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Virgin Galactic stock falls on Q2 revenue miss 2023-08-01 - Shares of Virgin Galactic Holdings Inc. fell in extended trading Tuesday after the private space company’s second-quarter revenue came in below Wall Street’s estimates. The company’s stock fell 3.4% in extended trading Tuesday after ending the regular session down 3.3%. Related: These are the passengers for Virgin Galactic’s first private spaceflight Virgin Galactic SPCE, -3.27% reported sales of $1.871 million, up from $357,000 in the same period last year. Analysts surveyed by FactSet were looking for revenue of $2.5 million. The company said it lost $134.4 million, or 46 cents a share, in the second quarter, compared with a loss of $110.7 million, or 43 cents a share, in the same period last year. Analysts surveyed by FactSet were looking for a loss of 51 cents a share. Related: SpaceX and Virgin Galactic are pushing space tourism, but most Americans plan to stay on Earth, poll finds Virgin Galactic, which is targeting Aug. 10 for the launch of its second commercial spaceflight, Galactic 02, said that its net loss was primarily driven by an increase in research and development expenses related to development of its future fleet. “Scheduled for next week, the ‘Galactic 02’ mission will deliver a transformational experience for our first private astronauts, and we expect to continue broadening access to space with monthly flights thereafter,” said Virgin Galactic CEO Michael Colglazier, in a statement. “Our financial position remains strong, and we remain focused on scaling the business and delivering our Delta Class spaceships for commercial service in 2026.” Related: SpaceX and Virgin Galactic are pushing space tourism, but most Americans plan to stay on Earth, poll finds Revenue for each of the third and fourth quarter is expected to be approximately $1 million, Virgin Galactic said in a statement.

EA stock falls following earnings report, forecast 2023-08-01 - Electronic Arts Inc. shares fell in the extended session Tuesday after the videogame publisher’s revenue forecast for the current quarter fell short of the Wall Street consensus. EA EA, -0.17% shares declined more than 3% after hours, following a 0.1% slip in the regular session to close at $136.12 At Tuesday’s close, the stock was up 11.4% year to date, compared with a 36.5% rise in the tech-heavy Nasdaq Composite Index COMP, -0.43% , and a 19.5% advance by the S&P 500 index SPX, -0.27% .

ETFs that buy uranium-related stocks lose steam after sharp gains following coup in Niger 2023-08-01 - Exchange-traded funds that provide investors exposure to uranium are up sharply so far this week in the wake of a military junta overthrowing the president of Niger, a significant supplier of the metal, even as they lost some steam on Tuesday. The Global X Uranium ETF URA, -0.70% ended 0.7% lower Tuesday, while the Sprott Uranium Miners ETF URNM, finished flat, according to FactSet data. But both funds have advanced sharply so far this week, with the Global X Uranium ETF up around 2.6% and the Sprott Uranium Miners ETF climbing 3.7%.

Starbucks sees a big rebound in China, but results fail to impress investors 2023-08-01 - Shares of Starbucks Corp. fell after hours Tuesday after the coffee chain reported third-quarter same-store sales that missed expectations, despite a big rebound in China. The coffee chain reported fiscal third-quarter net income of $1.14 billion, or 99 cents a share, compared with $912.9 million, or 79 cents a share, in the same quarter last year. Adjusted for restructuring and impairment costs, Starbucks earned $1 a share. Revenue rose 12.5% to $9.17 billion, compared with $8.15 billion in the prior-year quarter. Same-store sales rose 10% worldwide, with a 7% gain in North America. Those same-store sales jumped 24% internationally, with a 46% gain in China. Analysts polled by FactSet expected Starbucks SBUX, -0.31% to report adjusted earnings per share of 95 cents, on revenue of $9.29 billion and same-store sales growth of 11%. Operating margins rose to 17.3%, from 15.9% a year ago, with higher prices and productivity offset by greater spending on employee wages and benefits. Shares were down 0.7% after hours on Tuesday. Shares of Starbucks are roughly where they were at the beginning of the year. Starbucks executives over the past year have said that amid stubborn inflation, customers see coffee as an affordable luxury worth treating themselves to. But Wall Street has struggled to find a reason to push the stock higher amid questions about trends in North America and slowing same-store sales in the years ahead, as well as China’s uneven economic recovery as it shakes off pandemic restrictions. UBS analysts said that demand in the U.S. was likely still “solid.” But they said that the focus would be on demand in China. Quo Vadis analyst John Zolidis, meanwhile, said that along with China, investors had been focused on the chain’s efforts to set up more drive-through locations in the U.S., and any benefits from higher-priced cold drinks and customizable orders. The coffee chain also continues to fight with its unionized employees. Bargaining has stalled. Last month, unionized workers accused Starbucks of banning Pride-themed decorations. Starbucks aggressively denied those allegations.

Why Aaron's Shares Are Trading Lower By Over 9%? Here Are Other Stocks Moving In Tuesday’s Mid-Day Session - ABVC BioPharma (NASDAQ:ABVC), Aarons (NYSE:AAN) 2023-08-01 - Why Aaron's Shares Are Trading Lower By Over 9%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

ACADIA Pharmaceuticals's Earnings: A Preview - ACADIA Pharmaceuticals (NASDAQ:ACAD) 2023-08-01 - ACADIA Pharmaceuticals ACAD is set to give its latest quarterly earnings report on Wednesday, 2023-08-02. Here's what investors need to know before the announcement. Analysts estimate that ACADIA Pharmaceuticals will report an earnings per share (EPS) of $-0.12. ACADIA Pharmaceuticals bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company missed EPS by $0.06, which was followed by a 0.56% drop in the share price the next day. Here's a look at ACADIA Pharmaceuticals's past performance and the resulting price change: Quarter Q1 2023 Q4 2022 Q3 2022 Q2 2022 EPS Estimate -0.21 -0.24 -0.18 -0.25 EPS Actual -0.27 -0.26 -0.17 -0.21 Price Change % -0.56% 6.65% -6.97% -2.41% Stock Performance Shares of ACADIA Pharmaceuticals were trading at $29.24 as of July 31. Over the last 52-week period, shares are up 92.43%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. To track all earnings releases for ACADIA Pharmaceuticals visit their earnings calendar on our site. This article was generated by Benzinga's automated content engine and reviewed by an editor.

Leslies Earnings Preview - Leslies (NASDAQ:LESL) 2023-08-01 - Leslies LESL is set to give its latest quarterly earnings report on Wednesday, 2023-08-02. Here's what investors need to know before the announcement. Analysts estimate that Leslies will report an earnings per share (EPS) of $0.40. Leslies bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company missed EPS by $0.03, which was followed by a 1.23% drop in the share price the next day. Here's a look at Leslies's past performance and the resulting price change: Quarter Q2 2023 Q1 2023 Q4 2022 Q3 2022 EPS Estimate -0.11 -0.12 0.31 0.74 EPS Actual -0.14 -0.14 0.35 0.68 Price Change % -1.23% -10.41% -3.08% -2.63% Stock Performance Shares of Leslies were trading at $6.37 as of July 31. Over the last 52-week period, shares are down 59.29%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release. To track all earnings releases for Leslies visit their earnings calendar on our site. This article was generated by Benzinga's automated content engine and reviewed by an editor.

Preview: Energy Recovery's Earnings - Energy Recovery (NASDAQ:ERII) 2023-08-01 - Energy Recovery ERII is set to give its latest quarterly earnings report on Wednesday, 2023-08-02. Here's what investors need to know before the announcement. Analysts estimate that Energy Recovery will report an earnings per share (EPS) of $0.02. Energy Recovery bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.05, which was followed by a 5.87% increase in the share price the next day. Here's a look at Energy Recovery's past performance and the resulting price change: Quarter Q1 2023 Q4 2022 Q3 2022 Q2 2022 EPS Estimate -0.13 0.15 0.10 -0.04 EPS Actual -0.08 0.26 0.12 0 Price Change % 5.87% 4.6% -27.48% 2.24% Stock Performance Shares of Energy Recovery were trading at $30.48 as of July 31. Over the last 52-week period, shares are up 36.34%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. To track all earnings releases for Energy Recovery visit their earnings calendar on our site. This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Preview: Regenxbio - Regenxbio (NASDAQ:RGNX) 2023-08-01 - Regenxbio RGNX is set to give its latest quarterly earnings report on Wednesday, 2023-08-02. Here's what investors need to know before the announcement. Analysts estimate that Regenxbio will report an earnings per share (EPS) of $-1.26. Regenxbio bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.01, which was followed by a 1.58% drop in the share price the next day. Here's a look at Regenxbio's past performance and the resulting price change: Quarter Q1 2023 Q4 2022 Q3 2022 Q2 2022 EPS Estimate -1.54 -1.23 -1.46 -1.53 EPS Actual -1.53 -1.38 -1.75 -1.58 Price Change % -1.58% 8.49% -1.52% 2.21% Stock Performance Shares of Regenxbio were trading at $19.0 as of July 31. Over the last 52-week period, shares are down 44.22%. Given that these returns are generally negative, long-term shareholders are likely bearish going into this earnings release. To track all earnings releases for Regenxbio visit their earnings calendar on our site. This article was generated by Benzinga's automated content engine and reviewed by an editor.

Alkami Technology's Earnings Outlook - Alkami Technology (NASDAQ:ALKT) 2023-08-01 - Alkami Technology ALKT is set to give its latest quarterly earnings report on Wednesday, 2023-08-02. Here's what investors need to know before the announcement. Analysts estimate that Alkami Technology will report an earnings per share (EPS) of $-0.06. Alkami Technology bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.02, which was followed by a 1.86% increase in the share price the next day. Here's a look at Alkami Technology's past performance and the resulting price change: Quarter Q1 2023 Q4 2022 Q3 2022 Q2 2022 EPS Estimate -0.06 -0.07 -0.07 -0.08 EPS Actual -0.04 -0.05 -0.06 -0.07 Price Change % 1.86% -2.89% 0.9% 5.87% Stock Performance Shares of Alkami Technology were trading at $16.88 as of July 31. Over the last 52-week period, shares are up 13.78%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. To track all earnings releases for Alkami Technology visit their earnings calendar on our site. This article was generated by Benzinga's automated content engine and reviewed by an editor.

NuVasive Earnings Preview - NuVasive (NASDAQ:NUVA) 2023-08-01 - NuVasive NUVA is set to give its latest quarterly earnings report on Wednesday, 2023-08-02. Here's what investors need to know before the announcement. Analysts estimate that NuVasive will report an earnings per share (EPS) of $0.56. NuVasive bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.04, which was followed by a 0.1% increase in the share price the next day. Here's a look at NuVasive's past performance and the resulting price change: Quarter Q1 2023 Q4 2022 Q3 2022 Q2 2022 EPS Estimate 0.43 0.51 0.54 0.56 EPS Actual 0.47 0.43 0.54 0.47 Price Change % 0.1% -0.5% 0.59% -4.1% Stock Performance Shares of NuVasive were trading at $41.21 as of July 31. Over the last 52-week period, shares are down 23.23%. Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release. To track all earnings releases for NuVasive visit their earnings calendar on our site. This article was generated by Benzinga's automated content engine and reviewed by an editor.

Fitch downgrades U.S. long-term ratings to AA+ from AAA 2023-08-01 - Secret Service Police stand by as climate activists occupy Lafayette Park with a 120 foot banner demanding President Biden act on climate change near the White House on July 04, 2023 in Washington, DC. Fitch Ratings downgraded the United States' long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to "expected fiscal deterioration over the next three years," as well as a growing general debt burden. Back in May, the agency placed the nation's AAA rating on negative watch, blaming the debt ceiling fight. At the time, lawmakers in Washington butted heads over an agreement that would keep the federal government from running out of money. President Joe Biden signed the debt ceiling bill on June 2, just days away from the "X-date" on June 5. The country's recent debt limit feud was mentioned again in the downgrade. "In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025," the ratings agency said. "The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management," Fitch said. The agency also highlighted the rising general government deficit, which it anticipates will rise to 6.3% of gross domestic product in 2023, from 3.7% in 2022. "Cuts to non-defense discretionary spending (15% of total federal spending) as agreed in the Fiscal Responsibility Act offer only a modest improvement to the medium-term fiscal outlook," Fitch said. The agency also noted that a combination of tightening credit conditions, weakening business investment and a slowdown in consumption could lead the economy into a "mild" recession in the fourth quarter of 2023 and first quarter of next year. This isn't the first time a rating agency has downgraded the U.S. Standard & Poor's cut the U.S.'s credit rating to AA+ from AAA in 2011 after Washington managed to avoid a default. At the time, the agency highlighted political risk as part of its reasoning.

Pinterest expenses skyrocket during the second quarter 2023-08-01 - A banner for the online image board Pinterest Inc. hangs from the New York Stock Exchange on the morning Pinterest made its initial public offering, April 18, 2019. Pinterest shares sank about 4% after the company's second-quarter earnings report revealed expenses grew faster than revenue. Here's how the company did. Revenue : $708 million vs. $696 million expected, according to Refinitiv. : $708 million vs. $696 million expected, according to Refinitiv. Earnings: 21 cents per share adjusted vs. 12 cents expected, according to Refinitiv. Sales in the company's second quarter jumped 6% year over year, while net losses narrowed by 19% to $35 million, or 5 cents per share, from $43.1 million, or 7 cents per share, a year earlier. Pinterest said its total costs and expenses were $781 million during the second quarter, an 11% increase from the $700 million it recorded the previous year during the same period. The company said that it expects its third-quarter sales "to grow in the high single digits range year over year" while its third quarter non-GAAP operating expenses would "grow in the low single digits range year over year." "In Q2, we continued to build momentum with consumers and advertisers while further accelerating our pace of innovation," Pinterest CEO Bill Ready said in a statement. "Over the past year, we've been laser-focused on our key differentiators and we're seeing results." "Furthermore, due to our focus on cost efficiencies we returned to adjusted EBITDA margin expansion in Q2," he added. Pinterest said its global monthly active users jumped 8% year over year to 465 million during the period. Last week, Meta reported second-quarter financial results in which the social networking giant's revenue grew by double digits for the first time since the end of 2021. Meta also posted a better-than-expected forecast for its current quarter, signaling that the week digital advertising market is experiencing a small rebound. The social networking company's stock just capped its ninth straight monthly gain earlier this week as investors appear optimistic over its future. But while Facebook parent Meta is experiencing some recent success from an increase of advertiser spending, the much smaller Snap continues to hurt. Snap shares plummeted over 17% last week when the social messaging company provided poor guidance for its current quarter and reported its second straight period of declining year-over-year sales. Watch: Pinterest is a project-driven app that closes the loop on sales

AMD revenue falls 18% as PC market shows continued weakness 2023-08-01 - Lisa Su displays an ADM Instinct M1300 chip as she delivers a keynote address at CES 2023 at The Venetian Las Vegas on January 04, 2023 in Las Vegas, Nevada. AMD reported a revenue decline of 18% in its fiscal second-quarter earnings report on Tuesday and issued a forecast that trailed analysts' estimates. Still, the stock rose more than 4% in extended trading. Here's how the company did: Earnings : $0.58 per share, adjusted versus $0.57 per share expected by Refinitiv consensus estimates. : $0.58 per share, adjusted versus $0.57 per share expected by Refinitiv consensus estimates. Revenue: $5.36 billion versus $5.31 billion expected by Refinitiv consensus estimates. For the third quarter, AMD said it expects $5.7 billion in sales, while analysts were looking for revenue of $5.81 billion. It said that it expected its data center and embedded divisions to grow when looking at the entire fiscal year. "We are expecting a large ramp in the second half for our Data Center business, weighted towards the fourth quarter and we are still looking at a zip code — let's call it 50%, plus or minus, second half to first half," AMD CEO Lisa Su said on a call with analysts. The chipmaker reported net income of $27 million, or 2 cents per share, down from $447 million, or 27 cents per share, in the same quarter last year. AMD excludes certain losses on investments and acquisition-related costs from its earnings. AMD's processor business has slowed in recent quarters, reflecting a deep slump in the global PC market. AMD's total revenue dropped from $6.55 billion a year ago and AMD has reported two straight quarters of declining year-over-year revenue. But AMD is one of the few companies making high-end graphics processing units (GPUs) needed for artificial intelligence, and analysts are watching to see if its server chips can take market share away from Intel . Intel, AMD's primary competitor, posted a surprise profit last week and sales that were higher than expected. Su said on a call with analysts that the company is increasing its AI-related research and development spending, and that the company has developed an AI strategy including AI-specific chips and software development. "Our goal is to make this a significant growth driver for AMD," Su said. AI could also help PC chip sales, AMD said. "Going forward, we see AI as a significant PC demand driver as Microsoft and other large software providers incorporate generative AI into their offerings," Su said. AMD's client group, which includes sales from PC processors, dropped a massive 54% annually to $998 million because of a "weaker PC market," it said. AMD noted that market conditions are improving. "We expect our client segment will grow in the seasonally-stronger second half of the year based on the strength of our product portfolio," Su said. AMD's data center segment reported a decline of 11% to $1.3 billion, which the company said was due to lower server processor sales. AMD said some cloud providers had extra inventory during the quarter. During the quarter, AMD announced a new chip that's intended to build and run the kind of AI models that are at the heart of applications like ChatGPT. AMD said that chip, the MI300X, was currently being provided to customers for sampling and that production of the chip would ramp in the fourth quarter. AMD sells less-powerful chips and networking parts in its embedded segment, which was the only sector of AMD to grow in the period. Revenue in the unit increased 16% year-over-year to $1.5 billion. AMD's gaming segment includes graphics processors for PCs as well as chips for consoles like Sony's PlayStation 5. Sales in the division dropped 4% on an annual basis to $1.6 billion, a decline that could have been worse if not for high demand for "semi-custom" chips like the ones it makes for game consoles. WATCH: AMD needs to deliver on A.I. in the next few quarters

Virgin Galactic banks $2 million in quarterly revenue after first commercial spaceflight 2023-08-01 - VMS Eve, operated by Virgin Galactic, returns after the company's first commercial flight to the edge of space, at the Spaceport America facility, in Truth or Consequences, New Mexico, U.S., June 29, 2023. Virgin Galactic reported second-quarter losses on Tuesday that were slightly wider the year-ago period, as the space tourism company pushes on toward flying customers on monthly flights after launching commercial service. For the quarter ended June 30, Virgin Galactic posted a net loss of $134.4 million, or 46 cents a share, compared with a loss of $110.7 million, or 43 cents a share, in the same period a year earlier. The company brought in revenue of $1.9 million during the quarter – up from $357,000 in the period a year prior – generated by "commercial spaceflight and membership fees related to future astronauts." Virgin Galactic flew two spaceflights during the second quarter: Its final test spaceflight and its first commercial spaceflight, the latter a long-awaited step to bring its service to market. It expects to fly its second commercial spaceflight on Aug. 10. Virgin Galactic stock slipped about 3% in after-hours trading from its close at $4.14 a share. The stock is up 19% year-to-date. Virgin Galactic had cash and securities totaling $980 million at the end of the quarter, up from about $874 million at the end of the first quarter. That increase came as Virgin Galactic brought in funds through "at the market" sales of common stock. "Our financial position remains strong, and we remain focused on scaling the business and delivering our Delta Class spaceships for commercial service in 2026," Virgin Galactic CEO Michael Colglazier said in a statement. The company has been spending heavily to expand its fleet beyond the current sole VSS Unity spacecraft. Virgin Galactic is developing its Delta-class spacecraft to fly at an improved weekly rate, noting the net loss for the second quarter was "primarily driven by an increase in research and development expenses related to the development of the future fleet."

Shares of e.l.f Beauty surge 15% after company raises full-year guidance on surging sales 2023-08-01 - Tarang Amin (C), Chairman and CEO of cosmetics company e.l.f. Beauty Inc., rings the opening bell at the New York Stock Exchange (NYSE) to celebrate his company's IPO in New York City, U.S. September 22, 2016. Drugstore makeup brand e.l.f Beauty raised its full-year outlook on Tuesday after reporting a 76% year-over-year sales jump, sending shares surging about 15% in extended trading. Here's what the cosmetics company reported for its fiscal first quarter of 2024 and what Wall Street was anticipating, based on a survey of analysts by Refinitiv: Earnings per share: $1.10, adjusted, vs. 56 cents expected $1.10, adjusted, vs. 56 cents expected Revenue: $216.3 million vs. $184 million expected The company's reported net income for the three-month period that ended June 30 was $53 million, or 93 cents per share, compared with $14.5 million, or 27 cents per share, a year earlier. Excluding one-time items, e.l.f earned $62.9 million, or $1.10 per share. Sales soared to $216.3 million from $122.6 million a year earlier. The digitally native beauty company, which has grown its brand by harnessing the power of social media marketing, said those strong sales were the basis for raising its full-year outlook. The company said it expects net sales to be between $792 million and $802 million, compared to a previous range of $705 million to $720 million. Analysts had been expecting a range between $713 million and $760 million, according to Refinitiv. E.l.f. now expects adjusted full-year profits to be between $125 million and $127 million, compared to a previous range of $98.5 million to $100.5 million. "This marks our 18th consecutive quarter of delivering both net sales growth and market share gains," Tarang Amin, e.l.f.'s chairman and CEO, said in a news release. "We are one of only five publicly traded consumer companies out of 274 that has grown for 18 straight quarters and averaged at least 20% sales growth per quarter over that period."

Joe Biden says he'd fire employees who don't take personal time off: It's 'a hell of a lot more important' than your job 2023-08-01 - President Joe Biden has a rule for his staff members: If you don't take time off to tend to your personal life, you might get fired. Biden delved into the rule — which he developed as a U.S. senator — on a recent episode of life coach and former monk Jay Shetty's "On Purpose" podcast. It started with one particular staffer, whose knowledge of an upcoming Supreme Court hearing was "invaluable, because he's the guy who knew all the details," Biden said. Upon learning that the staffer "was having trouble at home," Biden told him to skip the Supreme Court hearing. When the staffer insisted on staying, Biden put his foot down, he said. "[I told him] go home... go home. And you know why? Because I would go home," Biden explained. "I have a thousand bosses, but [ultimately] only one me ... I know when I had a crisis at home raising the boys, I went home." Recalling another instance where he was made aware of an employee's troubles at home, Biden said, "if you don't go home, I'm gonna fire you. Go home. Your relationship is a hell of a lot more important than whatever you're doing for me." He added: "So that's a rule we have. Not a joke." Time off for personal health and wellbeing has increasingly become a non-negotiable for large swaths of today's workforce. Eighty-one percent of U.S. workers say mental health support will be an important consideration during their future job searches, a 2022 report from the American Psychological Association found. Years of experience and wisdom helped Biden see the importance of taking time off, he said. He's not alone: Billionaire Microsoft co-founder Bill Gates, for example, was once a self-proclaimed workaholic. Gates would skip out on family time and vacations to be in the office, he told students at Northern Arizona University's commencement ceremony in May. It took becoming a dad for Gates to realize "there's more to life than work," he said, adding: "Take a break. Take it easy on the people around you when they need it, too." In response to the idea that some employees might take advantage of Biden's open-ended invitation for time off, the president said he's not scared. "You never have to tell me why [you're taking time off]," he said. "All you gotta say is, 'I'm not gonna be in.' If it turns out you're playing games with me, I'll learn. But I know you too well." DON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter! Take your business to the next level: Register for CNBC's free Small Business Playbook virtual event on August 2 at 1 p.m. ET to learn from premier experts and entrepreneurs how you can beat inflation, hire top talent and get access to capital.

Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I. 2023-08-01 - Google CEO Sundar Pichai speaks on-stage during the Google I/O keynote session at the Google Developers Conference in Mountain View, California, on May 10, 2023. Google wants to "supercharge" its seven-year-old smart assistant using new advancements in generative artificial intelligence, as part of the latest major reorganization of the Assistant unit. In an email to employees on Monday, Peeyush Ranjan, Google's vice president of engineering at Assistant, said the latest reshuffle will include a small number of layoffs. Ranjan said the company will look to push large language model (LLM) technology into Assistant, Google's voice-powered software that's similar to Apple's Siri or Amazon's Alexa. "As a team, we need to focus on delivering high quality, critical product experiences for our users," Ranjan wrote in the email, which was viewed by CNBC. "We've also seen the profound potential of generative AI to transform people's lives and see a huge opportunity to explore what a surpercharged Assistant, powered by the LLM technology, would look like." A portion of the Assistant team has already started working on the efforts, Ranjan added. Employees who are being laid off will be given 60 days to search for other jobs within Google. Axios first reported some of the unit's changes. As a part of the reorganization, executives announced a dozen changes to the company's "Speech" team, which oversees voice commands. Francoise Beaufays, who had been the head of Speech, is moving to work under Sissie Hsiao, who oversees Bard and Assistant. "This is an exciting moment for AI, with nearly every product demanding world-class AI-driven Speech," Beaufays wrote in a separate email announcing changes to the unit. Some members of the Speech team will focus their efforts specifically on Bard, she wrote. Assistant executives said the changes will allow the division to move with "speed and focus." Jennifer Rodstrom, a Google spokesperson, said in an email to CNBC that the company is "excited to explore how LLMs can help us supercharge Assistant and make it even better." "Hundreds of millions of people use the Assistant every month and we're committed to giving them high quality experiences," she wrote. The rapid developments in generative AI, which responds to text-based queries with intelligent and creative answers and can convert text to images, is pushing Google to embed the technology in as many products as possible. For the older Assistant organization, that's meant frequent refinements. Assistant is used in Google's mobile and home devices, including its Pixel smartphone and in Nest smart speakers and devices. It's also used in smart watches, smart displays, TVs and in vehicles through the Android Auto platform. In March, Hsiao announced changes to the organization, underscoring a prioritizing of Bard. Ranjan, who had been vice president of commerce, stepped in as engineering lead for the unit and oversees more than 1,700 full-time employees, according to an internal document. Since the launch late last year of OpenAI's ChatGPT, Amazon has also emphasized the emerging importance of generative AI, adding it into Alexa products. For Google, which has dominated internet search for the better part of two decades, there's more at stake, as ChatGPT and Microsoft Bing, which uses OpenAI's model, give people alternative ways to search for answers. Google has been rolling out updates to Bard after launching it publicly in March. Last month, the company said it expanded to over 40 languages in more countries, and will include features like audio responses, thanks to its newest LLM, Palm 2. WATCH: Google kicks off I/O event

Incandescent light bulb ban takes effect in environment-saving switch to LEDs 2023-08-01 - A federal rule that took effect on Tuesday will largely consign one of the world's great inventions — the incandescent light bulb — to the technological dustbin. The rule from the U.S. Department of Energy bans the production and sale of traditional light bulbs in the U.S., encouraging consumers to switch to newer, more efficient LED lights. Using LEDs can help conserve both the environment and consumers' money, according to the agency. American households could save roughly $100 a year, or a total of $3 billion, by completely phasing out incandescent bulbs in their homes, the DOE's projections show. The switch could also reduce carbon emissions by 222 million metric tons over 30 years, the Department of Energy said in a statement after passing the rule last spring. LEDs outshine on price and durability LEDs, or light-emitting diodes, are lighting products that pass an electrical current through a microchip, which illuminates tiny diodes, resulting in a visible light, according to government-backed electronics-rating organization Energy Star. LEDs are 90% more efficient than incandescent light bulbs, the Department of Energy says on its website. They also can last up to 25-times longer than traditional light bulbs. Those features could translate into major savings for consumers who make the switch to LEDs. The average American household spends more than $4,400 a year on utility bills, with electricity accounting for 23% of that bill, according to data from moving company Move.org. In addition, roughly a third of American households neglected food- and medicine-related expenses to pay their electricity bills as energy inflation sent energy costs skyrocketing, a 2022 study from Lending Tree shows. For now, however LEDs account for less than half of lighting products in American households, the U.S. Energy Information Administration's (EIA) 2020 Residential Energy Consumption Survey shows. Pushback against LEDs While LEDs have advantages over Thomas Edison's revolutionary design, they haven't completely snuffed out the conventional bulb. Some consumers, like Tom Scocca, an editor who has written about LEDs, argue that the energy-efficient fixtures can't replace incandescent lights because they tend to lose their color and brightness over the years and aren't quite compatible with dimmer switches. "There is a world, almost within reach, in which LED lighting could be aesthetically fabulous," Scocca wrote in an article for NY Magazine. "But right now, it's one more thing that overpromises and underdelivers." Former President Donald Trump, among others, famously criticized LEDs. "The bulb that we're being forced to use, number one, to me, most importantly, I always look orange," he said in 2019. Still, usage of LEDs is on the rise. The number of households using LEDs as their main lighting source increased from 4% in 2015 to 47% in 2020, according to the EIA. The market for LEDs in the U.S. is estimated at $11.6 billion in 2023 and projected to grow to $18.5 billion by 2028, data from market research consulting firm Mordor Intelligence shows.

If I'm invited to a destination wedding, am I obliged to attend? 2023-08-01 - Destination weddings trending again, but are they good? Attending special celebrations such as weddings, birthday parties and other events can be expensive for guests, particularly if they require loved ones to travel long distances or spring for a wardrobe upgrade. On average, wedding guests planned on spending $611 per event in 2023, according to a survey from Bankrate — a total that reflects spending on gifts, clothing and beauty, plus travel and accommodations. Close friends' special days can be even costlier, given added costs associated with bridal showers, bachelor and bachelorette parties, rehearsal dinners and more. What's more, younger guests, the cohort least able to pay, are the most likely to shell out for their friends' nuptials, according to the same study. One personal finance expert wants to dissuade Gen Zers and millennials from spending beyond their means — even in the name of friendship. "You aren't being selfish if you can't go because the cost is too high. You're being responsible," Washington Post opinions writer Michelle Singletary wrote in a recent column. Those who receive invitations and RSVP "no" shouldn't feel guilty for doing so, either. In fact, making financially prudent decisions is commendable, Singletary said. "Let the budget be the bad guy and tell the person, 'I just can't afford to go,'" she told CBS News. In other words, absent guests don't need to apologize for not attending. She doesn't begrudge couples for hosting destination weddings, though. "I think people do it because that's where they want to have their wedding. That's fine," she said. "But don't expect people to come if they can't afford it." So, what steps should you take when an invitation shows up in the mail? Here's Singletary's advice: First, estimate how much attending would cost Do not go into debt to attend a wedding If you're inclined to attend, start saving as soon as you RSVP Don't feel obliged to be a part of the wedding party Remember you don't have to attend every event — you could skip the bachelorette party but attend the wedding Hosts: Think about your guests Hosts can improve attendance by considering their invitees' finances. If you are hosting a celebration and want particular friend to be in attendance, be mindful of their financial circumstances, Singletary said. "I personally think that when you plan your wedding, you ought to be considerate of who can come and who you want to come," she added. If your heart is set on a particular destination that could be challenging for close friends to reach, consider going there for your honeymoon, not the wedding itself. It relieves guests who might be on tight budgets of making a hard decision that could be detrimental to their financial well-being. She has a message for brides, too: "Stop saying, 'this is my day.'" "Because if it was your day, you would just get married with just your attendant and a witness," Singletary said. "It's a day you want to share with people, so don't think of it as a selfish thing, think of it as, 'Who do I want to come, and what is the most affordable way to have this event.'"