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☆ 'Tables have turned on FANG': Tech earnings wreck splits the stock market
▼ + stars: | 2022-10-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

This earnings season's tech wreck could continue to pressure the Nasdaq Composite, while other sectors may help broader indices deflect some of the pain. Amazon 's stock was hammered after the company missed estimates and gave a disappointing sales forecast for the current quarter . The two were members of FANG, a group of four favorite stocks that joined other Big Tech in carrying the market to highs before the bear market. Apple's report has been much anticipated by investors, since it is 7% of the S & P 500. "A favorable reaction could lift tech off its lows and help extend the relief rally in the S & P. A gap down would do the opposite."

☆ Is Exxon the new 'FANG'? The value rotation is starting to look more real
▼ + stars: | 2022-10-28 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Value buyers have been waiting for a sustainable rally for so long, many have moved on to other quests. "Exxon is the new FANG," has been a quip on trading desks for the past few weeks. As the year has gone on, the direction of earnings growth has decelerated for big-cap tech — in some cases dramatically. "2022's pandemic era earnings growth rates are proving to be unsustainable, so markets are revising their estimate of fair value for these stocks," he said. True, all are seeing earnings growth, just not as fast as expected a couple years ago.

$55 BILLION TESLA PAY LAWSUITA shareholder of Tesla wants a judge to find that Musk's Tesla pay package, which is estimated to be worth $55 billion, unjustly enriches Musk. read more read moreTesla has said it does not tolerate discrimination and has taken steps to address workers' complaints. LAWSUITS SPARKED BY MUSK'S TWEETSIn August 2018, Musk sent a tweet that he had "funding secured" to take Tesla private, sending shares sharply higher. Tesla shareholders are suing in Delaware to tighten oversight of Musk's tweets about the company. read moreJPMorgan Chase & Co (JPM.N) also sued Tesla in November for $162.2 million, saying it was forced to reprice Tesla stock warrants after the 2018 tweet.

☆ More than 100,000 Americans are waiting for an organ transplant
▼ + stars: | 2022-10-26 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

There are more than 100,000 people in the United States waiting for an organ transplant, according to the United Network for Organ Sharing, known as UNOS. Only a little more than 50% of people waiting for an organ will receive one within five years, according to UNOS. The industry recognizes the importance of finding alternatives to using organs from deceased human donors to address the national shortage. "Even though we're all fascinated by transplant, the ultimate goal is to get rid of it," Caplan said. Watch the video above to learn more about how the organ transplant system works and what we can do to increase supply while also addressing the inequalities.

☆ The ridiculous rise of the chief purpose officer — corporate America's half-baked attempt to fix the employee burnout crisis
▼ + stars: | 2022-10-25 | by ( Tracy Moore | ) www.businessinsider.com time to read: +11 min

Every company on Great Place to Work's ranked list of best employers has a chief purpose officer or purpose among the company's missions and goals. Its chief purpose officer, Kwasi Mitchell, who stepped into the role in 2020, told me that establishing purpose was a powerful talent-retention tool. The same is true for chief purpose officers. And a chief purpose officer can be used as a crutch, a way for a business to say, "Of course, we care," when employees raise issues with the culture. Instead of fixing the burnout problem, these executives can allow management to turn a blind eye and assume all is well, letting workplace rot set in even deeper.

☆ Akshata Murty: Rishi Sunak’s wife is a software heiress who’s richer than royalty
▼ + stars: | 2022-10-25 | by ( Tara John | ) edition.cnn.com time to read: +6 min

And thanks largely to his wife Murty, Sunak will be one of the richest people to reach the top of the political establishment. Murty has a 0.93% stake in her father’s Indian software company, Infosys, worth approximately $715 million. Even Queen Elizabeth wasn’t as rich – the Sunday Times put the late monarch’s net worth at £370 million (about $420 million) before she died. In April, it was reported that Murty enjoyed a tax status in the UK that meant she could legally avoid to pay taxes on her foreign earnings. “I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family.

☆ Judge rules for California baker over same-sex wedding cake
▼ + stars: | 2022-10-24 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

A California judge has ruled in favor of a bakery owner who refused to make wedding cakes for a same-sex couple because it violated her Christian beliefs. Kern County Superior Court Judge Eric Bradshaw ruled Friday that Miller acted lawfully while upholding her beliefs about what the Bible teaches regarding marriage. “I’m hoping that in our community we can grow together,” Miller told the Bakersfield Californian after the ruling. The decision comes as a Colorado baker is challenging a ruling he violated that state’s anti-discrimination law by refusing to make a cake celebrating a gender transition. That baker, Jack Phillips, separately won a partial U.S. Supreme Court victory after refusing on religious grounds to make a gay couple’s wedding cake a decade ago.

☆ Agent says Salman Rushdie has lost use of eye and hand following August attack
▼ + stars: | 2022-10-23 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

After the attack, Rushdie was treated at a Pennsylvania hospital, where he was briefly put on a ventilator to recover from what Wylie told El Pais was a “brutal attack” that cut nerves to one arm. Wylie told the newspaper he could not say whether Rushdie remained in a hospital or discuss his whereabouts. The attack was along the lines of what Rushie and his agent have thought was the “principal danger ... a random person coming out of nowhere and attacking,” Wylie told El Pais. Wylie told the newspaper it was like Beatles member John Lennon’s murder. In a jailhouse interview with The New York Post, Matar said he disliked Rushdie and praised Khomeini.

☆ In internal meetings and leaked documents, Amazon dreams of taking on Google's DeepMind by using machine learning to revolutionize drug discovery, genomics, clinical trials and more
▼ + stars: | 2022-10-21 | by ( Eugene Kim | ) www.businessinsider.com time to read: +7 min

Amazon held an internal machine learning conference last week. The deployment of machine learning across healthcare was a major topic. The event was all about machine learning, a powerful type of artificial intelligence that has already transformed Amazon's business and those of other tech giants. He was joined at last week's Amazon Machine Learning Conference by Amazon's chief medical officer Taha Kass-Hout. One of the workshops was about machine learning for "human health."

☆ October is a historically strong month for bitcoin, but price action this month has been oddly lackluster
▼ + stars: | 2022-10-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The month of October, celebrated as "Uptober" by long-time crypto investors, has historically churned out some big gains for bitcoin. In seven of the last 10 years, bitcoin has posted a positive month. For four of the last six years, ether has ended the October trading month higher, according to Kaiko. Bitcoin was lower for the month by 0.3% as of Tuesday, while ether was down 1.4%, according to Coin Metrics. "Crypto market volatility has dipped to multi-year lows over the past month, with bitcoin's 20-day volatility now equal to that of the Nasdaq equity index," Kaiko head of research Clara Medalie told CNBC.

☆ Hasbro delivers dour quarter as higher prices cool demand
▼ + stars: | 2022-10-18 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Hasbro Inc (HAS.O) missed quarterly profit estimates on Tuesday as the company's move to raise prices to offset surging commodity costs led inflation-weary customers to buy fewer toys and games. "There is still indications of fairly strong demand for toys," Linda Bolton Weiser, analyst at D.A. Still, Hasbro saw its net revenue fall 15% to $1.68 billion in the third quarter ended Sept. 25, partly dented by a stronger dollar. Shares of the 'Magic: The Gathering' maker were down about 2% in morning trading. Register now for FREE unlimited access to Reuters.com RegisterReporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ October's wild trading could give way to a new stock rally, as earnings roll out in the week ahead
▼ + stars: | 2022-10-14 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.

☆ Chart analyst Katie Stockton says short Tesla, sees a 'topping formation'
▼ + stars: | 2022-10-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Tesla is a prime target for short-selling as the stock's chart pattern peaks, said Katie Stockton, founder of Fairlead Strategies. Tesla fell another 2.9% Tuesday, bringing the year-to-date loss to about 46%, worse than the Nasdaq Composite's 34% decline. Stockton said it's risky to hold Tesla, and that it will probably continue to weaken. "Maybe not in the very, very near term, but beyond the very near term, we do think that we'll see some additional downside leadership from Tesla." In Tesla's most recent quarter, earnings per share beat expectations while revenue came in lower than anticipated .

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.

This makes employees much more expensive for companies to use than independent contractors - up to 30% more, according to some studies. Business groups have maintained that independent contracting helps to create jobs and gives workers more flexibility and opportunities to operate their own businesses. The proposal is similar to legal guidance issued during the Obama administration that was withdrawn by the Labor Department under former President Donald Trump, a Republican. HOW WOULD THE RULE AFFECT WORKERS? At the same time, limiting independent contracting could lead some companies to slash the number of workers they hire, eliminating some jobs altogether.

☆ Chinese chip stocks tumble after U.S. calls for new curbs on high-end tech
▼ + stars: | 2022-10-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Chinese chip stocks fell Monday after the U.S. announced new export controls aimed at limiting Beijing's ability to produce advanced military systems. The rules, effective this month, expand on prior U.S. attempts to crimp Chinese companies' access to key tech. Chinese chips stocks tumbleChina's largest chipmaker, Semiconductor Manufacturing International Corporation, traded 3% lower Monday afternoon in Hong Kong, amid a broader market sell-off. "It will not only harm Chinese companies' legitimate rights and interests, but also hurt the interests of U.S. The U.S. government previously put Chinese companies Huawei and SMIC on a blacklist that requires suppliers to obtain a license before selling to them.

☆ Julio Torres Thinks Most Comedy Is Too Easy
▼ + stars: | 2022-10-10 | by ( David Marchese | ) www.nytimes.com time to read: +11 min

Mamadi Doumbouya for The New York Times Talk Julio Torres Thinks Most Comedy Is Too Easy“I think with me,” Julio Torres says, “it’s like I have some things that I want to show people that are incidentally funny. That’s if, as Torres suggests, comedy is even what he’s doing. I don’t think of comedians as always the most self-assured people. Torres with Cassandra Ciangherotti in “Los Espookys.” Pablo Arellano Spataro/HBOA lot of your comedy pivots on characters having an epiphany. But I feel it behooves me to learn more about the way things are made, the systems, the hierarchies, the business part of show business.

☆ History shows the market should be bottoming soon, and inflation data could be catalyst
▼ + stars: | 2022-10-10 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

If the stock market is going to follow its historic pattern during a midterm election year, it would be bottoming just around now. "Typically, it's after Oct. 9 that you start to see some better performance," said Ari Wald, technical analyst at Oppenheimer. The analyst said that date was the average day the market bottomed in the last eight mid-term election years, going back to 1990. "Investors should moderate their expectations for US equity valuations; history shows these contract during periods of high volatility." "Generally our view is that the rate market is trading more off Fed policy and the Fed's commitment to fight inflation rather than the actual threat of inflation.

☆ Will Putin Fall Like Khrushchev and Gorbachev?
▼ + stars: | 2022-10-08 | by ( Peggy Noonan | ) www.wsj.com time to read: +1 min

Peggy Noonan is an opinion columnist at the Wall Street Journal where her column, "Declarations," has run since 2000. She has been a fellow at Harvard University’s Institute of Politics, and has taught in the history department at Yale University. Before entering the Reagan White House, Noonan was a producer and writer at CBS News in New York, and an adjunct professor of Journalism at New York University. She was born in Brooklyn, New York and grew up there, in Massapequa Park, Long Island, and in Rutherford, New Jersey. In November, 2016 she was named one of the city's Literary Lions by the New York Public Library.

☆ Colleges don't want you to know that 'early decision' is actually a rigged game
▼ + stars: | 2022-10-02 | by ( James S. Murphy | ) www.businessinsider.com time to read: +10 min

Through the power of "early decision," which it first started offering for the freshman class of 2017. At many colleges and universities, the acceptance rate for early decision is more than double that of regular decision. But for many disadvantaged students, early decision is more of a nightmare — one more rigged step in a college-admissions process that is already rigged against them. (The school also admitted another 34% or more of its entering class through early action, a non-binding cousin of early decision.) That won't erase the inherently discriminatory aspects of early decision, but it would make it a little fairer.

This makes employees much more expensive for companies to use than independent contractors - up to 30% more, according to some studies. Business groups have maintained that independent contracting helps to create jobs and gives workers more flexibility and opportunities to operate their own businesses. The Labor Department has not revealed any details of the proposal, but is widely expected to restrict independent contracting. Last year, U.S. Labor Secretary Marty Walsh told reuters that many gig workers should be classified as employees. Groups representing trucking companies, gig economy firms and freelance workers have unsuccessfully challenged California's 2019 law adopting the "ABC test."

☆ There's overwhelming support for an age limit on the president and Congress. Here's why that won't happen anytime soon.
▼ + stars: | 2022-09-26 | by ( Bryan Metzger | Brent D. Griffiths | ) www.businessinsider.com time to read: +21 min

Some have proposed age limits for elected officials amid concerns about America's gerontocracy. The history of the contemporary movement for term limits largely dates back to the early 1990s, when dozens of states enacted term limits not just for their own legislatures but for their federal representatives in Washington. "Put it this way: I'm a little more interested in term limits than age limits," Democratic Rep. Jamie Raskin of Maryland told Insider. "There's a logic to term limits, because the principle of democracy is taking turns," Raskin, 59, said. "If there were to be term limits, the legislature certainly should have more terms than the executive," he offered.

☆ Opinion: The British Empire: A legacy of violence?
▼ + stars: | 2022-09-25 | by ( Peter Bergen | ) edition.cnn.com time to read: +19 min

A related question is also surfacing now: What is the legacy of the British Empire writ large? Bergen: This reassessment of British Empire: You are leading the charge. Bergen: So, are the British in high school as they learn about British history being told a bunch of fairy tales? Are there similarities between the 1619 Project and what you and other colleagues are doing in your reassessment of the British Empire? And I think that’s what we’re seeing in different kinds of ways with the history of the British Empire.

☆ Feared stock market bottom retest is now underway
▼ + stars: | 2022-09-24 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

The first 60% reading was not at the decisive market low, though a year after each of them stocks were higher. The S & P index, maybe, at just under 16-times forecast profits, with some cross-asset models saying it should be perhaps two multiple points cheaper. Outside of the five largest S & P 500 names (Apple, Microsoft, Alphabet, Amazon and Tesla), the rest of the index is closer to a 14 multiple, with the equal-weighted S & P around 13. The three-year S & P 500 total return is still 9% annualized, meaning the bear hasn't yet really cut into muscle for longer-term investors. We'll see how this all plays into the feared market retest now underway.

☆ Tesla Countersues California Agency That Filed Racial Discrimination Lawsuit
▼ + stars: | 2022-09-23 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

A lawsuit filed earlier this year against Tesla alleged the company, for years, ignored complaints from Black factory workers at its Fremont, Calif., plant. Tesla has countersued the California agency that filed a racial discrimination lawsuit against the company, alleging that the government organization violated state law in bringing about the suit. The electric-vehicle maker, in the suit filed Thursday in Alameda County Superior Court, said the California Civil Rights Department—previously known as the California Department of Fair Employment and Housing—violated state rules by filing the lawsuit without seeking public comment or holding a public hearing.

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