Alphabet stock split could pave the way for addition to the Dow Jones Industrial Average
Alphabet announced a 20-for-1 stock split in its Q4 2021 earnings report on Tuesday – for all 3 classes of its stock. The stock split perhaps allows for that discussion to take place. After the stock split though, Alphabet theoretically could be swapped out for IBM without little impact to the index since both are around the same stock price. It's also worth noting that while many investors think of Alphabet as a tech stock, for indexing purposes, S&P Dow Jones categorizes it in the Communications Services category. 2015 -- a mere nine months after completing a 7-for-1 split, the fourth split in its history.cnbc.com
Long-term care facilities are using the pandemic as a shield, even in lawsuits unrelated to covid-19
In North Carolina, the broadly worded pandemic immunity law is being cited by long term care facilities in non-covid cases relating to a beating death, failing to properly medicate, and declining to send someone to the hospital.washingtonpost.com
EXPLAINER: Will you need a 'vaccine passport' to travel?
Airlines and others in the travel industry are throwing their support behind vaccine passports to boost pandemic-depressed travel, and authorities in Europe could embrace the idea quickly enough for the peak summer vacation season. (AP Photo/Rick Bowmer)Airlines and others in the travel industry are throwing their support behind so-called vaccine passports to boost pandemic-depressed travel, and authorities in Europe could embrace the idea quickly enough for the peak summer vacation season. Technology companies and travel-related trade groups are developing and testing various versions of the vaccine passports, also called health certificates or travel passes. Airlines are counting on vaccine passports to convince governments to drop some of those restrictions that discourage visitors. Airline and business groups are lobbying the White House to take the lead in setting standards for health passes.
Oracle's planned wave of capital spending won't put it on par with cloud leaders like Amazon
IBM and Oracle don't disclose revenue from their public clouds, but they do disclose total capital expenditures. In the past four quarters, IBM and Oracle's combined capital expenditures total less than one-quarter Microsoft. "They're $100 billion behind," said Charles Fitzgerald, a former Microsoft general manager who has written about capital expenditures on his blog Platformonomics. Amazon, Google and Microsoft together had more than $90 billion in capital expenditures in 2020. Amazon had higher capital expenditures than any other company in the S&P 500 in the most recent fiscal year, according to FactSet data.cnbc.com
Airline and business groups press U.S. to take lead in "virus passport" development
Various groups and countries are working on developing so-called vaccine passports aimed at allowing more travel. However, the groups said that vaccination should not be a requirement for domestic or international travel. The groups include the main U.S. and international airline trade organizations, airline labor unions and the U.S. Chamber of Commerce. Still, she held out the possibility that with more data CDC might soon approve of travel by vaccinated people. Airlines are counting on widespread vaccinations to boost travel, and for vaccine passports to give a boost to highly lucrative international flying.cbsnews.com
Stocks making the biggest moves midday: Tesla, Palantir, Hasbro, Target and more
Tesla — Shares of the electric carmaker popped 1.6% after an SEC filing showed Tesla bought $1.5 billion worth of bitcoin. The company said it bought the bitcoin for "more flexibility to further diversify and maximize returns on our cash," according to the filing. Tesla also said it would start accepting payments in bitcoin in exchange for its products as well. Hasbro – Shares of the toy maker slid about 3% despite the company beating top and bottom line estimates during the fourth quarter. Wall Street expected earnings of 89 cents per share on revenue of $790 million, according to Refinitiv.cnbc.com
Stocks making the biggest moves in the premarket: Hasbro, Energizer, Palantir & more
Hasbro shares rose 2.8% in premarket trading as of 7:36 a.m. Energizer Holdings (ENR) – The battery maker beat estimates by 28 cents a share, with quarterly earnings of $1.17 per share. The company's shares rose 2.3% in the premarket. AMC shares were caught up in the Reddit-fueled volatility of the past few weeks. AMC shares rose 1.7% in premarket trading.cnbc.com
Stocks making the biggest moves midday: Ford, IBM, Intel, Seagate and more
IBM — Shares of IBM sank 10% following its earnings report that showed a decline in revenue larger than analysts expected. IBM made $20.37 billion in revenue in the fourth quarter, missing estimates of $20.67 billion, according to Refinitiv. Intel — Shares of the chipmaker tumbled more than 8% despite the company's better-than-expected results for its fourth quarter. Seagate Technology — Seagate shares dropped nearly 6% in midday trading despite decent earnings results. PPG Industries — The paint maker's stock also dropped in midday trading notwithstanding profit and sales that topped expectations for the fourth quarter.cnbc.com
Mixed finish on Wall Street as worldwide rally takes a pause
Wall Street is tapping the brakes on its record-setting rally this week, as markets worldwide take a pause on Friday. (Courtney Crow/New York Stock Exchange via AP)BEIJING – Wall Street tapped the brakes on its recent record-setting rally Friday with a mixed finish for the major stock indexes, though the S&P 500 still ended the week with its third weekly gain in four. So did the Russell 2000 index of smaller companies, which traders have been favoring amid expectations of stronger economic growth later this year. It also gave a forecast for revenue and profit in the current quarter that matched or topped Wall Street’s. A big question on Wall Street is how much more it can climb before criticism blares even louder that stock prices have grown too expensive relative to corporate profits.
Stocks making the biggest moves after hours: IBM, Seagate, Ford & more
Pedestrians walk in front of the IBM building in New York. Check out the companies making headlines after the bell:IBM — Shares of IBM fell more than 6% in the extended session after the company reported fourth-quarter sales below where analysts were expecting. Revenue of $2.83 billion beat expectations, though investors are closely watching its guidance for the rest of the year. Seagate Technology — Seagate stock dropped 4.6% despite reporting fiscal second-quarter profit and sales ahead of expectations and guidance for the third quarter about in line with estimates. Seagate said it experienced "broad-based improvement" and "solid customer demand" for its products.cnbc.com
How IBM influences policy without spending big money on election campaigns
The promises were relatively narrow and did not suggest a permanent retreat from election spending. Some businesses only promised to cut spending from politicians who objected to certifying President-elect Joe Biden's victory, while others said they would reassess all PAC contributions. If the trend sticks, businesses may look to a handful of companies to learn how to gain influence in government without PAC spending. In the tech sector, Apple and IBM have long resisted creating their own PACs, yet their presence is felt strongly in Washington. On Friday, IBM revealed several particular areas where it plans to focus its advocacy this year.cnbc.com
You've received a COVID-19 vaccine. How do you prove it?
For many, the key will be digital vaccine certificates uploaded onto their smartphone. IBM on Monday unveiled updates to Digital Health Pass, including a partnership with Salesforce that puts blockchain technology at the center of the tech firm's vaccine credentialing platform. Like the updated Digital Health Pass by IBM and Salesforce, CommonPass is a platform that integrates with other apps. The health data of vaccine recipients is encrypted and can be stored, transferred to another device and printed as a QR code. "In this next phase," Zenooz said, "vaccination digital credentialing will play a critical part in how we can resume our lives."cbsnews.com
Gary Cohn joins IBM as vice chairman
Gary Cohn, the former Goldman Sachs president and economic advisor to President Donald Trump, is joining IBM as its vice chairman. Cohn announced the move in a tweet Tuesday morning in which he said he was "honored" to be joining the company's board. That might make Cohn an unusual choice in that his experience is primarily in finance and economics. After heading back into the private sector, Cohn soon entered the venture capital space, partnering with Cliff Robbins to form Cohn Robbins Holding Corp. Despite accepting the position at IBM, Cohn said he will continue his involvement with Robbins.cnbc.com
Managers that use A.I. 'will replace those that do not,' IBM executive says
"AI is not going to replace managers but managers that use AI will replace those that do not," Rob Thomas, senior vice president of IBM's cloud and data platform, told CNBC's "Squawk Box Europe" on Monday. When asked whether AI automation would contribute to job losses, Thomas said human employees' roles would likely change. "We've done a lot of work with (U.K. retail bank) NatWest and they're using AI to help their customer service. Now, are they automating some customer service tasks? IBM announced in October it would spin off its managed infrastructure services unit into a new public company, to focus more on its higher-margin cloud and AI capabilities.cnbc.com
Ken Frazier, Ginni Rometty and other CEOs pledge to train and hire 1 million Black workers in 10 years
Merck chairman and CEO Ken Frazier, as well as executive chairman and former IBM CEO Ginni Rometty, are joining forces with other top CEOs and organizations to close the economic opportunity gap for Black Americans. "Many times, companies require four-year degrees for the kinds of jobs that really do not require a four-year degree," Frazier tells CBS's Gayle King, while explaining that this criteria hurts many Americans, particularly Black Americans, who are unable to afford college. Roughly 36% of all Americans and just 26% of Black Americans had a four-year college degree in 2019, according to the Census Bureau. He adds that when looking at the data, "you can see that there is a huge disparity between opportunities and wealth" for Black families and White families. In 2019, White families had the highest median household wealth of any racial group at $188,200; Black Americans had the lowest median household wealth at $24,100, according to the Federal Reserve.cnbc.com
52 years later: IBM apologizes for firing tech pioneer, former UM professor for coming out as trans
Conway was a trailblazer in technology and transgender rights. She was fired from IBM in 1968 before the U.S. Supreme Court ruled in 2020 that transgender people are included in the Civil Rights Act of 1964. “Pretty much immediately fired,” Conway recalled. “Because of what happened, the way it happened, I didn’t see my kids again until they were adults,” Conway said. In 2020, 52 years after Conway was fired, IBM awarded her with a lifetime achievement award and apologized.
Phishing ploy targets COVID-19 vaccine distribution effort
(AP Photo/Virginia Mayo)BOSTON – IBM security researchers say they have detected a cyberespionage effort using targeted phishing emails to try to collect vital information on the World Health Organization's initiative for distributing COVID-19 vaccine to developing countries. The investment, in the works well before the pandemic, was accelerated to prepare for an eventual global rollout of coronavirus vaccines. There have been reports that Johnson & Johnson has been targeted by North Korean hackers, but Allison said that doesn't mean the attempts have been successful. On Wednesday, Britain became the first to country to authorize a rigorously tested COVID-19 vaccine, the one developed by American drugmaker Pfizer and Germany's BioNTech. Unlike the Moderna and Pfizer COVID-19 vaccines, Johnson & Johnson's requires refrigeration but does not need to be frozen.
Asian shares track Wall Street fall as virus aid hopes fade
Asian shares fell moderately Tuesday, echoing Wall Street's decline as hopes faded Washington will come through with badly needed aid for the economy before the U.S. presidential election. On Wall Street, the S&P 500 dropped 1.6%, its worst day in more than three weeks. The S&P 500 fell 56.89 points to 3,426.92. The index has gained 7% so far this month, outpacing the 1.9% gain for the broader S&P 500. The benchmark S&P 500 has notched a gain in each of the past three weeks.
IBM to spin off $19B business to focus on cloud computing
ARMONK, N.Y. – IBM says it is breaking off a $19 billion chunk of its business to focus on cloud computing. The 109-year-old tech company said Thursday it is spinning off its managed infrastructure services unit into a new public company, temporarily named NewCo. IBM CEO Arvind Krishna said the split will help IBM focus on its cloud platform and artificial intelligence, while the newly formed company will provide services to manage the infrastructure of businesses and other organizations. Once a household name for its personal computers, IBM shed its PC business in 2005 and has since become focused on supplying software services to big businesses, governments and other organizations. It has worked to strengthen its cloud computing business but has struggled to compete with top cloud rivals Amazon, Microsoft and Google.
Asian stocks follow Wall Street higher on stimulus hopes
Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy. (AP Photo/Eugene Hoshiko)TOKYO – Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy. Wall Street gained Thursday after President Donald Trump suggested he might be reversing his decision to halt talks on economic aid. “The on-and-off nature of the fiscal stimulus discussion in the U.S. hardly inspires lasting confidence,” said Mizuho Bank in a report. Stock rose Wednesday in response to that.
Microsoft joins Amazon, IBM in pausing face scans for police
Microsoft has become the third big tech company this week to say it wont sell its facial recognition software to police, following similar moves by Amazon and IBM. Weve decided we will not sell facial recognition technology to police departments in the United States until we have a national law in place, grounded in human rights, that will govern this technology, Smith said. Smith said Thursday that Microsoft currently doesn't sell its face recognition software to any U.S. police departments. Microsoft, Amazon and IBM are calling on Congress to set national rules over how police use facial recognition something that's now being considered as part of a police reform package sparked by the protests following Floyd's death. "We need Congress to act, not just tech companies alone.
New York authorities test cyber defenses
CNN image(CNN) - Two days after Louisiana officials declared a state of emergency following a massive cyber attack, authorities from New York conducted a "digital fire drill" to see how critical infrastructure would hold up during a security breach. The idea was to create a makeshift scenario where a cyber attack shuts down key infrastructure, causing anywhere from a loss of power to mass casualties. The drill was put on by organization called New York City Cyber Critical Services and Infrastucture (NYC CCSI), which is spearheaded by the Manhattan District Attorney's Office, the NYPD, NYC Cyber Command and the Global Cyber Alliance, an international nonprofit aiming to combat cyber attacks. Vance said his office would also need to function at a high level in case of a cyber attack. You're talking about subpoenas.