Chipmaker Allegro MicroSystems ( ALGM ) on Tuesday beat Wall Street’s targets for its fiscal third quarter and guided higher for the current period, thanks in part to robust automobile chip sales. ALGM stock jumped on the news. The Manchester, N.H.-based company earned an adjusted 35 cents a share on sales of $248.8 million in the quarter ended Dec. 23. Analysts polled by FactSet had expected Allegro earnings of 32 cents a share on sales of $245.2 million. On a year-over-year basis, Allegro earnings jumped 84% while sales increased 33%. Allegro credited strong sales of chips for automotive and industrial applications for its better-than-expected results. For the current quarter ending March 31, Allegro forecast adjusted earnings of 36 cents a share on sales of $265 million. That’s based on the midpoint of its guidance. Wall Street had predicted earnings of 32 cents a share on sales of $252.3 million in the fiscal fourth quarter. ALGM Stock Rises On Report In morning trades on the stock market today , ALGM stock climbed 5.1% to 36.20. Sales of chips for electric vehicles and advanced driver-assistance systems boosted the company’s results, Chief Executive Vineet Nargolwala said in a news release . Also, […]

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Economic Report Fifth straight month in contraction territory A worker at an outdoor furniture manufacturer helped make masks during the early stages of the pandemic in Alsip, Illinois. The Chicago Business Barometer, also known as the Chicago PMI, fell 0.8 index points to 44.3 in January. Economists polled by the Wall Street Journal forecast a 45.3 reading. This is the fifth straight reading below the 50 threshold that indicates contraction territory. The…

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Pfizer headquarters in New York.Photographer: Stephanie Keith/Bloomberg Pfizer Inc. ’s 2023 forecasts fell short of analysts’ expectations on precipitously declining demand for its blockbuster Covid vaccines and Paxlovid treatment. The company is predicting 2023 adjusted earnings between $3.25 and $3.45 a share, well below analysts average estimate of $4.31 a share. Revenue for the year will be in the range of $67 billion to $71 billion, Pfizer said in a statement . Analysts had expected $71.7 billion. Pfizer’s Covid-19 vaccine Comirnaty and virus pill Paxlovid have been transformative for the company, contributing more than half of the company’s $100 billion in sales last year. The company has been messaging for months that it wouldn’t be able to keep the pace, sharing forecasts for growth outside of Covid. Still, the downturn in its Covid business was more stark than analysts had been expecting, putting pressure on the drugmaker to show other avenues for growth. For 2023, Pfizer said it expects sales of around $13.5 billion for Comirnaty, down 64% from the year before and below the $16 billion forecast by analysts. Its 2023 sales guidance for its Covid pill Paxlovid was $8 billion, down 58% from the year prior and […]

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When Lorayne, 30, and her wife decided to start their own business in Mexico City, they had a solid foundation to work with. They had the idea: Xplozione, a company that designs and sells pop-culture-inspired gift boxes. They also had the expertise, since Lorayne had received her bachelor’s degree in communications and was proficient in graphic design programs. Still, they needed the financial resources and management skills to get their business off the ground. "Our products were appreciated for their originality,” Lorayne says, “but when we began to receive larger orders, we couldn’t fill them due to the lack of money to buy additional material.” Lorayne, 30, merges art and creativity to build custom gift boxes inspired by her favorite books and movies, like Harry Potter. That’s when they discovered the Resilient Futures program from the International Rescue Committee and Citi Foundation. Launched in 2022, the program supports refugees and migrants in Mexico City with skills training, mentorship, financial resources, job placements, and start-up support so they can build their careers and contribute to economic growth in the country. With the Resilient Futures program, Lorayne and her wife received the seed capital and mentorship they needed to establish and […]

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Second time the company has received this recognition named by the San Antonio Business Journal AmeriVet Veterinary Partners has been named a 2022 Business of the Year by San Antonio Business Journal. The recognition was presented at the San Antonio Business Journal’s gala event and awards ceremony on January 25, 2023, held at the McNay Art Museum. "AmeriVet is humbled to be included as a 2022 Business of the Year honoree and included on the list with this group of distinguished companies that do so much to make San Antonio great," expressed Thomas Thill, chief executive officer of AmeriVet Veterinary Partners, in a company release. 1 "This award further emphasizes the value we bring to our partners and the veterinary industry. We are extremely grateful for our hardworking team members, who undoubtedly set AmeriVet up for continued success." The San Antonio Business Journal spotlighted businesses that overcame major challenges of the year through this award, including supply chain issues, worker shortages, and higher costs of goods and services. The honoree list featured 11 companies in the general contractor, retail, real estate, healthcare, business services, advertising, and restaurant industry. AmeriVet’s significant growth in 2022 helped contribute to the win. According […]

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CEO, Global Transform . Lead authority entrepreneurial C-suite leadership. Listed Global 100 CIO, 100 Women to Watch, CREA Global Award List. getty Along with ensuring the technology operation runs smoothly, digitizing business is a key technology concern across industries. The boardroom expectation is that the technology operation meets service standards and cybersecurity protocols. Nonetheless, technology-based businesses are reliant on the next stage of digitization to realize their business strategy and to drive value through enhanced customer experience and streamlined operations. What they are not focused enough on, though, is the effect of digitization in terms of societal, lifestyle and community impact. Digitize With Care Success in digitization requires technology expertise, product expertise and customer insight. The ability to digitize interactions quickly is, of course, one indicator of effective digitization. The illusion of speed, however, is often apparent when digitization removes key customer interactions where the customer would prefer to have a conversation. This can lead to digitizing away the opportunity to deepen the customer relationship, and other equally important revenue-generation opportunities can also disappear from the lack of these direct conversations. Client-focused areas of the organization are meanwhile exploring ways to create customer and client interactions. In a virtual […]

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Goode 4 BusinessThumbnail Brad Goode here, with your Goode 4 Business Report. Boeing adding 4th 737 Max Line, McDonald’s profits are up in Q4, and the latest on the stock market. Newsletter Sign up

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getty Dropshipping has one huge upside for business newbies: It offers a wonderful opportunity to "operate from anywhere." Budding entrepreneurs can do it from anywhere and start with little to no investment. Here’s how. "Geography neutral" is one way to describe one of the biggest advantages of dropshipping, where you act as an intermediary between a supplier and end consumer in the supply chain. You can dropship from anywhere to almost anywhere, often with a minimum outlay because you never come into contact with any stock. These are important upsides—but there are some catches too. Nevertheless, for entrepreneurs who want to rein in expenditure in the currently tight economy; for full-time workers looking for a useful extra side income or for newly-arrived migrants who need to find their financial feet quickly, dropshipping is one option worth considering. So what are those catches? Failures are commonplace and the reasons for them are many—from a lack of market research and limited engagement with your shopping audience to an uninspiring web shop with no brand marketing and bad customer service. These issues do not instill confidence in buyers. Dropshipping is not the "get rich quick" play that many so-called experts tell you […]

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Due diligence was a big topic in 2022 for a variety of reasons. But due diligence doesn’t just apply to investors pouring money into startups, or companies acquiring other companies. Businesses, especially those operating in financial services, also have to conduct an appropriate amount of due diligence, for example, to avoid fraud. As recently as December, a congressional report accused several fintechs, according to NPR , “of reaping ‘billions in fees from taxpayers while becoming easy targets for those who sought to defraud the PPP,’ or Paycheck Protection Program” in the early days of the COVID-19 pandemic. Specifically, the report also charged that fintechs neglected to stop “obvious and preventable fraud.” Meanwhile, the Small Business Administration is facing pushback from organizations such as the American Bankers Association and the National Association of Government Guaranteed Lenders regarding a proposal that would allow fintech startups, as reported by Politico, “to begin offering government-backed loans under the department’s flagship ‘7(a)’ program — long the domain of traditional lenders.”The groups allege, among other things, that the SBA is “ill-equipped to regulate the fintech firms that would want to participate.” Enter TrueBiz . The startup wants to reinvent how fintechs review the risks of […]

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Founder and principal of Keller Augusta , a national, full-service search and advisory firm specializing in commercial real estate. getty The United States has long been the land of opportunity, with rumors among early immigrants to Ellis Island that American streets were "paved with gold." For many, making the "American dream" come true meant hard work and an entrepreneurial spirit. Fast forward many years and much of the American workforce has cultivated a feeling of independence. This is partially a result of the pandemic, as we shifted to an extended period of work-from-home and today’s hybrid work schedules. I think we’ve all felt that moment when we were on our own and making decisions while our colleagues couldn’t access a Zoom call due to internet issues or a screaming baby had them muted on a call. The American dream realized! All kidding aside, before the pandemic, during the pandemic and as we enter the next phase—possibly a recession—demand for talent has consistently outpaced supply. The next couple of years mark a milestone phase of demographics: the youngest Baby Boomers will turn 60 years old soon. With the average retirement year in the United States at 61, the departure of […]

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