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☆ Morning Bid: Fed, financing and jobs greet November
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +6 min

Despite the U.S. Treasury forecasting a lower fourth-quarter borrowing need than previously flagged, the tension in the bond market remains ahead of its detailed future refinancing plans due later on Wednesday. With the Federal Reserve widely expected to hold policy rates steady again on Wednesday, the Treasury plans may end up getting more bond market attention. But U.S. consumer confidence has softened, oil prices are falling again and the overseas demand picture is weakening. Another heavy day of U.S. corporate earnings is topped by big insurers and the likes of PayPal and Kraft Heinz. On Tuesday, shares in heavy-machinery maker Caterpillar (CAT.N) sank almost 7% as signs of slowing demand overshadowed a quarterly earnings beat.

Persons: Mike Dolan, Masato Kanda, it's, Japan's, China Evergrande, Joe Biden, Xi Jinping, Kraft Heinz, Estee Lauder, Kraft, Ingersoll Rand, Nick Macfie Organizations: Wednesday's, Bank of Japan, Japan's Nikkei, Japan, U.S, U.S . Treasury, Federal Reserve, Treasury, HK, White House, Asia Pacific Economic Cooperation, Wall, PayPal, Kraft, Caterpillar, Edison, AIG, Prudential Financial, MetLife, Qualcomm, Mckesson, Kraft Heinz, Allstate, Congnizant, Boston Properties, Water, Garmin, CVS, Brands, Humana, Reuters Graphics Reuters, US National Retail Federation, Thomson, Reuters Locations: U.S, United States, China, Hong Kong, San Francisco, Tokyo, Marathon, Boston

☆ The US economy is surging – but problems elsewhere could still torpedo profits for big companies like Apple and Tesla
▼ + stars: | 2023-11-01 | by ( Huileng Tan | George Glover | ) www.businessinsider.com time to read: +6 min

The US economy is surging, with growth coming in at a hotter-than-expected 4.9% for the third quarter. But problems elsewhere could still be bad news for big US companies, including Apple and Tesla. China's slowing economy and the war between Israel and Hamas are both potential headwinds, according to analysts. AdvertisementAdvertisementThe China challengeThat's bad news for mega-cap US firms such as Apple and Tesla, which count the Asian nation as a major market. On balance, risks to global growth continue to be skewed to the downside," the International Monetary Fund said in its Global Financial Stability report published last month.

Persons: —, Ukraine — that's, headwinds, Goldman Sachs, GfK, Michael Field, it's, Tom Donilon, Susan Li, Li Organizations: Apple, Service, Nvidia, Intel, Nike, China —, Morningstar Research, stoke, of America, DuPont, Procter, Gamble, International Monetary Fund Locations: Israel, China, Ukraine, Beijing, BlackRock, Iran

☆ AMD is starting to execute well in the artificial intelligence market, says Mizuho's Rakesh
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAMD is starting to execute well in the artificial intelligence market, says Mizuho's RakeshVijay Rakesh, managing director and senior semiconductor analyst at Mizuho, joins 'Squawk on the Street' to discuss AMD's ability to compete in the market for AI chips, the tech giant's sales pitch to its end customers for artificial intelligence, and more.

Persons: Mizuho's Rakesh Vijay Rakesh Organizations: AMD, Mizuho

☆ These 10 portfolio names outperformed the stock market amid the October decline
▼ + stars: | 2023-11-01 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

AMZN YTD mountain Amazon (AMZN) year-to-date performance Shares of Amazon (AMZN) climbed 4.7% throughout October on the company's better-than-expected third-quarter results . PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance Shares of Palo Alto Networks (PANW) rose 3.7% last month. LLY YTD mountain Eli Lilly (LLY) year-to-date performance Eli Lilly (LLY) stock climbed 3.1% in October after a weak September performance. LIN YTD mountain Linde (LIN) year-to-date performance Shares of Linde (LIN) rebounded on the company's stellar quarterly earnings release last week. CTRA YTD mountain Coterra (CTRA) year-to-date performance Coterra Energy (CTRA) notched gains of 1.7% in October.

Persons: Locker, we're, Foot Locker's, Foot Locker, Andy Jassy, Eli Lilly, LLY, Decker, Stanley Black, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Nike, Club, Humana, Microsoft, Big Tech, Amazon, Services, Palo Alto Networks, Alto, Procter & Gamble, Procter, Gamble, LIN, Linde, The, Hamas, CNBC, Traders, New York Stock Exchange Locations: —, Palo, Lilly's, Israel, Palestinian Territories, New York City, U.S

SAN FRANCISCO (AP) — Airbnb said Wednesday it earned $4.37 billion in the third quarter as it booked a large tax benefit and posted higher-than-expected revenue during the summer travel season. Airbnb said that excluding the tax benefit, net income would have been $1.6 billion, up from $1.2 billion a year earlier. Revenue rose 18% to $3.4 billion as the company saw a 14% increase in bookings and slightly higher average prices for short-term rentals. Analysts expected the San Francisco company to post revenue of $3.37 billion, according to a FactSet survey. Political Cartoons View All 1230 ImagesAirbnb predicted fourth-quarter revenue between $2.13 billion and $2.17 billion, below Wall Street's forecast of $2.18 billion.

Persons: — Airbnb, Airbnb, Brian Chesky, ” Chesky Organizations: FRANCISCO, Revenue Locations: San Francisco, Asia, America

☆ Vans and North Face owner gets slammed. But Jim Cramer likes new CEO's turnaround plan
▼ + stars: | 2023-10-31 | by ( Morgan Chittum | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer said Tuesday that the company behind Vans, The North Face and Timberland has a promising blueprint to turn around its fortunes. Shares of troubled VF Corp (VFC) sank 9.5%, the morning after management withdrew its fiscal year revenue and profit forecasts. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. While acknowledging the near-term challenges due to a more cost-conscious consumer, Cramer said on "Squawk on the Street" that new CEO Bracken Darrell's plan to overhaul the company should lift the stock down the road. Cramer cited Darrell's long track record in leadership roles at Procter & Gamble (PG) and Logitech (LOGI) as a reason to give him the benefit of the doubt.

Persons: CNBC's Jim Cramer, Timberland, Jim Cramer's, Cramer, Bracken Darrell's Organizations: Vans, Procter & Gamble, Logitech, TJX Companies, Marshalls Locations: Maxx

☆ 'It's not that Huawei is superior, it's that Apple is inferior': What the Chinese internet is saying about the iPhone 15
▼ + stars: | 2023-10-31 | by ( Kwan Wei Kevin Tan | Tom Carter | ) www.businessinsider.com time to read: +5 min

People in China just aren't that enamored with Apple's iPhone 15. Apple faces stiff local competition from Chinese rival Huawei, which launched its Mate 60 Pro smartphone weeks before the iPhone 15.launched its Mate 60 Pro smartphone weeks before the iPhone 15. As of press time, posts discussing the iPhone 15 have drawn over 100 million views on Weibo, China's version of X. If it were you, would you upgrade to the iPhone 15 just to get USB C charging?" Apple launched the iPhone 15 at its "Wonderlust" event in September.

Persons: — Organizations: Apple, Huawei, Weibo, Service, Bloomberg, Xiaomi Locations: China, Weibo, Hong Kong

☆ McDonald’s revenue climbs 14% as price hikes boost U.S. sales
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMcDonald’s revenue climbs 14% as price hikes boost U.S. salesCNBC's Joe Kernen breaks down the fast-food giant's quarterly earnings results.

Persons: Joe Kernen

☆ Missed Nvidia? Fund manager says this under-the-radar network stock is set for an AI boost
▼ + stars: | 2023-10-30 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

One firm that's perhaps lesser known stands out to portfolio manager Sanjay Ayer, however: Arista Networks — the U.S. cloud-computing and networking equipment company. The social media giant's cautious guidance put pressure on Arista's shares, but the stock remains up around 40% year-to-date. But he added: "Arista is embedded at these companies. They're not [just] an outsourced manufacturer or hardware product provider – they're [also] a research and development partner and they are helping to shape the roadmaps of these companies' networking needs." For Ayer, the company's "customer-centric culture," where its network operators are all trained software engineers, makes it a good investment.

Persons: Sanjay Ayer, Ayer, —, They're Organizations: Nvidia, Baidu, Arista Networks, Arista, U.S, WCM Investment Management, CNBC Pro, Meta, Cisco, Juniper, Microsoft, Ayer, Equity Fund Locations: U.S, Ayer

☆ Earnings playbook: Your guide to trading another busy week of reports, including Apple and Pfizer
▼ + stars: | 2023-10-29 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

About 30% of the S & P 500 is set to report earnings this week, bringing the reporting past the halfway mark. Monday McDonald's is set to report earnings before the bell, followed by a call with management at 8:30 a.m. What CNBC is watching: Pfizer is coming into this latest earnings report limping. What history shows: Starbucks only beats earnings expectations 55% of the time, according to Bespoke, but the stock averages a 0.5% gain on earnings days. What history shows: Apple shares tend to do well on earnings days, averaging a 1.3% advance, according to Bespoke.

Persons: It's, Oppenheimer, Brian Bittner, PFE, Kif Leswing, Cowen, Andrew Charles, bode, Tim Cook, — CNBC's Michael Bloom Organizations: Apple, Pfizer, Meta, CNBC, Investment, AMD, Nvidia, Starbucks, Corporate Locations: U.S, Covid, China

☆ Amazon's market value set to jump $60 billion after strong third-quarter earnings smash Wall Street's expectations
▼ + stars: | 2023-10-27 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Strong sales numbers for Amazon's cloud division also helped push the stock higher. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementAmazon's market cap looked set to surge Friday after the online retail giant's third-quarter earnings beat Wall Street's expectations. If those gains hold up until the closing bell, Amazon's value will swell by about $60 billion to $1.3 trillion, per Insider's calculations. "Thin margins in Amazon's retail business makes cloud so much more important than it does for the other tech companies, whose broader business models are a lot less capital intensive."

Persons: —, Wall, Hargreaves, Sophie Lund, Yates Organizations: Service, Amazon, LSEG, AWS, Microsoft

☆ Goldman exec exits revealed
▼ + stars: | 2023-10-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're taking a deeper look at the number of partner departures at Goldman Sachs under CEO David Solomon. The big storyGoldman exits, by the numbersPaul Morigi/Getty Images; Jenny Chang-Rodriguez/InsiderAt least 210 Goldman Sachs partners have left on David Solomon's watch. It's also higher than Insider's analysis of yearly partner exits during the 14 years before Solomon took over as CEO, which came to 40.4. AdvertisementAdvertisementThe case for SolomonWhile partner departures under Solomon have increased, according to our analysis, it hasn't been a massive bump. Former Goldman partners become future Goldman clients, the bank likes to say.

Persons: —, Céline Dion, Goldman Sachs, David Solomon, What's, Goldman, Paul Morigi, Jenny Chang, Rodriguez, David Solomon's, Dakin Campbell, Emmalyse Brownstein, Walt Hickey, Kaja Whitehouse, It's, Solomon, Tony Fratto, Samantha Lee, hasn't, Lloyd Blankfein —, Solomon's, Solomon isn't beholden, it's, doesn't, Omer Ismail, CHANDAN KHANNA, Chelsea Jia Feng, Sam Bankman, Fried, SBF, Judge Lewis Kaplan, Israel, Duran Duran, Taylor Swift, Blake Shelton, Gwen Stefani, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Goldman, Walmart, Getty, View Press, Investors, Deal, Microsoft, MLB, The Arizona Diamondbacks, Texas Rangers, ExxonMobil, The Locations: Porirua , New Zealand, Chelsea, Israel, Arlington , Texas, Chevron, AutoNation, New York City, San Diego, London, New York

☆ 'Why is it packaged like a pregnancy test?' Some McDonald's workers really hate the new McFlurry spoon
▼ + stars: | 2023-10-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

McDonald's US is replacing its single-use McFlurry spoons with reusable spindles and smaller spoons. AdvertisementAdvertisementMcDonald's is scrapping its iconic McFlurry spoons in favor of reusable spindles and smaller spoons, and some workers are up in arms about it. To make a McFlurry, McDonald's staff would pour soft-serve ice cream and toppings into a cup. "I think it's a horrible idea," another McDonald's worker from a Michigan store, whose employment was verified by Insider, said. AdvertisementAdvertisement"Honestly, I don't see it as a big deal," another person commenting on Reddit who told Insider they are a McDonald's worker.

Persons: —, McDonald's, Reddit Organizations: Service, Employees Locations: –, Canada, Michigan, It's

☆ Chevron and Exxon's latest buys could usher in a new era of oil megamergers
▼ + stars: | 2023-10-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Energy heavyweights Chevron and Exxon Mobil announced shiny new acquisitions this month — and some industry watchers say it could be the start of more multibillion megadeals to come. Chevron on Monday said it's buying Hess for $53 billion in stock, allowing Chevron to take a 30% stake in Guyana's Stabroek Block — estimated to hold some 11 billion barrels of oil. The announcement comes just weeks after Exxon Mobil announced its purchase of shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal. While this marks Exxon's largest deal since its acquisition of Mobil, the merger would also double the oil giant's production volume in the largest U.S. oilfield, the Permian Basin. "The big-money acquisition of Hess by Chevron accelerates the trend of consolidation and big-money deals," energy consultancy Rystad Energy said in a note.

Persons: it's, Hess Organizations: Energy, Chevron, Exxon Mobil, Natural Resources, Mobil, Hess, Rystad Energy, Exxon, Pioneer Locations: Guyana

☆ Amazon shares surge after Q3 earnings surpass expectations. Here's what the pros say
▼ + stars: | 2023-10-27 | by ( Sean Conlon | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the latest reactions to Amazon from investors and analysts. Jim Cramer dissected the tech giant's third-quarter results, which were issued late Thursday. Amazon took on cost-cutting measures in 2023, which included laying off thousands of employees. The company is also expecting fourth-quarter sales to be between $160 billion and $167 billion. Amazon closed the trading session up 6.8% and is currently held in Cramer's Charitable Trust portfolio.

Persons: Jim Cramer Organizations: Amazon, Trust

☆ Huawei's surprise 5G smartphone helped it grow quicker than Apple in China
▼ + stars: | 2023-10-27 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

CFOTO | Future Publishing | Getty ImagesHuawei was the fastest-growing smartphone maker in China in the third quarter after the company released a smartphone with a surprisingly advanced chip inside. That growth is propelling Huawei to being within touching distance of the top five smartphone makers by market share in China once more. It commanded a 12.9% market share in the quarter, up from 9.1% in the same period last year. Sales of Honor, the largest smartphone maker by market share, rose just 3% year on year. The market research firm did not provide the number of units that were sold per company.

Organizations: Getty, Huawei, Counterpoint Research, Apple, Research, Kirin, 5G Locations: Shanghai, China, Shenzhen

☆ A-Rod regrets not investing in Amazon, Microsoft or Starbucks in the '90s: 'I wouldn't have to work so hard today'
▼ + stars: | 2023-10-27 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +2 min

"If I bought Amazon, Microsoft and Starbucks, I wouldn't have to work so hard today." At the time, Microsoft's stock price was $2.35 per share, adjusted for any stock splits or dividends. Today, the company's shares are trading at $334.21 apiece, more than 142 times the price 30 years ago. Similarly, Starbucks, which went public in 1992, was trading at just 74 cents per share when Rodriguez signed his first contract. An investment of only $1,000 at the time would be worth more than $1.7 million today.

Persons: Alex Rodriguez, Seattle —, —, Rodriguez, Corp, he'd, would've, Rodriquez Organizations: Major League Baseball, Star, CNBC, Microsoft, Starbucks, Forbes, Seattle Mariners, Amazon Locations: Seattle

☆ Stocks making the biggest moves after hours: Intel, Amazon, Chipotle, Enphase Energy and more
▼ + stars: | 2023-10-26 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Amazon issued fourth-quarter sales guidance ranging between $160 billion to $167 billion, while analysts polled by LSEG called for revenue of $166.6 billion. Intel earned 41 cents per share, adjusted, on $14.16 billion in revenue, while analysts polled by LSEG had expected 22 cents per share in earnings and revenue at $13.53 billion. Earnings per share came in at $4.45 versus the $3.24 per share expected by analysts polled by FactSet. Analysts polled by FactSet expected earnings of 34 cents per share and revenue at $939.6 million. Analysts polled by LSEG called for $22.64 in earnings per share and $4.015 billion in revenue.

Persons: LSEG, Ford, Dexcom, FactSet, —, Darla Mercado Organizations: Amazon, Intel, Ford —, Ford, LSEG, FactSet, Enphase Energy, Revenue

☆ Why some Wall Street analysts say to consider buying the post-earnings dip in Meta Platforms
▼ + stars: | 2023-10-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Wall Street analysts are standing by Meta Platforms despite the post-earnings sell-off, with some recommending using the pullback to scoop up the stock. "Let's be clear, there's still a lot to get excited about," said Bernstein analyst Mark Shmulik. META 1D mountain Meta shares slump post-earnings Shares were last down about 4%. "We believe Meta continues to execute well & remains disciplined, and we would be buying the pullback in Meta shares," said JPMorgan's Doug Anmuth. "While all advertising may be impacted by geopolitical activity, advertising allocation remains a relative game and we believe META's differentiation gap is widening vs most peers," he said.

Persons: Bernstein, Mark Shmulik, Meta, Doug Anmuth, Ronald Josey, Evercore, Mark Mahaney, Ross Sandler, Morgan Stanley's Brian Nowak, — CNBC's Michael Bloom Organizations: Meta, Facebook, Wall Street, Tech, Barclays

☆ Amazon’s advertising revenue tops $12 billion in the third quarter
▼ + stars: | 2023-10-26 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

(Photo by Joan Cros/NurPhoto via Getty Images)Amazon's online advertising business continues to boom amid growing investor concerns that the Israel-Hamas War could negatively impact the world economy. Analysts polled by StreetAccount were expecting Amazon's advertising business to generate $11.6 billion in third-quarter revenue. Investors closely monitor Amazon's online advertising unit, which now accounts for 7.5% of the global digital ad market, according to Insider Intelligence. Alphabet is still the digital advertiser leader with 28.4% share of the world online ad market, while Meta accounts for 20.1%, the research firm said. Alphabet reported third-quarter earnings this week and said that its Google advertising revenue jumped 9% year-over-year to $59.65 billion while YouTube ad sales rose 12% year-over-year to $7.95 billion.

Persons: Joan Cros, StreetAccount, Meta, Susan Li, Brad Gerstner Organizations: AMD, Amazon Marketing Services, Mobile, Getty, Intelligence, Meta, Facebook, Google, YouTube Locations: BARCELONA, SPAIN, Barcelona, Spain, Israel, Hamas

☆ Live updates: Amazon Q3 earnings report coming after the closing bell with the stock up big in 2023
▼ + stars: | 2023-10-26 | by ( Business Insider | ) www.businessinsider.com time to read: +1 min

Link icon An image of a chain link. It symobilizes a website link url. Link icon An image of a chain link. It symobilizes a website link url. "We believe that each +10 increase in energy costs could result in a $200-$300mm headwind to Q3 EBIT," analysts said.

Persons: Goldman, Goldman Sachs Locations: Wednesday's

☆ Meta stock's bad run continues, with its market value wipeout deepening to $60 billion on execs' warning of an advertising slowdown
▼ + stars: | 2023-10-26 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Big Tech giant beat analysts' forecasts, but execs warned of a fourth-quarter slowdown in advertising revenues. Meta is on a bad run, with its market value on pace to fall $60 billion in the space of four trading sessions. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementMeta Platforms' stock price slipped in premarket trading Thursday, with so-so earnings failing to stop a bad run for the Big Tech giant. Meta's losses Thursday threaten to extend the tech firm's bad run this week.

Persons: —, Susan Li, Li Organizations: Big Tech, Meta, Service, London Stock Exchange Group Locations: Thursday's, Israel

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ Amazon launches European 'sovereign' cloud as EU data debate rages
▼ + stars: | 2023-10-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Amazon Web Services European Sovereign Cloud will be located within Europe and will be separate to the U.S. technology giant's other cloud operations. As government agencies and critical businesses increasingly move their operations to public cloud operators, like Amazon or Microsoft , there is growing concern in the EU that data is being stored on the servers of non-European firms. Some cloud features may require data to be transferred to and from the EU. And there is a growing worry among businesses and lawmakers that this data could be accessed by entities outside of the EU. Amazon's sovereign cloud is likely an attempt to allay some of those fears.

Persons: Joan Cros Organizations: Web Services, Mobile, Nurphoto, Getty, Amazon Web Services, Sovereign, European Union, EU, Microsoft Locations: Amazon, Barcelona, Spain, Europe

☆ Insiders question WPP CEO Mark Read's bounceback plan after chaotic period of mergers, account losses, and a stock market slump
▼ + stars: | 2023-10-25 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +11 min

"OMD and Publicis are winning all the meaningful pitches," said a former WPP agency executive, referring to competitors Omnicom and Publicis Groupe. Further, GroupM is just one of the many parts of WPP's business that Read needs to fix. Insiders describe a whirlwind of change but confusion about the bigger visionA current WPP agency executive said they were frustrated by what they described as a vacuum of information about the bigger strategy for WPP. Getty Images"It feels like something bigger has to happen now," said a current WPP agency executive. The ongoing pitch for Volkswagen's $4 billion global media business underscores the tremendous amount of resources needed to win the proposal, and the huge prize at stake.

Persons: Christian Juhl, San, GroupM, Publicis, Kirk McDonald, McDonald didn't, Ogilvy, it's, Thomas Singlehurst, Juhl, Mark Read's, It's, Read, Martin Sorrell, AKQA, Sard, Wunderman Thompson, J.Walter Thompson, Joanne Wilson, Andrew Scott, Roberto Quarta, Angela Ahrendts, Craig Barritt, —, haven't, Clark, Arthur Sadoun, WPP's Read, Michael Farmer Organizations: WPP, Publicis, L'Oreal, Omnicom Media Group, Pfizer, North, GroupM, Verizon, Discovery, Adobe, Citigroup, Shanghai, reined, AKQA Group, Finsbury Glover, Partners, Young, Rubicam, London Stock Exchange, Brexit, Getty, Burberry, Apple, The New School Industry, VW, Groupe, Epsilon Locations: San Francisco, China, EssenceMediaCom, Kansas, Kansas City, New York, Mayfair , London, New York City

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