Here is a rundown of Cheddar News' top market stories of the day.
TECH LAYOFFS
Multiple outlets are reporting that Microsoft will begin a series of planned layoffs on Wednesday that could cut around 5 percent of its workforce, or 10,000 employees. CEO Satya Nadella warned the cuts were coming, and said the next couple of years were likely to be challenging, as the tech sector contracts after a decade plus of rapid growth. Amazon is also set to move ahead with plans to cut 6 percent of its 350,000 corporate employees.
ADOBE'S DATA DEBACLE
Adobe is facing backlash from customers who are concerned the software company is using personal images and video to train artificial intelligence models such as OpenAI’s Dall-E. Chief Product Officer Scott Belsky denied the accusations in an interview with Bloomberg, saying: "We have never, ever used anything in our storage to train a generative AI model."
UNITED AIRLINES EARNINGS
United Airlines' fourth quarter earnings beat Wall Street estimates on the heels of a rebound in travel demand. The company reported a 31 percent increase from the same period before the pandemic. The gains were made despite the airline flying 9 percent fewer trips and a litany of other challenges, from winter storms to labor shortages to supply chain disruptions.
UNIVERSITY BANS TIKTOK
The University of Texas at Austin is blocking access to TikTok on its Wi-Fi and wired networks. The move is a response to Gov. Greg Abbott's requirement that all state agencies delete the app from government-issued devices. The administration said it is also seeking to eliminate risks to information on the university's networks. University of Texas at Dallas and Texas A&M University System have since implemented similar restrictions.
Cheddar News visited the Amazon Fulfillment Center in Robbinsville, N.J., to find out how your order turns from a click of a mouse into a box on your doorstep.
Integrity Marketing Group, nation's largest independent distributor of life and health insurance products, is showing its employees it cares. The company surprised its 5,500 employees with $125 million in cash payouts to those participating in the company's Employee Ownership Plan. Bryan Adams, CEO of at Integrity Marketing Group, and Steve Young, NFL Hall of Famer and chairman of the board at Integrity Marketing Group, join Cheddar News to talk about the announcement.
Anthony Tall, sports agent and president of Miracle Sports Agency, joins Cheddar News to talk about the challenges professional sports leagues are facing amid a surge in coronavirus cases across the U.S.
Todd Kaplan, Pepsi's Vice President of Marketing, joins Cheddar News to discuss the company's first-ever non-fungible token with its Pepsi Mic Drop genesis NFT collection.
This year, consumers might not be as surprised by what's under their trees as by the trees themselves. Despite a tighter market for trees, Stew Leonard's was able to secure its entire stock of Christmas trees from a supplier in Quebec. But some prices jumped this year as a result of increased costs for shipping and labor amid the COVID-19 pandemic. Cheddar's Chloe Aiello reports.
The parent company for Toys "R" Us, Tru Kids, was acquired by WHP Global in March 2021, and it vowed a return to the physical retail experience. On Tuesday, the company opened its U.S. flagship location in American Dream, a megamall based in East Rutherford, N.J.
The Cowboy State has become one of the world's top tax havens, according to the Pandora Papers, a trove of more than 11.9 million documents obtained by the International Consortium of Investigative Journalists and The Washington Post. The papers reveal, among other things, how ultra-wealthy people from around the world move money into the U.S., invest, and spend it under a shroud of secrecy. Allison Tait, University of Richmond law professor, joined Cheddar to talk about Wyoming's laidback tax laws, their impact on the nation's economy, and provided some details on the financial arrangement known as the "cowboy cocktail."
Cheddar is looking back at the 12 biggest buzzwords of the year leading up to Christmas. The term for Day 9 is NFT. Definition: (noun) The abbreviation of non-fungible token, can be used as a unique and non-interchangeable unit of data stored on a digital ledger.
