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ADDDF

ADDYY

NKE

Adidas AG (OTC:ADDYY) (OTC:ADDDF) raised its 2024 profit outlook after a better than expected Q1, signaling recovery from its first annual loss in over 30 years and struggles in North America. CEO Bjorn Gulden's efforts, including inventory reduction, are showing positive signs. Meanwhile, Nike Inc (NYSE:NKE) faces challenges in innovation due to remote work but is implementing a restructuring plan to save $2 billion over three years.

Portfolio Pulse from Upwallstreet

April 17, 2024 | 5:31 pm

GOOG

GOOGL

Google has announced additional layoffs and is relocating some positions to other countries, as reported by Business Insider. This move is part of Google's ongoing efforts to streamline operations and reduce costs amid a challenging economic environment.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 4:03 pm

GOOGL

Anti-Israel activists, including some Google employees, were arrested after occupying Google's offices in New York City and Sunnyvale for nearly 10 hours to protest Google's contracts with the Israeli government, specifically Project Nimbus. The protesters, part of the No Tech for Apartheid movement, demand the cancellation of these contracts, claiming Google's technology supports occupation and genocide in Gaza. Google responded by putting the involved employees on administrative leave and cutting their system access, citing policy violations. The protest is part of a larger campaign against Project Nimbus, which also saw Google and Amazon workers publishing an open letter condemning the project. Despite these protests, Alphabet stockholders voted against assessing the company's role in Project Nimbus.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 3:58 pm

AMZN

VCR

XLY

Amazon.com Inc (NASDAQ:AMZN) faces delays in its Northern Virginia HQ2 expansion, pushing its 25,000 job promise to 2038 amid a workforce reduction last year due to company-wide layoffs and a hiring slowdown. Despite these setbacks, Amazon continues to invest in the project, with 1,000 positions currently open and plans for AWS to expand data centers in Virginia by 2040. The delays could affect the financial incentives from Virginia, which are based on employment commitments. Amazon stock has gained over 78% in the last 12 months, with exposure through ETFs like SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY) and Vanguard Consumer Discretion ETF (NYSE:VCR).

Portfolio Pulse from Anusuya Lahiri

April 17, 2024 | 1:52 pm

STLA

TSLA

TTWO

A Boeing whistleblower has called for the global grounding of 787 Dreamliners due to fears of 'premature failure'. Meanwhile, Bitcoin's value is said to hinge on a key support level, with analysts suggesting that the current crypto cycle is far from over. In the US, investor optimism decreases, but Wall Street experts remain bullish, dismissing rate cut fears and Middle East tensions. Tesla's focus on autonomous driving and strong sales strategy is highlighted, alongside Take-Two Interactive's workforce reduction and Stellantis CEO's warning of a challenging year. Cathie Wood's Ark Invest continues to show confidence in Tesla, buying $3.3M worth of shares.

Portfolio Pulse from Akanksha Bakshi

April 17, 2024 | 1:05 pm

BAC

HSBC

UBS

Morgan Stanley (NYSE:MS) is set to reduce its workforce in the Asia-Pacific region, cutting around 50 jobs, mainly in Hong Kong and China, which is about 13% of its regional bankers. This decision is attributed to declining revenues in Asia, especially in China due to economic challenges. Despite a global revenue increase, Morgan Stanley's net revenue from Asia fell by 12% in the first quarter. Other financial institutions like HSBC Holdings Plc (NYSE:HSBC), UBS Group AG (NYSE:UBS), and Bank of America Corp (NYSE:BAC) have also made similar job cuts in Asia.

Portfolio Pulse from Shivani Kumaresan

April 17, 2024 | 10:56 am

STLA

Stellantis N.V. (NYSE:STLA) CEO Carlos Tavares warned of a challenging year ahead due to rising prices, raw material costs, and labor disputes. Despite these challenges, shareholders approved the 2023 remuneration report for senior managers with 70% approval. Tavares' compensation faced scrutiny amid cost-cutting and workforce reduction efforts, including voluntary redundancy for 3,000 Italian workers and layoffs in France and the U.S. The company rewarded employees with €1.9 billion for 2023 performance. STLA shares rose 0.35% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 17, 2024 | 10:19 am

ESPO

NERD

TTWO

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) announced a workforce reduction of 5% as part of a cost reduction program, aiming to enhance its margin profile while still investing for growth. The company expects to incur $160 million to $200 million in total charges related to this plan, which includes costs for title cancellations, employee severance, and office space reductions. The plan is expected to be complete by December 31. Grand Theft Auto VI, anticipated for release in 2025, is expected to be one of the highest-grossing media products. TTWO stock has gained over 16% in the past year and is trading higher by 0.39% to $146.00 premarket.

Portfolio Pulse from Nabaparna Bhattacharya

April 17, 2024 | 10:10 am

GOOG

GOOGL

Marc Andreessen criticized Google's internal issues, including employee protests and security breaches involving AI chip designs. He highlighted the risks of AI safety and the need for urgent regulatory measures. Elon Musk supported Andreessen's concerns, emphasizing the dangers of AI. Google faces internal dissent over its cloud contract with the Israeli government, affecting employee morale.

Portfolio Pulse from Rounak Jain

April 17, 2024 | 9:37 am

TSLA

Tesla CEO Elon Musk emphasizes the importance of autonomous driving for Tesla's future, considering it a 'blindingly obvious move'. He reiterated the company's focus on autonomy over other projects, such as the lower-cost EV, which has been rumored to be deprioritized in favor of developing self-driving robotaxis. Musk's stance on vehicle autonomy as a key value driver for Tesla was highlighted alongside recent job cuts aimed at streamlining the company for its next growth phase, particularly focusing on the robotaxi project.

Portfolio Pulse from Anan Ashraf

April 17, 2024 | 9:13 am