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Tag: planning

  • J&J Can’t Use Bankruptcy to Resolve Talc-Injury Lawsuits, Appeals Court Rules

    J&J Can’t Use Bankruptcy to Resolve Talc-Injury Lawsuits, Appeals Court Rules

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    A federal appeals court rejected Johnson & Johnson ‘s plan to use a legal strategy to push about 38,000 talc lawsuits into bankruptcy court, hampering the controversial tactic the company and a handful of other profitable businesses have used to move mass personal-injury cases to chapter 11.

    The Third U.S. Circuit Court of Appeals on Monday dismissed the chapter 11 case of J&J subsidiary LTL Management LLC, which the consumer-health-goods giant created in 2021 to move to bankruptcy court the mass lawsuits alleging its talc-based baby powder products caused cancer.

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  • Hasbro plans to lay off 15% of workforce and warns of holiday-season loss

    Hasbro plans to lay off 15% of workforce and warns of holiday-season loss

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    Hasbro Inc. late Thursday said it plans to lay off about 15% of its workforce and warned Wall Street to brace for a quarterly loss and a drop in revenue after a disappointing holiday season.

    Hasbro
    HAS,
    -0.50%
    reported preliminary losses between $1 a share and 93 cents a share for its fourth quarter, and an adjusted loss of between $1.29 a share and $1.31 a share in the period.

    That runs counter to FactSet consensus of an adjusted profit of $1.52 a share for the quarter.

    The maker of My Little Pony, Baby Alive and other toy brands also reported preliminary fourth-quarter revenue of about $1.68 billion, down 17% year-over-year. That compares with FactSet consensus for revenue of $1.92 billion for the quarter.

    Hasbro stock fell more than 8% in the extended session after ending the regular trading day down 0.5%.

    Hasbro’s “consumer-products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment,” despite “strong growth” for digital gaming and other areas of the company, Chief Executive Chris Cocks said in a statement.

    Several retailers have posted lower-than-expected fourth-quarter sales as concerns about the economy simmer. Layoffs have also been widespread, with International Business Machines Corp.
    IBM,
    -4.48%
    and SAP
    SAP,
    -1.77%
    among the latest announcing cuts.

    The global job cuts will start in the next few weeks, Hasbro said. The toy maker employed 6,640 people worldwide as of December 2021, according to its most recent annual filing with securities regulators.

    Hasbro said that the layoffs and “ongoing systems and supply-chain investments” will keep the company on track to hit its goal of between $250 million and $300 million in cost savings by the end of 2025.

    Until then, however, 2022 and “particularly” the fourth quarter were a “a challenging moment for Hasbro,” the company said.

    Earlier this month, analysts at BMO said they expected Hasbro’s holiday-season sales were likely among “the weakest in the North American toy industry.”

    Hasbro’s stock has fallen about 29% in the last 12 months, compared with a decline of around 7% for the S&P 500 index
    SPX,
    +1.10%    .

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  • SAP to cut nearly 3,000 Jobs, weighs Qualtrics stake sale

    SAP to cut nearly 3,000 Jobs, weighs Qualtrics stake sale

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    SAP profit, revenue fall short of forecasts, plans to cut 2,800 jobs

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  • AT&T stock moves higher after earnings as subscriber growth story continues

    AT&T stock moves higher after earnings as subscriber growth story continues

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    Shares of AT&T Inc. were rising in premarket trading Wednesday after the company swung to a loss upon taking restructuring charges, but beat earnings expectations on an adjusted basis and showed continued subscriber growth in its fourth quarter.

    The company posted a loss from continuing operations of $23.1 billion, or $3.20 a share, whereas it earned $5.2 billion, or 66 cents a share, a year-earlier. The loss includes $3.57 cents a share of non-cash impairment, abandonment, and restructuring charges, among other factors.

    …

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  • Crypto lender Genesis latest to file for bankruptcy as crypto contagion continues to spread

    Crypto lender Genesis latest to file for bankruptcy as crypto contagion continues to spread

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    Embattled crypto lender Genesis announced that it had filed for bankruptcy late Thursday, the latest firm to be taken amid a widespread rout among crypto companies driven by plunging prices and charges of fraud at major players like FTX.

    Genesis, which froze customer withdrawals in November following the collapse of FTX, filed for Chapter 11 bankruptcy protection in federal court in Manhattan for its lending units, saying it was the best way for it to achieve “an optimal outcome for Genesis clients.”

    “While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,” said Derar Islim, Genesis’ interim chief executive, in a statement on the company’s website.

    According to its bankruptcy filing, Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion and had over 100,000 creditors. The firm said it had about $150 million in cash on hand to support its operations during restructuring.

    Among those creditors is Gemini, the crypto exchange founded by twin brothers Cameron and Tyler Winklevoss in 2014, that had $900 million of its customers’ money tied up with Genesis.

    Genesis was the main partner of Gemini’s “earn” program, in which its retail investors received payments for allowing their crypto assets to be loaned out to others. 

    Cameron Winklevoss welcomed Genesis’ bankruptcy filing, saying it would provide Gemini a better venue for getting its clients’ money back.

    “We will use every tool available to us in the bankruptcy court to maximize recovery for Earn users and any other parties within the bankruptcy court’s jurisdiction,” he wrote in a post on Twitter.

    Both Genesis and Gemini were charged by the Securities and Exchange Commission last week with illegally selling securities to investors through the Earn program. 

    Genesis and its parent company, Digital Currency Group, had said they were seeking outside investment to help bolster the books and pay customers back in the months before filing for bankruptcy.

    As part of its restructuring, Genesis said it would seek to possibly sell the company and also continue to look for additional investment.

    Shares of bitcoin
    BTCUSD,
    +0.12%
    were little changed at just above $20,000. There have been some concerns that the announcement of another crypto bankruptcy could unravel a recent recovery for the No. 1 cryptocurrency, up 25% so far in 2023. That puts it back above levels seen before FTX imploded last November.

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  • Alibaba shares rise in Hong Kong after Jack Ma cedes control of Ant Group

    Alibaba shares rise in Hong Kong after Jack Ma cedes control of Ant Group

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    Shares of Alibaba Group Holdings are higher following news that co-founder Jack Ma is ceding control of affiliate company Ant Group Co., potentially paving the way to revive plans for an initial public offering by the fintech giant.

    Alibaba’s Hong Kong-listed shares
    9988,
    +7.78%
    advanced as much as 8.3% in early trade Monday, widening its year-to-date gains to 27%. Shares are outperforming a 1.7% gain in the city’s broader Hang Seng Index
    HSI,
    +1.65%
    and helping lift the city’s tech index by 3.0%. Alibaba is a shareholder of Ant.

    Ant, which owns China’s most widely used digital-payment platform, Alipay, has been overhauling its operations amid a government crackdown that began with Beijing calling off the company’s plans for an IPO in late 2020. The new change of control, announced by Ant over the weekend, moves the company a step closer to restructuring.

    Alibaba added Sunday that its equity interest in Ant remains unchanged.

    Shares of Alibaba were last up 7.6%. Shares of unit Alibaba Health Information Technology Ltd.
    241,
    +7.27%
    were 8.0% higher.

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  • Entrepreneurs, Activists & Athletes Come Together to Show the World How to Fight for What Matters & Win

    Entrepreneurs, Activists & Athletes Come Together to Show the World How to Fight for What Matters & Win

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    A new entrepreneurial revolution is happening, and it’s going to change everything. Join legendary athletes and top business coaches such as Royce Gracie, Wanderlei Silva, Chael Sonnen, Denis Waitley, Matt Morris, Ray Higdon, Erik Sorenson, Livia Fisher-Kane, Adora Evans, and more.

    Press Release
    –

    Jan 5, 2023 11:27 EST


    ALBUQUERQUE, N.M., January 5, 2023 (Newswire.com)
    –
    Project Uprise, an education and marketing company created with the sole purpose of fighting against child trafficking in the United States is launching this weekend, on Jan. 7 & 8. And with it, dozens of celebrity athletes, influencers, coaches and business executives are coming together to show their support.

    But they are not coming out for another fundraising gala or telethon. They are building a groundbreaking collaborative business platform that offers incredible educational products, and exclusive merchandise, designed to set a new standard to implementing change in a measurable way. And the best part is, it is built to strategically fund the fight against child trafficking inside the United States.

    “After over two decades working with corporate brands and for-profit businesses while at the same time working with nonprofits, it becomes very clear the changes that need to happen on a cultural level that can only gain momentum if it is attached to a self-funding business model to capture the attention and maximize returns. So we developed a system to solve that and have some amazing celebrities, business coaches, and global entrepreneurs collaborating with us. This has become a snowball and we get to override the cultural resistance to talking about the problem by empowering everyone to be a part of the solution. People are ready for massive change and we will lead it by saving the children first.” – Project Uprise CEO, Livia Fisher-Kane

    Livia Fisher-Kane, CEO and founder and her husband, Aaron Fisher-Kane co-founder and CSO of Project Uprise started on a journey 20 years ago. The vision was simple, but not easy: flip the script on how things are done with non profits. They started as documentary filmmakers in their early 20s’ working with animal welfare nonprofits in Brazil . Their first film made such an impact that the state government of Rio started implementing animal welfare laws and incentives that served as an important seed to change in legislation across the country. Since then they have built a successful career working with celebrities and corporations, developing cultural shifts and independent business systems to scale and improve ROI. They will use the success and knowledge from these systems to grow Project Uprise.

    To kick things off, Project Uprise is “launching” with a free 2 day event that counts with the likeness of legendary athletes and top earning coaches such as Royce Gracie, Wanderlei Silva, Chael Sonnen, Denis Waitley, Matt Morris, Ray Higdon, just to name a few. They have been brought together by serial entrepreneur, producer, and Chief Experience Officer for Project Uprise, Adora Crystal Evans. Speakers will be offering advice and coaching on personal and business development and how to maximize impact in 2023 together with incredible stories and powerful interviews. During the event several collaborations will also be unveiled and made available for purchase with all profits going to The Harbour Youth in Albuquerque, NM with the goal to fund their entire operations 24/7 for 12 months.

    Project Uprise invests 100% of profits after taxes into strategic anti-trafficking programs such as The Harbour Youth, a drop-in center for homeless youth in Albuquerque serving as an effective interception center for victims of trafficking. Project Uprise also has a national plan for The Harbour Program working with it’s director Shelley Repp.

    “Our goal is to go mainstream. Is to level the field for those fighting for what is right. We need to protect our children. And people are ready to uprise and make things happen. We are going to build a culture where the most influential people, the people our kids look up to, are the ones making the biggest difference. In a real way. And that’s when we truly implemented change.” – Aaron Fisher-Kane, Project Uprise Chief Strategy Officer

    Other programs include providing career resources to survivors and at-risk youth globally through The Uprise Academy and The Butterfly Effect Program, a sponsorship program for survivors pursuing creative careers. Project Uprise is committed to fund and support the most effective anti-trafficking programs and efforts targeting prevention, interception, rescue, rehabilitation and professional resources for at-risk youth and trafficking survivors inside the United States.

    “The reason why we started with the fight against child trafficking in the United States is because it’s the biggest and most urgent matter we have in our hands, and it’s undebatable. By impacting that reality through a duplicatable collaborative model, we give the world the blueprint to change. That is our legacy. That’s when we know we gave the world the spark and the plan they need to achieve anything. Everyone is invited. This fight belongs to all of us.” – Livia Fisher-Kane

    Join, support, stay connected with Project Uprise through their website www.timetouprise.com or on social @timetouprise.

    Source: Project Uprise

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  • These are the top 10 mistakes people make when planning for retirement

    These are the top 10 mistakes people make when planning for retirement

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    We all make mistakes in planning for our golden years. But which are the worst, which are the most common, and which ones do we all need to watch out for?

    Financial planners have weighed in with the top 10 they see among clients. It’s emerged in a survey conducted by money managers Natixis and just released. And it’s a terrific checklist for anyone who wants to see how they’re doing, and what they need to change.

    The…

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  • GE HealthCare Is About to Be Independent. This Is Where the Stock Should Trade.

    GE HealthCare Is About to Be Independent. This Is Where the Stock Should Trade.

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    To start 2023, investors will have a choice to invest in a brand new $18 billion company with some 50,000 energized employees and a plan to create shareholder value.

    To close out 2022, that company—GE HealthCare—is on the road, introducing itself to investors. With each new detail that emerges investors get a better sense of where the new stock should trade.

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  • Apple Makes Plans to Move Production Out of China

    Apple Makes Plans to Move Production Out of China

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    In recent weeks, Apple Inc. has accelerated plans to shift some of its production outside China, long the dominant country in the supply chain that built the world’s most valuable company, say people involved in the discussions. It is telling suppliers to plan more actively for assembling Apple products elsewhere in Asia, particularly India and Vietnam, they say, and looking to reduce dependence on Taiwanese assemblers led by Foxconn Technology Group. 

    Turmoil at a place called iPhone City helped propel Apple’s shift. At the giant city-within-a-city in Zhengzhou, China, as many as 300,000 workers work at a factory run by Foxconn to make iPhones and other Apple products. At one point, it alone made about 85% of the Pro lineup of iPhones, according to market-research firm Counterpoint Research. 

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  • ‘This situation is unprecedented’: 10 crazy things detailed in FTX’s bankruptcy filing

    ‘This situation is unprecedented’: 10 crazy things detailed in FTX’s bankruptcy filing

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    On Thursday, John Ray, III, the new CEO of FTX, dropped a long-awaited declaration in U.S. bankruptcy court, giving a sober assessment of the collapse of Sam Bankman-Fried’s crypto empire. The bankruptcy-court filing followed a whirlwind of events, including the publication of explosive texts Bankman-Fried sent to a Vox reporter earlier this week.   

    Ray set the tone for what he has found since FTX filed for bankruptcy protection last week, citing his 40 years of experience in the legal and restructuring business, including a role as chief restructuring officer and CEO of Enron, one of the biggest corporate collapses ever. 

    “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray wrote. “This situation is unprecedented.” 

    Here are 10 revelations that Ray made in federal bankruptcy court on Thursday about Bankman-Fried and the FTX debacle he created. 

    1. Most of FTX’s digital assets have not been secured

    As of Thursday, Ray made clear that while he now controls the various FTX trading and exchange platforms and Bankman-Fried’s crypto hedge fund Alameda Research, he’d “located and secured only a fraction of the digital assets” he hoped to recover. In fact, Ray said only some $740 million of cryptocurrency had been secured in new cold wallets. Ray cited at least $372 million of unauthorized transfers that had taken place on the day FTX and Alameda filed for bankruptcy last week, and the “dilutive ‘minting’ of approximately $300 million in FTT tokens by an unauthorized source” in the days after the filing. FTT tokens were created by FTX to facilitate trading on its exchange and made up a big chunk of Alameda’s assets.

    2. Nobody knows who the biggest customer creditors are of FTX. 

    FTX.com and FTX.US had customers around the world who used its cryptocurrency exchanges and platforms. But Ray said he was unable to create a list of FTX’s top 50 creditors that included customers.

    3. Alameda Research loaned $4.1 billion out to entities, including Bankman-Fried and his closest partners.

    There have been reports that FTX lent out billions of dollars in customer funds to Bankman-Fried’s hedge fund, Alameda Research. But on Thursday, Ray revealed that Alameda had made $4.1 billion of related-party loans that remained outstanding at the end of September. This included a $1 billion loan Alameda made to Bankman-Fried himself, a $543 million loan made to FTX cofounder Nishad Singh, and $55 million borrowed by FTX co-CEO Ryan Salame.  

    4. FTX corporate funds were used to buy personal homes

    Bankman-Fried lived in a luxury resort in the Bahamas, where FTX was also based. There, bankruptcy filings say, corporate funds of FTX “were used to purchase homes and other personal items for employees and advisors.” Ray said in his filing that there is no documentation for the transactions and loans associated with these real estate purchases, which were recorded in the personal name of employees and advisors.

    5. Personalized emojis to approve disbursements 

    To demonstrate the lack of disbursement and appropriate business controls at FTX, Ray pointed out that FTX employees  “submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.” 

    6. Alameda Research was one of the world’s biggest hedge funds

    According to the bankruptcy filing, Alameda’s balance sheet showed $13.46 billion in total assets as of the end of September. That’s roughly equivalent to the assets managed by famous billionaire hedge fund traders like Bill Ackman, Paul Tudor Jones and Jeffrey Talpins.

    7. Audit opinions from the metaverse

    Bankman-Fried secured audit opinions for the international FTX trading platform part of his business from Prager Metis, a firm that Ray had never heard of before. Ray said he went to the firm’s website to learn more about it and discovered that Prager Metis described itself as the“first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.”

    8. Alameda had a secret exemption on FTX.com

    Ray’s filing on Thursday indicated that Bankman-Fried’s Alameda hedge fund might have had a trading edge on the FTX.com trading platform. According to the filing, Alameda had a “secret exemption” from “certain aspects of FTX.com’s auto-liquidation protocol.” 

    9. Customer liabilities are not reflected in FTX financial statements 

    Ray expects that the FTX.US exchange and trading platform, which serviced American customers, will have “significant liabilities arising from crypto assets deposited by customers through the FTX US platform.” He believes the FTX exchange that was used by FTX clients outside the U.S. could also have significant client liabilities. But none of these liabilities are reflected in the financial statements that were prepared while Bankman-Fried ran FTX, Ray said. 

    10. Ray has no confidence in any FTX balance sheet 

    Time and again in the filing, Ray offers the same disclaimer after detailing FTX-related financial statements. He notes that many of the balance sheets at FTX and Alameda are unaudited, and that because they were produced while Bankman-Fried ran and controlled the company, “I do not have confidence in it.”

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  • Cisco’s stock rises on strong quarterly sales and guidance, but a restructuring is coming

    Cisco’s stock rises on strong quarterly sales and guidance, but a restructuring is coming

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    Cisco Systems Inc.’s stock rose in extended trading Wednesday after the networking-technology company delivered better-than-expected numbers on the top and bottom line, and offered encouraging guidance.

    Still, Cisco Chief Financial Officer Scott Herren announced a “limited business restructuring,” to be shared with employees on Thursday, that will right-size its real-estate portfolio and impact about 5% of its 80,000 workers worldwide — or 4,000 people. “This is about rebalancing across the board,” he said, adding that as many jobs will be added as reduced.

    “Our goal is to minimize the number of people who end up having to leave,” Herren told MarketWatch. “We will match as many with new roles at the company as we can. This is not about reducing our workforce — in fact we’ll have roughly the same number of employees at the end of this fiscal year as we had when we started.”

    Cisco
    CSCO,
    -1.14%
    reported a fiscal first-quarter net income of $2.7 billion, or 65 cents a share, compared with net income of $3 billion, or 70 cents a share, in the year-ago quarter. Adjusted earnings were 86 cents a share. Revenue was $13.6 billion, up 6% from $12.9 billion a year ago.

    Analysts surveyed by FactSet had expected on average net income of 84 cents a share on revenue of $13.3 billion. Shares gained 4% in after-hours trading following the results, after closing down 1% in regular trading Wednesday at $44.39.

    “Our fiscal 2023 is off to a good start as we delivered the largest quarterly revenue and second-highest quarterly non-GAAP earnings per share in our history,” Cisco Chief Executive Chuck Robbins said in a statement announcing the results. During a conference call with analysts late Wednesday, Robbins noted “modest improvement” in component delivery amid an easing supply-chain pipeline.

    Cisco’s Product ($10.25 billion) and Service ($3.39 billion) businesses were up slightly year over year. Secure, Agile Networks, the company’s top business segment including data-center networking switches, hauled in $6.68 billion, up 12% from a year ago.

    Herren recognized buying caution in Europe driven by a dramatic increase in energy costs and market volatility. The company has also shut down operations in Russia.

    For the fiscal second quarter, Cisco executives guided for 84 cents to 86 cents a share in adjusted profit and revenue growth of 4.5% to 6.5%. Analysts were forecasting adjusted earnings of 85 cents and revenue of $13.24 billion, according to FactSet.

    Shares of Cisco Systems have dwindled 30% this year, while the broader S&P 500 index
    SPX,
    -0.83%
    has tailed off 17%.

    In the days leading up to Cisco’s report, financial analysts had expected results and guidance in line with their modest expectations but warned of lingering supply-chain woes.

    “We model 15-20% declines in orders [year-over-year] due to tough compares a year ago and stronger seasonality last quarter, but backlog should protect revenues for now,” Barclays analyst Tim Long said in a note to investors on Tuesday.

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  • Why Having a Great Plan Isn’t Enough to Grow Your Business

    Why Having a Great Plan Isn’t Enough to Grow Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re familiar with the Antoine de Saint-Exupéry saying: “A goal without a plan is just a wish,” you’ve probably only heard the TL;DR version. Here is the full version:

    A dream written down with a date becomes a goal. A goal broken down into steps becomes a plan. A plan backed by action makes your dreams come true.

    This is why your plan isn’t going to be enough. A plan in itself is just a piece of paper or a bunch of 0s and 1s that make up words. Luckily, I have had experience with failing and succeeding in business (more of the latter), and these are the five things I focus on to turn my plans into realities.

    Related: Planning To Grow Your Business? Five Tips That Can Help You

    1. Focus

    Focusing on one primary goal per quarter is crucial. As much as we like to brag that we can multitask, we can’t. When was the last time you saw a population that throws 10 balls in the air and catch them before they hit the ground? Exactly. A much better skill is learning how to take all the tasks at hand and realizing which one will have the most impact.

    2. Transparency

    More specifically, internal company transparency. Does your team understand the finances of the company? Do they understand what a burn rate is and that revenue doesn’t mean you are profitable? Internal company transparency means educating your team on how a business works and bringing them into the inner circle that used to be reserved for leadership only. If you add stock options on top of that, you can trigger an ownership mindset that makes your team your partner.

    3. Accountability

    Now that your team has become your partner in success (and failure), they need to be held to a different standard, and being accountable is key. There may be 3-10 people responsible for a priority (remember, only one per quarter) but there is one person at the helm, or what I call the champions, that makes sure everyone does what they need to do. This person needs to understand something, though. They aren’t “the boss.” A lot of times when someone is given this type of responsibility, they believe that they can just shout orders and they only take credit when they succeed and blame others for “not listening” when they fail. That isn’t the case. Accountability goes both ways.

    Related: 5 Keys to Promoting Accountability in Your Business

    4. Hiring

    This is probably the hardest part of the process. Your company is only as good as your weakest employee. When you are small (under 50 employees), you don’t have the luxury of hand-holding — you either find a team that learns quickly or one that is already experienced. Once again, I suggest the latter. You will thank me later. Understand that salary will be your biggest investment and you should treat it just like that — an investment.

    Hire fast and fire quick, especially if you are smaller. Yes, I know this is not the usual battle cry (“Hire slow…”), but you have to realize a day in the life of a small, growing business is like a month for an established one. You need to trust your gut or trust someone else’s when hiring. I also strongly suggest you set expectations with new hires to understand they are in a trial period and that they need to step up. This may seem harsh, but as you grow, you can be a little more lenient and mentor with a softer touch.

    5. Stay healthy

    It’s important to stay healthy financially, physically and mentally. Create an environment that endorses the importance of all three. Physical and financial are usually easier concepts to grasp and fix (I said easier, not easy), but mental is a tough nut to crack. Just saying there is an open-door policy is great and must be said, but sometimes that isn’t enough. Keep in mind that the time you spend doing one thing — for example, focusing on revenue — usually prevents you from focusing on your employees’ well-being. Finding the balance is sometimes not worth the effort when you are smaller but should definitely be on the table as you grow and can afford to implement a mental health check system.

    Related: Keys to Planning for Smart Business Growth

    Did you notice a trend here about plans? There was only one point that spoke directly to taking action, and the rest was to help others be effective at their duties — which has always made me think about Antoine’s quote. I always wanted to add the following to it …

    But remember, a dream is nothing without someone to appreciate it with you

    Without your team running smoothly, a plan can’t take action. And if you really want to make it big, you aren’t going to do it yourself. Don’t you agree?

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    Doug Walner

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  • Meta spending slams Facebook stock, but here are the chip stocks that are benefiting

    Meta spending slams Facebook stock, but here are the chip stocks that are benefiting

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    Data-center stocks buoyed an otherwise down chip sector Thursday as shares of Facebook parent Meta Platforms Inc. cratered on torn-in-half profits and a hike in capital spending to fuel Mark Zuckerberg’s metaverse ambitions, prompting one analyst to ask if server chips can only go up now.

    As shares of Meta dropped as much as 25% Thursday, shares of Nvidia Corp.
    NVDA,
    +2.31%
    surged as much as 7%, compared with less than 1% declines on the PHLX Semiconductor Index
    SOX,
    -1.51%
    and S&P 500 index
    SPX,
    -0.69%    .

    Late Wednesday, Meta reported that quarterly profits fell by more than 50% and added that it expects 2022 capital expenditure of $32 billion to $33 billion, compared with a previous range of $30 billion to $34 billion. In 2023, the company said, it expects capital expenditure in the range of $34 billion to $39 billion, “driven by our investments in data centers, servers, and network infrastructure.”

    Meta
    META,
    -24.64%
    noted that an “increase in AI capacity is driving substantially all of our capital expenditure growth in 2023.”

    Soon after Meta made that announcement, Jefferies analyst Mark Lipacis said in a note that “positive capex commentary from Alphabet
    GOOGL,
    -2.80%    ,
    Microsoft
    MSFT,
    -2.03%
    and Meta” was all a positive for data-center equipment providers Nvidia, Advanced Micro Devices Inc.
    AMD,
    -1.92%    ,
    Broadcom Inc.
    AVGO,
    -1.26%
    and Marvell Technology Inc.
    MRVL,
    +3.61%    .
    Lipacis has buy ratings on all four stocks.

    Shares of AMD rallied as much as 5%, Broadcom shares rose as much as 2% and Marvell shares surged as much as 10% Thursday. Intel Corp.
    INTC,
    -3.69%
    shares were up a little more than 1% at one point ahead of its earnings report, scheduled for after the close Thursday.

    Opinion: Facebook and Google grew into tech titans by ignoring Wall Street. Now it could lead to their downfall

    Jefferies noted that Meta’s capital expenditure for 2023 alone charts a 12% year-over-year hike at midpoint, compared with the Wall Street consensus of $29 billion, or a 5% year-over-year decline.

    “We sense investor caution around Nvidia’s datacenter business this quarter, but we expect all four [equipment providers] to discuss positive datacenter trends this earnings season,” Lipacis said, noting he was a buyer of Nvidia stock “in front of its earnings call.”

    From the perspective of the chip industry — which has gone from a two-year global chip shortage to a sudden glut in a matter of months as PC and consumer-electronics demand has dropped sharply, causing chip fabricators to pump the brakes on investments in new capacity — Lipacis questioned whether the glut will ever reach data-center sales, as many have feared.

    “The most common comment we hear from investors on Nvidia is ‘the Datacenter Shoe has to Drop,’” Lipacis said, noting that his data shows that the shoe has already dropped and an uptick is on the horizon.

    Lipacis explained that data-center sales from Nvidia, AMD and Intel combined declined to $10.5 billion in the second quarter from $12 billion in the fourth quarter of 2021 and that he is modeling another $10.5 billion quarter in the third.

    “This looks consistent with the pattern since 2017 of 4-to-5 qtrs above trendline, followed by 2-to-3 qtrs of below trendline ‘digestion,’ i.e., it looks like the datacenter shoe has already dropped,” Lipacis said.

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  • Parenting 101: 5 Tips for planning a perfect Disney vacation

    Parenting 101: 5 Tips for planning a perfect Disney vacation

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    It’s the most magical place on earth, but for some it’s an overwhelming destination. The reality of modern day vacationing at Walt Disney World in Orlando, Florida, is that it requires proper planning. I’ve decided to compile a list of what I feel are the top 5 planning tips to ensure that you get the most out of your Disney vacation.

    1. Research. Walt Disney world is very big, with 25 resorts, four theme parks, two water parks and a large outdoor shopping and dining complex. The first step to planning a Disney vacation is visiting the Walt Disney World website. Here you will find everything you need to plan a trip that suits your family. Check out the resorts, look over what each park has to offer, and read over the restaurant menus. Everything you need to know about Disney World can be found on their site.

    2. My Disney Experience. Once you’ve booked your trip, download the My Disney Experience app and create an account. This app is the most handy tool to have on hand when on Disney property. After linking your resort and tickets on the app, you will be able to book your dining reservations and fast passes. Explore the app so that you are familiar and comfortable with it by the time your trip arrives.

    3. Join Disney groups. If you, like most people, are on social media, join a Disney group or two. These groups are full of Disney fanatics who are more than happy to dish out advice and opinions on all things Disney. By joining a group, you can narrow down which restaurants you’d like to visit and which rides you should book fast passes for.

    4. Book those ADR’s and Fast passes. Advance Dining Reservations can be booked up to 180 days in advance. Many of the more popular restaurants do in fact fully book up within minutes of that booking window opening up (7am EST). Every guest is allotted three fast passes per day that can be booked 60 days in advance (if staying offsite it’s 30 days). Popular rides, such as Flight of Passage at the Animal Kingdom, can have wait times of over four hours, so you will be happy that you woke up early to book those fast passes!

    5. Down time. Schedule one day for down time. You will need a day to recharge your batteries. All Disney resorts offer a wide variety of activities throughout the day that are definitely worth checking out.

    Bonus Tip: go with the flow and have fun! Sometimes all our planning suddenly goes out the window and you need to improvise. Perhaps a ride goes down, or you underestimated travel time, or everyone is too tired to go along with the daily plans. Whatever comes up, remember that you are at the happiest place on earth, so go with the flow!

    Up next: Which Disney resort should I pick?

    Meredith is a Disney obsessed stay-at-home mom. When she’s not planning a trip, you’ll find her with her nose in a book. Follow her on Instagram.

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