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☆ Court tosses defamation lawsuit against the Daily Beast over an article that destroyed Gawker 2.0
▼ + stars: | 2023-05-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

A defamation lawsuit against The Daily Beast was dismissed by a New York appeals court. A New York appeals court this week dismissed a defamation lawsuit against The Daily Beast over an article that led to the implosion of Gawker's short-lived second iteration. The Daily Beast article in question, written by Maxwell Tani, detailed Bustle Digital Group's failed attempt to revive Gawker, a gossipy media site. According to The Daily Beast report, the site's only two writers quit in frustration with Griffith's comments about diversity in the workplace. The litigation bounced around in court for years before landing in front of a New York state appeals court.

☆ PGA Tour and LIV take feud to PGA Championship
▼ + stars: | 2023-05-15 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

ROCHESTER, New York, May 15 (Reuters) - The PGA Tour and LIV Golf take their feud to Oak Hill Country Club for the PGA Championship this week with the Saudi-bankrolled rebel circuit again seeking major validation. That was until world number one Spaniard Jon Rahm came to the PGA Tour's rescue, finishing top of the leaderboard to leave Brooks Koepka and Phil Mickelson runners-up. Like the Masters there will be 18 LIV members in the field led by twice PGA Championship winners Koepka and 52-year-old Mickelson and Australian Cameron Smith, who signed on with LIV after winning last year's British Open. Rahm and world number two Scottie Scheffler both are in top form coming into Rochester. Spieth, who withdrew from the Byron Nelson citing a left wrist injury, needs only a PGA Championship to join the elite club that includes, Woods, Gene Sarazen, Ben Hogan, Gary Player and Jack Nicklaus.

☆ An obituary for the Metaverse, the latest fad to join the tech graveyard
▼ + stars: | 2023-05-14 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

On the agenda today:An obituary for the metaverse, the latest fad to join the tech graveyard. BlackRock is wrestling with who could succeed Larry Fink. Also read:Who will succeed Larry Fink? BlackRock CEO Larry Fink Thos Robinson/Getty Images for The New York TimeWall Street has long been fascinated by succession stories. CEO Larry Fink, now 70-years old, has the rare distinction of leading a Wall Street behemoth he helped found.

☆ Leaked Microsoft email instructs managers to give fewer 'exceptional rewards' as it halts raises and cuts the budget for stock awards and bonuses
▼ + stars: | 2023-05-10 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +6 min

Microsoft plans to halt raises and cut its bonus and stock awards budget, according to an internal email. A separate internal email instructs managers to give fewer employees "exceptional rewards." Microsoft sent managers an email about the company's plan to halt raises and cut its bonus and stock awards budget instructing them to give fewer employees exceptional rewards. Microsoft's spokesperson declined to comment on the email to managers but confirmed the news about halting raises and cutting the bonus and stock award budget. Thank you for navigating a more conservative rewards budget coupled with recent workforce reductions and a challenging and dynamic environment this year.

☆ Instant View: Solid April US jobs report undermines case for Fed cut soon
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +8 min

ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN“It's definitely telling you that the job market is still hot. PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK“It was a hotter than expected report, it certainly didn’t show any cooling in the labor market. Hourly earnings were a little higher than I was looking for.”“Bottom line, this is a strong report and shows that the labor market is resilient. So I think the real focus is on the inflation numbers, and what's happening with wage growth. We are hopeful the continued strength of the jobs market and signs of slowing inflation will ease market volatility in the coming months.

☆ Regional bank stocks edge higher after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares rose 6.5% in early afternoon trading after tumbling 28% to close at their lowest level on record on Tuesday. Western Alliance Bank (WAL.N) advanced 4.2%, while Comerica (CMA.N) and Valley National Bankcorp (VLY.O) added nearly 1% and more than 2%, respectively. The KBW Regional Banking Index (.KRX) rose 2% after closing at its lowest level since December 2020 on Tuesday. The plunge in regional bank stocks came after U.S. regulators seized First Republic Bank and sold off its assets to JPMorgan Chase & Co (JPM.N) for $10.6 billion. The bank selloff indicates investor unease over their outlook following the First Republic deal, Brown Brothers Harriman analysts wrote in a note.

However, with inflation running well over the central bank's 2% target and a still-strong labor market, chances of rate cuts seem less likely. With Monday's manufacturing data giving the Fed enough room for more near-term tightening, all eyes will be on jobs and factory orders data after the opening bell. ET, Dow e-minis were down 79 points, or 0.23%, S&P 500 e-minis were down 7.5 points, or 0.18%, and Nasdaq 100 e-minis were down 6 points, or 0.05%. Educational services company Chegg (CHGG.N) tanked 45.6% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT. Icahn Enterprises LP (IEP.O) dropped 11% after U.S. short seller Hindenburg Research said it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate.

☆ Mark Hogan, Whose Blunt Talk Rattled General Motors, Dies at 71
▼ + stars: | 2023-04-30 | by ( James R. Hagerty | ) www.wsj.com time to read: 1 min

Mark Hogan became one of GM’s leading experts on the lean manufacturing practices pioneered by Toyota. Photo: Daniel Lipptt/Bloomberg NewsWhen Mark Hogan was growing up in the 1960s, the heads of the big U.S. auto makers were revered titans of American business. Encouraged by his father, he set an audacious career goal: chairman of General Motors . In the 1980s, Mr. Hogan became one of GM’s leading experts on the lean manufacturing practices pioneered by Toyota and coveted by rivals. His blunt talk alarmed the United Auto Workers and stirred worries among other GM executives of renewed war between the company and the union.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 10, 2023. Chipmaker Intel Corp (INTC.O) gained 6.1% after it said gross margins will improve in the second half of the year. Amazon.com Inc (AMZN.O) fell 3.5% as the company signaled its cloud growth would slow further, overshadowing its better-than-expected quarterly results. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a 5.1% fall expected at the start of April. Advancing issues outnumbered decliners by a 3.01-to-1 ratio on the NYSE and a 2.01-to-1 ratio on the Nasdaq.

The main U.S. indexes ended up sharply on Thursday, with the benchmark S&P 500 (.SPX) logging its biggest one-day percentage gain since early January. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a forecast for a 5.1% fall at the start of April. ET, Dow e-minis were down 115 points, or 0.34%, S&P 500 e-minis were down 10 points, or 0.24%, and Nasdaq 100 e-minis were down 14.75 points, or 0.11%. Chipmaker Intel Corp (INTC.O) gained 6.5% after it said gross margins will improve in the second half of the year. Colgate-Palmolive Co (CL.N) inched up 0.7% after the toothpaste maker lifted its annual organic sales forecast betting on consistent price hikes.

A three-judge panel of the U.S. Court of Appeals for the District of Columbia said the law, which instructed the U.S. Circuit said the law "makes clear" that those leases are no longer subject to requirements of the National Environmental Policy Act, which requires a thorough look at environmental impacts of proposed major federal actions. Earthjustice attorney Steve Mashuda, who represented the environmental groups, said in a statement that the decision will harm Gulf communities and ecosystems. A spokesperson for the American Petroleum Institute called the order a “positive step toward more certainty and clarity for energy producers.”The Interior Department, which did not appeal the lower court decision, declined to comment. v. Debra Haaland et al., U.S. Court of Appeals for the District of Columbia Circuit, case No.

☆ First Republic Bank shares plumb new lows on report government reluctant to intervene
▼ + stars: | 2023-04-26 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

After a brutal selloff, the bank's market capitalization was about $886 million at its lowest on Wednesday, a far cry from its peak of more than $40 billion in November 2021. U.S. government officials are currently unwilling to intervene in the First Republic rescue process, CNBC reported, citing sources. Reuters GraphicsA trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. "The (First Republic) assets will be sold, but it may take some time and could be sold at a pretty severe discount to par," David Wagner, portfolio manager at Aptus Capital Advisors, said. At least three brokerages have cut their price targets on First Republic's shares since it reported first-quarter earnings on Monday.

☆ First Republic Bank shares plummet day after hitting record low
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - First Republic Bank's (FRC.N) shares fell nearly 10% in premarket trading on Wednesday as analysts highlighted concerns about the troubled lender's plans to turn around its business. The company's shares were last trading at $7.34, paring some losses from a 27% plunge earlier in the day. The stock lost nearly half its value on Tuesday and will hit a record low for the second straight day if current levels hold. At least three brokerages have cut their price targets on First Republic's shares since it reported first-quarter earnings on Monday. A string of earnings reports from regional banks last week had reassured investors, but the banking sector has come under renewed pressure following First Republic's results.

☆ Technology’s year of efficiency faces it first major test: overcoming declining earnings expectations
▼ + stars: | 2023-04-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Technology's year of efficiency faces its first major test this week as big technology earnings kick into high gear. Across the information technology sector, earnings are expected to decline 15.1% year over year, according to FactSet data. The setup for technology stocks It's hard to pinpoint one specific problem denting earnings expectations this season. Heading into the second quarter, many technology companies already face lowered earnings expectations, with analysts lowering earnings estimates for the information technology sector in the first quarter by 6.5% in aggregate, according to FactSet data. "We plan on being either not in any of these names or hedged or short some of them going into earnings season," Niles said.

The northern and southern lights, which are usually confined to the Arctic and Antarctica, have generated awe and wonder for centuries. The northern lights were visible over St. Mary's lighthouse in Whitley Bay, England on Monday. The southern lights glowed over Lake Ellesmere on the outskirts of Christchurch, New Zealand on Monday. Over the next few years, the northern lights might appear further south more regularly, said Robert Massey, executive director at the Royal Astronomical Society. A National Weather Service employee took a photo of the northern lights in Maine on Sunday.

☆ What to watch for in the markets in the week ahead: Monster tech earnings, then sell in May?
▼ + stars: | 2023-04-21 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

More than one third (35%) of the S & P 500 reports earnings next week — including megacaps Microsoft, Alphabet, Meta Platforms and Amazon — versus less than 12% in the week just ended and only 2% last week. So far this quarter, S & P 500 earnings are running 4.7% below the same period a year ago, Refinitiv data shows. Back then, the S & P 500 fell 19.4% from its April high to a low on October 3. Meanwhile, next week is the last full trading week before Wall Street's old adage to "sell in May and go away" takes hold. ET: FHFA Home Price index (February); S & P Case-Shiller home price indexes (February) 10:00 a.m.

The prospective class action complaint, filed in 2021 by two members of the annual paid subscription service Amazon Prime, alleged Amazon was unlawfully "tying" the online sale of third-party products to the use of the company's "Fulfillment by Amazon" program. The lawsuit said Amazon's alleged anticompetitive fulfillment practices had harmed "hundreds of millions of its loyal customers." Amazon's attorneys argued that fulfillment services are sold not to consumers who buy products but to third-party businesses that are selling goods on the company's platform. The antitrust case against Amazon was among private and state actions alleging violations of competition law. The case is Angela Hogan et al v. Amazon.com Inc, U.S. District Court, Western District of Washington, No.

☆ CNBC Daily Open: It’s all about Elon Musk
▼ + stars: | 2023-04-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

Tesla CEO Elon Musk attends the start of the production at Tesla's "Gigafactory" on March 22, 2022 in Gruenheide, southeast of Berlin. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Which might be a good summary of Twitter, Musk's most contentious company — but investors needn't worry about it since Musk has taken it private, anyway. Subscribe here to get this report sent directly to your inbox each morning before markets open.

Major equity indexes have been largely stable during the early stages of a first-quarter earnings season that investors expect to show tepid results. The Dow Jones Industrial Average (.DJI) fell 79.62 points, or 0.23%, to 33,897.01; the S&P 500 (.SPX) lost 0.35 points, or 0.01%, at 4,154.52; and the Nasdaq Composite (.IXIC) added 3.81 points, or 0.03%, at 12,157.23. The defensive utilities group (.SPLRCU) gained most among S&P 500 sectors, rising 0.8%. S&P 500 companies overall are expected to post a 4.8% decline in first-quarter earnings from the year-earlier period, according to Refinitiv IBES. The S&P 500 posted 16 new 52-week highs and one new lows; the Nasdaq Composite recorded 59 new highs and 123 new lows.

Major equity indexes have been largely stable during the early stages of a first-quarter earnings season that investors expect to show tepid results. The defensive utilities group (.SPLRCU) gained most among S&P 500 sectors, rising 0.7%. S&P 500 companies overall are expected to post a 4.8% decline in first-quarter earnings from the year-earlier period, according to Refinitiv IBES. Shares of Western Alliance Bancorp (WAL.N) surged 23% after the company posted stronger-than-expected earnings, helping lift the SPDR S&P Regional Banking ETF (KRE.P) 4%. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 48 new highs and 111 new lows.

☆ The US still waits for its high-speed rail revolution
▼ + stars: | 2023-04-18 | by ( Ben Jones | ) edition.cnn.com time to read: +15 min

So why doesn’t the United States have a high-speed rail network like those? Many Americans have no concept of high-speed rail and fail to see its value. William C. Vantuono, editor-in-chief of Railway Age“Many Americans have no concept of high-speed rail and fail to see its value. Corridors for the greatest potentialBrightline West and CHSR offer templates for the future expansion of high-speed rail in North America. “Where those conditions apply in Europe and Asia, high-speed rail reduces air’s share of the market from 100% to near zero.

☆ Target workers reveal the best perks and biggest frustrations of the job
▼ + stars: | 2023-04-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +9 min

But as attractive as the incentives may be for new applicants, some Target workers say the daily realities of working for the company can make those perks lose their luster. Most workers who spoke to Insider said that managers often pull them from one task to another to support a lean-staffing model. Joe Raedle / Getty ImagesAdditionally, all the workers Insider spoke with agreed that the company's interest in tracking metrics on activities from restocking and repricing to drive-up-order fulfillment can increase the pressure on workers. The company's benefits website says hourly workers' benefit eligibility is reviewed annually and averaged over the prior twelve months. A majority of the sources Insider spoke with said a big reason they sought a job at Target was that they love shopping there — and they still do.

[1/2] Signage is seen at the JPMorgan Chase & Co. New York Head Quarters in Manhattan, New York City, U.S., June 30, 2022. While the crisis is not over yet, CEO Jamie Dimon said he expected the tumult from bank failures in March to eventually pass. The U.S. consumer and the economy remain robust, Dimon said, while cautioning that the banking crisis could turn lenders more conservative and impact consumer spending. "However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks." It is expected to remain flat for the rest of 2023, the executives said.

The S&P 500 banks index (.SPXBK) has lagged the broader S&P 500 (.SPX) this year with a 13% decline, while the KBW Regional Banking index (.KRX) has already lost 20% in its worst performance since 2009. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders stuck to bets the U.S. central bank will raise its benchmark rate in May by another 25 basis points after the retail sales data. Among other big-ticket earnings, healthcare conglomerate UnitedHealth Group Inc (UNH.N) beat estimates for quarterly profit and raised its annual forecast, pushing its shares up 0.4%. BlackRock Inc's (BLK.N) quarterly profit also beat analysts' estimates as investors continued to pour money in the world's largest asset manager's various funds.

The S&P 500 banks index (.SPXBK) surged 3.3% to a one-month high, while the KBW Regional Banking index (.KRX) rose 0.8%. Bank stocks lag S&P 500 this yearDampening the mood, however, data showed retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, raising fears of an economic slowdown. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Following Friday's retail sales data, traders stuck to bets the U.S. central bank will raise rates by another 25 basis points in May. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 14 new highs and 25 new lows.

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