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GOOG

GOOGL

Alphabet Inc.'s Google has conducted a significant layoff, affecting over 1,000 employees across various departments, including hardware and Google Assistant teams. The layoffs are part of a cost-cutting initiative in response to increased competition in AI, as seen with Microsoft and OpenAI's ChatGPT. Regulatory filings indicate 703 positions cut in California, and a childcare center in Mountain View has been closed.

Portfolio Pulse from Rounak Jain

January 12, 2024 | 9:12 am

TIP

The December CPI data indicated higher-than-expected inflation rates, leading economist Peter Schiff to claim the Fed has lost the inflation battle. The CPI and core CPI rose by 0.3% monthly, with annual rates at 3.4% and 3.9%, respectively. The Fed raised interest rates to 5.25%-5.50% in 2023 but may start reducing them by mid-year. The iShares TIPS Bond ETF (TIP) saw a slight increase in its session price.

Portfolio Pulse from Shanthi Rexaline

January 12, 2024 | 8:53 am

HTZ

TSLA

Hertz Global Holdings (HTZ) plans to sell about 20,000 EVs, including Teslas, from its U.S. fleet in 2024 due to high repair costs, aiming to replace them with combustion engine cars. This decision has divided Tesla (TSLA) supporters. Wedbush analyst Dan Ives sees it as a negative for Hertz but not significantly impacting Tesla, while investor Ross Gerber views it as a setback for Tesla, noting a $250 million loss for Hertz and potential after-market price reduction for Tesla vehicles.

Portfolio Pulse from Anan Ashraf

January 12, 2024 | 8:38 am

LEDS

SemiLEDs Corporation reported a year-over-year decline in its Q1 earnings per share (EPS) from $(0.11) to $(0.12), a 9.09% decrease. Sales also decreased by 2.65% from $1.70 million to $1.65 million compared to the same quarter last year.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 8:06 am

JPM

JPMorgan Chase & Co. (JPM) is set to release its Q4 earnings on Jan. 12, 2023, with expected earnings of $3.36 per share, down from $3.56 a year ago, and projected revenue of $39.78 billion, up from $35.57 billion. CEO Jamie Dimon remains opposed to cryptocurrencies. The stock closed down 0.4% at $170.30. Analysts from Deutsche Bank, Oppenheimer, Piper Sandler, BMO Capital, and HSBC have recently updated their ratings and price targets for JPM.

Portfolio Pulse from Avi Kapoor

January 12, 2024 | 7:48 am

DIS

Pixar Animation Studios, owned by Walt Disney Co (NYSE:DIS), is planning to reduce its workforce due to overstaffing after completing certain projects. While TechCrunch reported potential staff reductions of up to 20%, this figure was refuted by a source who stated that the exact number of job cuts has not been finalized. The layoffs are not expected to affect Pixar's theatrical output. Disney CEO Bob Iger's strategy to reduce in-house streaming content and license from third parties has not significantly boosted Disney's stock, which rose only 1.5% in 2023.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 7:07 am

BAC

Bank of America Corporation (NYSE:BAC) is anticipated to report lower earnings for Q4, with analysts predicting earnings of 63 cents per share, down from 85 cents in the previous year, and revenue of $23.74 billion, down from $24.66 billion. Despite better-than-expected earnings in Q3, BAC shares fell 1.3% recently. Analysts from Goldman Sachs, Oppenheimer, Keefe, Bruyette & Woods, BMO Capital, and Piper Sandler have provided various ratings and price targets for BAC stock.

Portfolio Pulse from Avi Kapoor

January 12, 2024 | 7:02 am

BGI

Birks Group Inc. (NYSE:BGI) reported an 8.1% increase in net sales and a 3.0% increase in comparable store sales for the 8-week interim sales period ended December 30th, 2023, compared to the same period in FY2023.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 6:54 am

BYDDY

F

GM

STLA

TM

TSLA

Tesla, Inc. (TSLA) has outperformed legacy automakers in U.S. sales growth over the past eight years, despite a general industry slowdown. Elon Musk praised his team in response to a Tesla influencer's post showing Tesla's U.S. sales increase by 632,088 units from 2015 to 2018. Legacy automakers like GM, Ford, and Stellantis reported sales declines, while Hyundai, Kia, Volkswagen, Geely, Subaru, and Mazda saw growth. Tesla's Q4 deliveries hit a record 484,507 units, with annual deliveries of 1.81 million. Tesla's production efficiency, diversified bases, and product appeal contribute to its success, while legacy automakers scale back EV ambitions. BYD has recently surpassed Tesla in battery EV manufacturing. Tesla's stock closed down 2.87% at $227.22.

Portfolio Pulse from Shanthi Rexaline

January 12, 2024 | 6:42 am

BTCUSD

Anthony Scaramucci, CEO of SkyBridge Capital and former White House Communications Director, expressed interest in buying spot Bitcoin ETFs following the SEC's approval for their creation. Scaramucci believes this approval is a pivotal moment for cryptocurrency, contributing to the growth of his hedge fund and predicting Bitcoin could surpass its all-time high by next year. The SEC's decision is seen as a significant step in mainstream financial adoption of Bitcoin, though it does not constitute an endorsement of the cryptocurrency.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 6:18 am