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☆ 4 auto experts share their takeaways from 3rd-quarter woes at Rivian, Lucid, and Canoo — and what they expect for the end of 2022
▼ + stars: | 2022-11-10 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +7 min

The electric-vehicle startups Rivian, Lucid, and Canoo released third-quarter results this week. Rivian and Lucid each made progress toward their production goals for the year and steadily increased customer deliveries. Canoo has yet to make any production vehicles. After it closed the gap in the second quarter, Rivian's pace of deliveries again fell behind production by 779 vehicles. Lucid underwent some changes in the third quarter following a rough second quarter.

☆ Wedbush removes Tesla from its top stocks list, says Twitter deal an 'albatross'
▼ + stars: | 2022-11-10 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Ives removed the stock from the firm's "Best Ideas list" after what he called a "very nervous few months" for Tesla shareholders amid Elon Musk's purchase of Twitter. He noted that Tesla's stock has lost about 25% since the Twitter deal closed in late October, with his impact on the company getting "worse by the day." Musk originally tried to terminate the deal over concerns related to the volume of Twitter accounts not run by real people. His continued selling of the stock to raise enough money for the Twitter deal has created an "agonizing cycle" for investors to navigate and left them in an "albatross." Tesla CEO Elon Musk is trying to buy Twitter and manage multiple companies at the same time.

☆ Tesla could see brand deterioration due to Elon Musk, says Wedbush's Dan Ives
▼ + stars: | 2022-11-10 | 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 EmailTesla could see brand deterioration due to Elon Musk, says Wedbush's Dan IvesDan Ives, Wedbush senior analyst, joins 'Closing Bell: Overtime' to discuss Tesla stock and why it was cut from Wedbush's 'Best Ideas' list.

☆ Tesla stock hits 2-year low after Musk sells $4 bln worth of shares
▼ + stars: | 2022-11-09 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +3 min

The latest sale brings the total amount of Tesla stock sold by Musk since last November to about $36 billion - despite his having said earlier that he would sell no more of his shares. Tesla shares have fallen more than 50% since touching a record high on Nov. 4 of last year. With the latest sale of his Tesla stock, Musk "yet again loses more credibility with investors and his loyalists in a boy who cried wolf moment," Wedbush Securities analyst Dan Ives said. Analysts had expected Musk to sell more Tesla shares to finance the $44 billion Twitter deal, but it was not clear whether the sales were related to the Twitter acquisition. It is not clear whether all of the equity investors lived up to their equity commitment.

☆ Taiwan’s virtual beauty brand struggles on Wall Street debut
▼ + stars: | 2022-11-08 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN Business —Taiwan’s latest entrant to Wall Street has had a rough ride since it went public a week ago. Perfect Corp. lends its technology to beauty and fashion brands. Perfect Corp. founder and CEO Alice Chang said she spoke to CNN Business while wearing the company's "digital makeup" on a conference call. The question was: “How can I link the virtual beauty with the real world beauty?” Chang recalled. Perfect Corp. is one of a handful of Taiwanese companies to list in the United States in recent years, according to Dealogic data.

Some advertisers are pulling back from buying promotional placements on Twitter as they determine what the site will look like under new owner Elon Musk. Musk confirmed the impact of the pullback in a tweet Friday, saying “Twitter has had a massive drop in revenue," and blaming what he called "activist groups" who he said were "pressuring advertisers." As of this writing, there was not yet evidence that the companies or advertising groups had acted in response to that campaign. "If it becomes an essential street fight around hate speech, advertisers are going to run for the hills," Ives said. You’re trying to bring advertisers back on while loosening content moderation.

Lyft confirmed its plans Thursday to lay off 13% of its workforce, equivalent to about 700 employees, as the broader downturn in once high-flying tech companies persists. An emerging trendStill, Lyft's announcement adds to the broader trend of hiring freezes and job cuts across the tech industry. Amazon announced Thursday it will pause hiring within its corporate workforce, citing the increasingly "uncertain" economy and the company's spate of new hires in recent years. The payments company Stripe announced Thursday it was cutting 14% of its workforce, equivalent to approximately 1,100 workers. The tech sector had come through a significant portion of the pandemic seeing roaring growth.

☆ Democratic Rep. Sean Casten faces off against Republican Mayor Keith Pekau in Illinois' 6th Congressional District election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Rep. Sean Casten is running against Republican Keith Pekau in Illinois' 6th Congressional District. Casten became the first Democrat to represent the 6th Congressional District in decades when he won in 2018. The 6th District race is one of many suburban races that could tip the balance of power in Washington. Casten became the first Democrat to represent the 6th Congressional District in decades when he unseated longtime Republican incumbent Peter Roskam in 2018. Voting history for Illinois' 6th Congressional DistrictIllinois' 6th Congressional District encompasses many of Chicago's southwestern suburbs and extends from Tinley Park to Lombard.

Twitter’s new “Chief Twit” spent the weekend tweeting — and it’s still not much clearer what Elon Musk will do with his new company. He denied a report from The New York Times that he planned to make major layoffs Monday ahead of a date when many Twitter employees receive stock grants. Musk has surrounded himself with Silicon Valley veterans, some of whom have criticized Twitter’s moderation work. Later, he appeared to poke fun at his deleted tweet while also taking a swipe at The New York Times. “This is fake — I did *not* tweet out a link to The New York Times!” Musk wrote alongside a screenshot of the Times’ coverage of his deleted tweet.

☆ China's alarming decline could tank the stock market, take down the global economy, and spark a dangerous showdown with the US
▼ + stars: | 2022-10-30 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

In the Western capitals and boardrooms, it appears the horror of Beijing's transformation has finally settled in, and the lure of China's economic future is fading. Economic dangerIf you want a clue to just how far China's economy has fallen, look no further than Beijing's attempts to hide information about the country's growth. Beyond the short-term signs of trouble, there are more enduring signs pointing to China's economic distress. That's a big if, and even if Beijing is successful, the slow-moving blob of debt will choke off economic growth for years to come. Xi has tightened his grip on China's economy and government from education to public health.

☆ Tech companies like Amazon and Meta are warning of tough times ahead — and only some are prepared
▼ + stars: | 2022-10-30 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +6 min

While Apple is a "bright spot," Meta, Alphabet, and others are in for a tough few months, analysts say. All signs point to choppy waters ahead — for tech giants, the people they employ, and the users they serve. So, if things are getting bad, how are the big tech companies likely to fare? AppleApple is in the best shape, a "bright spot" amid otherwise grim big tech earnings, Wedbush analyst Dan Ives wrote in a note. Goldman Sachs analysts wrote in a note Tuesday that there's potential for a rebound next year.

It isn’t clear yet who will succeed Mr. Segal as CFO. Twitter and Mr. Musk on Friday didn’t respond to requests for comment. Mr. Segal on Friday tweeted that “the work isn’t complete,” referring to Twitter’s ambition to build “the world’s townsquare.” Mr. Segal didn’t respond to a request for additional comment. Mr. Musk has said buying Twitter would accelerate his creation of an app that combines the capabilities of several apps in one. The future executives that Mr. Musk installs will have to share his vision for Twitter, Mr. Ives said, and prepare to support growth initiatives that will take years to build.

New York CNN Business —General Motors is pausing its advertising on Twitter now that the social media platform is owned by Tesla CEO Elon Musk, the company said in a statement Friday. “We are engaging with Twitter to understand the direction of the platform under their new ownership. As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising,” the company said in an emailed statement. Musk took control of Twitter Thursday evening, ending a six-month round of on-again-off-again negotiations and court wrangling about purchasing the social media platform. But he said if advertisers do continue to pull their dollars from Twitter, it won’t just be automakers.

☆ Apple surges to add $178 billion in market value as 4th-quarter earnings help drive a turnaround in the stock market
▼ + stars: | 2022-10-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Apple soared 8% on Friday following the release of its better-than-expected fourth-quarter earnings report. The iPhone maker added $178 billion in market value on Friday and helped drive a strong rebound in the stock market. "Apple saves the market from big tech meltdown," Louis Navellier said in a Friday note. The surge added $178 billion to Apple's market capitalization and helped drive an impressive rebound in the broader stock market, with the Dow Jones, Nasdaq 100, and S&P 500 all surging more than 2% in afternoon trades. But Wall Street remains upbeat on Apple, especially after a week of disappointing results from its mega-cap tech peers.

☆ Tech stocks have gotten dramatically cheaper. Here's why it's still not time to buy even with prices at long-time lows.
▼ + stars: | 2022-10-28 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

For more than a decade, tech stocks have always come back when their prices slumped. Tech stocks have gotten cheaper in a hurry, with some big names at their cheapest prices in years. Shares of Meta (META) traded under $100 a share Thursday. That's going to hurt the tech sector, and the ongoing inflation problem and tighter financial conditions also spell trouble. On top of all that, while shares are down these tech stocks are really nowhere near a bargain because they've outperformed so dramatically for so long.

☆ Apple beats on top and bottom lines, iPhone and services miss
▼ + stars: | 2022-10-27 | 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 EmailApple beats on top and bottom lines, iPhone and services missCNBC's Steve Kovach joins 'Closing Bell: Overtime' to report on Apple third quarter earnings. Hightower’s Stephanie Link, Big Technology’s Alex Kantrowitz and Wedbush’s Dan Ives react to the report.

☆ Amazon misses on revenue, stock plummets on weak fourth quarter guidance
▼ + stars: | 2022-10-27 | 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 EmailAmazon misses on revenue, stock plummets on weak fourth quarter guidanceCNBC's Deidre Bosa joins 'Closing Bell: Overtime' to report on Amazon's third quarter earnings. Hightower’s Stephanie Link, Big Technology’s Alex Kantrowitz and Wedbush’s Dan Ives react to the report.

☆ Watch CNBC’s full interview with Hightower’s Stephanie Link, Big Technology’s Alex Kantrowitz and Wedbush’s Dan Ives
▼ + stars: | 2022-10-27 | 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 EmailWatch CNBC’s full interview with Hightower’s Stephanie Link, Big Technology’s Alex Kantrowitz and Wedbush’s Dan IvesHightower’s Stephanie Link, Big Technology’s Alex Kantrowitz and Wedbush’s Dan Ives join 'Closing Bell: Overtime' to discuss Big Tech earnings and the market.

☆ Young Silicon Valley workers are in for a rude awakening as industry giants make major job cuts and ditch ambitious projects for the first time in their careers
▼ + stars: | 2022-10-27 | by ( Samantha Delouya | Kali Hays | ) www.businessinsider.com time to read: +4 min

Workers now fear layoffs after tech companies that hired thousands of workers with high pay face a slowing economy. For years, Big Tech companies have competed on pay and perks to lure workers in a tight labor market. It's a first for many tech workers, an entire generation of whom have known nothing but non-stop growth and a bull market. Earlier, the company told managers not to approve employee travel and team offsites unless they are "business critical." Younger tech workers don't just have to fear losing perks.

☆ Jules Bass, who brought ‘Rudolph the Red-Nosed Reindeer’ to TV, dies at 87
▼ + stars: | 2022-10-27 | by ( Scottie Andrew | ) edition.cnn.com time to read: +4 min

Jules Bass brought them all to vivid, animated life on TV. Bass, who helmed beloved animated Christmas specials like “Rudolph the Red-Nosed Reindeer” and “Frosty the Snowman,” died this week, publicist Jennifer Ruff told CNN. But the duo left a permanent mark on TV with the 1964 debut of “Rudolph the Red-Nosed Reindeer,” a stop-motion special based on the Christmas story and popular song. It’s since become one of the longest-running Christmas specials in history, airing on TV nearly every year since its first run. "Frosty The Snowman," based on the Christmas standard, has become a beloved TV special.

☆ Jules Bass, producer and director known for ‘Rudolph the Red-Nosed Reindeer’ and ‘Frosty the Snowman,’ dies at 87
▼ + stars: | 2022-10-26 | by ( ) www.nbcnews.com time to read: +2 min

The three prominent holiday specials, “Rudolph,” voiced by Burl Ives, “Frosty” starring Jackie Vernon and Jimmy Durante and “Santa Claus,” voiced by Fred Astaire and Mickey Rooney, all debuted during the 1960s and 1970s. NBCUniversal via Getty ImagesBass was known for his longstanding creative partnership with director Arthur Rankin Jr., who died in 2014 at 89. Bass and Rankin’s first production was a syndicated television series titled “The New Adventures of Pinocchio,” which premiered in 1960. In addition to numerous holiday specials, they served as producers of series including “Thundercats” and “The Jackson 5ive” animated series. The January death of Bass’ daughter, Jean Nicole Bass, preceded his own.

Oct 25 (Reuters) - Microsoft Corp (MSFT.O) posted its slowest quarterly revenue growth in five years on Tuesday as the tough macroeconomic conditions hit PC sales and slowed cloud growth, which had supercharged the earnings for years. "The PC market was worse than we expected in Q1," Brett Iversen, head of Microsoft's investor relations, told Reuters. Windows OEM business, which includes the operating software Microsoft sells to PC makers, dropped 15% year-on-year. Microsoft's broader Intelligent Cloud division posted a 20% rise in revenue to $20.33 billion, almost in line with estimates of $20.37 billion, according to Refinitiv. Net income fell to $17.56 billion, or $2.35 per share, during the quarter ended Sept. 30, from $20.51 billion, or $2.71 per share, a year earlier.

Wedbush analyst Dan Ives in a research note called the results a "major step in the right direction for the Detroit stalwart." GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5-billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM's China income climbed to $330 million, compared with $270 million a year earlier.

☆ The clock is ticking for Elon Musk to buy Twitter — and he's running out of time
▼ + stars: | 2022-10-25 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

ET to close his deal with Twitter or a trial date will be set. If Musk becomes Twitter's new owner, Twitter will undergo a chapter of major change and likely layoffs. When Musk initially filed to end the court case and buy the company at the original price, Twitter appeared wary of the billionaire's intentions. The company has said it will not close the deal until Musk can prove he has funding in place. Last week, The Washington Post reported that Musk planned to cut about 75% of the company's staff.

The Coast Guard took 94 Cuban migrants back to their homeland Saturday amid continued flight from the island and an increased number of interdictions off Florida, the agency said Sunday. The migrants are part of a steady stream of Cubans seeking refugee status in the U.S. in hard economic times in their homeland. From January to July, U.S. authorities stopped Cuban migrants at the U.S.-Mexico border 155,000 times, more than six times the number in the same period last year. The Coast Guard said it carried out 6,182 interdictions of Cuban migrants in the fiscal year that ended in September, the most in at least seven years. Cuban migrants joined Venezuelans and Nicaraguans in pushing the number of migrants stopped at the southwest border to a new high of nearly 2.8 million for the 2022 fiscal year.

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