Spotify joins Google, Intel, Microsoft, Amazon, Salesforce and other major companies laying off thousands of people

4 days ago Morningstar

Bloomberg News originally reported that the streaming music service was planning job cuts. The Stockholm-based company estimates that it will incur approximately EUR35 million to EUR45 million ($38.1 million to $48.9 million) in severance-related charges. Now read: Spotify to lay off nearly 600 employeesThe job cuts come after Spotify slowed its pace of hiring last year. The tech giant is also adding to the 111 job cuts previously announced in Folsom, Calif., at a campus dedicated to research and development. In October, Intel announced plans for job cuts as it reported its third-quarter results.
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'It's $10,000 that's on the line.' Borrowers who used Pell grants decades ago can't find proof and worry they will lose Biden's relief.

"I wouldn't have been able to pay for college, being one of eight children with a single mother had it not been for that Pell grant," she said. The White House has said of the borrowers eligible to receive relief under the cancellation plan, over 60%, or 27 million, used a Pell grant. Did you use a Pell grant before 1994 and have proof? When he was there the oldest Pell grant data was stored on magnetic tape, a precursor to the floppy disk, Bergeron said. Borrowers likely can't count on their schools to confirm that they used a Pell grant.

3 months ago Morningstar

The silver lining of this year's stock and bond bear markets

Just take what has happened to annuity rates during this year's stock and bond bear markets. The accompanying chart illustrates how annuity payout rates are closely correlated with interest rates on investment grade corporate bonds. Though annuity payout rates for females are different than for males, I'd reach the same conclusion if I focused on their payout rates instead.) The more usual pattern is for interest rates to decline during many stock bear markets, for example--which is why bonds often provide a cushion again stocks' losses during bear markets. Rather than bonds cushioning the stock bear market, this year they have suffered a bear market of their own.

3 months ago Morningstar

This sugar alternative made from discarded plants boosts your fiber intake and is kinder to Earth

Right now, that's mostly through sugar cane and sugar beets, as well as high-fructose corn syrup. But the nutrional significance is explained: the fiber-derived sugar behaves like traditional sugar in food but retains certain fiber-based qualities. "And yet at the same time, fiber is the most abundant thing produced by the food system and we just throw it away. Our whole food system is really sort of topsy turvy in a really strange way." World's thirstiest cropRethinking the traditional sugar crops can also potentially benefit sustainability and environmentally regenerative agriculture.

3 months ago Morningstar

Amazon stock sinks after holiday forecast and cloud growth, profit disappoint; $150 billion in market cap at risk

Amazon (AMZN) executives guided for fourth-quarter operating profit of break-even to $4 billion and holiday sales of $140 billion to $148 billion, while analysts on average were expecting operating income of $5.05 billion on revenue of $155.09 billion, according to FactSet. Analysts on average expected earnings of 22 cents a share on sales of $127.39 billion, according to FactSet. Analysts on average were expecting $77.24 billion and $29 billion respectively, according to FactSet. Sales in both locations were unprofitable from an operating perspective for the fourth consecutive quarter, losing a total of $2.88 billion. Amazon reported third-quarter advertising revenue of $9.55 billion, up from $7.61 billion a year ago and topping the average analysts estimate of $9.48 billion.

3 months ago Morningstar

Stocks usually do well after the midterms. Not this time, forecasts BlackRock

Well, not this time says the team of analysts at BlackRock led by Wei Li, global chief investment strategist. Stocks tend to do well after the U.S. midterms, they note, because gridlock is a common result, and this prevents policy changes that could rattle the market. However: "We see a bigger problem for stocks than any potential positives from the midterm election outcome: a looming recession. All this outweighs any expected boost for stocks after the midterms, in our view...We're underweight developed market equities," BlackRock concludes. The buck also gained against the pound as traders waited for next Wednesday's Federal Reserve decision on interest rates.

3 months ago Morningstar

EMEA Morning Briefing: Shares Face Mixed Start Ahead of U.S. Midterms, Inflation Data

Equities:European stocks could consolidate in mixed trade as investors wait out corporate earnings, as well as U.S. inflation data and midterm elections. Forex:The dollar was steady in Asia, but could weaken ahead of tonight's U.S. midterm elections. Crude oil futures had opened sharply lower Monday after ending down overnight, as traders weighed the potential for changes to China's Covid restrictions. Metals:Gold edged lower in Asia ahead of the U.S. midterm elections and U.S. CPI data. Write to [email protected] Major Events for Tuesday00:01/UK: Oct BRC-KPMG Retail Sales Monitor05:30/NED: Oct CPI07:00/ROM: Sep Retail trade07:45/FRA: 3Q Flash estimate of job creation07:45/FRA: Sep Foreign trade07:45/FRA: Sep Balance of payments08:00/HUN: Sep Retail Sales08:00/SVK: Sep Internal trade, incl Wholesale & Retail08:00/CZE: Sep Retail trade08:00/HUN: Sep Preliminary Industrial Production08:00/CZE: Oct Unemployment data08:00/AUT: Aug Foreign Trade09:00/ITA: Sep Retail Sales10:00/EU: Sep Retail trade10:00/CRO: Oct PPIAll times in GMT.

2 months ago Morningstar

U.S. stock futures ease as latest rally fades on more hawkish Fed commentary

By Jamie ChisholmAndrew KeshnerDip comes as traders warily eye inflation data on Thursday and ahead of big banks kicking off earnings reporting season on Friday. U.S. stock index futures dipped on Tuesday as hawkish chatter by Federal Reserve officials continued to weigh on sentiment. How are stock index futures tradingOn Monday, the Dow Jones Industrial Average fell 113 points, or 0.34%, to 33518, the S&P 500 declined 3 points, or 0.08%, to 3892, and the Nasdaq Composite gained 66 points, or 0.63%, to 10636. "The euphoria around Friday's jobs data faded on Monday, when Fed officials came up and said that the Fed rates will go above the 5% level and stay there for some time," wrote Ipek Ozkardeskaya, senior analyst at Swissquote Bank in a morning bulletin. -Jamie ChisholmCompanies in focus(END) Dow Jones Newswires01-10-23 0849ETCopyright (c) 2023 Dow Jones & Company, Inc.

17 days ago Morningstar

FTSE 100 Edges Higher as BAE Systems, Centrica Gain

FTSE 100 Edges Higher as BAE Systems, Centrica Gain0933 GMT - The FTSE 100 edges 0.1%, or 11 points, higher to 7396 as gains for BAE Systems and Centrica offset losses for Vodafone. Imperial Brands advances 1% after the tobacco group reported higher annual adjusted operating profit. Still, Vodafone Group shares fall 6% after the mobile-phone operator reported lower first-half adjusted earnings. ---DX (Group) Appoints Mark Hammond as New Executive ChairmanDX (Group) PLC said Tuesday that Mark Hammond has been appointed as executive chairman with immediate effect after Ron Series decided to retire. ---Workspace Group 1H Pretax Profit Rose Significantly on Higher RentWorkspace Group PLC said Tuesday that first-half pretax profit and revenue rose significantly on higher net rental income and a swing to profit on the fair value of investment properties.

2 months ago Morningstar

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