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Sanders added it is “problematic” if schedule F is being used to reinforce and maintain political loyalty. The spoils system was replaced by the current merit-based system where career employees serve multiple administrations, carrying out their jobs independent of politics. The Biden administration erected temporary roadblocks at the federal Office of Personnel Management – rules aimed at protecting federal workers from retaliatory mass firings. The District of Columbia itself has the largest individual chunk of federal workers in any state or territory, with more than 162,000. But it could also be devastating to employment in states that went to Trump, where roughly 967,000 federal workers live.

Persons: Donald Trump, Trump, ”, Ronald Sanders –, Trump’s, –, Sanders, Max Stier, “, ” Stier, didn’t, Karoline Leavitt, Biden, Will Lanzoni, Elon Musk, Mandy Gunasekara, Everett Kelley –, Joyce Howell, “ They’re, Marie Owens Powell, Sunlen Serfaty, Tierney Sneed Organizations: CNN, Trump, Energy Department, Environmental Protection Agency, Partnership for Public Service, Management, DC, of Columbia, Convention Center, Land Management, EPA, Unions, American Federation of Government Employees, AFGE, ”, American Civil Liberties Union, Democracy Locations: Maryland, Virginia, Beach, West Palm Beach , Florida, Washington, Colorado

☆ What Trump's second term means for space and why one expert is 'hugely optimistic'
▼ + stars: | 2024-11-09 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +8 min

Space industry experts told Business Insider that Musk's influence over Trump could help advance his business interests, including sending the first crewed mission to Mars. "I'm hugely optimistic about what's going to happen in space now," Michelle Hanlon, executive director of the Center for Air and Space Law at the University of Mississippi School of Law, told Business Insider. Hanlon's optimism isn't unfounded, especially if Trump's second term focuses on space as much as his first. AdvertisementDuring his first term, from 2017 to 2021, Trump's administration founded the Space Force, re-launched the National Space Council, and established NASA's Artemis program. A spokesperson for Trump's campaign said that Musk's ideas and efficiency will benefit federal bureaucracy but his role in Trump's administration remains under wraps.

Persons: Elon Musk, Donald Trump, Trump, —, Elon Musk's, Michelle Hanlon, Musk, Volodymyr Zelenskyy, Axios, Jim Watson, Deborah Sivas, it's, Elon, Hanlon, George Nield, we've, Donald Trump’s, Anna Moneymaker, Nield, Artemis program's Organizations: Service, Trump, Center for Air, Space, University of Mississippi School of Law, Space Force, Space Council, Department of Government, Traffic Safety Administration, Federal Aviation Administration, Ukrainian, Getty, SpaceX, Environmental, Stanford, Republicans, Space Transportation, NASA, Orion Locations: Pennsylvania, Butler , Pennsylvania, Sivas

☆ Nissan stock slumps after it announces 9,000 job cuts and a plan to slash production
▼ + stars: | 2024-11-08 | by ( ) edition.cnn.com time to read: +2 min

Nissan Motor shares slumped 6% in Tokyo trade Friday, a day after the Japanese automaker said it would cut 9,000 jobs and a fifth of its manufacturing capacity as it struggles with sales in China and the United States. It said restructuring would cut costs by 400 billion yen ($2.61 billion) in the financial year to the end of March. Nissan is also challenged in the US where it lacks a line-up of hybrids just as that vehicle type is in strong demand. On Friday, Japan’s Minister of Economy, Trade and Industry Yoji Muto declined to comment to reporters when asked his views on potential government support for Nissan. “The company released its mid-term plan this spring, but in the end there was no meaning to that.

Persons: Japan’s, Makoto Uchida, Carlos Ghosn, Industry Yoji Muto, Seiji Sugiura, ” Sugiura, Nissan’s Organizations: Nissan Motor, Nissan, Renault, Japan’s, Economy, Trade, Industry, Tokai Tokyo Intelligence Laboratory Locations: Tokyo, China, United States

☆ Elon Musk joined Trump's call with Zelenskyy, showing the Tesla CEO's new influence after spending at least $119 million on the campaign
▼ + stars: | 2024-11-08 | by ( Bryan Metzger | Alice Tecotzky | ) www.businessinsider.com time to read: +2 min

Elon Musk reportedly joined Trump's calls with two world leaders, including Zelenskyy. Musk worked hard to elect Trump and is likely to have influence in the administration as a result. AdvertisementElon Musk joined President-elect Donald Trump's calls with both Ukrainian President Volodymyr Zelenskyy and Turkish President Recep Tayyip Erdogan this week, according to several reports. Axios reported that Musk told the Ukrainian leader that he would continue to support the besieged country via his Starlink satellites. Beyond supporting Trump's campaign financially, Musk joined the president-elect at rallies and held solo town halls.

Persons: Elon Musk, It's, Musk, Trump, —, Donald Trump's, Volodymyr Zelenskyy, Recep Tayyip Erdogan, Axios, Erdogan, Musk's, DOGE Organizations: Service, The New York Times, Trump, Zelenskyy, Mar, Reuters, of Government, Tesla, SpaceX, Tech Locations: Turkish, Silicon, Washington

CNN —Tech tycoon Elon Musk joined a call between US President-elect Donald Trump and Ukrainian President Volodymyr Zelensky the day after the presidential election, according to a source with knowledge of the situation. Zelensky previously said on X that he called Trump on Wednesday and congratulated him on “his historic landslide” win. Strong and unwavering US leadership is vital for the world and for a just peace,” Zelensky wrote at the time. CNN is reaching out to Musk and Trump’s teams about the call, which was first reported by Axios. Questions about Musk’s influence in the war also began to mount amid a rise in Ukrainian sightings of Russian uses of the satellite internet service.

Persons: Elon Musk, Donald Trump, Volodymyr Zelensky, Zelensky, “, Strong, ” Zelensky, Axios, Vladimir Putin, Musk, –, Starlink, Walter Isaacson, Isaacson, Dmitry Peskov Organizations: CNN — Tech, US, Ukrainian, CNN, Trump, PAC, NASA, SpaceX, Pentagon, Starlink, Russian, Putin Locations: Kyiv, Russia, Ukraine, Crimea, Crimean, Ukrainian, American

☆ A top mind at JPMorgan Asset Management warns of clear economic red flag after Trump's big win, despite soaring US stocks
▼ + stars: | 2024-11-07 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

US stocks had one of their best days in years and hit new records after Trump's resounding win over Kamala Harris in Tuesday's election. Both of those moves make sense, said David Kelly, the global strategy chief at JPMorgan Asset Management, in an interview on Wednesday. AdvertisementThe strategy chief has been adamant that higher tariffs — one of Trump's key proposals — would cripple the US economy and endanger the global economic expansion. Related storiesMost economists condemn tariffs, which are taxes on imports, because they tend to lead to higher prices and lower economic growth. Sean Gallagher, the global head of Lazard's small-cap equity platform, made a similar point in a recent interview with Business Insider when asked about Trump's tariffs and Kelly's stance.

Persons: Stocks, Donald Trump, David Kelly, Wall, he's, —, Donald Trump's, Trump's, Kamala Harris, Kelly, Trump, Mahatma Gandhi, I'm, I've, Tom Orlik, who's, Chris Murphy, Susquehanna's, Orlik, Sean Gallagher, Gallagher, maven, He's, inflation's Organizations: House . Market, Service, Nasdaq, US, JPMorgan Asset Management, Republican, JPMAM, Bloomberg Economics, Business, Trump Locations: Tuesday's

☆ CNBC Daily Open: The Trump rally begins
▼ + stars: | 2024-11-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. However, solar stocks tanked on fears that Trump would slash tax credits for solar energy. The Trump rally, in short, has begun. To be sure, yesterday's frenzy could have been a relief rally as much as a Trump rally. For now, however, the Trump rally is lighting up the markets.

Persons: Donald Trum, Russell, Trump's, Trump, Elon Musk, Donald Trump, Kamala Harris, Donald Trump's, Marc Pinto, Janus Henderson, Tesla, Edward Jones, Angelo Kourkafas, Yung, Yu Ma, Jesse Pound, Scott Schnipper, Alex Harring, Yun Li Organizations: Republican, Nevada GOP, CNBC, Democratic, NBC News, U.S, Janus, Janus Henderson Investors, Trump, Bank, General Motors, Ford, EV, Dow Jones, Nasdaq, BMO Wealth Management Locations: Florida, Nevada, Las Vegas , Nevada, U.S, United States

☆ How Elon Musk stands to cash in on Trump's presidential victory
▼ + stars: | 2024-11-07 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +10 min

Jim Watson | Afp | Getty ImagesAs Donald Trump celebrated his presidential victory early Wednesday morning, Elon Musk was right there with him. Elon," Trump said onstage at his Mar-a-Lago resort, thanking the world's richest person for spending two weeks campaigning in Pennsylvania. Musk's investment in Trump is already paying off, even though Trump doesn't take office until Jan. 20. Musk was introduced by Cantor Fitzgerald CEO Howard Lutnick, who called the Tesla CEO the "greatest capitalist" in U.S. history. Having a role in a bespoke commission could give Musk power over federal agencies' budgets, staffing and the ability to push for the elimination of inconvenient regulations.

Persons: Elon Musk, Donald Trump, Jim Watson, Elon, Trump, Musk's SpaceX, Musk, surrogates, Tony, Cantor Fitzgerald, Howard Lutnick, Lutnick, Biden, Tesla, Sergio Flores, Geoff Orazem, Orazem, Vladimir Putin, Xi Jinping, Bill Nelson, Putin, Tenet, JD Vance Organizations: Republican, Afp, Getty, Trump, U.S, Tesla, SpaceX, Twitter, Department of Government, SEC, Environmental Protection Agency, Federal Aviation Administration, IRS, Microsoft, Meta, U.S . Army, National Security Agency, FedScout, NASA, U.S . Air Force, Space Force, Federal Emergency Management Agency, National Labor Relations Board, Street Journal, NBC News, Tenet Media, Department of Justice, Putin, Kremlin, PAC Locations: Butler , Pennsylvania, Lago, Pennsylvania, China, Hurricane, New, Puerto Rico, Meta, U.S, Taiwan, Russian, Ukraine

☆ Nissan plans 9,000 job cuts, slashes annual profit outlook
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: +2 min

A Nissan badge is attached to the grill of a 2013 Nissan Pathfinder on December 3, 2012 in Niles, Illinois. Nissan Motor Co is recalling more than 300,000 SUVs in the United States over an issue in which the hood suddenly opens, obstructing the driver's view and increasing the risk of a crash. Nissan Motor said it would slash 9,000 jobs and cut global production capacity by a fifth, while revising its annual profit outlook sharply lower as it battles headwinds in China and the United States. Japan's third-largest automaker cut its annual operating profit forecast by 70% to 150 billion yen ($975 million), marking its second downward revision after a 17% cut earlier this year. Together, the two markets account for nearly half of Nissan's global sales by volume.

Persons: Makoto Uchida, Uchida Organizations: Nissan, Nissan Pathfinder, Honda Locations: Niles , Illinois, United States, China, U.S, Japan's

☆ Steve Madden to slash China sourcing by as much as 45% as Trump's tariff plan looms
▼ + stars: | 2024-11-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Over the past few years, he said, it's looked for factories in other countries, including Cambodia, Vietnam, Mexico and Brazil. Rosenfeld said about two-thirds of Steve Madden's business are U.S. imports. Of that, he said, "we currently source a little bit more than 70% of those goods from China." That means slightly less than half of its business would be at risk of tariffs on Chinese imports, he said. He said the company has moved more of its production outside of China since tariffs began under Trump's first administration.

Persons: Steve Madden, Donald Trump, Edward Rosenfeld, it's, " Rosenfeld, Steve Madden's, Trump, Tarang Amin, Trump's, Kate Spade, Scott Roe, we've, Gabrielle Fonrouge Organizations: Retail Locations: China, Cambodia, Vietnam, Mexico, Brazil

☆ Intel says it's bringing back free office coffee to boost morale after a rough year
▼ + stars: | 2024-11-07 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +4 min

Intel is bringing back free beverages for its employees at worksites. AdvertisementIntel will once again offer free coffee and tea to its employees after slashing the perks as part of its cost-cutting efforts. The chip manufacturer said free in-office beverages would return to worksites in an internal message in a bid to improve morale, the Oregonian reported. Intel told employees it would stop providing free beverages and fruit at worksites. a former Intel employee told BI.

Persons: —, Paul Otellini, OpenAI, Bob Swan, Jaque Silva Organizations: Intel, Service, Oregonian, Business, Apple, Nvidia, Reuters, Getty, Samsung Locations: worksites, OpenAI, Oregon

The West WingOne of Trump’s most important picks will be his White House chief of staff. Karoline Leavitt, who was Trump’s campaign spokeswoman, is being considered as White House press secretary – a job that typically is the most public-facing position in the White House. National security postsTrump has suggested his national security team would be tasked with reassessing the United States’ posture toward Ukraine and Russia, China, Iran, and the simmering conflict in the Middle East. The debate over a renewed Trump’s “America First” agenda is expected to pit Republican national security hawks against the party’s isolationist wing. Secretary of state and national security adviser will be among the most hard-fought positions to stand at the forefront of those shifts.

Persons: Donald Trump’s, Trump, Howard Lutnick, Linda McMahon, John McEntee, Cliff Sims, Ross Werner, Goldman Sachs, Trump’s, John Kelly, Susie Wiles, Wiles, Russ Vought, Brooke Rollins, Bob Lighthizer, Karoline Leavitt, –, Musk, Robert F, Kennedy Jr, Elon Musk, helms, Kennedy, ”, Ken Paxton, Matt Whitaker, Jeff Sessions, Sen, Mike Lee of, of National Intelligence John Ratcliffe, Mark Paoletta, Kash Patel, Patel, Christopher Wray, James Comey, Jeffrey Jensen, Louis, Bill Barr, Jensen, Michael Flynn, Barr, Florida Sen, Marco Rubio, Tennessee Sen, Bill Hagerty, Richard Grenell, Grenell, ” Arkansas Sen, Tom Cotton, Keith Kellogg, Ratcliffe, Gina Haspel, Cotton, Mike Waltz, Mike Pompeo, Elise Stefanik, She’s, Morgan Ortagus, David Friedman, Kelly Craft, Scott Bessent, “ He’s, MAGA, he’s, Elon, Hank Paulson, George, Jay Clayton, Lighthizer, McMahon, Doug Burgum, flinch, Jamieson Greer, CNN’s Kevin Liptak, Alayna Treene, Hannah Rabinowitz, Kylie Atwood Organizations: CNN, Trump, White House, Heritage Foundation, White, Pentagon, West, America, Policy Institute, RFK Jr, SpaceX, Senate, Republicans, PAC, Department of Health, Human Services, Environmental Protection Agency, Department of Agriculture, Justice and Homeland Security, of National Intelligence, Conservative, FBI, Republican, Central Intelligence Agency, CIA, New York Republican, House GOP, United Nations, UN, State Department, Soros, Goldman, George Bush’s, Department, Chinese Communist Party, Securities and Exchange Commission, Treasury, Commerce Department . North Dakota Gov, US Trade Locations: Trump, Central Park, Texas, Mike Lee of Utah, Beach, St, United States, Ukraine, Russia, China, Iran, Florida, Tennessee, Japan, Germany, ” Arkansas, Barr, UN

☆ Trump claims presidential win. Here is what he promised the crypto industry ahead of the election
▼ + stars: | 2024-11-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +6 min

Former President Donald Trump arrives for his campaign rally at the Trump National Doral Golf Club in Doral, Florida, on July 9, 2024. Getting that money required him to make big promises pertaining to the crypto industry. "For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin," Trump said during his keynote speech. Trump pledged to maintain the current level of bitcoin holdings that the U.S. has amassed from seizing assets from financial criminals. "On day one, I will fire Gary Gensler," Trump said, referencing the Joe Biden-appointed SEC chairman who has taken an aggressive approach to crypto regulation.

Persons: Donald Trump, Joe Raedle, Elon Musk, Robert F, Kennedy, Jr, Cantor Fitzgerald, Howard Lutnick, Trump, MicroStrategy, Gary Gensler, Joe Biden, Gensler, Crypto, haven't, Sen, Elizabeth Warren, Bitcoin, Jerome Powell Organizations: Trump National Doral Golf Club, Getty, Republican, Strategic, White, U.S . Marshals Service, U.S . Securities, Exchange, SEC, Trump, Lago Club, Riot, Marathon Digital Holdings, Radical Communist, Federal Reserve Locations: Doral , Florida, Nashville, United States of America, Germany, America, Palm Beach , Florida, China, Russia, USA

☆ 10-year Treasury yield rises with all eyes on the U.S. election
▼ + stars: | 2024-11-05 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The 10-year Treasury yield traded 7 basis points higher at 4.6%. The yield on the 2-year Treasury was also up by 6 basis points to 4.27%. Treasury yields rose in early trading Tuesday evening as investors awaited results from the tight presidential race between Vice President Kamala Harris and former President Donald Trump. "I expect them to be worried that Trump would enact all those tax cuts, and I think bond yields would rise." The benchmark 10-year Treasury yield surged 50 basis points in October, marking the biggest monthly increase since September 2022.

Persons: Kamala Harris, Donald Trump, Jeremy Siegel, Trump, Harris, Stephanie Roth, Siegel Organizations: New York Stock Exchange, Treasury, Trump, Republican, White, Senate, Wharton School, University of Pennsylvania, Wolfe Research, Federal Reserve

☆ Booze sales fall back to earth — except for one retailer
▼ + stars: | 2024-11-04 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

That has forced Remy Cointreau, whose stock has fallen 50% for the year, to slash its full-year guidance and expects another year of double-digit declines in sales. The declines are a “normalization” within the industry, with alcohol sales nearing their pre-Covid levels, according to Marten Lodewijks, IWSR’s president for the US division. Cheaper private labels have had a boon in sales, mirroring a larger trend of customers seeking more affordable options in all aspects of their life. Aldi’s lineup is growing double digits in sales, bucking the broader industry trends of declines, Arlin Zajmi, director of national buying for adult beverages, told CNN. Aldi has seen its wine and beer sales soar.

Persons: Remy Cointreau, Pernod Ricard, Jose Cuervo, Proximo, ” Lisa Hawkins, ”, Luca Marotta, Remy Cointreau’s, Jameson, Kahula, Hélène de Tissot, Marten Lodewijks, bottlers, Arlin Zajmi, Scott Olson, it’s, ” Zajmi, ” Bryan Roth Organizations: New, New York CNN, Anheuser, Busch, CNN, Spirits, Consumers, Aldi Locations: New York, United States

The Summary FEMA and NOAA have become politicized as the frequency and severity of natural disasters have increased. With the neck-and-neck 2024 election just days away, the futures of the federal agencies responsible for weather forecasting, climate change research and disaster recovery hang in the balance. And with it, they’ve become a target for some conservatives who are skeptical of climate change and want to slash government budgets. “Climate change is a very unique problem in that, like most environmental problems, it doesn’t respect our political boundaries and it doesn’t respect our state boundaries,” he said. “We need centralized federal agencies to respond to climate change, agencies that can handle big, significant, multistate disasters at the appropriate scale.”

Persons: they’ve, Donald Trump, Elon Musk, Trump, ”, Craig Fugate, Obama, It’s, “, Helene, Milton . Trump, Jared Moskowitz, Ron DeSantis, Hurricane Michael, ” Moskowitz, Rick Scott, Milton, Hurricane Milton, Pete Beach, Tristan Wheelock, Fugate, ” Matthew Sanders, ” Sanders, Matthew Burgess, ” Burgess, DeNa Carlis, Sanders Organizations: FEMA, NOAA, Oceanic, Atmospheric Administration, Federal Emergency Management Agency, Heritage Foundation, Trump, NBC, National Weather Service, Emergency Management, Gov, North, Hurricane, Bloomberg, Getty, Environmental, Stanford University, College of Business, University of Wyoming, ”, NWS Locations: United States, Milton, U.S, Florida, ”, North Carolina, St, Pete Beach , FL

☆ Australia to slash $10 billion off student debt amid cost of living pressures
▼ + stars: | 2024-11-03 | by ( ) www.cnbc.com time to read: 1 min

Australian Prime Minister Anthony Albanese said on Sunday that his government planned to cut student loans for around three million Australians by 20%, wiping off around 16 billion Australian dollars ($10 billion) in debts. The move builds on May's budget, which attacked cost of living pressures in Australia and gave debt relief for students, as well as more investment to make medicines cheaper, and a boost to a rent assistance program. "This will help everyone with a student debt right now, whilst we work hard to deliver a better deal for every student in the years ahead," Albanese said in a statement announcing the cut to student loans for tertiary education. The changes would mean the average graduate with a loan of AU$27,600 would have AU$5,520 wiped, the government said, adding that they would take effect from June 1, 2025.

Persons: Anthony Albanese, " Albanese Locations: Australia

☆ Freddie Freeman named 2024 World Series MVP after record-breaking performance
▼ + stars: | 2024-10-31 | by ( Tess Demeyer | ) www.nytimes.com time to read: +1 min

(His previous two home runs in the streak came in Games 5 and 6 of the 2021 World Series when he played for the Atlanta Braves.) His 12 RBIs tied Bobby Richardson’s 1960 record for the most in one World Series. .300 AVG4 HR12 RBI Freddie Freeman is your #WorldSeries MVP! pic.twitter.com/7APcdvH544 — MLB (@MLB) October 31, 2024The 35-year-old closed out his October with a .300/.364/.1.000 slash line in the World Series, having gone 6-for-20, including the four homers. Wow, this is incredible.”Required reading(Photo of Freddie Freeman with his World Series MVP trophy: Elsa / Getty Images)

Persons: Freddie Freeman, Willie Mays, Freeman, Bobby Richardson’s, Richardson, 7APcdvH544, ” Freeman, “, Elsa, Getty Organizations: Los Angeles Dodgers, Dodgers, New York Yankees, Atlanta Braves, MLB, Yankees

☆ CNBC Sport: ESPN Chairman Jimmy Pitaro on the most important bet in media
▼ + stars: | 2024-10-31 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +19 min

ESPN President Jimmy Pitaro , who I spoke with this week in an exclusive interview, doesn't shy away from that. Other media companies buy sports rights too, but ESPN buys more, and its entire existence is predicated on it. Yes, ESPN+ has existed since 2018, but ESPN+ has always been ESPN Lite, as I discussed in a CNBC documentary we put out earlier this year. "If that deal delivers for us in terms of growing our ratings, growing our reach – we got Flagship rights. "If that deal delivers for us in terms of growing our ratings, growing our reach – we got Flagship rights.

Persons: Alex Sherman, Jimmy Pitaro, doesn't, Pitaro, That's, it's, There's, Pitaro hasn't, Venu, Fubo, –, He's, Shams Charania, Pat McAfee, he's, Zach Lowe, Max Kellerman, Suzy Kolber, Robert Griffin III, Steve Young, Jalen Rose, We're, Alex, you've, Morgan, Cooper Flagg, Flagg, CNBC's Jess Golden, hasn't, Erik, Hag, Ruud van Nistelrooy, Ruben Amorim, Shohei, — Dwyane Wade, Wade, Michelangelo's David, Dwyane Wade Organizations: CNBC, ESPN, Walt Disney Company, Cable, Warner Bros . Discovery, Paramount Global, Disney, ESPN –, Monday, Football, NBA, WNBA, NHL, MLB, College Football, ACC, Masters, Wimbledon, UFC, Revenue, Flagship, CNBC Sport, Morgan Stanley Wealth Management, Gatorade, Manchester United, archrival Manchester City, English Premier League, Sky Sports News, Los Angeles Dodgers, Major League Baseball, Kaseya, Union of European Football Associations, The, Pickleball, CBS, Fox Sports, December's APP, ESPN Headquarters, Washington Post, The Washington Post Locations: Duke, Los Angeles, Dallas, Atlanta, Portuguese, Japan, Miami, Europe, Fort Lauderdale , Florida

☆ Dropbox lays off 20% of employees and joins Big Tech's flattening trend. Read CEO Drew Houston's memo.
▼ + stars: | 2024-10-30 | by ( Jaures Yip | ) www.businessinsider.com time to read: +3 min

Dropbox is laying off 528 employees, about 20% of its workforce, and making the company flatter. AdvertisementDropbox is the latest major company to slash its staff and flatten its organizational structure. "We've heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down." Mark Zuckerberg instituted manager cuts and increased the average number of direct reports for Meta managers after complaining about "managers managing managers." Houston's memo to employees at the time also attributed those layoffs to headwinds and freeing up investment bandwidth for more products powered by artificial intelligence.

Persons: Drew Houston, —, I'm, Houston, We've, Andy Jassy, Mark Zuckerberg, Dropbox Organizations: Service, —, Amazon

☆ Pfizer tops earnings estimates, hikes full-year guidance as Covid products help sales
▼ + stars: | 2024-10-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Pfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales. Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion to $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid. Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago. Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics.

Persons: Jeff Smith, Smith, Paxlovid, StreetAccount, Covid Organizations: Pfizer, LSEG, Global Blood Therapeutics Locations: U.S

☆ Minneapolis man charged in shooting of neighbor but has not been arrested, prompting anger at police
▼ + stars: | 2024-10-26 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +8 min

Court documents state that Sawchak shot his neighbor in the neck with a firearm from an open upstairs window. Moturi told them that his neighbor had threatened to shoot him “if he touched a specific tree.” While Moturi was cutting the tree, he was shot. The chief said Sawchak has not been arrested because he is “mentally ill” and possesses firearms. O’Hara said anyone who suggests that police do not want to arrest Sawchak is “simply wrong.” Frey’s office did not immediately respond to a request for comment. In January 2016, he allegedly verbally harassed a neighbor while holding a knife and threatened to kill a neighbor, the documents say.

Persons: John Herbert Sawchak, Davis Moturi, KARE, Sawchak, Moturi, ”, Caroline, Brian O’Hara, O’Hara, “ We’ve, “, ” O’Hara, Andrea Jenkins, Elliott Payne, Aisha Chughtai, Jason Chavez, Robin Wonsley, Jacob Frey, Jenkins, “ I’m, ” Jenkins, George Floyd, ’, anything’s, ” Moturi, Sawchak “ Organizations: Hennepin County Attorney’s, NBC, Minneapolis police, Police, Minneapolis, Minneapolis City, “, The Minnesota Star Tribune, Minneapolis Police, The, Justice, U.S, Constitution Locations: Minneapolis, Hennepin County, O’Hara

Asian Americans now make up 12% of the electorate in Nevada, with Filipinos being the largest subgroup. In 2020, President Joe Biden won 64% of the state’s Asian American vote, while Trump took 35%. But in 2022, support in the Nevada governor’s race was more split among the local Asian American, Native Hawaiian and Pacific Islander community, which only voted blue by an 8% margin. But frankly, Covid, or as I call it, ‘the China virus,’ was a step too far,” he said. Trump took a moment to praise the Filipino community, saying he likes their clothes.

Persons: Donald Trump, Trump, Tulsi Gabbard, Vivek Ramaswamy, ” Trump, Joe Biden, Xi, ’, ”, Eli Michaels, “, ” Vivek Ramaswamy, Patrick T, Fallon, Harris, Trump’s, Charlie Kirk, Kamala Harris, Ramaswamy, Gabbard, “ He’s, Vivek Organizations: American, Pacific, Change, Hawaii Rep, GOP, Hispanic, NBC News, Getty, Nevada’s, Las, Indian American, Trump Locations: Las Vegas, “, Pacific Islander, Nevada, Hawaiian, China, AFP

☆ United Airlines, Morgan Stanley among the most overbought stocks on Wall Street. Here are the others
▼ + stars: | 2024-10-25 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stocks including United Airlines and Morgan Stanley have seen immense buying on Wall Street this week and could be in store for a pullback. United Airlines stock has surged more than 82% in 2024, and has a 14-day RSI of 85.9, which is the second-highest reading on the list. UAL YTD mountain United Airlines stock. Morgan Stanley stock is also overbought this week, with a 14-day of RSI of 79.5. MS YTD mountain Morgan Stanley stock.

Persons: Morgan Stanley, General Mills Organizations: United Airlines, Nasdaq, Microsoft, Nvidia, CNBC Pro, FactSet, Morgan, Moderna, Enphase Energy

☆ Southwest Airlines profit tops estimates, expects higher revenue in fourth quarter
▼ + stars: | 2024-10-24 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Southwest Airlines plane takes off from Hartsfield-Jackson Atlanta International Airport (ATL) in Atlanta, Georgia, US, on Friday, July 12, 2024. Southwest Airlines third-quarter profit fell from a year ago but topped Wall Street estimates while the carrier workers to drum up revenue and fend off activist investor Elliott Investment Management. "Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market," Southwest said in an earnings release. Southwest said Thursday that it will repurchase $250 million of Southwest stock through an "accelerated" program under the overall buyback plan. Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates.

Organizations: Southwest Airlines, Hartsfield, Jackson Atlanta International, Elliott Investment Management, Southwest Locations: Atlanta , Georgia, Dallas, Atlanta

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