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The state of Wall Street's drug culture
  + stars: | 2024-01-19 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
In today's big story, we're looking at the state of Wall Street's drug culture. What's on deck:AdvertisementBut first, does Wall Street have a drug problem? The big storyHigh on Wall StreetVartika Sharma for BIOf the many stereotypes about Wall Street, one of the most prevalent is the industry's rampant drug use. From Martin Scorsese's "The Wolf of Wall Street" to HBO's "Industry," extreme drug use and working in finance are often portrayed as being hand-in-hand. Business Insider's finance team spoke to more than a dozen current and former finance professionals, along with several health professionals, to get a sense of Wall Street's drug culture these days.
Persons: , Jennifer Lopez's, Vartika Sharma, Martin Scorsese's, JAMES ARTHUR GEKIERE, Marty Chavez, Goldman Sachs, Chavez, that's, It's, Ted Shaffrey, Justin Sullivan, MGM Studios Jen Salke, Rachel Weisz, Alice Birch, MGM Studios Sue Kroll, Kevin Mazur, they'll, Josephine Maida, I've Organizations: Service, Business, BI, Sixth, Apple, Netflix, Big Tech, Tech, Amazon, MGM Studios, Apple Vision, Schlumberger Locations: Wall
Jacob Elordi smelled a "Saltburn"-themed scented candle on "The Tonight Show Starring Jimmy Fallon." Elordi appeared on Thursday's episode of "The Tonight Show Starring Jimmy Fallon," and host Jimmy Fallon gifted him a candle. AdvertisementOliver (Barry Keoghan) puts his face in Felix's (Jacob Elordi) bathwater in "Saltburn." Amazon MGM StudiosAlthough the bathtub scene is not the only explicit scene in "Saltburn," it is the most talked about scene on social media. While viewers found the bathtub scene disturbing, Elordi defended the scene in an interview with USA Today.
Persons: Jacob Elordi, Jimmy Fallon, , Jacob Elordi's bathwater, Felix, masturbates, Oliver, Barry Keoghan, Elordi, Fallon, Priscilla, Cailee Spaeny, Suzie Davies, Keoghan, Davies, Emerald Fennell, Fennell Organizations: Service, MGM Studios, Business, USA Locations: Felix's
That helped push Apple shares higher too. Jim observed that in this continued era of efficiency, once again if companies downsize, their stocks go higher. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Jim, they've, Nelson Peltz, Disney, I'm, Nelson, Gamble, Eli Lilly, Jim Cramer's Organizations: CNBC, Taiwan Semiconductor Manufacturing Company, Apple, Bank of America, Nvidia, Amazon, MGM Studios, Disney, Procter, Ford, Wynn Resorts, Broadcom, Meta, Jim Cramer's Charitable Locations: Bank
The layoffs hit Prime Video and the Amazon MGM Studios division, with many of the cuts related to Amazon's $8.5 billion acquisition of MGM in 2022, the second biggest deal in the tech giant's history. The layoffs, combined with other factors straining the entertainment business — from strikes to content spending pullbacks — have heightened concerns about the future of the company's entertainment ambitions. These are the questions that came up the most about that future, according to conversations with six people close to Prime Video and Amazon MGM Studios. As part of the layoffs, two MGM teams were integrated under Chris Brearton, a business-side exec who joined Amazon with the MGM acquisition in 2022. How will sports impact original content spending?
Persons: what's, Jen Salke, Freevee, didn't, Who's, Chris Brearton, Salke, Mike Hopkins, What'll, there's Organizations: Amazon, Amazon MGM Studios, MGM, Amazon's, Hollywood Reporter, Hollywood, Diamond Sports, MLB, NHL, NBA Locations: Salke, Africa, MENA, Northern, Central
Amazon is laying off about 30 employees in its Buy with Prime unit, CNBC has learned, as it continues to look for ways to trim costs. The cuts affect fewer than 5% of staff in the Buy with Prime division, Amazon said. Buy with Prime is a service that lets online stores offer the same two-day shipping benefits available to Prime subscribers. Amazon said it's assisting Buy with Prime employees who were laid off in finding new roles elsewhere within the company. WATCH: Amazon lays off hundreds of roles across Twitch, Prime Video and MGM Studios
Persons: we've, Santos, Peter Larsen, Amazon Organizations: CNBC, Amazon, Prime, MGM, Google, Xerox, Unity, Employees, MGM Studios
The US Army recently obtained its new Precision Strike Missile (PrSM), a surface-to-surface weapon. Earlier this month, the Army revealed it made progress on a new variant of the ballistic missile. AdvertisementThe US Army has flight tested the seeker that will allow its newest missile to hunt down warships, among other targets. Last month, the Army received its first delivery of the next-generation Precision Strike Missile (PrSM), a short-range, surface-to-surface ballistic missile. On Tuesday, for example, US forces struck and destroyed four anti-ship ballistic missiles that the Houthis were preparing to launch.
Persons: , Lockheed Martin, James Kirsch, AvMC, DEVCOM AvMC, Biden, Gerald R, Technology Doug Bush Organizations: US Army, Strike, Army, Service, MGM, Tactical Missile Systems, Lockheed, Ship, Command's Aviation, Missile Center, Ford, High, Artillery Rocket Systems, Systems, Acquisition, Logistics, Technology Locations: Ukraine, Yemen, Iran, China, Beijing
Oliver spies on Felix as he pleasures himself in a clawfoot tub. After Felix finishes and leaves the room, Oliver crawls into the tub and drinks the last bit of water from the bath as it swirls down the rusty drain. The scene's shocking nature has led to countless TikToks and jokes, including a cocktail recipe inspired by the moment. "The bathroom was described along with the whole walkthrough scene when Felix walks through showing Oliver the house," Davies told Business Insider. "It was a spare bedroom with tapestry on the walls and a cream color," Davies explained of their chosen room.
Persons: , Barry Keoghan's Oliver slurps, Felix, Jacob Elordi, Oliver, Jill, Jacob Elordi's Bathwater, Jacob Elordi's bathwater, I've, Suzie Davies, Davies, Fennell's, Oliver's, Fennell, Emerald Fennell, Jacob, Barry slurping, Barry Keoghan, Linus Madekwe's, Barry Organizations: Service, Business, Oxford University, Drayton House, MGM, Amazon MGM Locations: Drayton, Northamptonshire
Palo Alto Networks CEO Nikesh Arora said Tuesday that cybersecurity demand will only intensify in 2024. Palo Alto Networks was riding a six-session winning streak, including Tuesday's all-time high above $333 per share. PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance When Arora took over as CEO of Palo Alto in June 2018, the stock was around $70 per share. Late last year, Palo Alto announced plans to buy enterprise browser startup Talon Cyber Security and cloud data specialist Dig Security. Arora Nikesh, Palo Alto Networks CEO & Chairman at the WEF in Davos, Switzerland on May 23rd, 2022.
Persons: Nikesh Arora, Arora, Jim Cramer, he's, OpenAI, Sam Altman's, Estee Lauder, Clorox, Palo, we've, Morgan Stanley, Jim Cramer's, Jim, Arora Nikesh, Adam Galica Organizations: Palo Alto, Club, CNBC, Palo Alto Networks, Alto, Palo, Google, MGM Resorts, Caesars Entertainment, Security Locations: Davos, Switzerland, Palo, Palo Alto
According to Dice's 2023 Tech Sentiment Report, 60% of tech workers in general are interested in leaving their jobs in 2024, which is up from 52% the year prior. According to Art Zeile, CEO of tech careers marketplace Dice, tech workers are most in demand in the aerospace, consulting, health care, financial services and education industries. Zeile says it's in spaces like these — non-tech enterprises with major tech branches — that tech workers can find better work-life balance and more stability than the tech leaders can provide. In corporate America outside of big tech, he said, "There is more of a dedication to making sure that the project gets fulfilled." Tech job growth geographicallyUltimately, Zeile says recent layoffs have induced a jarring disruption in two decades of growth in big tech.
Persons: Justin Sullivan, Jeff Spector, Spector, I'm, CBRE, Art Zeile, Zeile Organizations: Google, Tech, Meta, Microsoft, MGM Studios Locations: Mountain View , California, Silicon Valley, Seattle, America, India
Winter storms and cinema closures in North America didn’t dampen the opening weekend for “ Mean Girls. Not accounting for inflation, that’s more than the $24.4 million the first movie made in its opening weekend. This iteration of “Mean Girls” stars Angourie Rice, Auli’i Cravalho and Reneé Rap, who played Regina on stage. Political Cartoons View All 253 ImagesAmazon and MGM’s “The Beekeeper" debuted in second place with an estimated $16.8 million from 3,303 theaters. The Walt Disney Co. sent its 2020 Pixar film “Soul” to movie theaters this weekend as well, where it made $429,000 from 1350 locations in North America.
Persons: Tiny Fey, Martin Luther King Jr, Jason Statham, Jay, Clarence, “ Barbie, , hadn’t, Regina George, Angourie Rice, Auli’i, Regina, Fey, Samantha Jayne, Arturo Perez Jr, bode, “ Wonka, Sydney Sweeney, Glen Powell, LaKeith Stanfield, Omar Sy, RJ Cyler, David Oyelowo, Alfre Woodard, Teyana Taylor, Jeymes Samuel, “ Luca Organizations: Paramount, Golden Globes, , Rotten, Miramax, Sony, Universal, Walt Disney Co, Pixar, Disney Locations: North America, British
“There was a casualness in his attitude toward his work,” said Joe Ciardiello, an illustrator who was a friend of Mr. Parker’s. “So many artists can get so fussy about the correct kind of paper or the proper pen or paints. But Bob would use whatever he had — people would give him paint, he’d use cheap stuff, expensive stuff. The original plan was for Mr. Parker’s and Mr. Douglas’s hands to alternate onscreen, where they would appear to be creating van Gogh’s paintings. But they worked on only one, “Wheatfield With Crows,” before Mr. Parker’s job became copying about 100 of van Gogh’s drawings and paintings to use in the film.
Persons: , Joe Ciardiello, Mr, Parker’s, Bob, ” Robert Andrew Parker, William, Harriett, Cowdin, Parker, Kirk Douglas, Vincent van Gogh, van Organizations: U.S . Public Health Service, Army Air Corps, Art Institute of Chicago, Metropolitan Museum of Art, New York School, Skowhegan, of Painting, MGM Locations: Norfolk, Va, Michigan, Fort Stanton, N.M, New York City, Paris, France
Jackyenjoyphotography | Moment | Getty ImagesThe start of 2024 has not been kind to workers in industries that opened the year with layoffs. Recent U.S. Department of Labor data shows layoffs have been hovering near historic lows — and experts say getting laid off no longer has the same stigma it once did. The following steps can help you shore up your finances and kick-start your job search. Calculate severance pay, unused time offYou may receive a severance package from your employer or get paid for unused time off. If you're able to find a new job quickly, you may be able to bank the severance pay, he noted.
Persons: Twitch, Scott Dobroski, Ted Jenkin, Atlanta . Jenkin, Vicki Salemi, Salemi, Jenkin, Dobroski, We've Organizations: Google, MGM Studios, Tech, Citigroup, U.S . Department of Labor, CNBC, Finance Locations: Atlanta .
This story is available exclusively to Business Insider subscribers. "That's a lot of growth," Hopkins said. Prime Video was the first to do a hiring freeze at Amazon in 2022 because the team was growing too fast, he added. Related storiesHopkins's comments show the exponential growth the Prime Video and MGM Studios team saw prior to Wednesday's layoffs. For years, Amazon has poured billions of dollars into its video streaming service, which is included in its Prime membership program.
Persons: Mike Hopkins, Hopkins, didn't Organizations: Amazon, MGM Studios, Business, BI, MGM, Football Locations: Amazon, headcount
Amazon is cutting 5% of the workforce at its Audible division, according to an internal email obtained by Business Insider. On Thursday, Audible's CEO Bob Carrigan wrote an email to his team notifying the "tough decision to reduce roles within our organization," the email said. The job cuts follow broader layoffs at other parts of Amazon this week. Internal messages suggest more job cuts in Amazon Pay and marketing roles, as BI previously reported . Amazon acquired Audible, which provides audiobooks and podcasts, for roughly $300 million in 2008.
Persons: Bob Carrigan, Carrigan, we've, It's, Eugene Kim Organizations: Service, Business, Amazon, MGM Studios, Pay, Global
Amazon's Audible unit lays off about 5% of staff
  + stars: | 2024-01-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com   time to read: +3 min
The Audible application is displayed on a smartphone in an arranged photograph taken in Arlington, Virginia, on May 21, 2020. Amazon 's Audible division is cutting approximately 5% of its staff in an effort to position the unit "for continued success," the executive overseeing the division told employees Thursday. The announced cuts follow the layoffs on Wednesday of hundreds of employees in Amazon's Prime Video, MGM Studios and Twitch livestreaming units. The unit has remained largely independent since the deal but is not immune to broader cuts underway at its parent. We are well positioned to continue our momentum and sustain the global growth that will keep us the leader in audio storytelling.
Persons: Bob Carrigan, we've, It's Organizations: Amazon's, MGM Studios, CNBC, Amazon, Global Locations: Arlington , Virginia
Last March, Twitch let go of roughly 400 staffers, and it cut some employees in its customer experience division last October. Amazon has undergone the largest layoffs in its history, cutting 27,000 employees since 2022. The cuts have been ongoing, with Amazon announcing layoffs in its Prime Video and MGM Studios units on Wednesday. So while the Twitch business remains strong, for some time now the organization has been sized based upon where we optimistically expect our business to be in 3 or more years, not where we're at today. If your role is affected by this decision and you live in the US, Canada, Brazil, Mexico, or Singapore.
Persons: Twitch, Emmett Shear, Clancy, Doug Scott, Laura Lee, we've, you've, Lauren Nunes, Dan Organizations: Amazon, MGM Studios, Clancy, Team Locations: Canada, Brazil, Mexico, Singapore, Twitch
Here's the full memo from Hopkins:Team,We've taken significant steps towards our long-term vision of making Prime Video the first-choice entertainment destination for customers worldwide, and I'm proud of everything we've accomplished as a team to date. And, through our acquisition of MGM, we've increased our investments in theatrical films and driven growth in MGM+ and our licensing and third-party production businesses. As a result of these decisions, we will be eliminating several hundred roles across the Prime Video and Amazon MGM Studios organization. It is hard to say goodbye to talented Amazonians who've made meaningful contributions on behalf of our customers, team and business. Prime Video is one of the most popular benefits for Prime members, and one of most widely used entertainment destinations in the world.
Persons: We've, we've, Amazonians who've, Mike Organizations: Amazon, Hopkins, MGM, Prime, Amazon MGM Studios Locations: Americas
The company is laying off "several hundred" employees across Prime Video and Amazon MGM studios. "As a result of these decisions, we will be eliminating several hundred roles across the Prime Video and Amazon MGM Studios organization." In April 2023, Amazon Studios (now Amazon MGM Studios) and Prime Video teams cut about 100 people — a tiny fraction of Amazon's 27,000 layoffs last year. As a result of these decisions, we will be eliminating several hundred roles across the Prime Video and Amazon MGM Studios organization. Prime Video is one of the most popular benefits for Prime members, and one of most widely used entertainment destinations in the world.
Persons: Mike Hopkins, Hopkins, Amazon's, Jen Salke, Freevee, We've, we've, Amazonians who've, Mike Organizations: Service, Prime, MGM, Amazon MGM Studios, Business, Hollywood Reporter, Bloomberg, Hollywood, Amazon Studios Locations: Americas, Hollywood
New York CNN —Amazon on Wednesday cut hundreds of jobs across two different business units: streaming platform Twitch and its film and television studios division. Amazon is cutting “several hundred” roles across Prime Video and Amazon MGM Studios, according to an internal note shared with CNN. In addition, video game streaming company Twitch, which is owned by the tech giant, said Wednesday it is laying off 500 workers as part of ongoing cost-cutting efforts. Wednesday’s announcement comes after Twitch laid off 400 workers in March of last year as part of broader cuts at parent company Amazon. The layoffs point to ongoing challenges at Twitch, although Amazon does not break out specific results for the unit.
Persons: Mike Hopkins, , , Hopkins, Dan Clancy, Twitch, we’ve, ” Clancy, Clancy, Dataminr Organizations: New, New York CNN, Amazon, Amazon MGM Studios, CNN, MGM, Amazon Prime, Bloomberg, Google, Spotify Locations: New York
Read previewSpeculation about the future of Amazon's free, ad-supported streamer Freevee is swirling now that sibling service Prime Video is about to launch ads itself. People who work for the service have been reassigned or told they'll add Prime Video duties, said three insiders familiar with the matter. Ryan Pirozzi, who previously ran the business side of Freevee, is now head of Prime Video Channels, US. People who worked on Freevee teams will be doing double duty for Prime Video, a sign that Amazon no longer sees Freevee as a freestanding business. Amazon describes Freevee as a service, with Amazon MGM Studios, Amazon's film and TV division, developing the content for Prime Video and Freevee.
Persons: , Lauren Anderson —, Ryan Pirozzi, Freevee, James Marsden, It's, Jenny Burke Organizations: Service, Business, Amazon MGM Studios, Amazon, Freevee . Company, Hollywood, Prime, Freevee, Video Locations: Freevee
After 2023's blowout run, it's hard to recall the once gloomy investing setup for technology stocks last December. As the calendar year turns, don't expect technology stocks to match 2023's blowout gains, but the year's performance is no fluke. AI stocks may dominate tech-focused investing, but don't sleep on the other emerging themes. GOOGL YTD mountain Alphabet shares in 2023 Both companies have rolled out new initiatives in the months since. Arm Holdings made headlines this year as one of the first major companies to go public , reviving the IPO market after a roughly two-year drought.
Persons: behemoths, Jay Woods, Mark Zuckerberg, didn't, chipmakers, David Waddell, Everybody's, Copilot, Paul Meeks, Gene Munster, Alphabet's, Meeks, Morgan Stanley, Andrew Slimmon, They're, Slimmon, CNBC's, Wall, Nvidia's, He's, Mahoney, Ken Mahoney, it's, Brent Fredberg, Munster's, Management's Albert Tsuei, Tsuei, William Blair's Jonathan Vo, Keith Weiss Organizations: Federal Reserve, Treasury, Freedom, Microsoft, Waddell & Associates, Oracle, Arista Networks, Morgan, Morgan Stanley Investment, Meta, Nvidia, Devices, Dell, Hewlett Packard Enterprises, Broadcom, Holdings, Micron Technology, Brandes Investment Partners, Micron, Samsung, Taiwan Semiconductor Manufacturing, MGM Resorts, Johnson, Okta, UBS, Management's, Palo Alto Networks, Palo Alto Locations: British, Clorox
Shares of The North Face and Vans owner VF Corp . VF Corp. declined to comment on whether the incident was a ransomware attack. VF Corp. announced the incident on the same day that the U.S. Securities and Exchange Commission's new cyber disclosure rules took effect. VF Corp. first identified hackers in its system on Dec. 13, meaning it took relatively little time for the company to identify the threat as material. VF Corp. is the latest major company to be hit a by cyberattack that disrupted company operations.
Persons: Clorox Organizations: Corp, VF Corp, U.S . Securities, Exchange, SEC, Caesars Entertainment, CNBC, MGM Resorts, Caesars, MGM
CrowdStrike CEO George Kurtz has had a banner year. The new regulations will likely offer upside for CrowdStrike, Kurtz said. For every dollar companies paid CrowdStrike to respond to hacks, CrowdStrike collected roughly $6 on average in new subscription revenue, Kurtz said. "It's not something we can answer" for companies, Kurtz said. While incident response is good business for CrowdStrike, Kurtz emphasized that CrowdStrike's main focus is "to help customers prevent these sorts of attacks upfront and provide visibility."
Persons: George Kurtz, It's, Kurtz, CrowdStrike, it's, Jen Organizations: Crowdstrike Holdings Inc, Bloomberg Technology, RSA Conference, CNBC, Securities and Exchange, SEC, Caesars Entertainment, MGM Resorts, Caesars, MGM, CrowdStrike, Infrastructure Security Agency Locations: San Francisco , California
Song’s quietly romantic film, starring Greta Lee and Teo Yoo as childhood friends who reconnect later in life, earned nominations for her direction, script and for both actors. “May December,” about an actress preparing to play a Mary Kay Letourneau-like role got nods for Natalie Portman, Charles Melton and screenwriter Samy Burch. MGM’s “American Fiction,” featuring Jeffrey Wright as a frustrated novelist, got recognition for Wright, Erika Alexander and Sterling K. Brown. Josh Welsh, the president of Film Independent, said the spirit awards look for films and shows that, “demonstrate the uniqueness of vision, original, provocative subject matter, economy of means and diversity, both on screen and off.”The Spirit Awards also recognize television series. Billie Eilish was also nominated for “Swarm.”Saturday Night Live’s Aidy Bryant is hosting the show, which will take place on Feb. 25 in Santa Monica, California.
Persons: Song’s, Greta Lee, Teo Yoo, , Mary Kay Letourneau, Natalie Portman, Charles Melton, Samy Burch, MGM’s, Jeffrey Wright, Wright, Erika Alexander, Sterling K, Brown . Jefferson, , ” Kelly Reichardt’s, Robert Altman, Michelle Williams, André Benjamin, Hong Chau, Judd Hirsch, Amanda Plummer, Alexander Payne's “, Paul Giamatti, Da’Vine Joy Randolph, Dominic Sessa, Payne, Giamatti, Andrew Haigh, Ira Sachs, William Oldroyd, Eileen, Haynes, Song, “ Oppenheimer, Maestro ”, Lee, Yoo, Portman, Jessica Chastain, Monica, Judy Reyes, Andrew Scott, Franz Rogowski, Teyana Taylor, Noah Galvin, Anne Hathaway, Glenn Howerton, Marin Ireland, Catalina Saavedra, Ben Whishaw, Brown, Alexander, Marshawn Lynch, Sandra Hüller, Justine Triet’s “, Jonathan Glazer’s, Iceland’s, Wata, Michelle Yeoh, Ke Huy Quan, Josh Welsh, Steven Yeun, Ali Wong, Bella Ramsey, Murray Bartlett, Nick Offerman, Billie Eilish, Live’s Aidy Bryant Organizations: NFL, , Film, , YouTube Locations: Hong, Melton, Randolph, Poland, Denmark, Santa Monica , California
Detroit Casino Council ratify contract with MGM, Penn
  + stars: | 2023-12-03 | by ( ) www.reuters.com   time to read: 1 min
A view of MGM Grand hotel and casino signage, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing RightsDec 2 (Reuters) - Unions representing casino workers in Detroit have voted to ratify a new contract with MGM Grand Detroit operated by MGM Resorts (MGM.N), Hollywood Casino at Greektown operated by Penn Entertainment (PENN.O) and MotorCity Casino, Unite Here union said on Saturday. The unions will end the 47-day strike immediately, Unite Here union said in a statement. Reporting by Jose Joseph in Bengaluru; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.
Persons: Bridget Bennett, Jose Joseph, Daniel Wallis Organizations: MGM, MGM Resorts, REUTERS, Unions, MGM Grand Detroit, Hollywood, Penn Entertainment, Thomson Locations: Las Vegas , Nevada, U.S, Detroit, Greektown, Bengaluru
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