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.
Commercial real estate platform LEX made history with the first real estate IPO open to the public in the United States. CEO and co-founder Drew Sterrett joined Cheddar's "Closing Bell" to provide some background on his company and to discuss the ins and outs of taking a building public.
The EV market has risen up quickly and the country that leads the way is China. The country has seen company's like Xpeng emerge with their technological innovations as it tries to produce flying cars by 2024. Cheddar News was joined by Alexa St. John, Transportation Reporter at Insider to discuss all things EV market in China and if the United States can catch up.
As popular sustainable shoewear company AllBirds makes its public debut on the Nasdaq, trading on the ticker under "Bird" , Baron's Markets Reporter Karishma Vanjani breaks down the future of the company as it competes in alongside other sustainable companies with recent IPO's.
Cannabis is now the fifth most valuable crop in the United States behind corn, soybeans, hay, and wheat. Its $6.2 billion wholesale harvest value surpassed that of staples like cotton, rice, and peanuts, according to a new report from Leafly. Cheddar's Chloe Aiello spoke to Leafly CEO Yoko Miyashita about the report's findings.
As we move closer toward the end of 2021, many people have moved forward with their lives in an effort to put 2020 behind them. But it turns out, some people are still struggling with the pressures associated with a post-pandemic society. According to a new poll by the American Psychological Association, 32% of American adults are still stressed by the pandemic and it turns out, some of that may have to do with your job. Ted Guastello, chief strategy officer with AMFM Healthcare joins Cheddar News to discuss.
Citi and Getty Images are teaming up to create a new toolkit featuring diverse images. The goal is to offer marketers and companies the opportunity to feature authentic representation, culture, and identity in advertising. The 'Diversity, Equity, & Inclusion Imagery Toolkit' will be available in multiple markets around the globe, including the United Kingdom, Singapore, Mexico, and Hong Kong. Tristen Norman, head of creative insights for the Americas at Getty Images to talk about the partnership.
Sustainable footwear and apparel company Allbirds made its public debut on the Nasdaq on Wednesday, and CFO Mike Bufano joined Cheddar's "Between Bells" to discuss the IPO and the company's $3.3 billion valuation. Bufano attributed its recent success to product offerings and expanded brick and mortar locations. "There's lower returns when people go to a store and then there's no outbound shipping when people go to a store as well. So, the stores are both great brand beacons, they're profitable in and of themselves, and they help the overall margin profile of the business," he said.
Avis stock surged more than 200 percent on October 2 after the company reported better-than-expected earnings. The move comes as Avis also looks to get involved in the EV industry and Elon Musk clouded the issue over Tesla's contract with Hertz. Joel Hawthorne, head trader and CEO of the Morning Snapshot, gave Cheddar his insight into what's happening for the rental car company on Wall Street.
Rob Garf, VP of industry strategy and insights at Salesforce, joined Cheddar's "Opening Bell" to talk about the rising cost of goods this holiday season noting shoppers will be paying 20 percent more than the previous year. He explained that while consumers will be willing to spend more on gifts, they will likely purchase fewer items and visit fewer stores. Garf also said he expects the pandemic norm of online shopping to continue its growth during the holidays.
