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☆ Tesla will be the winner of the electric vehicle market by leading the charge on AI and energy, Ark Invest's Cathie Wood says
▼ + stars: | 2023-02-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Tesla will be the leader of the EV market, as the company is leading the charge in key areas, Cathie Wood said. Wood predicted Tesla stock would jump to $1,500 in five years, implying a 650% increase from current levels. They're focused on autonomous," Wood said in a Bloomberg Intelligence webinar posted on Thursday. In addition to robotics and artificial intelligence, which will power autonomous electric vehicles, she also pointed to energy storage, saying advances in battery technology will give electric vehicles lower costs than typical gas-powered vehicles. That's because they aren't focusing enough on autonomous vehicles, and Tesla models are also of higher quality, she said.

☆ Bidding wars no more: Regular people have a better shot at scoring a home as investors flee once-hot cities from Phoenix to Atlanta
▼ + stars: | 2023-02-23 | by ( Aj Latrace | ) www.businessinsider.com time to read: +5 min

But investors have backed off, especially in formerly hot areas like Phoenix, Redfin found. The significant drop in investor purchases means less competition for regular homebuyers. Investors purchased approximately $31 billion worth of properties — equivalent to 48,445 homes —nationwide in the last three months of 2022. They include Las Vegas, Phoenix, the New York City suburb of Nassau County, Atlanta, and Charlotte, all of which saw investor purchases fall over 60% year-over-year, the report said. But the drop in home prices and investor purchases last year could signal even more dire conditions in 2023, some analysts and experts predict.

☆ Elon Musk used to scream if he wasn't mentioned in an article about Tesla, the company's first CEO says
▼ + stars: | 2023-02-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Tesla cofounder Martin Eberhard said Elon Musk used to "scream" if he was not cited in Tesla stories. Musk didn't return requests for comment. In an interview with Insider, Eberhard said he and Musk were "congenial" until his last few months at the company. "His behavior changed dramatically as soon as we started having press about Tesla," Eberhard told Insider in an interview. He previously told Insider that Musk and Tesla's board met behind his back and voted to replace him as CEO.

☆ Meta signals more layoffs could be coming after 'thousands' of workers are reportedly given low performance reviews
▼ + stars: | 2023-02-17 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Meta gave about 10% of its staff performance reviews indicating they were underperforming, WSJ reported. The performance reviews signal that Meta could be gearing up for another round of layoffs. Meta let go of about 11,000 workers late last year and dubbed 2023 the "Year of Efficiency." A Meta spokesperson told Insider that the performance reviews are intended to incentivize employees, while also giving them actionable feedback. "Nothing about this year's performance review process has changed or is different than what we've already communicated to employees," the spokesperson said in an emailed statement.

☆ Morgan Stanley's stock chief says a signal that flashed before the 2000, 2008, and 2020 market crashes is once again glaring red — and that big declines are still ahead for the S&P 500
▼ + stars: | 2023-02-11 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Forward earnings growth is now negative, Morgan Stanley's Mike Wilson points out. In a February 6 note to clients, Morgan Stanley's Chief US Equity Strategist Mike Wilson reiterated his call that the S&P 500 hasn't seen a bottom yet. Wilson highlights this pattern in the chart below, showing forward EPS growth (yellow line) alongside S&P 500 price action (blue line). "History shows price downside is in front of us, not behind us," the chart's title reads. Morgan StanleyWilson said in December that he sees the S&P 500 bottoming between 3,000-3,300 in the first quarter before recovering to 3,900 later this year.

WASHINGTON, Feb 9 (Reuters) - Southwest Airlines (LUV.N) on Thursday faced harsh criticism from U.S. senators at a hearing investigating the airline's meltdown that disrupted travel plans for 2 million customers, with one lawmaker calling the situation an "unmitigated disaster." While Southwest cited weather impacts, the union singled out poor preparation and a failure to modernize technology. Democratic Senator Jacky Rosen called it an "unmitigated disaster" that had a "devastating impact on families." Watterson said it has received about 284,000 cases from passengers impacted by meltdown and reimbursed more than 273,000 -- leaving 10,782. Cantwell said Southwest Chief Executive Officer Bob Jordan, who had been invited to the hearing, "didn't want to show up."

WASHINGTON, Feb 9 (Reuters) - Southwest Airlines (LUV.N) faced harsh criticism from U.S. senators at a hearing on Thursday investigating the airline's meltdown that disrupted travel plans for 2 million customers. The airline and its pilot union offered sharply contrasting reasons for the low-cost carrier's massive travel disruptions. While Southwest cited weather impacts, the union singled out poor preparation and a failure to modernize technology. Cantwell said Southwest Chief Executive Officer Bob Jordan, who had been invited to the hearing, "didn't want to show up." The meltdown caused the cancellation of almost 17,000 flights and is estimated to have cost the airline more than $1 billion.

☆ A lot of big employers are slashing jobs, but these companies — from Chipotle to United Airlines — are still hiring
▼ + stars: | 2023-02-01 | by ( Sarah Jackson | Lakshmi Varanasi | ) www.businessinsider.com time to read: 1 min

Chipotle: 15,000 jobsChipotle is one of several companies that recently announced hiring sprees as other large employers, mostly in tech and finance, have cut jobs. ChipotleThe fast-casual chain is beefing up hiring ahead of its busiest months, March to May, a period the company calls "burrito season." Chipotle is hiring 15,000 workers to support its "aggressive growth plans" as it looks to double its footprint to 7,000 stores in North America, according to Chief Restaurant Officer Scott Boatwright.

☆ End of easy-cash era is going to hurt
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +5 min

LONDON, Feb 1 (Reuters) - The end of the easy-cash era is over and its impact yet to be felt on world markets, hopeful that the pain of aggressive rate hikes and high inflation has passed. Reuters Graphics3/ GOING PRIVATEPrivate debt markets have ballooned since the financial crisis to $1.4 trillion from $250 billion in 2010. Reuters Graphics Reuters Graphics4/CRYPTO WINTERRising borrowing costs roiled crypto markets in 2022. Reuters Graphics5/FOR SALEReal estate markets, first responders to rate hikes, started cracking last year and 2023 will be tough with U.S. house prices expected to drop 12%. How the sector services its debt is in focus and officials warn European banks risk significant profit hits from sliding house prices.

☆ The mouse that roared: New Zealand and the world's 2% inflation target
▼ + stars: | 2023-01-30 | by ( Lucy Craymer | ) www.reuters.com time to read: +5 min

Since it's arrival in 1990, the 2% inflation target phenomenon has sailed from Wellington around the globe to become the accepted norm among central banks, large and small, for grounding public expectations for what inflation ought to be. The adoption of the inflation target was followed by aggressive monetary tightening, with 90-day rates climbing to 15% in 1990. A year later, inflation had fallen to 2% and New Zealanders' inflation expectations adjusted quickly to the new paradigm. Initially there was debate about whether interest rates or money supply should be the target, but it was decided it was better to target the ultimate goal: inflation. "They did all the hard work and I just got all the glory and the title of being the most despised man in New Zealand," Douglas said.

That surge in demand and limited supply contributed to higher prices. But diners will likely still pay higher menu prices than they were last year. Dutch Bros. Coffee CEO Joth Ricci told CNBC that most coffee businesses hedge their prices six to 12 months in advance. However, Zandi said, if the job market remains strong, inflation eases and wages grow, Americans can better manage higher prices for airfare and other items. Several hot pandemic items, including TVs, computers, sporting goods and major appliances have dropped in price, according to Labor Department data from December.

☆ Suspect in Half Moon Bay shooting rampage appears in California court
▼ + stars: | 2023-01-25 | by ( Jorge Garcia | ) www.reuters.com time to read: +5 min

[1/6] A suspect is arrested by law enforcement personnel after a mass shooting at two locations in the coastal northern California city of Half Moon Bay, California, U.S. January 23, 2023 in a still image from video. The hearing was held at the San Mateo County Superior Court in nearby Redwood City, California. The complaint against Zhao also alleged "special circumstances" accusing Zhao of "personally and intentionally" shooting to kill. IMMIGRANT VICTIMSHalf Moon Bay, a community of about 12,000 residents south of San Francisco, is home to both a luxury resort and a low-income farming community. Two days before the Half Moon Bay killings, another gunman 380 miles to the south opened fire at the Star Ballroom Dance Studio, a club frequented mostly by older patrons of Asian descent in Monterey Park.

☆ Suspect in California's latest shooting rampage due in court
▼ + stars: | 2023-01-25 | by ( Alexandra Ulmer | Thomson Reuters | U.S. National Affairs Correspondent Who Spent Four Years In Venezuela Covering President Maduro'S Administration | ) www.reuters.com time to read: +5 min

[1/3] A suspect is arrested by law enforcement personnel after a mass shooting at two locations in the coastal northern California city of Half Moon Bay, California, U.S. January 23, 2023 in a still image from video. HALF MOON BAY, Calif., Jan 25 (Reuters) - The man accused of shooting and killing seven farm workers near San Francisco in the latest of two back-to-back gun rampages in California that claimed 18 lives overall was due in court on Wednesday for his initial appearance before a judge. Chunli Zhao, 66, the lone suspect in Monday's massacre at two mushroom farms in the seaside town of Half Moon Bay, is expected to be formally presented with murder and other charges at the San Mateo County Superior Court in nearby Redwood City. The suspect was described as a resident of Half Moon Bay, a community of about 12,000 residents known for its foggy weather, fishing, and agriculture. San Mateo County jail records showed Zhao was booked on suspicion of premeditated murder, attempted murder and firearms offenses.

Amazon, Microsoft, and Google announced layoffs of a total of 40,000 employees this week. Tech companies embarked on a massive hiring spree as the Covid-era made their products the backbone of the world's remote-working offices. The era of tech companies spending like rock stars is overOver the last decade Big Tech companies spent money "like 1980's rock stars," wrote Dan Ives, managing director at the investment firm Wedbush . On the other end, tech companies may look much different this decade as they did in the last. As companies like Google, Amazon, and Microsoft cut costs, they'll find ways to operate leaner, and their stock prices will stabilize.

“Nearly every single state in the nation has passed at least one significant gun safety law since Sandy Hook,” concluded the report, first obtained by NBC News. Gun violence has gone from being a political third rail to a kitchen table topic in just ten years. Nearly every American will know a victim of gun violence in their lifetime.”Former Rep. Gabby Giffords, D-Ariz., hugs Rep. Lucy McBath, D-Ga., at the Giffords Gun Violence Memorial in front of the Washington Monument in Washington, D.C., on June 7. Still, gun safety advocates face tall hurdles to achieving other goals, like banning semi-automatic assault-style weapons and large-capacity ammunition. Republicans just won control of the House, almost certainly ending hopes for stricter gun laws for the foreseeable future.

☆ Tech jobs: Recent grads send in hundreds of apps in unfamiliar, shrinking market
▼ + stars: | 2022-12-10 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +6 min

Now, though, they’re applying for tech jobs at possibly the worst time in years, as nearly every part of the sector from streaming services to robotics has laid off people or frozen hiring. He graduated with a computer science degree in December 2021, a time he now sees as “the beginning of the end” for the most recent tech boom. “My biggest chances of getting a job in the U.S. kind of tanked,” he said, because of the recent layoffs. At colleges and universities, interest in computer science soared during the most recent tech boom. Lam, who’s scheduled to graduate in December 2023, said he originally thought the layoffs in tech would hurt junior-level people the most.

☆ Shoppers are dipping into savings and going into debt. That could cause a holiday hangover
▼ + stars: | 2022-12-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And that would be problematic for an economy that is driven by consumer spending. But the savings rate has come down since, in large part due to the high cost of living. The savings rate fell to just 2.3% in October, according to government statistics released last week. By contrast, the savings rate in 2019 averaged nearly 9%, according to Moody’s. Markowska expects consumer spending to remain solid until layoffs pickup steam, likely during the third quarter of next year.

☆ Travel warnings: What other nations tell their citizens about US violence
▼ + stars: | 2022-11-27 | by ( Forrest Brown | ) edition.cnn.com time to read: +12 min

After all, the rate of gun-related deaths in the United States has been going up in recent years. CNN Travel keeps a periodic check on what the governments of the United States’ neighbors and closest allies tell their citizens about coming here. It also tells its citizens that “violent crime, including gun crime, rarely involves tourists, but you should take care when traveling in unfamiliar areas. In many states, it is legal for United States citizens to openly carry firearms in public. “Violent crime has targeted individuals and groups from the LGBTQIA+ community and those with diverse ethnic, cultural and religious backgrounds.

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☆ The 9 US cities where buyers have the best shot at scoring a home because home prices have dropped the most since the spring
▼ + stars: | 2022-11-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

As homebuyer activity slows, home prices are falling in cities across the country. To get a sense of where home prices are falling the most, we examined home-price data Zillow sent exclusively to Insider. After digging through the numbers for dozens of housing markets, we picked out nine US cities where home prices have rapidly cooled in recent months. So what I expect in those markets is that prices will come down." Read on to see how much prices have fallen in these markets and where else homebuyers are seeing the most discounts.

☆ Law Firms Prepare for Slowdown After Record Demand
▼ + stars: | 2022-11-25 | by ( Erin Mulvaney | ) www.wsj.com time to read: 1 min

Brad Karp, chairman of Paul, Weiss, Rifkind, Wharton & Garrison, said firms are willing to pay top-dollar for high-performing partners in strategically important practice areas. Law firms are bracing for economic uncertainty after record-breaking revenues last year and hiring sprees that saw even some lower-level lawyers netting six-figure signing bonuses. Market volatility, inflation and rising interest rates have put a damper on corporate merger and acquisition activity, which in turn has cut into a key stream of revenue that has fueled recent boom times in the legal industry. The slowdown is putting pressure on law-firm hiring and prompting firm leaders to look for growth opportunities in other practice areas, including in bankruptcy, restructuring, litigation and government regulation work.

My dad had many creative ways to save money, including zig-zagging all over NYC to avoid road tolls. Growing up, I learned the value of money from him, and I've applied his lessons over and over. When I wanted to buy a house, I slashed my spending and took on side gigs to save a down payment. Following in my father's careful footsteps has allowed me to afford two homes and a new car, all on a teacher's salary. I love to travel and, as a teacher, I'm able to take advantage of summers off.

☆ Investor Kari Firestone: Here's why this comeback rally feels different
▼ + stars: | 2022-11-21 | by ( Karen Firestone | ) www.cnbc.com time to read: +4 min

While the S & P 500 rose 11% during two weeks in March and 18% from mid-June to mid-August, investors bailed out and tripped the prior lows for the year. It wasn't obvious that Americans still had huge amounts of buying power that would continue to drive price levels higher. One definition might be when there is a fundamental shift in some critical measurements of the most negative weights pressuring stock prices. The S & P soared 5.5% that day, and the Nasdaq vaulted over 7%. This rally is different, even if it moves sideways or falters for a while because its genesis is based on real facts and figures.

☆ Walmart and Target’s quarterly results lay bare the retailers' stark differences
▼ + stars: | 2022-11-17 | by ( Melissa Repko | ) www.cnbc.com time to read: +4 min

Groceries account for 56% of Walmart's annual revenue, compared with just about 20% at Target, according to company filings. More customers turn to Walmart to fill out the bulk of their grocery lists, said Neil Saunders, managing director of retail advisory firm GlobalData. A man pushes his shopping cart past bread for sale at a Walmart SuperCenter store in Rosemead, California. Brown | AFP | Getty ImagesLow prices vs. Fun findsWalmart is known for its mantra of "everyday low prices" and its focus on value has become synonymous with its name. About 21% of sales at Target come from unplanned purchases, according to GlobalData research from before the pandemic.

☆ ‘Dying Inside’: Chaos and Cruelty in Louisiana Juvenile Detention
▼ + stars: | 2022-10-29 | by ( Megan Shutzer | Rachel Lauren Mueller | ) www.nytimes.com time to read: +47 min

But inside the walls at Ware, one of the state’s largest juvenile detention facilities, children have been trying to kill themselves with stunning regularity. In Louisiana, where brutal conditions prompted juvenile justice reform two decades ago, the system is again in crisis. Most Ware guards are Black, as well, though nearly all of its leaders are white, as are the local judge, sheriff and district attorney. “Of course, they still do.” In reports to the state, Ware’s nurses described carpet burns on children’s faces and head-to-toe bruises from restraints. In fact, of the four guards convicted of sexually assaulting children at Ware, Mr. Peace would be the only one imprisoned.

☆ Mastercard will help banks offer cryptocurrency trading
▼ + stars: | 2022-10-17 | by ( Kate Rooney | ) www.cnbc.com time to read: +4 min

Mastercard is looking to bring crypto to the masses by making it easier for banks to get involved. The payments giant plans to announce a program Monday that will help financial institutions offer cryptocurrency trading, the company told CNBC. Mastercard will act as a "bridge" between Paxos, a crypto trading platform already used by PayPal to offer a similar service, and banks, according to the company. Mastercard has already teamed up with Coinbase on NFTs and Bakkt to let banks and merchants in its network offer crypto-related services. Last week, Visa partnered with FTX to offer crypto debit cards in 40 countries and has more than 70 crypto partnerships.

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