Business
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Vice preparing to file for bankruptcy: reports
Beleaguered digital-media company Vice Media is preparing to file bankruptcy, the New York Times and Wall Street Journal reported late Monday. Citing two sources with knowledge of Vice’s operations, the Times reported a bankruptcy filing could happen in the coming weeks, adding that the company is also seeking a buyer and may avoid bankruptcy if…
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IBM expects to pause hiring for thousands of jobs that can be done by AI: report
The CEO of International Business Machines Corp. expects to pause the hiring of thousands of people for positions that could be replaced by artificial intelligence in the coming years, according to a new report. Bloomberg News reported Monday that Chief Executive Arvind Krishna said in an interview that hiring will be slowed or suspended for…
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Students are turning to ChatGPT for study help, and Chegg stock plummets more than 30%
Chegg Inc. shares plunged 37.5% in after-hours trading Monday and were headed toward their lowest price since 2017, after the online-education company’s forecast called for an unexpected revenue decline as students begin to use ChatGPT. Chegg CHGG reported first-quarter earnings of $2.2 million, or 2 cents a share, on net revenue of $187.6 million, down…
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Arista Networks stock falls as ‘cloud titan’ demand from Microsoft, Meta expected to moderate
Arista Networks Inc. shares slipped further in the extended session Monday after the cloud-network company’s said one of its biggest growth drivers could slow down after reporting that quarterly results and outlook both topped Wall Street estimates. Arista ANET shares fell 7% after hours, following a flat day in the regular session to close at…
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Amazon made earnings look better
Wall Street analysts expected the first quarter to be bad, as investors continue to bite their nails over the prospect of a recession, but after a tidal wave of quarterly financial results from corporate America last week, led by online retail behemoth Amazon.com Inc., there are signs of a little less anguish. Throughout April, Wall…
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NEC Corp. shares rise in Tokyo after fiscal-year operating profit surges 29%
NEC Corp. shares rose sharply Monday morning after it posted a 29% increase in fiscal-year operating profit on strong demand for information-technology services and projected further earnings growth. The shares JP:6701 closed the morning session 14% higher at 5,940 yen after rising as much as 16% earlier. The Japanese information-technology… Source
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SoFi earnings: What to expect from the personal finance lender
SoFi Technologies Inc.’s diversified business has helped the company weather changes in lending trends, and those ebbs and flows will be on display again when the neobanking company reports earnings Monday morning. As the student-loan moratorium has weighed on the company’s student lending business and as rising mortgage rates have dampened interest in home loans,…
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Ares debuts second SPAC IPO in uncertain times but raises less capital than the first
Ares Management Corp.’s second blank-check stock offering added $50 million in stock to bring its total proceeds to $500 million for a successful debut, in a sign of healthy demand in the face of a choppy market. Ares Acquisition Corp. II AACT.UT debuted April 21 at $10 a share as the largest special purpose acquisition…
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As Bed Bath & Beyond closes stores, rival retailers should not expect an immediate sales bump. Here’s why.
It looks like Bed Bath & Beyond BBBYshoppers will soon become Amazon AMZN, Target TGT and Walmart WMT shoppers. Those are the three retailers that stand to benefit the most from the home-focused retailer’s impending closure, according to a consumer survey from Numerator, a data and technology company. Specifically, 68% of shoppers said they… Source
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Meta Platforms stock rallies on results, Southwest and Caterpillar shares fall, other stocks on the move
Here were some of the biggest stock movers on Thursday. Gainers: Shares of Meta Platforms Inc. META were trading up more than 14% in afternoon trading after the social media giant posted better-than-expected first quarter earnings and revenue. Amazon.com Inc.’s stock AMZN climbed nearly 5% ahead of the ecommerce and… Source