ReportWire

Tag: tools

  • Should Twitter have rejected Musk’s offer and remained publicly traded?

    Should Twitter have rejected Musk’s offer and remained publicly traded?

    [ad_1]

    Would Twitter have been better off to remain a public company rather than be taken private by Elon Musk?

    We’ll never know for sure, of course. But it’s hard to imagine that it would have performed any worse. Twitter as a private company is hemorrhaging advertisers, and according to a recent Fidelity analysis its market value is down nearly two-thirds from the $44 billion Musk paid for it.

    Grading Twitter’s performance as a private company is more than an idle armchair exercise. It goes to the heart of an age-old debate over whether companies can be more profitably managed when private rather than public. The private equity (PE) industry not surprisingly claims that its approach is superior, and much of Wall Street agrees since many PE firms have produced impressive long-term returns.

    The industry’s claims are not devoid of dissenters. Consider a recent study from Verdad Capital entitled “Private Equity Operational Improvements.” It was conducted by Minje Kwun of Dartmouth College and Lila Alloula of Yale University.

    In order to overcome the otherwise insuperable obstacle of being unable to measure how private companies are performing, the researchers focused on a subset of leveraged buyouts (LBOs) from 1996 to 2021 in which the private equity firms issued public debt. In order to sell debt to the public, of course, the PE firms had to issue financial statements publicly, and that enabled the researchers to analyze the LBOs’ performance after going private, relative to public companies in the same industry sector.

    Kwun and Alloula focused on six indicators of financial performance: Revenue growth, EBITDA margin, capital expenditures as a percentage of sales, and the ratios of gross profit to total assets, EBITDA to total assets, and debt to EBITDA. (EBITDA, of course, refers to Earnings Before Interest, Taxes, Depreciation and Amortization.)

    Relative to public companies in the same sector over the three years after going private, LBOs on average did not show any operational improvement along these six dimensions. The researchers conclude: “The [private equity] industry mythology of savvy and efficient operators streamlining operations and directing strategy to increase growth just isn’t supported by data.”

    Their results are consistent with those of a near-decade ago study by Jonathan Cohn and Lillian Mills of the University of Texas and Erin Towery of the University of Georgia. They used a different technique to access the otherwise inaccessible financial data of newly-private companies: Their tax returns. The professors focused on the operating performance of a sample of companies that had gone private between 1995 and 2007, comparing them to otherwise-similar companies that remained public. On average over the three years after going private, the researchers found, the private companies performed no better than the public ones.

    The source of PE’s industry high returns

    What, then, is the source of the increased return that the private equity industry often produces? The answer appears to be increased leverage. Leverage increases returns on the upside, even if it magnifies losses on the downside. Leverage has worked to the PE industry’s advantage over the last several decades since public markets have on balance have risen significantly.

    Notice that increasing leverage requires no particular management expertise or shrewd strategic planning. In principle it’s no more difficult than you or me purchasing stock on margin.

    These studies are not the final word on the subject. Some other studies, using alternate methodologies, have found some operational improvement at companies after being taken private. If different methodologies can reach such different conclusions, however, that would suggest that the benefits of going private are not as obvious and overwhelming as the private equity industry would have us believe.

    At a minimum, Kwun and Alloula argue, we should be skeptical “of any claims of operational improvements being a major contributor to PE’s performance relative to public markets.”

    Mark Hulbert is a regular contributor to MarketWatch. His Hulbert Ratings tracks investment newsletters that pay a flat fee to be audited. He can be reached at mark@hulbertratings.com

    More: These 5 fast-growing stocks pay generous dividends you can count on

    Also read: Top investment newsletters are down on tech, Tesla and Meta Platforms. Here’s what they like.

    [ad_2]

    Source link

  • Meta, Bank of America, Affirm, AmEx, JetBlue, and More Stock Market Movers

    Meta, Bank of America, Affirm, AmEx, JetBlue, and More Stock Market Movers

    [ad_1]


    • Order Reprints
    • Print Article

    [ad_2]
    Source link

  • Meta launches Threads, its app to rival Twitter, a day early

    Meta launches Threads, its app to rival Twitter, a day early

    [ad_1]

    Meta Platforms Inc. launched Threads, its rival to Twitter, a day early Wednesday.

    “Let’s do this. Welcome to Threads,” Meta Chief Executive Mark Zuckerberg posted on the new app.

    The text-based app, a spinoff of Meta’s META Instagram, had been set to launch Thursday morning, but instead went live for users in the U.S. and more than 100 other…

    [ad_2]

    Source link

  • Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far

    Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far

    [ad_1]

    Meta’s Twitter-rival Threads launches tomorrow: What we know so far

    [ad_2]

    Source link

  • Meta’s Twitter killer, Threads, is reportedly coming Thursday

    Meta’s Twitter killer, Threads, is reportedly coming Thursday

    [ad_1]

    Meta Platforms Inc.’s answer to Twitter is poised to launch, according to a new report, as Elon Musk’s faltering microblogging app struggles to hold onto advertisers and over the weekend placed restrictions on posts viewed by users.

    The Wall Street Journal reported late Monday that Meta’s
    META,
    -0.33%

    Threads will be released Thursday, and is expected to be built off of Instagram user data, giving it the potential to catch on and grow quickly.

    Bloomberg News also reported it would launch Thursday, citing a listing on Apple Inc.’s
    AAPL,
    -0.78%

    App Store.

    If Threads does launch Thursday, it could come at a perfect time for Meta to capitalize on anger toward Twitter. Late Monday, Twitter announced it was moving its popular TweetDeck viewing tool behind a paywall in 30 days, spurring widespread user outrage.

    Last week, the Threads app briefly appeared on Alphabet Inc.’s
    GOOGL,
    +0.17%

    GOOG,
    -0.34%

    Google Play Store in some regions.

    Threads allows users to port their Instagram username to a new platform that essentially opens direct-message chats on a more public forum. The Facebook parent company has been developing a text-based platform for some time.

    Read more: Musk vs. Zuckerberg: Which tech heavyweight is already winning the Wall Street cage match?

    Twitter, meanwhile, continues to seek ways to stem hemorrhaging advertising under new Chief Executive Linda Yaccarino as it puts a stranglehold on what subscribers can view. In a tweet Saturday, Musk — who acquired Twitter for $44 billion in October — said verified accounts were at one point limited to reading 6,000 posts a day. For unverified accounts, the number was 600 posts a day, while new account could only see 300. That number was later upgraded to 10,000, 1,000 and 500, respectively.

    Animosity between Musk and Meta co-founder and Chief Executive Mark Zuckerberg has been growing as the Twitter-rival app gets closer to market, culminating in Musk’s cage-fight challenge to Zuckerberg last month.

    Mike Murphy contributed to this report.

    [ad_2]

    Source link

  • A Gaping Hole in Cancer-Therapy Trials

    A Gaping Hole in Cancer-Therapy Trials

    [ad_1]

    This article was originally published by Undark Magazine.

    In October 2021, 84-year-old Jim Yeldell was diagnosed with Stage 3 lung cancer. The first drug he tried disrupted his balance and coordination, so his doctor halved the dose to minimize these side effects, Yeldell recalls. In addition, his physician recommended a course of treatment that included chemotherapy, radiation, and a drug targeting a specific genetic mutation. This combination can be extremely effective—at least in younger people—but it can also be “incredibly toxic” in older, frail people, says Elizabeth Kvale, a palliative-care specialist at Baylor College of Medicine, and also Yeldell’s daughter-in-law.

    Older patients are often underrepresented in clinical trials of new cancer treatments, including the one offered to Yeldell. As a result, he only learned of the potential for toxicity because his daughter-in-law had witnessed the treatment’s severe side effects in the older adults at her clinic.

    This dearth of age-specific data has profound implications for clinical care, because older adults are more likely than younger people to be diagnosed with cancer. In the U.S., approximately 42 percent of people with cancer are over the age of 70—a number that could grow in the years to come—yet they comprise less than a quarter of the people in clinical trials to test new cancer treatments. Many of those who do participate are the healthiest of the aged, who may not have common age-related conditions like diabetes or poor kidney or heart function, says Mina Sedrak, a medical oncologist and the deputy director of the Center for Cancer and Aging at City of Hope National Medical Center.

    For decades, clinical trials have tended to exclude older participants for reasons that include concerns about preexisting conditions and other medications and participants’ ability to travel to trial locations. As a result, clinicians cannot be as certain that approved cancer drugs will work as predicted in clinical trials for the people most likely to have cancer. This dearth of data means that older cancer patients must decide if they want to pursue a treatment that might yield fewer benefits—and cause more side effects—than it did for younger people in the clinical trial.

    This evidence gap extends across the spectrum of cancer treatments—from chemotherapy and radiation to immune-checkpoint inhibitors—with sometimes-dire results. Many forms of chemotherapy, for example, have proved to be more toxic in older adults, a discovery that came only after the drugs were approved for use in this population. “This is a huge problem,” Sedrak says. In an effort to minimize side effects, doctors will often tweak the dose or duration of medications that are given to older adults, but these physicians are doing this without any real guidance.

    Despite recommendations from funders and regulators, as well as extensive media coverage, not much has changed in the past three decades. “We’re in this space where everyone agrees this is a problem, but there’s very little guidance on how to do better for older adults,” Kvale says. “The consequences in the real world are stark.”


    Post-approval studies of cancer drugs have helped shed light on the disconnect between how these drugs are used in clinical trials and how they are used in clinics around the country.

    For example, when Cary Gross, a physician and cancer researcher at Yale, set out to study the use of a new kind of cancer drug known as an immune-checkpoint inhibitor, he knew that most clinicians were well aware that clinical trials overlooked older patients. Gross’s research team suspected that some doctors might be wary of offering older adults the treatments, which work by preventing immune cells from switching off, thus allowing them to kill cancer cells. “Maybe they’re going to be more careful,” he says, and offer the intervention to younger patients first.

    But in a 2018 analysis of more than 3,000 patients, Gross and his colleagues found that within four months of approval by the FDA, most patients eligible to receive a class of immune-checkpoint inhibitors were being prescribed the drugs. And the patients receiving this treatment in clinics were significantly older than those in the clinical trials. “Oncologists were very ready to give these drugs to the older patients, even though they’re not as well represented,” Gross says.

    In another analysis, published this year, Gross and his colleagues examined how these drugs helped people diagnosed with certain types of lung cancer. The team found that the drugs extended the life of patients under the age of 55 by a median of four and a half months, but only by a month in those over the age of 75.

    The evidence doesn’t suggest that checkpoint inhibitors aren’t helpful for many patients, Gross says. But it’s important to identify which particular populations are helped the most by these drugs. “I thought that we would see a greater survival benefit than we did,” he says. “It really calls into question how we’re doing research, and we really have to double down on doing more research that includes older patients.”

    People over the age of 65 don’t fare well with other types of cancer treatments either. About half of older patients with advanced cancer experience severe and even potentially life-threatening side effects with chemotherapy, which can lead oncologists to lower medication doses, as in Yeldell’s case.

    There’s a strong connection between the lack of evidence from clinical trials and worse outcomes in the clinic, according to Kvale. “There’s a lot of enthusiasm for these medicines that don’t seem so toxic up front,” she says, “but understanding where they do or don’t work well is key—not just because of the efficacy, but because those drugs are almost toxically expensive sometimes.”

    Since the earliest reports of this data gap, regulators and researchers have tried to fix the problem. Changes to clinical trials have, in principle, made it easier for older adults to sign up. For instance, fewer and fewer studies have an upper age limit for participants. Last year, the FDA issued guidance to industry-funded trials recommending the inclusion of older adults and relaxing other criteria, to allow for participants with natural age-related declines. Still, the problem persists.

    When Sedrak and his colleagues set out to understand why the needle had moved so little over the past few decades, their analysis found a number of explanations, beginning with eligibility criteria that may inadvertently disqualify older adults. Physicians may also be concerned about their older patients’ ability to tolerate unknown side effects of new drugs. Patients and caregivers share these concerns. The logistics of participation can also prove problematic.

    “But of all these, the main driving force, the upstream force, is that trials are not designed with older adults in mind,” Sedrak says. Clinical trials tend to focus on survival, and although older adults do care about this, many of them have other motivations—and concerns—when considering treatment.


    Clinical trials are generally geared toward measuring improvements in health: They may track the size of tumors or months of life gained. These issues aren’t always top of mind for older adults, according to Sedrak. He says he’s more likely to hear questions about how side effects may influence the patient’s cognitive function, ability to live independently, and more. “We don’t design trials that capture the end points that older adults want to know,” he says.

    As a group, older adults do experience more side effects, sometimes so severe that the cure rivals the disease. In the absence of evidence from clinical trials, clinicians and patients have tried to find other ways to predict how a patient’s age might influence their response to treatment. In Yeldell’s case, discussions with Kvale and his care team led him to choose a less intensive course of treatment that has kept his cancer stable since October 2022. He continues to live in his own home and exercises with a trainer three times a week.

    For others trying to weigh their choices, researchers are developing tools that can create a more complete picture by accounting for a person’s physiological age. In a 2021 clinical trial, Supriya Mohile, a geriatric oncologist at the University of Rochester, and her colleagues tested the use of one such tool, known as a geriatric assessment, on the side effects and toxicity of cancer treatments. The tool assesses a person’s biological age based on various physiological tests.

    The team recruited more than 700 people with an average age of 77 who were about to embark on a new cancer-treatment regimen with a high risk of toxicity. Roughly half of the participants received guided treatment-management recommendations based on a geriatric assessment, which their oncologists factored into their treatment decisions. Only half of this group of patients experienced serious side effects from chemotherapy, compared with 71 percent of those who didn’t receive specialized treatment recommendations.

    This type of assessment can help avoid both undertreatment of people who might benefit from chemotherapy and overtreatment of those at risk of serious side effects, Mohile says. It doesn’t compensate for the lack of data on older adults. But in the absence of that evidence, tools such as geriatric assessment can help clinicians, patients, and families make better-informed choices. “We’re kind of going backwards around the problem,” Mohile says. Although geriatric oncologists recognize the need for better ways to make decisions, she says, “I think the geriatric assessment needs to be implemented until we have better clinical-trial data.”

    Since 2018, the American Society of Clinical Oncology has recommended the use of geriatric assessment to guide cancer care for older patients. But clinicians have been slow to follow through in their practice, in part because the assessment doesn’t necessarily show any cancer-specific benefits, such as tumors shrinking and people living longer. Instead, the tool’s main purpose is to improve quality of life. “We need more prospective therapeutic trials in older adults, but we also need all of these other mechanisms to be funded,” Mohile says, “So we actually know what to do for older adults who are in the real world.”

    [ad_2]

    Jyoti Madhusoodanan

    Source link

  • Austin Pets Alive! | How APA! Gives Behavior Dogs a Second Lease on…

    Austin Pets Alive! | How APA! Gives Behavior Dogs a Second Lease on…

    [ad_1]

    Jun 01, 2023

    Large breed, adult dogs have a lot of love to give the right human, but they are often the last to be adopted, placing them at risk for euthanasia. The Dog Behavior Program at Austin Pets Alive!, however, may be their lifeline. The program has successfully supported thousands of large adult dogs in need of grace by providing the precious pets with tools to cope with past traumas as well as the gift of time to heal and learn.

    Hudson is one of them. He entered our care in 2021, coming to us from Dogs Playing for Life. Our team has worked diligently with Hudson to create a path to adoption by learning his personality, how he interacts with other animals as well as humans. Our experienced staff has created a customized “Hudson Plan” that provides the tools that he needs to successfully, safely and happily navigate a full life. This plan, as does Hudson, relies on someone willing to advocate for him and confidently guide him through situations that make him nervous. Given an inch, he’ll go a mile, but ultimately, he’s a rules boy and really appreciates when everyone is following them – always!

    Hearty and fit, Hudson looks like he’s up for adventure, however this pupper is more of a homebody. Simply seeing strangers is triggering for Hudson so going out into public is not a safe-zone for him. We suggest any walks take place in the early morning hours or later evening hours — just anytime foot traffic is lightest! And walks must always take place on leash. Even having “strangers” in his home can be hard for him so our behavior team has identified a safe routine for his future family to host guests and eventually introduce him to new people.

    Sure, he’s got a lot of “don’ts” to follow. On the other hand, Hudson is really into couch snuggles with his very own trusted human, a warm bed and his own yard where he can get exercise and play a great game of fetch. He keeps a tight circle of friends and when you’re in, you’re in! In fact, he has his own dedicated team of people, staff and volunteers, who have pledged to support Hudson and his future family for life. Hudson needs a win. He’s done the hard work to find ways to trust the humans he loves and now deeply needs to find a home that will offer him structure, time and care.

    Once Hudson finds the human(s) and home that will offer him the structure and care he needs, the adopter can guarantee that Hudson comes with a cheerleading section. Not only does APA! offer behavioral support for life, Hudson’s (human) pack of friends — staff and volunteers that have wiggled their way into his heart through trust and consistency, are pledging to be just a phone call away to support their “Huddy” and his family.

    Saving the lives of dogs and cats has always been APA!’s goal. The Dog Behavior Program is one of the programs that has contributed to keeping Austin’s save rate well above 90%. Through focusing on treating the whole dog — mind, body and spirit, paired with seeking out homes appropriate for some of our more challenging dogs and offering tools and support for life, this program has successfully placed hundreds of dogs into loving homes and continues to innovate to give all pets their deserved chance at life.

    [ad_2]

    Source link

  • Austin Pets Alive! | APA! Gives Behavior Dogs a Second Lease on Life:…

    Austin Pets Alive! | APA! Gives Behavior Dogs a Second Lease on Life:…

    [ad_1]

    Jun 01, 2023

    Large breed, adult dogs have a lot of love to give the right human, but they are often the last to be adopted, placing them at risk for euthanasia. The Dog Behavior Program at Austin Pets Alive!, however, may be their lifeline. The program has successfully supported thousands of large adult dogs in need of grace by providing the precious pets with tools to cope with past traumas as well as the gift of time to heal and learn.

    Hudson is one of them. He entered our care in 2021, coming to us from Dogs Playing for Life. Our team has worked diligently with Hudson to create a path to adoption by learning his personality, how he interacts with other animals as well as humans. Our experienced staff has created a customized “Hudson Plan” that provides the tools that he needs to successfully, safely and happily navigate a full life. This plan, as does Hudson, relies on someone willing to advocate for him and confidently guide him through situations that make him nervous. Given an inch, he’ll go a mile, but ultimately, he’s a rules boy and really appreciates when everyone is following them – always!

    Hearty and fit, Hudson looks like he’s up for adventure, however this pupper is more of a homebody. Simply seeing strangers is triggering for Hudson so going out into public is not a safe-zone for him. We suggest any walks take place in the early morning hours or later evening hours — just anytime foot traffic is lightest! And walks must always take place on leash. Even having “strangers” in his home can be hard for him so our behavior team has identified a safe routine for his future family to host guests and eventually introduce him to new people.

    Sure, he’s got a lot of “don’ts” to follow. On the other hand, Hudson is really into couch snuggles with his very own trusted human, a warm bed and his own yard where he can get exercise and play a great game of fetch. He keeps a tight circle of friends and when you’re in, you’re in! In fact, he has his own dedicated team of people, staff and volunteers, who have pledged to support Hudson and his future family for life. Hudson needs a win. He’s done the hard work to find ways to trust the humans he loves and now deeply needs to find a home that will offer him structure, time and care.

    Once Hudson finds the human(s) and home that will offer him the structure and care he needs, the adopter can guarantee that Hudson comes with a cheerleading section. Not only does APA! offer behavioral support for life, Hudson’s (human) pack of friends — staff and volunteers that have wiggled their way into his heart through trust and consistency, are pledging to be just a phone call away to support their “Huddy” and his family.

    Saving the lives of dogs and cats has always been APA!’s goal. The Dog Behavior Program is one of the programs that has contributed to keeping Austin’s save rate well above 90%. Through focusing on treating the whole dog — mind, body and spirit, paired with seeking out homes appropriate for some of our more challenging dogs and offering tools and support for life, this program has successfully placed hundreds of dogs into loving homes and continues to innovate to give all pets their deserved chance at life.

    [ad_2]

    Source link

  • Nvidia barrels toward rare $1 trillion valuation after putting a dollar figure on AI boost

    Nvidia barrels toward rare $1 trillion valuation after putting a dollar figure on AI boost

    [ad_1]

    Nvidia Corp. headed toward market-capitalization gains of nearly $200 billion in after-hours trading Wednesday, which could put the chip maker within sight of becoming only the seventh U.S. company to top a valuation of $1 trillion.

    Nvidia shares
    NVDA,
    -0.49%

    jumped 25% in the extended session Wednesday, after executives predicted that revenue would exceed the company’s record by more than 30% in the current quarter. The audacious forecast arrived as tech companies look to jump on advances in artificial intelligence that are largely powered by Nvidia’s computing gear.

    Nvidia ended Wednesday’s session with a market cap — the total value of all shares in existence — of roughly $754.3 billion, according to FactSet. A 25% increase would add nearly $189 billion to that total, putting the company within striking distance of $1 trillion. Only six U.S. companies have ever attained a $1 trillion market cap: Apple Inc.
    AAPL,
    +0.16%

    and Microsoft Corp.
    MSFT,
    -0.45%

    are currently worth more than $2 trillion apiece; Google parent Alphabet Inc.
    GOOGL,
    -1.35%

    and Amazon.com Inc.
    AMZN,
    +1.53%

    have valuation of more than $1 trillion; and Facebook parent Meta Platforms Inc.
    META,
    +1.00%

    and Tesla Inc.
    TSLA,
    -1.54%

    have both touched the $1 trillion plateau previously.

    For more: From U.S. Steel’s $1 billion market cap to Apple’s $1 trillion — a brief history of valuation milestones

    Nvidia’s market cap was ahead of both Meta and Tesla as of Wednesday’s close, with both worth less than $650 billion, showing the potential fleeting nature of such a valuation. Nvidia’s record market cap is $834.4 billion, established on Nov. 29. 2021, according to Dow Jones Market Data.

    If Nvidia’s gains hold through Thursday’s trading session, the company could challenge for the largest one-day market-cap gain in history. The biggest currently on record was Amazon’s $191.2 billion increase on Feb. 4, 2022, according to Dow Jones Market Data, followed closely by a $190.9 billion gain by Apple on Nov. 10, 2022. Nvidia also stands to gain more than rival Advanced Micro Devices Inc.
    AMD,
    +0.14%

    is worth in total — AMD ended Wednesday’s session with a market cap of $174.4 billion.

    Nvidia is closing in on the rare $1 trillion plateau because of huge gains in its stock this year, as hopes and hype about generative AI have flooded the tech sector. After OpenAI debuted its ChatGPT AI offering, and investor Microsoft quickly integrated the chatbot into many of its services, expectations for the technology have exploded.

    Despite the hype, most companies have avoided providing hard figures for revenue gains expected from AI. Nvidia’s fiscal second-quarter forecast — which calls for roughly $11 billion in sales, nearly 33% higher than Nvidia’s previous quarterly record of $8.28 billion — could be seen as the first sign of a wave of fresh spending coursing through the tech sector.

    Other companies have indicated that they will be forced to spend to develop their technology before reaping large financial rewards from it. Microsoft, for example, disclosed to investors last month that capital expenditures are increasing as it builds AI capabilities into its Azure cloud-computing platform — spending that is largely going toward Nvidia.

    Full earnings coverage: Nvidia stock soars toward all-time high as AI push leads executives to predict record revenue

    That is a rather typical path for large jumps in tech spending: Companies that make the necessary hardware see gains before the companies that use that gear can develop offerings that take advantage of it. Other gear makers joined Nvidia in the sharp move higher in after-hours trading Wednesday, including AMD, which gained more than 10%; chip maker Marvell Technology Inc.
    MRVL,
    -1.31%
    ,
    which increased more than 5%; and networking specialist Arista Networks Inc.
    ANET,
    +0.53%
    ,
    which added about 5%.

    Alphabet and Microsoft stocks both increased around 2% in after-hours trading, and software companies that have made AI a core part of their offerings also saw gains. Palantir Technologies Inc.
    PLTR,
    -3.24%

    and C3.ai Inc.
    AI,
    +2.54%

    shares both increased more than 8%, for example.

    [ad_2]

    Source link

  • Meta begins third round of layoffs: reports

    Meta begins third round of layoffs: reports

    [ad_1]

    Meta Platforms Inc. has started to execute on its latest round of layoffs, according to reports.

    The third round of cuts is part of a plan that Meta
    META,
    +3.70%

    Chief Executive Mark Zuckerberg announced in March in an effort to further slash costs at the social-media company. He said at the time that Meta would lay off about 10,000 workers while closing roughly 5,000 additional roles for which the company had yet to make hires.

    The current rounds of cuts build on at least 11,000 layoffs that were announced last fall.

    See more: Meta steadily rolls out 3-part round of layoffs

    CNBC reported Wednesday that Meta employees in user experience, marketing and recruiting roles indicated they were affected by the current round of cuts.

    Zuckerberg said in a March note to employees, which was also shared as a company blog post, that the company planned to make restructuring moves in its technology groups in late April before making changes to the business groups in late May.

    Reuters reported that the latest layoffs mainly affect employees in non-engineering positions, part of Zuckerberg’s goal of boosting the ratio of engineers at Meta relative to other positions.

    Don’t miss: Meta’s ‘outstanding’ stock rally can keep roaring, analyst says in upgrade

    Meta declined to comment in response to a MarketWatch request for confirmation of the latest layoffs.

    The company is in the midst of what Zuckerberg has dubbed a “year of efficiency,” which comes in response to investor concern last fall about high spending levels at the company alongside the backdrop of declining revenue. Meta has since become arguably the most aggressive of the largest public technology companies in its cost-cutting efforts.

    [ad_2]

    Source link

  • Instagram is readying a Twitter-like service

    Instagram is readying a Twitter-like service

    [ad_1]

    Embattled Twitter may soon have a serious rival: Facebook’s Instagram is planning to release a text-based app as a competitor.

    Instagram, a property of Meta Platforms Inc.
    META,
    -0.49%
    ,
    has been testing the service with creators, celebrities and influencers for months, according to people familiar with Meta’s strategy.

    “We’re exploring a standalone decentralized social network for sharing text updates. We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests,” a Meta spokesperson told MarketWatch.

    The app could debut as early as June, according to Lia Haberman, an adjunct professor at the University of California, Los Angeles, who teaches social and influencer marketing. She published a screenshot of an early description of the app, which may eventually be compatible with rival Twitter apps like Mastodon.

    Twitter has hemorrhaged users since Tesla Inc.
    TSLA,
    +1.84%

    Chief Executive Elon Musk began his chaotic leadership of the company late last year, prompting an exodus by disgruntled customers to alternative services like Mastodon and Bluesky.

    Jasmine Enberg, an analyst at Insider Intelligence, said the text-based service has been in the works for months alternately code-named P92 or Barcelona.

    “The big picture here is that there is clearly an appetite for Twitter-like services,” Enberg said in an interview. “With Twitter’s problems and so many alternatives, Meta’s new service looks like a mashup of Instagram and Twitter. Meta sees an opportunity to tap into this market, and it has a history of copying other popular apps [like Snap].”

    Meta’s stock was flat in Friday’s regular trading session.

    [ad_2]

    Source link

  • Elon Musk says he’s hired new CEO for Twitter; is it NBCUniversal’s Linda Yaccarino?

    Elon Musk says he’s hired new CEO for Twitter; is it NBCUniversal’s Linda Yaccarino?

    [ad_1]

    Twitter Chief Executive Elon Musk says he’s found a new CEO to run Twitter and its parent company, X Corp., and “she” starts soon.

    “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!” Musk tweeted Thursday afternoon. “My role will transition to being exec chair & [chief technology officer], overseeing product, software & sysops.”

    Musk did not offer any clues as to the identity of Twitter’s incoming CEO, but late Thursday, the Wall Street Journal reported Linda Yaccarino, NBCUniversal’s head of advertising, was in talks to become the CEO.

    Yaccarino has worked at Comcast’s
    CMCSA,
    +1.28%

    NBCU for more than a decade, and has been an industry advocate in finding better ways to measure advertising’s effectiveness, according to the Journal.

    Yaccarino oversees global, national and local ad sales, partnerships, marketing, ad tech, data, measurement and strategic initiatives, according to her bio, which says she and her team have generated more than $100 billion in ad sales.

    “She knows metrics in advertising, and has played in different media,” Timothy Hubbard, assistant professor of management at the University of Notre Dame’s Mendoza College of Business, said in an interview. “I don’t know much about her, but she can balance Musk somewhat with her flexibility in advertising.”

    She and Musk appeared in a keynote conversation at a conference in Miami last month, according to Dateline, before NBCU and Twitter inked a major ad pact for the 2024 Olympics.

    Wedbush analyst Dan Ives said the move is good for the stock of Tesla Inc.
    TSLA,
    +2.10%
    ,
    where Musk is also CEO.

    “Musk stepping down as Twitter CEO sooner than thought is clearly good news overall for Tesla investors,” Ives said on Twitter. “Less time focused on Twitter platform and more time around Tesla SpaceX…balancing act too difficult and needed to make this move sooner rather than later.”

    In a note, Ives added: “With the tweet this afternoon, Musk’s reign as CEO of Twitter has finally come to an end and thus will be a positive for Tesla’s stock starting to finally remove this lingering albatross from the story,” and maintained Tesla’s outperform rating.

    Tesla shares advanced 1.6% in after-hours trading.

    After Musk acquired the social media giant for $44 billion, he posted a Twitter poll in December that asked if he should step down as CEO. A majority (57%) said yes, and he responded saying: “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.”

    [ad_2]

    Source link

  • Elon Musk says he’s hired new CEO for Twitter; is it NBCUniversal’s Linda Yaccarino?

    Elon Musk says he’s hired new CEO for Twitter; is it NBCUniversal’s Linda Yaccarino?

    [ad_1]

    Twitter Chief Executive Elon Musk says he’s found a new CEO to run Twitter and its parent company, X Corp., and “she” starts soon.

    “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!” Musk tweeted Thursday afternoon. “My role will transition to being exec chair & [chief technology officer], overseeing product, software & sysops.”

    Musk did not offer any clues as to the identity of Twitter’s incoming CEO, but late Thursday, the Wall Street Journal reported Linda Yaccarino, NBCUniversal’s head of advertising, was in talks to become the CEO.

    Yaccarino has worked at Comcast’s
    CMCSA,
    +1.28%

    NBCU for more than a decade, and has been an industry advocate in finding better ways to measure advertising’s effectiveness, according to the Journal.

    “She knows metrics in advertising, and has played in different media,” Timothy Hubbard, assistant professor of management at the University of Notre Dame’s Mendoza College of Business, said in an interview. “I don’t know much about her, but she can balance Musk somewhat with her flexibility in advertising.”

    Wedbush analyst Dan Ives said the move is good for the stock of Tesla Inc.
    TSLA,
    +2.10%
    ,
    where Musk is also CEO.

    “Musk stepping down as Twitter CEO sooner than thought is clearly good news overall for Tesla investors,” Ives said on Twitter. “Less time focused on Twitter platform and more time around Tesla SpaceX…balancing act too difficult and needed to make this move sooner rather than later.”

    In a note, Ives added: “With the tweet this afternoon, Musk’s reign as CEO of Twitter has finally come to an end and thus will be a positive for Tesla’s stock starting to finally remove this lingering albatross from the story,” and maintained Tesla’s outperform rating.

    In December, Musk posted a Twitter poll asking if he should step down as CEO. A majority said yes, and he responded saying: “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.”

    [ad_2]

    Source link

  • TripAdvisor lawsuit highlights companies moving to Nevada from Delaware

    TripAdvisor lawsuit highlights companies moving to Nevada from Delaware

    [ad_1]

    A lawsuit filed in Delaware in April against the travel site Tripadvisor and its majority shareholder is highlighting what may be a growing trend: companies seeking to shift their incorporations to Nevada to avoid Delaware’s more stringent and entrenched legal standards.

    The suit was filed on behalf of a group of Tripadvisor Inc. TRIP shareholders, who are hoping to persuade the Delaware Chancery Court to stop the company from pushing ahead with board-approved plans to reincorporate in Nevada, arguing their motive is to take…

    [ad_2]

    Source link

  • Snap stock sinks nearly 20% on revenue miss

    Snap stock sinks nearly 20% on revenue miss

    [ad_1]

    Snap Inc.’s stock plunged more than 18% in extended trading Thursday after the social-media company reported a decline in revenue as it retools its ad platform.

    Revenue dropped 7% to $988.6 million, from $1.06 billion a year ago. Analysts surveyed by FactSet had expected on average a net loss of a penny a share on revenue of $1 billion.

    Sales…

    [ad_2]

    Source link

  • Meta stock jumps toward highest price in a year as Facebook parent predicts renewed revenue growth

    Meta stock jumps toward highest price in a year as Facebook parent predicts renewed revenue growth

    [ad_1]

    Meta Platforms Inc.’s stock soared more than 10% higher in extended trading Wednesday after the social networking company’s profit declined less than expected in the first three months of 2023, and a revenue forecast pointed toward reinvigorated sales growth.

    Facebook’s parent company META racked up fiscal first-quarter net earnings of $5.71 billion, or $2.20 a share, compared with earnings of $2.72 a share in the year-ago quarter. Revenue gained less than 3% to $28.65 billion from $27.91 billion a year ago.

    Analysts…

    [ad_2]

    Source link

  • Facebook settlement: How to apply for some of Meta’s $725 million payout

    Facebook settlement: How to apply for some of Meta’s $725 million payout

    [ad_1]

    If you used Facebook between May 2007 and December 2022, the social-media giant may owe you some money.

    A California judge preliminarily approved a $725 million settlement between Facebook parent Meta Platforms
    META,
    -1.01%

    and users who say the company allowed their data to be viewed or shared by third parties, notably Cambridge Analytica, without their consent.

    The judge’s approval was a precursor to the final approval hearing, which will take place in September, but people can begin submitting claims now to potentially get a cash payment.

    Who does the Facebook settlement apply to?

    The $725 million settlement applies to anybody who was a Facebook user in the U.S. between May 24, 2007 and Dec. 22, 2022. The class-action form simply states that people who were Facebook users during that period are eligible. It does not mention any required level of activity on the account.

    It’s unclear if someone with multiple Facebook accounts would be entitled to more money than a person with a single account. To find out if you are included in the settlement group, you can email info@FacebookUserPrivacySettlement.com 

    When is the deadline to submit a claim?

    The claim form must be submitted no later than Aug. 25, 2023.

    The form can be completed online or downloaded and mailed to the settlement administrator at the following address: Facebook Consumer Privacy User Profile Litigation, c/o Settlement Administrator, 1650 Arch St., Suite 2210, Philadelphia, PA 19103.

    How much money will you get?

    As is typical with class-action lawsuits, the amount an individual will receive is dependent on a variety of factors.

    The settlement form says the payment will vary based on how many people submit claims. Additionally, administrative costs and attorneys’ fees will be deducted from the settlement fund prior to its release.

    See also: Mark Zuckerberg’s total 2022 pay rose because of the increased use of private aircraft

    “Settlement payments will be distributed as soon as possible if the Court grants Final Approval of the Settlement and after any appeals are resolved,” the claim website notes.

    How many people does this affect?

    Because Facebook has so many users and because of the 16-year time frame for this settlement, there are millions of people who could submit a claim.

    According to data compiled by Statista, total Facebook users in the U.S. numbered roughly 240 million in 2022.

    What has Meta said about the lawsuit?

    In December 2022, Meta agreed in principle to pay the settlement. At the time, a Meta spokesman said settling the class-action suit was “in the best interest of our community and shareholders.” The company added that it had revamped its privacy approach and “implemented a comprehensive privacy program.”

    Despite agreeing to pay the settlement, “Meta expressly denies any liability or wrongdoing,” according to the lawsuit website.

    Representatives for Meta didn’t immediately respond to MarketWatch’s request for comment on this story.

    See also: NPR’s CEO sayd ‘I have lost my faith in the decision-making’ at Twitter under Elon Musk

    The settlement comes as Meta is set to announce another round of layoffs this week.

    Meta shares were down 0.95% in the early afternoon on Wednesday and have gained nearly 80% year to date, compared with the S&P 500’s
    SPX,
    -0.01%

     8.11% gain in 2023.

    [ad_2]

    Source link

  • Why Snap is suddenly eligible to join the S&P 500

    Why Snap is suddenly eligible to join the S&P 500

    [ad_1]

    Snap Inc.’s initial public offering led to changes that barred the company and others like it from joining major stock indexes, but at least one major index provider has decided to drop those limitations after less than six years.

    S&P Dow Jones Indices announced Monday afternoon that a 2017 rule barring companies with multiple share classes from joining indexes such as the S&P 500
    SPX,
    +0.33%

    has been dropped. The move comes after the index manager consulted with “market participants” at the end of last year to discuss several potential changes to the policy.

    Snap
    SNAP,
    +1.78%

    was the poster child for the initial change, after the parent company of the Snapchat mobile app went public in 2017 by selling a class of shares with no voting rights. That unprecedented move ensured that co-founders Evan Spiegel and Bobby Murphy would retain absolute power over their company even while selling shares to the public.

    Snap’s move was an acceleration of an approach used by a generation of Silicon Valley tech companies to ensure that founders retained control of their companies even while selling shares to the public. Companies such as Facebook parent Meta Platforms Inc.
    META,
    -1.19%

    and Google parent Alphabet Inc.
    GOOGL,
    -2.66%

    GOOG,
    -2.78%

    used similar structures that provided their leaders with special shares that included increased voting rights, which Snap took further by offering no voting rights.

    From 2017: Snap backlash, Facebook capitulation won’t stop founder-friendly stock structures

    In response, FTSE Russell established rules about putting votes in the public’s hands while selling stock, and S&P Dow Jones Indices completely barred all companies that had multiple classes of stock from joining its core indexes. While FTSE Russell’s rule — which requires that at least 5% of votes rest in the hands of public investors — remains, S&P Dow Jones Indices will now drop its rule entirely, after roughly 80% of respondents voted in favor of a change in 2017.

    There were other options besides completely dropping the rule. Participants in the consultation process were given several options and asked to rank them, including barring companies that only offer nonvoting stock to the public — such as Snap — or allowing companies that establish “sunset” provisions that would eventually revert all shares to equal voting rights.

    Related: Investors want change, but founders like Mark Zuckerberg hold them off

    Snap declined to comment Monday afternoon.

    The change to allow all companies with multiple share classes to join the S&P Composite 1500 and its multiple component indexes is effective as of Monday, S&P Dow Jones Indices announced, though no changes were immediately made to any index. Tracking stocks will still not be eligible for inclusion, according to the announcement.

    For more: As Snap melts down, its founders make sure to protect the people who matter — themselves

    [ad_2]

    Source link

  • FELCO Launches New Range of Garden Tools

    FELCO Launches New Range of Garden Tools

    [ad_1]

    FELCO, the world leader in pruning and horticultural tools, has recently launched a new range of gardening hand tools. This new gardening range is designed to help both landscapers and home gardeners to get the most out of their gardening experience. The gardening hand tool range includes a trowel, cultivator, weeder, fork, and Swiss Hori-Hori, all of which have been crafted with specific functions to help with gardening tasks.

    The trowel is perfect at digging holes for seeds, plants, and flowers, while the cultivator is ideal for breaking up soil and preparing garden beds for planting. The weeder excels at removing weeds in vegetable gardens, fruit tree basins, and around vineyard plantings, while the fork can be used for aerating soil and turning compost. Finally, the Swiss Hori-Hori is an essential tool to dig up tap rooted weeds in lawns and gardens.

    What’s great about this new range of gardening hand tools is that they are made from high-quality, sustainable materials. Each tool is handmade to last and comes with a lifetime warranty, making them virtually unbreakable. The handles are made from sustainable FSC ash wood with an ergonomic contour, which is easy and comfortable to use over extended periods of time. The bright red handle color, synonymous with FELCO, is done by a phthalate-free, linen-based oil, ensuring the tools are easy to find in the garden.

    Moreover, these tools are made from forged boron steel and hardened steel, which makes them heavy-duty, honed, and sharpened to perfection. Even the toughest gardening tasks are made easy. FELCO’s commitment to excellence in quality and innovation is evident in this new product category, which will surely delight their demanding consumers.

    As a professional landscaper or a home gardener, these new FELCO gardening tools will give the performance everyone is looking for. So, why not invest in a set of FELCO gardening tools for the next gardening project? 

    About FELCO

    FELCO is a leading manufacturer of high-quality pruning tools and accessories. With a commitment to precision engineering and a focus on user experience, FELCO is dedicated to providing customers with the best possible products to help them get the job done right. All FELCO products are backed by a comprehensive warranty to ensure your complete satisfaction. Visit felco.com for more information. 

    Source: FELCO North America

    [ad_2]

    Source link

  • Apple CEO Tim Cook explains why consumers would want a mixed-reality headset

    Apple CEO Tim Cook explains why consumers would want a mixed-reality headset

    [ad_1]

    Apple Inc. Chief Executive Tim Cook, GQ’s latest cover boy, has a sales pitch for a mixed-reality headset.

    “The idea that you could overlay the physical world with things from the digital world could greatly enhance people’s communication, people’s connection,” Cook told GQ, without confirming the rumored June 5 announcement of Apple’s
    AAPL,
    +0.77%

    Reality Pro headset.

    Apple’s plunge into the so-called metaverse would offer a jolt to a flagging industry as well as serious competition to Facebook parent Meta Platforms Inc.
    META,
    +0.53%
    ,
    Alphabet Inc.’s
    GOOGL,
    +0.61%

    GOOG,
    +0.88%

    Google, Microsoft Corp.
    MSFT,
    -0.37%
    ,
    Snap Inc.
    SNAP,
    +0.27%

    and others.

    ‘It’s the idea that there is this environment that may be even better than just the real world — to overlay the virtual world on top of it might be an even better world.’


    — Tim Cook

    Creative users, the lifeblood of Apple’s business model, stand to gain the most from virtual-reality products, according to Cook.

    “It’s the idea that there is this environment that may be even better than just the real world — to overlay the virtual world on top of it might be an even better world,” Cook told GQ. “If it could accelerate creativity, if it could just help you do things that you do all day long and you didn’t really think about doing them in a different way.”

    Cook also looked inward during the far-ranging interview, explaining his persona and the challenges in succeeding the legendary Steve Jobs as Apple CEO. Jobs died in 2011.

    “I always hate the word normal in a lot of ways, because what some people use to describe normal equals straight,” Cook said. “Some people would use that word in that kind of way. I don’t know — I’ve been described as a lot of things, but probably normal is not among those.”

    Added Cook: “I knew I couldn’t be Steve. I don’t think anybody could be Steve. I think he was a once-in-a-hundred-years kind of individual, an original by any stretch of the imagination. And so what I had to do was to be the best version of myself.”

    From the archives (October 2011): Steve Jobs: MarketWatch’s CEO of the Decade

    [ad_2]

    Source link