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Meta shares sink as AI doubts rise 2024-04-25 06:04:00+00:00 - Meta said it planned to invest more than expected in AI technology and the so-called "metaverse" - Ronny Hartmann Shares in Meta plunged on Wednesday after the US tech giant revealed plans to increase spending on artificial intelligence (AI) technology. More than $150bn (£120bn) was wiped from the Facebook parent’s market value following the latest results, which covered the first three months of the year. In a sign that investors may be cooling on Meta’s commitment to invest huge sums in AI, shares in the business dropped by as much as 13pc during after-hours trading in New York. The drop came despite Meta’s profits in the first quarter more than doubling compared to the same time last year, up 117pc after posting net income of $12.4bn. This followed Meta’s bid to slash costs in 2023 by cutting more than 21,000 jobs. The Facebook and Instagram operator also reported revenues of $36.5bn, up 27pc on the same period in 2023, as digital advertising recovered. However, the company said it planned to invest more than expected in AI technology and the so-called “metaverse”, increasing its estimated capital expenditure from between $30bn to $37bn, to as much as $40bn. The company said it expected its overall costs to be as much as $99bn this year and said losses at its “reality labs”, which houses its speculative efforts to build metaverse hardware and apps, would continue to rise. The fall in its share price came despite social media rival TikTok facing the prospect of a ban in the US. Meta said: “We expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts.” In January, Mr Zuckerberg pledged to challenge rivals including Google Deepmind and OpenAI, the developer of ChatGPT. To do so, Meta is currently planning to buy 350,000 powerful AI processors. The latest setback to its share price comes after Facebook owner’s valuation has climbed more than 40pc so far this year, lifting Mr Zuckerberg’s net worth above that of rival Elon Musk. Mr Zuckerberg said the latest results followed a “good quarter” for the business, which took “another step towards building the world’s leading AI”. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 3 months with unlimited access to our award-winning website, exclusive app, money-saving offers and more.

Should You Buy Microsoft Stock Before Earnings 2024-04-25 05:59:00+00:00 - Fool.com contributor Parkev Tatevosian answers if investors should buy Microsoft (NASDAQ: MSFT) stock ahead of earnings. *Stock prices used were the afternoon prices of April 22, 2024. The video was published on April 24, 2024. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for two decades, Motley Fool Stock Advisor, has more than tripled the market.* They just revealed what they believe are the 10 best stocks for investors to buy right now… and Microsoft made the list -- but there are 9 other stocks you may be overlooking. See the 10 stocks *Stock Advisor returns as of April 22, 2024 Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. Should You Buy Microsoft Stock Before Earnings was originally published by The Motley Fool

Meta more than doubles Q1 profit but revenue guidance pulls shares down after-hours 2024-04-25 04:30:00+00:00 - Facebook and Instagram parent company Meta said Wednesday its first-quarter profit more than doubled, boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms. But its shares dropped sharply in after-hours trading following lukewarm revenue guidance. Meta Platforms Inc. earned $12.37 billion, or $4.71 per share, in the January-March period. That's up from $5.71 billion, or $2.20 per share, in the same period a year earlier. Revenue rose 27% to $36.46 billion from $28.65 billion. Analysts, on average, were expecting earnings of $4.32 per share on revenue of $36.14 billion, according to a poll by FactSet. For the current quarter, the Menlo Park, California-based company said it expects revenue between $36.5 billion and $39 billion. Analysts are expecting revenue of $38.25 billion for the second quarter, which is higher than the midpoint of Meta's guidance range. Meta also said it expects its 2024 capital expenses to be higher than anticipated due to its investments in artificial intelligence. It is forecasting expenses in the range of $35 billion to $40 billion, up from its earlier guidance of $30 billion to $37 billion. “Meta’s earnings should serve as a stark warning for companies reporting this earnings season," said Thomas Monteiro, senior analyst at Investing.com “Even though the company did beat estimates in all top- and bottom-line metrics, it didn’t matter as much as the reported lowering revenue expectations for Q2. This is the exact opposite of what Tesla did yesterday and goes to show that investors are currently looking at the near future with heavy mistrust.” The number of people using Meta's apps continued to increase, with 3.24 billion users on average for March in its “family of apps” that includes Facebook, Instagram, WhatsApp and Messenger. That's up 7% year-over-year. Meta's shares fell almost 16% in after-hours trading.

Two REITs That Just Crushed Earnings Estimates And Guidance 2024-04-25 04:05:00+00:00 - Two REITs That Just Crushed Earnings Estimates And Guidance Beginning investors often ask, "What makes certain stocks go up, while others don't appreciate at all?" Although there are several answers, one of the main reasons that stocks move higher is when good earnings reports are released. Investors want to own stocks that have increased earnings over the past year and beaten the analyst consensus estimates. Analysts' opinions often influence stock movements, so when a company beats the analysts' estimates it sends a message to investors that its stock is undervalued. Consequently, the stock often moves up substantially following an earnings beat. Take a look at two real estate investment trusts (REITs) that just beat the estimates on first-quarter earnings, revenue and forward guidance. Pebblebrook Hotel Trust (NYSE:PEB) is a Bethesda, Maryland-based hotel REIT that invests in upscale hotel and resort properties in or near 13 urban markets in major U.S. gateway cities. Most of its 46 properties are located in California and Florida. Don't Miss: Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100. Pebblebrook Hotel has been on a tear since November when it traded in the mid $11 range. Its total return before its first-quarter earnings report was 31.77%. Much of that was because of a strong fourth-quarter 2023 earnings report in February that easily beat the Street estimates and its year-over-year results for funds from operations (FFO) and revenue. It wasn't surprising that on April 24, it repeated that performance with first-quarter operating results. Adjusted funds from operations (AFFO) of $0.21 per share beat the consensus estimate of $0.15 per share by 40% and walloped its FFO of $0.11 from the first quarter of 2023. Revenue of $314.069 million was ahead of the consensus estimate of $303.776 million and also topped its revenue of $305.719 million from the first quarter of 2023. In addition, Pebblebrook announced it expects AFFO of $0.59-$0.63 per share for the second quarter of 2024. Analysts were expecting $0.56 per share. Pebblebrook was up about 1% in early morning trading after the earnings release. Trending Want To Grow Your Wealth Passively? Unlock Real Wealth with Cityfunds’ Exclusive 8% Yield Fund. Agree Realty Corp. (NYSE:ADC) is a Bloomfield Hills, Michigan-based triple-net-lease REIT, with a focus on retail properties. Its portfolio includes 2,161 owned and operated properties totaling 45 million square feet across 49 states. Sixty-nine percent of its tenants are investment grade, including well-known names like Walmart Inc. (NYSE:WMT), Best Buy Co. Inc. (NYSE:BBY) Dollar General Corp. (NYSE:DG) and Kroger Co. (NYSE:KR). Story continues Despite an excellent long-term track record since its initial public offering in 1994, Agree Realty has been an underperformer in 2024. Before the earnings release, it had a total return of negative 8.2% year to date. Over the past 52 weeks, the total return was negative 9.27%. But that hasn't tempered management's optimism and enthusiasm. Agree Realty has seen substantial insider buying over the past 12 months as share prices have declined. This chart shows the large number of shares bought by insiders over the past three and 12 months, as opposed to shares sold: Insider Trade 3 Months 12 Months Number of shares bought 177,547 383,335 Number of shares sold 31,825 48,189 Total shares traded 209,372 431,524 Net activity 145,722 335,146 Additionally, on April 8, Agree Realty announced an increase in its monthly common dividend from $0.247 to $0.25, giving it a 2.9% annual raise. The dividend will be paid on May 14 to shareholders of record as of the close of business on April 30, with the ex-dividend date on April 29. A dividend raise just before an earnings announcement is often a positive sign that upcoming earnings will meet or exceed expectations. So perhaps it's not too surprising that on April 24, Agree Realty announced its first-quarter earnings and the results were excellent. FFO of $1.03 per share beat the analysts' estimate of $1.01 per share. The FFO also topped Agree's first-quarter 2023 FFO of $0.98 per share. Revenue of $149.453 million beat the consensus estimate of $146.462 million and was an 18.03% increase from revenue of $126.618 million in the first quarter of 2023. On full year 2024 AFFO, Agree said it sees $4.10-$4.13 per share. The Street's estimate was $4.07. Investors were impressed, and shares traded over 2% higher in early morning trading following the report’s release. Read Next: Want to Create a Passive Income Stream? These High-Yield Real Estate Notes Might Be Your Holy Grail "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Two REITs That Just Crushed Earnings Estimates And Guidance originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Rubrik prices IPO at $32 per share, above expected range 2024-04-24 22:32:00+00:00 - Rubrik, a data management software company backed by Microsoft , priced its IPO at $32 a share, according to a person familiar with the matter. That's above its expected range. The 10-year-old company had planned to sell 23 million shares ahead of its New York Stock Exchange debut on Thursday, and will trade under the ticker symbol "RBRK." The offering raised $752 million and values the company at $5.6 billion. Last week the company said in a filing that it was expecting to price the deal at $28 to $31 per share. Rubrik is hitting the public market during a historically slow period for venture-backed tech IPOs, particularly when it comes to companies that sell to businesses. The IPO market has been largely shuttered since late 2021, as concerns about a worsening economy and rising interest rates pushed investors out of risky assets. Startups stayed private for longer, recalibrating their finances and waiting for better conditions. Even with interest rates stabilizing and the broader tech market bouncing back, private tech companies have been slow to exit. Instacart and software vendor Klaviyo went public in September, the first venture-backed tech deals in the U.S. since 2021. Reddit went public last month, a day after the Nasdaq debut of Astera Labs , which sells data center connectivity chips. Early on, Rubrik sold perpetual licenses and set up maintenance contracts for hardware that could take care of data storage functions such as backup and compression. In recent years, the company has shifted toward subscriptions for cloud-based cybersecurity software. Businesses can use the software to secure data in cloud applications and in public clouds and prevent data loss in the event of ransomware attacks. Rubrik now gets 91% of its revenue from subscriptions, up from 59% two years ago. Revenue increased less than 5% in the fiscal year that ended on Jan. 31, but annual recurring revenue from subscriptions jumped 47%. Almost 100 customers were contributing over $1 million in subscription ARR at the end of the fiscal year, the company said. Clients include Barclays, Carhartt and Home Depot. "Our key top-line metric is subscription ARR," Rubrik CFO Kiran Choudary said in a videotaped presentation for the company's IPO roadshow. However, Rubrik's losses are widening. The company reported a $354 million net loss in the latest fiscal year, compared with around $278 million in the previous year. Microsoft invested in Rubrik in 2021 at a reported valuation of $4 billion. Venture firm Lightspeed, where CEO Bipul Sinha used to be a partner, will have over 25% of voting power following the IPO. Sinha will have 8% control. WATCH: General Atlantic CEO: Investors are coming back to the IPO market

Labour’s plans for Great British Railways all but set up by Tory government 2024-04-24 22:31:00+00:00 - This is one renationalisation that even an ultra-cautious Labour had to embrace: voters like it, there is no upfront outlay, and the Conservative government has already done most of the work to get there. The rail plans announced by shadow transport secretary, Louise Haigh, will confirm the longstanding Labour policy of taking national rail operations back into public ownership as contracts expire. Now, though, that appears to be an imminent reality, as all contracts are expected to lapse within four years of the coming election. The industry is largely already in public hands; Network Rail has been on the state’s books since 2014, and four major English networks are being run by the Department for Transport’s own operator of last resort. The success of the likes of LNER – run by the same management as the collapsed Virgin East Coast, but on behalf of the taxpayer – suggests there will be little for passengers to fear. Ownership aside, Labour’s plans for a separate arm’s-length body to run the railway are very much on the track laid out by the Conservatives – underlined by the endorsement of Keith Williams, who drew up essentially the same scheme for Boris Johnson and Grant Shapps. Notably, it is the first time Labour has publicly embraced their Great British Railways by the same name. The echoes of British Rail appeared to make the Tories alarmed at their own plans, and subsequent ministerial refettling to ensure a prime role for private operators ran, Labour argues, against its logic. The problems identified by Williams included the fragmentation, waste and bureaucracy that beset privatised rail. Teams from track and train and government vied over roles, and legions of lawyers tried to establish which part of the railway bore responsibility for delays and compensation. View image in fullscreen The rail plans announced by shadow transport secretary, Louise Haigh, will confirm longstanding Labour policy of taking national rail operations back into public ownership. Photograph: Jonathan Brady/PA The Tories claimed GBR would save £1.5bn annually, and removing the additional “friction costs” of private sector involvement could cut another £700m, Haigh claims. Full renationalisation might arguably include the rolling stock companies, or roscos, to ensure that Britain owns the trains rather than simply leases them – especially given the dividends that have exceeded the “profits leaking out to private operators” cited by Labour. But that comes with expenditure that the party could not countenance in an election campaign. Instead, Labour have made clear that the roscos are onside. It will also allow private “open access” train services, such as Lumo or Hull Trains, to continue, illustrating again that this renationalisation remains more pragmatic than dogmatic. skip past newsletter promotion Sign up to First Edition Free daily newsletter Our morning email breaks down the key stories of the day, telling you what’s happening and why it matters Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Beyond addressing rail’s ownership and structure, Labour’s plan contains one or two eye-catching proposals that give substance to the rhetorical flourish beloved of industry leaders and politicians of every stripe, to “put the passenger first”. Guaranteeing a best-priced fare looks a solid principle to hasten the end of the confusing, multiple ticketing options that still trip passengers up. And a new Passenger Standards Authority, combining and streamlining the functions of the Office of Rail and Road and the Transport Focus watchdog, should have more teeth with which to hold the industry to account. Labour will still have to deal with rail’s immediate crises, of falling commuter revenues and toxic industrial relations. If Aslef’s enthusiasm can translate into a deal to end strikes that the government admits have cost billions, it could give Labour a flying start. For most who work on or use the trains, six years since reform was announced, arriving at a Great British Railways of any hue can’t come soon enough.

House Speaker Johnson drowned out by booing crowds at Columbia University speech on Gaza protests 2024-04-24 22:23:00+00:00 - Speaker of the U.S. House of Representatives Mike Johnson (R-LA) attends a news conference at Columbia University in response to demonstrators protesting in support of Palestinians, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in New York City, U.S., April 24, 2024. House Speaker Mike Johnson, R-La., struggled to get a word in edgewise Wednesday, battling a chorus of booing crowds during a speech at Columbia University where he condemned the ongoing student protests against Israel's bombardment of Gaza. "Enjoy your free speech," Johnson said tersely, pausing his prepared remarks to wait for the jeering to die down. Columbia's campus has been frozen by controversy since student protesters set up a tent encampment April 17 to protest the war in Gaza. The demonstrations garnered national attention amid reports of antisemitic speech targeting Jewish students, and after Columbia President Nemat "Minouche" Shafik authorized the New York Police Department to sweep the tent encampment Thursday. Columbia Students for Justice in Palestine, a group that helped organize the protests, has said that any hate speech is not coming from its protesters but rather "inflammatory individuals who do not represent us." During Johnson's speech Wednesday, he called on Shafik to resign if she could not get a handle on the protests. Johnson added that he plans to urge President Joe Biden to take executive action against the protests if necessary: "If this is not contained quickly, and if these threats and intimidation are not stopped, there is an appropriate time for the National Guard." Biden has so far condemned both the reported antisemitism and "those who don't understand what's going on with the Palestinians," as he put it to reporters Monday. Johnson's speech Wednesday came hours after Biden officially signed into law a long-awaited foreign aid bill for Israel, Ukraine and Taiwan that had been effectively shelved in the House for weeks due to political gridlock. The measure was revived in large part due to Johnson's decision to put the proposed foreign aid to a vote on the House floor Saturday, despite ouster threats from hardline members of his party such as Rep. Marjorie Taylor Greene, R-Ga. The foreign aid bill passed the House on Saturday and received official Senate approval late Tuesday night. After more than a week of bipartisan cooperation with Democrats to pass the aid bill, Johnson's Columbia speech appeared to be an attempt to bolster his conservative bona fides for his hardline GOP colleagues. The speaker was joined by Rep. Virginia Foxx, R-N.C., who chairs the House Committee on Education and the Workforce, and Rep. Mike Lawler, R-N.Y. "My message to the students inside the encampment is: Go back to class," Johnson said. "Stop wasting your parents' money."

Why U.S. officials want to ban TikTok 2024-04-24 22:13:00+00:00 - Washington — A law that could lead to a national ban of TikTok cleared the Senate Tuesday night in a bipartisan vote of 79-18, representing one of the most serious threats to the immensely popular social media app's U.S. operations. Some lawmakers insist they don't want to actually ban the platform used by roughly 170 million Americans, arguing the choice lies with TikTok's China-based parent company, ByteDance. To keep TikTok up and running in the U.S., ByteDance must sell its stake in TikTok, and it has up to a year to do so, according to the legislation, which was signed into law on Wednesday by President Biden. But the Chinese government, which would have to sign off on any sale, opposes a forced sale. Without a divestiture, the company would lose access to app stores and web-hosting providers, effectively banning it in the U.S. The timeline could be prolonged by an expected legal battle. "This is not an effort to take your voice away. … This is not a ban of a service you appreciate," Sen. Mark Warner, a Virginia Democrat and the chair of the Senate Intelligence Committee, said Tuesday in a floor speech, acknowledging that many Americans are skeptical of the legislation. "At the end of the day, they've not seen what Congress has seen." Why does Congress want to ban TikTok? Lawmakers have suspicions about the video-sharing app's ties to China and have tried to regulate it, though prior efforts to widely restrict it have been unsuccessful. U.S. officials have repeatedly warned that TikTok threatens national security because the Chinese government could use it to spy on Americans or weaponize it to covertly influence the U.S. public by amplifying or suppressing certain content. The concern is warranted, U.S. officials say, because Chinese national security laws require organizations to cooperate with intelligence gathering. FBI Director Christopher Wray told House Intelligence Committee members in March that the Chinese government could compromise Americans' devices through the software. "This app is a spy balloon in Americans' phones" that is "used to surveil and exploit Americans' personal information," Rep. Michael McCaul, a Texas Republican who chairs the House Foreign Affairs Committee, said Saturday before the lower chamber passed the bill as part of a broader foreign aid package. In classified briefings, lawmakers have learned "how rivers of data are being collected and shared in ways that are not well-aligned with American security interests," Sen. Chris Coons, a Democrat from Delaware, said Tuesday. Sen. Marco Rubio of Florida, the top Republican on the Senate Intelligence Committee, said last month that the Chinese government has the ability to influence "a lot of young people" who use TikTok as their main news source. "That's a national security concern," Rubio said. Warner said Tuesday that the fact that Chinese diplomats are lobbying congressional staff against the legislation, which was first reported by Politico, shows "how dearly [Chinese President] Xi Jinping is invested in this product." Senate Minority Whip John Thune, a Republican from South Dakota, called the lobbying effort "a stunning confirmation of the value the Chinese government places on its ability to access Americans' information and shape their TikTok experience." Arguments against banning TikTok TikTok has denied that it's beholden to the Chinese government and has accused lawmakers who want to restrict it of trampling on citizens' free speech rights. TikTok has vowed to mount a legal challenge, calling the law "unconstitutional." "We'll continue to fight, as this legislation is a clear violation of the First Amendment rights of the 170 million Americans on TikTok and would have devastating consequences for the 7 million small businesses that use TikTok to reach new customers, sell their products, and create new jobs. This is the beginning, not the end of this long process," TikTok executive Michael Beckerman said in an internal company memo obtained by CBS News that was sent to TikTok staff on Saturday. In a video on Wednesday, TikTok CEO Shou Zi Chew said "the facts and the Constitution are on our side and we expect to prevail again." He said the company has invested billions of dollars to secure user data and "keep our platform free from outside manipulation." TikTok began an initiative known as "Project Texas" in 2022 to safeguard American users' data on servers in the U.S. and ease lawmakers' fears. But Warner argued Tuesday that the initiative was insufficient because it would still allow TikTok's algorithm and source code to remain in China, making them "subject to Chinese government exploitation." Democratic Sen. Ed Markey of Massachusetts said Tuesday on the Senate floor that TikTok poses national security risks, but the legislation amounted to "censorship" because it could deny Americans access to a platform they rely on for news, business purposes, building a community and connecting with others. "We should be very clear about the likely outcome of this law," Markey said. "It's really just a TikTok ban. And once we properly acknowledge that this bill is a TikTok ban, we can better see its impact on free expression." Sen. Rand Paul, a Republican from Kentucky, wrote in a recent opinion piece that the law could be a gateway to the government forcing the sale of other companies. "If the damage to one company weren't enough, there is a very real danger this ham-fisted assault on TikTok may actually give the government the power to force the sale of other companies," he wrote and predicted that the Supreme Court will ultimately rule the law is unconstitutional. Nikole Killion and Alan He contributed reporting.

JPMorgan Chase is caught in U.S-Russia sanctions war after overseas court orders $440 million seized from bank 2024-04-24 22:06:00+00:00 - JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. A Russian court sided with state-run lender VTB Bank in its efforts to recoup $439.5 million from JPMorgan Chase that the American lender froze in U.S. accounts after the Ukraine invasion. The court ordered the seizure of funds in JPMorgan's Russian accounts and "movable and immovable property" including the bank's stake in a Russian subsidiary, according to a court order published Wednesday. The order came after VTB filed a suit last week in a St. Petersburg arbitration court, seeking to be made whole for funds frozen in the United States, and asking for relief because JPMorgan has said it plans to exit Russia. The next hearing in the Russian case is July 17. JPMorgan declined to comment. VTB didn't immediately respond to a request to comment. The order was the latest example of American banks getting caught between the demands of Western sanctions regimes and overseas interests. JPMorgan is the biggest U.S. bank by assets and run by veteran CEO Jamie Dimon. Two years after Russia invaded Ukraine, the Biden administration has mounted an unprecedented set of sanctions, oil price caps and trade restrictions designed to weaken Moscow's military machine. On Wednesday, President Joe Biden signed into law a sweeping foreign aid bill that includes new powers for U.S. officials to locate and seize Russian assets in the United States. It also boosted an ongoing American effort to convince European allies to release Russian state assets to assist Ukraine. In its own lawsuit against VTB last week in the Southern District of New York, JPMorgan sought to block VTB's effort, noting that U.S. law prohibits the bank from releasing VTB's $439.5 million. This leaves JPMorgan exposed to a nearly half-billion-dollar loss, for abiding by U.S. sanctions. The American bank, seeking to block VTB's effort, said the Russian company broke its contractual promise to seek relief in American courts, instead finding a friendlier venue in Russia. JPMorgan said that Russian courts have enabled similar efforts by Russian lenders against American or European banks at least a half dozen other times. JPMorgan said it faced "certain and irreparable harm" from VTB's efforts.

5 things workers should know about the new federal ban on noncompete agreements 2024-04-24 21:55:00+00:00 - Employment prospects just got brighter for the estimated 30 million U.S. workers who are currently bound by so-called noncompete agreements. U.S. regulators on Tuesday banned nearly all noncompetes, which restrict about 1 in 5 employees around the U.S. Here are five things to know about what the Federal Trade Commission rule means for workers. What the rule states Noncompetes are an unfair means of competition, and so employers are prohibited from entering into any new such arrangements with workers. Employers will no longer be able to enforce existing noncompetes, other than with senior executives, which the rule defines as someone earning more than $151,164 per year and in a "policy-making position." Employers are required to notify workers with noncompetes that they are no longer enforceable. Noncompetes are allowed between the seller and buyer of a business. When the rule takes effect The rule takes effect 120 days from the time it is published in the Federal Register, the official daily publication for rules, proposed rules, and notices of federal agencies and organizations, as well as executive orders. The FTC submits the rule, follows the procedures and waits for publication to happen, with the exact timing up to the Federal Register. The reasons behind the FTC's decision Noncompete agreements can restrict workers from leaving for a better job or starting their own business. Noncompetes often effectively coerce workers into staying in jobs they want to leave, and even force them to leave a profession or relocate. Noncompetes can prevent workers from accepting higher-paying jobs, and even curtail the pay of workers not subject to them directly. Of the more than 26,000 comments received by the FTC, more than 25,000 supported banning noncompetes. Why many health care workers may be exempt Nonprofits typically fall outside the FTC's jurisdiction, meaning the noncompete ban may not apply to many of the nation's health care provider organizations. As many as 45% of physicians are restricted by noncompetes, according to the American Medical Association, which has voiced support for banning most of them. What happens next In voting against passage of the rule, the two Republican FTC commissioners on the five-person panel argued that the agency lacks the authority to ban noncompetes. The same case is being made by the U.S. Chamber of Commerce, which filed suit against the FTC on Wednesday. The legal challenges are viewed as a credible threat, meaning a case could end up in the U.S. Supreme Court, where conservative justices have a majority.

ANDREA BOCELLI 30: THE CELEBRATION HONORS BOCELLI'S 30TH ANNIVERSARY IN MUSIC 2024-04-24 21:53:00+00:00 - Loading... Loading... CONCERT FILM ANDREA BOCELLI 30: THE CELEBRATION TO BE DIRECTED BY SAM WRENCH & PRODUCED BY MERCURY STUDIOS, MAVERICK, IMPACT PRODUCTIONS AND CITYSOUND THE THREE-DAY EVENT IS SET FOR JULY 15, 17 & 19 AT THE LEGENDARY 'TEATRO DEL SILENZIO' IN TUSCANY PERFORMERS INCLUDE ED SHEERAN, SHANIA TWAIN, JON BATISTE, DAVID FOSTER AND MORE FOR PHOTO AND EDITORAL NOTES, PLEASE SEE HERE WATCH THE ANNOUNCEMENT VIDEO HERE LAST TICKETS AVAILABLE HERE LOS ANGELES, April 24, 2024 /PRNewswire/ -- Today, iconic Italian tenor Andrea Bocelli announced ANDREA BOCELLI 30: THE CELEBRATION, honoring his 30th anniversary in music. The three-day event, which is set for Monday, July 15, Wednesday, July 17 & Friday, July 19, will take place in Lajatico at the Teatro del Silenzio (Theater of Silence) in Tuscany. Once a year, this breathtaking natural amphitheater in Bocelli's hometown bursts into life with the enchanting melodies of music. This concert series showcases Bocelli's extensive repertoire alongside captivating duets with fellow performers, creating an unforgettable experience for all who attend. An unprecedented number of global superstars are set to descend on the Tuscan hills to celebrate Bocelli's 30th anniversary as an international icon. The first list of performers include Ed Sheeran, Shania Twain, Jon Batiste, Russell Crowe, Sofia Vergara, David Foster, Christian Nodal, Sofia Carson, Laura Pausini, Tiziano Ferro, Zucchero, Giorgia, Matteo Bocelli, Virginia Bocelli, and classical superstars Placido Domingo, Jose Carreras, Lang Lang, Aida Garifullina, Bryn Terfel, Nadine Sierra, and many more still to be announced. Maestro Andrea Bocelli said: "As a child, I learned to dream about my future in the enchanted silence of these hills. Then life made that dream happen. Today, 30 years later, I can only imagine celebrating my career and my life, its strength, and its wondrous beauty here at Teatro del Silenzio, surrounded by such wonderful artists and friends. I want to thank everyone who helped my childhood dreams come true with an unforgettable concert." Andrea Bocelli 30: The Celebration, the concert film, will be produced by Mercury Studios, Maverick, Impact Productions, and CITYSOUND & Events. It will be directed by Grammy-nominee and Emmy Award-winner Sam Wrench, who recently directed Taylor Swift - The Eras Tour, the highest grossing concert film of all time. He has also created live performance films with Billie Eilish, Lizzo, BTS, The Weeknd, and more. Sam Wrench said: "You can't get much more cinematic than Andrea Bocelli against the Tuscan landscape. I'm incredibly excited to bring this once in a lifetime concert to cinemas around the world with his unique voice, this world class team and enviable list of special guests." Alice Webb, CEO of Mercury Studios said: "Working alongside Andrea Bocelli to craft a once in a lifetime event has been extraordinary. Mercury Studios has assembled a best-in-class team of talents to produce Andrea Bocelli 30:The Celebration and we look forward to proudly sharing this film with the world." Loading... Loading... The Creative Director for the event will be two-time Olivier Award-nominee Francisco Negrin, who will bring his unique vision to the heart of Tuscany. He has directed over 70 critically acclaimed productions in the leading opera houses around the globe, including in The Royal Opera House in London, Sydney Opera House, New York City Opera, and Théâtre des Champs Elysées in Paris. Francisco Negrin said: "Imagine family, friends and thousands of fans coming together to celebrate 30 years of a stellar career. Imagine the world's brightest stars, on stage under the shining stars of Italy. Imagine the beauty of Tuscany becoming soul-stirring music. Imagine the magic of such a special night!" As one of the most recognizable voices in the entertainment industry and revered by fans internationally, Andrea Bocelli has been entertaining audiences for 30 years, counting nearly 90 million records sold worldwide. In addition to his sold-out arena-sized concert events and record-breaking live-streams, Bocelli has shared his talents at many major events including the Olympic Games, the World Cup, and Global Citizen. He has earned a Golden Globe, seven Classical BRITs and seven World Music Awards, plus a star on the Hollywood Walk of Fame. Additional moments throughout 2024 include his annual Winter US tour, a new documentary entitled Andrea Bocelli: Because I Believe, produced by Eone and Lions Gate and more exciting music releases and collaborations to be announced. Bocelli kicked off his 30th year celebration at the 96th Academy Awards and wowed the star-studded Hollywood audience with a surprise performance, taking to the stage with his son, recording artist Matteo Bocelli, for a very special rendition of "Time To Say Goodbye." SOURCE Mercury Studios

New airline rules will make it easier to get refunds for canceled flights. Here's what to know. 2024-04-24 21:28:00+00:00 - New consumer protection rules will soon entitle airline passengers to automatic refunds when flights are canceled or significantly delayed, while also requiring airlines to reveal junk fees upfront. In total, the new rules could save travelers $500 million annually, Department of Transportation Secretary Pete Buttigieg said Wednesday, describing the regulations as "the biggest expansion of passenger rights in the department's history." They take aim at some of the most common complaints against airlines, such as delays and difficulties getting refunds. Airlines will also have to disclose all possible fees, such as added costs for seat selection, when advertising a fare. The regulations are likely to effect in October, officials said. Here's what to know about the new rules and what they mean for you. You'll get an automatic refund for delayed or canceled flights The first rule mandates that airlines promptly refund customers when flights are meaningfully disrupted or delayed. Airlines will have to refund customers the full ticket prices, including airline-imposed fees, as well as government taxes and fees. In theory, passengers are already entitled to such refunds, but in practice airlines don't always provide them, Buttigieg noted. He said the new rule benefits infrequent fliers in particular, who may be less familiar with their rights. This rule will save customers the hassle of dealing with a chatbot or completing a cumbersome claims process to receive refunds they're entitled to anyway when flights don't take off as scheduled. Airlines often offer customers compensation in the form of vouchers or miles with values that are less than the flight's original cost. And passengers often must engage with customer service agents or chatbots to secure refunds, which can lead them to give up on the process altogether, according to Buttigieg. How long of a delay will qualify for a refund? The new rule defines what constitutes a "significantly changed" flight: a delay of at least three hours for a domestic flight, and at least six hours for an international flight. That was previously left to the discretion of the airline. The rule says passengers will get automatic refunds in those cases as long as they don't accept alternative transportation or travel credits offered by the airline. Passengers will also be entitled to refunds for other significant flight changes, according to the Department of Transportation. These changes include flights whose departure or arrival airports change, that add connections or downgrade passengers to a different level of service. If a flight requires a passenger with a disability to make a connection at an airport or on a flight that is less accommodating, that also qualifies for a refund. How long will it take to get a refund? Airlines will have seven days to automatically refund passengers who purchased their tickets with a credit card, and 20 calendar days for other payment methods, the Transportation Department said. "No more defaulting to vouchers or credits when consumers may not even realize they're entitled to cash," Buttigieg said. Can I get a refund for delayed bags? Yes, checked bag delays are also covered. When bags aren't delivered within 12 hours of a domestic flight's arrival at its gate, passengers will get a refund for their checked bag fee. On international flights, bags that don't arrive within 15 to 30 hours, depending on a flight's length, are covered by the rule. What other refunds will be available? Airlines must also refund the costs of services customers paid for but then didn't receive on the flight, such as wifi, seat selection or in-flight entertainment, the Transportation Department said. For instance, if passengers buy wifi access but it doesn't work properly, they are entitled to a refund for the service. What is happening with surprise fees? Transportation officials also announced a second rule on Wednesday that targets "junk" or surprise fees, which are charges that aren't typically disclosed to a consumer ahead of purchase. Under the rule, airlines must disclose all fees the first time that airfare is advertised on an airline's site. Hyperlinks don't count, according to the agency. The rule is designed to protect consumers against confusion caused by "drip pricing" by requiring airlines to disclose how much these additional fees will cost up front. That includes amounts airlines charge consumers to check bags, carry on bags, select seats, and change or cancel flights. The rule is designed to help make it easier for passengers to estimate the full cost of flying so they can make an informed purchase. Are seats guaranteed if I buy a ticket? Under the second rule, airlines will also have to make clear to customers that if they buy a ticket, they're guaranteed a seat — even if they don't fork over additional money to choose where on the plane that seat is located. How will I know I'm seeing the actual flight price? The second rule also bars airlines from advertising artificially low prices that don't factor in mandatory fees. The Transportation Department said this will end "discount bait-and-switch tactics" that dangle deceptive discounts to convince travelers to buy tickets. What do airlines say about the new rules? Airlines for America, a trade group for large U.S. carriers, noted that refund complaints to the Transportation Department have fallen sharply since mid-2020. A spokesperson for the group said airlines "offer a range of options — including fully refundable fares — to increase accessibility to air travel and to help customers make ticket selections that best fit their needs." The group said the 11 largest U.S. airlines issued $43 billion in customer refunds from 2020 through 2023. While Buttigieg said airlines aren't "enthusiastic" about being held to a higher standard, he believes the new rules will build passenger confidence in companies and ultimately benefit the industry as a whole. Buttigieg also said he hopes the new rules will push carriers to improve the consumer experience. For example, if an airline knows it will automatically owe customers refunds for canceled flights, it might invest more in precise scheduling, and ultimately reduce the number of cancellations overall. —With reporting by the Associated Press.

Bird flu outbreak is driving up egg prices — again 2024-04-24 21:25:00+00:00 - A multi-state outbreak of avian influenza, also known as bird flu, is leading to a jump in the price of eggs around the U.S. — an unhappy reminder for consumers that a range of unforeseen developments can trigger inflation. As of April 24, a dozen large grade A eggs cost an average of $2.99, up nearly 16% from $2.52 in January, according to federal labor data. The price increase comes as nearly 9 million chickens across Michigan, Minnesota, New Mexico and Texas have been discovered to be infected with bird flu in recent weeks, according to the U.S. Department of Agriculture. That is crimping egg supplies, leading to higher prices. Eggs are a staple grocery item in U.S. households, used for making everything from omelettes at breakfast to fresh pasta and binding a meatloaf for dinner. Egg consumption also has risen in part because more families are eating them as their main protein substitute, said David Anderson, a food economist at Texas A&M University. Rising prices affect millions of consumers, even those who opt for liquid egg yolks in the carton as opposed to solid shells. During a bird flu outbreak, farmers report the incident to the USDA and officials from the agency visit the farm to slaughter the entire flock, Andrew Stevens, an agricultural economist at the University of Wisconsin, told CBS MoneyWatch. For the chicken farmer, that means "hundreds of thousands of them that were laying multiple eggs are now not," Stevens said. "You're taking out all the baseline egg production for up to three months at a time," Stevens said. "You're paying for that lag time it takes to shore up and build back up production." Egg costs also soared after the country in 2022 saw the deadliest outbreak of avian flu in U.S. history, driving up the average price for a dozen large grade A eggs to $4.25 and leading to shortages in some regions. The current strain of bird flu, which scientists are calling highly pathogenic avian influenza (HPAI), originated in Michigan in 2022. The strain led the nation's largest producer of fresh eggs, Cal-Maine Foods, to slaughter 1.6 million hens after finding cases at its plant in Texas. In 2014-15, the company was forced to kill more than 50 million chickens and turkeys because of a bird flu outbreak, leading to an estimated $3.3 billion in economic losses, according to the USDA. "Hopefully this year is not as bad as 2022 and 2015, but we have lost some birds," Anderson said. "But the egg-laying chickens we have in production are producing more eggs." Cases of HPAI are arising just as farmers across the U.S. work to more hens to keep up with Americans' growing demand for eggs, Anderson said. Typically, there are two major spikes in egg demand every year — once just before Easter and again during the year-end holidays, when everyone is baking for Thanksgiving and Christmas. The nation had 313 million egg-laying hens as of April, down from 316 million during the same period last year, Anderson noted. It will take time to boost egg supplies as farmers hatch and raise new hens, so production is unlikely to return to normal for at least three months, Stevens said. Bird flu is carried by free-flying waterfowl, such as ducks, geese and shorebirds, and infects chickens, turkeys, pheasants, quail, domestic ducks, geese and guinea fowl. Fortunately, the public health risk related to bird flu remains low, according to the Centers for Disease Control and Prevention. Still, cooking all poultry and eggs to an internal temperature of 165 ˚F is advised as a general food safety rule. Bird flu is also infecting livestock. A young goat in western Minnesota tested positive for the disease in March, marking the first case of its kind in the U.S. Milk from dairy cows in Texas and Kansas also have recently tested positive for bird flu.

Alito pressed ‘unborn child’ concern in abortion arguments 2024-04-24 21:23:29+00:00 - The Supreme Court heard its latest post-Dobbs abortion argument Wednesday. The case with national implications stems from Idaho’s near-total ban, which conflicts with a federal law protecting emergency medical care. The promise of that federal law, U.S. Solicitor General Elizabeth Prelogar told the justices, is the “simple but profound” one that nobody “who comes to an emergency room in need of urgent treatment should be denied necessary stabilizing care. This case is about how that guarantee applies to pregnant women in medical crisis.” But late in Wednesday’s hearing, Justice Samuel Alito, who authored the Dobbs ruling that overturned Roe v. Wade, raised the law’s reference to the “unborn child.” He wondered: “Isn’t that an odd phrase to put in a statute that imposes a mandate to perform abortions?” He added that it “seems that the plain meaning is that the hospital must try to eliminate any immediate threat to the child, but performing an abortion is antithetical to that duty.” Prelogar explained that it’s not odd when you look at the reasoning behind the law, called EMTALA. “There were well-publicized cases where women were experiencing conditions, their own health and life were not in danger, but the fetus was in grave distress and hospitals weren’t treating them,” she said. The solicitor general went on to observe: If Congress had wanted to displace protections for pregnant women who are in danger of losing their own lives or their health, then it could have redefined the statute so that the fetus itself is an individual with an emergency medical condition. But that’s not how Congress structured this. Instead, it put the protection in to expand protection for the pregnant woman. Alito’s remarks raised the prospect of what’s known as “fetal personhood,” a notion that would give rights to fetuses. So the exchange serves to highlight that anti-abortion activists are unsatisfied with overturning the constitutional right to abortion, theoretically leaving it to individual states; rather, they want to affirmatively prohibit it. But great lawyering may be no match for the simple math of a 6-3 Republican-dominated court. The solicitor general’s schooling of GOP-appointed justices in this case and others has been refreshing. But great lawyering may be no match for the simple math of a 6-3 Republican-dominated court. The Idaho law took hold in Dobbs’ wake, threatening criminal penalties and upending health care, with women needing to be airlifted to other states. The justices also recently heard argument in the mifepristone appeal. We should have both rulings by late June. Whatever their outcomes, neither case will be the last word on the wreckage that Dobbs unleashed. Subscribe to the Deadline: Legal Newsletter for weekly updates on the top legal stories, including news from the Supreme Court, the Donald Trump cases and more.

Meta's Reality Labs posts $3.85 billion loss in first quarter 2024-04-24 21:23:00+00:00 - Facebook co-founder and chief executive, Mark Zuckerberg, speaks at an Oculus developers conference while wearing a virtual reality headset in San Jose, California. Meta shows no signs of substantially trimming its losses from investing in the metaverse, as competition heightens between the Facebook parent and Apple in the virtual reality market. In its first-quarter earnings report Wednesday, Meta disclosed that its Reality Labs unit recorded a $3.85 billion operating loss. Revenue in the metaverse division was $440 million, up about 30% from $339 million a year ago and representing only around 1% of Meta's total sales for the quarter. Analysts were expecting a $4.31 billion operating loss and sales of $512.5 million for the quarter, according to StreetAccount. Reality Labs has now lost more than $45 billion since the end of 2020, when Meta first began reporting the business segment separately.

Michael Cohen says he's going to gag himself and stop criticizing Trump online until after he's done testifying in the hush-money trial 2024-04-24 21:17:31+00:00 - Michael Cohen said he would briefly stop talking about Donald Trump during Trump's Manhattan criminal trial. Cohen is a key witness to what prosecutors allege was a scheme to falsify business records to cover up hush money. But until now, Cohen has continued to talk about Trump and the case. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Michael Cohen, Donald Trump's ex-personal attorney, has now pledged to stop talking about the former president until after his testimony in the former president's ongoing hush-money trial over. "Despite not being the gagged defendant, out of respect for Judge Merchan and the prosecutors, I will cease posting anything about Donald on my X (formerly Twitter) account or on the Mea Culpa Podcast until after my trial testimony," Cohen wrote on X. Cohen's loquaciousness about his time as a fixer for Trump should be legendary. He has a book and a podcast and is a frequent guest on cable TV — all will the goal of furthering his quest for redemption after his time working for Trump. Related stories As Trump's personal attorney, Cohen is at the core of what New York prosecutors allege was an effort to falsify business records to cover for hush money paid to adult film star Stormy Daniels ahead of the 2016 presidential election. Cohen was also a major witness in Trump's fraud trial. Advertisement Unlike Trump, Cohen is not under a gag order. But legal experts have been dismayed at how Cohen continued to talk about the case, potentially providing Trump's lawyers with additional ammunition for their cross-examination during Cohen's expected testimony. The former president has also attacked Cohen, one of a series of actions that prosecutors argued violated Judge Juan Merchan's gag order on Trump. Merchan upbraided Trump's attorney on Tuesday when considering the former president's statements but has yet to release a ruling on where the gag order stands. Cohen is already likely to have a rough time on the stand during the trial. He was sentenced to prison for lying to Congress and other offenses. Advertisement Trump has repeatedly attacked Cohen's credibility — including noting that Cohen is now a convicted liar. The former president doesn't mention, though, that Cohen was convicted of lying to Congress about something that was supposed to help Trump.

Chipotle reports big earnings beat, and its shares are jumping 2024-04-24 21:07:00+00:00 - The logo of Chipotle Mexican Grill is seen in Manhattan, New York. Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that beat analysts' expectations, fueled by higher traffic to its restaurants. The stock rose 4% in extended trading. Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $13.37 adjusted vs. $11.68 expected $13.37 adjusted vs. $11.68 expected Revenue: $2.7 billion vs. $2.68 billion expected Chipotle reported first-quarter net income of $359.3 million, or $13.01 per share, up from $291.6 million, or $10.50 per share, a year earlier. Excluding a 36-cent hit from increases to its legal reserves, the burrito chain earned $13.37 per share. Net sales climbed 14.1% to $2.7 billion. The company's same-store sales rose 7%, topping StreetAccount estimates of 5.2%. Chipotle said traffic increased 5.4% from the year-ago period, while the average check was up just 1.6%. In February, Chief Financial Officer Jack Hartung told analysts that "unusually cold weather" hurt January sales. But demand rebounded in the rest of the quarter to offset the sluggish first month. Chipotle has become the rare restaurant chain to report rising transactions despite higher menu prices. The company once again raised its prices in October, citing inflation. Others in the restaurant industry have turned to limited-time offers and deals to appeal to customers, particularly those with lower incomes. CEO Brian Niccol said the company saw traffic growth across income groups during the quarter. He credited the chain's value perception among diners. Previously, executives have also emphasized that most of its customers come from higher-income brackets. Earlier this month, Chipotle raised prices in California roughly 7% to offset the state's higher minimum wage for fast-food workers, but the company does not have plans for any more hikes, Niccol said on CNBC's "Closing Bell" on Wednesday. Chipotle has also been focusing on making its burritos and bowls more quickly, improving the industry metric known as throughput. Niccol said throughput reached its highest level in four years during the first quarter. The chain added 47 new locations to its footprint during the first quarter, inching closer to its long-term goal of doubling its total number of restaurants to reach 7,000 stores. For the full year, Chipotle now anticipates same-store sales will grow by a mid-to-high single-digit percentage, up from its prior range of a mid-single-digit increase. The company reiterated its forecast of 285 to 315 new locations in 2024. In March, Chipotle's board approved a 50-for-1 stock split, one of the largest in the New York Stock Exchange's history. The company is seeking shareholder approval at its annual meeting on June 6. If investors vote "yes," the stock will start trading on a post-split basis on June 26.

IBM to acquire HashiCorp in $6.4 billion deal, reports another revenue miss 2024-04-24 21:04:00+00:00 - IBM CEO Arvind Krishna appears at the World Economic Forum in Davos, Switzerland, on Jan. 16, 2024. IBM shares slipped as much as 9% in extended trading Wednesday after the hardware, software and consulting provider said it would acquire cloud software maker HashiCorp and reported first-quarter revenue that was lower than analysts had predicted. In a statement, IBM announced that it intends to pay $35 per share in cash for HashiCorp in a deal with a $6.4 billion enterprise value, net of cash. On Tuesday, The Wall Street Journal reported that IBM was getting close to acquiring HashiCorp, sending shares upward. Bloomberg said earlier on Wednesday that IBM was looking to offer $35 per share. The deal would be accretive to adjusted earnings before interest, taxes, depreciation and amortization in the first full year after close, and accretive to free cash flow in the second year after close. IBM said it expects the transaction to close by the end of 2024. Dave McJannet, HashiCorp's CEO, will report to Rob Thomas, IBM's senior vice president in charge of software, if the deal goes through, a spokesperson said. HashiCorp would complement Red Hat, which has contributed to IBM's revenue growth since the $34 billion acquisition in 2019. IBM now sells Red Hat's version of the Linux operating system for use on multiple public clouds, making it a neutral entity. HashiCorp pioneered open-source software that developers rely on to control cloud infrastructure. Premium versions of the Terraform cloud-management software and other products have brought revenue to HashiCorp. In 2021 HashiCorp shares started trading on the Nasdaq. But revenue growth has slowed, and the company has continued to report losses. Still, it's adding revenue at a faster pace than IBM. "We see multiple drivers of product synergies within IBM and accelerating growth for HashiCorp," Jim Kavanaugh, IBM's finance chief, said on a conference call with analysts. There are short-term cost synergies as well, Kavanaugh said. The combination should result in more clients wanting to talk to IBM, CEO Arvind Krishna said. HashiCorp shares moved 4% higher in extended trading following the acquisition announcement. Here's how IBM did in comparison with the consensus among analysts polled by LSEG: Earnings per share: $1.68 adjusted vs. $1.60 expected $1.68 adjusted vs. $1.60 expected Revenue: $14.46 billion vs. $14.55 billion expected IBM's revenue increased around 1.5% year over year during the quarter, according to a statement. This marks the company's third revenue miss in the last five quarters. Revenue from software, at $5.90 billion, increased about 6% and was below the $5.96 billion consensus among analysts surveyed by StreetAccount. Red Hat revenue grew 9% during the quarter at constant currency. IBM's consulting revenue came in at $5.19 billion, down slightly and just under the $5.20 billion StreetAccount consensus. "We saw both a lengthening of backlog duration driven by large scale digital transformations and a reduced level of revenue realization in the quarter as clients tighten discretionary spending," Kavanaugh said. Infrastructure revenue totaled $3.08 billion. It declined 0.7% but came in higher than the StreetAccount consensus of $2.94 billion. During the quarter, IBM said it was providing its 160,000 consultants with artificial intelligence assistants to boost productivity, and the company completed the divestiture of The Weather Company to Francisco Partners. Notwithstanding the after-hours move, IBM shares are up about 13% so far this year, outperforming the S&P 500 index, which is up 6% over the same period. This is breaking news. Please check back for updates. WATCH: IBM's in-office ultimatum: Move near office or leave company

Former cameraman sues Megan Thee Stallion, alleging unpaid wages and harassment 2024-04-24 21:00:02+00:00 - The rapper Megan Thee Stallion is being sued by a former cameraman who alleges that he was not properly compensated for his work and was subjected to a hostile work environment. Filed in Los Angeles Superior Court on Tuesday, the lawsuit by Emilio Garcia accuses the rapper, whose legal name is Megan Pete, of "a lack of appropriate pay," of fat-shaming him, and of having sex with a woman while he sat next to them in a car in a foreign country. "I felt uncomfortable," he told NBC News. "I was kind of frozen, and I was shocked. At kind of just be the overall audacity to do this right, right beside me." According to the lawsuit, the next day Megan asked Garcia if he had been in the car with them when the incident happened. When he said yes, she told him, "Don’t ever discuss what you saw," the lawsuit states. Garcia said in the lawsuit that he was misclassified as an independent contractor and owed unpaid wages. He said he thought of quitting because Megan treated him differently after that, receiving fewer bookings from her team, per the lawsuit. He also accused her of calling him a "fat b----" and telling him not to eat. The rapper's attorney, Alex Spiro, told NBC News: "This is an employment claim for money — with no sexual harassment claim filed and with salacious accusations to attempt to embarrass her. We will deal with this in court." The complaint also names management company Roc Nation as a defendant. The company did not respond to NBC News’ requests for comment.

House Speaker Mike Johnson calls for Columbia president's ousting, echoing a familiar and effective threat 2024-04-24 20:53:02+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview House Speaker Mike Johnson wants Columbia University's president to resign, calling her "inept" and "weak." Johnson, who is visiting Columbia on Wednesday, has railed against Nemat "Minouche" Shafik's handling of pro-Palestinian student protests and antisemitism on campus following Hamas' October 7 attack on Israel and Israel's subsequent war in Gaza . This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Upon his arrival to campus Wednesday evening, Johnson was greeted by a crowd that booed and heckled him, while a few cheered, according to an Axios reporter who posted a video to X. Though Johnson does not have the power to directly oust a college president, similar calls from political figures have fueled recent resignations. Advertisement After lawmakers and powerful figures urged the presidents of Harvard, MIT, and UPenn to resign following their congressional testimony about on-campus antisemitism in December, both Harvard's Claudine Gay and UPenn's Elizabeth Magill did resign, though MIT's president Sally Kornbluth has maintained her role. "What we're seeing on these college campuses across the country is disgusting and unacceptable," Johnson said on "The Hugh Hewitt Show" on Wednesday. "Every leader in this country, every political official, every citizen of good conscience has to speak out and say that this is not who we are in America, and we have got to have accountability." "It's unconscionable," Johnson added. "This president, Shafik, is shown to be a very weak, inept leader. They cannot even guarantee the safety of Jewish students? They're expected to run for their lives and stay home from class? It's just, it's, it's maddening." Related stories Columbia students began camping out on campus last week to protest Israel's war in Gaza, arguing that the country is committing genocide against the Palestinian people. They're also demanding that the university divest from companies that support Israel. Advertisement As the protests were ramping up, Shafik testified to Congress, where she took a much stronger stance against antisemitism than her college president peers had done at their hearing months before. When Congress asked Harvard's Claudine Gay, for example, whether students calling for a Jewish genocide would violate university policies, she answered with, "It can be, depending on the context." On the second day of protests, Shafik called in the NYPD, which arrested more than a hundred pro-Palestinian student protesters on suspicion of trespassing. The protests have continued in the days since, with some student groups saying Jewish students have been targeted with offensive, antisemitic rhetoric on campus. In response to the ongoing campus unrest, House Republicans have been threatening to withdraw federal funding from Columbia and other schools experiencing similar protests, arguing that they've failed to protect Jewish students' safety. "We're going to call on educational institutions like Columbia, if you cannot control what is happening at your university, if the president at this university is failing to keep students safe, then she shouldn't be eligible for any federal aid coming into this university," NY Republican Rep. Anthony D'Esposito said on Monday after visiting campus, according to The Washington Post. Advertisement Johnson echoed those calls on "The Hugh Hewitt Show" on Wednesday, adding that the visas of protesting students can be revoked. Johnson is scheduled to meet with Columbia Jewish students and the university's Rabbi Yuda Drizin on Wednesday before holding a press conference where he and other House Republicans are expected to formally call for Shafik's resignation, The Washington Post reported. "The decibel of our disagreements has only increased in recent days," Shafik wrote in a statement on Monday following her decision to call NYPD to campus. "These tensions have been exploited and amplified by individuals who are not affiliated with Columbia who have come to campus to pursue their own agendas. We need a reset." Representatives for Shafik did not immediately respond to BI's request for comment.