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Home Blog Page 8628

Biden administration adds 253,000 jobs beating expectations, unemployment lowest in 53 years, hourly earnings rise

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President Joe Biden receives an overview of testing from workers Sara Carper, Spencer Hunter Sanon and Austin Miller, Friday, October 7, 2022, during a tour of the Volvo Group Trucks powertrain facility in Hagerstown, Maryland. (Official White House Photo by Adam Schultz)

A Friday report by the Labor Department brought cheer to the nation as jobs rose, unemployment was at the lowest level in more than half a century and the hourly earning rate saw a small rise under the Biden administration. The nonfarm payroll numbers exceeded Wall Street expectations, despite an economic slowdown and the recent turmoil seen in the banking sector.

The Bureau of Labor Statistics reported nonfarm payrolls increased 253,000 for April. Wall Street had estimated 180,000 jobs. The unemployment rate set a record at 3.4 percent as it tied with the lowest level that was prevalent in 1969, while 3.6 percent was the predicted estimate.

Another positive jump seen under the Biden administration was an increase in average hourly earnings to 0.5 percent in April. An estimate of 0.3 percent increase was expected and this much higher increase in April was also the highest monthly gain in a year.

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When these gains are considered on an annual basis, it indicates that wages have increased 4.4 percent while the expectation had been a gain of 4.2 percent. Average hourly earnings are a key indicator of inflation.

The higher-than-expected jobs and lower unemployment rates combined with an increase in average hourly rates had a positive effect on Wall Street as well as the markets rose. The Dow Jones Industrial Average saw a gain of roughly 400 points. Treasury yields also rose.

A robust earnings report by Apple Inc. and a strong rebound in banking stocks also played a role in the rise of indexes.

Friday’s report was a glimmer of hope as several mid-sized regional banks have collapsed recently and depositors are taking away their money from these banks.

Fed Chair Jerome Powell accepted that households were feeling pressured by higher interest rates but also said that a strong labor market has been helpful. Although inflation is at about 5 percent, the central bank is continuing in its mission to bring inflation to an annual level of 2 percent.

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Watch President Joe Biden signs into law the Bipartisan Safer Communities Act gun safety bill

Shopify Q1 Revenues Soar 25% Exceeding Expectations, Plans 20% Workforce Layoff

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Photo by charlesdeluvio on Unsplash

Canadian multinational e-commerce company Shopify Inc. (SHOP) is a provider of a cloud-based, multi-channel commerce platform developed with small and medium-sized businesses in mind. Using a single integrated back office, merchants can manage products and inventory, process orders and payments, ship orders, develop customer relationships, and take advantage of analytics and reporting. The platform has a mobile-optimized checkout process that enables customers of merchants to purchase goods through mobile websites.

On Thursday, Shopify announced first-quarter earnings and stated that it would be laying off 20% of its workers, a move that would affect over 2,000 individuals and that it would be selling its logistics division to freight and logistics platform Flexport for about 13% of the stock.

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Last February, Shopify contributed to Flexport’s Series E round of funding by making its own investment. A few months later, Shopify also purchased the logistics startup Deliverr for more than $2 billion. The move follows a trend in which many large technology businesses have made many rounds of layoffs in reaction to economic headwinds. About ten months ago, Shopify stated it was decreasing 10% of its employees, or about 1,000 workers.

SHOP 

In a memo to staff published on the business website, CEO Tobi Lütke disclosed the job losses. However, he did not say which units will be impacted by the layoffs. According to a securities filing, Shopify employed around 11,600 workers and contractors as of December 31. The Canadian e-commerce company’s current reduction in its workforce for the second time. Shopify let go 10% of its workforce in July of last year.

Shopify outperformed Wall Street forecasts for the first quarter as well. According to Refinitiv, the company recorded revenue of $1.51 billion, a 25% increase from the prior year and more than double Wall Street’s forecast of $1.43 billion. It reported 5 cents in profit per share. Analysts had projected a loss of 4 cents per share. Shopify posted a net loss of $1.5 billion, or $1.17 per share, for the same period last year.

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According to Lütke, the e-commerce company is becoming smaller as a business and concentrating on what it does best: creating tools that help businesses sell things online. Separately, the business disclosed that it is selling its logistics division to Flexport, including Deliverr, the last-mile delivery firm it bought for $2.1 billion in May. In addition, Shopify is selling 6 River Systems, the manufacturer of warehouse robots it purchased in 2019 for $450 million, to UK retail technology firm Ocado.

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How Groupon Will Revolutionize And Help The Retail Industry Post Covid -19

Celebrity Jameela Jamil Opens Up on Met Gala 2023’s Karl Lagerfeld-Inspired Theme, Selective Cancel Culture, Web Fans Pour In Love

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Shutterstock lev radin

Celebrity Jameela Jamil is a former British TV presenter and actress who became famous in the United States in 2016 when she became a part of The Good Place by NBC sitcom. After a brief career as a teacher, TV presenter. and a clothesline entrepreneur, she shifted to America to try her luck as a comedy writer. Her major moment was when she joined the cast of The Good Place, as Tahani, the neighbor. Jameela is also a body positivity activist.

On Tuesday, the actress in a recent social media post shared her thoughts on the Met Gala’s Karl Lagerfeld-inspired motif. The 37-year-old expressed her thoughts on “selective cancel culture” and the late designer Karl Lagerfeld’s selection as honoree just hours after the yearly charity dinner.

The gala theme this year is ‘Karl Lagerfeld: A Line of Beauty’, in line with the Costume Institute’s exhibition at the Metropolitan Museum of Art. The designer was notorious for his comments about plus-sized models and disrespectful views on the #MeToo movement. One of Lagerfeld’s most contentious statements is his claim that “no one wants to see curvy women” in 2009 and that Adele is “a little too fat” in 2012.

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The body positivity advocate expressed her feelings saying that last night women’s publications and other spectators had chosen to ignore and joined some well-known feminists who opted to publicly celebrate a man who was unkind to women, obese people, immigrants, and sexual assault survivors.

 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Jameela Jamil (@jameelajamil)

The actress continued that her post was not about “cancel culture” nor was it about the designer. It aims to highlight how liberal politics has selective cancel culture. She said her post also aims to demonstrate “why people don’t trust liberals,” as they had controversial standards.

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The celebrity host has previously expressed her distaste of this year’s Met Gala theme. In October 2022, Jamil posted several screenshots of articles that showed examples of Lagerfeld’s behavior.

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Celebrity Influencer Veronika Rajek Poses in Skimpy White Bikini, Teases Web Fans about Text on Underwear

PacWest shares decline by 40 percent, U.S. bank confirms options talks including sale

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Credit Pac West bank

PacWest Bancorp (PACW) confirmed that it was in strategic talks with various partners. The Los Angeles based bank saw a deep fall in its share price on Wednesday. Other regional banks have also seen a drop in stock price, after the collapse of Silicon Valley Bank and the acquisition of First Republic by JP Morgan Chase. PacWest Bancorp is trying to allay fears of a collapse, after its share price saw a 60 percent rout after-hours trading.

PacWest released a statement: “The bank has not experienced out-of-ordinary deposit flows following the sale of First Republic Bank and other news. Our cash and available liquidity remain solid and exceeded our uninsured deposits.” The statement was released after the plunge of its stock, post-market.

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On Wednesday, Federal Reserve Chair Jerome Powell had said that authorities have been containing the crises. However, investors remain uncertain about the future of many banks as there have been several failures and collapses, leading to outflow of deposits from small and mid-sized banks.



Some of the banks that have failed or collapsed include the following:
Silicon Valley Bank
Silvergate Capital Corp
Signature Bank and
First Republic Bank.

An increase in interest rates had a detrimental effect on many of these banks as they were unprepared for a continuing increase as most of them began planning expansion and other ambitious actions when the rates were low. Commercial real estate is also facing deep decline as properties have lost demand as supply remains in excess and this has also affected the bottom lines of these banks.

Depositors across the nation have been seen a cascading collapse of the newer banks and have rushed to remove deposits from smaller banks and park their savings at major banks such as JP Morgan Chase, Goldman Sachs, Wells Fargo, Citibank and more, all of whom have reported strong quarter results.

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PacWest, who has faced some loss of trust following the collapse of banks as well as some deposit outflows, said that it was exploring several options, including a sale. Following this news there was a small rally in stock price but the share price was still down by 40 percent as of 8.06 a.m., on Thursday in New York.

Other regional banks that might be expected to register a fall in stock price this week include Western Alliance Bancorp, Comerica Inc. and Zions Bancorp.

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Cognizant Stock Gains 6 percent Following Q1 Beat

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Cognizant (NASDAQ:CTSH) shares surged more than 6% yesterday after the company posted its Q1 earnings results, with EPS of $1.11 beating the Street estimate of $1.04. Revenue came in at $4.8 billion, better than the Street estimate of $4.73 billion.
According to the analysts at RBC Capital, the beat and bookings growth appear to be early signs that management’s focus on (1) the company becoming an employer of choice (attrition improved to 23% vs. 26% last quarter and 30% last year), (2) accelerating large deals, and (3) enhancing operational excellence are beginning to bear fruit.
For Q2/23, management anticipates revenue in the range of $4.83-4.88 billion, compared to the Street estimate of $4.86 billion. For the full year, EPS is seen at $4.11-$4.34, compared to the Street estimate of $4.43. Revenue is seen at $19.2-19.6 billion, compared to the Street estimate of $19.56 billion.

ATP News: Rafael Nadal to miss Italian Open due to hip injury


Rafael Nadal announced Friday that he will not participate in the upcoming Internazionali BNL d’Italia due to his left hip flexor injury.

Nadal, who has won the Italian tournament a record 10 times, has missed events at Indian Wells, Miami, Monte Carlo, Barcelona and Madrid due to the injury he sustained in the second round of the Australian Open in January.

“Hello everyone! I’m so sorry to announce that I won’t be able to play in Rome,” the 22-time Grand Slam winner wrote in Spanish on social media. “You all know how much it hurts me to miss another of the tournaments that has been so important to me, both professionally and personally, because of all the affection and support of the Italian fans.

“Despite having noticed an improvement in the last few days, it has been many months since I’ve been able to train at a high level and the adaptation process takes time. All that is left for me to do is accept it and keep working. Best wishes to everyone.”

Nadal, 36, did not address his availability to defend his title at the upcoming French Open, however. Action at Roland Garros gets underway on May 28.

–Field Level Media

Lyft Shares Plummet 16 percent After Q1 EPS Miss & Weak Outlook

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Lyft (NASDAQ:LYFT) shares are down more than 16% pre-market today after the company reported its Q1 earnings results, with EPS coming in at ($0.50), missing the Street estimate of ($0.08).
Revenue increased 14% year-over-year to $1 billion, above the Street estimate of $981.71 million. Active riders saw a 9.8% growth year-over-year, with an increase of 4% in the revenue per active rider.
Management anticipates Q2/23 revenue to be in the range of $1-1.02 billion, worse than the Street estimate of $1.08 billion. Adjusted EBITDA is expected to be in the range of $20-$30 million.

MLS News: Atlanta United out to reverse skid vs. Inter Miami

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Atlanta United will try to respond following recent stumbles on Saturday when they visit Inter Miami, who just might have put their own struggles in the past.

Atlanta United (5-2-3, 18 points) were defeated 3-1 at rival Nashville SC last Saturday and have won only once in their previous four games.

That kind of hiccup is common for even the best MLS teams, but it stands out for Atlanta partly because of how well it began the year, winning four of its first six.

“I feel like we started in a very strong way (but) the performance has dropped in probably the last week I would say, that’s it,” manager Gonzalo Pineda said last weekend. “(Saturday) we were in some moments we were much better with some rhythm on the ball, occupying certain gaps, and we were dangerous. It’s just the final touch wasn’t quite there.”

Thiago Almada scored Atlanta’s only goal from the penalty spot to tie striker Giorgos Giakoumakis for the team lead with five.

Giakoumakis had scored in each of his first five starts in MLS since his transfer from Celtic but missed last week with a hamstring injury and will be out again this weekend.

Inter Miami (3-6-0, 9 points) had lost six straight before upsetting the host Columbus Crew 2-1 on Saturday.

After missing the first six weeks of the season due to a calf injury, Leonardo Campana scored his first two goals of the season.

Campana scored 11 goals last season but was also limited by injury in 2022, making only 26 appearances and 21 starts.

“Today I thought he was sensational. I really did,” Miami coach Phi Neville said of Campana’s third start of the season. “I think if we have Leo Campana fit for the whole season, then we’re going to be successful.”

Campana’s return to full fitness might keep Miami striker Josef Martinez from facing his former side, or at least limit him to a substitute role.

Miami’s win at Columbus came at a cost: Jean Mota tore his LCL and is expected to miss four to six months. He joins Gregore as central midfielders Neville has lost for a lengthy spell.

–Field Level Media

MLS News: Shutout-minded Dynamo out to test defense vs. RSL

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The Houston Dynamo look to become just the second team to post shutouts in five straight home wins to start a season when they entertain Real Salt Lake on Saturday night.

The 2020 Columbus Crew own the record and Houston will look to join them against a club it has had immense trouble beating over the past five-plus seasons.

Real Salt Lake (3-5-1, 10 points) is unbeaten in the last 10 meetings (5-0-5) with the Dynamo since Houston recorded a 5-1 victory on May 31, 2017.

The Dynamo (4-3-1, 13 points) will look for a different outcome under first-year coach Ben Olsen, who said he wasn’t aware of the streak when it was brought up in Thursday’s press conference.

“They are always a tough out,” Olsen said of RSL. “I expect a very good team to show up here. I think they understand what we are about, and I think we have a good understanding about how they go about the game. There are a lot of similarities.

“I think it will be a fairly tactical game and we will have to be at our best on the defensive side. … Hopefully, offensively, this is the game we click in transition and put up a few goals.”

Houston had a bye last weekend, while Real Salt Lake played the visiting Seattle Sounders to a scoreless tie.

Real Salt Lake’s Zac MacMath was called on to make just one save while recording his first shutout of the season. He had a career-best 10 last season.

Jefferson Savarino had scored goals in three consecutive matches for RSL before being held in check by Seattle.

Savarino has 31 goals and 30 assists in 109 career games with Salt Lake. He joined the 30-30 club against the San Jose Earthquakes on April 22 in his 108th match with RSL. The only player in team history to do it fast was Joao Plata, who reached the mark in his 104th appearance. Plata finished his RSL stint with 46 goals and 43 assists in 175 matches from 2013-19.

Savarino, 26, is tied for eighth on the club’s all-time goals list and stands fifth in assists.

“We don’t know what the future holds, we don’t know what could happen in the future or whether or not I’ll be here for a long time, but I do hope I’m able to reach other milestones with RSL,” Savarino said.

RSL is just 1-3-0 on the road this season.

–Field Level Media

XFL News: Defenders QB Jordan Ta’amu named XFL Offensive POY

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D.C. Defenders quarterback Jordan Ta’amu was named the 2023 XFL Offensive Player of the Year on Friday.

Ta’amu guided the Defenders to a 9-1 regular-season record and a berth in the XFL Championship Game on May 13.

He completed 62.4 percent of his passes for 1,894 yards with 14 touchdowns and just three interceptions.

He also rushed for 298 yards and three scores and ranked second in the league in total offense (215.2).

Ta’amu, 25, played at Ole Miss before going undrafted in the NFL in 2019. He spent time with the Houston Texans, Kansas City Chiefs, Detroit Lions, Washington Football Team and Carolina Panthers but has never appeared in an NFL game.

Ta’amu played for the St. Louis Battlehawks in the XFL in 2020 and for the USFL’s Tampa Bay Bandits in 2022, leading the league in passing yards and touchdowns.

–Field Level Media