Tag: Consumer Products

Arm’s mega IPO could be just around the corner, a year after the biggest chip deal in history fell apart | CNN Business

[ad_1]

New York
CNN
—

A hotly anticipated IPO for a company that designs chips for 99% of the world’s smartphones is just around the corner, after it filed paperwork Monday to go public.

Arm is a British tech company that architects power-sipping microchips for phones and tablets and licenses them to CPU makers, including Apple and Samsung. The company was public until 2016, when Japan’s Softbank bought it for $32 billion.

Softbank tried to offload Arm to Nvidia for $40 billion, in what would have been the biggest chip deal of all time. But global antitrust regulators put a stop to it, and the deal fell apart in February 2022.

Arm had been a hot commodity for decades, when the smartphone business was booming. But sales of smartphones have subsided recently, as customers opt to keep their phones for longer and new tech features have become less enticing to consumers.

The company, in its regulatory filing, said sales slipped 1% to $2.7 billion in the year that ended March 31, 2023. In the following quarter, which ended in June, sales fell 2.5%.

Still, Arm has piqued the interest of tech investors who are looking to catch the AI wave. Softbank CEO Masayoshi Son has touted Arm as an AI company that could have “exponential growth.” He promised ChatGPT-like services would eventually be offered on Arm-designed machines.

In its IPO filing, Arm said the company “will be central” to the transition to AI.

“Arm CPUs already run AI and [machine learning] workloads in billions of devices, including smartphones, cameras, digital TVs, cars and cloud data centers,” the company said. “In the emerging area of large language models, generative AI and autonomous driving, there will be a heightened emphasis on the low power acceleration of these algorithms.”

But Son and Arm’s AI promises may overstate the company’s potential, at least somewhat. Arm-based chips have appeared in some gadgets beyond smartphones and tablets, such as servers that are less power-hungry. But Arm said it does not make AI chips and is not a direct competitor to Nvidia and others that make chips that are purpose-built for AI. Nvidia’s stock has exploded more than 200% this year.

Arm did not list the number of shares it planned to sell, so a valuation wasn’t determinable yet. But Reuters reported Softbank is looking to basically double its investment from seven years ago with a $60 billion to $70 billion valuation for Arm when it IPOs, likely next month.

Softbank also this week bought the 25% stake in Arm that it did not own directly but that had been held by the Saudi Vision Fund, which Softbank manages. That purchase valued Arm at $64 billion, according to the Financial Times.

[ad_2]

Source link

August 2, 2023
Apple just killed the iPhone Lightning connector. What to do with your old chargers | CNN Business

[ad_1]

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here.

New York
CNN
—

At long last, Apple is killing its proprietary Lightning port in the iPhone 15 and embracing a charging cable that’s compatible with non-Apple products. That’s one less extra cord cluttering your nightstand. One less thing to forget when packing for a weekend getaway.

But the move, hastened by a European regulatory mandate passed last year, is a largely symbolic measure that comes years after most other gadgets switched to USB-C. And it won’t do much to shrink the mountains of e-waste piling up around the globe.

“I would classify the EU law and Apple as an evolution, not a revolution,” says Marian Chertow, a professor of industrial environmental management at the Yale School of the Environment.

When the European Commission passed the directive last year, it cited two motivations: First, everyone agrees that it’s super annoying to have so many cables lying around. Second, having a common charger across devices — whether they’re made by Apple or Samsung or Garmin or whoever — would “significantly reduce electronic waste.”

Apple initially pushed back, of course, partly because selling extra Lightning cables made it lots of money. But it also said the waste argument was misguided, and that the promise of wireless charging would make the cable issue moot. (Still, the company ultimately said it would comply with the common cable rules.)

Retiring the Lightning cable could even generate, in the short term, a surge of e-waste as iPhone users toss their useless Lightning cables in a drawer. (Which, to be clear, isn’t recommended. Apple says it has a “robust” recycling program where you can bring in used chargers and cables. You can also look for a local e-waste recycling center or Best Buy store for environmentally friendly options.)

Big-picture, though, the impact on the mountains of global e-waste will likely be minimal.

There are about 66 million tons of electronic waste generated each year, says Ruediger Kuehr, head of the United Nations Institute for Training and Research in Bonn, Germany. Charging cables, he said account for “a few hundred thousand tons.”

“When we look to the pure numbers, it’s close to nothing,” Kuehr said. “But we nevertheless think it’s a very important step in order to make people … aware of the issue we are facing.”

E-waste is a growing problem that has yet to enter the mainstream consciousness. Most of it ends up where it shouldn’t — in our closets and junk drawers — which means more materials such as copper, gold and platinum have to be mined to produce new products.

“You can make money out of it, but you have to really do a lot of steps,” Kuehr says. “This is not understandable for the consumer in comparison to all the other waste streams.”

Nearly 80% of all e-waste generated around the globe is not properly treated, he said.

Whether the EU rule actually reduces waste is beside the point if it can push Apple and other manufacturers to help close the loop by making it easier to refurbish and recycle old products.

And to Apple’s credit, the company has been “a leader in scraping off rare earth metals from its reuse pile to recover these expensive materials,” Chertow says, noting that last year Apple said it was reusing more than two-thirds of the aluminum it needed. “These days, waste experts find that “reuse” is most often a better path than recycling as more can be recovered.”

—CNN’s Samantha Murphy Kelly contributed to this article.

Enjoying Nightcap? Sign up and you’ll get all of this, plus some other funny stuff we liked on the internet, in your inbox every night. (OK, most nights — we believe in a four-day work week around here.)

[ad_2]

Source link

August 2, 2023
Apple confirms that a bug and some apps are causing iPhone 15 models to overheat | CNN Business

[ad_1]

CNN
—

Apple is working on a software fix following reports that some of its new iPhone 15 models are overheating.

The company told CNN the current overheating issues are not a safety risk and will not affect the long-term performance of impacted iPhone models. It also emphasized that iPhones have internal protections for components to help regulate the temperature if it gets too high.

Apple also told CNN there are several circumstances that are causing its next-generation lineup to heat up. User complaints started to circulate after the latest iPhones hit stores on September 22.

“We have identified a few conditions which can cause iPhone to run warmer than expected,” Apple told CNN in a statement.

To start, overheating can occur with some recently updated third-party apps, causing them to “overload the system,” the company said. Those apps include Instagram, Uber and arcade racing game Asphalt 9.

“We’re working with these app developers on fixes that are in the process of rolling out,” Apple said in a statement.

It also said it discovered a bug in iOS 17 impacting some users, and plans to roll out a software update to address the issue. It did not comment on when the fix will be made available.

In addition, Apple said the device may feel warmer during the first few days after setting up or restoring the device because of “increased background activity.”

Apple’s support page warns users that a device can get hotter when restoring it from a backup, using graphic-intensive apps, streaming high-quality video, and charging it wirelessly.

“These conditions are normal, and your device will return to a regular temperature when the process is complete or when you finish your activity,” the company states on the website. “If your device doesn’t display a temperature warning, you can keep using your device.”

The news comes as demand for the iPhone 15 appears strong. Leading up to launch day, analysts at firms such as Wedbush Securities reported iPhone 15 pre-orders tracking better than originally expected, with a heavy demand on its premium iPhone 15 Pro offerings, especially the Pro Max. Delivery and shipment times have moved to late October through mid-November for various Pro models.

The new iPhones come as Apple reported in August that sales fell for the third consecutive quarter. iPhone revenue came in at $39.7 billion for the third quarter, marking an approximately 2% year-over-year decline, as users update their devices less often.

But according to Wedbush estimates, about 250 million iPhones have not been upgraded in more than four years. Advancements made to the processor, camera and charging system, along with discounts from mobile carriers, could be more than enough reason for users to finally upgrade this year.

The iPhone 15 Pro starts at $1,099, and the iPhone 15 Pro Max starts at $1,199. Apple’s entry-level iPhones, the iPhone 15 and iPhone 15 Plus, cost $799 and $899, respectively.

[ad_2]

Source link

August 2, 2023
6 takeaways from Apple’s iPhone 15 event | CNN Business

[ad_1]

CNN
—

Apple unveiled its iPhone 15 lineup along with other major updates during its September keynote event on Tuesday.

The company announced it will switch to USB-C charging from its proprietary Lightning charging cable with the iPhone 15, marking a milestone for the company by adopting universal charging. The change aims to ultimately streamline the charging process across various devices — and brands.

The company also showed off its Apple Watch Series 9 and Ultra 2 smartwatches, with new colors and features including gesture control, and a new iteration of its AirPods Pro wireless earbuds, also with USB-C charging.

The iPhone charger update, along with changes to its design and camera system, comes as Apple looks to give consumers more reasons to upgrade their iPhones. Last month, Apple’s sales fell for the third consecutive quarter. iPhone revenue came in at $39.7 billion for the quarter, marking an approximately 2% year-over-year decline, as people update their devices less often.

Apple on Tuesday said it will not raise prices for the iPhone 15 lineup, which could further incentivize users to upgrade.

Here are the main takeaways from Apple’s Tuesday event:

The latest iPhones are packed with subtle but significant design changes. To start, the iPhone 15 Pro and iPhone 15 Pro Max now feature a titanium casing, allowing the design to be slimmer and thinner than before.

Other design changes on the premium models include a more-advanced 48 megapixel main camera with a larger sensor and a new telephoto lens for 5x optical zoom camera, exclusively on iPhone 15 Pro Max. The new Pro models’ design also features contoured edges and a customizable Action button, which gives the ring/silence button additional controls, from starting a voice memo to writing a note.

Meanwhile, the basic iPhone 15 phones now include updated image stabilization for taking photos and videos, 2x optimization and updated portraits with richer color and better low-light performance. They will also come with the “Dynamic Island” tool – home to alerts, notifications and other controls, in place of the notch – which were previously only available on the iPhone 14 Pro.

The iPhone 15 lineup also includes an Ultra-Wideband chip to power a handful of new features, including one that makes it easier to find friends who share their location in crowded areas.

The iPhone 15 comes in 5 colors (white, black, pink, green and yellow) and in two sizes: A 6.1-inch screen for the iPhone 15 and 6.7 inches for iPhone 15 Pro.

The iPhone 15 will start at $799, and iPhone 15 Pro will start at $999. The iPhone 15 models will be available for pre-order on Friday and for sale in stores on Friday, September 22.

Perhaps the biggest change coming to the iPhone 15 models is that they will now use a USB-C charging cord, ending an 11-year run with Apple’s proprietary Lightning charging cable.

Now Apple customers can use the same USB-C chargers to power their iPhones, iPads and Mac computers — no more scrambling to find the right charger for each device. Apple said a dedicated USB-C controller will allow for transfer speeds of up to 20 times faster than with USB-2 technology for the iPhone 15 Pro.

The switch would come less than a year after the European Union voted to approve legislation to require smartphones, tablets, digital cameras, portable speakers and other small devices to support USB-C charging by 2024. The first-of-its-kind law aims to pare down the number of chargers and cables consumers must contend with when they purchase a new device, and to allow users to mix and match devices and chargers even if they were produced by different manufacturers.

Apple will also sell a $29 USB-C Lightning adapter to let people connect their existing Lightning accessories to a USB-C-enabled iPhone or iPad to charge or share data.

The company told CNN that iPhone users can recycle their old Lightning chargers via its in-store recycling program.

Apple kicked off Tuesday’s event by announcing the new Apple Watch Series 9, which features Apple’s in-house silicon chip and ultrawideband connectivity. The updated Apple Watch will let users log health data with their voice, use “name drop” to share contact information by touching another Apple Watch and raise their wrist to automatically brighten the display. The Series 9 will come in colors such as pink, navy, red, gold, silver and graphite.

Apple also showed off the second iteration of its rugged Ultra smartwatch line, featuring the updated S9 custom chip and a new UWB chip. It also features more information on the display for more intensive tracking.

The Apple Watch Series 9 will start at $399 and the Ultra is priced at $799. Customers can place orders today and they will be available on September 22.

Apple is introducing an innovative and unique way to control its new lineup of smartwatches. The Watch Series 9 and high-end Ultra 2 watch will include a new gesture control called Double Tap, allowing allow users to tap their index finger and thumb together twice, to answer or end phone calls, play and pause music, or snooze alarms. The hand gesture can also scroll through widgets, much like turning the digital crown.

The company said Double Tap is enabled by an enhanced neural engine that processes data from sensors and machine learning, and by monitoring the change in blood flow when two fingers are tapped together. It is available starting next month.

A similar hand tap will be used to control the Vision Pro mixed reality headset when it launches next year.

Apple’s next-generation software for the iPhone will be available to download starting on Monday, September 18. In June, the company showed off a slew of new tools coming to iOS 17, such as a more accurate autocorrect, a new feature called Live Voicemail that will transcribe a caller’s message in real time, and a NameDrop tool that lets users share their contact information by holding two iPhones close together. The iPhone’s phone app will also reposition the hang up button to the bottom right of the screen, next to other functions.

The update will also bring adaptive audio to the AirPods Pro, which will adjust the noise cancellation and volume based on a user’s surroundings, and introduce conversation mode, which customizes the sound of what you’re listening to and softens when you start speaking to someone nearby.

Lisa Jackson, Apple’s VP of environment, policy and social initiatives, said that the company’s Watch Series 9 will be Apple’s “first-ever carbon-neutral product,” thanks to efforts to reduce its carbon footprint and to offset emissions with carbon buybacks. She said this has been certified by an independent third-party.

Doubling down on sustainability initiatives, Jackson also said the tech giant will no longer use leather in any new Apple product, including watch bands.

Instead of leather, Apple said it will begin using a new textile that it is calling “fine woven.”

Fine woven will be made of 68% post-consumer recycled content, giving it a significantly lower carbon footprint than leather, Apple said.

“Beyond expected improved performance and incremental innovation embedded into Apple’s new products, it is great to see Apple communicate on sustainability as a new competitive advantage — especially with Apple’s first carbon neutral products,” Forrester Principal Analyst Thomas Husson said in emailed commentary following the event.

[ad_2]

Source link

August 2, 2023
Apple’s sales fall for the third consecutive quarter | CNN Business

[ad_1]

CNN
—

Apple said Thursday that its revenue slipped 1% to $81.8 billion for its quarter ending July 1, marking the third consecutive year-over-year drop in quarterly revenue for the world’s most valuable company.

There were some bright spots, however. The company said its services revenue reached a new all-time high of $21.2 billion. The services business — which includes Apple Music and Apple TV+ — is an increasingly important revenue driver for Apple.

Moreover, Apple’s results narrowly beat Wall Street’s estimates for revenue and profit.

iPhone revenue came in at $39.7 billion for the quarter, marking an approximately 2% year-over-year decline. Mac revenue was $6.8 billion for the quarter, a 7% drop, and iPad revenue was down nearly 20%. (The new iPad Air launched in the same quarter last year.)

Shares of Apple ticked down by more than 1% in after-hours trading Thursday. But the stock has climbed some 50% from the start of the year.

In a statement accompanying the earnings results, CEO Tim Cook touted the rosy services figure and strong performance in emerging markets.

“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” Cook said.

On a call with analysts Thursday, Cook added, “We continue to face an uneven macroeconomic environment, including nearly four percentage points of foreign exchange headwinds.”

“Looking ahead, we’ll continue to manage for the long term, always pushing the limits of what’s possible and always putting the customer at the center of everything we do,” Cook said.

Apple’s June quarter is typically the slowest of the year for the tech giant, which usually unveils new iPhone models in September. Customers often hold out on upgrading until the new models are released. The quarter also ends before back-to-school shopping and the lucrative December holidays.

The latest earnings report also comes as PC and smartphone sales slump, after an initial surge seen in the early days of the pandemic. Global PC shipments fell 16.6% last quarter, according to preliminary data from Gartner released last month. Worldwide smartphone shipments, meanwhile, dropped 7.8% last quarter compared to the same period the previous year, according to separate preliminary data from market research firm IDC last week.

“Like other major tech companies, even Apple is suffering from the negative impact of a worsening macro backdrop and ongoing supply chain woes, though it has done a better job of navigating through the challenging environment,” Jesse Cohen, senior analyst at Investing.com, said in a note Thursday evening. “Investors appear to be reacting to the slight miss in iPhone sales, but I wouldn’t read too much into it as many consumers are holding out until the next iPhone release.”

Looking forward, Apple’s CFO Luca Maestri said on the call that the company expects its quarter ending in September year-over-year revenue performance “to be similar to the June quarter,” assuming macroeconomic outlook doesn’t worsen.

[ad_2]

Source link

August 2, 2023
Apple to issue iPhone 12 update in France after sales halted over radiation levels | CNN Business

[ad_1]

Paris
CNN
—

Apple plans to update iPhone12 software for users in France after the country’s regulators ordered a pause on sales of the 2020 model over radiation concerns.

“We will issue a software update for users in France to accommodate the protocol used by French regulators. We look forward to iPhone 12 continuing to be available in France,” an Apple (AAPL) spokesperson told CNN Friday.

France’s National Frequency Agency, the ANFR, ordered Tuesday an immediate withdrawal of the iPhone 12 from the French market, saying it exceeded European radiation exposure limits. The ANFR also ruled that for iPhone 12s already in use, Apple must adopt “all necessary corrective measures to bring the telephones into conformity as soon as possible” or it would have to recall the devices.

Apple told CNN Friday that the suspension of sales was related “to a specific testing protocol used by French regulators and not a safety concern.”

“Since it was introduced in 2020, iPhone 12 has been certified and recognized as meeting or exceeding all applicable SAR regulations and standards around the world,” Apple said.

SAR is a measure of the rate of energy absorption by the body from the source being measured, according to the French regulator. But experts and regulators generally say not to worry.

“After discussions and as requested by the ANFR, Apple has assured me that it will be rolling out an update for the iPhone 12 in the next few days,” France’s minister for the digital economy Jean-Noel Barrot posted on X, formerly known as Twitter, Friday.

The French regulator is preparing to rapidly test this update, “which will eventually bring the model in line with the European standards applied in France” and subsequently allow Apple to resume sales, he added.

The sales suspension came on the same day Apple unveiled the iPhone 15 and the iPhone 15 Pro, its newest iterations of the iconic product, at its annual keynote event in California.

[ad_2]

Source link

August 2, 2023
India restricts laptop, PC imports to boost local manufacturing | CNN Business

[ad_1]

CNN
—

India has placed restrictions on the import of computers and laptops in a surprise move from the government of Prime Minister Narendra Modi which has been trying to encourage domestic manufacturing in the tech sector.

Importers will now need to apply for licenses in order to bring laptops, tablets, personal computers and other electronic devices into the country, according to a notice issued by the Ministry of Commerce and Industry on Thursday. Previously, the import of such items was unrestricted.

The ministry didn’t provide a reason for the change in rules, however Modi has aggressively pushed his “Make in India” campaign, which promotes local manufacturing in a bid to create more jobs. It follows a similar curb on smart TV imports in 2020.

India’s electronic imports stood at $19.7 billion in the April to June period, up 6.25% from the same period in 2022, according to Reuters.

CNN has contacted Apple

(AAPL) and Samsung

(SSNLF), top laptop sellers in the South Asian country, for comment but has not yet received responses.

India’s push to manufacture domestically comes at a crucial time for the world’s most populous nation, as companies look beyond China to secure crucial supply chains.

India’s working-age population is expected to hit one billion over the next decade, according to the Organisation for Economic Co-operation and Development. Its large and young labor force makes the country a big draw for global companies seeking alternative manufacturing hubs to China.

Earlier this year, India’s commerce minister, Piyush Goyal, said Apple was already making between 5% and 7% of its products in India.

“If I am not mistaken, they are targeting to go up to 25% of their manufacturing,” he said at an event in January.

In June, US chipmaker Micron

(MICR) announced a new factory in the western state of Gujarat, calling it the country’s first semiconductor assembly and test manufacturing facility.

The venture will see Micron invest up to $825 million and create “up to 5,000 new direct Micron jobs and 15,000 community jobs over the next several years,” according to the company.

Foxconn, the world’s largest contract electronics maker and a key supplier to Apple, is also looking to expand its manufacturing operations in India.

Last month, it abruptly announced it was exiting an ambitious $19.4 billion joint venture with Vedanta

(VEDL), an Indian metals and energy conglomerate, to help build one of the country’s first chip factories.

But, the company said it was still committed to investing in Indian chipmaking and was applying to a government program that subsidizes the cost of setting up semiconductor or electronic display production facilities in the country.

[ad_2]

Source link

August 2, 2023
France orders Apple to pull iPhone 12 off shelves for high radiation levels | CNN Business

[ad_1]

CNN
—

Apple is fighting France’s claims that the iPhone 12 surpasses European radiation exposure limits after French regulators on Tuesday ordered a pause on sales and a fix to phones already sold to customers.

France’s National Frequency Agency said it “has demanded that Apple withdraw the iPhone 12 from the French market, effective 12 September 2023, as measures show the specific absorption rate exceeds the set limits.” The agency said the iPhone 12 is not compliant with European Union regulations.

“Apple must immediately adopt all necessary measures to prevent the iPhone 12 in the supply chain from being made available on the market,” ANFR added.

Disputing the agency’s claims, Apple said it had already given the agency multiple lab results conducted by the company and independent third parties that showed the device’s compliance with relevant SAR regulations and global standards.

The company said it was contesting the AFNR’s review results and would continue to work with the agency to demonstrate the phone’s compliance.

SAR is a measure of the rate of energy absorption by the body from the source being measured, according to the ANFR. But experts and regulators generally say not to worry.

“To date, and after much research performed, no adverse health effect has been causally linked with exposure to wireless technologies,” according to the World Health Organization. “Provided that the overall exposure remains below international guidelines, no consequences for public health are anticipated.”

ANFR ruled that for iPhone 12s already in use, Apple “must adopt all necessary corrective measures to bring the telephones into conformity as soon as possible, otherwise, Apple will have to recall the equipment.”

The measure was effective from Tuesday, with the regulator adding it would ensure the product is no longer offered for sale in all distribution channels in France from that day.

France’s Minister for the Digital Economy Jean-Noel Barrot confirmed in a tweet that iPhone 12 sales are “halted in France until Apple offers an update for all affected devices.”

“The @anfr found that the iPhone 12 was emitting a level of waves slightly higher than the authorized threshold,” Barrot wrote in another tweet, translated from French. “This level is more than 10 times lower than the level at which there could be a health risk.”

The announcement came as Apple unveiled the iPhone 15 and iPhone 15 Pro, Apple’s newest iteration of its iconic product, at its annual keynote event in California on Tuesday.

[ad_2]

Source link

August 2, 2023
Why everyone’s phone will alarm at 2:20 pm ET on Wednesday | CNN Business

[ad_1]

CNN
—

If you hear a screeching alert go off on your cell phone – and everyone else’s cell phone – this Wednesday at 2:20 pm ET, don’t panic.

The federal government said it will conduct on Wednesday afternoon a nationwide test of its Emergency Alert System and Wireless Emergency Alerts. The EAS portion of the test will send an emergency alert to all radios and televisions, while the WEA portion of the test will direct alerts to all consumer cell phones.

“The purpose of the Oct. 4 test is to ensure that the systems continue to be effective means of warning the public about emergencies, particularly those on the national level,” the Federal Emergency Management Agency, which is conducting the test in coordination with the Federal Communication Commission, said in a statement.

Here’s what to know.

Beginning at approximately 2:20 pm ET this Wednesday, all wireless phones should receive an alert and an accompanying text message that reads: “THIS IS A TEST of the National Wireless Emergency Alert System. No action is needed.”

The free text message will be sent in either English or Spanish, depending on the language settings of your device. The text will be accompanied by a unique tone and vibration that is meant to make the alert accessible to the entire public, including people with disabilities, FEMA said.

The test will be broadcast by cell towers for approximately 30 minutes beginning at 2:20 pm ET, FEMA said. During this time, all compatible wireless phones that are switched on, within range of an active cell tower, and whose wireless providers participates in WEA tests should receive the text message.

Meanwhile, all radios and televisions will also broadcast a test emergency alert at the same time as part of the broader test. This message, which will run for approximately one minute, will state: “This is a nationwide test of the Emergency Alert System, issued by the Federal Emergency Management Agency, covering the United States from 14:20 to 14:50 hours ET. This is only a test. No action is required by the public.”

As the agency has said, no action is required by you after you receive the emergency alert test on your phone or hear it through the radio or TV.

Wednesday’s test is set to be the seventh-ever nationwide test of the Emergency Alert System – the alerts that are sent through radio and television broadcasters. It is the third nationwide test of the Wireless Emergency Alerts, but only the second to be sent to consumer cellular devices.

The most-recent test run of both systems took place in 2021. The first-ever test of the Emergency Alert System occurred more than a decade ago, in 2011.

There have indeed been multiple high-profile mistakes, attributed to errors at the state-level, associated with mobile emergency alert systems that hit cell phones.

Perhaps the most infamous incident was a 2018 misfire in Hawaii that set off a wave of short-lived panic across the state. On the morning of January 13, 2018, a Hawaii state emergency management worker accidentally pushed the wrong button in the emergency operation center, sending out a false warning alerting of an incoming ballistic missile threat. The employee who pushed the wrong button was ultimately fired, state officials said.

And earlier this year in Florida, state emergency management officials issued an apology after Floridians were awoken at 4:45 a.m. by a test emergency alert sent to their phones. State officials said the test alert was meant to run only on TV and not meant to disturb anyone who was sleeping. Florida also said it was ending its contract with the software company blamed for shooting off the pre-dawn test alert to cell phones.

Last year, a FEMA official told CNN that vulnerabilities in software that TV and radio networks around the country use to transmit emergency alerts could potentially allow a hacker to broadcast fake messages over the alert system. The agency at the time urged operators of these devices to update their software to address the issue. The advisory did not say, however, that alerts sent over text messages could be impacted. The official also said at the time that there is no evidence that malicious hackers have actually exploited the vulnerabilities.

[ad_2]

Source link

August 2, 2023
Tupperware stock skyrockets toward a record 450% gain in July

[ad_1]

Tupperware Brands Corp.’s stock skyrocketed Monday, and has more than tripled amid a four-day win streak, as the shares of the beleaguered maker of iconic food-storage containers continued their meteoric rally.

The stock soared 44.5% in midday trading, to put it on track for the highest close since Feb. 3, 2023, and has rocketed 234.6% amid a four-day win streak.

Monday’s rally adds to the stock’s 242.2% rally last week, which was the biggest one-week gain since it went public in May 1996.

So far in July, it has blasted 456.4% higher, which would also be a monthly record. The previous record was the 224.8% gain seen in July 2020.

Related: How ‘left-for-dead’ Tupperware became a buzzy trading play

The stock’s historic rally kicked off after closing at a record low of 62 cents on July 18. The daily gains have been highlighted by the record 75.6% jump on July 24, despite no news being reported.

Since the record low close, the stock has soared more than 7-fold (up 617.7%).

Related: Tupperware’s market cap almost triples as stock continues to skyrocket

FactSet, MarketWatch

Amid its surging share price, the company’s market capitalization has reached $196.96 million. On July 7, when Tupperware said that it had entered a waiver agreement with some of its creditors, the company’s market cap hovered around $33 million.

Tupperware’s recent trading activity is reminiscent of spikes in other names also recently seen as “left for dead,” as Samantha LaDuc, founder of LaDucTrading.com, put it to MarketWatch last week.

The latest exchange data showed that short interest in Tupperware’s stock, or bearish bets made, had climbed to a three-year high of 9.69 million shares, which 27% of the public float, or shares readily available for the public to trade. Read more about short selling and how it works.

In comparison with a stock that some say has been subject to a rally induced by bearish investors covering their short bets, often referred to as a “short squeeze,” Sirius XM Holdings Inc.’s
SIRI,
-0.20%
short interest represented 30.8% of its public float.

FactSet, MarketWatch

In its preliminary full-year results reported in March, Tupperware sported an 18% sales decline compared with the prior year. Back then, Tupperware Chief Financial Officer Mariela Matute said in a statement that 2023 was expected to be a transition year for the company as it worked to stabilize its business and get on better financial footing.

Related: Tupperware’s stock craters after food-storage company warns it may go bust

The following month, Tupperware issued a going-concern warning, essentially cautioning that it could go bust. Tupperware also announced the hiring of financial advisers to help it navigate its near-term challenges.

The company is projected to release its next quarterly report later this week, according to FactSet.

Emily Bary, Claudia Assis and Tomi Kilgore contributed.

[ad_2]

Source link

July 31, 2023
Tempur Sealy says its IT system was hacked in July

[ad_1]

Tempur Sealy International Inc.
TPX,
-0.15%
said it identified a cybersecurity event involving some of its IT systems on July 23. In a regulatory filing, the mattress company said it has activated its incident response team to contain the incident and is still working to determine whether the breach will have a material impact on its business or financial results. “If the company determines that any personal information was involved, it would endeavor to comply with any reporting obligations it may have with respect to such information under applicable law,” said the filing. The stock was down 0.6% premarket but has gained 34% in the year to date, while the S&P 500
SPX,
+0.99%
has gained 19%.

[ad_2]

Source link

July 31, 2023
Antarctica is missing an Argentina-sized amount of sea ice — and scientists are scrambling to figure out why | CNN

[ad_1]

CNN
—

As the Northern Hemisphere swelters under a record-breaking summer heat wave, much further south, in the depths of winter, another terrifying climate record is being broken. Antarctic sea ice has fallen to unprecedented lows for this time of year.

Every year, Antarctic sea ice shrinks to its lowest levels towards the end of February, during the continent’s summer. The sea ice then builds back up over the winter.

But this year scientists have observed something different.

The sea ice has not returned to anywhere near expected levels. In fact it is at the lowest levels for this time of year since records began 45 years ago. The ice is around 1.6 million square kilometers (0.6 million square miles) below the previous winter record low set in 2022, according to data from the National Snow and Ice Data Center (NSIDC).

In mid-July, Antarctica’s sea ice was 2.6 million square kilometers (1 million square miles) below the 1981 to 2010 average. That is an area nearly as large as Argentina or the combined areas of Texas, California, New Mexico, Arizona, Nevada, Utah, and Colorado

The phenomenon has been described by some scientists as off-the-charts exceptional – something that is so rare, the odds are that it only happens once in millions of years.

But Ted Scambos, a glaciologist at the University of Colorado Boulder, said that speaking in these terms may not be that helpful.

“The game has changed,” he told CNN. “There’s no sense talking about the odds of it happening the way the system used to be, it’s clearly telling us that the system has changed.”

Scientists are now scrambling to figure out why.

The Antarctic is a remote, complex continent. Unlike the Arctic, where sea ice has been on a consistently downwards trajectory as the climate crisis accelerates, sea ice in the Antarctic has swung from record highs to record lows in the last few decades, making it harder for scientists to understand how it is responding to global heating.

But since 2016, scientists have begun to observe a steep downwards trend. While natural climate variability affects the sea ice, many scientists say climate change may be a major driver for the disappearing ice.

“The Antarctic system has always been highly variable,” Scambos said. “This [current] level of variation, though, is so extreme that something radical has changed in the past two years, but especially this year, relative to all previous years going back at least 45 years.”

Several factors feed into sea ice loss, Scambos said, including the strength of the westerly winds around Antarctica, which have been linked to the increase of planet-heating pollution.

“Warmer ocean temperatures north of the Antarctic Ocean boundary mixing into the water that’s typically somewhat isolated from the rest of the world’s oceans is also part of this idea as to how to explain this,” Scambos said.

In late February of this year, Antarctic sea ice reached its lowest extent since records began, at 691,000 square miles.

This winter’s unprecedented occurrence may indicate a long-term change for the isolated continent, Scambos said. “It is more likely than not that we won’t see the Antarctic system recover the way it did, say, 15 years ago, for a very long period into the future, and possibly ‘ever.’”

Others are more cautious. “It’s a large departure from average but we know that Antarctic sea ice exhibits large year to year variability,” Julienne Stroeve, a senior scientist at the National Snow and Ice Data Center told CNN, adding “it’s too early to say if this is the new normal or not.”

Sea ice plays a vital role. While it doesn’t directly affect sea level rise, as it’s already floating in the ocean, it does have indirect effects. Its disappearance leaves coastal ice sheets and glaciers exposed to waves and warm ocean waters, making them more vulnerable to melting and breaking off.

A lack of sea ice could also have significant impacts on its wildlife, including krill on which many of the region’s whales feed, and penguins and seals that rely on sea ice for feeding and resting.

More broadly, Antarctica’s sea ice contributes to the regulation of the planet’s temperature, meaning its disappearance could have cascading effects far beyond the continent.

The sea ice reflects incoming solar energy back to space, when it melts, it exposes the darker ocean waters beneath which absorb the sun’s energy.

Parts of Antarctica have been seeing alarming changes for a while. The Antarctic Peninsula, a spindly chain of icy mountains which sticks off the west side of the continent, is one of the fastest warming places in the Southern Hemisphere.

Last year, scientists said West Antarctica’s vast Thwaites Glacier – also known as the “Doomsday Glacier” – was “hanging on by its fingernails” as the planet warms.

Scientists have estimated global sea level rise could increase by around 10 feet if Thwaites collapsed completely, devastating coastal communities around the world.

Scambos said that this winter’s record low level of sea ice is a very alarming signal.

“In 2016, [Antarctic sea ice] took the first big down-turn. Since 2016, it’s remained low, and now the bottom has fallen out. Something major in a huge part of the planet is suddenly behaving differently from what we saw for the past 45 years.”

[ad_2]

Source link

July 29, 2023
Consumer sentiment hits 22-month high on easing inflation

[ad_1]

The numbers: A survey of consumer sentiment survey reached a 22-month high of 71.6 in July, helped by a slowdown in inflation and a robust jobs market.

The final reading of the sentiment survey slipped from a preliminary 72.6 in early July, but it was up sharply from 64.4 in June, the University of Michigan said Friday.

The consumer-sentiment survey reveals how consumers feel about their own finances as well as the broader economy.

Also read: U.S. inflation eases again, PCE shows. Prices rise at slowest pace in almost two years

The index has risen in fits and starts from an all-time low of 50 last year. The index rose to as high as 101 shortly before the onset of the pandemic in 2020.

Key details: A gauge that measures what consumers think about the current state of the economy registered 76.6 at the end of July vs. an initial 77.5.

A measure that asks about expectations for the next six months slipped to 68.3 from an initial 69.4 in early July.

Both indexes are up sharply from June, however.

Americans think inflation will average 3.4% in the next year.

Big picture: Americans are less worried about a recession. Unemployment is low, wages are rising and inflation has eased.

Yet the economy is likely to face more turbulence ahead because of higher interest rates orchestrated by the Federal Reserve to bring inflation down even further.

Higher borrowing costs usually depress business investment and consumer spending, increase layoffs and slow the economy.

Looking ahead: “Overall, the sharp rise in sentiment was largely attributable to the continued slowdown in inflation along with stability in labor markets,” said Joanne Hsu, director of the survey. “However, sentiment for lower-income consumers fell.”

Market reaction: The Dow Jones Industrial Average
DJIA,
+0.50%
and S&P 500
SPX,
+0.99%
rose in Friday trades.

[ad_2]

Source link

July 28, 2023
U.S. inflation eases again, PCE shows. Prices rise at slowest pace in almost two years

[ad_1]

The numbers: The cost of goods and services rose a mild 0.2% in June as inflation eased again, but another measure of prices favored by the Federal Reserve showed somewhat less progress.

Economists polled by The Wall Street Journal had forecast a 0.2% increase in the personal consumption expenditures index.

The increase in prices over the past year slowed to 3% from 3.8% and touched the lowest level since October 2021, the government said Friday.

The so-called core PCE rate of inflation, meanwhile, also rose 0.2% last month. The core rate omits volatile food and energy costs and is viewed by the Fed as a better predictor of future inflation trends.

The rate of core inflation over the past year slowed a bit less to 4.1% from 4.6% in the prior month, but that still puts it at a more than two-year low. It’s still far above the Fed’s 2% target, however.

Big picture: Inflation has slowed a lot this year due to falling energy and food prices, but the cost of living is still rising too fast to mollify the Fed or ease the financial pain of U.S. households.

The Fed is expected to keep interest rates high through next year to bring inflation down closer to its 2% target. The danger is that higher borrowing costs could also slow the economy enough to tip the U.S. into recession.

The latest PCE report is likely to give the Fed more reason for optimism, however.

Looking ahead: “Inflation cooled, but held well above 2%, meaning the Fed can’t declare mission accomplished,” said lead U.S. economist Oren Klatchkin of Oxford Economics.

Market reaction: The Dow Jones Industrial Average
DJIA,
+0.50%
and S&P 500
SPX,
+0.99%
rose in Friday trades. The yield on the 10-year Treasury note
TMUBMUSD10Y,
3.953%
slipped 3.96%.

[ad_2]

Source link

July 28, 2023
Kimberly-Clark profit drops by 77% but adjusted earnings and revenue beat estimates

[ad_1]

Kimberly-Clark Corp.
KMB,
+0.01%
stock was up by 2.2% in premarket trading on Tuesday after the household products maker said its second-quarter profit fell by 77%, but its revenue and adjusted profit exceeded analyst estimates. The Dallas-based company said its net income for the three months ended June 30 dropped to $102 million, or 30 cents a share, from $437 million, or $1.29 a share, in the year-ago quarter. Adjusted earnings for the latest quarter totaled $1.65 a share, well ahead of the analyst forecast of $1.48 a share, according to estimates compiled by FactSet. Kimberly-Clark’s revenue for the second quarter increased by 1% to $5.134 billion, just ahead of the analyst estimate of $5.126 billion. Looking ahead, Kimberly-Clark said it now expects 2023 organic sales to increase by 3% to 5%, compared to its earlier expectation for growth of 2% to 4%. The company’s 2023 operating margin is expected to increase by up to 1.5%, compared to its previous estimate of 1.3%.

[ad_2]

Source link

July 25, 2023
Dow scores 11th day of gains, books longest win streak in six years

[ad_1]

U.S. stocks closed higher, with the Dow posting its longest win streak in over six years, according to Dow Jones Market Data. The Dow Jones Industrial Average
DJIA,
+0.52%
gained about 184 points, or 0.5%, ending near 35,411, according to preliminary FactSet data. With 11 straight sessions of gains, it was the blue-chip gauge’s longest streak of win since Feb. 27, 2017, according to Dow Jones Market Data. The S&P 500 index
SPX,
+0.40%
advanced 0.4%, with the energy sector leading the way higher, and the Nasdaq Composite Index
COMP,
+0.19%
ended up 0.2%. Stocks have been charging higher in 2023 despite the dramatic pace of rate hikes from the Federal Reserve since last year. Focus is on Wednesday’s Fed rate decision, with U.S. central bankers expected to raise rates by another 25 basis points to a 5.25%-5.5% range, potentially marking the last in this cycle as its inflation fight appears to be pay off. Energy prices rose Monday, with U.S. West Texas Intermediate crude for September
CL00,
+0.13%
delivery ending at $78.74 a barrel, the highest for a front-month contract in three months, according to Dow Jones Market Data.

[ad_2]

Source link

July 24, 2023
Recession? White House sees ‘momentum’ that will keep U.S. out of one.

[ad_1]

Recent economic data indicates the U.S. isn’t in a recession, a top White House economist said Tuesday, as he cited what he called momentum to keep the country out of one.

Jared Bernstein, the chair of the Council of Economic Advisers, told a Washington Post event that indicators like employment and retail sales “are certainly not flashing anything close to recession.”

[ad_2]

Source link

July 18, 2023
Biden administration announces new labels for gadgets that are less vulnerable to cyberattacks | CNN Business

[ad_1]

CNN
—

The next time you’re in the market for a smart TV, fitness tracker or other connected gadget, you could see a new US government-backed label identifying some products as being particularly hardened against hackers.

On Tuesday, the Biden administration announced it’s moving to implement a cybersecurity labeling program aimed at helping consumers pick out trustworthy tech products that are rated as more secure than the competition.

The program seeks to bolster the nation’s cybersecurity overall by guiding Americans who may be in the market for smart home tech or wearables toward products that meet a high standard for cybersecurity as defined by the National Institute of Standards and Technology (NIST).

The label will appear as a “distinct shield logo,” according to the White House. Products that meet the criteria for the label could include tech that requires strong passwords and that provides regular software updates to guard against the latest threats, for example.

A wide range of products could be covered, the administration said, including smart refrigerators, microwave ovens, thermostats, home voice assistants and — eventually — WiFi routers, after NIST finishes designing cybersecurity standards for them later this year.

For years, cybersecurity has been an afterthought in a market for so-called “internet of things” (IoT) devices that prioritizes low costs over security, according to security experts. One of the more famous examples of IoT security failures came in 2016, when criminal hackers used an army of infected computers, known as the Mirai botnet, to disrupt access to the websites of Twitter, PayPal, and others.

Products certified under the new program may come with a QR code that links to a national database affirming its participation, the administration added in a release.

The launch of the program could still be as far as a year away. But the administration took its first steps toward implementation on Tuesday as the Federal Communications Commission applied for a trademark linked to the effort, known as the “US Cyber Trust Mark.”

The FCC, which regulates wireless devices, also issued a formal proposal that will be open for public feedback on how it should manage the program.

“This new labeling program would help provide Americans with greater assurances about the cybersecurity of the products they use and rely on in their everyday lives,” the administration said in a statement. “It would also be beneficial for businesses, as it would help differentiate trustworthy products in the marketplace.”

The government proposal comes two years after President Joe Biden signed an executive order calling for an “‘energy star’ type of label” for tech products. At the time, the US government was still reeling from a crippling ransomware attack days earlier that had forced a temporary shutdown of Colonial Pipeline, one of the country’s largest fuel pipeline operators.

The executive order highlighted how the administration could use product labeling, combined with the federal government’s immense procurement power, to shape commercial markets and raise the bar for companies that sell technology to both US agencies and ordinary consumers.

Companies including Amazon, Best Buy, Cisco, Google, LG, Logitech, Samsung and others pledged to assist in the government’s labeling push by committing to increase the cybersecurity of their products, the White House said Tuesday.

Dave DeWalt, CEO of the cybersecurity-focused investment firm NightDragon, said the government’s move could help address a “perfect storm” of billions of insecure IoT devices.

“Market forces alone were never going to be sufficient to force manufacturers to step up and deliver more secure devices,” he said. “We’ve taken an essential step now in the right direction to put the power back in the hands of the consumers to choose better security.”

The Consumer Technology Association said Tuesday its next annual trade show, CES 2024, will feature “certification-ready products” once the FCC finalizes its rules.

[ad_2]

Source link

July 18, 2023
How Barbie made a surprising comeback | CNN Business

[ad_1]

CNN
—

The name “Barbara Millicent Roberts” may not ring a bell, but say her nickname — Barbie — and people of all ages know her. Created by Mattel in 1959, Barbie doesn’t look a day over 19.

And now she is getting new life in “Barbie” the movie, distributed by CNN’s parent company Warner Bros. Discovery. The movie, out next Friday starring Margot Robbie, allows Barbie to question her own reality. Something consumers have been doing for decades.

“Back in 2014 and 2015, we hit a low and it was a moment to reflect in the context of, ‘Why did Barbie lose relevance?’” said Ricard Dickson, president and chief operating officer of Mattel. “She didn’t reflect the physicality, the look, if you will, of the world around us. And so we then set a course to truly transform the brand with a playbook around reigniting our purpose.”

Mattel was slow to diversify Barbie and friends. As a result, sales at Mattel started to slump in 2014. But during the pandemic Barbie saw a resurgence as parents looked for ways to keep kids busy at home. In the first quarter of this year, Mattel’s sales fell 22% from last year’s first quarter, primarily due to declines in Barbie and Enchantimals dolls and merchandise.

“There’s been a lot of decline in that differentiation and that relevance that keep a brand fresh and top of mind from a purchase perspective. And when that happens, brands go into a place of fatigue,” said Katie Mancini, general manager of Landor & Fitch — a branding, strategy and design agency.

Now Barbie and friends have many different skin tones and shapes. Mattel produces Barbies in wheelchairs and Ken dolls with the skin condition vitiligo.

Mattel hopes the new movie, which was 4 ½ years in the making, will give the brand and Barbie the boost they’re looking for.

That may already be happening. AMC Theatres reports they’ve sold more than 20,000 pre-sale tickets to Barbie and the new movie Oppenheimer. And at HomBom Toys in New York City, ‘movie Barbie’ is sold out.

“I think I had 24,” said Ilene Gayer, owner of HomBom Toys. “They were gone within 48 hours.”

But even a new movie may not be enough to draw up enough nostalgia for Barbie.

“I wouldn’t want my granddaughters to grow up and be like Barbie,” said Patty Steffen from Fort Wayne, Indiana, who played with Barbies as a child. “I don’t know how much she has evolved – does she have a college degree now?”

Carol Spencer is too old to have played with Barbie as a child, but she’s arguably spent more time with Barbie than anyone.

Spencer became a clothing designer for Barbie in 1963. She spent 53 years transforming Barbie’s looks throughout the years.

“I grew to think of her as my muse. I thought of every child who played with a Barbie doll as my child. So let me tell you, I have a big family. And I love it!,” said 90-year-old Spencer, surrounded by Barbies in her Los Angeles home.

Spencer says Barbie was more successful in some years than others and it was often hard to keep up with the times. But she says Barbie has always been a steady brand.

“Barbie really carried Mattel for great many years,” she said.

Spencer was so influential at Mattel the company made a Barbie in her honor. And she still has “Barbie #1” in her dining room. She says plans to see the new movie with her Barbie Club — wearing pink, of course. She’s thrilled to see Barbie break out of Barbie Land and out of her heels, a sign Barbie may be keeping up with the times.

“The new audience is Barbiecore pink. And that introduced a lot of fun and introduced I think people into the world of Barbie that hadn’t been there before,” she said.

[ad_2]

Source link

July 15, 2023
Dow scores best day in a month, stocks post back-to-back gains as investors await inflation update

[ad_1]

Stocks scored back-to-back gains on Tuesday as investors waited on an inflation update due Wednesday from the June consumer-price index. The Dow Jones Industrial Average posted a near 317-point gain, advancing 0.9%, to end near 34,260, according to preliminary FactSet data. That marks its biggest daily percentage gain since June 15, according to FactSet. The S&P 500 index closed up 0.7%, while the Nasdaq Composite Index gained 0.6%. Stocks have been on the upswing ahead of a key inflation reading for June, with consumer price index expect to show further progress in retreat from its peak above 9% last summer. The Federal Reserve has indicated it likely has a few more rate hikes on tap this year to help bring inflation down toward its 2% annual target. Investors also will be tuning into second-quarter earnings, which kick off in earnest later in the week with results from some of the nation’s biggest banks.

[ad_2]

Source link

July 11, 2023