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☆ Tesla recalls more than 40,000 U.S. cars over possible loss of power steering
▼ + stars: | 2022-11-08 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Pedestrians walk through a street crossing in front of the American electric company car Tesla Motors official authorized car dealer store in Hong Kong, July 13, 2022. Tesla is voluntarily recalling 40,168 2017-2021 Model S and Model X vehicles that could experience a loss of power steering assist, according to a Nov. 1 filing with the National Highway Traffic Safety Administration made public on Tuesday. An October firmware release caused some vehicles to lose power steering when driving over bumpy roads and potholes. An estimated 1% of recalled vehicles have the defect, according to the release. "Reduced or lost power steering assist does not affect steering control, but could require greater steering effort from the driver, particularly at low speeds," the administration said.

☆ Musk reportedly considers locking all of Twitter behind a paywall
▼ + stars: | 2022-11-08 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Elon Musk, the new owner of Twitter, has considered putting the entire platform behind a paywall, according to a report from Platformer. But, it shows how Musk is exploring ways to generate new revenue from the platform he acquired for $44 billion. A platform-wide paywall marks Musk's latest musings about how to generate revenue for Twitter. In a thread of tweets, Musk said he will give "power to the people" by offering verification through Twitter Blue for $8 a month. Twitter began rolling out changes to its platform for some users on Saturday in preparation for the launch of its revamped Twitter Blue service, but reportedly plans to delay the launch the until after Tuesday's midterm elections.

☆ Barry Diller says Twitter is a toy for Elon Musk
▼ + stars: | 2022-11-07 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Barry Diller, chairman of IAC and Expedia, told CNBC's "Squawk Box" Monday that Twitter, which he said is a toy for Elon Musk, will "much smaller business" under its new owner. Diller said he believes Musk is "quixotic" but "very rational," and he thinks Musk will stick by the company. Diller said he thinks Musk will figure out how to improve Twitter and make it more appealing, but he's not convinced that it will become the next super-app. Twitter laid off approximately half of its employees days later. Since closing the $44 billion deal, Musk has laid out a series of ideas for a new user verification process for Twitter through its subscription service Twitter Blue.

☆ Palantir stock falls after slight earnings miss
▼ + stars: | 2022-11-07 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of Palantir fell more than 10% Monday after the company released third-quarter earnings that missed analyst estimates for earnings but beat on revenue. Here's how the company did:EPS: $0.01, adjusted, vs. $0.02 expected by analysts, according to Refinitiv. $0.01, adjusted, vs. $0.02 expected by analysts, according to Refinitiv. Revenue: $478 million vs. $470 million expected by analysts, according to Refinitiv. In a letter to shareholders, Palantir CEO Alex Karp said the company is in the "early stages of a significant transformation."

☆ Meta shares up on report it's set to begin mass layoffs
▼ + stars: | 2022-11-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

The Meta Platforms Inc. pavilion on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Monday, May 23, 2022. Shares of Facebook owner Meta were up about 5% Monday following a Wall Street Journal report over the weekend saying the company could start mass layoffs as soon as Wednesday. In the first major reduction in headcount in the company's history, the layoffs could impact thousands of employees, according to the Journal. A Meta spokesperson did not comment on the report but pointed to CEO Mark Zuckerberg's comments Meta's earnings call last month. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today."

New Twitter owner Elon Musk weighed in on Tuesday's upcoming midterm elections and tweeted on Monday that "independent-minded" people should vote for a Republican Congress. "Shared power curbs the worst excesses of both parties, therefore I recommend voting for a Republican Congress, given that the Presidency is Democratic," Musk wrote in a tweet Monday. In a follow-up tweet, the billionaire added, "Hardcore Democrats or Republicans never vote for the other side, so independent voters are the ones who actually decide who's in charge!" Musk tweeted in April that the platform must be politically neutral in order to maintain the public's trust. A Republican-controlled Congress with a Democratic president would make it less likely for major changes impacting tech platforms to become law.

☆ Meta could begin large-scale layoffs this week, report says
▼ + stars: | 2022-11-06 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

An avatar of Mark Zuckerberg, chief executive officer of Meta Platforms Inc., speaks during the virtual Meta Connect event in New York, US, on Tuesday, Oct. 11, 2022. Facebook parent Meta could begin large-scale layoffs as soon as Wednesday, according to a report from the Wall Street Journal. The layoffs are expected to impact thousands of employees, the report said, and the move would mark the first major headcount reduction in Meta's history. A Meta spokesperson declined to comment and referred CNBC to Zuckerberg's comments on the company's latest earnings call last month. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today."

☆ Twitter to delay verification changes until after midterm elections, report says
▼ + stars: | 2022-11-06 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Twitter will wait to introduce changes to its verification process and Twitter Blue subscription service until after the midterm elections, according to a report from The New York Times. The social media company began rolling out updates to its platform for some users on Saturday in preparation for the launch. The changes outlined in the App Store confirmed that users will be able to purchase Twitter Blue and receive a blue checkmark for $7.99 per month. Elon Musk, who became the new owner of Twitter on Oct. 28, has laid out a series of ideas for a new user verification process for Twitter, which he acquired for $44 billion. Those changes were confirmed Saturday in the updated App Store listing.

☆ Twitter rolls out changes for some users ahead of launching new paid verification system
▼ + stars: | 2022-11-05 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Twitter began rolling out changes to its platform for some users on Saturday in preparation for the launch of its revamped subscription service Twitter Blue. Updates outlined in the App Store confirmed that users will be able to purchase Twitter Blue and receive a blue checkmark for $7.99 per month. In an earlier thread of tweets, Musk criticized the current system, which gives a blue checkmark, or verification, to notable users like politicians, members of the press, executives and organizations. Musk said he plans to give "power to the people" by offering verification to anyone on the platform through Twitter Blue for $8 a month. Musk said in a tweet Saturday that Twitter Blue will roll out worldwide once it is confirmed to be working in the initial set of countries.

☆ Biden and Obama to campaign together for the first time during midterm-election push
▼ + stars: | 2022-11-05 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

President Joe Biden and former President Barack Obama will appear on the campaign trail together Saturday for the first time since Biden took office. Democratic Senate hopeful John Fetterman and gubernatorial candidate Josh Shapiro will join the presidents at the event. Trump has endorsed the celebrity doctor and Republican Senate candidate Mehmet Oz as well as Republican candidate Doug Mastriano for governor. Oz's campaign launched attacks on Fetterman's health and questioned whether he is physically fit to take office. In turn, Fetterman's campaign has blasted Oz, a wealthy TV star, as an out-of-touch carpetbagger from New Jersey who got rich by promoting sometimes-dubious health information to his audiences.

☆ Twitter co-founder Dorsey apologizes for growing the company 'too quickly' in wake of mass layoffs
▼ + stars: | 2022-11-05 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018. Twitter co-founder Jack Dorsey apologized Saturday for growing the company "too quickly," a day after the company laid off approximately half of its employees under new owner Elon Musk. They will always find a way no matter how difficult the moment," Dorsey wrote in a tweet. Twitter's reduction in force extended beyond California, and CNBC could not immediately confirm whether Musk's description is accurate. Dorsey stepped down as Twitter's CEO last year and has since shifted his focus to solely managing his payments company Block, formerly known as Square.

☆ Climate activists swarm private jets at Amsterdam airport to protest pollution
▼ + stars: | 2022-11-05 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Hundreds of climate activists swarmed a private jet section of Amsterdam's Schiphol Airport on Saturday as part of a day of demonstrations in and around the airport. The environmental groups Greenpeace and Extinction Rebellion organized the demonstrations to protest the aviation industry's pollution and greenhouse gas emissions, as well as local noise pollution, according to the organizations. The wealthy elite are using more private jets than ever, which is the most polluting way to fly," Dewi Zloch of Greenpeace Netherlands said in a statement. The Dutch government is reportedly considering whether to include private jet traffic in its climate policy. The government in June announced a 440,000-person cap on annual passengers at the airport, citing air pollution and climate concerns.

☆ Qualcomm shares fall on weak first-quarter outlook
▼ + stars: | 2022-11-03 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Shares of chipmaker Qualcomm fell more than 8% Thursday, a day after the company reported weak first-quarter guidance and said it started a hiring freeze in the current quarter. But the company called for fiscal first-quarter adjusted earnings of $2.25 to $2.45 per share on $9.2 billion to $10 billion in revenue. Analysts polled by Refinitiv had expected earnings per share of $3.42 and revenue of $12.02 billion. CEO Cristiano Amon stressed on the company's earnings call that the company is looking at a "temporary cyclical inventory drawdown." Piper Sandler analysts maintained an overweight rating but cut their price target from $185 to $145, saying they "see the drawdowns as limited to the December and March quarters."

Qualcomm shares fell 7% in extended trading on Wednesday after the chipmaker reported in-line fiscal fourth-quarter earnings but offered poor first-quarter guidance. Here's how the company did:Earnings: $3.13 per share, adjusted, vs. $3.13 per share as expected by analysts, according to Refinitiv. $3.13 per share, adjusted, vs. $3.13 per share as expected by analysts, according to Refinitiv. Revenue: $11.39 billion, adjusted, vs. $11.37 billion as expected by analysts, according to Refinitiv. With respect to guidance, Qualcomm called for fiscal first-quarter adjusted earnings of $2.25 to $2.45 per share on $9.2 billion to $10 billion in revenue.

☆ Shares of Airbnb tumble 13% on low fourth-quarter guidance
▼ + stars: | 2022-11-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Shares of Airbnb fell more than 13% Wednesday, a day after the company released third-quarter earnings that beat Wall Street's estimates but fell short on fourth-quarter guidance. The company posted revenue of $2.9 billion, up 29% year-over-year for its strongest quarter ever, and topped analysts' estimates of $2.8 billion, according to Refinitiv. But Airbnb provided fourth-quarter revenue guidance of $1.80 billion and $1.88 billion, below the midpoint of $1.85 billion as expected by analysts, according to Refinitiv. Evercore ISI maintained its outperform rating on the stock but removed Airbnb from their TAP Outperform list, according to a Tuesday note. Airbnb benefited from booming travel demand and said in a release that it has seen growth in the number of new hosts on its platform.

☆ World's largest iPhone assembly plant under new Covid lockdown in China
▼ + stars: | 2022-11-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

An industrial park in China that is home to the world's largest assembly plant for Apple 's iPhones has been ordered to complete a seven-day Covid lockdown, according to a report by Reuters. The lockdown comes as Apple works to meet the demand for some of its new iPhones, which launched in September. The Zhengzhou Airport Economy Zone, located in central China's Henan province, is imposing "silent management measures," the report said. The lockdown marks a retightening of measures in the region after Zhengzhou unexpectedly lifted some restrictions on Tuesday, the report said. Apple still relies heavily on China for the majority of its iPhone production, but the tech giant has been diversifiying its supply chain.

☆ This startup just raised $40 million to take on Zoom with virtual office spaces
▼ + stars: | 2022-11-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

The former Yext CEO has spent over a year creating Roam, a new kind of virtual office software that allows employees to communicate less formally and more efficiently. Roam functions like an office building in the cloud, and a beta version of the platform launched Wednesday morning. Employees appear in virtual rooms or "offices," and people can drop by at the click of a button — much like they can stop by a physical office space. People can see who is in each virtual room as well as who is working remotely, who is in a physical office and who is in the field. And by giving employees easy access to their co-workers, companies can dedicate less time to formal meetings.

☆ Amazon sell-off pushes market cap below $1 trillion for first time since April 2020
▼ + stars: | 2022-11-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Shares of the e-retailer plunged 5.9% on Tuesday, falling for a fifth straight day and closing at their lowest since April 2020. Amazon said revenue during the holiday quarter would grow 2% to 8% over the year-ago period, far below analysts' estimates. It's the first time Amazon's market cap has been below $1 trillion since April 2020. Like the rest of Big Tech, Amazon has struggled this year due to a slumping economy, soaring inflation and rising interest rates. Meta told investors last week that revenue in the fourth quarter would likely decline for a third straight period.

☆ Elon Musk lays out his ideas for Twitter's new verification system
▼ + stars: | 2022-11-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

In this photo illustration a Twitter logo seen displayed on a smartphone screen with Elon Musk Twitter in the background in Athens, Greece on October 30, 2022. Elon Musk laid out a series of ideas Tuesday for a new user verification process for Twitter, which he recently acquired for $44 billion. In a thread of tweets, Musk criticized the current system, which gives a blue check mark, or verification, to notable users like politicians, members of the press, executives and other people and organizations. Musk said he will give "power to the people" by offering verification through Twitter Blue for $8 a month. The Tesla CEO also said Twitter Blue subscribers will be given a "paywall bypass" for publishers that are willing to work with the social media platform.

☆ Uber reports another loss but beats on revenue and the stock is up
▼ + stars: | 2022-11-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +4 min

Uber reported a third-quarter loss Tuesday but beat analysts' estimates for revenue and showed a surge in bookings. He said October is tracking to be the company's "best month ever for both Mobility and total company Gross bookings." Here's how Uber's largest business segments performed in the quarter:Mobility (gross bookings): $13.7 billion, short of analysts' estimates of $13.83 billion according to StreetAccount. Delivery (gross bookings): $13.7 billion, short of analysts' estimates of $14.01 billion according to StreetAccount. That trend continued during the third quarter, as Uber's mobility segment reported $3.8 billion in revenue while delivery reported $2.8 billion.

☆ Members of Congress express support for Paul Pelosi following violent attack
▼ + stars: | 2022-10-30 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Speaker of the United States House of Representatives Nancy Pelosi and her husband Paul Pelosi arrive on the red carpet for the Time 100 Gala at the Lincoln Center in New York on April 23, 2019. Members of Congress continued to express support Sunday for House Speaker Nancy Pelosi's husband, Paul Pelosi, after he was violently attacked by an intruder with a hammer on Friday. The House Speaker, a California Democrat, was in Washington, D.C., at the time of the incident, authorities said. David DePape, 42, was identified by police as the suspect who wielded a hammer during the attack on Paul Pelosi. He allegedly was searching for the House speaker, shouting, "Where is Nancy, where is Nancy?"

☆ Brooklyn Nets condemn Kyrie Irving for promotion of antisemitic film
▼ + stars: | 2022-10-29 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Kyrie Irving #11 of the Brooklyn Nets handles the ball against the Milwaukee Bucks in Game Two of the Second Round of the 2021 NBA Playoffs at Barclays Center on June 07, 2021 in New York City. After Brooklyn Nets guard Kyrie Irving promoted an antisemitic film and book on social media Thursday, his team and team-owner Joe Tsai issued statements Friday condemning his actions. "I'm disappointed that Kyrie appears to support a film based on a book full of anti-semitic disinformation," Tsai wrote on Twitter. "The Brooklyn Nets strongly condemn and have no tolerance for the promotion of any form of hate speech," the team said in a statement Friday. Irving was previously benched by the Nets in 2021 for refusing to get vaccinated against Covid-19.

☆ Mobileye pops more than 30% in market debut after spinning out of Intel
▼ + stars: | 2022-10-26 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Mobileye shares popped more than 30% in their stock market debut on Wednesday after the maker of technology for self-driving cars was spun out of Intel . In a year that's seen no significant tech IPOs in the U.S., Mobileye offers investors an opportunity to get in on area of growth. At its IPO price of $21, Mobileye was valued at just $17 billion, resulting in minimal gains for Intel thus far. Intel will retain control of Mobileye and hold over 750 million shares of Class B stock, which has 10 times the voting power of Class A stock. Intel shares were down slightly on Wednesday and have lost about 47% of their value this year, while the Nasdaq is down 29%.

☆ Microsoft shares sink more than 8% on weak guidance, but analysts bullish on rebound
▼ + stars: | 2022-10-26 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Shares of Microsoft dropped as much as 8% early Wednesday, a day after the company released its fiscal first-quarter earnings. Microsoft surpassed expectations on the top and bottom lines, but the stock was pressured by weak guidance and cloud revenue that missed expectations. CEO Satya Nadella said on a conference call with analysts that cyclical trends are affecting Microsoft's consumer business. Analysts at Morgan Stanley also remain confident in Microsoft's growth potential despite its weak cyclical areas and guidance. Microsoft shares have fallen about 25% so far this year, while the S&P 500 stock index is down 19% over the same period.

☆ Alphabet falls after disappointing earnings that analysts say could signal bad news for Meta
▼ + stars: | 2022-10-26 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Revenue growth slowed to 6% from 41% a year earlier as the company contends with a continued downdraft in online ad spending. Analysts were expecting an increase of about 3% in YouTube ad revenue, but it slid about 2% to $7.07 billion from $7.21 billion a year ago. Raymond James analysts also maintained their outperform rating, citing expectations for long-term ad revenue growth and Google Cloud momentum. Alphabet's report marks an ominous start to Big Tech earnings week for investors focused on the digital ad market, and analysts at Needham said it is likely bad news for Meta . Meta is scheduled to report earnings after the bell Wednesday.

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