placement of self-inflating tire pumps – were not specific enough to be considered protectable trade secrets. Lioi said Coda's fifth alleged secret, related to developing a functional self-inflating tire, was "no secret at all" because the concept was not new in 2009. The case is Coda Development SRO v. Goodyear Tire & Rubber Co, U.S. District Court for the Northern District of Ohio, No.
Spring training roundup: Astros pound Cardinals 24-1
  + stars: | 2023-03-27 | by ( ) www.reuters.com   time to read: +8 min
Astros starter Jose Urquidy scattered four hits over four innings, allowing the lone run on a multiple-error play in the second that scored Oscar Mercado. Cardinals starter Jack Flaherty yielded six earned runs on four hits and three walks over 3 2/3 innings. Wil Myers hit an RBI double and Michael Siani added an RBI single for the Reds. Elehuris Montero hit his fifth homer of the spring, a two-run shot, and Brenton Doyle went 2-for-3 with an RBI triple for the Rockies. Padres starter Michael Wacha went five innings and yielded eight hits, two walks and four runs.
Taylor Ward scored an inside-the-park home run for the Angels in the first inning. Ward's liner to center got past a diving Esteury Ruiz, and the A's were slow to chase it down. Jake Cave hit his third homer of spring training for Philadelphia, while Pirates veteran Andrew McCutchen hit his first of the spring, a two-run shot. Washington got a two-run homer from Victor Robles and outhit St. Louis 15-6. The Giants had 16 hits, hanging six hits and six runs on Dodgers starter Noah Syndergaard (1-2) over 4 1/3 innings.
Ozuna's home run -- his first of the spring -- came in the third inning and completed the scoring. Twins starter Kenta Maeda (0-1) gave up five runs (all earned) and five hits in four innings. For the Blue Jays, starter Alek Manoah (1-2) gave up one run and five hits in six innings. Rockies 7, Royals (split squad) 0 (six innings)German Marquez tossed five shutout innings as visiting Colorado blanked Kansas City in Las Vegas. Elehuris Montero and Michael Toglia went deep for the Rockies, while Matt Beaty doubled for the Royals' only extra-base hit.
During the peak of car inventory problems, drivers could have traded in used cars for thousands. Meanwhile, the average transaction price for a used vehicle peaked at $31,300 in April 2022, J.D. But, "These used car values have been dropping over the last year. Car buying won't ever revert to normal, but that's all to say, it's no longer the best environment to get thousands of dollars for your used car that's probably worth a lot less (no offense). "While we've seen some cooling since their peak, used prices remain extremely elevated still," Paris said.
What makes it a good idea to buy a car right now? It's important to remember that car buying is probably never going back to "normal." Used prices are expected to go back up again, creating a short window of opportunity. As for interest rates: It's hard to say what will happen in the long run. A cash buyer ready to undertake sufficient due diligence can certainly get a solid deal in today's car market."
Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.
During the peak of car inventory problems, drivers could have traded in used cars for thousands. Meanwhile, the average transaction price for a used vehicle peaked at $31,300 in April 2022, J.D. But, "These used car values have been dropping over the last year. Car buying won't ever revert to normal, but that's all to say, it's no longer the best environment to get thousands of dollars for your used car that's probably worth a lot less (no offense). "While we've seen some cooling since their peak, used prices remain extremely elevated still," Paris said.
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