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☆ An 'instinctively conservative' Tim Cook was willing to trying something new — then take responsibility when it failed. Bono says it's probably one reason Steve Jobs tapped him to be CEO.
▼ + stars: | 2022-10-24 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

Bono wrote about the time he convinced Apple CEO Tim Cook to put U2's album on iPhones for free. He said this leadership trait was likely one reason Steve Jobs chose Cook as his successor. Cook, Bono wrote, "never blinked," during the backlash, and said Bono talked the company "into an experiment." "We ran with it," Cook told Bono, according to the musician. "Probably instinctively conservative, he was ready to try something different to solve a problem," Bono wrote.

☆ The Elon Musk-Twitter saga could finally be coming to end
▼ + stars: | 2022-10-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Elon Musk’s Twitter account is displayed on the screen of an iPhone on April 26, 2022 in Paris, France. The end of the line for Elon and TwitterWhat a long strange trip it's been. That might be the best way to sum up the Elon Musk-Twitter saga that has played out over the past six-plus months. It finally appears an end is in sight*, or at least the closing of a transaction. The main issue remains how Musk will come up with the $44 billion needed to actually buy Twitter.

☆ Elon Musk could have to sell up to $10 billion in Tesla stock next week to get the 'train wreck' Twitter deal done, Wedbush says
▼ + stars: | 2022-10-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Elon Musk could have to sell up to $10 billion in Tesla stock next week to complete his Twitter buyout, according to Dav Ives of Wedbush. "The more investors that bail on this deal is the more money that Musk needs to contribute and therefore sell more Tesla stock," Ives said. Ives called Musk's $44 billion deal for Twitter a "train wreck." The currently bleak stock market environment makes Musk's sell to investors about the potential for Twitter that much harder. "It's pretty simple, the more investors that bail on this deal is the more money that Musk needs to contribute and therefore sell more Tesla stock," Ives said.

☆ Tesla falls after delivery warning sparks doubts over growth momentum
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

At least five brokerages cut their price target on the stock, citing softer delivery in 2022, with Wedbush Securities making the biggest cut of $60 to bring its target to $300. Register now for FREE unlimited access to Reuters.com RegisterThe stock, which is down 37% this year, fell 4.6% to $211.80 in premarket trading. In its quarterly earnings report, the company pointed to challenges it was facing on the logistics front for a potential miss in hitting the delivery growth target of 50% this year. However, with a shift to electric vehicles gaining momentum globally, some analysts expect Tesla to be a big beneficiary. (Tesla) has done a great job, there is going to be a shift to EVs," Roth Capital analyst Craig Irwin said.

Oct 20 (Reuters) - Tesla Inc (TSLA.O) said on Wednesday it expected to miss its vehicle delivery target this year, but downplayed concerns about softening demand after its revenue missed Wall Street estimates. But Tesla said some logistics challenges would persist, with fourth-quarter deliveries growing by less than 50% while production rose 50%. Register now for FREE unlimited access to Reuters.com Register"I wouldn't say we're recession proof, but it's certainly recession resilient," Musk said. Previously, Tesla had repeatedly said it was aiming for 50% growth this year from the 936,172 cars it delivered in 2021. Tesla is expanding fast despite global economic jitters, and investors are closely watching for signs that consumer demand is cooling as inflation surges and interest rates climb.

☆ Elon Musk's lofty goals came back to bite him again — and it's only going to get harder from here
▼ + stars: | 2022-10-20 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Some analysts question whether Tesla has enough demand to grow sales 50% each year. Tesla CEO Elon Musk remains optimistic about Tesla's plans and said it's on its way to an "epic end of year." Those bold targets came back to bite the Tesla CEO when the company reported lower-than-expected deliveries for the July-September period. Musk said "there weren't enough boats, there weren't enough trains, there weren't enough car carriers" to transport new Teslas from factories to customers. Even as it's accelerated its own sales, Tesla has been losing share of the electric market as EV sales ramp up globally.

☆ Tech earnings are coming and they probably won’t be pretty
▼ + stars: | 2022-10-20 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

Apple (AAPL), Amazon (AMZN), Facebook (FB)-parent Meta, Microsoft (MSFT), Twitter (TWTR) and Google-parent Alphabet (GOOGL) will each report earnings results the following week. “People probably should be bracing themselves for these results,” said Scott Kessler, technology global sector lead at research firm Third Bridge Group. Rampant inflation is eating away at consumers’ paychecks and reducing their ability to spend freely on tech products and services. To make matters worse, tech companies must also confront the growing strength of the US dollar, which is currently trading at its highest level in two decades. Many of the issues currently weighing on tech companies are unlikely to let up anytime soon, which is why industry watchers will be paying close attention to the guidance these companies offer for the rest of 2022.

☆ Premarket stocks: The Fed isn't about to back down from its inflation fight
▼ + stars: | 2022-10-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. London CNN Business —Twelve days from now, the Federal Reserve will meet again, and expectations for the central bank’s next moves are firming up. The consensus among investors: Persistently hot inflation means the Fed will need to continue with its string of aggressive interest rate hikes, which is unprecedented in the modern era. In an interview with Reuters on Friday, St. Louis Fed President James Bullard said inflation had become “pernicious,” which means that “frontloading” larger rate hikes is logical. But with two quarters of disappointing deliveries caused by supply chain issues and Covid-related shutdowns in China, that goal has looked increasingly out of reach, my CNN Business colleague Chris Isidore reports.

☆ Tesla misses on third quarter revenue, beats on earnings
▼ + stars: | 2022-10-19 | 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 EmailTesla misses on third quarter revenue, beats on earningsCNBC's Phil LeBeau joins 'Closing Bell: Overtime' to report on Tesla third quarter earnings. Wedbush's Dan Ives reacts.

☆ IBM beats on earnings and revenue, hikes full-year revenue outlook
▼ + stars: | 2022-10-19 | 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 EmailIBM beats on earnings and revenue, hikes full-year revenue outlookCNBC's Frank Holland joins 'Closing Bell: Overtime' to report on IBM's third quarter earnings. Ritholtz's Josh Brown and Wedbush's Dan Ives react.

☆ Investors' cash pile is the largest in 21 years. Here's what that means and why it could signal a rally is on the way in 2023.
▼ + stars: | 2022-10-19 | by ( Max Adams | ) www.businessinsider.com time to read: +5 min

There's a massive amount of cash on the sidelines right now as markets suffer through extreme bouts of volatility and investors remain skittish. Investors' cash pile is the largest since April 2001. Which bring us to the next part of BofA's prediction — that this cash pile will fuel a rally in 2023. I-Bonds have gained immense popularity this year given deeply negative stock market returns and high inflation. Just three weeks away, the elections will still likely have implications for areas of the stock market.

☆ How many more warning signs does Mark Zuckerberg need to see before he pulls the plug on his metaverse?
▼ + stars: | 2022-10-18 | by ( Travis Clark | ) www.businessinsider.com time to read: +5 min

Meta's metaverse experiment isn't off to a promising start, with plenty of recent warning signs. But so far, the overall experience of being in Meta's metaverse is lacking — for both the public and even those within the company. So, Meta's metaverse experiment is not exactly off to a promising start. "Why don't we love the product we've built so much that we use it all the time," the company's Metaverse VP Vishal Shah wrote in the memo, according to The Verge. Some other good questions: How many more warning signs does Zuckerberg need to see?

☆ Buy these 12 tech stocks that are set to recover in the pivotal Q3 earnings season with investors already as bearish as they were in 2008 and 2001, says Wedbush
▼ + stars: | 2022-10-18 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Outspoken tech analyst Dan Ives of Wedbush Securities still likes software and cybersecurity stocks. Here are 12 of Ives' favorite tech stocks to own heading into the end of the year. Many investors seem to have lost hope ahead of a critically important Q3 earnings season. Markets haven't given companies the benefit of the doubt lately and investors will likely unload any stocks that report disappointing earnings, Ives noted, so executing in this challenging environment is essential. 12 top tech stocks to buyIn the note, Ives listed 12 of his favorite technology stocks to buy heading into the Q3 earnings season.

☆ Is the Uber, Lyft and gig economy battle over workers nearing its end game?
▼ + stars: | 2022-10-16 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

With federal regulators set to tighten Trump-era labor standards that let Uber and Lyft, as well as food-delivery services like Doordash, treat gig workers as independent contractors with few protections under labor law, shares dropped sharply last week. But while a shift, the Department of Labor proposal doesn't immediately transform gig workers into employees entitled to overtime pay, unemployment insurance and other benefits. "It seems like the start of a Game of Thrones battle between the Department of Labor and the gig economy,' Wedbush analyst Dan Ives said. Uber believes the Department of Labor is focused less on ridesharing and more on industries such as construction that also use gig workers, pointing out that the proposed rule doesn't single out rideshare drivers. Uber drivers also supply their own cars and gasoline, though the company in March added a per-trip fuel surcharge that goes directly to drivers.

☆ Musk's Twitter deal has been a laggard on Tesla stock, says Wedbush's Dan Ives
▼ + stars: | 2022-10-14 | 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 EmailMusk's Twitter deal has been a laggard on Tesla stock, says Wedbush's Dan IvesDan Ives, Wedbush Securities managing director of equity research, joins 'Closing Bell: Overtime' to discuss Musk and Tesla shares sinking.

☆ Meta has burned $15 billion trying to build the metaverse — and nobody's saying exactly where the money went
▼ + stars: | 2022-10-13 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Meta has sunk more than $15 billion into its metaverse project since the start of last year. Some experts expressed disappointment in updates Meta provided earlier this week and thought the technology would be farther along. Meta declined to provide a comment for this story, but a spokesperson for the company said that Meta doesn't break out the financial details for its Reality Labs segment. Zgutowicz pointed out that Meta has legitimate reasons for trying to build everything themselves, though. To be sure, Meta is not the only company that has declined to itemize certain losses, which is standard practice in Corporate America.

Gig company stocks were hammered by the news, with Uber (UBER.N), Lyft (LYFT.O) and DoorDash (DASH.N) all falling at least 10%. The proposal would require that workers be considered employees, entitled to more benefits and legal protections than contractors, when they are "economically dependent" on a company. Millions of Americans are working "gig" jobs and this labor has become vital to some transportation, restaurant, construction, health care and other industries. "Misclassification deprives workers of their federal labor protections, including their right to be paid their full, legally earned wages," Walsh said. Seth Harris, President Joe Biden's former top labor adviser, said the rule will not directly impact how courts determine whether workers are employees or independent contractors.

Gig company stocks were hammered on the news, with Uber (UBER.N), Lyft (LYFT.O) and DoorDash (DASH.N) all falling at least 10%. Employees can cost companies up to 30% more than independent contractors, studies suggest. U.S. Labor Secretary Marty Walsh in a statement said businesses often misclassify vulnerable workers as independent contractors. Those groups have said that any broad rule would hurt workers who want to remain independent and have flexibility. Worker advocacy groups have said that companies are increasingly misclassifying employees as independent contractors, depriving workers of fair pay and benefits to pad their profits.

☆ Labor proposal could upend rules for gig workers, companies
▼ + stars: | 2022-10-11 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

Misclassifying workers as independent contractors denies those workers protections under federal labor standards, promotes wage theft, allows certain employers to gain an unfair advantage over businesses, and hurts the economy, the department said Tuesday. The misclassification of workers has negatively impacted delivery workers, custodians, truck drivers, waiters, construction workers and more, according to the department. Wedbush analyst Dan Ives said the proposal would constitute a major change for workers and employers from previous years. Last year the Biden administration repealed a Trump-era rule that would have made it easier to classify workers as independent contractors. The repeal meant the Labor Department was able to continue using existing rules under the 1938 Fair Labor Standards Act to determine whether a worker should be classified as an independent contractor.

☆ New gig economy rules look like 'gut punch' for Uber and Lyft, says Dan Ives
▼ + stars: | 2022-10-11 | 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 EmailNew gig economy rules look like 'gut punch' for Uber and Lyft, says Dan IvesDan Ives, Wedbush Securities managing director and senior equity analyst, joins 'The Exchange' to discuss Ives' take on the reclassification proposal for gig economy workers, what happens if rides from Uber, Lyft and DoorDash become more expensive and more.

☆ Rivian shares slump after the company announced a big recall
▼ + stars: | 2022-10-10 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Through the end of September, Rivian had built about 15,300 vehicles since starting production in the fall of 2021. The company had set a goal to reach 25,000 vehicles produced by the end of the year. If the fastener isn't tight, Rivian said, it could affect the alignment of the front wheels, potentially causing vibrations and noise and changing the feel of the steering. Rivian said that it is aware of seven reports of issues that could be related to the fastener in question. The company had $15.5 billion on hand as of the end of the second quarter, far more than most rival EV startups.

Oct 28 (Reuters) - Elon Musk on Thursday closed the $44 billion deal announced in April to take Twitter Inc (TWTR.N) private and took ownership of the influential social media platform by firing top executives immediately. read more Earlier this month, Musk brought the deal back on the table after previously trying to walk away from it. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. That had left Musk in need for an additional $22.4 billion of funds to cover the equity financing portion of the deal. Musk would have needed to raise an additional $2 billion to $3 billion to complete the financing for the deal.

The deal will move forward if the Delaware court currently hearing Twitter's lawsuit against Musk puts an immediate stop to the case, Musk said in his proposal to Twitter on Monday. Twitter said in a statement: "We received the letter from the Musk parties which they have filed with the SEC. The proposal could end a monthslong saga between the two sides that included a lawsuit scheduled to be argued at trial in a Delaware court month. Unable to address the impasse, Twitter sued Musk in Delaware court — the primary U.S. venue for deciding corporate disputes — on July 12 to enforce the transaction. An additional complexity was added when a whistleblower came forward to accuse Twitter of security lapses — an accusation Musk subsequently sought to include in his evidence against the company.

☆ Elon Musk's trove of private text messages is a bad look for him — and another win for Twitter, experts say
▼ + stars: | 2022-09-30 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Hundreds of Elon Musk's texts could work against him in his court battle with Twitter, experts say. The messages appear to show Musk was aware of issues with bots ahead of offering to buy the company. The hundreds of texts between Musk and some of Silicon Valley's most powerful players offer fresh insight into Musk's plans for Twitter. But Musk's private texts appear to tell a story that is "in tension with his lead argument," Schettenhelm told Insider. "Purging fake users will make the numbers look terrible, so restructuring should be done as a private company," he texted Taylor, according to the cache of documents released Thursday.

☆ German tech giant SAP actually benefits from strong dollar and supply chain troubles, CEO says
▼ + stars: | 2022-09-28 | by ( Frank Holland | In | ) www.cnbc.com time to read: +4 min

- German software giant SAP reported a bottom line undermined by heavy restructuring costs, but lifted forecasts for the year ahead. A strengthening dollar, global inflation, and supply chain issues related to Covid lockdowns in China have been major headwinds for many tech companies. But SAP CEO Christian Klein says the European software giant is an exception. Other large tech companies, including Salesforce, Microsoft and IBM have said the strong dollar will hurt profits in the near term. But, SAP is on a path to success in ERP cloud and they control their own destiny."

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