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Transcripts
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What's up, Market Movers!
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Welcome to the podcast where we serve up a curated, snackable summary of the
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latest news, trends and financial models, giving you all the intel you need to
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make better decisions when it comes to thinking about your money, protecting
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your money, and building wealth.
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For more, visit us at MarketMoversDaily.com
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But now for your Market Mover's Daily update for Sunday, February 12th, 2023.
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Google's Bard AI makes an expensive mistake.
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Google's AI chatbot unveiling falls short of expectations.
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In a recent demo video of the AI chatbot experts pointed out
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that Bard made a factual error.
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The demonstration showed Bard answering a question about the James
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Webb space telescope, claiming it had taken the first picture of a
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planet outside of our solar system.
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Astronomers, however, have disputed this statement.
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Oil market on the rise with Russia's production cut.
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The Russian Deputy Prime Minister Alexander Novak announced that the
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country will be cutting its oil output by 500,000 barrels per day in March.
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This move follows the implementation of Western bands on Moscow's, crude
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and oil products in recent months.
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The production decline amounts to approximately 5%
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of Russia's latest crude oil.
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Japanese Yen surges with report of new bank Governor.
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The appointment of economist Kazuo Ueda as the new bank governor has
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sparked a surge in the Japanese yen.
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Ueda, a former member of the central bank's policy board has
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strengthened the yen against the dollar, pushing it to a one week high.
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He will replace the previous bank governor whose term ends on April 8th, 2023,
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Yahoo, to downsize with layoff of 20% of its workforce.
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In light of concerns about the slowing economy, rising interest rates and
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high inflation, Yahoo has announced a layoff of 20% of its workforce.
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The company is restructuring its advertising tech unit, Yahoo for Business,
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which has struggled to meet its standards.
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Credit Suisse suffers largest annual loss.
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Since the financial crisis, European banks have been reporting healthy profits with
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one notable exception, Credit Suisse.
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Not a huge surprise there.
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When the bank reported its latest earnings, it said that it lost
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nearly $8 billion last year.
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That is the worst annual loss for Credit Suisse since the 2008 financial crisis.
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What to watch this upcoming week...
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Bob Iger plan to reinvigorate Disney.
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In a recent statement, Walt Disney CEO Bob Iger criticized the
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company's strategy, citing excessive spending on TV shows, product
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marketing, and low streaming prices.
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He then announced a sweeping restructuring of these areas that he
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plans to implement in the near future.
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Adidas shares plummet with warning over unsold Yeezy stock.
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Adidas recently announced that it's assessing its options with regards
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to Yeezy inventory, acknowledging the significant adverse impact
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of not selling the product.
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The company predicts that its operating profit would drop by approximately 500
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million Euros if it fails to sell the products and expects a decline in sales
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at a high single digit rate in 2023.
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Lyft shares tumble with the downbeat revenue outlook.
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The ride sharing company is reported that it's revenue for the current year
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is expected to be roughly $975 million.
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Yes, an increase from the previous year, but below analyst's expectations
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for $1.09 billion in revenue.
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The company attributes the lower than expected revenue to seasonal
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trends, including an increase in health related goals that lead to
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reduced going out and walking more.
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You're going to see more layoffs through Q1.
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Unemployment rates though remain the same until about three months out
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because rough range of April to June data will begin registering the layoffs.
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This is because the vast majority of white collar jobs give around
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three months of severance where you cannot claim unemployment.
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Operation Job Destruction is underway.
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Keep your eye on the unemployment rate in the coming months.
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It is likely to be a strong signal for when the Fed will pivot and
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begin the cool down of their tighter financial conditions.
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Inflation is already moving in the intended direction, but employment
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is being a little bit stubborn.
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And that caps off your snackable new summary for the day.
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But now what?
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What can you do with this new found intel?
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How can you wield this information to protect and grow your money?
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The first thing you can do is head over to MarketMoversDaily.com and subscribe.
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Subscribing is free and it's the one thing that keeps us working for you,
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plus gives you the inside scoop.
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scoop Because let's face it, email's really where we share our best stuff.
Gabriel:
Think micro content for macro returns.
Gabriel:
Subscribe today.
Gabriel:
After that, we work for you.
Gabriel:
Me, my partners, our board of advisors, all focused on delivering
Gabriel:
the best content to make you a better business person and a better investor.
Gabriel:
Become a Market Mover today.
Gabriel:
It's fast, easy.
Gabriel:
Just head over to MarketMoversDaily.com, drop in your email and let me
