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☆ Tax-loss selling in battered U.S. stocks could spur January snap-back
▼ + stars: | 2022-12-12 | by ( David Randall | ) www.reuters.com time to read: +4 min

Yet some investors are betting a number of those beaten-down stocks and possibly the broader market could snap back in January, once the selling period is over. DoubleLine founder Jeffrey Gundlach told CNBC on Wednesday that risk assets will likely rally in January once retail investors finish tax-loss selling. Strategists at Evercore wrote on Nov. 30 that they were "buyers of stocks whose 2022 Tax Loss selling pressure will soon abate." Investors appear to have already started selling underperforming shares. Private clients at BofA, for instance, sold nearly $1.4 billion of stocks in likely tax-motivated selling in November, up from roughly $800 million last year, and appear poised to continue that outsized rate of selling this month, the firm said.

☆ Should You Quit a Chaotic Job Right Now, or Stick It Out?
▼ + stars: | 2022-12-12 | by ( Rachel Feintzeig | ) www.wsj.com time to read: 1 min

How do you know when it’s time to quit your job? At some companies, things are starting to feel messy for workers. Tech firms including Facebook parent Meta Platforms Inc. and Amazon.com Inc. are cutting jobs to prepare for economic uncertainty. Former chief executives, like Walt Disney Co.’s Robert Iger , are back to chart a new course, and new ones like Elon Musk are inciting chaos.

☆ A hospital apologized for 'disrespectful and unprofessional comments' made by nurses in a TikTok video that discussed their patient 'icks'
▼ + stars: | 2022-12-10 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

A group of Labor and Delivery nurses sparked online ire with their TikTok video on patient "icks." Hospital operator Emory Healthcare condemned the nurses' "disrespectful and unprofessional" comments. The nurses are now "former employees" of Emory University Hospital Midtown, according to a statement posted to Facebook by Emory Healthcare on Thursday. Emory Healthcare said in its statement: "We are aware of a TikTok video that included disrespectful and unprofessional comments about maternity patients at Emory University Hospital Midtown. Emory University Hospital Midtown did not immediately respond to a request for comment from Insider.

☆ LinkedIn has a fake account problem it's trying to fix. Real users are part of the solution
▼ + stars: | 2022-12-10 | by ( Bob Violino | ) www.cnbc.com time to read: +7 min

While 95.3% of those fake accounts were stopped at registration by automated defenses, according to the company, there was a nearly 28% increase in fake accounts caught compared to the previous six-month period. For these reasons it can serve the purposes of bad actors to have fake LinkedIn profiles, Khan said. "Bad actors are trying to craft fake identities and make them look real by leaving a plausible-looking digital footprint across different platforms," Khan said. The challenge for LinkedIn users is that profiles on social media platforms are easy to create and are typically not verified in any way. The model helps increase the effectiveness of LinkedIn's automated anti-abuse defenses to help detect and remove fake accounts before they can reach members.

☆ Tumblr Shoots for a Comeback With Users and Advertisers
▼ + stars: | 2022-12-09 | by ( Katie Deighton | ) www.wsj.com time to read: +7 min

Wireless company Verizon Communications Inc., which bought Yahoo in 2017, saw Tumblr users nosedive when it banned adult content, including nudity, in 2018. Tumblr users in the past month have depicted anthropomorphized versions of the Tumblr and Twitter logos, for example, having a quasiromantic relationship. And in April, it introduced Tumblr Blaze, which offers users, including brand accounts, wider exposure for their posts. Advertisers that create custom campaigns using the parlance popular among Tumblr users to appeal to particular communities usually see the best engagement, according to Tumblr’s chief marketing officer, Matthew Ryan. Some of the most active advertisers on Tumblr are movie and television studios that create Tumblr campaigns for die-hard fans of genres or series, Mr. Ryan said.

☆ The ghost of Instagram haunts Microsoft’s future
▼ + stars: | 2022-12-09 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

The FTC’s leader Lina Khan might be making up for regulators who waved through Mark Zuckerberg’s $1 billion purchase of Instagram. Though Microsoft’s deal is different, punishment under Khan’s regime seemed inevitable. Microsoft could try to corner the market by forcing consumers to not only buy the Activision games from Microsoft, but the platform as well. Microsoft’s rationale for buying Activision is to better compete in the gaming market against the likes of Tencent (0700.HK) and others. Streaming is the future, and in that way, Microsoft could easily be sidelined in the business if it doesn’t innovate.

WASHINGTON/SAN JOSE, Calif., Dec 8 (Reuters) - The Federal Trade Commission, which enforces antitrust law, is about to engage in a real-life courtroom fight over virtual reality. On Thursday, a high-profile trial kicks off in which the FTC will try to prevent Facebook parent Meta Platforms Inc (META.O) from buying virtual reality app developer Within Inc. The FTC sued in July to stop the deal, saying Meta's acquisition of Within would "tend to create a monopoly" in the market for virtual reality (VR) fitness apps. The majority of the more than 400 apps available in the Quest app store are produced by external developers. Meta owns the most popular virtual reality app in the Quest app store, Beat Saber, which it acquired in 2019.

☆ Futures edge up ahead of jobs data, recession fears loom
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.02%, S&P 0.13%, Nasdaq 0.24%Dec 8 (Reuters) - U.S. stock index futures edged up on Thursday ahead of weekly jobless claims data, while fears of an impending recession brought on by an aggressive Federal Reserve kept investors on edge. The U.S. central bank has raised its policy rate by 375 basis points this year to a 3.75%-4.00% range from near zero, the fastest rate hikes since the 1980s. This aggressive approach by the central bank has stoked worries of a recession, with top executives of major U.S. banks and institutions including JPMorgan, BlackRock and Citi forecasting a likely economic downturn in 2023. "The yield curve is hideously inverted, recession is coming, and stock markets usually bottom only after a recession has started," said Luke Templeman, thematic research analyst at Deutsche Bank. ET, Dow e-minis were up 6 points, or 0.02%, S&P 500 e-minis were up 5.25 points, or 0.13%, and Nasdaq 100 e-minis were up 28 points, or 0.24%.

☆ Judge to Hear FTC’s Bid to Block Meta from Acquiring Virtual-Reality App Maker
▼ + stars: | 2022-12-08 | by ( Jan Wolfe | ) www.wsj.com time to read: 1 min

WASHINGTON—The Federal Trade Commission on Thursday will ask a judge to halt Meta Platforms Inc.’s planned acquisition of a virtual-reality startup, a case that represents a shift in U.S. antitrust enforcement and poses a challenge to the Facebook parent’s metaverse strategy. The FTC is seeking an injunction blocking Meta’s planned acquisition of Within Unlimited Inc., the company behind the popular virtual-reality fitness game “Supernatural.”

☆ Judge Hears FTC’s Bid to Block Meta From Acquiring Virtual-Reality App Maker
▼ + stars: | 2022-12-08 | by ( Jan Wolfe | Salvador Rodriguez | ) www.wsj.com time to read: 1 min

WASHINGTON—The Federal Trade Commission on Thursday asked a judge to halt Meta Platforms Inc.’s planned acquisition of a virtual-reality startup, a case that represents a shift in U.S. antitrust enforcement and poses a challenge to the Facebook parent’s metaverse strategy. The FTC is seeking an injunction blocking Meta’s planned acquisition of Within Unlimited Inc., the company behind the popular virtual-reality fitness game “Supernatural.”

"It's just one data point that leads to the Fed cooling down their aggressive hikes, but it doesn't change December's 50 basis point (rate hike). The key is going to be the data between December and February as to what they do next." The U.S. central bank has raised its policy rate by 375 basis points this year in the fastest hikes since the 1980s. Adding to the fears, the yield curve between the 2-year and 10-year Treasury notes has also widened in the recent days. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 22.5 points, or 0.57%, and Nasdaq 100 e-minis were up 65.5 points, or 0.57%.

☆ Futures fall on growing fears of recession
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.11%, S&P 0.21%, Nasdaq 0.30%Dec 7 (Reuters) - U.S. stock index futures edged lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around the easing of China's strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes closing down 1-2%. ET, Dow e-minis were down 36 points, or 0.11%, S&P 500 e-minis were down 8.25 points, or 0.21%, and Nasdaq 100 e-minis were down 34.75 points, or 0.3%. Among other stocks, GameStop Corp (GME.N) jumped 1.1% ahead of its third-quarter results where it is expected to report a 4.5% rise in revenue. Reporting by Shubham Batra and Ankika Biswas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Cryptocurrency firms need to 'come into compliance' with existing rules, SEC Chair Gary Gensler says
▼ + stars: | 2022-12-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Gensler told Yahoo Finance in an interview that the SEC has brought more than 100 enforcement cases in the crypto space, directly challenging lawmakers' questions about the agency's oversight. "We're already suited up," Gensler told Yahoo Finance. The SEC chief said cryptocurrency firms should be held liable for compliance with existing rules. Gensler told Yahoo Finance that the SEC has successfully deterred other suspicious crypto firm activities. Gensler said the SEC would take more enforcement actions if cryptocurrency exchanges will not comply, but he did not elaborate on what those would be.

☆ SEC chief Gary Gensler says crypto platforms need to 'come into compliance' or face the regulator's wrath
▼ + stars: | 2022-12-07 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

SEC chair Gary Gensler says the agency has "enough authority" for a crypto regulatory crackdown. Gensler's comments come a month after the demise of once-$32 billion crypto exchange FTX. The regulator has "enough authority" for a crackdown in the space, Gensler said, adding that the SEC is "already suited up." Crypto exchange Coinbase faced legal threats from the regulator for its lending offering as well, leading it to scrap the effort. Gensler's comments come after the demise of FTX, the once-$32 billion crypto exchange started by Sam Bankman-Fried.

The major bourses in Europe also declined as concerns mounted about a global slowdown before a raft of major central bank rate decisions next week. The dollar gained against the euro, yen, British pound and Canadian dollar, among other major currencies. Treasury yields fell, but more at the long end of maturities than the short end, which deepened the inverted yield curve, a market indicator of a looming recession. The dollar rose as investors waited for next week's expected 50 basis points rate hike by the Fed. Euro zone government bond yields fell after two European Central Bank officials signaled inflation and rates may be close to peaking in the run-up to a raft of major central bank decisions.

☆ S&P posts 4th straight decline as recession talk weighs on Wall Street
▼ + stars: | 2022-12-06 | by ( David French | ) www.reuters.com time to read: +4 min

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. However, technology names generally suffered as investors applied caution toward high-growth companies whose performance would be sluggish in a challenging economy. Most of the 11 major S&P sectors declined, with energy and communications services (.SPLRCL) joining technology (.SPLRCT) as leading laggards. Future economic growth prospects were in focus on Tuesday following comments from financial titans pointing toward uncertain times ahead. The S&P 500 posted three new 52-week highs and nine new lows; the Nasdaq Composite recorded 52 new highs and 262 new lows.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Future economic growth prospects were in focus on Tuesday following comments from financial titans pointing toward uncertain times ahead. The S&P banks index (.SPXBK) was down 2.6%, with Bank of America leading declines with a 5.6% drop. Fears about economic growth come amid a re-evaluation by traders of what path future interest rate hikes will take, following strong data on jobs and the services sector in recent days. "If economic growth continues to be better than what people are expecting, there are chances that the Fed would have to continue to be hawkish," said Rusty Vanneman, chief investment strategist at Orion Advisor Solutions.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Concerns about a steep increase in borrowing costs have boosted the dollar, while weighing on equities and bond markets this year, with the S&P 500 down 17.5%. The S&P 500 rallied 13.8% in October and November on hopes of smaller rate hikes and better-than-expected earnings. The bank sector index (.SPXBK) fell 2.1%, with Bank of America leading declines with a 4.9% drop. The S&P index recorded three new 52-week highs and eight new lows, while the Nasdaq recorded 30 new highs and 191 new lows.

☆ EU regulators raise concerns over Meta's targeted ad model - WSJ
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

The ruling was approved on Monday by a board representing all EU privacy regulators and could limit the data Meta can access to sell such ads, the report added. For years, Meta's social media platforms have allowed users to opt out of personalized ads, which are targeted after collecting data about user behavior and choices across other apps and websites. But the EU ruling could stifle Meta's ability to target ads based on user activity inside their own apps as well. A spokeswoman for the European Data Protection Board, the body representing all EU privacy regulators, declined to provide details of the decisions made. Reporting by Chavi Mehta in Bengaluru Editing by Vinay Dwivedi and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Facebook Parent’s Oversight Board Criticizes ‘Cross Check’ Program That Protects VIP Users
▼ + stars: | 2022-12-06 | by ( Jeff Horwitz | ) www.wsj.com time to read: 1 min

Meta Platforms Inc. has long given unfair deference to VIP users of its Facebook and Instagram services under a program called “cross check” and has misled the public about the program, the company’s oversight board concluded in a report issued Tuesday. The report offers the most detailed review to date of cross check, which Meta has billed as a quality-control effort to prevent moderation errors on content of heightened public interest. The oversight board took up the issue more than a year ago in the wake of a Wall Street Journal article based on internal documents that showed that cross check was plagued by favoritism, mismanagement and understaffing.

☆ Meta’s Targeted Ad Model Faces Restrictions in Europe
▼ + stars: | 2022-12-06 | by ( Sam Schechner | ) www.wsj.com time to read: 1 min

European Union privacy regulators have ruled that Meta Platforms Inc. shouldn’t require users to agree to personalized ads based on their online activity, according to people familiar with the decision, a ruling that could limit the data that Meta can access to sell such ads. A board representing all EU privacy regulators on Monday approved a series of decisions ruling that EU privacy law doesn’t allow Meta platforms, such as Instagram and Facebook, to use their terms of service as a justification for allowing such advertising, the people said.

☆ Facebook Threatens to Pull News From Platform if Congress Passes Bill Helping Publishers
▼ + stars: | 2022-12-06 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

Menlo Park, Calif-based Meta this year began telling publishers in the U.S. it wouldn’t continue to pay them to feature their content in Facebook’s news tab. Meta Platforms Inc. is threatening to remove news from Facebook in the U.S. if Congress passes legislation meant to help publishers team up to negotiate payments from tech companies, echoing similar warnings that the company has lobbed at various governments around the world. “If Congress passes an ill-considered journalism bill as part of national security legislation, we will be forced to consider removing news from our platform altogether rather than submit to government mandated negotiations that unfairly disregard any value we provide to news outlets through increased traffic and subscriptions,” Meta tweeted on Monday as part of a longer statement condemning the bill, known as the Journalism Competition and Preservation Act.

☆ New Zealand Plans to Make Facebook, Google Pay for News
▼ + stars: | 2022-12-05 | by ( Mike Cherney | ) www.wsj.com time to read: 1 min

New Zealand has proposed a law that would seek to make online platforms pay news publishers for content. New Zealand said it would seek to require online platforms like Alphabet Inc.’s Google and Facebook owner Meta Platforms Inc. to pay news publishers for content, becoming the latest country to wade into a worldwide debate about whether tech giants unfairly benefit from news shared on their platforms. New Zealand’s proposal will be based on a similar law in Australia and introduced legislation in Canada and will be designed to act as an incentive for digital platforms to reach voluntary deals with local news outlets, according to a statement from New Zealand Broadcasting Minister Willie Jackson.

☆ Facebook owner Meta may remove news from platform if U.S. Congress passes media bill
▼ + stars: | 2022-12-05 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 5 (Reuters) - Facebook parent Meta Platforms Inc (META.O) on Monday threatened to remove news from its platform if the U.S. Congress passes a proposal aimed at making it easier for news organizations to negotiate collectively with companies like Alphabet Inc's (GOOGL.O) Google and Facebook. Sources briefed on the matter said lawmakers are considering adding the Journalism Competition and Preservation Act to a must-pass annual defense bill as way to help the struggling local news industry. loadingHe added the proposal fails to recognize that publishers and broadcasters put content on the platform because "it benefits their bottom line - not the other way around." If Congress does not act soon, we risk allowing social media to become America’s de facto local newspaper." Since the News Media Bargaining Code took effect, various tech firms including Meta and Alphabet have signed more than 30 deals with media outlets, compensating them for content that generated clicks and advertising dollars, the report added.

☆ Newsmax CEO reveals how he's challenging Fox News for right-leaning viewers, why his network won't endorse candidates, and why his friend Trump shouldn't run in 2024
▼ + stars: | 2022-12-04 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +12 min

Newsmax CEO Chris Ruddy says it challenges Fox News for conservative viewers but also wants Democrats. Ruddy said Donald Trump shouldn't run in 2024 because "he's a guy that doesn't need the presidency." Here's why a media CEO who considers Donald Trump a good friend doesn't think his good friend should run for president again. Let's talk about the Arizona call[during the 2020 election]: Fox News called that election within 20 minutes. I would prefer Trump not run because I don't think it's good for him personally.

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