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☆ Stitch Fix’s Unraveling Should Sow Broader Tech Doubts
▼ + stars: | 2023-01-17 | by ( Laura Forman | ) www.wsj.com time to read: +1 min

A business often starts with a relatively modest desire to solve one problem for a specific group of people. Somewhere along the way, it becomes tempting to try to be everything to everyone—especially once it has achieved a supersize tech valuation. The retail styling company went public just over five years ago led by founder Katrina Lake at a valuation of around $1.4 billion. Back then it was a company mixing some data and human judgment to curate personalized boxes of new clothing for customers. That combination earned it a somewhat rich tech-like multiple, even though more than 80% of its employees as of its public offering filing were either human stylists or fulfillment workers.

☆ One of Google's big plans to replace third-party cookies just hit a huge setback that it might not recover from
▼ + stars: | 2023-01-13 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

Google's plan to replace third-party tracking cookies with new tech has hit another snag. A W3C group has rejected Google's Topics API proposal, saying it won't adequately preserve user privacy. The W3C rebuke marks the latest in a series of snags in Google's effort to kill off third-party cookies. However, other browsers like Apple's Safari and Mozilla's Firefox already block third-party cookies as privacy features. The company has its own commercial priorities and the commitment to the CMA that it can't remove third-party cookies until new features provide an adequate replacement.

☆ Jim Cramer gives his take on the returning CEOs of Disney, Stitch Fix and WWE
▼ + stars: | 2023-01-12 | 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 EmailJim Cramer gives his take on the returning CEOs of Disney, Stitch Fix and WWECramer gave his thoughts on three returning CEOs and whether he believes their return will ultimately benefit the companies.

☆ Premarket stocks: Bruised tech investors are hedging their bets
▼ + stars: | 2023-01-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —There are two certainties in today’s market: The tech sector has been beaten down and interest rates are higher. What’s happening: Investors are purchasing put options, a bearish bet that a stock will fall during a set period of time, on certain tech stocks at historic rates. The losses also created a booming market for investors who hold put option contracts that allow investors to sell shares of these stocks at a price higher than their current levels. Rising interest rates also dried up the easy money tech companies relied on to fuel big bets on future innovations, and cut into their sky-high valuations. Beyond that, the growing number of layoffs may also give certain tech companies some cover to take more severe steps to trim costs now than they may have otherwise done.

☆ Silicon Valley layoffs go from bad to worse
▼ + stars: | 2023-01-09 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

At Amazon and other tech companies, the second half of last year was marked by hiring freezes, layoffs and other cost-cutting measures at a number of household names in Silicon Valley. Rising interest rates also dried up the easy money tech companies relied on to fuel big bets on future innovations, and cut into their sky-high valuations. While there have been some layoffs recently in the consumer goods sector and hints of more to come elsewhere, the situation in Silicon Valley remains in stark contrast to the economy as a whole. And despite the robust overall labor market, there are growing concerns that tech layoffs could spread elsewhere. In that sense, at least, Silicon Valley may once again be ahead of the curve, but not in the way it wants.

☆ Stitch Fix founder Katrina Lake returns as CEO. Here are 5 others who went back to run their former companies.
▼ + stars: | 2023-01-06 | by ( Alexandra York | ) www.businessinsider.com time to read: +2 min

Katrina Lake, the founder of Stitch Fix, is returning as the company's interim CEO. Here are six boomerang CEOs who've returned to the companies they once ran. "I will be stepping in as interim CEO and leading the search process for our next CEO," said Lake, who is immediately replacing Elizabeth Spaulding. "Despite the challenging moment we are in right now, the board and I still deeply believe in the Stitch Fix business, mission, and vision." Lake joins a handful of boomerang CEOs who've returned to the companies they once ran.

☆ Inside Amazon, there's chatter, and jokes, about Jeff Bezos coming back as CEO in the midst of massive layoffs and a plummeting stock price
▼ + stars: | 2023-01-06 | by ( Eugene Kim | Claire Atkinson | ) www.businessinsider.com time to read: +6 min

Some Amazon employees are calling for Jeff Bezos to return as CEO. Some Amazon employees are calling for the return of founder Jeff Bezos as CEO in the midst of massive layoffs and a plunging stock price. "Apparently not even Andy is safe," one employee wrote, referring to Jassy who took over from Bezos as CEO in July 2021. "He should come…he is the best," another employee wrote, referring to Bezos. In the turkey-themed email, viewed by Insider, the CEO acknowledged challenges, thanked Amazon employees, and called for resilience and optimism.

☆ Stitch Fix to Cut 20% of Salaried Jobs, CEO Stepping Down
▼ + stars: | 2023-01-05 | by ( Chris Wack | Colin Kellaher | ) www.wsj.com time to read: 1 min

Stitch Fix Inc. said it is cutting 20% of the company’s salaried jobs, its second major downsizing in the past year, and that its founder would return to lead the personal shopping and styling service. The San Francisco-based company said Elizabeth Spaulding would resign as chief executive after spending less than 18 months in the role. Katrina Lake , who was CEO from the company’s inception in 2011 until July 2021 and has continued to serve as a director, will run the company on an interim basis, Stitch Fix said Thursday.

☆ Stitch Fix Cutting 20% of Salaried Jobs; CEO Stepping Down
▼ + stars: | 2023-01-05 | by ( Chris Wack | ) www.wsj.com time to read: 1 min

Elizabeth Spaulding participates in a panel discussion during the Milken Institute Global Conference in Beverly Hills, Calif., last year. Stitch Fix Inc. said it is cutting roughly 20% of salaried jobs and that Elizabeth Spaulding would resign as chief executive after spending less than 18 months in the role. Katrina Lake , the founder of the personal shopping and styling service, will lead the company on an interim basis, Stitch Fix said Thursday.

☆ Stitch Fix lays off 20% of workforce and its CEO steps down
▼ + stars: | 2023-01-05 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN —Stitch Fix, facing economic turbulence, announced a double whammy on Thursday: CEO Elizabeth Spaulding is stepping down and the company planned to lay off 20% of its salaried staff. “We will be losing many talented team members from across the company and I am truly sorry,” Stitch Fix (SFIX)founder and former CEO Katrina Lake wrote in a blog post. Shares of Stitch Fix rose 6% on the news. Elizabeth Spaulding, CEO of Stitch Fix, announced she was stepping down on Thursday. But Stitch Fix has struggled as more shoppers return to in-person buying at stores and pull back on their online spending.

☆ StitchFix CEO steps down, 20% of salaried workforce to be cut
▼ + stars: | 2023-01-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: 1 min

StichFix founder Katrina Lake on Thursday announced the company will be cutting 20% of its salaried workforce and that she will reassume her post as CEO. The brand's current CEO Elizabeth Spaulding, who joined the company in 2020, will be stepping down effective immediately. "I will be stepping in as interim CEO and leading the search process for our next CEO," Lake said in a news release. StitchFix will also be closing their Salt Lake City distribution center. Shares of the company were up more than 4% in morning trading after the announcements.

☆ Layoffs at Amazon and Salesforce point to why January is often the worst month for job cuts
▼ + stars: | 2023-01-05 | by ( Shana Lebowitz | Rebecca Knight | ) www.businessinsider.com time to read: +4 min

Amazon just told staff it's cutting 18,000 roles, the largest layoff in the company's history. Compass has cut staff three times in eight months, but it's best to avoid multiple rounds of layoffs. For all the layoffs that swept corporate America in the final months of 2022, this month is poised to bring even more. January is historically the worst month for layoffs, according to data from the US government. Already, Amazon CEO Andy Jassy has told staff that the company would broaden its job cuts to 18,000 employees, the largest layoff in the company's history.

☆ Factbox: Tech firms leading job cuts in Corporate America
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +9 min

Jan 9 (Reuters) - Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Microsoft Corp (MSFT.O):The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ Fact Check-Video likely does not show ‘invisible’ plane in Google image of Texas base
▼ + stars: | 2022-12-30 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

A video post with more than 200,000 likes on Instagram purports to show evidence of a barely-visible plane alongside the comment, “Top-Secret Military Stealth Plane Spotted on Google Maps at Dyess Air Force Base” in Texas, adding that “Shortly After, Google Maps Has Been Updated w/o the plane” (here). The video, posted on Dec. 7, appears to show Google Earth images of a transparent or cloaked plane next to another, clearly visible, plane near a building at the Dyess Air Force base. The transparent plane is also referred to as an “invisible military aircraft” further along in the video. While the user claims the alleged stealth plane has been removed, it was still viewable on Google Earth as of Dec. 30, 2022 (shorturl.at/qNRW1). However, a Google spokesperson told Reuters that the trace image is likely an after-effect of the company’s process for creating three-dimensional Google Earth imagery.

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Hostess, Home Depot, Rivian, Netflix & more
▼ + stars: | 2022-12-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are Tuesday's biggest calls on Wall Street: Atlantic Equities names Coca-Cola as a top 2023 pick Atlantic Equities said it sees "category momentum" for shares of the beverage giant. JPMorgan reiterates Apple as overweight JPMorgan cut its price target on Apple to $190 per share from $200 due to supply chain challenges concerns. JPMorgan names Amazon as a top 2023 pick JPMorgan said Amazon is the "most diversified mega-cap across revs/profit & has numerous large growth opportunities." JPMorgan resumes DuPont as overweight JPMorgan resumed coverage of the stock and said it sees several positive catalysts ahead. JPMorgan names Bank of America a top 2023 pick JPMorgan said it likes the stock due to a "lower share of nonprime consumer loans."

☆ Stocks making the biggest moves in the premarket: General Mills, Steelcase, Lucid and more
▼ + stars: | 2022-12-20 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Lucid (LCID) – Lucid rallied 5.% in premarket trading after the electric vehicle maker raised more than $1.5 billion in a series of stock sales. Rocket Lab (RKLB) – Rocket Lab fell 1.3% in premarket action after announcing a delay in its first rocket launch from the United States. Rocket Lab cited both poor weather conditions as well as regulatory delays stemming from the processing of documentation by NASA and the Federal Aviation Administration. As a result, Rocket Lab cut its revenue forecast for the fourth quarter. BMO expects positive announcements from Beam's partner Verve Therapeutics (VERV) to help drive the stock higher.

☆ Stocks making the biggest moves midday: Gilead Sciences, Moderna, Tesla and more
▼ + stars: | 2022-12-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

A sign is posted in front of the Gilead Sciences headquarters on April 29, 2020 in Foster City, California. Check out the companies making the biggest moves midday:General Mills — General Mills dropped 4.2%, despite reporting better-than-expected revenue and profit for the last quarter. Gilead Sciences — Gilead Sciences sank 2.4% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. Tesla – Shares of Tesla sank 5.3% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. Arch Capital — The Bermuda-based insurance company rose 2.5%.

☆ I'm a 20-year-old metaverse fashion designer who's worked with Karlie Kloss, Paris Hilton, and Elton John. Here's how I spend my days.
▼ + stars: | 2022-12-19 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

When it comes to digital fashion, though, the possibilities are boundless. Over the years, I've collaborated with celebrities like Karlie Kloss, Paris Hilton, and Elton John on personalized collections for the metaverse. Certain brands I've worked with have asked me to create virtual replicas of their existing merchandise. Digital fashion has already evolved from a cryptic concept to a familiar notion. I see myself eventually creating traditional clothing from my metaverse designs — developing ideas, designing, and simulating pieces digitally before transforming then into tangible, wearable pieces.

watch nowAfter more than three decades, "The Phantom of the Opera" is getting ready to hang up its mask on Broadway. Casting director Tara Rubin has helped hand-pick the actors for the beloved musical for more than three decades — working just down the street from the Majestic. "Phantom of the Opera" Casting Director Tara Rubin CNBC"I never really dreamed that I would have a job like this," Rubin told CNBC. Rubin is just one of 20 "lifers" who have worked on the show for more than three decades. "Phantom of the Opera" Head Electrician Alan Lampel CNBCThe one-ton chandelier is the centerpiece of the show.

This week, we’ve got an Amazon Alexa device for your car, a stand mixer from Instant, new cast iron cookware from Made In and more. Made In expanded its Enameled Cast Iron Collection with its new 11-inch round Enameled Cast Iron Skillet. The skillet’s cast iron cooking surface retains heat well and distributes it evenly, making it particularly helpful for searing, sautéing and making stir-fry, Made In says. Stitch Fix is calling the program Travel Style Insurance. Those interested in the program can contact Stitch Fix via email (Travel-Style-Insurance@stitchfix.com) and provide proof of their lost luggage from a flight taken between Dec. 5 and Jan. 5.

☆ Condé Nast's CMO is exiting after 2 years of leading the company's marketing and consumer revenue business
▼ + stars: | 2022-12-09 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

Condé Nast CEO has lost its CMO, Deirdre Findlay, who spent two years in the role under CEO Roger Lynch. Condé Nast is looking to remake itself with new lines of business from events to membership businesses. Before joining Condé Nast in early 2019, Lynch was CEO of Pandora where Eisen had also been a corporate advisor. Condé Nast titles include Vogue, New Yorker, and Condé Nast Traveler. Hi All,As I shared in the CMO All Hands today, I have made the difficult decision to leave Condé Nast.

☆ I left a high-powered job at Google to launch my own startup, and I've never been happier
▼ + stars: | 2022-12-09 | by ( Julie Bort | ) www.businessinsider.com time to read: +5 min

Melody Meckfessel, the CEO-cofounder of Observable, spent 14 years at Google, rising to a VP role. It was the most thrilling job for a person like me who loves to build software that people find useful. At Google, I worked on search, data tools, and systems that Google was using to bring data centers online. But I couldn't see the path to build that idea within my job at Google. In early 2019, after years of thinking about this data platform idea, I knew I needed to go do this next thing.

☆ Retirement savings changes are on the horizon. Here's what it means for you
▼ + stars: | 2022-12-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

The House already passed its own version of retirement plan rule changes, and two key Senate committees passed their own versions. Secure 2.0 could let employers make a matching contribution to an employee’s retirement plan based on their student loan payments. That way, it would ensure that the employee is building retirement savings no matter what. Enhance and simplify the Saver’s CreditAn underutilized federal match exists for low-income earners’ retirement contributions up to $2,000 a year. The new retirement package might enhance and simplify the so-called Saver’s Credit so more people could use it.

☆ Stocks making the biggest moves premarket: Campbell Soup, Pinterest, Toll Brothers and others
▼ + stars: | 2022-12-07 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell:Campbell Soup (CPB) – Campbell Soup beat estimates by 14 cents with adjusted quarterly earnings of $1.02 per share. Pinterest (PINS) – Pinterest rose 1.2% in premarket trading after an official from activist investor Elliott Management was added to the image-sharing website operator's board of directors. Carvana tumbled 18.2% in premarket trading. Dave & Buster's (PLAY) – Dave & Buster's shares slid 3.9% in premarket action even though its quarterly profit matched analyst estimates. Airbnb (ABNB) – Airbnb fell 3.8% in premarket trading after Morgan Stanley downgraded the stock to underweight from equal-weight.

☆ Stocks making the biggest moves midday: Carvana, MongoDB, TripAdvisor, Toll Brothers and more
▼ + stars: | 2022-12-07 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

MongoDB — The database platform surged almost 22% following the company's quarterly results. State Street — Shares of the asset manager jumped more than 8% after the company announced a new buyback plan. Toll Brothers — Shares of the luxury homebuilder rose 7% after the company reported quarterly results. Chinese tech stocks — Shares of U.S. listed China stocks declined even as Beijing announced it will lift some Covid restrictions. Airlines — Airline stocks fell as a group during midday trading.

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