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Tag: Public Relations

  • 5 things not to buy in 2023

    5 things not to buy in 2023

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    It’s been a year of contradictions.

    The recession drum beats on, interest rates are rising, and the stock market has taken a tumble, and yet retail sales have risen 6.5% in the last 12 months, trailing a 7.1% increase in the cost of living.

    There are other reasons people should consider cutting back on spending in 2023. The personal saving rate — meaning personal saving as a percentage of disposable income, or the share of income left after paying taxes and spending money — hit 2.4% in the third quarter from 3.4% in the prior quarter, the Bureau of Economic Analysis said.

    “There are signs that people are pulling back on certain expenditures. ”

    That is the lowest level since the Great Recession and the eighth-lowest quarterly rate on record (since 1947). Adjusted for inflation, savings are down 88% from their 2020 peak and 61% lower than before the pandemic, according to government data. The personal saving rate hit 2.4% in November vs. 2.2% in October. 

    Are people buying stocks during a bearish market, and/or have they run out of their pandemic-era savings? Whatever the reasons, more judicious investing and spending decisions seem to be the most prudent approach — especially given the uncertain economic outlook for 2023.

    There are signs that people are already pulling back on certain expenditures. Although retail sales are up on the year, they did decline 0.6% month-on-month in November to mark their biggest decline in almost a year, largely because of weak car sales.

    About those new cars: New-vehicle total sales for 2022 are projected to reach 13,687,000 units, down 8.4% on the year, according to a joint forecast from J.D. Power and LMC Automotive. MarketWatch reporter Philip van Doorn explains all the reasons why you may wish to skip buying a new car in 2023, in addition to their rising prices.

    So what else should you save your money on in 2023? MarketWatch writers give their verdict below.

    SPACs

    During the pandemic, people loved to buy special purpose acquisitions companies, known as SPACs. In 2021, 613 SPACs listed on U.S. stock exchanges through initial public offerings, according to SPAC Insider. The year before, there were 248 SPAC IPOs. There had never been more than 100 of these before in a single year. There were SPACs associated with Donald Trump and Serena Williams. There were so many, that one was called Just Another Acquisition Corp. 

    SPACs exist as a means to take private companies public, and theoretically give these shell companies a faster and less regulatory burdensome means to access public capital. The U.S. Securities and Exchange Commission warned investors last April that so-called advantages of the SPAC process, such as reduced legal liability, may not prove to be so solid if tested in court.

    The SPACs raised money even though they had no commercial operations or business, and tried to use the cash to buy something that did exist. But investors who bought SPACs that merged with private companies since 2015 have suffered losses of 37%, on average, a year after the merger, according to a recent study.  The SPAC and New Issue ETF 
    SPCX,
    +0.37%
    has slipped 12% this year. The frenzy for SPACs has predictably gone bust. But if you see one, just stay away from it.

    — Nathan Vardi

    Crypto 

    There are two main reasons not to invest in cryptocurrency in 2023, and neither has to do with the precipitous drop in value for most of the major coins in the last year, including but not limited to bitcoin
    BTCUSD,
    -1.11%    ,
    ethereum
    ETHE,
    -2.71%
    and tether
    USDTUSD,
    -0.02%    .
    Investors have long been conditioned to buy the dip and find value where others fear to tread, and then make money on the upswing. 

    Crypto is different because there’s no correlation to long-held market theories, and buying it amounts more to speculation than to investing. That might seem semantic, but if you look at financial planning holistically, then you treat investing as an exercise in risk tolerance — and crypto is all risk. 

    Which leads to the other main reason to avoid crypto in the next year: If you do buy it, there’s really no safe way to store it. There’s no federal insurance covering exchange failures and little cyber-theft protection for individuals. That leaves you on your own, which is not a good place to be with your money.

    — Beth Pinsker

    Meta Quest headsets

    On the consumer front, if you’re really into virtual reality, there is nothing wrong with jumping on the new Meta Quest two and Meta Quest Pro headsets that were introduced in 2022 by Meta Platforms Inc. 
    META,
    -0.78%    .

    The problem is that you might feel like you bought a BlackBerry
    BB,
    -3.42%
    phone in early 2007. Apple Inc.
    AAPL,
    -1.40%
    is expected to finally show off what engineers at the Silicon Valley giant have been cooking up in a years-long project to jump into augmented and virtual reality, and consumers are expected to at least get a glimpse at Apple’s attempt this year, if not a chance to buy whatever the company produces. 

    The headsets don’t come cheap: Meta said earlier this year it was raising the price of Meta Quest 2 headsets by $100 to $399.99 (128GB) and $499.99 (256GB). The iPhone’s introduction 15 years ago changed the way people look at smartphones, and Apple’s expected jump into this field in 2023 could leave anyone who spent their money on a Meta Quest headset wishing for a new reality.

    — Jeremy Owens

    Meme stocks 

    Struggling companies with business models that appear to some to be dying and/or struggling do not generally perform well in the stock market. But during the pandemic these companies often had stocks that soared. What drove them was social media sentiment, driven on platforms like Reddit, by a swarm of retail investors. 

    There was video game retailer GameStop
    GME,
    -7.42%    ,
    movie theater chain AMC
    AMC,
    -8.43%    ,
    and smartphone dinosaur Blackberry. AMC recently announced the sale of another $110 million in stock, adding to a total that has already exceeded $2 billion since the theater chain got swept up into meme-stock madness. CEO Adam Aron wrote on Twitter that the move put the company “in a much stronger cash position.”

    GameStop recently reported its seventh consecutive quarterly loss and reiterated its goal of returning to profitability in the near term, but analysts have signaled that many challenges lie ahead. During the company’s recent third-quarter conference call, Chief Executive Officer Matt Furlong said that GameStop would be open to exploring acquisitions of a strategic asset or complimentary business if they were available “in the right price range.”

    Buying meme companies like this worked for some in a booming stock market fueled by ultra-low interest rates. But we are now in a bear market with interest rates that are elevated. Corporate fundamentals are back in vogue. So are quaint investment ideas like cashflow. More likely than not, the days of buying meme stocks are over.

    — Nathan Vardi

    Tesla cars

    In recent years, Tesla Inc.
    TSLA,
    -8.25%
    has stood alone as the best option for electric vehicles, while other manufacturers struggled to get production running. But in 2023, there should be many more types of electric cars available, at prices that are expected to trend downward as the year goes along. Teslas range in price from $46,990 for the Tesla Model 3 to $138,880 for the Tesla Model X Plaid. 

    With major manufacturers such as General Motors Co.
    GM,
    -0.73%    ,
    Ford Motor Co.
    FORD,
    -2.68%    ,
    Toyota Corp. and Volkswagen
    VOW,
    -0.77%
    VLKAF,
    -1.15%
    jumping into the fray, and young Tesla wannabes like Rivian Automotive Inc.
    RIVN,
    -7.11%    ,
    Lucid Group Inc.
    LCID,
    -7.24%
    and FIsker Inc.
    FSR,
    -6.19%
     expected to start producing cars, consumers will have many more options for EVs. 

    Meanwhile, Tesla has done little to update the Model 3 since it was introduced in 2017, and has increased prices at a level that Chief Executive Elon Musk has admitted is “embarrassing” for a company that claimed to have a goal of mass-market pricing for EVs. 

    The average price of a new EV is $64,249, while a new gas car is $48,281, according to​​ Liz Najman, a climate scientist and communications and research manager at Recurrent Auto, an EV research and analytics firm focused on the used-vehicle market. After years of not having much choice beyond Tesla for EVs, 2023 appears to be the year that changes.

    — Jeremy Owens

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  • Media Coverage Is Your Most Powerful Sales Tool. Here’s How.

    Media Coverage Is Your Most Powerful Sales Tool. Here’s How.

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    Opinions expressed by Entrepreneur contributors are their own.

    In my years as a publicist, I’ve seen firsthand how earned media coverage can increase brand awareness, web traffic and, ultimately, conversion rates. But this doesn’t happen in a vacuum. Landing sought-after placements is just the first step in a comprehensive campaign to curry excitement.

    Much like the tree that falls in a forest with no one around, you need witnesses to those impressions, which requires a mix of unapologetic self-promotion and clever manipulation of modern communications tools. Failing to maximize those placements’ reach only does a disservice to your business and the effort you put into garnering wider recognition.

    Press coverage grants sales representatives and the brand as a whole credibility they can use at multiple points in the life cycle of a product, reaping maximum profits. Here’s how.

    Related: How to Transform Media Coverage Into Leads and Sales

    Multifaceted sales-funnel impact

    Many veteran sales professionals will tell you that press coverage is most helpful during the exploratory conversation phase of the sales cycle. And it’s true you should encourage reps to share relevant media coverage with prospects during the earliest stages of communications, encouraging them to do more research on the brand and how it’s represented to, and perceived by, the public.

    However, others will assert that it’s a helpful sales-enablement tool at all phases. For instance, using existing press coverage in fresh email-marketing campaigns can help reignite interest in leads that have stagnated. In the same spirit, an article or interview highlighting your business can be re-upped through Facebook ads when customer engagement flags.

    This is a case where there is more than one way to skin a cat. It takes some persistence and endurance, but it’s effectively tantamount to planting a seed, watching as it grows and continuing to add water and sustenance as needed. If approached with that level of diligence, a single slice of positive press can flourish into an asset with perennial returns.

    Discoverability and driving traffic

    Getting coverage in top-tier media outlets is a proven mechanism for increasing web traffic and improving discoverability, whether that be directly from the article where the brand was mentioned or from an enhanced presence in relevant search-engine results. If you have room in your budget to hire a reputable publicity firm with credibility in your niche, it will likely pay dividends that justify the expense.

    When journalists at top-tier publications buzz about a brand, people are more inclined to listen. Web traffic driven by media coverage also demonstrably outperforms overall web traffic. For customers who visit your site directly, make sure to maintain an online newsroom showcasing your press coverage. This is even more important for journalists logging on to your site.

    In general, this kind of virtuous cycle of exposure only happens when a business properly touts positive coverage across its platforms — including social media channels — and drives traffic back to its website as both a source of information and point of sale.

    Related: How to Convert Your PR Wins Into Sales

    Harnessing social media

    In the coming month or two, share each piece of coverage your brand has earned a few times to prolong the win’s shelf life. Tagging the journalist who wrote the article is a good practice that can occasionally result in them re-sharing your post with their audience. This will also allow current customers and potential prospects to see the news in a new place, further legitimizing your business.

    Social media also offers brands the opportunity to take advantage of features like Twitter and Instagram hashtags for engagement and discovery. You can also be creative with short- and long-form storytelling via Instagram and TikTok in particular, including repackaging press hits into catchy affirmations of the waves your brand is making. All this manifests yet another way of putting you in front of potential new customers who may be unaware of your company and its offerings through more direct-to-consumer outreach.

    It’s understandable if you’re reading all this and thinking, “Wait, you’re telling me that not only do I have to launch my brand, monitor its operations, scale it and sleuth out ways to get people talking about it, but then I need to commit fresh energy into publicizing its publicity?” But the truth is that, no matter what market you’re tapping into, that kind of end-to-end consideration is the only way to stand out in an atmosphere flooded with startups and ecommerce hopefuls.

    Moreover, this process evolved directly from the days of pasting together press clippings for a portfolio. If anything, it’s become more self-regenerative and reaps more bang for your buck. So rather than wasting the shelf life of your hard-earned press coverage, strategically share and promote those wins to achieve maximum results, and in doing so, increase its return on your investment — and your bottom line.

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    Kristen Shea

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  • 3 Ways to Tell Your Business Is Ready to Invest in PR

    3 Ways to Tell Your Business Is Ready to Invest in PR

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    Opinions expressed by Entrepreneur contributors are their own.

    It happens all the time in the entrepreneurial world: A team builds an impressive product or service, rigorously test it to make sure it functions well and then they launch it. When a few weeks go by and new business leads aren’t what they expected, there’s a collective lightbulb moment: We need some PR.

    If you’ve found yourself in a similar spot, have no fear. You’re certainly not alone. Over the years, I’ve taken what seems like countless calls from business leaders trying to drum up inbounds by getting into public relations post-launch. Sometimes the business in question is only a few months old, while other times the open sign has been hanging on the door for years.

    I always preach that a PR strategy should be built out well before a business’s launch date. If you’re trying to retroactively ignite media interest, starting a public relations program is less about how long it’s been since the business was founded and more about how your business is currently functioning.

    If you’re thinking about taking the PR plunge, here are three ways to know you — and your business — are ready.

    Related: Is Your Startup Ready for PR? Here’s How to Know for Sure.

    1. You have financial resources to invest in the PR long game

    One of the surest ways to end up being frustrated with a PR program is to look at it solely as a revenue generator. Yes, public relations can help drive business leads, but it inherently is not part of the click-click-buy world. Try tracking the specific dollar value of landing a news article. Actually, don’t. Why? Because you can’t. The same goes for speaking engagements, awards and almost every other PR deliverable.

    If your business is cash-starved and you’re in a place where you have to tie every dollar spent to a measurable ROI, hold off on PR. Chances are slim that PR will deliver a sustained and attributable line of revenue. However, if you’re in a place where you’ve got relatively dependable recurring revenue coming in, and you appreciate how investing in things like a halo effect and thought leadership can bolster your organization over the long haul, then you are in a much better position to financially invest in a public relations strategy.

    Related: 4 Tips to Launch Your First Effective PR Campaign

    2. You’re willing to continuously nurture a PR strategy

    While my previous point revolves around monetary resources, this one is geared more toward the resources of time and attention. Many people look at PR as one-off splashes — usually in the form of press releases — and fail to appreciate the many ways sustained public relations efforts can deliver wins for their business. If you’re in the market for someone to simply write and distribute sporadic press releases for you, by all means, that’s better than nothing. But it’s just the tip of the PR iceberg.

    Without fail, the most successful clients I work with — yes, measured by revenue growth — are the ones that continuously cultivate a proactive public relations program. Am I saying PR is the most important factor leading to their business success? No. But it is a consequential element contributing to the good standing of the organization. As you think about public relations, I challenge you to refute the big splash worldview. Instead, draw the lens back and think of how public relations can be aligned with all your efforts over the long haul, enabling you to reach your business objectives.

    Related: What Startups Should Do Differently When It Comes to PR

    3. You know your audience

    Not every time, but many times the folks who only want a big splash out of PR are the same people who aren’t quite sure who their target audience should be. This is problematic for loads of reasons. In the best of the worst-case scenarios, you’ll be fishing where you’ll get no bites. Again, that’s the most preferable bad outcome. It can get much worse. I’ve seen organizations invest in a communications strategy resulting in a deluge of bad leads. They not only invested money, time and energy into a flawed strategy, but also had to allocate resources to sorting through a mountain of bad leads.

    One of the foundational rules of PR is to know who your audience is. Once you know that, you can figure out where their attention is placed — I like to say, where their eyeballs are. If you’ve got a solid handle on those two things, then you can build and execute a plan to get in front of them (and influence them) with the most appropriate form of messaging.

    Related: The Much-Anticipated ‘Great Recession of 2023’ Is Coming. Here’s How To Leverage PR During Economic Uncertainty

    It’s never too late to invest in PR, but it still needs to be the right time

    I’d bet the majority of businesses investing in public relations today didn’t have a PR strategy in place at launch. If you didn’t either, that is perfectly okay. Consider whether you’re ready to think through the above items. If you’ve got each of them adequately addressed, you can feel confident that your business is in a spot to move forward with PR.

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    David Martin

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  • This company has wiped out more investor wealth in 2022 than Tesla

    This company has wiped out more investor wealth in 2022 than Tesla

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    Elon Musk has been trying this week to defend Tesla’s abysmal stock performance in 2022. The electric vehicle giant has seen its stock plummet by 61% this year, making it the 11th-worst performing stock in the S&P 500 in 2022.

    “As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are *not* guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop,” Musk tweeted.

    You might expect that Tesla’s stock drop has wiped out more investor wealth than any other stock in the world this year. But you would be wrong.

    If we look at declines in market capitalization — the value of companies’ common-shares outstanding — Tesla
    TSLA,
    -1.76%
    has been the fourth worst-performing stock in the benchmark S&P 500 this year, as of 1 p.m. ET on Dec. 21:

    Company

    		 Ticker

    		 2022 market cap change ($bil)

    		 Intraday market cap on Dec. 21 ($bil)

    		 Dec. 31, 2021 market cap ($bil)

    		 2022 price change
    Amazon.com Inc.

    		 AMZN,
    +1.74%         		-$805

    		 $886

    		 $1,691

    		 -48%
    Apple Inc.

    		 AAPL,
    -0.28%         		-$753

    		 $2,160

    		 $2,913

    		 -24%
    Microsoft Corp.

    		 MSFT,
    +0.23%         		-$700

    		 $1,825

    		 $2,525

    		 -27%
    Tesla Inc.

    		 TSLA,
    -1.76%         		-$622

    		 $439

    		 $1,061

    		 -61%
    Meta Platforms Inc. Class A

    		 META,
    +0.79%         		-$466

    		 $318

    		 $784

    		 -64%
    Nvidia Corp.

    		 NVDA,
    -0.87%         		-$329

    		 $406

    		 $735

    		 -44%
    PayPal Holdings Inc.

    		 PYPL,
    +0.67%         		-$143

    		 $79

    		 $222

    		 -63%
    Netflix Inc.

    		 NFLX,
    -0.94%         		-$134

    		 $133

    		 $267

    		 -51%
    Walt Disney Co.

    		 DIS,
    +1.55%         		-$122

    		 $160

    		 $282

    		 -44%
    Salesforce Inc.

    		 CRM,
    +0.19%         		-$119

    		 $131

    		 $250

    		 -49%
    Source: FactSet

    On a percentage basis, all these stocks have performed worse than the full S&P 500, which has fallen 19%, excluding dividends.

    Amazon.com Inc.
    AMZN,
    +1.74%
    has erased more shareholder wealth than any other publicly traded company in 2022. In total, investors in Amazon have lost $804.6 billion this year. The stock is down 48% in 2022.

    Apple Inc.
    AAPL,
    -0.28%
    and Microsoft Corp.
    MSFT,
    +0.23%
    have also suffered larger market-cap declines than Tesla, by virtue of their sheer size.

    The companies have different fiscal and annual period ends, but if we look at data for the past three reported quarters and compare to the same period a year earlier, here’s how the four stack up:

    Company

    		 Ticker

    		 Change in sales for three quarters from year-earlier period

    		 Change in EPS for three quarters from year-earlier period
    Amazon.com Inc.

    		 AMZN,
    +1.74%
     

    		 10%

    		 N/A
    Apple Inc.

    		  
    AAPL,
    -0.28%         		6%

    		 2%
    Microsoft Corp.

    		  
    MSFT,
    +0.23%         		14%

    		 -2%
    Tesla Inc.

    		  
    TSLA,
    -1.76%         		58%

    		 169%
    Source: FactSet

    Amazon showed a net loss of $3 billion for the first three quarters of 2022 as the company neared the end of its extraordinary multiyear effort to build out its warehouse and fulfillment infrastructure. For the first three quarters of 2021, the company booked $19 billion in profits. When announcing Amazon’s third-quarter results CEO Andy Jassy said the company was working methodically toward “a stronger cost structure for the business moving forward.”

    The incredible growth of Amazon’s cloud business has stalled and disappointed the expectations the company had nurtured on Wall Street. The Amazon Web Services business is facing increasing competition from the likes of Microsoft and its customers are pulling back. Meanwhile, retail sales have also come in weak going into the Christmas and holiday season. 

    Amazon’s stock has declined 22% since it closed at $110.96 on Oct. 27, right before it disappointed investors not only with its third-quarter results, but with its outlook: It expects to break even during the holiday quarter. Analysts polled by FactSet had previously expected a profit of more than $5 billion.

    Tesla stands in contrast to Amazon, as you can see on the table above. Its sales grew by 58% during the first three quarters of 2022 from the year-earlier period and its earnings per share rose nearly threefold.

    This has been a year of significant declines for shares of giant tech-oriented companies, especially those that had traded at lofty price-to-earnings valuations — that group includes Amazon and Tesla. In fact, these companies have given up all their pandemic era gains int he stock market.

    But with Tesla’s results so outstanding through the first three quarters of 2022, it raises the question: How much of the drop in the electric car makers share price was tied to Musk’s actions as CEO of Twitter, which he acquired on Oct. 27 after a monthslong saga? And how much of a relief rally, if any, might there be for Tesla if Musk, as expected, steps down as Twitter CEO?

    How about some bottom-feeding?

    Here’s the same list of 10 stocks in the S&P 500 that have seen the largest declines in market cap this year, with a summary of analysts’ ratings, consensus price targets and declines in their forward price-to-earnings ratios:

    Company

    		 Ticker

    		 Share “buy” ratings

    		 Dec. 21 closing price

    		 Cons. price target

    		 Implied 12-month upside potential

    		 Forward P/E as of Dec. 20

    		 Forward P/E as of Dec. 31, 2021
    Amazon.com Inc.

    		 AMZN,
    +1.74%         		91%

    		 $85.19

    		 $134.85

    		 58%

    		 49.3

    		 64.9
    Apple Inc.

    		 AAPL,
    -0.28%         		74%

    		 $132.30

    		 $173.44

    		 31%

    		 21.4

    		 30.2
    Microsoft Corp.

    		 MSFT,
    +0.23%         		91%

    		 $241.80

    		 $293.06

    		 21%

    		 23.7

    		 34.0
    Tesla Inc.

    		 TSLA,
    -1.76%         		63%

    		 $137.80

    		 $272.64

    		 98%

    		 24.6

    		 120.3
    Meta Platforms Inc. Class A

    		 META,
    +0.79%         		63%

    		 $117.09

    		 $145.45

    		 24%

    		 14.5

    		 23.5
    Nvidia Corp.

    		 NVDA,
    -0.87%         		68%

    		 $160.85

    		 $195.72

    		 22%

    		 39.2

    		 58.0
    PayPal Holdings Inc.

    		 PYPL,
    +0.67%         		71%

    		 $68.76

    		 $104.32

    		 52%

    		 14.5

    		 36.0
    Netflix Inc.

    		 NFLX,
    -0.94%         		47%

    		 $288.19

    		 $302.89

    		 5%

    		 28.4

    		 45.6
    Walt Disney Co.

    		 DIS,
    +1.55%         		82%

    		 $87.02

    		 $119.60

    		 37%

    		 19.8

    		 34.2
    Salesforce Inc.

    		 CRM,
    +0.19%         		78%

    		 $128.45

    		 $195.18

    		 52%

    		 23.4

    		 53.5
    Source: FactSet

    A majority of analysts see a golden path ahead for 2023 for all of these stocks except for Netflix.

    For more information about any of these companies, click the tickers.

    Click here for a detailed guide to the wealth of information available for free on the MarketWatch quote page.

    Don’t miss: 11 high-yield dividend stocks that are Wall Street’s favorites for 2023

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  • House Jan. 6 select committee expected to advise Justice Department to hit Trump with criminal charges

    House Jan. 6 select committee expected to advise Justice Department to hit Trump with criminal charges

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    WASHINGTON (AP) — The House Jan. 6 committee is wrapping up its investigation of the violent 2021 U.S. Capitol insurrection, with lawmakers expected to cap one of the most exhaustive and aggressive congressional probes in memory with an extraordinary recommendation: The Justice Department should consider criminal charges against former President Donald Trump.

    At a final meeting on Monday, the panel’s seven Democrats and two Republicans are poised to recommend criminal charges against Trump and potentially against associates and staff who helped him launch a multifaceted pressure campaign to try to overturn the 2020 election.

    Context: What to expect as House Jan. 6 panel readies final report on Trump’s ‘attempted coup’

    Also: Jan. 6 select committee to review referral recommendations from Cheney, Raskin, Schiff and Lofgren at Monday session

    While a criminal referral is mostly symbolic, with the Justice Department ultimately deciding whether to prosecute Trump or others, it is a decisive end to a probe that had an almost singular focus from the start.

    “I think the president has violated multiple criminal laws and I think you have to be treated like any other American who breaks the law, and that is you have to be prosecuted,” Rep. Adam Schiff, a Democrat from Southern California and a member of the panel, said Sunday on CNN’s “State of the Union.”

    The panel, set to dissolve on Jan. 3 with the advent of a Republican-led House, has conducted more than 1,000 interviews, held 10 well-watched public hearings and collected more than a million documents since it launched in July 2021. As it has gathered the massive trove of evidence, the members have become emboldened in declaring that Trump is to blame for the violent attack on the Capitol by his supporters almost two years ago.

    From the archives (June 2022): Fox News is notable exception as prime-time Jan. 6 committee hearing blankets TV airwaves

    Also (July 2022): Trump White House aide Cassidy Hutchinson’s live testimony before Jan. 6 select committee was a TV ratings hit: Nielsen data

    After beating their way past police, injuring many of them, the Jan. 6 rioters stormed the Capitol and interrupted the certification of President Joe Biden’s win, echoing Trump’s lies about widespread election fraud and sending lawmakers and others running for their lives.

    The attack came after weeks of Trump’s efforts to overturn his defeat — a campaign that was extensively detailed by the committee in its multiple public hearings. Many of Trump’s former aides testified about his unprecedented pressure on states, federal officials and on Vice President Mike Pence to find a way to thwart the popular will.

    “This is someone who in multiple ways tried to pressure state officials to find votes that didn’t exist, this is someone who tried to interfere with a joint session, even inciting a mob to attack the Capitol,” Schiff said. “If that’s not criminal, then I don’t know what it is.”

    See: Justice Department urges judge to hold Trump’s legal team in contempt over Mar-a-Lago case

    Members of the committee have said that the referrals for other individuals may also include ethics violations, legal misconduct and campaign finance violations. Lawmakers have suggested in particular that their recommended charges against Trump could include conspiracy to defraud the United States, obstruction of an official proceeding of Congress and insurrection.

    On insurrection, Schiff said Sunday that “if you look at Donald Trump’s acts and you match them up against the statute, it’s a pretty good match.” He said that the committee will focus on those individuals — presumably Trump — for whom they believe there is the strongest evidence.

    See: North Carolina state investigators say they’ve completed voter-fraud probe of Trump chief of staff Meadows

    Also: Nevada elections department subpoenaed in Trump 2020 election investigation

    And: Trump ally Kari Lake pursues formal challenge to loss in race for governor of Arizona

    While a so-called criminal referral has no real legal standing, it is a forceful statement by the committee and adds to political pressure already on Attorney General Merrick Garland and special counsel Jack Smith, who is conducting an investigation into Jan. 6 and Trump’s actions.

    The committee is also expected at the hearing to preview its massive final report, which will include findings, interview transcripts and legislative recommendations. Lawmaker have said a portion of that report will be released Monday.

    “We obviously want to complete the story for the American people,” said Rep. Jamie Raskin, a Maryland Democrat and constitutional scholar who serves on the select committee. “Everybody has come on a journey with us and we want a satisfactory conclusion, such that people feel that Congress has done its job.”

    The panel was formed in the summer of 2021 after Senate Republicans blocked the formation of what would have been a bipartisan, independent commission to investigate the insurrection. That opposition spurred the Democratic-controlled House to form a committee of its own. House Republican leader Kevin McCarthy of California, a Trump ally, decided not to participate after House Speaker Nancy Pelosi rejected some of his appointments. That left an opening for two anti-Trump Republicans in the House — Reps. Liz Cheney of Wyoming and Adam Kinzinger of Illinois — to join the seven Democrats serving on the committee.

    From the archives (January 2021): Kevin McCarthy becomes poster boy for Republicans walking back their recent Trump criticism

    While the committee’s mission was to take a comprehensive accounting of the insurrection and educate the public about what happened, they’ve also aimed their work at an audience of one: the attorney general. Lawmakers on the panel have openly pressured Garland to investigate Trump’s actions, and last month he appointed a special counsel, Smith, to oversee several probes related to Trump, including those related to the insurrection.

    In court documents earlier this year, the committee suggested criminal charges against Trump could include conspiracy to defraud the United States and obstruction of an official proceeding of Congress.

    Wall Street Journal: Trump tax returns may be released after House panel meets Tuesday

    In a “conspiracy to defraud the United States,” the committee argues that evidence supports an inference that Trump and his allies “entered into an agreement to defraud the United States” when they disseminated misinformation about election fraud and pressured state and federal officials to assist in that effort. Trump still says he won the election to this day.

    The panel also asserts that Trump obstructed an official proceeding, the joint session of Congress in which the Electoral College votes are certified. The committee said Trump either attempted or succeeded at obstructing, influencing or impeding the ceremonial process on Jan. 6 and “did so corruptly” by pressuring Pence to try to overturn the results as he presided over the session. Pence declined to do so.

    The committee may make ethics referrals for five House Republicans — including McCarthy — who ignored congressional subpoenas from the panel. Those referrals are unlikely to result in punishment since Republicans are set to take over the House majority in January.

    Read on: McCarthy’s long-held speaker ambition set to come to a head when new Congress convenes in January

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  • It’s Argentina vs. France in the World Cup final: Here’s everything you should know about the matchup

    It’s Argentina vs. France in the World Cup final: Here’s everything you should know about the matchup

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    After a month of stiff competition in Qatar, the 2022 World Cup’s final matchup is finally set.

    Argentina learned Wednesday that defending World Cup winner France will be its opponent in the final on Sunday. France topped a history-making Morocco side 2-0 a day after Argentina shut out Croatia, which lost to France in the 2018 final, a day earlier. Croatia and Morocco square off for third place in the tournament.

    Related: Why is 2022 Qatar World Cup so controversial? Here’s a list of issues overshadowing FIFA’s tournament.

    Argentina and France, led by Lionel Messi and Kylian Mbappé, respectively, were two among a handful of favorites heading into the quadrennial footballing spectacle.

    Here’s what you need to know ahead of the World Cup final.

    When is the World Cup final?

    The tournament title match will be played Sunday, Dec. 18, at 10 a.m. Eastern time. That’s 6 p.m. in Qatar, earlier than the tournament matches have typically been played.

    The World Cup final can be watched in the U.S. on Fox
    FOX,
    -0.90%
     
    FOXA,
    -0.72%
    and Telemundo, owned by Comcast
    CMCSA,
    -3.70%
    unit NBCUniversal. Fox is available through nearly all cable providers, and cord cutters can stream the match live through FuboTV FUBO, SlingTV, the Alphabet-owned
    GOOG,
    -0.56%
     
    GOOGL,
    -0.59%
    YouTubeTV and Comcast’s Peacock.

    Who’s favored to win?

    Both teams have been oddsmakers’ favorite in every one of their 2022 World Cup matches leading up to the final. But for the grand finale, France is seen a slight favorite over Argentina. France is +175 to win, which carries an implied probability of 36.4%, while the Argentina team is being given a 35.1% chance to win, according to the implied-probability data taken from DraftKings’
    DKNG,
    -1.60%
     odds on Wednesday. The outstanding percentage would account for a draw, though all matches beginning in the knockout stage go to a penalty shootout if a score is tied at the end of regulation and at the end of two 15-minute halves of overtime.

    What’s at stake?

    A win for France would mean back-to-back men’s World Cup wins for the European nation, and France’s third title in history.

    Likewise, a win for Argentina would mean its third World Cup title, and the first World Cup win for legend of the game Messi.

    Related: Budweiser says it will award unconsumed Qatar beer to the World Cup winner

    A record-breaking amount of prize money will also be at stake. FIFA has allocated $440 million in prize money this year, up from $400 million for the 2018 World Cup, hosted by Russia. (FIFA announced on the same day in December 2010 its selection of Russia and Qatar to host the global game’s marquee event in 2018 and 2022, respectively.)

    This year’s winning side will get $42 million, up $4 million from the 2018 tournament.

    The runner-up will receive $30 million, and the third- and fourth-place teams are going home with $27 million and $25 million. As for the rest, the teams that lost in the quarterfinals will each receive $17 million; teams that lost in the second round will get $13 million each; and teams knocked out in the group stage (including the U.S.) will get $9 million each. All 32 qualifying teams also received $1.5 million for securing their spots in the tournament. Only Qatar, as the host country, did not have to play its way in through regional competition.

    Is this really Lionel Messi’s last World Cup?

    Messi, playing in his fifth career World Cup, has said that this would probably be the last time he plays in the competition.

    Failing over the years to achieve in international competition for Argentina what he has in club play (save an appearance in the 2014 final against Germany and a Copa America title in 2021), chiefly with Barcelona in Spain and now with Paris Saint-Germain in France, where he and Mbappé are teammates, Messi has previously announced and rescinded an intent to step back as an international. Only now he’s 35.

    From the archives (January 2010): Club or country? Soccer World Cup revives old tensions

    “Yes. Surely, yes,” Messi said when asked whether Sunday’s game will be his last at a World Cup. “There’s a lot of years until the next one, and I don’t think I have it in me, and finishing like this is best.”

    The Margin: Could Qatar’s ‘reusable’ World Cup stadium end up in Uruguay? There are some amazing plans for tournament venues.

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  • Worried About Raising Capital in a Recession? Give Your Company The Edge.

    Worried About Raising Capital in a Recession? Give Your Company The Edge.

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurs and founders need to generate capital investment to grow and succeed, yet attracting such investment is daunting in this market. Amidst heavy competition and negative market forces, one frequently underutilized resource provides many companies an edge: effective PR or public relations.

    By generating positive media coverage, PR can create interest in a startup and make it more attractive to potential investors. Emphasize the R in PR to build relationships with key influencers and industry experts who can promote a startup to a broader audience. By using PR effectively, startups can overcome the challenge of declining investment and improve their odds in the current market.

    Start using PR as a strategy to attract investment

    One of the most important — and often overlooked — aspects of PR for startups is its role in attracting investment. A well-executed PR strategy can help raise awareness of your company and generate interest among potential investors. Here are some of the most effective ways to use PR to attract investment:

    1. Highlight your company’s unique selling points

    Beyond the problem you are solving and the solutions you offer, you need to promote what makes your company unique. Star by answering these questions: Why should investors put their money into your business? Why are you succeeding when perhaps others are failing? Make sure these points are clear in your PR.

    Any company, large or small, must clearly understand its unique selling points (USPs). These aspects of your business make you stand out from the competition and attract customers and investors. PR is essential for promoting your USPs and ensuring they are communicated effectively to your target audience. Without PR, your USPs may be lost in the marketplace noise, and you could miss out on vital growth opportunities.

    PR can help you clarify your USPs, identify the most effective channels for reaching your target audience, and craft messages that resonate with them. By promoting your unique selling points, PR can help you to win new customers, partners, and investors.

    Related: How PR Can Attract Investors and Add Value to Your Startup

    2. Use social media wisely

    Social media is an excellent way for startups to connect with potential investors and get their companies noticed. However, it’s essential to be strategic in your use of social media, ensuring that the content is received by different audiences continuously. Use social media to share news about your company’s progress, announcements about new products or services, or articles that showcase your company’s thought leadership. By sharing interesting and valuable content, you can attract the attention of potential investors and get your startup noticed. Always mix things up and keep new audiences engaged by consistently sharing various types of content.

    3. Stay focused and consistent

    Throughout this process, it’s crucial to maintain a high level of consistency and relevancy. Keep your communications clear and concise, and stay focused on continuously putting your startup’s message out. This can be a challenge, especially in the early stages when you’re still trying to figure out what your brand is all about. But it’s crucial to maintain a high level of consistency and relevancy. PR is all about building relationships with the media and the public, so they can become familiar with your startup and what it has to offer. If you’re not consistent, you will have difficulty building those relationships.

    Stay consistent, clearly grasp your brand’s story, and consistently push that story out. To start, narrow the focus to existing relationships and lean on your team, existing investors, and others involved in the startup. Go for faster wins, even if it means blogs and freelance writers first. Reinforce your message with social media content. From there, go for media coverage.

    4. Get media coverage

    Good press can be a powerful tool for attracting investment. High-quality media coverage can help to build trust and credibility with potential investors. This goes beyond just a few press releases, as quality media coverage includes getting articles, videos, and other extended content on your business. PR can be time-consuming and costly, but it is often worth the investment. High-quality media coverage can help to build trust and credibility with potential investors, making them more likely to invest in your business.

    High quality does not always mean an article is published in the largest media outlet. For example, a great story or article can run in a local television affiliate and spread from there. Many founders assume that PR means getting the brand’s story published in an internationally known publication. Sometimes the best way to start using PR is to get noticed locally and build a PR campaign.

    Related: Why You Need A PR Agency and How to Choose One Wisely

    5. Find a dedicated expert PR team to ensure your message is heard

    An experienced PR team can be invaluable in helping you to craft a story that will resonate with investors. They can also use their connections to help get your story in front of the right people. But most importantly, a good PR team can provide honest feedback and constructive criticism. They can help you identify potential weaknesses in your investment pitch and suggest ways to address them.

    Not all PR agencies are created equal. When choosing a PR agency to help with your investment round, look for these essential qualities:

    1. When choosing a PR agency, it’s crucial to find one with significant experience working with startups, preferably with a record of success with investment rounds for other startups. You’ll also want to look for an agency that is calm under pressure and able to adapt quickly to changes. And, of course, it’s essential to find an agency with which you can build a good rapport — after all, you’ll be working closely together.
    2. Second, they should deeply understand the investment process and what matters to investors. Ask for case studies of other startups they ran PR for during an investment round. A PR firm with a deep understanding of the investment process can help you craft a winning message highlighting your company’s strengths and ability to return investment quickly.
    3. Third, they should have a creative and unique approach to generating attention for your company. Yes, press releases are essential and often underutilized. However, a resourceful PR team will find ways to get articles published detailing and validating the purpose of your startup, why it matters, and why it is the right investment opportunity.

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    Adam Horlock

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  • Sinema ditches Democrats, but analysts say it’s no Senate earthquake, just a re-election gambit

    Sinema ditches Democrats, but analysts say it’s no Senate earthquake, just a re-election gambit

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    Sen. Kyrsten Sinema announced Friday that she’s leaving the Democratic Party to register as an independent.

    So what does that mean?

    The initial reaction from analysts is that the Arizona lawmaker’s move won’t shake up how the Senate functions that much, and that it has more to do with her possible 2024 campaign for re-election.

    “At this point, we don’t expect Sinema’s defection to formally change the balance of power in the Senate,” said Benjamin Salisbury, director of research at Height Capital Markets, in a note.

    “Two independents, Senators Angus King [of Maine] and Bernie Sanders [of Vermont], formally caucus with Democrats,” Salisbury noted. “While Sinema declined to say which party she would caucus with, she did say that the change would not change how she votes, and she plans to keep her committee assignments, which is an indication to us that she will keep her affiliation with Democrats. In our view, the move is more about positioning herself for a tough 2024 reelection.”

    Sinema, who has been criticized frequently by progressive Democrats for moves such as opposing changes to the so-called carried-interest loophole, was expected to face a challenge from the left in a Democratic primary. But as an independent, she can avoid a primary and focus on the general election in her battleground state.

    Her calculation is that “the progressive Democratic ‘brand’ won’t help her to reelection in Arizona, but centrists and some from each party will,” Terry Haines, founder of Pangaea Policy, wrote in a note. “So there’s no percentage in doing anything but emphasizing her independence, and this is a high-profile, direct, and effective way of doing it.”

    Haines said the senator’s move isn’t an earthquake for the Senate: “Sinema herself says it’s not so, that she’ll continue to do the job in the same way — and there’s no reason to dispute it.”

    He also wrote that the “basic result for 2023-24 is as it was before Sinema’s announcement: domestic gridlock, basic fiscal/government spending stability, and continued foreign policy unanimity, particularly on China and Ukraine.”

    The Biden White House offered a similar reaction on Friday, saying that Sinema’s decision to “register as an independent in Arizona does not change the new Democratic majority control of the Senate, and we have every reason to expect that we will continue to work successfully with her.”

    Sinema has voted with Democrats 97% of the time, according to Bloomberg Government data.

    Related: Mitch McConnell praises Kyrsten Sinema as ‘the most effective first-term senator’ he’s seen in his career

    And see: Republicans clinch slim majority in House, likely signaling 2023 gridlock ahead

    Senate Majority Leader Chuck Schumer said Sinema would keep her committee assignments.

    “I believe she’s a good and effective Senator and am looking forward to a productive session in the new Democratic majority Senate,” Schumer, a New York Democrat, also said. “We will maintain our new majority on committees, exercise our subpoena power, and be able to clear nominees without discharge votes.”

    For the past two years, Democrats have controlled the 50-50 Senate only because Vice President Kamala Harris can cast tiebreaking votes.

    Following Georgia Democratic Sen. Raphael Warnock’s win on Tuesday over Republican challenger Herschel Walker in their closely watched runoff election, Democrats were expected to enjoy a 51-49 majority in the Senate.

    There’s talk that Sinema’s announcement on Friday may have changed that, but analysts such as Salisbury and Haines are pushing against that view.

    “Sinema’s defection is another sign of the tentative rise of overt bipartisanship in Congress,” Haines wrote. “There’s an increasing view that solving issues is what the vast majority of voters want, and some legislators seem prepared to risk the wrath of their party establishments to achieve it.”

    Most U.S. senators have been affiliated with a major political party, but more than 70 have been independents or represented a minor party, according to Senate records.

    Former Sen. Joe Lieberman of Connecticut is a recent example of that group, as he started out as a Democrat, then became an independent but still caucused with his former party. That’s even as Democratic leaders criticized him for backing the late Republican John McCain in the 2008 presidential race.

    U.S. stocks 
    SPX,
    -0.73%
     
    DJIA,
    -0.90%
    traded mixed Friday and were on track for weekly losses.

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  • FTC sues to block Microsoft’s $69 billion acquisition of game giant Activision Blizzard

    FTC sues to block Microsoft’s $69 billion acquisition of game giant Activision Blizzard

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    The Federal Trade Commission on Thursday sued Microsoft Corp. to block its $69 billion deal to buy Activision Blizzard Inc.

    The acquisition, which would be Microsoft’s
    MSFT,
    +1.07%
    largest and the biggest ever in the video gaming industry, would “enable Microsoft to suppress competitors to its Xbox gaming consoles and its rapidly growing subscription content and cloud-gaming business,” the FTC claimed.

    “Microsoft has already shown that it can and will withhold content from its gaming rivals,” Holly Vedova, director of the FTC’s Bureau of Competition, said in a statement. “Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets.”

    FTC members pointed to Microsoft’s record of “acquiring and using valuable gaming content to suppress competition from rival consoles,” including its acquisition of ZeniMax, parent company of Bethesda Softworks.

    Microsoft President Brad Smith indicated the software giant will fight the lawsuit. In a statement, he said Microsoft has “been committed since Day One to addressing competition concerns.”

    “While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court,” Smith said.

    Activision CEO Bobby Kotick, in a statement, said the suit “sounds alarming, so I want to reinforce my confidence that this deal will close. The allegation that this deal is anti-competitive doesn’t align with the facts, and we believe we’ll win this challenge.”

    Still, In recent weeks Microsoft has taken steps to demonstrate to regulators its acquisition of Activision would not give it an unfair advantage in the gaming market. On Tuesday, Microsoft said it would bring the “Call of Duty” franchise to Nintendo Co.’s
    7974,
    -1.31%
    Switch, a rival of Microsoft Xbox, and Microsoft has said it would make Call of Duty available on rival Sony Group Corp.’s
    SONY,
    -0.06%
    PlayStation.

    “It’s a bad idea,” Geoffrey Manne, president of the International Center for Law and Economics, said of the FTC’s lawsuit vs. Microsoft. “There may be markets in which some activities of some of these large tech companies cause concerns, but when they are expanding into new markets or enhancing competition in markets where they aren’t leaders, we should be encouraging them, not threatening them with lawsuits.”

    The government’s action in administrative court marks the first serious regulatory threat to Microsoft’s business in more than two decades, when the Justice Department brought a landmark antitrust lawsuit against the software giant that took years and was settled in 2002. Since then, Microsoft had sidestepped antitrust scrutiny and Smith in particular has focused the glare on its tech rivals Amazon.com Inc.
    AMZN,
    +2.24%    ,
    Apple Inc.
    AAPL,
    +1.19%    ,
    Alphabet Inc.’s
    GOOGL,
    -0.94%
     
    GOOG,
    -0.89%
    Google, and Facebook parent company Meta Platforms Inc.
    META,
    +1.26%    .

    Read more: Microsoft’s shadowy presence in antitrust push is angering the rest of Big Tech

    Shares of Microsoft are up 1% in trading Thursday. Activision’s
    ATVI,
    -1.33%
    stock is down 1.5%.

    The FTC’s lawsuit comes the same day it is heading to court in San Jose, Calif., in what is expected to be a three-week trial to bloc Meta’s $300 million acquisition of VR fitness app maker Within.

    The trial is likely to showcase an intriguing look at the agency’s ability to stifle alleged anticompetitive conduct using largely untested legal theories at a time when Congress is sitting on tech antitrust legislation.

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  • Build Strong Relationships With Media to Build Your Brand, Too

    Build Strong Relationships With Media to Build Your Brand, Too

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    Opinions expressed by Entrepreneur contributors are their own.

    Why do some businesses succeed while others fail? Many factors contribute to a business’s success, but one of them is brand building. Your brand is what sets you apart from your competition and tells your customers who you are and what you’re all about. Creating a positive brand can help you attract new customers and keep them coming back for more.

    But how do you go about building a successful brand? There are many different methods, but one of the most important is developing relationships with key members of the media. This is where public relations comes in — an essential aspect of any successful branding strategy. PR can help you build relationships with key media outlets and promote your story to the public. This can help increase your brand’s awareness and create positive customer sentiment.

    Here are three tips for using PR to build your brand and create success.

    Related: Break Through the Noise: 5 Hacks to Boost Your Public Relations Efforts in a Noisy Digital World

    1. Develop a compelling story

    Every business has a story to tell, but not every business knows how to tell that story in a way that will captivate its audience. If you want the media to sit up and take notice of your business, you need to learn how to develop a compelling story. Here are three tips to help you get started:

    1. Find the hook

    What is it about your business that makes it unique? There’s always something — you just have to find it. Once you’ve found your hook, use it to drive your story. Build on it and make it the central focus of your narrative. Everything else should support that hook.

    2. Know your audience

    Who are you trying to reach with your story? What kind of tone do they respond to? What topics are they interested in? Keep your audience in mind as you’re developing your story so that you can craft something that will resonate with them.

    3. Be concise

    The media is always looking for stories that can be told quickly and easily. They don’t have time for long, drawn-out tales. So, keep your story concise and to the point. Tell them what they need to know and nothing more. If you can do that, you’ll have a much better chance of getting their attention.

    Related: 10 Tips for Creating a Compelling Business Story

    2. Build relationships with key media outlets

    It is important to get your story out there. But simply having a great story isn’t enough — you also need to make sure that it’s being seen by the right people. That’s why it’s so important to do your research and identify which media outlets would be the best fit for your story. Once you’ve done that, you can start building relationships with the journalists, editors or producers who work there. The better your relationship with them, the more likely they are to want to cover your story.

    The first step is to research which media outlets would be the best fit for your story. Look at their previous coverage and see if they’ve covered stories similar to yours in the past. If they have, that’s a good sign they’ll be interested in what you have to say. Once you’ve narrowed down your list, it’s time to start reaching out to the people who work there.

    The best way to do this is by offering them something of value, whether it’s an exclusive scoop on a story or just some useful information that you think would be helpful to them. Whatever it is, make sure that it’s something that will make their job easier. Once you’ve established yourself as a valuable resource, you’ll be well on your way to building strong relationships with key media outlets.

    Related: The 5 Foolproof Steps to Pitching Your Story to the Media

    3. Be consistent

    Building a brand takes time and dedication. There are a million different things to think about, and it’s easy to get overwhelmed. It’s important to remember that all of your hard work will pay off if you stay consistent in your approach.

    Brand building is a long-term game. You won’t see results overnight, but if you keep at it, eventually, people will start to take notice. The key is to be consistent in everything you do. Promote your brand regularly and try to come up with new and innovative ways to get people interested. Develop a press release strategy and have a compelling press kit ready.

    Building a brand can be challenging, but it’s also incredibly rewarding. If you’re willing to put in the hard work and stay consistent, you’ll eventually see results. The key is to focus on your audience and develop a story that will resonate with them. Don’t forget to reach out to key media outlets and build relationships with the journalists, editors or producers who work there. By doing so, you’ll increase your chances of getting your story covered. Brand building takes time and dedication — but if you stick with it, you’ll be successful.

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    Sim Aulakh

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  • 2 Keys to Gain Brand Awareness With Modern PR

    2 Keys to Gain Brand Awareness With Modern PR

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    Opinions expressed by Entrepreneur contributors are their own.

    Thirty years ago, if you were a fly in a traditional PR agency back in the ’90s, you would see marketers shipping copies to television outlets, radio stations, magazines and newspapers to build their client’s brand. Back then, brand awareness was measured by the number of audiences these traditional publications and media outlets have, satisfying clients and providing PR agencies with solid industry authority for delivering the work.

    The ultimate goal was to be on The New York Times to get maximum brand awareness. It was the titan of all publications that put companies on the map. If they feature you, you’ve made it. Your startup has officially skyrocketed.

    Along came social media, and nothing was ever the same again. As the age of digitalization advances, modern PR emerges as the next best thing for companies to get brand recognition. From social media, blogs, email marketing, SEO to PPC, the list of platforms that companies target is now immeasurable, and the opportunities presented in these touchpoints are massive.

    Forward-thinking PR agencies understand the importance of dominating digital press with media coverage and not just solely focusing on one particular giant. And as digital PR continues to evolve, infinite opportunities are constantly presented for marketers to seize and take advantage of. To put it into perspective, here are the two fundamental bases of modern PR:

    Related: The Changed Face of The Modern PR Industry

    Covering all touchpoints

    In today’s digital media landscape, CEOs, leaders and marketers understand that quantity is just as important as perceived quality. Hence, the number of press mentions you get is just as significant, if not more, than just getting one feature in a leading publication. Simply put, modern PR’s digital-first approach leaves no stone unturned, treating each opportunity as vital.

    The art of engagement is the main difference between traditional and modern PR. It completely revolutionized the communication game between brands and publications. From just a handful of distribution outlets, companies today face a multitude of channels where opportunities for brand awareness are rich. While some touchpoints are more valuable than others, each plays an integral role in building and positioning a brand. Hence, it is no longer enough to get one article a month, regardless of how influential the publication is. The more touchpoints covered, the more effective the brand awareness strategy is.

    It all starts with solid, relevant and insightful content. In publishing an article, every PR’s main goal is to hit the right audience and influence them to take action. This includes:

    • Clicking on the digital content

    • Entering the conversion funnel

    • Watching the brand’s video content

    • Clicking on a relevant link via organic SEO

    • Social media engagement

    • Clicking on an affiliate link

    Related: 5 Ways To Tune Into The Modern PR Mindset

    Providing value through benefit-driven content

    Make no mistake: Just because modern PR recognizes the equality of quantity and quality doesn’t mean a company can get away with poorly-executed content. At the end of the day, it’s about how good your content is. Keep in mind that the avalanche of information that’s being fed to consumers from a wide range of channels can be overwhelming. Therefore, it makes them filter these articles based on what’s important to them. And during this process, you do not want to be the noise that consumers cancel out.

    Think of it as if you’re looking for a new smart TV. You search on Google for the latest product, and you’re presented with a variety of choices. Consumers who don’t have the time of the day will most likely stick to page 1 of the search results and only click a few links that they think provide the most valuable information based on the title and the meta description. Cut to reading the actual article — they will only select one or two pieces of content that they think informs them the best. From product specs to desired benefits, they immediately zone into the ones that offer them what they search for. It’s a constant process of elimination until they bump into the best one.

    It’s the same with delivering valuable content to build a brand. You use the right keywords for an optimal SEO; you ensure that the title leads them to the solution they need; you deliver the content that promotes the benefits they can get; and most importantly, you answer their implied question of “why do I need this?”

    Keep in mind to always focus on the consumers. Let them know what benefits they can reap from these products or services. Give them the value they need, and when in doubt, put yourself in their shoes and think about the kind of information that helps you the most. Ultimately, modern PR is a high-wire act of finding the right balance between hitting as many touchpoints as you can and providing valuable content. If you nail these two bases, your brand will thrive in today’s digital landscape.

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    Omri Hurwitz

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  • Amazon CEO says more layoffs are coming in 2023

    Amazon CEO says more layoffs are coming in 2023

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    Amazon.com Inc. plans more layoffs, but employees will have to wait until 2023 to see if their jobs are affected.

    Chief Executive Andy Jassy said Thursday that while Amazon
    AMZN,
    -2.34%
    already confirmed that it was eliminating jobs in its devices and books businesses, an unknown number of layoffs impacting other teams are still to follow.

    See more: Amazon confirms layoffs, becoming latest tech powerhouse to slash roles

    “Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments,” he said in a blog post on the company’s corporate site. “Those decisions will be shared with impacted employees and organizations early in 2023.”

    While Jassy doesn’t know “exactly how many other roles will be impacted,” he does know “that there will be reductions in our Stores and PXT organizations.” The company already announced a “voluntary reduction offer for some employees” working in PXT, or People Experience and Technology Solutions.

    The Wall Street Journal reported earlier this week that Amazon could end up slashing 10,000 jobs.

    Jassy took over as Amazon’s CEO in July 2021 and said Thursday that “without a doubt,” the move to cut staff is “the most difficult decision we’ve made” since he’s been in the role.

    “It’s not lost on me or any of the leaders who make these decisions that these aren’t just roles we’re eliminating, but rather, people with emotions, ambitions and responsibilities whose lives will be impacted,” Jassy said.

    He added that Amazon “has weathered uncertainty and difficult economies in the past, and we will continue to do so.” Jassy emphasized that Amazon will continue to plug away on more established areas like stores, advertising and cloud computing, as well as newer initiatives like Prime Video, the Alexa voice assistant and healthcare.

    Amazon joins other technology companies including Meta Platforms Inc.
    META,
    -1.57%    ,
    Snap Inc.
    SNAP,
    -1.36%    ,
    Shopify Inc.
    SHOP,
    -2.05%
    and Twitter in recently eliminating jobs. An activist investor earlier this week urged Alphabet Inc.
    GOOG,
    -0.49%

    GOOGL,
    -0.50%
    to cut positions as well.

    See more: Here are the companies in the layoffs spotlight

    Shares of Amazon were up 0.3% in after-hours trading Thursday after declining 2.3% in the regular session.

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  • Black Friday surprise: Jeff Bezos tells people NOT to buy cars, refrigerators and other big-ticket items. Critics call him out.

    Black Friday surprise: Jeff Bezos tells people NOT to buy cars, refrigerators and other big-ticket items. Critics call him out.

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    Billionaire Jeff Bezos, who founded the e-retail behemoth Amazon, has some spending tips as Americans gear up for a holiday shopping season — amid four-decade high inflation and recession worries.

    Here’s what he said:

    “‘If you’re an individual and you’re thinking about buying a large-screen TV, maybe slow that down, keep that cash, see what happens. Same thing with a refrigerator, a new car, whatever. Just take some risk off the table.’”

    Bezos made the comments in a CNN
    WBD,
    +0.46%
    interview that aired this week, the same interview where he pledged to give away most of his fortune in his lifetime.

    Why did Bezos offer the tip for consumers and small business to go easy on big-ticket items? He gave one big reason.

    “If we’re not in a recession right now, we’re likely to be in one very soon,” he said in the interview, picking up on his cautionary tweet last month that “the probabilities in this economy tell you to batten down the hatches.”

    Bezos is currently executive chair at Amazon
    AMZN,
    -2.34%    ,
    transitioning to the role last year as Andy Jassy took the reins as CEO.

    Later this week, Amazon confirmed it was laying off some of its staff in its device and services business — joining a growing list of tech companies, including Facebook parent Meta
    META,
    -1.57%
    — that is laying people off. Amazon’s job cuts could number around 10,000, according to the Wall Street Journal.

    “Critics have taken aim at these words of thrift coming from a man — now worth approximately $120 billion — who built Amazon into the online shopping bonanza.”

    To be sure, Bezos is not alone is his worries about a potential recession as the Federal Reserve and other central banks fight higher costs by hiking interest rates.

    But his advice prompted some guffaws on social media. In a nutshell, critics say these are words of thrift coming from a man — now worth approximately $120 billion — who built Amazon into the online shopping bonanza that lets consumers seamlessly spend money.

    As Joshua Becker, a proponent of minimalism wrote on Twitter: “I didn’t hear him mention refraining from Amazon’s Prime Day deals or Black Friday offers, but I recommend adding those items to your list as well.”

    Regardless of how anyone feels about hearing spending advice, particularly from one of the world’s richest people, there are some things to consider as events like Black Friday and Cyber Monday approach.

    For one thing, maybe there are discretionary expenses where people can cut back. Many Americans are still spending briskly, as Walmart
    WMT,
    -0.34%
    third-quarter earnings and October’s retail-sales numbers recently affirmed. Holiday-spending projections paint the same picture.

    Americans will spend between $942.6 billion and $960.4 billion on holiday-season sales this year, according to projections from the National Retail Federation. Last year’s holiday sales totaled $889.3 billion, the trade association said.

    “During the third quarter, Americans’ credit-card balances climbed to $930 billion, the biggest annual increase in more than 20 years, according to the National Retail Federation.”

    But Americans are planning for the holidays while credit-card balances are increasing — likely because credit cards are helping them keep up with rising costs.

    During the third quarter, Americans’ credit-card balances climbed to $930 billion, the biggest annual increase in more than 20 years, according to Federal Reserve Bank of New York data.

    While balances grow, so do credit-card interest rates. The annual percentage rate (APR) on new credit-card offers averaged 19.14% in mid-November, according to Bankrate.com. That beats the old record on APRs for new cards, set at 19% three decades ago.

    The holiday shopping season is typically when Americans accumulate credit-card debt, pay the debts in the early part of the coming year and repeat the holiday-season debt the following year.

    This year, the stakes could be higher if high credit-card bills arrive and a recession-induced job loss follows.

    “It’s not the time to overspend and have a problem with paying your bills later,” Michele Raneri, vice president of financial services research and consulting at TransUnion
    TRU,
    -4.94%    ,
    one of the country’s three major credit bureaus, previously told MarketWatch. “We know the economy is sending mixed messages.”

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  • Press Releases May Seem Old-School, But They Work. Here’s How to Use Them.

    Press Releases May Seem Old-School, But They Work. Here’s How to Use Them.

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    Opinions expressed by Entrepreneur contributors are their own.

    Do you want to increase online mentions, create more backlinks and boost brand awareness? Who doesn’t? Digital PR can do just that, and one of the most overlooked digital PR strategies is creating and distributing press releases. Let’s see how to use the process within your SEO strategy.

    A press release is a written text about specific news or events within your business. Press releases are a proactive way to provide journalists and media outlets with important information about an organization so they can write their piece and publish it.

    Look at it like digital storytelling. You want your press release to be interesting and exciting enough to capture the attention of media outlets, blogs and other distributors.

    Related: Harness the Power of New Public Relations Technology

    Press releases and SEO

    So can press release distribution help your SEO? The short answer is yes. The goal of press release distribution shouldn’t necessarily be to gain a particular number of backlinks to your website, but it should be used as a distribution channel to share your brand’s content. The links you want are created by the journalists who have transcribed your story. They’ll likely be high-quality, natural, relevant and authoritative backlinks, and quality backlinks are a significant ranking factor.

    Every website wants these included within its backlink profile, so with press release distribution, you should aim to provide content that would get journalists and news publications to talk about your business and the information you’ve provided. They’ll write about the press release and put their natural spin on the story; when they do, they’ll link back to your website as a reference for their readers.

    They’re most likely to be linked to your homepage, making press releases an excellent brand-building exercise. Landing media coverage, both online and offline, is great for brand exposure and can generate a good range of natural backlinks to your website, as well as plenty of referral traffic from users who are reading and sharing the news publication.

    Related: How to Write a Press Release Reporters Will Actually Read

    Press release distribution

    Now let’s take a look at how press release distribution works. Firstly, don’t attempt to write a press release if you don’t have anything to write about. A journalist’s time is limited. So is the real estate on their websites. You want to make your press release about a potentially groundbreaking employee initiative or an innovative product you’ve just launched.

    It would be best if you instantly grabbed the media outlet’s attention. You don’t want to be mass selected and deleted before they’ve even had a chance to find out what your press release is about. This applies to the length of the press release too. Get to the point as quickly as possible, and if the journalist wants to know more, they’ll contact you directly. Because of this, stick to one topic. Now that you have your press release, it’s time to look at how you’re distributed.

    To start, it depends on whether you’re planning to distribute your press release or use a service to write and distribute it. If you choose to distribute your press release, you may find that the conversion rate is low. However, you could use a service where everything is done for you.

    Press release writers will craft an engaging press release to get your news across professionally. The benefit of using a service to write your press release is that you don’t need to spend time and resources researching the best way to craft one. You’ll have unlimited revisions, and it won’t be distributed until it’s just right.

    Related: Press Releases Aren’t Dead. Here are 4 Reasons they Remain a Valuable Tool

    Implementing press release distribution into your marketing strategy

    Firstly, you need to consider what your press release should be about. More and more brands are adopting a more personalized, human approach to press releases. People are craving reality now more than ever, so true meaningful stories could work best.

    There is differing research on when to issue press releases; many suggest issuing them on a Tuesday or Friday at 7:00 and 8:00 a.m. Remember that an average of over 1000 press releases are fired into journalists’ inboxes each day, so varying the time of your release could enable yours to stand out and encourage more visibility.

    It may be smart to share releases a few minutes before or after the usual bombardment. Alternatively, if you choose to share your press release on social media, you want to time this when your users are most active. Share on social media in the afternoon and over the weekend because this is when people are most active on these platforms and therefore are more likely to discover, engage with and share your content. Press release distribution can be a very beneficial tool for your SEO strategy and a proper strategy can change the user experience with your business.

    Related: 5 Things Not to Do When Pitching Journalists

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  • Why the Bear Market Isn’t Over

    Why the Bear Market Isn’t Over

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    Investors finally got the inflation reading they were looking for, and are likely to get a split government for the next two years. That combination propelled stocks to their best weekly showing since June. On Friday, the


    S&P 500


    even briefly crossed the 4,000 threshold, a level it hadn’t breached in two months.

    The S&P ended the week 5.9% higher, closing just below 4,000. The


    Dow Jones Industrial Average


    rose 4.1%, and the


    Nasdaq Composite


    jumped 8.1%. It was the best weekly showing for the Nasdaq since March, and it came during a week when tech news seemed largely negative. Facebook parent


    Meta Platforms


    (ticker: META) announced that it will cut 11,000 jobs, the latest in a wave of Silicon Valley layoffs. The best thing Facebook can say for itself now is that it isn’t Twitter.

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  • Investors may be whistling past the graveyard of a recession with latest rally in stocks

    Investors may be whistling past the graveyard of a recession with latest rally in stocks

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    Investors feeling giddy about last week’s sharp rally for stocks might want to give a listen to Tom Waits’ song, “Whistlin’ Past the Graveyard” from 1978, to sober up for the dangers that still lurk ahead.

    The surge in stocks catapulted the S&P 500 index
    SPX,
    +0.92%
    almost back to the 4,000 mark on Friday, also lifting it to the biggest weekly gain in roughly five months, according to Dow Jones Market Data.

    Investors showed courage on signs of a slight slowing of inflation, but the fortitude also comes as a drearier backdrop for investors has been unfolding in plain sight. Massive layoffs at big technology companies, the dramatic implosion of crypto-exchange FTX, and the day-to-day pain of high inflation and skyrocketing borrowing on businesses and households are all taking a toll.

    “We are not convinced this is the beginning of a new bull market,” said Sam Stovall, chief investment strategist at CRFA Research. “We believe that we are headed for recession. That has not been factored into earnings estimates and, therefore, share prices.”

    Stovall also said the stock market has yet to see the “traditional shakeout of confidence capitulation that we typically see that marks the end of the bear markets.”

    From Meta Platforms Inc.
    META,
    +1.03%
    to Lyft Inc.
    LYFT,
    +12.59%
    to Netflix Inc.
    NFLX,
    +5.51%
    there is a wave of major technology companies resorting to layoffs this fall, a threat that could sweep other sectors of the economy if a recession materializes.

    Yet, information technology stocks in the S&P 500 jumped 10% for the week, while financials, which stand to benefit from higher interest rates, rose 5.7%, according to FactSet.

    That could reflect optimism about the odds of a slower pace of Federal Reserve rate hikes in the months ahead, after sharp rate rises helped to undermine valuations and pull tech stocks dramatically lower in the past year. However, Loretta Mester, president of the Cleveland Fed, and other Fed officials since the October inflation reading on Thursday have reiterated the need to keep rates high, until 7.7% annual rate finds a clearer path to the central bank’s 2% target.

    The stock-market rally also might suggest that investors view continued mayhem in the crypto sector as contained, despite bitcoin
    BTCUSD,
    +0.42%
    trading near its lowest level in two years and the shocking collapse in recent days of FTX, once the world’s third-largest cryptocurrency exchange.

    Read: FTX’s fall: ‘This is the worst’ moment for crypto this year. Here’s what you should know.

    What happens to stocks in recessions

    Blows to the American economy rarely have been good for stocks. A look at seven past recessions, starting in 1969, shows declines for the S&P 500 as more typical than gains, with its most violent drop occurring in the 2007-2009 recession.

    The more than 37% drop of the S&P 500 from 2007 to 2009 was the worst of its kind in a recession since the late 1960s.


    Refinitiv data, London Stock Exchange Group

    While a looming U.S. recession isn’t a foregone conclusion, CEOs of America’s biggest banks have been warning about the risks for months. JP Morgan Chase’s Jamie Dimon said in October that a “tough recession” could drag the S&P 500 down another 20%, even though he also said consumers were doing fine, for now.

    Still, the steady stream of warnings about the recession odds have left many Americans confused and wondering if one can even happen without an increase in job losses.

    Big moves lately in stocks also have been hard to decode, given the economy was shocked back to life in the pandemic by trillions of dollars in fiscal stimulus and easy-money policies from the Fed that are now being reversed.

    “What I think goes unnoticed, certainly by the average person, is that these moves are not normal,” said Thomas Martin, senior portfolio manager at Globalt Investments, about stock swings this week.

    “It’s all about who is positioned how — and for what — and how much leverage they’re employing,” Martin told MarketWatch. “You get these outsized moves when people are offside.”

    Here’s a view of the sharp trajectory upward of the S&P 500 since 2010, but also its dramatic drop this year.

    Sharp rise of S&P 500 since 2010, but recent fall


    Refinitiv Datastream

    While Martin isn’t ruling out the potential for a seasonal “Santa Claus” rally heading into year-end, he worries about a potential leg lower for stocks next year, particularly with the Fed likely to keep interest rates high.

    “Certainly what’s being priced in now is either no recession or a very, very mild recession,” he said .

    However, Kristina Hooper, Invesco’s chief global market strategist, said the overarching story might be one of stocks sniffing out the first steps in a path to economic recovery, and the Fed potentially stopping its rate hikes at a lower “terminal” rate than expected.

    The Fed increased its benchmark interest rate to a 3.75% to 4% range in November, the highest in 15 years, but also has signaled it could top out near 4.5% to 4.75%.

    “If often happens that you can see stocks do well, in a less-than-good economic environment,” she said.

    The S&P 500 rose 4.2% for the week, while the Dow Jones Industrial Average
    DJIA,
    +0.10%
    gained 5.9%, posting its best weekly gain since late June, according to Dow Jones Market Data. The Nasdaq Composite Index shot up 8.1% for the week, its best weekly stretch in seven months.

    In U.S. economic data, investors will get an update on household debt on Tuesday, retail sales and homebuilder data on Wednesday, followed by jobless claims and housing starts data Thursday. Friday brings existing home sales.

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  • Apple and Google stocks just had their worst week in more than two years

    Apple and Google stocks just had their worst week in more than two years

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    Shares of Apple Inc. and Alphabet Inc. both suffered their largest weekly declines since the beginning days of the pandemic this week, as Big Tech companies continued to draw closer scrutiny from Wall Street.

    Apple’s stock
    AAPL,
    -0.19%
    finished down 11.2% on the week, its worst weekly performance since the week that ended March 20, 2020, according to Dow Jones Market Data. The stock declined 17.5% during that early-pandemic stretch.

    Shares of Apple fell during all five sessions this week.

    Shares in Google parent Alphabet
    GOOG,
    +3.84%

    GOOGL,
    +3.78%
    declined 10.1% during the week, their worst one-day percentage drop since that same March 20, 2020 week, when they fell 12.03%. The stock’s biggest weekly tumble in more than two years came even as Alphabet snapped a four-session losing streak in Friday trading.

    While Apple’s stock has fared better than that of Alphabet and other Big Tech peers, the company faces potential pandemic-related challenges owing to new COVID-19 setbacks at manufacturer Foxconn’s major facility. In addition, the realities of the current economic climate may be catching up to Apple, as Bloomberg News reported Thursday that the company had paused hiring in several areas unrelated to research and development.

    See more: Apple reportedly pauses hiring for many roles, joining Amazon in belt-tightening

    Though there didn’t seem to be any major news developments pegged to Alphabet specifically in the past week, investors are putting more pressure on big internet companies, according to Bernstein analyst Mark Shmulik. He recently conducted a Big Tech “autopsy” of results from Alphabet, Amazon.com Inc.
    AMZN,
    +1.88%    ,
    and Meta Platforms Inc.
    META,
    +2.11%    ,
    concluding that “perfection is required from here” for the three tech giants since Wall Street has less patience for weak performance in any one of their many business areas.

    Read: Amazon closes below $1 trillion valuation for the first time since 2020

    All three names suffered negative stock reactions in the wake of their latest earnings reports, which indicated challenges in the ad market due to economic pressures. At Alphabet specifically, “Search was more or less in-line with the buy-side bogey and the Cloud beat, but disappointing YouTube results combined with margin contraction drove a ~10% fall after-hours,” Shmulik wrote.

    Alphabet’s stock has declined 40% so far in 2022, while Apple’s is off 22% over the same span. The S&P 500
    SPX,
    +1.36%
    is down 21% on the year while the Dow Jones Industrial Average
    DJIA,
    +1.26%
    is off 11%.

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  • Roku stock plunges as downbeat earnings forecast assumes ad budgets could ‘degrade’

    Roku stock plunges as downbeat earnings forecast assumes ad budgets could ‘degrade’

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    Roku Inc. shares plummeted 19% in after-hours trading Wednesday after the streaming company topped expectations with its latest results but gave a weaker-than-anticipated outlook for the holiday quarter as economic conditions could further “degrade advertising budgets.”

    For the fourth quarter, Roku executives anticipate $800 million in revenue and a loss of $135 million on the basis of adjusted Ebitda. The FactSet consensus called for $899 million in revenue as well as a $48 million adjusted Ebitda loss.

    “As we enter the holiday season, we expect the macro environment to further pressure consumer discretionary spend and degrade advertising budgets, especially in the TV scatter market,” the company said in its shareholder letter. “We expect these conditions to be temporary, but it is difficult to predict when they will stabilize or rebound.”

    Chief Financial Officer Steve Louden shared on a call with reporters following the release that the company’s forecast “reflects the fact that we see a lot of challenges in the macro environment.”

    He explained that Roku tends to be more exposed to the scatter ad market — which represents ads bought during the quarter — than the typical TV network. Scatter spending is easy for marketers to turn on, but also easier for them to turn off, he noted.

    The forecast overshadowed the results from Roku’s third quarter, which were broadly better than expected.

    The company posted a net loss of $122.2 million, or 88 cents a share, whereas it logged net income of $68.9 million, or 48 a share, in the year-earlier period. Analysts tracked by FactSet were expecting a $1.29 loss on a per-share basis.

    Roku also reported a loss of $34 million on the basis of adjusted earnings before interest, taxes, depreciation and amortization. The company had posted positive adjusted Ebitda of $130 million in the year-before quarter. The FactSet consensus was for a $74 million loss on the non-GAAP metric.

    Revenue rose to $761 million from $680 million, while analysts were anticipating $696 million.

    The company generated $670 million in platform revenue and $91 million in player revenue. Analysts were expecting platform revenue of $613 million and player revenue of $87 million.

    Roku had 65.4 million active accounts in the latest quarter, up from 63.1 million in the second quarter. Average revenue per user was $44.25 on a trailing-12-month basis, compared with $44.10 in the second quarter and $40.10 in the prior year’s third quarter.

    Analysts were anticipating 64 million active accounts and $43.40 in average revenue per user.

    Louden noted on the media call that the account numbers “outperformed expectations.” The company has seen “strong sales of smart TVs both in the U.S. and internationally,” with Louden adding that “it’s hard to tell how much is driven by a shift back to home or back to streaming, which is a very good value proposition if money is tight.”

    Viewers spent 21.9 billion hours streaming content through Roku’s platform in the period. The FactSet consensus was for 20.9 billion hours streamed.

    As companies like Netflix Inc.
    NFLX,
    -4.80%
    and Walt Disney Co.
    DIS,
    -3.94%
    explore ad-supported streaming more deeply, Louden sees opportunity for Roku to be of further value.

    “That changes their focus a bit from only thinking about subscribers to thinking about engagement” and he sees Roku’s team members as “experts in understanding how consumers look at that.”

    The company also noted in its shareholder letter that CFO Louden intends to leave Roku at some point in 2023 after helping to recruit and train his successor.

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  • Amazon closes below $1 trillion valuation for the first time since 2020

    Amazon closes below $1 trillion valuation for the first time since 2020

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    The swift recent decline in Amazon.com Inc.’s stock has brought the company’s closing market value below $1 trillion for the first time in more than two years.

    Amazon shares
    AMZN,
    -0.82%
    fell 5.5% in Tuesday action, finishing with a market value of $987 billion. This marked the first time since April 6, 2020 that Amazon closed out of trillion-dollar territory, according to Dow Jones Market Data.

    Amazon’s valuation fell below the trillion-dollar milestone Tuesday.


    Dow Jones Market Data

    Amazon shares have tumbled 19.74% over the most recent five-session stretch. That five-day decline was the worst five-day loss for Amazon since its 22.03% plunge during the period that ended Nov. 20, 2008.

    The e-commerce giant has come under recent pressure after the company’s latest earnings report highlighted a slowdown in AWS cloud-computing revenue growth. Additionally, Amazon disappointed with the forecast it offered for the holiday quarter.

    “Combined with wobbles on revenue momentum for both AWS and retail, and suddenly the Amazon hiding place doesn’t look good,” Bernstein analyst Mark Shmulik wrote following Amazon’s earnings report last Thursday. “The good news here is that the story isn’t broken, it’s just pushed out into 2023, while Q4 may get worse before it gets better.”

    When looking at companies worth more than $200 billion, Amazon is currently closest to seeing its stock hit its pandemic-era low, according to Dow Jones Market Data. Amazon shares closed Thursday at $96.79, 15.5% above their pandemic low of $83.83. Only shares of Meta Platforms Inc.
    META,
    -2.30%
    have actually plunged below their pandemic low, among this grouping of the largest U.S. companies.

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  • Why the Dow is having a killer month as it heads for best October ever

    Why the Dow is having a killer month as it heads for best October ever

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    The Dow Jones Industrial Average has been criticized by some market watchers for being a poor barometer of equity-market performance given its relatively small sample size of just 30 stocks.

    But this quality, along with the paucity of megacap technology names, has helped shepherd the index toward what’s expected to be its biggest October gain in its 126-year history.

    With a month-to-date gain of 14.40% through Friday, the Dow
    DJIA,
    +2.59%
    is on track for its best monthly performance since January 1976, when it rose 14.41%, according to Dow Jones Market Data. To clinch its best October ever, it only needs to hang on to a month-to-date gain of 10.65% by the time the U.S. market closes on Monday.

    The Dow is still in a bear market, but is now down less than 10% for the year to date. That compares, however, with year-to-date losses of 18.2% for the S&P 500
    SPX,
    +2.46%
    and 29% for the Nasdaq Composite
    COMP,
    -8.39%    .

    Read: What the Dow’s stellar October and Big Tech’s ugly rout say about the stock market right now

    What exactly has made the Dow’s October performance so stellar?

     The blue-chip gauge is packed with energy and industrials stocks, which have been among the best performing sectors for the stock market since the start of the year, noted Art Hogan, chief market strategist at B. Riley Wealth Management. 

    These stocks have performed particularly well since the start of the latest quarterly earnings season, while megacap technology names like Meta Platforms Inc.
    META,
    +1.29%    ,
    Amazon.com Inc.
    AMZN,
    -6.80%
    and Alphabet Inc.
    GOOG,
    +4.30%
    have sputtered after delivering results and guidance that disappointed Wall Street this week.

    “It’s very tech-light, and it’s very heavy in energy and industrials, and those have been the winners,” Hogan said. “The Dow just has more of the winners embedded in it and that has been the secret to its success.”

    See: Live markets coverage

    The Dow is on track to log its highest close in at least two months on Friday as it outperforms both the S&P 500
    SPX,
    +2.46%
    and Nasdaq Composite
    COMP,
    -8.39%    .
    Furthermore, it’s on track to climb for a sixth straight session, what would be its longest winning streak since May 27, according to DJMD. 

    Adding to the list of notable factoids, the average is also on track to log a fourth straight weekly gain, which would cement its longest winning streak since Nov. 5, 2021, when the index rose for five straight weeks. 

    Caterpillar Inc.
    CAT,
    +3.39%    ,
    Chevron Corp.
    CVX,
    +1.17%
    And Amgen Inc.
    AMGN,
    +2.46%
    are the top-performing Dow stocks so far this month, having gained 29.3%, 21.2% and 18.3%, respectively, as of Friday.  

    In recent trade, the blue-chip average was up around 700 points, or 2.2%, on track for its biggest daily point and percentage gain in exactly one week.  

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