September 2022

Bloomberg reported on Wednesday that Apple had cut production targets for the iPhone 14 by up to six million units.  The anticipated surge in demand for the iPhone 14 did not appear to meet expectations, leading Apple to back off on plans to boost production targets.  According to Bloomberg and CNET, “Apple told suppliers to dial back planned increases in manufacturing on the entire product line for...

Lionsgate (NYSE-LGF.A) stock rose about 1% Wednesday morning after talk of selling a stake in their studio business.  The reason for this change in strategy for the media and entertainment company was explained by CNBC. “Selling a stake in the studio to a private-equity firm or strategic company will set a valuation floor for the business to trade on its own. It would also bring an...

Kentucky Governor, Andy Beshear, and Ford officials announced on Tuesday that Ford will invest $700 million and create 500 new jobs at the Louisville manufacturing plant. This decision was made to support the production of its Super Duty Truck line. The Super Duty truck has been successfully produced since 1998. Currently, in its fourth generation, this upcoming design will be the first all-new Super Duty model...

During a company-wide all-hands meeting this week, Google CEO, Sundar Pichai, advised employees not to “equate fun with money.” Employees were upset and many news outlets described the meeting as “heated” as they discussed recent cost-cutting measures with Sundar Pichai.  Audio obtained by CNBC revealed that Pichai was hit with intense questions from employees about “cuts related to travel and entertainment budgets, managing productivity and potential layoffs.” As...

Floridians are scrambling to prepare for the potential destruction Hurricane Ian might bring as the storm passes through Cuba. Forbes reported that over 1 million homes along the Florida Gulf are at risk of destruction brought on by Hurricane Ian.  Additionally, Hurricane Ian has the potential to be one of the costliest storms in US history with a reconstructive cost value of approximately $258.3 billion (estimated by...

Alex Mashinsky has made the decision to resign from his position as CEO of Celsius Network. “I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing,” Mashinsky wrote in a resignation letter. Mashinsky founded Celsius Network in 2017 and soon achieved major cryptocurrency lender status. However, the “difficult...

Dara Treseder, Peloton’s head of marketing, is leaving the company to pursue the position of Chief Marketing Officer at Autodesk. Treseder’s resignation comes weeks after co-founders John Foley and Hisao Kushi also left the company. The loss of these three important Peloton team players is yet another challenge the company has faced recently. When Peloton went public in 2019, they were thriving. Shortly after, the pandemic hit and...

The COVID-19 pandemic caused many offices to shut down which led employees to resort to working remotely.  During the pandemic, close to 70% of full-time workers started working remotely. There are obvious pros to working from the comfort of your own home. According to Pew Research Center and Apollo Technical Engineered Talent Solutions, working from home during the pandemic made it easier to balance work and...

Although in the past, Costco (NASDAQ-COST) has raised its membership fees every five and a half years, they are choosing to forgo the price hike as membership renewal rates reach an all-time high.Costco’s membership renewal rate rose .3% since last quarter, coming in at 92.6% at the end of the fourth quarter. Costco’s Chief Financial Officer, Richard Galanti, explained the decision not to raise fees during...

Fed-Ex (NYSE-FDX) withdrew its first quarter fiscal 2023 earnings forecast and posted a preliminary earnings report that did not look promising. The company has recently released a list of planned “cost reduction actions.” According to Commercial Appeal, these include “reducing flight frequency, reducing labor and operating hours, deferring staff hiring and closing more than 90 FedEx Office locations.”  Directly after the company made this announcement, Fed-Ex stock...