More than 75,000 global technology-sector employees have been laid off in the first few weeks of 2023, according to data compiled by the website Layoffs.fyi. The website’s tally of global tech layoffs so far this year has tripled in the last two weeks. The data suggest that 2023 is on pace to surpass 2022 for … Read more
International Business Machines Corp. shares slumped Thursday after analysts picked apart Big Blue’s free cash flow results and outlook amid layoffs, and found a “mixed blessing” in the company’s drive to shift focus away from earnings. IBM IBM, -4.51% shares fell as much as 5.5% to an intraday low of $132.98, while the Dow Jones … Read more
International Business Machines Corp. increased sales more than 6% in 2022, the biggest sales increase for Big Blue in more than a decade, but its stock fell in extended trading Wednesday. IBM IBM, -0.52% reported fourth-quarter earnings of $2.71 billion, or $3.13 a share, on revenue of $16.7 billion, in line with about $16.7 billion … Read more
There’s been a pretty good run in the stock market, at least when the exchanges are functional. Nomura’s Charlie McElligott explains that investors have had to “grab” assets due to repricing “right-tail” outcomes higher, as U.S. inflation is cooling, China’s reopening and Europe is avoiding a deep recession. How long that process plays out is … Read more
A “meaningful fall” in corporate earnings that has yet to be accounted for in U.S. stocks could still trigger a sharp drawdown that rivals the 30% drop of the 1980s, warned Principal Asset Management in a new outlook. “Gross margins are under threat, not just from tight financial conditions and hawkish banks, but also tight … Read more