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☆ Lyft shares fall nearly 25% after forecasting revenue below estimates
▼ + stars: | 2023-02-09 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Lyft (LYFT) on Thursday forecast current-quarter revenue below Wall Street estimates, blaming extremely cold weather in some of its major markets and lower prices, especially during peak hours, sending its shares down nearly 25% in extended trading. For the fourth quarter, Lyft reported an adjusted EBITDA of $126.7 million, excluding $375 million it had set aside for increasing insurance reserves. Analysts had forecast $91.01 million. Active riders rose 8.7% increase to 20.36 million for the fourth quarter, Lyft said. Revenue rose 21% to $1.18 billion, slightly above the average estimate of $1.16 billion.

☆ James Abate's stock fund has nearly doubled its benchmark over 3 tumultuous years. Here's how he says investors should get ready for potential black swan events that could shape 2023.
▼ + stars: | 2023-02-07 | by ( Marley Jay | Lisa Kailai Han | ) www.businessinsider.com time to read: +5 min

Kiplinger rates the fund as the best US large-company stock fund from 2020 to 2022. That's not the most encouraging backdrop for stocks, especially since Abate said investors will be less comfortable taking big risks. He added that while the beginning of 2023 has been the opposite of 2022, that's not going to last. For the first black swan, Abate pointed towards the escalation of the Russian-Ukraine crisis, including the recent increase in air defense activity, ground troops, and the shipment of armored vehicles, tanks, and fighter aircraft. As for the second black swan, Abate also highlighted the Japanese government's "unprecedented" and "unsustainable" buying of the yen to boost the currency against others like the dollar.

☆ Morning Bid: Runaway Tech arrested
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +5 min

The coast may be clearing on interest rates but a spluttering economy still has the power to check runaway stock markets. Friday's release of January's U.S. employment report will provide some clues - but Big Tech gave its own readout on Thursday. Apple earnings fell short of expectations and it forecast revenue would fall for a second quarter in a row. But even though iPhone sales fell for the first time since 2020, it said sales were likely to improve as production had returned to normal in China after COVID-related shutdowns. To what extent layoffs in the tech sector are fanning out across the economy will be monitored in the payrolls report later and the Fed will be watching wage growth like a hawk.

☆ Stocks may face an inflection point in the week ahead as the Fed meets and Apple posts earnings
▼ + stars: | 2023-01-27 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The Fed's meeting Tuesday and Wednesday comes amid a flood of corporate earnings reports, with about 20% of the S & P 500 reporting that week. The most important day for earnings is Thursday, when Apple , Alphabet and Amazon report after the bell. The Nasdaq Composite was up 11% for the month as of Friday afternoon, well ahead of the 6.2% gain in the S & P 500. Traders have been watching the S & P 500 edge closer to the key threshold of 4,100 , its high from December. AAPL 1Y line apple Apple is also important because of the signals it can send about the strength of the consumer, supply chains and China's reopening.

It came after Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. The company had 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising ride-share insurance costs. Shopify: 1,000 jobs cutIn July, Shopify announced it laid off 1,000 employees, which equals 10% of its global workforce. Tesla: 6,000 jobs cut

☆ ‘Babylon’: Gate of God, Tower of Hubris, City of Sin
▼ + stars: | 2023-01-06 | by ( Ben Zimmer | ) www.wsj.com time to read: 1 min

Damien Chazelle’s ambitious new film “Babylon,” a tale of Hollywood’s debauched early years, has polarized critics and audiences alike with its raunchy, over-the-top imagery. The title of the movie embraces the depiction of Tinseltown as the height of excess going back to the silent era. As Mr. Chazelle told Entertainment Weekly, “Babylon” was a name given Hollywood in those days to denote “a sinful place, a city of decadence and depravity that was heading to ruin.” The new movie tips its hat to the underground filmmaker Kenneth Anger and his lurid, gossipy 1965 book “Hollywood Babylon.” “Hollywood, California became a synonym of Sin,” Mr. Anger wrote. “Professional do-gooders would brand Hollywood a New Babylon whose evil influence rivaled the legendary depravity of the old.”

☆ ‘Gaslighting’: Purposely Darkening the Shadow of Self-Doubt
▼ + stars: | 2022-12-30 | by ( Ben Zimmer | ) www.wsj.com time to read: 1 min

Linguist and lexicographer Ben Zimmer analyzes the origins of words in the news. Read previous columns here. When Merriam-Webster named “gaslighting” as its 2022 Word of the Year, the responses were perhaps predictable.

☆ A top 1% performing fund manager explains why history proves the S&P 500 will fall another 30% in the next 3-to-9 months — and shares 11 compelling stocks to buy in 2023 that will power through a rece
▼ + stars: | 2022-12-21 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

He foresees the S&P 500 falling another 30% and bottoming within the next three to nine months. Abate shared 11 compelling stocks to buy to mitigate looming recessionary risks. But with the looming threat of a recession, Abate believes that the days of big contrarian trade ideas are now behind us. Especially "idiosyncratic stocks that have kind of already felt the pain of a downturn, so even if a recession happens, their backlogs can get them through recessionary conditions." Two biotechnology names Abate noted as standout idiosyncratic ideas are Biogen (BIIB) and Gilead (GILD).

☆ How states across the West are using cloud seeding to make it rain
▼ + stars: | 2022-12-17 | by ( Katie Brigham | ) www.cnbc.com time to read: +4 min

Cloud seeding has been around since the 1940s. Experts say cloud seeding generally yields a 5% to 15% increase in precipitation. How cloud seeding worksWhen done aerially, cloud seeding involves loading up a plane with silver iodide. Pilot Joel Zimmer, who works for Weather Modification International, affixes silver iodide flares to the bottom of a cloud seeding plane. While Texas uses cloud seeding to help irrigate fields for farmers, it's more common in the West, where states like Idaho, California, Colorado, Utah and Wyoming use it to help fill up their rivers and reservoirs.

☆ ‘White Elephant’: An Exchange of Gifts or Comical Burdens
▼ + stars: | 2022-12-16 | by ( Ben Zimmer | ) www.wsj.com time to read: 1 min

Linguist and lexicographer Ben Zimmer analyzes the origins of words in the news. Read previous columns here. If you’ve attended an office holiday party, you may have joined in a kind of gift-giving game that goes by various names: “Yankee swap,” “dirty Santa” or most commonly, a “white elephant” party.

☆ ‘Videogame’: The Electronic Pinball Machine Comes of Age
▼ + stars: | 2022-12-12 | by ( Ben Zimmer | ) www.wsj.com time to read: 1 min

Linguist and lexicographer Ben Zimmer analyzes the origins of words in the news. Read previous columns here. Just over 50 years ago, Atari, then an enterprising Silicon Valley startup, released an electronic game with a funny name: Pong. In its original incarnation, Pong was an arcade game in which two players control lines on a screen simulating ping-pong paddles, batting back and forth a blip of light representing a ball.

☆ ‘Soccer’: The Sport’s American Name Is Actually British
▼ + stars: | 2022-12-02 | by ( Ben Zimmer | ) www.wsj.com time to read: 1 min

Linguist and lexicographer Ben Zimmer analyzes the origins of words in the news. Read previous columns here. A day before the U.S. defeated Iran in the World Cup to advance to the knockout stage, Iran’s coach, Carlos Queiroz, paid the U.S. men’s team a rather sniffy compliment: “I can say it like this: They jumped from soccer to football.”

☆ Layoffs Create Pitfalls for Finance Executives Looking to Cut Costs
▼ + stars: | 2022-11-28 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +6 min

They are increasingly looking to layoffs as a way to preserve capital, alongside other measures, such as hiring freezes. Finance chiefs play a key role in this by determining which costs to cut and setting companies’ financial targets, said advisers who work with companies during staffing cuts. Tech business HP Inc., ride-hailing company Lyft Inc. and tool-and-appliance maker Stanley Black & Decker Inc. have announced layoffs in recent months. Finance chiefs are increasingly part of the initial discussions about whether job cuts are needed, said Hardik Sheth, a partner at Boston Consulting Group, a management consulting firm. Some employees at Twitter, which recently cut roughly half of its workforce, are now pushing back against the dismissals.

☆ Top Morningstar strategist says stocks are undervalued by 15% and shares 6 favorites
▼ + stars: | 2022-11-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

With many stocks in a bear market, equities could be undervalued by 15%, according to Morningstar's chief U.S. strategist. Dave Sekera told CNBC last week that markets are overestimating the impact of inflation on the U.S. economy, leaving many stocks below their fair value. The S & P 500 rallied 5.9% last week for its best week since June , although stocks fell slightly Monday. It gives Zimmer Biomet 51.4% potential upside, Amazon upside of 48%, Salesforce 52% upside, ServiceNow upside of 57%. Morningstar analysts also believe 3M is a "cheap stock" trading at $133 and expect shares to rise by 37.6% to $183.

☆ Here's a rundown of tech companies that have announced layoffs in 2022
▼ + stars: | 2022-11-09 | by ( Sofia Pitt | ) www.cnbc.com time to read: +8 min

Days after Twitter's new boss Elon Musk slashed half his company's workforce, Facebook parent Meta announced its most significant round of layoffs ever. Last month, Meta announced a second straight quarter of declining revenue and forecast another drop in the fourth quarter. The tech industry broadly has seen a string of layoffs in 2022 in the face of uncertain economic conditions. Lyft: around 700 jobs cutLyft announced last week that it cut 13% of its staff, or about 700 jobs. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising rideshare insurance costs.

☆ Lyft President John Zimmer breaks down mixed Q3 earnings report
▼ + stars: | 2022-11-08 | 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 EmailLyft President John Zimmer breaks down mixed Q3 earnings reportLyft President John Zimmer joins CNBC's 'Squawk Box' to break down the ride-hailing company's mixed third-quarter earnings report.

☆ Lyft shares plunge after dull revenue forecast, slowing rider growth
▼ + stars: | 2022-11-07 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing firm Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue below Wall Street estimates as user growth on its platform slows, losing out to bigger rival Uber Technologies Inc and sending its shares down 13%. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion, according to Refinitiv IBES data. It forecast adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a profitability metric keenly watched by investors, between $80 million and $100 million, compared with analysts' forecast of $84.5 million.

☆ Lyft shares plunge after revenue forecast disappoints
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing company Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue slightly below Wall Street estimates, hurt by competition from Uber Technologies Inc , sending its shares down 13% in extended trading. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. Lyft forecast current-quarter operating profit above Wall Street estimates, as it bets on demand for rideshare and cost cuts such as headcount reduction and closing office spaces. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion.

☆ What the wave of tech layoffs tell us about the economy
▼ + stars: | 2022-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Tech companies are announcing an alarming number of layoffs and hiring freezes. ▸ Lyft (LYFT) said last Thursday that it will lay off 13% of its employees, or nearly 700 people, as it rethinks staffing amid rising inflation and fears of a looming recession. But other companies won’t be immune to the softening demand from consumers and businesses that tech companies have noted. It doesn’t help that the uncertainty around the platform comes at a bad time for ad revenue-dependent tech companies. More potential supply chain woesThe threat of a US rail strike that could disrupt supply chains is still very real.

☆ Read part of the memo Lyft's cofounders sent to employees as the company begins laying off nearly 700 staffers
▼ + stars: | 2022-11-04 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

"Still, Lyft has to become leaner, which requires us to part with incredible team members." To help provide initial context, we want to share how we made this decision, how we're supporting departing team members, and what to expect over the coming days. Support for departing team membersWe understand the real impact this decision has on departing team members. Team members with 4+ years with Lyft will receive an additional four weeks of pay. Moving forwardOur priority today is taking care of departing team members, who for many of us are also friends.

☆ Lyft Plans to Lay Off About 700 Employees in Second Round of Job Cuts
▼ + stars: | 2022-11-03 | by ( Preetika Rana | Emily Glazer | ) www.wsj.com time to read: 1 min

Lyft Inc. said it is cutting 13% of staff, or nearly 700 jobs, the latest technology company to say it needed to reduce costs ahead of choppy economic conditions. Co-founders John Zimmer and Logan Green announced the cuts to staff Thursday. “There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” they wrote in the memo viewed by The Wall Street Journal.

☆ Lyft to Lay Off About 700 Employees in Second Round of Job Cuts
▼ + stars: | 2022-11-03 | by ( Preetika Rana | Emily Glazer | ) www.wsj.com time to read: 1 min

Lyft Inc. said it is cutting 13% of staff, or nearly 700 jobs, the latest technology company to say it needed to reduce costs ahead of choppy economic conditions. Confirming an earlier report by The Wall Street Journal, Lyft co-founders John Zimmer and Logan Green announced the cuts to staff Thursday. “There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and ride-share insurance costs are going up,” they wrote in the memo viewed by the Journal.

Lyft said Thursday it's cutting 13% of its workforce, impacting all teams. Workers who had been there for more than four years will get an extra four weeks pay, they added. Support for departing team members We understand the real impact this decision has on departing team members. Lyft will offer support to departing team members: · 10 weeks of pay. Moving forward Our priority today is taking care of departing team members, who for many of us are also friends.

☆ Lyft to lay off 13% of staff
▼ + stars: | 2022-11-03 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN Business —Lyft on Thursday said it will lay off 13% of its staff, or nearly 700 employees, as it rethinks staffing amid rising inflation and fears of a looming recession. In a memo to staffers on Thursday, a copy of which was shared with CNN Business, Lyft (LYFT) co-founders Logan Green and John Zimmer said the layoffs will impact every part of the company, and pointed to broader macroeconomic challenges that led to the cuts. But a number of tech companies reported slowing growth in the September quarter, as customers and advertisers rethink spending. “We are not immune to the realities of inflation and a slowing economy,” Lyft’s founders wrote in the memo to staffers. Shares for Lyft are down nearly 70% so far this year.

☆ ‘Zombie’: The Walking Dead, Human or Financial
▼ + stars: | 2022-10-31 | by ( Ben Zimmer | ) www.wsj.com time to read: 1 min

Linguist and lexicographer Ben Zimmer analyzes the origins of words in the news. Read previous columns here. Just in time for Halloween, zombies are taking over Wall Street.

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