DIRS.INFO The most relevant business & tech news

☆ U.S. Treasury bond yields rise — and stock markets fall — on January jobs report
▼ + stars: | 2023-02-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The 2-year Treasury yield was trading at 4.485% after climbing more than 18 basis points. Chinese firm Baidu joined the bandwagon Tuesday and said its own AI chatbot, named Ernie, will complete internal testing in March. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Baidu, the Chinese search engine giant, announces ChatGPT-style AI bot
▼ + stars: | 2023-02-06 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Chinese search engine giant Baidu says it will be launching its own ChatGPT-style service. It will launch a new artificial intelligence chatbot called “Wenxin Yiyan” in Chinese, or “Ernie Bot” in English, a spokesperson told CNN on Tuesday. Baidu (BIDU) is currently testing the project internally and will likely roll out the service to users in March, the person said. The company did not provide further details, such as how the tool would look or whether it would appear as a feature within its popular search engine. Baidu’s AI investments can be seen as “both an offensive and defensive strategic move in China,” Daniel Ives, managing director of Wedbush Securities, told CNN.

☆ Inside Ken Griffin's rise to one of Wall Street's most powerful people, and why politics could be next
▼ + stars: | 2023-01-23 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +30 min

JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.

At least nine are dead and more deaths are expected after more than a dozen tornadoes tore through the Southeastern U.S. on Thursday, according to officials. Seven of the deaths were reported in Autauga County, Alabama, northwest of Montgomery, according to county Emergency Management Agency Director Ernie Baggett. Six of the deaths were reported the day the tornadoes made landfall in the state, and one was reported on Friday. The second fatality in Georgia was a Department of Transportation employee who was responding to storm damage, Governor Brian Kemp said in a news conference Friday. Governor Burt Jones took a helicopter tour of the damage Friday to also assess the damage resulting from tornadoes in the state.

☆ Eight dead, more casualties expected after tornadoes rip through U.S. Southeast
▼ + stars: | 2023-01-13 | by ( Tyler Clifford | ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows damage after a tornado ripped through Selma, Alabama, U.S. January 12, 2023 in this picture obtained from social media. Seven deaths have been reported in Alabama's Autauga County, emergency management director Ernie Baggett said on MSNBC. The National Weather Service confirmed that at least five tornadoes touched down in the central Alabama region on Thursday, according to meteorologist Jessica Laws. On Friday, the weather service said it had dispatched multiple damage survey teams to the field. As many as 50 properties were damaged by the storms in Autauga County, according to the local sheriff's office.

☆ Canada appoints First Nations member to Bank of Canada board
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Jan 12 (Reuters) - The Canadian government filled three Bank of Canada board vacancies on Thursday with finance veterans including Ernie Daniels, likely the first First Nations member on the central bank's board, a bank spokesperson said. The Bank of Canada's board selects its governor and provides general oversight of the management and administration of the institution. Daniels and the other two appointees - David Dominy and Shelley Williams - "bring many years of accounting, capital markets, and financial management from across industries and sectors," Canada's finance ministry said in a statement. Daniels, who is from the Salt River First Nation in Canada's Northwest Territories, has over 35 years of senior financial management experience and has been chief executive of First Nations Finance Authority, a financial non-profit, since 2012. "To the best of our knowledge" Daniels is the first board member to hail from a First Nation in the bank's almost 90-year history, a spokesperson said.

☆ 2022 was the year the Overconfidence Man fell back to earth
▼ + stars: | 2022-12-29 | by ( Maureen Tkacik | ) www.businessinsider.com time to read: +22 min

Naturally, Elon Musk, the platonic ideal of the peculiar self-aggrandizing, self-parodying personality type that thrived during the Trump years and peaked during the pandemic, tops this list. By 2022, the media had pronounced him variously the next Warren Buffett, J.P. Morgan and Charles Koch. "bye bye @trussliz Congrats to lettuce", tweeted Putin's one-time stand-in Dmitry Medvedev, to which Elon Musk could not resist replying, "pretty good troll tbh." Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020. Elon MuskIt's weird to recall now that Elon Musk once seemed like, graded on the billionaire curve anyway, a net positive for a cursed American society.

☆ Here are Friday's biggest analyst calls: Apple, Amazon, Meta, Nvidia, Carvana, Delta, Walmart & more
▼ + stars: | 2022-12-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Evercore ISI names Apple as a top pick in 2023 Evercore said it sees 2023 as a "moonshot" year for Apple. MKM names Walmart a top 2023 pick MKM said it sees further share gains for Walmart in 2023. " JPMorgan names Eli Lilly a top 2023 pick JPMorgan said Eli Lilly is "best-in-class." Canaccord names Yeti and Traeger top 2023 picks Canaccord says Yeti should hold up well in a recessionary environment. YETI Holdings (YETI : BUY, $58 PT): We believe the core YETI consumer should hold up relatively better in a recession as it skews a bit higher end.

☆ Carvana Plans to Lay Off 1,500 Employees, Cites Economic Concerns
▼ + stars: | 2022-11-18 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Carvana Co. plans to lay off about 1,500 employees, or about 8% of the company’s workforce, executives said in a Friday memo to staff. The planned workforce reductions come as the used car retailer faces economic headwinds and an uncertain future, Chief Executive Ernie Garcia said in the memo.

☆ Carvana Plans to Lay Off 1,500 Employees, Citing Economic Concerns
▼ + stars: | 2022-11-18 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Carvana Co. plans to lay off about 1,500 employees, or about 8% of the company’s workforce, executives said in a Friday memo to staff. The workforce reductions come as the online used-car retailer faces economic headwinds and an uncertain future, Chief Executive Ernie Garcia said in the memo. The move also adds to the 2,500 employees the company, based in Tempe, Ariz., planned to lay off earlier this year after it overshot its growth strategy.

Carvana is laying off about 1,500 people, or 8% of its workforce, following a freefall in the company's stock this year and concerns around its long-term trajectory, according to an internal message first obtained by CNBC's Scott Wapner. The email from Carvana CEO Ernie Garcia, titled "Today is a hard day," cites economic headwinds including higher financing costs and delayed car purchasing. The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt," Garcia wrote in the email. For Carvana, it also follows rapid growth but some missteps during the coronavirus pandemic to better capitalize on an unprecedently strong used-vehicle market during the coronavirus pandemic. Shares of Carvana have plummeted by about 97% this year after reaching an all-time intraday high of $376.83 per share on Aug. 10, 2021.

☆ Homebuyers who fled to Florida to escape high taxes are now shocked at their massive tax bills
▼ + stars: | 2022-11-18 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

A Florida law caps property taxes at 3% a year for existing homebuyers. The tax bills have come as a shock for some, who may have to consider moving out of the state. Anyone who bought a Florida property in 2022 will be in the same situation next year. Corporate homebuyers are also getting hit with higher tax billsDeeply resourced, large-scale homebuyers are getting caught off guard, too. Some local governments in Texas have argued for increasing property taxes in order to finance things like hurricane relief, the Texas Tribune reported.

☆ Wall Street absolutely loves this retailer, poised to benefit from the industry's inventory issues
▼ + stars: | 2022-11-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

The off-price retailer beat earnings expectations on Wednesday, reporting third-quarter earnings-per-share of 86 cents versus a StreetAccount estimate of 80 cents. Revenue, however, came in lower than expected, at $12.17 billion compared to the $12.3 billion expected by Wall Street. The glut of inventory in the retail space has helped lift TJX 's earnings, CEO Ernie Herrman said on the earnings conference call Wednesday. TJX's comparable-store sales were driven by the excellent performance of Marmaxx, particularly its apparel business, the company said. U.S. Marmaxx sales, which includes T.J. Maxx and Marshalls brand stores, rose 3%in the third quarter, while TJX's HomeGoods' comparable-store sales sank 16%.

☆ Retailer TJX Names New CFO as Sales Decline
▼ + stars: | 2022-11-16 | by ( Jennifer Williams-Alvarez | Colin Kellaher | ) www.wsj.com time to read: +3 min

Mr. Klinger, who joined TJX in 2000, currently serves as executive vice president and corporate controller. U.S. comparable-store sales, which exclude e-commerce sites, fell 2%, driven by a 16% drop in comparable sales for the U.S. homegoods business. For the 2023 fiscal year, TJX forecasts U.S. comparable-store sales to fall 1% to 2%. TJX in August projected a full year decline in U.S. same-store sales of 2% to 3%. This is because they’ve withheld key metrics such as the figures for comparable-store sales, since they weren’t meaningful as a result of store closures brought on by the pandemic, she said.

☆ One of our best-performing stocks lately reports earnings this week. Here's what to expect
▼ + stars: | 2022-11-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Overall, 77% of the 26 analysts who cover TJX rate the stock the equivalent of a buy, according to FactSet. Two big earnings themes When TJX releases fiscal 2023 third-quarter results after Wednesday's closing bell, it'll mark the first time the company will report earnings as a CNBC Investing Club name. TJX saw its pretax margin collapse to 0.3% during its pandemic-marred fiscal 2021, down from 10.6% in its prior fiscal year. Any indications of easing cost headwinds — especially on the freight side — should help support earnings growth into next year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Why investors have jumped off the Carvana bandwagon
▼ + stars: | 2022-11-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

He touted the company's "landmark" second-quarter results on Aug. 5, 2021 that included the used car retailer's first-ever quarterly net profit. Analyst Adam Jonas cited deterioration in the used car market and a volatile funding environment for the change. Jonas said "a deterioration in the used car market combined with a volatile interest rate/funding environment" made for a "material risk" to the company. Used vehicle prices have so far remained steady, but that may not last long, as the wholesale costs continue to decline. The average used listing price for a used vehicle is stabilizing but remains near record highs of more than $28,200, according to Cox Automotive.

☆ Why Carvana stock dropped 97% in the past year as the auto resale success story became a used-car clunker
▼ + stars: | 2022-11-09 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Slowing demand for used cars and high interest rates are making things difficult for Carvana. Supply chain snarls kicked off a shortage of new cars that sent buyers to the used market in droves. But now the used-car market is slowing down, dealing a blow to Carvana and other dealership chains. Carvana, known for its vehicle vending machines, chalked up the poor results to a challenging economy and slowing demand for used cars. AutoNation, the largest dealership chain in the US, issued a similar warning about used-car prices last month.

☆ Cramer: Why tech can't find a bottom as other parts of the market show signs of life
▼ + stars: | 2022-11-06 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

The Carvana and Zillow calls aren't resonating because the autos and housing companies have already seen their stocks crushed. At the same time, these once-thriving tech companies that saw an ever-expanding funnel somehow didn't seem to see any of this coming. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ A lunar eclipse will bring a blood red moon on Election Day — the last one for 3 years
▼ + stars: | 2022-11-04 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +3 min

That paints the full moon red, raising a blood moon into the skies on Election Day morning. The next total lunar eclipse won't happen until 2025. It's a total lunar eclipse, often called a "blood moon," and there won't be another one until 2025. The blue light from the sun scatters away, and longer-wavelength red, orange, and yellow light pass through, turning our moon red. Then wait until March 14, 2025, for the next total lunar eclipse.

☆ Carvana tumbles after posting declines in nearly every aspect of the car reseller's business
▼ + stars: | 2022-11-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The stock fell by more than 7% during after-hours trading, quickly erasing a 6.5% gain from earlier in the trading day. Shares of the company have been nearly cut in half this year, as used vehicle sales and elevated prices cooled off from record highs. The used vehicle market a year ago was significantly elevated as consumers who couldn't find or afford to purchase a new vehicle opted for a pre-owned car or truck. "This economic environment remains uncertain, but we are focused squarely on the goal of driving the business to profitability," Carvana CEO and cofounder Ernie Garcia said in a release. "While progress is rarely linear, we remain on the path to becoming the largest and most profitable auto retailer."

☆ Welcome to the dangerous Swiss golf-baseball hybrid you've never heard of
▼ + stars: | 2022-10-25 | by ( Sean Coppack | Jack Bantock | ) edition.cnn.com time to read: +4 min

(CNN) To most people, the words Swiss sport and Emmental might trigger thoughts of Roger Federer eating cheese. Sending projectiles hurtling through the air at 200 miles per hour, all rise -- and then duck -- for Hornussen. Scoring starts if they reach the 100-meter line, with an additional point awarded for every 10 meters past the marker. "It's really dangerous if you don't see the Nouss or if one hits the bat and, two meters before the face, the Nouss changes direction," Kummer explained. Around 260 teams are active across a multi-league pyramid in Switzerland, with the top teams fighting it out for the Swiss Championship.

☆ How TJ Maxx and Ross discount their clothes by so much
▼ + stars: | 2022-10-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN Business —It’s a great time to be a closeout store like TJ Maxx. In July, they were sitting on $713 billion in inventory, according to the latest data from the Census Bureau. That’s a prime opportunity for “off-price” retailers such as TJX (TJX) – the parent of TJ Maxx, Marshalls and HomeGoods – as well as Ross (ROST), Burlington (BURL) and Ollie’s Bargain Outlet (OLLI). And if a designer changes the style or color of a dress, for example, off-price stores are happy to take it and sell it on the cheap. “We are seeing extraordinary off-price buying opportunities in the marketplace,” TJX CEO Ernie Herrman said in August.

☆ Holiday bargains will dent retail profits. How investors can avoid taking a beating
▼ + stars: | 2022-10-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +11 min

Stifel's research found that consumers plan to spend 9% more this holiday season over 2021. Roughly three-quarters of respondents to a PwC holiday poll indicated they plan to spend the same or more this holiday season. Rather than marking down inventory, companies should hold on to it for the next year if their balance sheets can withstand it, said Siegel. Across the board, many flagship retail stores heavily focused on apparel and footwear like Kohl's and Macy's may struggle to lure customers intent on saving money on discretionary purchases. He points to names heavily focused on electronics and home goods purchased by consumers during the pandemic as one of the weaker areas this holiday season.

A worker cuts a cast at Mitchell Aerospace, Inc., a manufacturer of light alloy sand castings for the aerospace industry, in Montreal, Quebec, Canada September 9, 2022. REUTERS/Christinne MuschiMONTREAL/CHICAGO, Sept 27 (Reuters) - Canada's Mitchell Aerospace has a booming business - and a shop-floor shortfall that is reverberating from Boeing (BA.N) to Airbus (AIR.PA). A slowing global economy has started to unwind some supply chain shortages that hit manufacturers and contributed to inflation. But aircraft parts makers are still reeling from deep job cuts undertaken when planes were grounded during the pandemic, a sign of how uneven the supply chain crisis remains. Airbus' production target has declined, while Boeing warned supply chain pressures have capped its ability to ramp up output.

☆ A College Acting Class Changed Ernie Hudson’s Life. ‘For the First Time, I Felt at Home.’
▼ + stars: | 2022-09-13 | by ( Marc Myers | ) www.wsj.com time to read: 1 min

Ernie Hudson, 76, is an actor best known for his role in the “Ghostbusters” film series. He currently stars in “The Family Business,” “L.A.’s Finest” and NBC’s “Quantum Leap.” He spoke with Marc Myers. The night my Uncle Izah pulled into the drive-in movie theater in Benton Harbor, Mich., I had no idea what “Blackboard Jungle” was about. When the 1955 film began, Sidney Poitier was the only Black teenager in the classroom of “difficult” kids.

Search resuls for: "Ernie"

25 mentions found