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.
Beatriz Acevedo, CEO of Suma Wealth, discusses the challenges in building financial habits among Hispanic youths and talks about how the company will be prioritizing funds from its recent $2 million raise.
Sian Morson, founder and editor of The Blkchain, talks about the challenges digital artists of color face getting opportunities to advance their careers and ways NFTs are redistributing wealth.
Planet Fitness CEO Chris Rondeau joined Cheddar's "Opening Bell" to talk about the gym chain's Q3 earnings beat. He said while home workouts have sufficed for people amid the pandemic, they are not a substitute for in-person workouts in facilities such as their own. "Now that people can get out and go about their day as their normal life, I think we're now reaping the benefits of people getting out to being normal again," he said.
A new report out by the Center for Countering Digital Hate shows how just ten publishers are responsible for the bulk of climate change misinformation on social media--and companies like Facebook and Google are making money off them. Imran Ahmed, CEO of the Center for Countering Digital Hate, joined Cheddar to discuss.
Many are celebrating Marvel's 'Eternals,' the most diverse film the company has ever made. CAPE has teamed up with other nonprofits to launch the #oneopen campaign, tied to the Eternals, which aims to support and amplify films led by diverse talent. Michelle Sugihara, the Executive Director of CAPE, joined Cheddar to discuss.
A recent token called 'SQUID' which was developed after the Netflix series Squid Games has now cost several investors to lose their investments. According to Gizmodo, the developers have now walked off with $3.3 Million thanks to them not allowing buyers to sell any of their coins. The question now is: How can one protect themselves from being caught up in any crypto scams? The Host of the O Show Wendy O, joined Cheddar to discuss more.
Dr. Rachel Cleetus, Policy Director and Lead Economist of the Climate and Energy Program for the Union of Concerned Scientists, joined Cheddar News to discuss the COP26 summit.
The U.S. economy added 531,000 jobs in October beating expectations by a large margin. Mark Avallone, founder and president at Potomac Wealth Advisors, joined Cheddar to dive into the numbers and discuss trends like the gains made in leisure and hospitality. "When you look at the hotel chains, the travel-related opportunities out there, they are booming," he said. Avallone noted that delayed life events like weddings have added to the growth, noting that, "The pent up demand for activities that people postponed, plus the desire to enjoy life, is all systems go right now, and I think that's something we're going to see more of."
