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1 in 3 companies have dropped college degree requirements for some jobs. See which fields they're in. 2024-07-23 21:20:00+00:00 - Some private and public sector employers are eliminating college degree requirements for certain jobs, at a time when many Americans are questionning the value of higher education, a new survey shows. The shift reflects how more hiring managers are prioritizing skills over education, evaluating candidates based on their abilities and practical experience, instead of the degrees they hold. One in three U.S. companies eliminated bachelor's degree requirements from some job postings this year, new data from Intelligent, a college prep company, shows. Intelligent surveyed 750 U.S. business leaders online in June about their views on college degrees. Another 25% of companies said they have plans to strike bachelor's degree requirements from job postings by 2025, according to the survey. That's in part because more employers recognize that many prospective candidates choose not to go to college because it's unaffordable or because they believe they'll acquire more practical skills in the workforce, versus the classroom. "Traditionally, a lot of roles had required a four-year degree because it was more common to go to college. But now, due to the rising cost, fewer people are going, and employers are starting to realize there's a more diverse applicant pool than just the people who have a four-year degree," Intelligent's chief education and career development adviser Huy Nguyen told CBS MoneyWatch. "And not having one shouldn't disqualify them from applying for a job they could be successful in." Also, holding a college degree doesn't necessarily translate to success in the workplace, Nguyen added, particularly in rapidly evolving fields like technology, where information and skills learned in school can quickly become outdated. That's one of the top fields in which Nguyen says employers are starting to evaluate candidates based on other metrics, such as on-the-job experience, or certifications indicating that one has mastered a skill like computer coding. "We've seen larger technology and software companies prioritize skills over degrees because of the speed at which the industry evolves. Often, somebody may have gone to college quite some time ago, so what you learned in college doesn't necessarily translate to skills that the job market demands," Nguyen said. Shift toward skills-based hiring Other industries in which companies are loosening degree requirements for job candidates include finance and insurance, health care and social services, education, and information services and data, according to Intelligent's report. Dropping degree requirements can also help employers attract a more diverse pool of candidates, particularly when sector unemployment is low and firms struggle to fill open roles. Some states have even passed legislation to open up job opportunities to applicants without a college degree. In January, Massachusetts Gov. Maura Healey signed an executive order eliminating college degree requirements for more than 90% of state jobs. "This executive order directs our administration to focus on applicants' skills and experiences, rather than college credentials. It will expand our applicant pool and help us build a more inclusive and skilled workforce than ever before. Our administration is leading by example, and we encourage the business community to join us by adopting similar skills-based hiring practices," Healey said in a statement at the time. Learning on the job Nearly 60% of business leaders said they removed degree requirements for entry-level positions, while 54% said they did so for mid-level roles and 18% said they did for senior-level roles, according to the survey. The removal of such requirements could let early career job candidates without college degrees, who might have otherwise been shut out from job opportunities, to learn on the job and acquire practical skills that could set them up for success later in their careers. None of the survey respondents said they would completely eliminate college degree requirements across the board for all roles. To be sure, neither Nguyen nor other experts dispute that a college degree can confer advantages on job seekers. College degree holders typically command higher wages and are less likely to experience unemployment than those with only high school diplomas. In 2024, college grads' median pay was 37% higher than median pay for those without a bachelor's degree, according to an analysis from compensation firm PayScale.
Tesla is making money off cars its competitors aren't selling 2024-07-23 21:18:15+00:00 - Some of Tesla's $25.5 billion in second-quarter revenue came from the cars competitors didn't sell. Tesla, which sells only electric vehicles, always has an excess of credits. It's the advantage Tesla needs amid a slow start to 2024. 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 by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Tesla's record second-quarter revenue was partly driven by something unusual: all the electric vehicles its competitors didn't sell. Elon Musk's electric car company has always been able to rely on under-the-radar revenue generation from selling its extra regulatory credits to car companies whose fleets don't meet emissions requirements. Because Tesla's vehicle sales are 100% electric, it always has an excess of credits — awarded to companies that surpass their regulatory requirements — and can sell them for a nice profit. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
"Veep" viewership soars 350% after Biden endorses Kamala Harris 2024-07-23 21:16:00+00:00 - A look at the historic fundraising haul for Kamala Harris When life imitates art, the latter can seem almost eerily prescient. With Vice President Kamala Harris suddenly thrust into the spotlight as the Democrats' likely nominee in the race for the White House, interest is surging in HBO's "Veep," the Emmy Award-winning series whose fictional storyline bears remarkable similarities to President Joe Biden's decision to exit the campaign and endorse his second-in-command. Streaming viewership for Season 1 of the series, which ran between 2012 and 2019, jumped more than 350% on Monday, according to data from Luminate, an entertainment data company that tracks streaming viewership. Viewers watched a total of 2.2 million minutes of the series on Monday compared to one day earlier, when the show garnered 486,000 viewing minutes, Luminate data shows. In Veep, fictional U.S. Senator Selina Meyer, played by Julia Louis-Dreyfus, runs for president but loses the nomination and settles for becoming vice president. But when her boss resigns in the show's second season, Meyer moves into the Oval Office. It's not the first time the presidential campaign has revived interest in an earlier work. When Former President Donald Trump announced he had picked Sen. JD Vance to be his running mate, Vance's bestselling memoir from 2016, "Hillbilly Elegy," soared to the top of Amazon's bestseller list. Streams of Ron Howard's film adaptation of "Hillbilly Elegy" also surged, according to Luminate. Veep creator Armando Iannucci responded to a post on social media site X that called attention to the similarities between the fictional show and the events currently unfolding at the White House. "Don't forget we made all that up, though," he wrote. Another X user wrote that Iannucci was "continuing to predict our political reality," to which Iannucci responded, "Still working on the ending."
GM slows its EV plans again even as sales grow 2024-07-23 21:14:00+00:00 - DETROIT — General Motors said Tuesday it is again slowing its plans for all-electric vehicles by further delaying a second U.S. electric truck plant and the Buick brand’s first EV. The six-month delay in retooling the electric truck plant in Michigan, until mid-2026, also means GM will not achieve a prior target of having North American production capacity of 1 million EVs by 2025. "We are committed to growing responsibly and profitably,” GM CEO Mary Barra told investors Tuesday during the company’s second-quarter earnings call. Barra’s comments come a week after she raised concerns about GM hitting its North American EV production capacity target. Barra did not provide updated timing on Buick’s first EV, which was expected in 2024. The entire Buick brand has targeted being fully electric by 2030, as part of GM’s plans to exclusively offer consumer EVs by 2035. The changes add new questions about the Detroit automaker’s plans for future battery cell plants other than two current joint venture facilities with LG Energy Solution in North America. GM previously announced plans for four of the multibillion-dollar plants in the U.S. by 2026. Barra on Tuesday said the company would grow cell production in a “meaningful cadence.” GM CFO Paul Jacobson declined to discuss potential plans to delay or cancel the automaker’s future EV battery cell plants, aside from the two facilities making cells in Ohio and Tennessee. “We’re going to continue to be guided by the customer. We’re rapidly scaling in cell plants one and two,” Jacobson said during a media briefing. “We have nothing to comment on right now.” GM’s U.S. EV deliveries increased 40% during the second quarter compared with a year earlier to 21,930 units. Still, EVs made up only 3.2% of its total second-quarter U.S. sales. Jacobson said the company is set to ramp up assembly to achieve production and vehicle wholesales of between 200,000 and 250,000 all-electric vehicles in North America this year. He said the company wholesaled about 75,000 of its new EVs during the first half of the year. Jacobson reiterated GM expects its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter. “We’re still holding to that,” Jacobson said, adding additional EV sales are expected to lower the company’s earnings, as they will be less than variable profits of GM’s traditional gas models.
Visa’s fiscal third-quarter profits rise 9% as payments become increasingly digital 2024-07-23 21:13:11+00:00 - NEW YORK (AP) — Payment processing giant Visa Inc. said Tuesday that its fiscal third-quarter profits rose 9% on an adjusted basis, as it benefits from consumers and businesses moving their payments from cash to credit and debit cards. The San Francisco-based company said it earned $4.87 billion, or $2.40 a share, compared to a profit of $4.16 billion, or $2.00 a share, in the same period a year earlier. Excluding one-time items, Visa earned $2.42 a share, which was in line with what analysts had expected, according to FactSet. Visa processed $3.325 trillion in transactions on its network during the quarter, up 7.4% from a year earlier. Much of the payments growth came from Europe and Latin America, but U.S. payments grew by 5.1%, which is faster than U.S. economic growth. Visa earns a fee from every transaction processed on its network. That fee varies from industry to industry, and whether it’s done with a credit or debit card, but generally it is somewhere between 1% to 4%. Since the pandemic, more consumers globally have been shopping online for goods and services, which has translated into more revenue for Visa in the form of fees. Even traditionally cash-heavy businesses like bars, barbers and coffee shops have started accepting credit or debit cards as a form of payment. But while the world continues to move toward digital payments, the pace of adoption may be slowing slightly. Visa reported that credit and debit card payment volumes growth slowed from 8% to 7%. That may be partially due to the size of Visa’s market getting too big to grow as quickly as it once did, but it also could be because there are fewer new industries for Visa to switch over to digital.
I tried McDonald's $5 value meal and understand why it's staying on the menu 2024-07-23 21:11:57+00:00 - The McDouble wasn't the best burger I've ever had, but it was certainly passable. My McDouble left something to be desired. Gabbi Shaw/Business Insider A McDouble is a hamburger with two patties. It comes with cheese, ketchup, pickles, and onions. The McDonald's website says it should also include mustard, but I didn't taste any or see any. My biggest issue with the burger was that I thought it was bone-dry. After taking a few bites, I needed to chug my soda. But even though I didn't love my McDouble, I'm not writing the meal off. I could always get a McChicken as part of the deal instead or try a different location's McDouble burger.
Quest Diagnostics' Q2 Earnings Performance Suggests Stable Stock, Modest Growth Ahead, Analyst Says - Quest Diagnostics (NYSE:DGX) 2024-07-23 21:08:00+00:00 - On Tuesday, Quest Diagnostics Inc DGX posted second-quarter adjusted EPS of $2.35, beating the consensus of $2.34. Sales increased 2.5% year-over-year to $2.39 billion, almost in line with the consensus of $2.39 billion. “We delivered another strong quarter, with base business revenue growth of nearly 4% and total revenue growth of 2.5%, as well as continued improvement in productivity and profitability in the base business,” said Jim Davis, Chairman, CEO, and president. “This performance is due to growth of new physician and hospital customers, more favorable test mix that includes greater adoption of advanced diagnostics and continued strength in healthcare utilization. We also made progress improving our operational quality and efficiency through greater use of automation and AI,” he added. Adjusted operating income increased 2.1% to $398 million. Outlook: Quest Diagnostics revised its fiscal year 2024 revenue guidance to $9.50 billion-$9.58 billion, versus prior guidance of $9.4 billion-$9.48 billion and consensus of $9.46 billion. The company forecasts 2024 adjusted EPS of $8.80-$9.00 versus the prior guidance of $8.72-$8.97 and consensus of $8.86. William Blair notes that total base revenue for the second quarter increased about 4%, closely aligning with the estimated 3.7%. Management highlighted sustained strength in healthcare utilization as a key factor, noting this positive trend has lasted longer than anticipated. Additionally, growth was supported by the addition of new physician and hospital customers and greater adoption of advanced diagnostics, resulting in a more favorable revenue mix. The analyst considers Quest’s recent results solid, with key metrics meeting or slightly exceeding expectations. The full-year forecast has improved slightly more than anticipated, and operating margins are rising from earlier lows. This performance is likely to keep the stock stable. Looking ahead, William Blair sees potential for modest growth in the latter half of the year, with the company poised for high-single-digit earnings growth in 2025. Quest is well-positioned for consistent, predictable growth across different market cycles, with strategies in place to capitalize on trends in lab testing over the long term. William Blair rates the stock as Outperform. Price Action: DGX shares are up 4.06% at $141.53 at the last check Tuesday. Read Next: Photo: Shutterstock
Fast-Paced Momentum Stock AMC Entertainment Is Still Trading at a Bargain - AMC Enter Hldgs (NYSE:AMC) 2024-07-23 20:51:00+00:00 - Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher." Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times. It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score, which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced. There are several stocks that currently pass through the screen and AMC Entertainment AMC is one of them. Here are the key reasons why this stock is a great candidate. Investors' growing interest in a stock is reflected in its recent price increase. A price change of 15.5% over the past four weeks positions the stock of this movie theater operator well in this regard. While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. AMC meets this criterion too, as the stock gained 74.3% over the past 12 weeks. Moreover, the momentum for AMC is fast paced, as the stock currently has a beta of 1.84. This indicates that the stock moves 84% higher than the market in either direction. Given this price performance, it is no surprise that AMC has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success. In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped AMC earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. Most importantly, despite possessing fast-paced momentum features, AMC is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. AMC is currently trading at 0.32 times its sales. In other words, investors need to pay only 32 cents for each dollar of sales. So, AMC appears to have plenty of room to run, and that too at a fast pace. To read this article on Zacks.com click here.
Swiss manufacturer Liebherr to bring jobs to north Mississippi 2024-07-23 20:48:57+00:00 - JACKSON, Miss. (AP) — Liebherr, one of the largest manufacturers of construction equipment in the world, is bringing a $176 million investment and 180 jobs to northeast Mississippi, state officials announced Tuesday. The Swiss company plans distribution and manufacturing operations in Lee County as part of its North American expansion, the Mississippi Development Authority said. The jobs are expected to be in place by 2026. MDA spokeswoman Tammy Craft said the state authority is providing a $5 million loan for construction and equipment and tax incentives valued at almost $13.5 million over 10 years. The company plans to develop a new 1 million square foot (.09 square kilometer) campus on a 118-acre ( .48 square kilometer) site in The HIVE Business Park in Tupelo, the MDA said in a statement. “The first phase of the project will encompass the construction of a state-of-the art logistics center to serve the distribution and logistics operations for Liebherr’s after-sales services. Following the initial phase, the company will invest in additional work to support its other product segments,” the agency said. Gov. Tate Reeves welcomed the company to Mississippi, saying he’s “excited to watch the company play an integral role in our continued prosperity.” Liebherr Managing Director Joerg Stroebele said Tupelo is the “ideal location” to deliver its products to clients in the U.S. and those on the North and South American continents. “Its unique logistical capabilities combined with the central geographical location will make a difference to us and our clients,” he said, crediting Mississippi’s business climate and a strong labor market for the location choice. Liebherr is a family-run technology company that in addition to construction equipment provides high-quality, user-oriented products and services in a wide range of areas. The Liebherr Group has more than 150 companies in more than 50 countries and currently employs more than 53,000 people worldwide, according to the company’s website.
Trump pollster is already warning his rattled team that Harris is going to jump ahead in the polls 2024-07-23 20:37:11+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. 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 Beware the "Harris Honeymoon," a Trump team pollster said in an internal memo. In the message, Tony Fabrizio cautioned that though Kamala Harris will likely see a bump in national polls in the upcoming week, nobody should panic because nothing major has changed for them. Fabrizio said that the consistent, largely positive media coverage of Harris will inevitably energize Democrats and give her a polling edge prior to the Democratic National Convention on August 19. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "The Democrats and the MSM will try and tout these polls as proof that the race has changed," he wrote. "But the fundamentals of the race stay the same." Fabrizio emphasized that voters remain upset about the economy and immigration, both of which are issues they are already connecting with Harris. They will, he goes on, eventually refocus on her connection to Biden because "Harris can't change who she is or what she' (sic) done." Advertisement The appeal to remaining calm comes as Trump's orbit adjusts to the new reality of a race without Biden. The campaign had perfected its attacks against Biden, namely about his age, and now must retrofit its campaign strategy to a new opponent. Some are apparently even questioning whether choosing JD Vance as a vice president was a wise choice given the new dynamics. Trump himself is raging about the money he spent targeting Biden and said on Truth Social that he should be "reimbursed for fraud." Pouring salt on the wound, Harris' campaign announced record fundraising numbers in its first 24 hours and is racking up key endorsements. Related stories Though it's barely been 48 hours since Biden ended his reelection campaign, some pollsters have already started testing Harris against Trump. A Reuters/Ipsos poll conducted on Monday and Tuesday found that Harris has a marginal two-percentage-point lead over Trump, at 44% compared to 42%. The lead, however, falls within the margin of error. Before Biden dropped out, he was trailing Trump by two percentage points in a similar poll. Advertisement Some Republicans immediately leaned into racist and sexist rhetoric after Harris became the likely Democratic nominee, with one GOP lawmaker calling her a "DEI hire." Harris' very womanhood may pose a challenge for Trump, who often crosses the line when criticizing women and may alienate female voters. For all of Fabrizio's advice to remain calm, the MAGA ecosystem seems at least somewhat spooked by their new opponent.
What the West's foes may be learning from the Ukraine war 2024-07-23 20:35:32+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. 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 NATO has been closely watching how the Russian military performs in Ukraine and gathering valuable intelligence on a range of things, from Moscow's battlefield tactics and procedures to some of its more advanced weapons systems. But NATO is not the only one benefiting from the information coming out of the war. Moscow's supporters — some of which are fierce adversaries of the US — are also learning from the war, deepening their understanding of Western weapons, a top Russia expert warned earlier this month. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. During a panel on Russian forces reconstitution on the sidelines of the NATO summit in Washington, the moderator asked Dara Massicot, a senior fellow at the Carnegie Endowment for International Peace, to assess which side has learned the most from the conflict. "From a strategic intelligence level, I think that Ukraine and NATO far and away have the advantage," Massicot commented at the July 10 event alongside Latvia's Foreign Minister Baiba Braže. "That advantage, just like all intelligence work, is not guaranteed," she continued. "You have to fight to maintain it. You have to fight for that access." Advertisement She explained that from a tactical perspective, Ukraine and Russia are learning much about each other, and in response, the cycles of adaptation and countermeasures are rapidly compressing. US officials have made similar remarks, especially regarding electronic warfare capabilities on both sides. Ukrainian service members of the 33rd Separate Mechanized Brigade ride a German-made Leopard tank during a test drive at an undisclosed location in the east of Ukraine. REUTERS/Alina Smutko But, "just like we, as NATO, are benefiting from what Ukraine is showing us and teaching us, we have to think about the other side as well," Massicot said. "Russia's allies and their partners are learning from them, and this is now a currency that Russia has to give to Iran, China, North Korea — that learning of our equipment." Help from abroad fuels the fight Since the start of the war, NATO countries have provided Ukraine with tens of billions of dollars in security assistance, with the US alone accounting for more than $53 billion. This collection of military aid includes everything from smaller items like bullets and artillery shells to larger pieces of equipment like armored vehicles and air-defense systems. But Ukraine is not the only party to the conflict that has received support from abroad. Advertisement Iran, China, and North Korea have provided Russia with varying degrees of military and economic assistance throughout the war, and the ever-deepening ties between those countries and Moscow have triggered alarm bells in the US and among its NATO allies. Iran and North Korea have collectively outfitted Russia with a bunch of lethal aid, including missiles, rockets, artillery shells, and drones. In fact, Tehran's Shahed-136 loitering munition has even emerged as one of the more notorious weapons that Moscow has employed, frequently used in attacks on Ukraine's cities and civil infrastructure. An Iranian-made Shahed-136 drone flies in the sky over Kermanshah, Iran. Photo by ANONYMOUS/Middle East Images/AFP via Getty Images China's support for Russia as it wages war in Ukraine has been more discreet. Rather than directly providing lethal aid, Beijing has instead supplied technology and hardware to help Moscow expand its defense-industrial base and make weapons. The weaponry that the Russians have received from abroad doesn't stack up to any Western-made alternatives and is often of much lower quality. Still, experts note that this support has kept Moscow's arsenal afloat as Ukraine's faced uncertainty and has helped the military maintain its pace on the battlefield. Advertisement The relationship between China, Iran, and North Korea and Russia is not a one-way street. Moscow is increasingly supporting Tehran, Pyongyang, and Beijing through defense cooperation and assistance. Learning from the war Stronger ties between Russia and countries like Iran, China, and North Korea that often stand in opposition to the West raise the risk that Moscow could share with these external actors unprecedented access to Western weaponry sent to Ukraine. There have been indications this is already happening. Related stories For instance, CNN reported last year that Russia was sending Iran Western-provided weapons that it captured on the battlefield in Ukraine. Tehran could then reverse-engineer the weapons to further its own interests in the Middle East, which would be of great concern to the US and its regional allies that use these weapons. Russian servicemen walk past a US-made Abrams tank that was captured by Russian forces in Ukraine and put on display in western Moscow. Photo by ALEXANDER NEMENOV/AFP via Getty Images Russia has said that it has recovered intact European-made Storm Shadow missiles, as well as US Army Tactical Missile System (ATACMS) components. It's also gotten its hands on Western armored vehicles, among other things. Advertisement Furthermore, in its war in Ukraine, Russia has learned useful information on ways to defeat the kind of precision-guided munitions the West depends heavily on, defeating a variety of weapons with electronic warfare. Shared externally with Western foes, this knowledge could create new headaches for the West in a potential future fight. External actors are also able to gather data about how their weapons perform on the battlefield. One example of this came in April when Iran launched a massive air assault against Israel using missiles and drones, including ones used by Russia in Ukraine. "There's no doubt in my mind that in the same way we're learning about how our weapons work on the modern-day battlefield — because we're giving those to Ukraine — there's no doubt that the Iranians are learning about what works and what doesn't work, about their drones being used in Ukraine as well," Luke Coffey, a senior fellow at Hudson Institute, told The Hill in April. Experts and officials have also said that North Korea is likely learning about how its weapons perform in actual combat conditions. In Ukraine, performance for North Korean weapons has been a bit of a mixed bag, with some systems exploding in flight and others doing unexpected things. Advertisement A still from a video, shared by the Ukrainian military, of ATACMS in use. General Staff of the Ukrainian Armed Forces/Screengrab via X For Iran, experts said the mid-April attack strike package bore a resemblance to some of Russia's attacks in Ukraine. Learning from that experience could pave the way for improvements in performance down the road. "The strike package was modeled on those the Russians have used repeatedly against Ukraine to great effect," conflict analysts at the Institute for the Study of War think tank wrote after Iran's mid-April attack. They said that "the Iranians will learn lessons from this strike and work to improve their abilities to penetrate Israeli defenses over time as the Russians have done in repeated strike series against Ukraine."
Comcast Q2 Earnings Beat Estimates, Revenues Miss - Comcast (NASDAQ:CMCSA), Cimpress (NASDAQ:CMPR) 2024-07-23 20:32:00+00:00 - Comcast CMCSA reported second-quarter 2024 adjusted earnings of $1.21 per share, which beat the Zacks Consensus Estimate by 9.01% and increased 7.1% year over year. Consolidated revenues decreased 2.7% year over year to $29.6 billion and missed the Zacks Consensus Estimate by 1.26%. Domestic broadband average rate per customer increased 3.6% and drove domestic broadband revenue growth of 3% to $6.6 billion in the second quarter. Comcast lost 120K domestic broadband customers in the reported quarter. Moreover, it lost 419K video customers. Domestic wireless customer lines increased 20% compared with the year-ago quarter to 7.2 million, including net additions of 322K in the second quarter. Shares of CMCSA have lost 9.9% year to date compared with the Zacks Consumer Discretionary sector's decline of 1.3%. Comcast Corporation Price, Consensus and EPS Surprise Comcast Corporation price-consensus-eps-surprise-chart | Comcast Corporation Quote Quarter Details Connectivity & Platforms revenues (68.2% of revenues) decreased 0.6% year over year to $20.24 billion in the reported quarter. Residential Connectivity & Platforms revenues declined 1.4% year over year at $17.82 billion. Business Services Connectivity revenues increased 5.6% year over year to $2.42 billion. Content & Experiences revenues (33.9% of revenues) decreased 7.5% year over year to $10.05 billion. Media revenues rose 2.1% year over year to $6.32 billion, primarily due to higher domestic distribution revenues. Peacock's paid subscribers rallied nearly 38% year over year to 33 million. Peacock's revenues in the second quarter jumped 28% to $1 billion. Studios decreased 27% year over year to $2.25 billion, primarily due to lower theatrical revenues and content licensing revenues. Theatrical revenues decreased due to higher revenues from the volume and strength of theatrical releases in the prior-year period, including The Super Mario Bros. Movie and Fast X. Content licensing revenues fell primarily due to the timing of when content was made available by television studios. Theme Parks lost 10.6% year over year to $1.97 billion due to lower revenues at the company's domestic theme parks, attributable to lower guest attendance, as well as the negative impact of foreign currency at international theme parks. Operating Details Costs and expenses in the second quarter of 2024 decreased 3.2% year over year to $23.05 billion. Programming & production costs decreased 10% from the year-ago quarter to $7.96 billion. Marketing and promotional expenses decreased 8.5% year over year to $1.92 billion. Adjusted EBITDA decreased 0.7% from the year-ago quarter to $10.17 billion. Total Connectivity & Platforms adjusted EBITDA gained 1.6% year over year to $8.48 billion. Content & Experiences adjusted EBITDA was $1.94 billion, down 10.9% year over year. Cash Flow & Liquidity As of Jun 30, 2024, cash and cash equivalents were $6.06 billion, which increased from $6.58 billion as of Mar 31, 2024. As of Jun 30, 2024, consolidated total debt was $98.1 billion compared with $96.5 billion as of Mar 31, 2024. In the second quarter of 2024, Comcast generated $4.72 billion in cash from operations, which decreased from $7.84 billion reported in the previous quarter. Free cash flow was $1.33 billion in the reported quarter, which decreased from $4.53 billion reported in the previous quarter. CMCSA paid dividends totaling $1.2 billion and repurchased 56.4 million of its shares for $2.2 billion, resulting in a total return of capital to shareholders of $3.4 billion. Zacks Rank & Stocks to Consider Currently, Comcast carries a Zacks Rank #3 (Hold). Cinemark CNK, Cimpress CMPR and Roblox RBLX are some better-ranked stocks that investors can consider in the broader sector. DIS, REYN and RBLX carry a Zacks Rank #2 (Buy) each at present. Shares of Cinemark have jumped 54% year to date. CNK is set to report second-quarter 2024 results on Aug 2. Shares of Cimpress have gained 15.5% year to date. CMPR is slated to report first-quarter 2024 results on Jul 31. Shares of Roblox have plunged 10.3% year to date. RBLX is set to report second-quarter 2024 results on Aug 1. To read this article on Zacks.com click here.
AI startup Cohere cuts staff after $500 million funding round 2024-07-23 20:31:00+00:00 - Aidan Gomez, co-founder and chief executive officer of Cohere Inc., during a panel session on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 16, 2024. Cohere, the artificial intelligence startup founded by ex-Google AI researchers and backed by Nvidia , cut about 20 roles on Tuesday, CNBC confirmed. The layoffs at Cohere, which had about 400 employees according to the company, follow the completion of a $500 million funding round from investors including AMD , Salesforce, Oracle and Nvidia that valued the company at $5.5 billion — more than doubling its valuation from last year. Despite the cuts, Cohere is hiring in areas such as customer operations, partnerships, revenue, sales, product design and modeling, according to its website. Founded by ex-Google AI researchers and backed by Nvidia, Cohere's business model has centered on generative AI for the enterprise rather than on consumer chatbots, which have been the talk of the tech industry since OpenAI released ChatGPT in late 2022. In June 2023, Cohere raised $270 million at a $2.2 billion valuation, with Salesforce and Oracle participating in the funding round. Company executives have also attended AI forums at the White House. "With our most recent round of financing in place, we have a clear vision for the future of Cohere, which has required some internal realignment," a representative for the company told CNBC in a statement. "We will continue to aggressively hire people as we work to offer companies the most accurate, secure and private multilingual AI solutions in the market." Fortune first reported on the job cuts. The generative AI field has exploded over the past year, with a record $29.1 billion invested across nearly 700 deals in 2023, a more than 260% increase in deal value from a year earlier, according to PitchBook. It's become the buzziest phrase on corporate earnings calls quarter after quarter, and some form of the technology is automating tasks in just about every industry, from financial services and biomedical research to logistics, online travel and utilities. Some of Cohere's competitors in the AI arms race offer products for both consumers and businesses. OpenAI, for instance, launched ChatGPT Enterprise last August, and Anthropic opened up consumer access to its formerly business-only Claude chatbot last July. Cohere president and Chief Operating Officer Martin Kon told CNBC in March that by staying focused on enterprise AI, the company is able to run efficiently and keep costs under control even amid a chip shortage, rising costs for graphics processing units (GPUs) and ever-changing licensing fees for AI models. Current clients include Notion, Oracle and Bamboo HR, according to Cohere's website. Many customers include businesses in banking, financial services and insurance, Kon told CNBC in the past. In November, Cohere told CNBC it saw an uptick in customer interest after OpenAI's sudden and temporary ouster of CEO Sam Altman. In March, Kon acknowledged that changing dynamics in the hardware industry have presented persistent challenges. The company has had a reserve of Google chips for well over two years, Kon said at the time, secured in Cohere's early days to help it pretrain its models. Now, Cohere is moving toward using more of Nvidia's H100 GPUs, which are powering most of the latest large language models.
Google’s corporate parent still prospering amid shift injecting more AI technology in search 2024-07-23 20:30:09+00:00 - SAN FRANCISCO (AP) — Google’s corporate parent Alphabet Inc. delivered another quarter of steady growth amid an AI-driven shift in the ubiquitous search engine that is the foundation of its internet empire. The second-quarter report released Tuesday showed that Google is still reeling in advertisers on the heels of the May introduction of an artificial-intelligence feature that produces conversational responses to people’s search queries while downplaying its traditional display of related links to other websites. Although the change sparked fear and outrage among online publishers worried their traffic will plummet, Google is still thriving and propelling Alphabet’s success. “AI is expanding the kinds of queries we can address,” Alphabet CEO Sundar Pichai assured analysts during a Tuesday conference call. He repeatedly extolled AI as a technology he expects to transform society and that has made Google a better company. Alphabet’s revenue for the April-June period climbed 14% from the same time last year to $84.74 billion. The Mountain View, California, earned $23.62 billion, or $1.89 per share, a 29% increase from the same time last year. It marked fourth-consecutive quarter that Alphabet’s year-over-year revenue growth has surpassed 10%, although the pace during the April-June period slowed slightly from the January-March span. The performance for the most-recent quarter exceeded the analyst projections that steer investors, according to FactSet Research. “Although far from the blowout we saw last quarter, these numbers leave no doubt that Alphabet remains a well-oiled earnings-growth machine,” Investing.com analyst Thomas Monteiro said. Alphabet’s stock price seesawed between slight declines and minor gains in extended trading after the report came out. The shares have already surged by 30% so far this year, largely riding the excitement surrounding the money-making opportunities afforded by the rise of AI — a field that Google is trying to mine through its DeepMind division and Gemini technology. Google’s cloud-computing division that oversees data centers needed to power AI features is also benefiting from the craze. That division, Google’s fastest growing segment, generated revenue of $10.3 billion in the past quarter, a 29% increase from the same time last year. It’s the first time the cloud division has hit the $10 billion revenue threshold during a single quarter. “We are innovating at every layer of the AI stack,” Pichai said during the call In a bid to lure more customers to its cloud-computing division, Google was angling to buy cybersecurity specialist Wiz for a reported $23 billion, but those talks have collapsed. Google also abandoned another idea that could have reshaped its own digital ad system as well as the internet ecosystem. It’s pulling the plug on a plan that would have enabled its popular Chrome browser to automatically block third-party cookies — the coding that helps track web surfers in order to understand their interests. Pichai told analysts that Google decided it’s best to continue to leave it up to Chrome users to decide whether they want to go into the browser settings to prohibit third-party cookies. As its financial and AI momentum builds, Google is still awaiting a decision in a high-profile U.S. Justice Department antitrust case aiming to undercut the power of its search engine. A federal judge is expected to issue a ruling later this year after sifting through reams of evidence presented during a high-profile trial in Washington.
Americans are flocking to Texas: 9 of the 10 fastest-growing U.S. cities are there 2024-07-23 20:30:00+00:00 - Nine of the 10 U.S. cities and towns where populations grew at the fastest clip during that period are found in the Lone Star State, according to the latest U.S. Census Bureau data on places with populations of 20,000 or more at any point between April 2020 and July 2023. And between 2020 and 2023, that seems to have been true of population growth. Celina, Texas, a city about 40 miles north of Dallas, earned the top spot as its population grew by more than 143% between 2020 and 2023. As of July 2020, the city had a humble population of just over 17,800. By July 2023, that number had swelled to more than 43,300, according to Census Bureau estimates. Residents say Celina is incredibly safe, has excellent economic health and offers an overall great quality of life, according to a 2022 community engagement survey the city sponsored. Fulshear, Texas, which lies about 30 miles west of Houston, experienced similar growth. Its population more than doubled, from 17,558 in 2020 to 42,616 in 2023. On the flip side, Big Spring, Texas, had the fastest population decline of -14.8% over the three-year period. But it's the only Texas city among the 10 U.S. cities and towns that saw the biggest population drops between 2020 and 2023. While the cities that grew the fastest are fairly concentrated in Texas, places where populations shrank by the largest percentages are spread across eight states, primarily in the South and Western regions. California has three entries, including notoriously expensive San Francisco. The population growth in many Texas towns may be attributed, at least in part, to the state's relatively lower cost of living compared with many other states, plus its lack of personal income tax. Texas also ranked No. 3 in the nation in CNBC's 2024 top states for business rankings. The state's population has been growing steadily and faster than nearly any other state since 2000, the Census Bureau reports. Despite its position along the Southern border, domestic migration has played a slightly larger role than international migration in Texas' population growth, the agency finds. Want to stop worrying about money? Sign up for CNBC's new online course Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure. We'll teach you the psychology of money, how to manage your stress and create healthy habits, and simple ways to boost your savings, get out of debt and invest for the future. Start today and use code EARLYBIRD for an introductory discount of 30% off through Sept. 2, 2024. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.
Tesla’s 2Q profit falls 45% to $1.48 billion as sales drop despite price cuts and low-interest loans 2024-07-23 20:23:33+00:00 - DETROIT (AP) — Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing. The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla’s second-straight quarterly net income decline. Second quarter revenue rose 2% to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet. Excluding one time items, Tesla made 52 cents per share, below analyst expectations of 61 cents. Earlier this month Tesla said it sold 443,956 vehicles from April through June, down 4.8% from 466,140 sold the same period a year ago. Although the sales were were better than the 436,000 that analysts had expected, they still were a sign of weakening demand for the company’s aging product lineup. For the first half of the year, Tesla has sold about 831,000 vehicles worldwide, far short of the more than 1.8 million for the full year that CEO Elon Musk has predicted. The company’s widely watched gross profit margin, the percentage of revenue it gets to keep after expenses, fell once again to 18%. A year ago it was 18.2%, and it peaked at 29.1% in the first quarter of 2022. Tesla said it posted record quarterly revenue “despite a difficult operating environment.” The company’s energy-storage business took in just over $3 billion in revenue, double the amount in the same period last year. Shares of Tesla fell 4% in trading after Tuesday’s closing bell. The shares had been down more than 40% earlier in the year, but have since recovered most of the losses. Revenue from regulatory credits purchased by other automakers who can’t meet government emissions targets hit $890 million for the quarter, double Tesla’s amount of most previous quarters. The company reported $622 million in “restructuring and other” expenses for the quarter, when it laid off over 10% of its workforce. Tesla said in a note to investors that it’s between two major growth waves, with the next one coming through advances in autonomous vehicles and new models. But the company reiterated caution that its sales growth “may be notably lower than the growth rate achieved in 2023.” The company said plans for new vehicles, including more affordable models, are on track for production to start in the first half of next year. Tesla has hinted at a smaller model costing around $25,000. The models are to be built using some aspects of current vehicles and others from the next-generation underpinnings. The company said average selling prices for its Models S, X, 3 and Y all dropped due to the price cuts and financing offers. It also said that the Cybertruck became the best selling electric pickup in the U.S. during the quarter.
What's Going On With Carnival Stock? - Carnival (NYSE:CCL) 2024-07-23 20:23:00+00:00 - Carnival Corporation CCL shares are trading higher Tuesday after the company announced an order for three new ships for its Carnival Cruise Line brand. The Details: Carnival announced an order agreement with Italian shipbuilder Fincantieri that provides for the design, engineering and construction of three liquefied natural gas (LNG)-powered ships. The ships are expected to be delivered in the summers of 2029, 2031 and 2033, respectively. “For this next generation ship, we are focused on creating innovative guest experiences that will take Carnival Cruise Line into the future with new fun features and excitement that we know our guests will love,” said Christine Duffy, president of Carnival Cruise Line. Read Next: SunPower Stock Attempts To Bounce Back: What’s Going On? Including the order announced Tuesday, there have been five new ship orders for Carnival Cruise Line announced in 2024. Earlier this year, Carnival placed newbuild orders for two Excel-class ships that will join the Carnival Cruise Line fleet in 2027 and 2028. The company also recently announced a series of strategic shifts to further optimize the composition of its global brand portfolio and increase guest capacity for Carnival Cruise Line, transferring a total of five vessels from sister brands to the Carnival Cruise Line fleet between 2023 and early 2025. Truist Securities maintained a Hold rating on Carnival on Tuesday and raised its price target from $17 to $20. CCL Stock Prediction 2024: Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock. Shares of Carnival have an average 1-year price target of $21.44, representing an expected upside of 11%. Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Carnival, while 6 analysts have bullish ratings. The street high price target from Argus Research is $25. CCL Price Action: According to data from Benzinga Pro, Carnival shares are trading above the stock’s 50-day moving average of $16.61. The stock was up 4.48% at $19.24 at the time of publication Tuesday. Read Also: Image: Ed Junkins from Pixabay
Mattel introduces its first blind Barbie, new Barbie with Down syndrome 2024-07-23 20:12:00+00:00 - The inclusive world of Barbie is expanding yet again — this time, with the first-ever blind Barbie doll and a Black Barbie with Down syndrome. Toy manufacturer Mattel announced the two new additions to its Fashionista line on Tuesday. The company worked closely with the American Foundation for the Blind (AFB) to ensure the blind Barbie doll accurately depicted individuals with blindness or low vision, while making sure that the doll was still accessible. "As we wrap up Disability Pride month, we believe this is an excellent way to make children worldwide feel included, regardless of their abilities," Tony Stephens of the AFB told CBS News. Released as part of 2024's global Barbie Fashionistas lineup, Mattel partnered with the American Foundation for the Blind and National Down Syndrome Society to ensure doll designs accurately reflect the community they are designed to represent. Mattel To that end, the doll's fashions are tactile with a satiny pink blouse and a textured ruffle skirt with a brightly colored hook and loop fasteners for closure on the back of the doll's top. The new doll even has accessible packaging with "Barbie" in Braille. Accessories include a white-and-red cane with an identifiable marshmallow tip and includes stylish and functional sunglasses. The doll also reflects the sometimes-distinct eye gaze of a blind individual: facing slightly up and out. "It was so exciting to have the opportunity to work with Mattel on this project," Eric Bridges, AFB's CEO, said in a statement to CBS News. "They not only embraced a deep desire to have the doll be an authentic representation of our community but also how a child who is blind would interact with the doll." Bridges told People Magazine there's been an historical misrepresentation of people who are blind in the media, so he hopes that this will help educate the public about blindness. With its latest additions, "the most diverse doll line" hopes to continue allow even more children to find a doll that represents them, inspiring them to tell their stories as well. "We recognize that Barbie is much more than just a doll; she represents self-expression and can create a sense of belonging," Krista Berger, the senior vice president of Barbie, said in a news release. In 2020, the company's Barbie Fashionistas line featured its first dolls with vitiligo, a doll with no hair, and a doll with a darker skin tone and a gold prosthetic limb. Last year, the company partnered with the National Down Syndrome Society and released its first-ever Barbie doll with Down syndrome. Mattel introduced its first-ever version of the Barbie doll representing a person with Down syndrome in 2023. Mattel This year, the two collaborated again — this time to create a Black Barbie with Down syndrome. "NDSS is thrilled to introduce a second Barbie doll with Down syndrome. Having this doll launched alongside the new Barbie doll with Blindness marks another important step in expanding representation for the disability community," Kandi Pickard, the president and CEO of NDSS, said in a statement. "We are proud to partner with Barbie as they grow to reflect our diverse and beautiful world." Down syndrome is a genetic condition that can affect how their brain and body develops, according to the CDC. Each year, about 6,000 babies born in the United States have Down syndrome and it is the most common chromosomal condition diagnosed in the United States. A focus group of Black individuals from the Down syndrome community reviewed the doll's shape, hair, fashion and glasses. Taylor Freeman, a young Black woman with Down syndrome, also joined the focus groups, helping to create the face and body sculpt, NDSS' Michelle Sagan told CBS News. Like last year, the new doll's face features a rounder shape, smaller ears, and a flat nasal bridge with her body also featuring a shorter frame with a longer torso and a single line on her palm — all characteristics often associated with those with Down syndrome. But this new doll has a braided hair texture, one of the key features requested by the Black Down syndrome community. The doll also wears pink eyeglasses, representing individuals with Down syndrome who often experience difficulties with their vision. Her dress is blue and yellow, symbolizing Down syndrome awareness, and the three arrows in some of the hearts on the dress pattern represent the third 21st chromosome that individuals with Down syndrome have.
Tesla’s Profit Fell 45% in the Second Quarter on Weak E.V. Sales 2024-07-23 20:11:38+00:00 - Tesla on Tuesday reported a significant drop in profit in the three-month period between April and June, a result of the electric car company’s sluggish sales. The automaker said it earned $1.5 billion in the second quarter of the year on revenue of $25.5 billion. In the second quarter of 2023, Tesla made $2.7 billion and had revenue of $24.9 billion. The company’s current operating profit margin, a measure of how much money it makes on every dollar of revenue, was 6.3 percent, compared with 9.6 percent in the same period a year ago. The results will most likely heighten pressure on Tesla and its chief executive, Elon Musk, to show that the company can find new ways to grow and make money.
Pennsylvania state police identified Trump shooter as 'suspicious' prior to attack 2024-07-23 20:05:00+00:00 - The gunman who tried to assassinate former President Donald Trump was identified as suspicious before the shooting because he was hanging around but never attempted to enter the July 13 campaign rally and that suspicion was later heightened when he was seen with a rangefinder, the commissioner of the Pennsylvania State Police testified Tuesday. Thomas Crooks, 20, first became suspicious because he “was milling about and he stood out to them because he never made his way to a point of ingress to the venue,” Pennsylvania State Police Col. Christopher Paris said at a House Homeland Security Committee hearing. The suspicion grew when Crooks was later seen with a range-finder, a device that measures the distance from a target. In his testimony, Paris said that in his briefings he was told that in addition to Crooks, three other people had been identified as suspicious. Paris said the Butler County Emergency Services Unit (ESU), which was tasked with securing the building where Crooks fired from, relayed the suspicion and a photo of Crooks to the state police, which then passed along the message to the Secret Service. Officers with the Butler County ESU spotted Crooks from a second-story window and left their post to search for him, Paris said, adding that he cannot give an exact timeline. Crooks was not designated as an actual threat until seconds before he opened fire, Paris said. The gunfire struck Trump in the ear, killed one rallygoer and wounded another. Paris said one of his area commanders specifically asked the Secret Service about a plan to secure the building during a final security planning walk-through two days before the shooting. “We were told Butler ESU was responsible for that area by several Secret Service agents,” Paris said. The Pennsylvania State Police’s role was to support the Secret Service at Trump’s presidential campaign rally in Butler, Pennsylvania, Paris said. U.S. Secret Service Director Kimberly Cheatle stepped down from her position Tuesday after widespread calls from lawmakers for her to resign following the assassination attempt on Trump, three sources told NBC News. Her resignation comes just one day after lawmakers grilled her at a House Oversight Committee hearing where she did not provide clear answers when asked about whether the Secret Service had secured the building the gunman fired from and how he gained access to the roof. The Pennsylvania State Police provided 32 members, Paris said, adding that their two main jobs were to help transport Trump and secure posts inside the perimeter. He said the Pennsylvania State Police also provided two marked cars with uniformed troopers outside of the security perimeter to “provide roving duties.” The agency is investigating the shooting and has interviewed 100 people and gathered 1,000 pieces of evidence in the process, Paris said.