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Google CEO warns employees of further layoffs, says company will announce AI goals this week
26 minutes ago
Google plans to make additional job cuts this year as it focuses more on fast-growing areas such as artificial intelligence (AI).
Sundar Pichai, CEO of Google’s parent company Alphabet (GOOGL), said in a memo sent to employees on Wednesday that the company’s priorities for 2024 include “simplification of execution and speed of execution.” “We need to remove layers to increase the
Pichai said in the memo that the job cuts in 2024 will not be as large as last year, when the company laid off 12,000 people, or about 6% of its workforce. He also said the company will announce its 2024 AI goals, objectives and key achievements this week.
Shares of Google’s parent company Alphabet rose 1% Thursday morning to about $143.
-Fatima Atalwala
Learn Financial Services Stocks Drop Following Fourth Quarter Weakness—Key Technical Levels to Watch
1 hour 3 minutes ago
Shares of Discover Financial Services (DFS) fell in early trading Thursday after the online banking and payments company’s quarterly profit fell short of analysts’ expectations. The company also warned of the dire conditions facing consumers and urged it to increase its loan loss reserves.
Discover Financial’s bottom line income was $388 million, or $1.54 per share, in the fourth quarter, compared to $1.025 billion, or $3.74 per share, in the year-ago period.
The company said its allowance for credit losses, which are loans that banks consider unrecoverable, rose to $1.9 billion in the December quarter, an increase of $1 billion from the same period a year earlier. However, the company said its tight loan provisions were near the lower end of its expected range.
Source: TradingView.com.
Since bottoming at about $80 early in the fourth quarter, Discover stock has rallied impulsively throughout December, trading toward the top of its 2023 range.
On Thursday, the stock fell about 8%, with the 50-day moving average breaking above the 200-day moving average and finding support just above $100, which was poised to form a bullish golden cross signal.
-Timothy Smith
Stocks that move the most before the market
1 hour 50 minutes ago
Profit:
- Taiwan Semiconductor Manufacturing (TSM): Shares of the Taiwanese chipmaker rose 8% after it reported better-than-expected quarterly sales and profits and predicted strong revenue growth this year driven by AI demand. Did.
- Hertz Global Holdings (HTZ): The rental car company’s shares rise 4% after Morgan Stanley upgraded the stock to “overweight” and praised its recent decision to rethink the size of its electric vehicle fleet. did.
- Apple Inc. (AAPL): Consumer technology after Bank of America analysts upgraded the stock from “neutral” to “buy” citing upside potential from the company’s services and Vision Pro business. Shares of the major company rose 2%.
loss:
- Humana Inc. (HUM): The company’s stock fell 13% after the company lowered its 2023 earnings outlook due to rising healthcare costs, similar to UnitedHealth Group’s (UNH) quarterly results last week. This was the result.
- Birkenstock Holding (BIRK): Company warns global expansion efforts could weigh on earnings, overshadowing better-than-expected quarterly sales and better earnings forecasts After that, the newly listed sandal maker’s stock price fell by more than 10%.
- Discover Financial Services (DFS): Shares of the financial services provider plunged 7% after the company reported more than doubling its allowance for credit losses in the fourth quarter, hurting revenue.
Stock futures rise as TSMC profit forecast hits record high
2 hours 33 minutes ago
Futures contracts tied to the Dow Jones Industrial Average fell about 0.2% in premarket trading.
S&P 500 futures rose 0.4%.
Nasdaq 100 futures rose 0.9%.
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