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☆ Futures fall amid rising yields; Lyft sinks on dour profit outlook
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Futures down: Nasdaq 0.79%, S&P 0.37%, Dow 0.18%Feb 10 (Reuters) - U.S. stock index futures slipped on Friday, with megacap growth companies under pressure after Treasury yields extended gains, while shares of Lyft plunged as the ride-hailing firm forecast current-quarter profit far below estimates. The Nasdaq Composite (.IXIC) eyed its first weekly fall this year, tracking declines of nearly 2%. U.S. stock indexes fell in the previous session as Treasury yields gained after an auction of 30-year bonds went poorly. Rising Treasury yields put valuations of growth stocks under pressure, which was also a recurring theme for 2022. ET, Dow e-minis were down 60 points, or 0.18%, S&P 500 e-minis were down 15 points, or 0.37%, and Nasdaq 100 e-minis were down 97.75 points, or 0.79%.

☆ Lyft's weak revenue forecast knocks down shares
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Lyft Inc (LYFT.O) on Thursday forecast current-quarter revenue below Wall Street estimates, blaming the impact of extremely cold weather on some of its major markets and lower prices during peak hours, sending its shares tumbling 28%. Lyft forecast first-quarter revenue of about $975 million, which fell below analyst estimates of $1.09 billion, according to Refinitiv data. Lyft forecast first-quarter adjusted earnings before interest, taxes depreciation and amortization (EBITDA), a key measure of profitability that strips out some costs, of between $5 million and $15 million. For the fourth quarter, Lyft reported an adjusted EBITDA of $126.7 million, excluding the $375 million it had set aside for increasing insurance reserves. Active riders rose 8.7% to 20.36 million for the fourth quarter, Lyft said, above the FactSet estimate of 20.30 million.

☆ Uber Posts Higher Revenue and Adjusted Profit as People Spend More on Rides
▼ + stars: | 2023-02-08 | by ( Sarah E. Needleman | ) www.wsj.com time to read: 1 min

A looming question for Uber is whether consumers, squeezed by inflation, will continue to spend as much as they used to. Uber Technologies Inc.’s revenue and adjusted earnings grew last quarter as people spent more on rides and food delivery despite concerns about high inflation rates and a weakening economy. The ride-hailing company said Wednesday that revenue for the three months through December reached $8.6 billion, a 49% increase from a year earlier.

☆ GE’s Finance Chief Sees Future for AI Across Company’s Business
▼ + stars: | 2023-02-08 | by ( Thomas Gryta | ) www.wsj.com time to read: +3 min

General Electric Co. sees a future for using generative artificial intelligence like ChatGPT across its business, from the shop floor to the front office, according to Carolina Dybeck Happe, the company’s chief financial officer. Ms. Dybeck Happe said the use of AI in manufacturing begins with gathering a huge amount of data from different complex systems. A native of Sweden, she joined GE after spending about a year as finance chief of Denmark-based shipping giant A.P. She became GE’s finance chief in early 2020, taking on a role traditionally held by long-term employees of the company, which has long prided itself on its management training. Using artificial intelligence and automation is part of increasing efficiency and quality, Ms. Dybeck Happe said.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. 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. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Uber sets sights on profits in 2023 as pandemic pain eases
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

"The pandemic's impact on our Mobility business is now well and truly behind us," Khosrowshahi said. Shares of smaller rival Lyft (LYFT.O) rose as well following Uber's upbeat forecast. Uber, which operates in over 70 countries and 10,000 cities, said new rideshare products such as pre-booking, shared rides, car rentals and car-sharing was also boosting revenue. Analysts have raised concerns about smaller rival Lyft losing market share to Uber. Rideshare revenue surged 82%.

☆ Wall Street falls on rate hike worries
▼ + stars: | 2023-02-08 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

Money market participants are now betting the U.S. central bank's benchmark rate to rise above 5% in May before peaking to 5.18% by July, levels that officials have backed vociferously. Of all the S&P 500 companies that have reported quarterly earnings, 69% of them have beaten expectations, according to Refinitiv. Uber Technologies Inc (UBER.N) rose 0.7% on upbeat earnings expectations for the year. Declining issues outnumbered advancers for a 1.86-to-1 ratio on the NYSE and a 2.05-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 56 new highs and 18 new lows.

☆ Uber to steal a march on Lyft in resurgent rideshare market
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +3 min

Feb 7 (Reuters) - Uber Technologies Inc's (UBER.N) revenue growth is set to outpace that of rival Lyft Inc (LYFT.O) as the rideshare firm's presence in major markets around the world gives it the heft to deal with inflationary pressures. Dara Khosrowshahi-led Uber operates in multiple regions and has over the years built a massive food and grocery delivery business, while Lyft has mainly focused on rideshare in the United States. "Lyft is on the losing end of Uber's mobility and delivery network effect ... in a world of increasing focus on profitability, Lyft does not deliver," MoffettNathanson analyst Michael Morton said. Analysts expect a fourth-quarter revenue increase of 19% for Lyft and 47% for Uber, according to Refinitiv data. "When we look at driver time spent data on a 2-year growth basis our concerns on Lyft losing market share are magnified ... we come away more concerned about Lyft's need to invest in incentives," UBS analyst Lloyd Walmsley said.

☆ Dell to Cut 5% of Workforce
▼ + stars: | 2023-02-06 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Dell said it is taking steps to reorganize its sales, customer-support, product-development and engineering teams. Dell Technologies Inc. said it is cutting about 5% of its workforce, the latest technology company adding to a wave of layoffs as interest rates rise and financial conditions tighten. The cuts would amount to some 6,600 jobs, based on the 133,000 total workers that the company reported having in early 2022, its most recent disclosed figure.

☆ Dell to Lay Off More Than 6,500 Workers or 5% of Workforce
▼ + stars: | 2023-02-06 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Dell Technologies Inc. said it is cutting about 5% of its workforce, the latest technology company adding to a wave of layoffs as interest rates rise and financial conditions tighten. The cuts would amount to some 6,600 jobs, based on the 133,000 total workers that the company reported having in early 2022, its most recent disclosed figure.

☆ Dell to slash about 6,650 jobs as it battles slowing demand
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) will eliminate about 6,650 jobs, or 5% of its global workforce, the company said on Monday, as the PC maker grapples with falling demand and braces for economic uncertainty. "What we know is market conditions continue to erode with an uncertain future," co-Chief Operating Officer Jeff Clarke wrote in a memo to employees. 3D printed clouds and figurines are seen in front of the Dell logo in this illustration taken February 8, 2022. Dell had about 133,000 employees as of Jan. 28, 2022, of which, about one-third were based in the United States. Reporting by Shivani Tanna and Eva Mathews in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Dell to slash about 6,650 jobs -Bloomberg News
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) will eliminate about 6,650 jobs, or about 5% of its global workforce, hurt by falling demand for its personal computers, Bloomberg News reported on Monday. The company is experiencing market conditions that "continue to erode with an uncertain future," co-Chief Operating Officer Jeff Clarke wrote in a memo to employees, the report said. The previous cost-cutting measures, including a pause on hiring and limits on travel, are no longer enough, Clarke said in the memo. The department reorganizations and job cuts are an opportunity to drive efficiency, a company spokesperson told Bloomberg News. Layoffs in the United States hit a more than two-year high in January as technology firms cut jobs at the second-highest pace on record to brace for a possible recession, a report showed on Thursday.

☆ Dell to lay off 5% of workforce amid PC slump
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) said on Monday it would lay off about 5% of its workforce as it struggles with a slump in the personal computer market and braces for a potential recession. PC demand has collapsed after a two-year boom during the pandemic when people working from home splurged on everything from new monitors and laptops to keyboards. The layoffs also add to the thousands of cuts in the tech industry whose outlook has been shaken by a drop in spending by consumers and businesses due to rising interest rates. Reporting by Aditya Soni; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Disney, Pepsi, Uber Set to Report During Lackluster Earnings Season
▼ + stars: | 2023-02-04 | by ( Dia Gill | ) www.wsj.com time to read: 1 min

PepsiCo Inc., Uber Technologies Inc. and Walt Disney Co. are among the companies slated to report earnings in the coming week, during an earnings season marked by cooling demand and throttled profits. Investors will also hear from the food makers Kellogg Co. and Tyson Foods Inc., the healthcare companies CVS Health Corp. and AbbVie Inc., as well as the private-equity firms KKR & Co. and Apollo Global Management Inc. Other companies reporting earnings include PayPal Holdings Inc., S&P Global Inc. and Chipotle Mexican Grill Inc.

☆ Cramer's lightning round: Stick with Netflix
▼ + stars: | 2023-02-02 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Stick with it." Loading chart...GE Healthcare Technologies Inc : "I like the stock. I say, stay along." Loading chart...DraftKings Inc : "Stock could come around, but it's got to be 50 states before we get there." Loading chart...Medtronic PLC : "Medtronic right now is not being run well.

☆ Popular Tool to Cut Debt Costs Loses Luster as Global Central Banks Hike Rates
▼ + stars: | 2023-02-01 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Corporate finance executives looking to cut their debt costs this year are likely to find one popular tool isn’t as attractive as it was when the Federal Reserve was aggressively raising interest rates in 2022. Under a cross-currency swap, a company exchanges principal and interest payments on its debt into another currency. Swaps can lose their appeal to companies when the gap between interest rates in two countries, or central banks, narrows. Corporate advisers said they expect cross-currency swap volumes to decline in the months ahead, assuming market expectations for future rate increases hold steady. That rule made it easier for companies to use cross-currency swaps and recognize the interest savings on their financial statements.

☆ Cramer's lightning round: I want to own Sherwin-Williams
▼ + stars: | 2023-02-01 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Loading chart...Upstart Holdings Inc : "Right now, this is a coiled spring, even though it's not doing well. I've got to tell you, that stock is going higher." Loading chart...Charles River Laboratories International Inc : "This stock is undervalued. Loading chart...SoFi Technologies Inc : "It was a good quarter, and it's going higher." Disclaimer: Cramer's Charitable Trust owns shares of Wells Fargo.

☆ Self-driving tech firm Aurora names Ossa Fisher as president
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Jan 30 (Reuters) - Aurora Innovation Inc (AUR.O) on Monday named Ossa Fisher as president to focus on scaling operations at the self-driving technology company ahead of its commercial launch in 2024. Fisher is expected to begin at the new role in February and joins Aurora from education tech firm Istation, where she had served as president and chief operating officer since 2019. Last month, Aurora and Uber Technologies Inc (UBER.N) said they will expand their driverless pilot program in Texas to meet increased delivery demand during the holidays. Aurora's shares, which lost nearly 90% of their value last year, were down about 2% in extended trading. Reporting by Manya Saini in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer's lightning round: I think Regions Financial is a terrific buy
▼ + stars: | 2023-01-30 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart... Regions Financial Corp : "It's an excellent stock. I think it's a terrific buy, even at these levels." Loading chart...Loading chart...Lumen Technologies Inc : "I actually don't trust Lumen. I think Lumen is a dangerous stock even down here."

☆ Cramer's lightning round: L3Harris Technologies is still a buy
▼ + stars: | 2023-01-27 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Loading chart...Dutch Bros Inc : "You've got to wait [to buy], because we still see wage pressure." Loading chart...Farfetch Ltd : "I don't know FTCH. Loading chart...Bausch Health Companies Inc : "We've got that on what I would regard as being a retainer basis. We simply don't know what to do. Disclaimer: Cramer's Charitable Trust owns shares of Bausch Health Companies and Nvidia.

☆ State Department Issues Warning for Travelers Taking Ubers in Cancún
▼ + stars: | 2023-01-26 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

Travelers to some popular Mexican tourist destinations should be cautious when hailing rides from apps due to conflicts between taxi and Uber Technologies Inc. drivers, the U.S. government warned this week. On Monday, the U.S. Embassy and Consulates in Mexico issued a security advisory warning of disputes between drivers for ride-hailing apps and local taxi unions, which have in some cases turned violent. The alert is for the state of Quintana Roo, home to popular resort destinations including Cancún, the Riviera Maya and Tulum.

After finding Sayfullo Saipov guilty of committing murder with the goal of joining the militant group Islamic State, also known as ISIS, the Manhattan jury will return on Feb. 6 to consider whether the death penalty is appropriate punishment. The only point of contention between prosecutors and Saipov's lawyers was whether the defendant carried out the attack in order to join Islamic State, which the United States brands a terrorist organization. These included murder and attempted murder to gain entrance to Islamic State, providing material support to a terrorist organization, and damage or destruction of a motor vehicle. The U.S. Department of Justice said in September that it intends to seek the death penalty for Saipov, despite a moratorium on federal executions since July 2021 as the department reviews the practice. Reporting by Luc Cohen in New York; Editing by Leslie Adler, Bill Berkrot and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer's lightning round: Amicus Therapeutics is an ideal spec
▼ + stars: | 2023-01-24 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Quantumscape Corp : "I think you should take the money and run." Frankly, I don't get it, and that makes me want to look more into it, not just say buy." Loading chart...Amicus Therapeutics Inc : "I think that that stock is an ideal spec." Exact Sciences Corp : "They're losing too much money, to be honest. Array Technologies Inc : "I've been looking for a new way to play solar.

☆ French court orders Uber to pay some $18 mln to drivers, company to appeal
▼ + stars: | 2023-01-20 | by ( Tassilo Hummel | ) www.reuters.com time to read: +2 min

Uber said it would appeal, adding: "We are determined to make progress on the issue of platform workers' rights and are convinced that the right way forward is through social dialogue with drivers' representatives." The ruling only applies to the past and does not mean the drivers necessarily have employee status going forward, Teyssier said. The Uber spokesperson said it was the company's aim "to build a model that preserves the flexibility they want while guaranteeing concrete improvements in their working conditions." Earlier this month, Uber announced a landmark sector deal with drivers in France, guaranteeing a minimum of 7.65 euros net ($8.25) per ride, setting up a precedent after months of bargaining talks. ($1 = 0.9223 euros)Reporting by Tassilo Hummel; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Uber Working With Auto Makers to Design EVs Customized for Ride-Sharing, Delivery
▼ + stars: | 2023-01-19 | by ( Sam Schechner | ) www.wsj.com time to read: 1 min

DAVOS, Switzerland— Uber Technologies Inc. is working with auto makers to design lower-cost electric vehicles tailored for its ride-hailing and delivery businesses, part of its effort to electrify its fleet. Speaking Thursday at an event hosted by The Wall Street Journal, Uber Chief Executive Dara Khosrowshahi said the company is working with manufacturers on vehicles optimized for city use, ferrying passengers and deliveries. For ride-sharing, that includes cars with lower top speeds and with seating areas where passengers can face each other.

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