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☆ New technologies hurt car quality as EV brands fare poorly, J.D. Power says
▼ + stars: | 2023-06-22 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Power's Initial Quality Study released Thursday. "The automotive industry is facing a wide range of quality problems, a phenomenon not seen in the 37-year history of the [Initial Quality Study]," said Frank Hanley, senior director of auto benchmarking at J.D. The 2023 Initial Quality Study found industry-wide problems per 100 vehicles rose by 12 to 192, on average. The top mass-market brands for initial quality were Dodge, Ram and Buick. The company conducts separate surveys to rank brands by long-term dependability, the appeal of their new vehicles' features and car buyers' purchasing experiences across brands.

Persons: Frank Hanley, Tesla, — Dodge, Ram, Alfa Romeo —, Polestar, General Motors, Korea's, Alfa, aren't, Power, It's Organizations: Volvo, Tesla, U.S, General, Chevrolet, GMC, Buick, Cadillac, Ford, Lincoln, Korea's Hyundai, Kia, longtime paragon, Toyota, Porsche Locations: .

☆ A.I. could ‘remove all human touchpoints’ in supply chains. Here’s what that means
▼ + stars: | 2023-06-19 | by ( Lucy Handley | ) www.cnbc.com time to read: +7 min

Ryan Collerd | Bloomberg | Getty ImagesArtificial intelligence is likely to shake up the transportation industry — transforming how supply chains are managed and reducing the number of jobs carried out by people, according to analysts and industry insiders. Sidewalk robots, self-driving trucks and customer service bots are on their way, along with generative AI that can predict disruptions or explain why sales forecasts may have been missed, according to industry executives. "AI may be able to totally (or nearly) remove all human touchpoints in the supply chain including 'back office' tasks," Morgan Stanley 's analysts led by Ravi Shanker stated in a research note last month. AI is the latest one of these potentially transformative technologies to emerge – and perhaps the most powerful to-date," the analysts added. This is a theme picked up by analysts at investment firm Jefferies, who made multiple predictions about the effect that generative AI will have on transportation and logistics.

Persons: Morgan Stanley, Ryan Collerd, Ravi Shanker, Morgan, Jefferies, Stephanie Moore, Navneet Kapoor, Kapoor, Maersk, Igor Rikalo Organizations: Hershey Co, Bloomberg, Getty, EV, Trucking, Logistics, CNBC, Maersk, o9 Solutions Maersk Locations: U.S, Russia, Ukraine

☆ The CEO of pharma giant Eli Lilly shares 3 ways AI could transform his industry
▼ + stars: | 2023-06-15 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +5 min

The CEO of Eli Lilly said he expects AI to massively change the productivity of the workplace. According to David Ricks, the CEO of the pharma giant Eli Lilly, the technology has the potential to upend the industry. Ricks told Insider that AI is "one of the most exciting technological moves" he's seen in a long time. Three ways Lilly wants to use AIRicks said he sees three main ways Lilly and the larger biopharma space could use AI. In May, Lilly announced a $250 million partnership with pharmaceutical-technology company XtalPi to uncover new potential drugs using AI.

Persons: Eli Lilly, David Ricks, Ricks, It's, Lilly Organizations: Biotech, pharma, Morning

Companies Dell Technologies Inc FollowJune 6 (Reuters) - Dell Technologies Inc's (DELL.N) Australian unit has been found guilty by the country's Federal Court to have misled customers about the prices or discounts on its add-on monitors on its website, Australia's competition regulator said on Tuesday. When customers chose to buy a personal computer, Dell Australia gave them an option to bundle a compatible monitor at a discounted, or a 'strikethrough' price, suggesting it would be cheaper to buy the monitor in a bundle rather than separately. Consumers paid more than A$2 million ($1.32 million) for add-on monitors between August 2019 and mid-December 2021, the regulator added. Dell Australia, which sold more than 5,300 add-on monitors with overstated discounts during the period, has refunded or agreed to offer compensation to more than 4,250 affected consumers, and has been ordered to offer full or partial refunds to affected customers. ($1 = 1.5122 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Sameer Manekar, Rashmi Organizations: Dell Technologies, Dell Australia, Australian Competition, Consumer Commission, Thomson Locations: Bengaluru

☆ General Electric to sell over $2 bln stake in GE HealthCare
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: 1 min

June 5 (Reuters) - General Electric Co (GE.N) is offering 25 million of common stock, or over a $2 billion stake, in GE HealthCare Technologies Inc (GEHC.O), according to a regulatory filing on Monday. Reporting by Raghav Mahobe in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Raghav, Maju Samuel Organizations: General Electric Co, GE HealthCare Technologies Inc, Thomson Locations: Bengaluru

☆ Exchange operator Cboe launches global listing offering
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 2 (Reuters) - Exchange operator Cboe Global Markets (CBOE.Z) said on Friday it will let companies list across its U.S. and international exchanges, expanding in a fiercely competitive field dominated in the United States by the New York Stock Exchange and Nasdaq Inc (NDAQ.O). Cboe, which has stock exchanges in North America, Europe, and the Asia-Pacific region, currently lists only its own stock, along with exchange-traded funds, on its U.S. exchange. But financial software firm Abaxx Technologies Inc (ABXX.NLB), which is listed on Cboe Canada, has received conditional approval to be intralisted on Cboe U.S., the exchange operator said. "Cboe has built an expansive, global equities footprint unrivalled in the industry that uniquely positions us to deliver the first-ever truly global listing experience for issuers seeking to tap new markets beyond their home region," Dave Howson, global president of Cboe Global Markets, said in a statement. Exchanges earn recurring revenue from listings and charge various listing fees based on factors such as the amount of shares a company lists.

Persons: Cboe, Dave Howson, John McCrank, Hugh Lawson Organizations: YORK, Cboe, New York Stock Exchange, Nasdaq Inc, Abaxx Technologies, Intercontinental Exchange Inc, NYSE, Nasdaq, Thomson Locations: United States, North America, Europe, Asia, Pacific, Cboe Canada, Cboe, Canada, Netherlands, Australia, Chicago

☆ Why Lululemon will fire employees if they try to stop thieves
▼ + stars: | 2023-06-02 | by ( Cadie Thompson | ) www.businessinsider.com time to read: +3 min

Lululemon has a zero-tolerance policy for employees engaging with thieves. Two former Lululemon employees said they were fired after calling police to report a robbery. Recently, two former Lululemon employees in Peachtree Corners, Georgia said they were fired from the retailer after calling the police to report a robbery. He also said that Lululemon employees are allowed to call the police. Like Lululemon, many retailers prohibit employees from engaging with thieves in order to keep the workers safe.

Persons: Lululemon, Calvin McDonald, —, McDonald Organizations: CNBC, Service, Employees, NBC News, National Retail Federation Locations: Peachtree Corners, Georgia

☆ Dell's first-quarter results fall less than feared on cost cuts
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

The stock was halted after the company announced results during regular trading hours, earlier than its schedule for an after-market release. "We maintained pricing discipline, reduced operating expenses, and our supply chain continued to perform well after normalizing ahead of competitors," said Chuck Whitten, co-chief operating officer of Dell. Total operating expenses reduced 6% to $3.57 billion during the quarter. First-quarter revenue fell 20% to $20.92 billion, compared with analysts' expectations of $20.27 billion, according to Refinitiv data. Dell's client solutions unit - home to its consumer and enterprise PC business - posted a 23% fall in sales, while the infrastructure solutions unit, which includes servers, storage devices and networking hardware, saw an 18% decline.

Persons: Chuck Whitten, Dell, Tiyashi Datta, Mariam Sunny, Pratyush Thakur, Devika Organizations: Dell Technologies Inc, HP Inc, Lenovo Group, HK, Dell, Thomson Locations: Bengaluru

"We maintained pricing discipline, reduced operating expenses, and our supply chain continued to perform well after normalizing ahead of competitors," said Chuck Whitten, co-chief operating officer of Dell. Total operating expenses fell 6% to $3.57 billion during the first quarter. The company's revenue dropped 20% to $20.92 billion, but came in above analysts' expectations of $20.27 billion, according to Refinitiv data. Dell's client solutions unit - home to its consumer and enterprise PC business - posted a 23% fall in sales, while the infrastructure solutions unit, which includes servers, storage devices and networking hardware, saw an 18% decline. The Texas-based company expects second-quarter revenue to be between $20.2 billion and $21.2 billion, below expectations of $21.2 billion at midpoint.

Persons: Chuck Whitten, Dell, Tiyashi Datta, Mariam Sunny, Pratyush Thakur, Devika Organizations: Dell Technologies Inc, HP Inc, Lenovo Group, HK, Dell, Thomson Locations: Texas, Bengaluru

☆ HP misses revenue estimates as inflation saps PC demand
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

Global PC shipments declined nearly 30% in the January-March period to levels lower than before the pandemic, according to data from research firm IDC. Sales for HP's Personal Systems segment - home to its desktop and notebook PCs - dropped 29% in the reported quarter, while the company's printing segment recorded a 5% fall. HP said it expects second-half revenue to be higher than the first half, even though the year-on-year comparison will still be negative. California-based HP's second-quarter revenue was $12.91 billion. On an adjusted basis, HP earned 80 cents per share, compared with expectations of 76 cents.

Persons: Enrique Lores, Tiyashi Datta, Jeffery Dastin, Devika Organizations: HP Inc, Companies, HP, Lenovo, HK, Dell Technologies Inc, Global, IDC, Reuters, Thomson Locations: California, Bengaluru, Palo Alto

☆ North Korea spent the pandemic building a huge border wall
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +11 min

As the pandemic began, North Korea moved to seal its northern borders, tightening control over informal trade routes and making escape harder for defectors. Nov. 16, 2019 Minimal security features visible along North Korea’s border with Russia. Food shortages in North Korea have worsened in recent months, due in part to the border closures, according to international experts. Still, he said, there were reports of foreign shows such as the South Korean hit “Squid Game” finding their way into North Korea. “It's all the more reason for the international community to step up efforts to support North Korean rights,” he said.

☆ NYSE to bust erroneous CDW Corp trades as shares briefly dive 96%
▼ + stars: | 2023-05-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

May 18 (Reuters) - NYSE Arca Equities is looking into likely erroneous trades in the shares of IT solutions provider CDW Corp (CDW.O) after they briefly plunged as much as 96% to $7 in premarket trading on Thursday. The exchange operator, owned by Intercontinental Exchange (ICE.N), said it would bust all trades in the stock between 04:00 a.m. CDW Corp shares quickly recouped most of their losses and were last down 0.7% at $172.09 before the bell. ET, closed at $173.25 with a market value of $23.35 billion on Wednesday. CDW Corp and CaliberCos did not immediately respond to a Reuters requests for a comment.

☆ US exchanges to bust erroneous CDW Corp trades after shares briefly dive 96%
▼ + stars: | 2023-05-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

They would bust all trades in the stock between 04:00 a.m. CDW Corp shares quickly recouped most of their losses and were last up 0.2% at $173.50. ET, closed at $173.25 with a market value of $23.35 billion on Wednesday. Scottsdale, Arizona-based CaliberCos jumped 44.8% to $8.65, a day after it jumped in its Nasdaq debut to notch a market value of $123.7 million. CDW Corp and CaliberCos did not immediately respond to a Reuters requests for a comment.

☆ Lyft says CFO Paul to step down, appoints replacement
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Lyft Inc (LYFT.O) said on Tuesday Erin Brewer will replace chief financial officer Elaine Paul, who is leaving the ride hailing company months after a new CEO was appointed. The company said Paul, who has served as Lyft CFO since January 2022, was leaving on May 19, and announced Brewer's expected joining on July 10. Chief Accounting Officer Lisa Blackwood-Kapral will serve as finance chief in the interim. Brewer has previously served as the managing director, enterprise finance, at Charles Schwab & Co and head of strategy and finance at software company Atlassian. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

[1/3] Alphabet CEO Sundar Pichai speaks at the Google I/O 2023 conference, in Mountain View, California, U.S., May 10, 2023. Called the Search Generative Experience, the revamped Google can craft responses to open-ended queries while retaining its recognizable list of links to the Web. "We are reimagining all of our core products, including search," Sundar Pichai, Alphabet's CEO, said after he took the stage at the event. Generative AI can, using past data, create brand new content like fully formed text, images and software code. WHAT OUTFIT TO WEARWith the embedded AI, Google still looks and acts like its familiar empty search bar.

Customers are applying Google's technology in ways both expected, such as a customer-service chatbot for Uber, and unusual, including AI to handle drive-thru orders at a Wendy's Co (WEN.O) fast-food restaurant in Ohio. Its cloud division posted its first-ever operating profit last quarter, and the AI technology that Google pioneered may help it narrow the gap with bigger players Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O). And it is exploring if Google's AI can craft research drawing from economic data, market reports and other content, to give the bank's customers and staff, said Leukert. Other companies using the technology include Adore Me, the Victoria's Secret unit drafting ad copy with AI in Google Docs, Kurian said. Reporting by Jeffrey Dastin in Mountain View, California Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Uber launches UK flight ticket bookings - FT
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A banner announcing Uber Technologies Inc. hangs above the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, U.S., May 10, 2019. REUTERS/Andrew Kelly/File PhotoMay 10 (Reuters) - Uber Technologies Inc (UBER.N) has launched international and domestic flight bookings on its UK app, the Financial Times reported on Wednesday. The move is "the latest and most ambitious step" in the company's strategy to expand its core ride-booking business, Uber’s UK General Manager Andrew Brem told FT. The San Francisco-based company, which already offers train and coach ticket bookings in the UK, has begun rolling out the new feature for its UK customers and plans to expand in the coming weeks, the report said. Uber has partnered with travel booking company Hopper to sell flights and will take a small commission from each sale, the report said.

☆ Stocks making the biggest moves after hours: Lucid, Palantir, PayPal and more
▼ + stars: | 2023-05-08 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

The company missed expectations for revenue, reporting $149.4 million against a consensus estimate of $209.9 million from analysts polled by Refinitiv. Palantir — The software stock soared 22% after Palantir beat analysts' expectations for the first quarter and issued upbeat guidance. Palantir reported 5 cents in adjusted earnings per share on $525 million in revenue, while analysts polled by Refinitiv forecasted 4 cents in earnings per share and $506 million in revenue. PayPal issued weak current-quarter expectations for earnings per share, while raising its full-year guidance for the metric. The company posted second-quarter earnings of $2.02 per share, excluding items, in line with analysts' expectations, according to Refinitiv.

The Labor Department's report showed non-farm payrolls increased by 253,000 last month, higher than economists' expectations of 180,000. "This is a strong report and shows that the labor market is resilient. "It's been a tough week for the stock market, the regional banking problems have raised the fear factor, but Apple earnings came in strong. The S&P 500 has gained nearly 6% so far this year, while the S&P 500 Banks index (.SPXBK) and KBW Regional Banking index (.KRX) have lost 17% and 31%, respectively. ET, Dow e-minis were up 222 points, or 0.67%, S&P 500 e-minis were up 33.5 points, or 0.82%, and Nasdaq 100 e-minis were up 87 points, or 0.67%.

☆ The 10 fastest-growing jobs over the next 5 years—some pay over $100,000
▼ + stars: | 2023-05-03 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

New technologies and the escalating climate crisis are changing the landscape of work at an "unprecedented rate," according to a new report from the World Economic Forum. Between now and 2027, 69 million jobs will be created worldwide— but 83 million roles are expected to be eliminated, creating a net decrease of 14 million jobs, the WEF reports. Their findings are largely based on a survey of 803 companies that employ a total of 11.3 million workers in 45 different economies around the world. The rise of generative AI and other smart technologies as well as the drive to "go green" will lead some jobs to soar in demand over the next five years, and put others at risk of becoming obsolete. Coca-Cola, for example, is using AI to improve customer service and ordering and experimenting with ChatGPT to "enhance marketing capabilities and business operations," per its latest earnings report.

☆ The Next Big Bull Market Could Be Copper
▼ + stars: | 2023-05-02 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The copper wave is coming. Photo: John Moore/Getty ImagesGlencore ’s aggressive pursuit of Canada’s Teck Resources has put a spotlight on the race to secure access to copper. Traditionally seen as a cyclical economic indicator, the metal is also poised to play a key role in the world’s green transition—which is being supercharged by recent legislation, including the U.S. Inflation Reduction Act (IRA), passed last year. Green technologies including electric vehicles and solar panels use more copper than equivalent fossil-fuel-based technologies, and supply growth looks likely to fall far well short of demand over the coming decade.

However, with inflation running well over the central bank's 2% target and a still-strong labor market, chances of rate cuts seem less likely. With Monday's manufacturing data giving the Fed enough room for more near-term tightening, all eyes will be on jobs and factory orders data after the opening bell. ET, Dow e-minis were down 79 points, or 0.23%, S&P 500 e-minis were down 7.5 points, or 0.18%, and Nasdaq 100 e-minis were down 6 points, or 0.05%. Educational services company Chegg (CHGG.N) tanked 45.6% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT. Icahn Enterprises LP (IEP.O) dropped 11% after U.S. short seller Hindenburg Research said it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate.

☆ Factbox: Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +8 min

read moreSpotify Technology SA (SPOT.N):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Workday Inc (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse is planning to cut about 3,000 jobs in the second quarter, Reuters reported. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Uber confident on profit as ride-sharing makes strong start to 2023
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Uber branding is seen on private hire vehicle at Chopin Airport in Warsaw, Poland, March 22, 2023. Shares of the company rose 10%, while those of smaller peer Lyft Inc (LYFT.O) gained 4% in pre-market trading. Uber is benefiting from its dominant position in key global markets as travel rebounds from a pandemic-induced lull. The dominant U.S. ride-sharing company also forecast gross bookings, the total dollar value from its services, between $33 billion and $34 billion, compared with expectations of $33 billion. Uber said adjusted EBITDA came in at $761 million, its highest on record as a public company.

☆ Futures slip ahead of Fed meet; U.S. debt ceiling jitters dent mood
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The U.S. central bank is expected to deliver a 25 basis-point interest rate increase on Wednesday and then hold rates steady for the rest of 2023, according to economists in a Reuters poll. However, with inflation running well over the central bank's 2% target and a still-strong labor market mean chances of rate cuts seem less likely. Denting sentiment, Australia's central bank raised its cash rate by 25 basis points when traders were expecting an extended pause, citing too high inflation and warning of even higher rates. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 7 points, or 0.17%, and Nasdaq 100 e-minis were down 1 points, or 0.01%. Educational services company Chegg (CHGG.N) slumped 44.7% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT.

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