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incoming update…Breaking News Pinned US downs object over Alaska, size of small car A U.S. fighter jet on Friday shot down over Alaska a high-altitude object that was the size of a small car, on the order of President Joe Biden, the White House said on Friday.
White House spokesperson John Kirby told reporters many details were unknown about the object but the United States expected to recover the object after it landed in U.S. territorial waters.
It was unclear where the object came from, Kirby said. “We don’t know who owns this object,” he said.
He said the object, which had been flying at about 40,000 feet (12,190 meters), went down on the far northeastern part of Alaska near the Canadian border. He said the American pilot’s assessment was that no human was aboard.
Kirby was careful not to classify the new object as a balloon.
“The unidentified object was flying at an altitude of 40,000 feet and posed a reasonable threat to safety of civilian flight,” the official said.T
here had been no indications of a military threat to people on the ground and whether it carried surveillance equipment was not immediately clear, the official said.Posted by Reuters ShareTesla bull Ross Gerber to run for board, cites PR and service issuesTesla Model 3s are shown charging in an underground parking lot next to a Tesla store in San Diego, Calif., May 30, 2018. (Reuters/Mike Blake)
SymbolPriceChange%ChangeTSLA $197.31-10.02-4.83
Well-known Tesla Inc investor Ross Gerber said on Friday he plans to notify the electric carmaker that he will run for its board of directors, citing problems with its public relations, customer service and succession planning.
Gerber said in a telephone interview with Reuters that he aims to be considered a “friendly activist” by Tesla CEO Elon Musk, but that the company needs more guidance to handle challenges including growing competition.”
Tesla has let Elon be the voice of Tesla forever. Tesla doesnt do any organized marketing, any outreach with the media or any lobbying and it’s led to a tremendous amount of FUD,” or fear, uncertainty and doubt, Gerber said.
Gerber is CEO of a California wealth-management firm with only about 440,000 shares of Tesla. But he noted KoGuan Leo, Tesla’s third-largest shareholder, has Tweeted support for the candidacy.
A longtime Tesla bull, Gerber says he is so frequently quoted by journalists he has become the de facto voice for the company that famously shut down its own public-relations department.Posted by Reuters ShareKraken to pay $30M to settle SEC staking chargesMARKETSCrypto exchange to shutdown ‘staking’ after SEC settlementThe settlement with Kraken and one of its business practices could spell headaches for other platforms with similar services.
The Securities and Exchange Commission today charged Payward Ventures, Inc. and Payward Trading Ltd., both commonly known as Kraken, with failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 percent.
To settle the SECs charges, the two Kraken entities agreed to immediately cease offering or selling securities through crypto asset staking services or staking programs and pay $30 million in disgorgement, prejudgment interest, and civil penalties.
Whether its through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors tokens, need to provide the proper disclosures and safeguards required by our securities laws, said SEC Chair Gary Gensler. Todays action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.Posted by FOX Business Team Share Warren Buffett’s Berkshire Hathaway sells $138.9M of shares in Chinese carmaker BYDMARKETSBuffett’s firm cuts stake in Chinese automakerWarren Buffett’s Berkshire Hathaway is reducing its stake in the Chinese automaker BYD to 12% after recent sales.
SymbolPriceChange%ChangeBRK.A$469,184.733,164.730.68
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 4.235 million Hong Kong-listed shares of electric vehicle maker BYD for HK$1.09 billion ($139 million), a stock exchange filing showed.
The sale on February 3 lowered Berkshire’s holdings in BYD’s issued H-shares to 11.87% from 12.26%, the filing to the Hong Kong Stock Exchange on Thursday showed.Posted by Reuters ShareAdidas slumps as Kanye split triggers new profit warningMARKETSAdidas warns of losses in aftermath of Yeezy falloutAdidas is warning that the German sportswear company could be headed to a loss in 2023 if it can’t sell its inventory of Yeezy shoes. The company cut ties with rapper Ye in October.
SymbolPriceChange%ChangeADDYY$73.77-1.39-1.85
Adidas shares slumped on Friday after the sportswear maker warned it could plunge to a loss this year for the first time in three decades, in the latest downgrade triggered by its split from Kanye West.
Inventory of the rapper and fashion designer’s Yeezy brand, with price tags for sneakers and apparel of up to $700 a pair, could be written off entirely, resulting in a 700 million euro ($749 million) loss this year, the company said on Thursday.
Just by not selling the stock, revenues would take a 1.2 billion euro hit in 2023, while operating profit would fall by about 500 million euros to around break-even, the rival to Nike added.
In its fourth profit warning in less than six months, it forecast a high single-digit percentage decline in sales this year. Analysts had on average expected a 4% rise in 2023 revenue on a currency-neutral basis and operating profit of 1.02 billion euros, according to figures on Adidas’ website.
Thursday’s results showed the company had fared worse than it expected, yielding an operating margin of 3%.It will report full 2022 results on March 8.Posted by Reuters ShareDeveloping Story Benchmarks slip again on Friday.(AP Photo/Mark Lennihan)
The major U.S. stock averages are still down after rebounding at the opening bell on Thursday and falling into red territory by the sessions end.
The Dow Jones Industrial Average, the S&P 500 and the tech-heavy Nasdaq Composite are all trading beneath the redline as commodities like oil and gold mix in early trading, with the yellow metal off roughly 0.04% to $1,877.80 an ounce and oil up almost 1.05% to $78.88 a barrel.
Meanwhile, tech stocks are mostly down in early trading with only Google in positive territory after the bell. Shares of Apple, Amazon, Microsoft and Meta are all struggling for breathing room to begin the session.
SymbolPriceChange%ChangeGOOGL$96.251.241.31AAPL$150.08-0.56-0.37AMZN $97.62-0.62-0.63MSFT$263.11-0.51-0.19META$176.49-1.44-0.81Posted by FOX Business Team ShareUK economy shows zero Q4 growth, narrowly avoids recessionPeople browse stalls at a street market in east London, Britain, Feb. 4, 2023. (Reuters/Henry Nicholls)
Britain’s economy showed zero growth in the final three months of 2022 enough for it to avoid entering a recession for now but faces tough prospects in 2023 as households continue to wrestle with double-digit inflation.
Monthly gross domestic product data for December when there were widespread strikes in the public sector, rail and postal services showed a 0.5% contraction, the Office for National Statistics said, larger than the 0.3% forecast.
Output fell 0.2% in the three months to the end of September when many businesses shut briefly to mark Queen Elizabeth’s funeral and another consecutive fall in output in the fourth quarter would have met Europe’s usual definition of recession.
December was a gloomy month for the UKs economy, with Christmas failing to bring the economic boost it usually delivers,” said Laura Suter, head of personal finance at AJ Bell in n analyst note. “If the UK economy cant get off the floor in the biggest spending month of the year, Januarys figures are likely to paint a pretty bleak picture.”
Any respite is only likely to be temporary. The Bank of England forecast last week that Britain would enter a shallow but lengthy recession, starting in the first quarter of this year and lasting five quarters.
Why does a recession matter to the UK public? Recessions brings slower growth from many companies, meaning fewer pay rises and the potential for job losses as businesses struggle. While the jobs market is still pretty tight, many of those effects could still be felt despite dodging a technical recession, said Suter.
Reuters contributed to this report.Posted by FOX Business Team ShareCyber security company Cloudfare beats Wall Street expectationsCloudflare Inc.$58.17
SymbolPriceChange%ChangeNET$58.170.100.17
Cloudflare, Inc. on Thursday reported a loss of $45.9 million in its fourth quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 14 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 6 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The web security and content delivery company posted revenue of $274.7 million in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $274.3 million.
For the year, the company reported that its loss narrowed to $193.4 million, or 59 cents per share. Revenue was reported as $975.2 million.For the current quarter ending in March, Cloudflare expects its per-share earnings to range from 3 cents to 4 cents.
The company said it expects revenue in the range of $290 million to $291 million for the fiscal first quarter.
Cloudflare expects full-year earnings in the range of 15 cents to 16 cents per share, with revenue ranging from $1.33 billion to $1.34 billion. Posted by Associated Press ShareYelp tops Wall Street revenue estimates, forecasts 2023 revenue above 2022 recordYelp! logo on a screen on the floor of the New York Stock Exchange (NYSE), February 17, 2017. (Reuters/Brendan McDermid)
SymbolPriceChange%ChangeYELP$30.85-0.96-3.02
Yelp Inc. on Thursday reported fourth-quarter net income of $20.1 million.
The San Francisco-based company said it had net income of 28 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The online business reviews company posted revenue of $309.1 million in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $306.5 million.
The company expects 2023 Net revenue will be in the range of $1.29 billion to $1.31 billion as it continues executing on its strategic initiatives. The company also expects Adjusted EBITDA will be in the range of $290 million to $310 million.
2022 net revenue increased by 16% year over year to a record $1.2 billion. Adjusted EBITDA grew 10% year over year to a record $270 million.
The Associated Press contributed to this report.Posted by FOX Business Team ShareGoogle and Microsoft in AI wariStock
Google and Microsoft are going head-to-head in a tech race after announcing a series of new artificial intelligence innovations for their platforms.
Google announced Bard on Monday, followed by Microsofts launch of an all-new, AI-powered Bing search engine and Edge browser.
Bard is an experimental conversational AI service, powered by LaMDA that is now open to trusted testers. The app draws on information from the web to provide fresh, high-quality responses.
SymbolPriceChange%ChangeGOOGL$95.01-4.36-4.39MSFT$263.62-3.11-1.17
On Wednesday, Google unveiled new AI-powered features for its Search, Maps, and Lens apps.
Other updates will include Google Maps immersive view and Live View, along with new features for electric vehicle (EV) drivers and people who walk, bike, or ride public transit.The immersive view will begin rolling out in London, Los Angeles, New York, San Francisco, and Tokyo, and in the coming months, the venue will launch in more cities like Amsterdam, Dublin, Florence, and Venice.
Meanwhile, Microsofts AI upgrades to its Bing search engine and Edge web browser are designed to combine search, browsing, and chat to one unified experience users can invoke from anywhere on the web.Posted by FOX Business Team ShareExpedia profit misses as severe weather weighs on holiday quarterFigurines are seen in front of the Expedia logo in this illustration taken Feb. 27, 2022. (Reuters/Dado Ruvic/Illustration)
SymbolPriceChange%ChangeEXPE$117.71-1.44-1.21
Online travel booking company Expedia Group Inc missed Wall Street estimates for fourth-quarter profit on Thursday, hit by a spike in cancellations and bad weather near the end of the quarter.
Travel demand has generally been strong throughout last year despite recession and inflation fears. However, harsh December winter snarled airport operations around the United States, hurting travel booking companies.
The company posted revenue of $2.62 billion, missing Wall Street estimates of $2.7 billion.
Chief Executive Peter Kern said “political issues” and “unique rules” are contributing to the ongoing challenges in the revival of China outbound travel, including the ability for airlines to fly direct in and out of China, as well as access to Russia airspace.
The company’s quarterly adjusted profit was $1.26 per share, short of analysts’ expectations of $1.67 per share, according to Refinitiv data.Total gross bookings across travel products rose 17% from the year-earlier period to $20.5 billion.Posted by Reuters ShareRubbermaid maker Newell Brands CEO Saligram to retire; forecasts 2023 results below estimatesSharpie markers owned by Newell Brands a store in Manhattan, New York City, Feb. 7, 2022. (Reuters/Andrew Kelly)
SymbolPriceChange%ChangeNWL$14.60 -0.53-3.50
Newell Brands Inc said its top boss Ravi Saligram will retire effective May 16 and forecast annual results below analysts’ estimates.
The company on Friday named its current President Chris Peterson as its next chief executive officer.
Newell has been grappling with a rise in costs that has hammered its profits amid an inflation-induced slowdown in consumer spending. The company said last month it will cut about 13% of its office positions.
“The business continued to be impacted by a tough operating environment, including slowing consumer demand for general merchandise categories, as well as inventory reductions at retail,” Saligram said.
Newell’s fourth-qu arter results beat estimates, but the company projected fiscal 2023 net sales between $8.4 billion and $8.6 billion. Analysts had expected full-year net sales of $9.08 billion, according to Refinitiv IBES data.
The company forecast an annual profit per share of 95 cents to $1.08, compared with estimates of $1.42.
Newell also expects a first-quarter loss between 3 cents per share and 6 cents per share, compared with estimates of a profit of 23 cents.Posted by Reuters Share Futures trade lower to end the weekStock trader (AP)
U.S. equity futures were trading lower after Wall Street retreated for a second day.
The major futures indexes suggested a decline of 0.3% when trading begins.
Oil prices moved higher Friday morning, adding to a weekly gain.
U.S. West Texas Intermediate (WTI) crude futures traded around $79.00 a barrel.
Brent crude futures traded around $86.00 a barrel.
On the economic docket, the University of Michigan will release its preliminary index of consumer sentiment for February on Friday morning.
Its expected to inch higher to 65.0 after climbing more than expected to 64.9 in January on easing inflation expectations.
Lyft shares are plunging 31% in premarket trading after the company forecast current-quarter revenue below Wall Street estimates, blaming extremely cold weather in some of its majr markets and lower prices, especially during peak hours.
In Asia, Japan’s benchmark Nikkei 225 added 0.3%, Hong Kong’s Hang Seng shed 2.0% and China’s Shanghai Composite was down 0.3%.
On Thursday, the S&P 500 fell 0.9% while the Dow industrials lost 0.7%. The Nasdaq composite sank 1%.Posted by Ken Martin ShareLyft shares plunge after forecasting revenue below estimatesLyft logo (AP)
Lyft shares are plunging 33% in premarket trading after the company 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.
Lyft forecast first-quarter revenue of about $975 million, which fell below analyst estimates of $1.09 billion, according to Refinitiv data.
Its forecast for first-quarter adjusted earnings before interest, taxes depreciation and amortization (EBITDA), a key measure of profitability that strips out some costs, was between $5 million and $15 million.
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. Analysts were expecting 20.30 million, according to FactSet estimates.
Rideshare was “really back … we’re happy with the current marketplace conditions,” Zimmer said.
Revenue rose 21% to $1.18 billion, slightly above the average estimate of $1.16 billion.
Posted by ReutersPosted by Ken Martin ShareMeasuring the state of the consumerRetail shopping (AP)
The University of Michigan will release its preliminary index of consumer sentiment for February on Friday morning.
Its expected to inch higher to 65.0 after climbing more than expected to 64.9 in January on easing inflation expectations.
Consumer sentiment tumbled to an all-time low of 50.0 in June when record-high gasoline prices had consumers panicked about inflation.
With prices still elevated and the Fed sticking to its higher-for-longer messaging, markets will pay close attention to inflation expectations. Posted by Ken Martin ShareBerkshire Hathaway cuts stake in Chinese automakerMARKETSBuffett’s firm cuts stake in Chinese automakerWarren Buffett’s Berkshire Hathaway is reducing its stake in the Chinese automaker BYD to 12% after recent sales.
Berkshire Hathaway has sold nearly 95 million of its original 225 million shares, according to a filing with the Hong Kong stock market on Thursday.
This follows the addition of 4.235 million BYD shares sold since last month.
Warren Buffett’s company has been trimming its stake since August, reducing its holdings by more than a third.Posted by Ken Martin ShareYahoo to lay off more than 20% of staffYahoo logo (AP)
Yahoo said on Thursday it plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad tech division.
The cuts will impact nearly 50% of Yahoo’s ad tech employees by the end of this year, including nearly 1,000 employees this week, the company said.
Yahoo, which is owned by private equity firm Apollo Global Management since a $5 billion buyout in 2021, added that the move would enable the company to narrow its focus and investment on its flagship ad business called DSP, or demand-side platform.
This comes as many advertisers have pared back their marketing budgets in response to record-high inflation rates and continued uncertainty about a recession.
A raft of U.S. companies from Goldman Sachs Group Inc to Alphabet Inc have also laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.
Axios first reported the news of the layoffs at Yahoo.
Posted by ReutersPosted by Ken Martin Share Price of gasoline ticks lowerGas prices (AAA)
The price of gasoline continued to tick lower on Friday.
The nationwide price for a gallon of gasoline declined to $3.431, according to AAA.
The average price of a gallon of gasoline on Thursday was $3.437.
A year ago, the price for a gallon of regular gasoline was $3.477.
One week ago, a gallon of gasoline cost $3.491. A month ago, that same gallon of gasoline cost $3.270.
Gas hit an all-time high of $5.016 on June 14.
Diesel remains below $5.00 per gallon at $4.581, but that is still far from the $3.867 of a year ago.Posted by Ken Martin SharePayPal forecasts strong full-year profit, says CEO Schulman to retirePayPal logo (Reuters)
PayPal Holdings reported full-year profit forecast above Wall Street estimates on Thursday, as the payment firm’s customers undeterred by decades-high inflation continue to spend, and said Chief Executive Dan Schulman will retire at the end of the year.
Shares in the payments heavyweight slipped less than 1% in premarket trading.
PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis. Analysts on average had expected $4.75 per share, according to Refinitiv IBES data.
The company’s upbeat forecast also comes alongside its previously announced commitment of lowering expenses in the backdrop of its key e-commerce segment feeling the pinch of a slowdown.
Last week, PayPal said it will lay off 7% of its workforce, or about 2,000 employees, joining a string of fintech firms which have slashed jobs to cut costs in an increasingly tumultuous operating environment.
Its revenue rose 9% on an FX-neutral basis to $7.4 billion in the fourth quarter ended Dec. 31.PayPal earned a profit of $1.24 per share on an adjusted basis in the quarter, versus $1.11 per share in the year-ago quarter.
Posted by ReutersPosted by Ken Martin ShareOil prices head for weekly gainOil rigs pumping at sunrise (AP)
Oil prices moved higher Friday morning, adding to a weekly gain.
Markets are continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China.
U.S. West Texas Intermediate (WTI) crude futures traded around $79.00 a barrel.
Brent crude futures traded around $84.00 a barrel.
The downturn was partly due to a report on Thursday showing The number of Americans claiming unemployment benefits increased more than expected last week, reigniting recession fears.
The latest U.S. oil inventory data this week also raised fears about a slowdown in the world’s biggest economy, with crude inventories climbing to their highest since June 2021.
Brent and WTI have jumped more than 5% so far this week, reversing most of the previous week’s losses, according to Reuters.Posted by Ken Martin Share
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