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☆ Premarket stocks: Meme stocks have revolutionized investor days
▼ + stars: | 2023-03-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But they’re also bowing to pressure from retail investors to be more transparent. What’s happening: Investor days evolved from analyst days — meetings that large, public companies historically held privately for their core institutional investors and Wall Street analysts. But the recent influx of retail investors into the stock market has changed that. “A lot of these companies know they need to focus on retail investors now,” said Katie Perry, general manager of investor relations at investing platform Public. ▸ Tesla’s first-ever investor day will be live-streamed Wednesday from its Gigafactory in Austin, Texas.

Companies Tesla Inc FollowFeb 27 (Reuters) - Tesla Inc (TSLA.O) and its Chief Executive Elon Musk were sued on Monday by shareholders who accused them of overstating the effectiveness and safety of their electric vehicles' Autopilot and Full Self-Driving technologies. They said Tesla's share price fell several times as the truth became known, including after the National Highway Traffic Safety Administration began investigating the technologies, and reports that the Securities and Exchange Commission was investigating Musk's Autopilot claims. The share price also fell 5.7% on Feb. 16 after NHTSA forced a recall of more than 362,000 Tesla vehicles equipped with Full Self-Driving beta software because they could be unsafe around intersections. Monday's lawsuit led by shareholder Thomas Lamontagne seeks unspecified damages for Tesla shareholders from Feb. 19, 2019 to Feb. 17, 2023. Tesla's share price closed Monday up $10.75, or 5.5%, at $207.63, but the stock has lost about half its value since peaking in Nov. 2021.

☆ Boom in January jobs shows employers fear worker shortage more than recession
▼ + stars: | 2023-02-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +5 min

January's super strong jobs report underscores that employers are more worried about not having enough workers than they are about a slowing economy. But Zandi notes that of all the components of the jobs report, the one that matters most to the Fed is average hourly wages, and they have been coming down. It's just really strong," said Tom Simons, money market economist at Jefferies. The strong report means interest rates will continue to rise, and the Federal Reserve will raise benchmark overnight lending rates by another quarter point in March. ISM Services data Friday reinforced some of the strength in the jobs report.

☆ The No. 1 job interview question to ask to spot a red flag, from an HR pro
▼ + stars: | 2023-02-02 | by ( Jennifer Liu | ) www.cnbc.com time to read: +3 min

The answer will speak to either the culture of the company or the product of the company, Gibbs says. "If the answer is, 'I wish the team was more connected,' that's a culture fit question and a red flag," Gibbs says. When she gets to later rounds of interviews, Gibbs also likes to ask the question: What do you foresee would be the biggest challenge for me coming into the company? This is a chance to have the hiring manager offer an assessment of where your skills and experience align with their needs. For example, Gibbs' new job will involve a transition from working in tech to financial media.

☆ 5 job interview tips from an HR pro who tracked her job search for 69 days on TikTok
▼ + stars: | 2023-01-31 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

When Jordan Gibbs was laid off from Lyft in November, she joined thousands of other tech workers suddenly on the job market. But as a recruiter with eight years of experiencing hiring in tech, Gibbs, 31, had a leg up in terms of getting organized for her impending job search. And after 69 days, 173 job applications, 42 interviews and 2 rejections, she accepted an offer in January and will start a new job with Bloomberg in February. For example, Gibbs received one rejection on day 48, even after she'd been to an interview onsite. But she didn't totally ignore cold-applying to jobs (that's ultimately how she got in touch with Bloomberg), though she knows it's typically less successful, especially so in today's tech market.

☆ How M&M’s is making the most of its spokescandies controversy
▼ + stars: | 2023-01-25 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

Given the outsize attention, some think M&M’s announcement is a PR stunt to hype its upcoming Super Bowl commercial. M&M’s relatively subtle changes aimed at inclusivity didn’t seem like they were designed to spark much controversy, if any. At the Washington Post, for example, an opinion piece declared “the M&M’S changes aren’t progressive. “In the last year, we’ve made some changes to our beloved spokescandies,” M&M’s said. “The original colorful cast of M&M’s spokescandies are, at present, pursuing other personal passions,” Wesley said.

☆ Elon Musk says France's President Macron is doing the 'difficult, but right thing' by raising the country's retirement age
▼ + stars: | 2023-01-23 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

France President Emmanuel Macron is facing backlash for his plan to raise the country's retirement age. "The retirement age of 62 was set when lifespans were much shorter. The official retirement age is 67 in Italy and Germany, 66 in the UK, and 65 in Spain. President Macron took steps towards a similar pension reform back in 2019, but the pandemic ultimately led him to set it aside. While Democrats have generally advocated for higher taxes on the rich to shore up these programs' finances, Republicans have tended to favor spending cuts or raising the retirement age.

Jan 11 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday won the dismissal of a lawsuit accusing the luxury electric car maker of defrauding investors in the special-purpose acquisition company that helped take it public, by significantly overstating its production outlook. Rogers said the Churchill shareholders had standing to sue over statements made by a different company, Lucid, because they alleged a "discernible" loss from "specific alleged misconduct." In Dec. 2021, Lucid received a U.S. Securities and Exchange Commission subpoena for documents related to the merger. Lawyers for Churchill shareholders did not immediately respond to requests for comment. The case is In re CCIV/Lucid Motors Securities Litigation, U.S. District Court, Northern District of California, No.

☆ It's too early to share Wall Street's renewed optimism for mega-cap tech stocks
▼ + stars: | 2023-01-06 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Some Wall Street analysts are starting to like Big Tech again, following the sector's beatdown in 2022. What Wall Street is saying Piper Sandler called out Club stocks Alphabet (GOOGL) and Amazon (AMZN) as top buys. As a result, Snapchat (SNAP) and Club name Meta Platforms (META) can now only track your activity outside of their own apps if you allow it. Piper analysts note that year-over-year comps for Amazon will be easier in 2023 than they were last year. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ 2022 was the year the Overconfidence Man fell back to earth
▼ + stars: | 2022-12-29 | by ( Maureen Tkacik | ) www.businessinsider.com time to read: +22 min

Naturally, Elon Musk, the platonic ideal of the peculiar self-aggrandizing, self-parodying personality type that thrived during the Trump years and peaked during the pandemic, tops this list. By 2022, the media had pronounced him variously the next Warren Buffett, J.P. Morgan and Charles Koch. "bye bye @trussliz Congrats to lettuce", tweeted Putin's one-time stand-in Dmitry Medvedev, to which Elon Musk could not resist replying, "pretty good troll tbh." Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020. Elon MuskIt's weird to recall now that Elon Musk once seemed like, graded on the billionaire curve anyway, a net positive for a cursed American society.

☆ Barbarians at the check-in desk
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

While Vivion’s equity is unlisted, Muddy Waters was betting against its debt. The price of bonds due in 2024 fell to 72% of face value after Block’s report, according to Refinitiv data. Vivion contends that Muddy Waters has overestimated the number of vacant properties, and that its shareholders have put cash in the company in recent years, not taken it out. If so, though, Vivion could always step up its purchase of its own debt at the current low prices. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Philadelphia Fed suggests BLS overstated job growth in second-quarter by a million jobs
▼ + stars: | 2022-12-22 | 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 EmailPhiladelphia Fed suggests BLS overstated job growth in second-quarter by a million jobsA recent report from the Federal Reserve Bank of Philadelphia charges the Bureau of Labor Statistics with potentially overstating job growth in the second quarter. CNBC's Steve Liesman joins 'Squawk Box' to report.

While the error margins are unlikely to distort euro inflation in the long-term, economists say they could warp inflation expectations if not addressed, at a time when the European Central Bank is raising rates aggressively to tame double-digit inflation. As falling energy prices will take time to be reflected in household contracts, the current methodology will underestimate inflation when energy prices fall, CBS said. More volatility could follow when Germany introduces a cap on energy prices in March, that will also cut costs for January and February retroactively, he said. Eurostat has said that only measures that have a direct impact on energy prices, known to consumers before they purchase the energy, should reflect in inflation calculations. FEEDTHROUGH RISKSWith inflation at 10%, the calculation issues are unlikely to significantly impact the aggregate euro zone inflation print.

☆ Australia fines Uber $14 mln for misleading on fares and cancellation fees
▼ + stars: | 2022-12-07 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, Dec 7 (Reuters) - An Australian court fined Uber Technologies Inc (UBER.N) A$21 million ($14 million) on Wednesday for threatening cancellation fees it never charged and overstating fare estimates on some rides. The evidence supplied suggested less than 0.5% of Uber customers had gone ahead with a trip due to concern about cancellation fees. The UberTaxi algorithm overshot the fare estimate 89% of the time, but less than 1% of total Uber rides used that service, the judge said. The judge had made clear that the lower penalty "should not be understood as any reduction in the court's resolve to impose penalties appropriate to ... deterring contraventions of the Australian Consumer Law", Cass-Gottlieb added. ($1 = 1.4945 Australian dollars)Reporting by Byron Kaye; Editing by Bradley Perrett, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Federal judge dismisses crypto scam lawsuit against Kim Kardashian, Floyd Mayweather Jr.
▼ + stars: | 2022-12-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

A federal judge on Wednesday dismissed a proposed class action lawsuit by investors against the founders of the cryptocurrency EthereumMax, as well as celebrity endorsers including Kim Kardashian and boxer Floyd Mayweather Jr. over their promotion of the cryptocurrency on social media. Investors who bought EMAX tokens alleged they had suffered losses after taking the word of the celebrity influencers about the value of the crypto. The suit claims the defendants engaged in a conspiracy to artificially inflate the value of the EMAX tokens. "We're pleased with the court's well-reasoned decision on the case," Michael Rhodes, a lawyer for Kardashian, told CNBC. Fitzgerald in his ruling Wednesday said the EthereumMax lawsuit reflects a broader conflict surrounding celebrity and influencer promotional schemes.

☆ Here's one reason to doubt the reliability of data used by the Fed to determine how aggressive it needs to be to tame inflation, according to Fundstrat
▼ + stars: | 2022-12-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The plunging response rate of various economic surveys could call into question the reliability of Fed forecasts, according to Fundstrat. "How accurate is the surge in 5 million additional job openings, when there are 1/3 fewer respondents?" The CPI response rate is down to 37.7%, the NFP response rate is down to 44.8%, and the JOLTS response rate collapsed from 44% to 31% over the past year. By comparison, the JOLTS survey response rate was 68% in 2012, Lee observed. The current JOLTS data suggests for every unemployed American looking for a job, they have 1.7 job openings to choose from.

☆ Australia fines Uber $14m for misleading advertisements about fares and cancellation fees
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, Dec 7 (Reuters) - An Australian court fined Uber Technologies Inc (UBER.N) A$21 million ($14 million) on Wednesday for threatening cancellation fees it never charged and overstating fare estimates on some rides, lower than a regulator wanted but a setback for the company. The Australian arm of the U.S. ride-sharing app maker broke consumer law by misleading customers with warnings they would be charged for cancelling some rides from 2017 to 2021, and by using an inaccurate software algorithm to estimate fares for a taxi service it offered until August 2020, the federal court ruled. ($1 = 1.4945 Australian dollars)Reporting by Byron Kaye; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

"The entire defense strategy here is to promote the notion that Weisselberg did it for Weisselberg," Steinglass told the jury in a New York state court in Manhattan. Steinglass told jurors that Trump executives other than Weisselberg were involved, saying the company's chief operating officer and a former general counsel received Christmas bonuses as if they were independent contractors. If convicted on all nine counts it faces, Trump's company faces up to $1.6 million in fines. 'SMORGASBORD OF BENEFITS'Defense lawyers had told jurors on Thursday that Weisselberg's intent was to benefit himself and not the company. Weisselberg is expected to serve five months in jail after pleading guilty to tax fraud and other charges.

☆ Trump company tax fraud trial nears end in battle over who to blame
▼ + stars: | 2022-12-01 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Joshua Steinglass, a prosecutor with the Manhattan district attorney's office, said Weisselberg was a product of the "culture of fraud and deception" at Trump's company, and not its only tax fraud beneficiary. Weisselberg is expected to serve five months in jail after pleading guilty to tax fraud and other charges. He told jurors his greed motivated him to cheat on taxes, and described the company's modest payroll tax savings as a "byproduct." Necheles told jurors: "The issue here is not whether as a byproduct the company saved some money. Steinglass urged jurors to dismiss the defense's "far-fetched argument" that Trump's company relied on Mazars to catch wrongdoing.

☆ Trump Organization's criminal tax fraud trial heads to closing arguments
▼ + stars: | 2022-12-01 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

REUTERS/Jonathan Ernst/File PhotoCompanies Trump Organization Inc FollowNEW YORK, Dec 1 (Reuters) - Closing arguments to the jury by prosecution and defense lawyers are set to begin on Thursday in the criminal tax fraud trial of former President Donald Trump's real estate company, which is accused of running a 15-year scheme to defraud tax authorities. Trump, who announced this month he will again seek the presidency in 2024, has not been charged in the case. To prove the Trump Organization guilty, prosecutors must show that Weisselberg and other executives acted as "high managerial agents" of the company when they carried out tax fraud and that the company benefited in some way. Weisselberg has worked for the Trump family for about five decades and is currently on paid leave from the company. Reporting by Luc Cohen in New York; Editing by Will Dunham and Noeleen WalderOur Standards: The Thomson Reuters Trust Principles.

☆ Nobel laureate Paul Krugman says the US rental market is cooling off – and official price stats overstate the inflation threat
▼ + stars: | 2022-11-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Slowing growth in US rents could mean the inflation threat is fading, Paul Krugman said. Krugman noted the slowdown is likely to have a large but delayed impact on inflation. Krugman noted that shelter makes up more than 30% of the Consumer Price Index, and 40% of core CPI, which excludes food and energy. Yet a cooler rental market doesn't necessarily spell the end of America's inflation woes, he noted. Now rental growth appears to be tapering off, Krugman likely feels greater conviction in that view.

The company, which has pleaded not guilty, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. The first witness called by the defense was Donald Bender, an accountant with the firm Mazars who handled the Trump Organization's taxes. Bender was granted immunity from prosecution for testifying before the grand jury that indicted the company and Weisselberg. Bender said he prepared tax returns for Weisselberg and his family members free of charge as an "accommodation." Mazars in February dropped the company as a client and said it could no longer stand behind a decade of Trump's financial statements.

☆ Prosecutors rest case in Trump Organization's criminal tax fraud trial
▼ + stars: | 2022-11-21 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

The Trump Organization, which operates hotels, golf courses and other real estate around the world, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. Trump, a Republican who last week launched another bid for the presidency in 2024, has called the charges politically motivated. The district attorney's office charged the Trump Organization and Weisselberg, who pleaded guilty to charges including grand larceny and tax fraud in an August deal with prosecutors calling for a jail sentence of five months if he testified truthfully in the trial. Weisselberg, who has worked for the company for nearly half a century, is on paid leave from the Trump Organization. U.S. Attorney General Merrick Garland on Friday named a special counsel to oversee the Justice Department's investigations related to Trump including his handling of sensitive government documents after leaving office and efforts to overturn the 2020 election.

It showed 2022-23 Ukraine corn production at 25.8 million tonnes versus USDA’s official estimate of 31.5 million. However, official USDA estimates also use this general “policy in place” framework, so it is a decent bet that the approach was similar. That means its Ukraine estimates still include Crimea and all Russian-occupied areas, and no land area has been added to Russia. CHINA CORNThe market was tipped off in mid-2020 that something may be amiss with Chinese corn stocks as domestic prices began rallying well before U.S. ones. In other words, it appears USDA does not have hard, indisputable evidence of a strong decline in Chinese corn stocks.

A New York state judge on Thursday ordered an independent monitor to oversee the Trump Organization's financial statements following allegations that the company has been vastly overstating its assets. In a hearing in state Supreme Court in Lower Manhattan, Trump attorney Chris Kise argued the move was unnecessary and could hamper the company's business. The motion for a preliminary injunction said Trump Organization representatives created a new company with the same name in Delaware six days before James’ office brought the suit. The company then filed paperwork to register Trump Organization II LLC in New York on Sept. 21, the same day the civil action was filed. In a letter to Engoron on Thursday morning, James' office said the trust documents "pertain to ownership and control of the business assets."

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