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.
Almost every industry now uses online shopping and ordering, but some products require a different packing material, and many times, shipping products can be wasteful. TemperPack aims to solve both issues with its ClimaCell liners, which you might recognize if you have ever ordered a meal subscription kit. Brian Powers, co-founder and Chief Growth Officer at TemperPack, joins Closing Bell to discuss TemperPack's ClimaCell liners, the company's sustainability mission, its corporate customer base, and more.
Uber and Lyft drivers are cruising in Washington State, the first U.S. state to set an earnings standard for drivers for the ride-hailing companies. Governor Jay Inslee signed the new minimum pay standard into law Thursday, which also gives drivers access to perks like paid sick time and family medical leave. John Logan, Director of Labor and Employment Studies at San Francisco State University, joins Cheddar News' Closing Bell to discuss.
Carsten Koerl, CEO of Sportradar, joins Cheddar News' Closing Bell, where he explains how his company is bolstering the platforms of sports betting and streaming networks, and discusses basketball legend and Sportradar investor Michael Jordan's role in helping the company grow.
A new NFT network claims it is disrupting the art market, and is doing so by following in the footsteps of art legends Andy Warhol and Jean-Michel Basquiat. Tripsters says it is creating a new and revolutionary concept in the NFT space, by allowing users to combine two NFTs in order to create a new third NFT. Tripsters says the feature will be compatible with multiple NFT collections in the future, but the first Tripsters' airdrop will be compatible with the Bored Ape Yacht Club collection. Jayson Winer, co-founder of Tripsters, and Oskar Kowalski, a senior advisor for the startup, join Cheddar News' Closing Bell to discuss.
Dimitri Dadiomov, CEO and Co-Founder of Modern Treasury, joins Cheddar News' Closing Bell, where he elaborates on how his firm plans to deploy its latest dose of funding and how Modern Treasury is working with banking giants like JPMorgan and Citi to help businesses move money more confidently.
Just a week after talks of him starting his own social media platform, Tesla CEO Elon Musk purchased a 9.2 percent stake in Twitter. The stock by resulted in a price surge for both Twitter and Tesla stocks, but questions are swirling about how much of an active stake this will be for the controversial figure who's had a fraught relationship with the platform over the years. Dan Ives, the managing director of equity research at Wedbush, joined Cheddar News to discuss. "I think this is a start of what's gonna really be a soap opera with Musk, either getting on the board or forcing significant strategic changes at Twitter," he noted.
Bees are responsible for the bulk of fruit and vegetable pollination — and they're negatively being affected by climate change. Tech startup Beewise is offering a solution with artificial intelligence to create robotic, autonomous hives to help the vulnerable bee populations. Saar Safra, co-founder & CEO, joined Cheddar News to talk about the company's recent $80 million to help make this project possible. "Our solution is not only hardware," he said. "Its software and biology all in one device. That's the challenge, and that's what sets us apart."
Space tourism continues to be generating buzz after the most recent Blue Origin launch. Two of its passengers made history as the first married couple to travel to space. The couple, Marc Hagle, CEO at Tricor, and Sharon Hagle, CEO at Spacekids Global, joined Cheddar News fresh off of their trip to talk about their experience and future space travel plans. "If there is a Santa Claus, we’ll have the opportunity to fly with Virgin Galactic, and maybe we'll have the opportunity to fly with SpaceX," said Marc Hagle, followed by Sharon explaining they had already signed up with Virgin Galactic about 15 years ago.
Mark Steber, chief tax information officer at Jackson Hewitt, joins Cheddar News to talk about what you need to know before filing your taxes this year.
Caleb Silver, Editor in Chief at Investopedia, breaks down which industries have the most pricing power and how rising inflation may impact margins in this upcoming corporate earnings release. "They have pricing power, no doubt about it, and consumers were feeling pretty flush last year, by and large, the personal savings rate in 2021 hit an all-time high, the personal income levels hit an all time high," he said. "Why? We had a lot of government money coming to consumers via those checks. So there was part of that, and we weren't spending in the first half of the year like we wanted to."
