DIRS.INFO The most relevant business & tech news

A newly remodeled Ford F250 Super Duty truck is displayed at the new Louisville Ford truck plant in Louisville, Kentucky, U.S. September 30, 2016. UAW President Shawn Fain on Wednesday ordered a strike at Ford's Kentucky Truck factory after Ford negotiators did not present a richer contract proposal. About 4,600 Ford workers could be idled because their jobs depend on production of Super Duty pickups and large Lincoln and Ford SUVs at Kentucky Truck, said Ford manufacturing vice president Bryce Currie. Already, 13,000 workers at Ford suppliers have been furloughed because of earlier UAW walkouts at two Ford assembly plants, Ford supply chain chief Liz Door said. Fain and other UAW officials called a meeting with Ford at on Wednesday evening and demanded a new offer, which Ford did not have, a Ford official said.

Persons: Bryan Woolston, Kumar Galhotra, Ford, Galhotra, Shawn Fain, Here’s, Fain, Stellantis, Bryce Currie, Liz Door, Chris McNally, Karine Jean, Pierre, Sam Fiorani, Glen Hauenstein, Wednesday's Ford, walkouts, Joe White, Abhirup Roy, David Shepardson, Priyamvada, Peter Henderson, Ben Klayman, Nick Zieminski, Matthew Lewis Organizations: Ford, Super, Louisville Ford, REUTERS, Rights DETROIT, United Auto Workers, UAW, Ford's Kentucky, Chrysler, Detroit, Kentucky, General Motors, Lincoln, White, AutoForecast Solutions, Reuters Graphics Reuters, Delta Air Lines, Delta, Detroit Three, GM, Stellantis, Thomson Locations: Louisville , Kentucky, U.S, WASHINGTON, Stellantis, Lincoln, Kentucky, Arlington , Texas, Flint , Michigan, Sterling Heights, Warren , Michigan, Detroit, Wells, Its Kentucky, San Francisco, Washington, Bengaluru

☆ The odds the US will avoid a recession may be dwindling, top economist Mohamed El-Erian says
▼ + stars: | 2023-10-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The US's chances of avoiding a recession just got smaller, according to Mohamed El-Erian. The New York Fed has priced in a 56% chance of a recession happening by September 2024. AdvertisementAdvertisementThere are two reasons why America's odds of avoiding a recession may be dwindling, according to top economist Mohamed El-Erian. There is a material risk of this leading to higher inflation for a broader range of goods and services," El-Erian wrote. "While markets are adjusting fast to higher rates, that of the real economy is at much earlier phase with now a much bumpier road ahead."

Persons: Mohamed El, —, Erian, there's, they've Organizations: New York Fed, Service, Allianz, Federal Reserve, Financial, Treasury, West Texas, Energy, of Labor Statistics Locations: El, Brent

Tina Kotek said Tuesday she has directed state police to launch new strategies aimed at disrupting the fentanyl supply chain and holding sellers of the frequently deadly drug accountable. Kotek said in a statement that she made the announcement at a Tuesday meeting of her task force created to revitalize downtown Portland. “I want all Oregonians to know that the state is moving forward with several new fentanyl strategic enforcement and disruption strategies,” Kotek's statement said. So far this year, the Oregon State Patrol has seized nearly 233,000 fentanyl pills and 62 pounds of powder, the statement said. Illegally made fentanyl is often added to other drugs, including heroin, cocaine and methamphetamine, to increase its potency.

Persons: Tina Kotek, Kotek, General Merrick Garland Organizations: —, Oregon Department of Justice, Oregon State Patrol, Washington , D.C, U.S . Justice Locations: SALEM, Ore, — Oregon, Portland, “, U.S, Washington ,

☆ Stock futures are little changed as Wall Street comes off winning day: Live updates
▼ + stars: | 2023-08-28 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Stock futures were near flat Monday night as investors looked to the final days of what's been a difficult August for the market. S&P 500 futures and Nasdaq 100 futures wavered near the flat line. The moves follow a winning day on Wall Street, a rarity in recent weeks. The S&P 500 and Nasdaq Composite climbed 0.6% and 0.8%, respectively. The S&P 500 and Nasdaq are poised for losses of 3.4% and 4.5%, respectively.

Persons: what's, Dow, Chris Barto Organizations: Futures, Dow Jones Industrial, Nasdaq, Dow, 3M, Bloomberg, Fort Pitt Capital, Traders, HP Locations: August's

☆ Astra conducts layoffs, raises debt and shifts focus to spacecraft engines in bid to survive
▼ + stars: | 2023-08-04 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Astra is cutting about 70 employees, as well as reallocating about 50 personnel from its rocket development program over to its space products unit, which builds the company's spacecraft engines. Astra noted that it had 278 total orders for spacecraft engines, as of four months ago, worth about $77 million in contracts. In a separate filing Friday, Astra said it raised $10.8 million in net proceeds from selling debt to investment group High Trail Capital. Astra stock was little changed in after-hours trading Friday from its close at 38 cents a share. In Friday's filing, Astra said it hired PJT Partners as a financial advisor, with the company "focused on thoughtfully pursuing opportunities to raise additional capital."

Persons: Chris Kemp, It's, Riley, PJT Organizations: Astra, High, Capital, Systems, Roth Capital, PJT Partners

☆ CME Group to lay off 3% of its workforce, reallocate positions
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

July 21 (Reuters) - CME Group (CME.O), the world's largest derivatives exchange, eliminated about 100 positions, or 3% of its workforce, this week while reallocating some positions, a spokesperson said on Friday. "The company plans to reallocate the majority of those positions to new, cloud-focused technology roles," the spokesperson said in an emailed statement, adding that the overall headcount will remain the same. The spokesperson declined to comment on how many people would be reallocated or whether CME will hire additional people to maintain headcount. Chicago-based CME operator is to announce second-quarter results on Wednesday. Reporting by Yana Gaur and Urvi Dugar in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Terry Duffy, Yana Gaur, Urvi, William Mallard Organizations: CME, Thomson Locations: U.S, Chicago, Bengaluru

☆ Charles Schwab stock pops 12% after second-quarter results beat expectations
▼ + stars: | 2023-07-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

A man passes by a location of financial broker Charles Schwab in the financial district in New York, March 20, 2023. Schwab generated 75 cents in adjusted earnings per share on $4.66 billion in revenue. CFO Peter Crawford said in the release that revenue — which fell 9% year over year — was hurt by customers reallocating their cash with higher rates. However, Crawford stated that "we observed a continued and substantial deceleration in the daily pace of cash outflows" in June and that the company expected client cash to start growing again by the end of the year. CEO Walt Bettinger said on "Squawk on the Street" that "client cash realigning" is now down more than 80% from the first quarter.

Persons: Charles Schwab, Schwab, Peter Crawford, —, Crawford, Walt Bettinger, Bettinger Locations: New York

☆ Russia has been scrambling to find missiles to fire at Ukraine, but it's not going to run out of them
▼ + stars: | 2023-07-18 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +10 min

Russia has had to dig deep into its arsenal to find missiles to fire at targets in Ukraine. ReutersBy far, most missiles fired by Russia into Ukraine have been launched from aircraft — mainly Tu-95, Tu-22M, and Tu-160 bombers and Su-24 and Su-35 fighter-bombers. Other air-to-surface missiles used by Russia include the Kh-25, Kh-29, Kh-31, Kh-58, and Kh-59. Russia has also fired interceptor missiles from S-300 and S-400 air-defense batteries at targets in Ukraine. Remnants of Russian missiles and shells at a collection site in Kharkiv in December.

Persons: Ian Williams, Kinzhal, Alexander Zemlianichenko, Oleksii, Valentyna, Williams, Yan Dobronosov, Russia's Organizations: Service, Russian, Missile Defense, Center for Strategic, International Studies, Army, Reuters, CSIS, Russia, AP, Getty, Kharkiv Regional, reallocating, Ukraine Locations: Russia, Ukraine, Wall, Silicon, Moscow, Russian, Ukrainian, Belarus, Kyiv, Alexandra, Alexander Zemlianichenko Russian, Kharkiv, United States

☆ Wells Fargo follows a solid quarter, promising investors something many of them count on
▼ + stars: | 2023-07-14 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Don't let Friday's stock action fool you: Wells Fargo (WFC) had a very good quarter. Shares of Wells Fargo initially climbed more than 2% following the earnings release, before giving up some of those gains. Wells Fargo stock was trading up slightly and down slightly Friday afternoon. WFC YTD mountain Wells Fargo YTD performance Bottom line It was very good quarter for Wells Fargo as the better-than-expected headline results came on the back of a lower-than-expected efficiency ratio, and slightly higher-than-expected net interest margin (NIM). Charlie Scharf, CEO, Wells Fargo, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023.

Persons: Wells, Wells Fargo, NIM, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Charlie Scharf, Patrick T, Fallon Organizations: —, Refinitiv, Auto, CNBC, Milken Institute Global Conference, Afp, Getty Locations: Wells Fargo, Wells, Beverly Hills , California

☆ Airbus opens new assembly line for small jets in A380's shadow
▼ + stars: | 2023-07-10 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

Airbus says the new line will create 700 jobs by 2026, about half the full-time total when the world's largest jet was built there, while supporting a fabric of thousands of suppliers. It is the eighth assembly line for the A320 family, with previously announced expansion plans in the United States and China due to bring the worldwide total to 10. Its opening comes as competition between Airbus and arch-rival Boeing (BA.N) shifts towards production strategy, with both companies struggling to deliver on bulging order books. Environmental critics say burgeoning sales of the current generation of jets will make it harder to meet climate goals. Le Maire told Reuters aircraft like the A321 still offered significant savings in emissions compared to jets they replace.

Persons: Luc Lagardere, Bruno Le Maire, Emmanuel Macron, Le Maire, Tim Hepher, Richard Lough, David Evans Organizations: Airbus, French Finance, Boeing, Concorde, Reuters, Thomson Locations: TOULOUSE, France, Toulouse, United States, China

☆ Some investors are shunning Wall Street’s tech frenzy
▼ + stars: | 2023-07-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —While many on Wall Street have chased the monster rally in mega-cap tech stocks this year, exchange-traded fund (ETF) investors seem to be bucking the “all-in on tech stocks” trend and opting for a more diversified strategy. The Nasdaq Composite index has climbed about 31% for the year, powered by a handful of tech stocks that have soared on hype surrounding artificial intelligence. The Vanguard Information Technology Index Fund saw $955 million of net outflows in the first half of 2023 compared to $291 million net inflows in the first half of last year. Investors had piled into tech-focused ETFs last year when the sector had fallen out of favor, betting that tech stocks would recover, buoyed by an economy that remains resilient despite the Federal Reserve’s punishing pace of interest rate hikes. Now, investors are exiting these ETFs and reallocating their cash to quality stocks with strong balance sheets that can withstand a potential economic downturn, says Todd Rosenbluth, head of research at VettaFi.

Persons: Todd Rosenbluth, ”, Shelby McFaddin, Larry Fink, Bitcoin, ” Fink, Antoni Trenchev, Charles Schwab, Clare Duffy, paring, Elon Musk, it’s, Read Organizations: CNN Business, Bell, CNN, Vanguard Information Technology, Investors, “, Wealth, BlackRock, Fox Business, Federal Reserve, Fidelity Digital Assets, Citadel Securities, Facebook, Twitter, Meta

☆ 'Don't chase this equity rally': Wells Fargo strategist has a warning for investors ahead of Fed meeting
▼ + stars: | 2023-06-12 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

There's a risk that stocks will go downhill from here, according to Wells Fargo's Paul Christopher, as he warned investors not to chase the current rally. "Even if the Fed stays on hold next week, we don't think the Fed stays on hold for very long — inflation is just too sticky." Christopher added that he does not believe the Fed will cut rates this year. History shows the S & P 500 doesn't bottom until, on average, six months after the first Fed rate cut, Christopher said. The rally has been a narrow-focused one, however, with gains driven by just a few major tech stocks.

Persons: Wells Fargo's Paul Christopher, Paul Christopher, he's, CNBC's, Christopher Organizations: Wells, Investment Institute, U.S . Federal, CNBC, Nasdaq, Treasury Locations: U.S

Amazon on Tuesday began laying off some employees in its advertising as part of CEO Andy Jassy's effort to rein in costs, the company confirmed. Jassy last month announced Amazon would lay off 9,000 employees, on top of the 18,000 cuts already announced last November and in January. In March, Jassy said the latest round would affect employees in Amazon's advertising, cloud computing, Twitch livestreaming and human resources divisions. Importantly, I want to acknowledge and thank our impacted colleagues for the work they have done on behalf of Amazon Ads customers. PaulWATCH: Watch CNBC's full interview with Amazon CEO Andy Jassy on message to investors, new AI tools and stock price

☆ One chart shows how many more hours married women spend on housework than their husbands in 5 different types of opposite-sex marriages
▼ + stars: | 2023-04-16 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Pew Research Center compared the hours opposite-sex married couples spend on housework and caregiving. The chart below shows the average time spent per week on housework and caregiving duties for five different kinds of income arrangements for opposite-sex marriages. Wives in these wife-primary-earner marriages spend about 11 hours a week on housework and caregiving compared to their husbands' almost 8 hours a week. 57% of US adults said American society values the "contributions men make at work." Men and women pretty much said the same thing — 55% of men and 58% of women answered this way.

☆ Wells Fargo gives up gains despite earnings beat. We see a buying opportunity
▼ + stars: | 2023-04-14 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Wells Fargo (WFC) reported better-than-expected first-quarter results on Friday, demonstrating its underlying fundamentals are strong. Shares of Wells Fargo initially climbed more than 2% following the earnings release, before giving up most of those gains. Wells Fargo stock was trading down around 0.2% Friday afternoon, at $39.58 a share. Wells Fargo management also noted that, like many other regional banks, it has a much broader business model and more diversified sources of funding than a bank like SVB. Within consumer lending, home lending was down 42% from last year, while credit card revenue increased 3% annually.

☆ BofA reports inflows into global stocks are on a record-setting pace — and ETFs may be a way to play the hot trade
▼ + stars: | 2023-04-01 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

There's a corner of the market gaining traction among ETF investors, according to The ETF Store's Nate Geraci. BofA Global Research's latest market data out late this week appears to support Geraci's thesis. Tierney of Schwab Asset Management contends retail investors don't own enough global stocks. "Rebalancing [to international stocks] to get some more exposure could make sense for a lot of investors," said the senior investment portfolio strategist. His firm's Schwab International Equity ETF , which tracks large- and mid-cap companies in over 20 developed global markets, is up 8.1% so far this year.

☆ What to do with your money now that the Fed just raised rates for the ninth time
▼ + stars: | 2023-03-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

“But the average credit card rate is now at a record high above 20%, auto loan rates are at a 12-year high and mortgage rates are still north of 6.5%. But online high-yield savings accounts now offer rates as high as 5%, well above the 0.23% national savings account average, according to Bankrate. Another high-yield savings optionGiven today’s still-high rates of inflation, Series I savings bonds may be attractive because they’re designed to preserve the buying power of your money. Your credit card debt: Minimize the biteIf you’re carrying credit card debt, expect to see a hike in the rate you pay within a few statements. “Credit card rates are at record highs and still rising.

☆ The CIO of a $9 billion real-estate investing firm explains why the US will avoid a 2008-sized crash — and says it's a good time to buy in correction-hit cities like Austin
▼ + stars: | 2023-02-27 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +5 min

Even cities that were hit the hardest, such as Austin, are starting to come back from their lows. Macdowell explains why these types of correction-hit cities now offer intriguing buying opportunities. "I would take the view that in the right property markets, this would actually be a pretty good time to buy," he said. "On the real estate value side — in certain markets, certain neighborhoods — given the lack of inventory, prices will be well supported from where they are today." Although prices in the city have already corrected from their peaks, Macdowell believes that rental rates and growth will remain strong due to local housing demand.

☆ Apple, Nvidia in the news: Here's our take on these outsized tech holdings
▼ + stars: | 2023-02-27 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Apple (APPL) and Nvidia (NVDA) made headlines Monday, with bullish implications for both Club holdings. For example, Apple's market share of the 18-to-29-year-old cohort in South Korea has increased to 52% from 44% over the past two years, the Journal report noted, citing a Gallup poll. More broadly, the Journal explained, Apple continues to take market share away from South Korea's Samsung, the world's largest smartphone maker overall. That's a key reason we've expressed frustration with Qualcomm's slow progress on diversifying its revenue stream away from its heavy reliance on the smartphone market. Nvidia (NVDA) The news: Analysts at Bernstein took a crack at sizing up the market opportunity that generative AI represents, particularly as it relates to Nvidia.

☆ A GOP lawmaker wrote a one-sentence bill to abolish the Department of Education. His reasoning doesn't address student loans, grants, or any of the major things the department does.
▼ + stars: | 2023-02-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The CBO previously said that getting rid of an agency would only cut spending if its programs were eliminated, as well. Last week, Kentucky Rep. Thomas Massie introduced a bill to abolish the Education Department, and it's a short, one-sentence read: "The Department of Education shall terminate on December 31, 2022." Congress recently approved a $1.7 trillion budget for the government, including $79.6 billion for the Education Department. Former President Donald Trump also said in 2015 that he'd consider getting rid of the department, saying it could be cut "way, way, way down." Reagan's efforts were clearly unsuccessful, given both of those agencies are operating at full capacity today, and millions of Americans are now relying on the Education Department's Federal Student Aid Office to facilitate the disbursement of federal student loans and grants.

☆ Credit Suisse posts biggest loss since 2008
▼ + stars: | 2023-02-09 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Credit Suisse (CS) has reported its biggest annual loss since the financial crisis in 2008, highlighting the scale of the challenge facing the scandal-plagued Swiss bank as it attempts a turnaround. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter of 2022, extending a losing streak that started in 2021 and taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion). Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022, when the bank was hit by social media speculation that it was on the brink of collapse. For example, the collapse of US hedge fund Archegos Capital Management, a client of Credit Suisse, in 2021 cost the bank $5.5 billion.

☆ As rivals surged in 2022, ExodusPoint shed assets and employees amid mixed performance. It reshuffled its business in November.
▼ + stars: | 2023-02-02 | by ( Alex Morrell | ) www.businessinsider.com time to read: +8 min

a hedge fund recruiter said, commenting on the calculus for hedge fund investors. At the end of 2021, the fund's exposure had been evenly split between fixed-income and equities, according to the investor documents. In all, more than 60 portfolio managers departed or were let go in 2022, according to the investor documents and people close to the matter. After the shakeup, ExodusPoint's income stream is now even more reliant on fixed-income trading — and that may not be such a bad thing. "The fixed income piece is doing incredibly well," another hedge fund recruiter said.

If you're worried about market volatility, financial planner Alex Alba recommends moving your money out of the stock market. Put one to five years worth of expenses in a CD or high-yield savings account instead. The remaining amount can be split up in these three places, if you're worried about a recession that could cause big swings in the stock market. High-yield savings accountAlba's next recommendation is to move some of your retirement nest egg into a high-yield savings account. However, money kept in high-yield savings accounts isn't going to decrease in value the same way that money in the stock market might during volatile periods.

☆ Deutsche Bank's DWS plans divestments and special dividend
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

The fund manager also said it would propose a dividend of up to 1 billion euros ($1.04 billion) in 2024. "We are committed to self-funding our changes by reallocating financial resources freed up by divestments, delayering and cost initiatives," he said in a statement. As new targets, DWS is aiming for earnings per share of 4.50 euros by 2025 and an adjusted cost-to-income ratio of below 59%. That compares with 2021, which was a particularly strong year, of 3.90 euros per share and a record low cost-to-income ratio of 58.1%. ($1 = 0.9572 euros)Reporting by Tom Sims and Marta Orosz; Editing by Cynthia Osterman and Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ iPhone maker Foxconn reports slump in revenue after unrest and Covid outbreak at key China plant
▼ + stars: | 2022-12-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Foxconn workers at Taiwanese firm's Zhengzhou, China factory, walked out over a pay dispute with the company. The Zhengzhou factory is estimated to account for more than 70% of Apple's global assembly of iPhones. Foxconn, the world's largest contract electronics maker, on Monday reported a sharp drop in November revenue after the company struggled with a Covid outbreak and worker unrest at the world's biggest iPhone factory in China. In a bid to entice workers back to the factory, Foxconn announced a round of bonuses last month. Investors will now be watching for any impact on Apple , given its reliance on the Zhengezhou factory for global iPhone production.

Search resuls for: "reallocating"

25 mentions found