Market Watch

The Florida Department of Economic Opportunity announced $142 million in new capital is available for small businesses and startups through the State Small Business Credit Initiative. The multiyear initiative, administered in partnership with Enterprise Florida Inc., has five programs to serve small businesses that may not otherwise have access to the capital needed to grow their businesses, including very small businesses and sole proprietors. To be eligible, businesses must be Florida-based and have 750 employees or less. Funding through the programs may be used to fund startup costs, business procurement, franchise fees, equipment, inventory and the purchase, construction, renovation or tenant improvements of an eligible place of business. Programs include Collateral Support, Venture Capital, Loan Participation, Loan Guarantee and Capital Access. Copyright 2023 Gulfshore Life Media, LLC All rights reserved. This material may not be published, broadcast, rewritten or redistributed without prior written consent.

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Layoff announcements from Microsoft ( MSFT ) and Alphabet ( GOOGL ), along with their tumbling stock prices, make it seem like giant tech S&P 500 companies are in dire straits. But they’re on the verge of making billions — in just one quarter. Microsoft Tuesday kicks off fourth-quarter earnings reports for the big-cap techs. The announcement comes just days after Microsoft announced plans to cut 10,000 jobs and news that Alphabet (technically in the S&P 500 communication services sector) is taking out 12,000 positions . "We’re … seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one," Microsoft CEO Satya Nadella wrote in a letter to employees announcing the layoff. Amazingly, though, the job cutting is happening just as Microsoft and Alphabet get set to report making a combined $32.8 billion in the fourth quarter of 2022, according to analyst expectations. Microsoft and Alphabet will likely be two of the three most profitable companies in the S&P 500 during the quarter. Business is still strong, but just stretched out a bit. "Software companies are calling out the more difficult macro environment. What is […]

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Wall Street in early stages of a ‘secular bull market’: Brian Belski 00:00 00:0002:44GO LIVE Facebook Twitter Email Embed SpeedNormal Autoplay Multiple stocks experienced trading halts on the New York Stock Exchange on Tuesday morning due to a technical glitch. Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 33512.84 -221.12 -0.66% SP500 S&P 500 3971.69 -45.26 -1.13% I:COMP NASDAQ COMPOSITE INDEX 11141.045187 -193.23 -1.70% Powered By The issue, which appeared to be brief, involved several stocks including 3M , Verizon and Wells Fargo, according to the NYSE’s regulatory updates. Ticker Security Last Change Change % MMM 3M CO. 115.68 +0.61 +0.53% VZ VERIZON COMMUNICATIONS INC. 40.78 +0.38 +0.93% WFC WELLS FARGO & CO. 44.47 +0.01 +0.03% Powered By At the open, Nike shares were down over 8%, but have since recovered. As of 9:50 a.m. ET the exchange reported on its market status page that "All systems are currently operational." Late afternoon, the NYSE, which is owned by Intercontinental Exchange, provided FOX Business with an update on the investigation of the situation. Ticker Security Last Change Change % ICE INTERCONTINENTAL EXCHANGE INC. 105.11 -1.11 -1.05% Powered By "On January 24, 2023, due to a system issue, the […]

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The Justice Department and eight states on Tuesday filed a lawsuit against Google over its digital advertising business, claiming the tech giant illegally monopolizes the market for online ads. It is the second antitrust suit federal authorities have brought against the company’s advertising empire, which has for years been under scrutiny over allegations of self-dealing and choking off competitors. "For 15 years, Google has pursued a course of anticompetitive conduct that has allowed it to halt the rise of rival technologies, manipulate auction mechanics, to insulate itself from competition, and force advertisers and publishers to use its tools," said Attorney General Merrick Garland at a press conference announcing the lawsuit. In its 155-page suit filed in the Eastern District of Virginia, authorities say Google made acquisitions to boost its advertising division that effectively forced advertisers and publishers to use its products, to the detriment of rival advertising firms. "One industry behemoth, Google, has corrupted legitimate competition in the ad tech industry by engaging in a systematic campaign to seize control of the wide swath of high-tech tools used by publishers, advertisers, and brokers, to facilitate digital advertising," prosecutors wrote in the suit on Tuesday. The Justice Department also says […]

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Governor Greg Abbott today announced the statewide 2023 Governor’s Small Business Summit. Hosted throughout the state in 15 different cities, the Governor’s Small Business Summit aims to help Texas small business owners and aspiring entrepreneurs reach new heights by connecting them with the resources and information needed to start, strengthen, and grow a business. “Small businesses are the very heart of our mighty Texas economy,” said Governor Abbott. “More than 95 percent of Texas businesses are small, and they employ nearly half of all working Texans. From our big city centers to our smaller rural communities, the State of Texas is focused on developing an environment where entrepreneurs have the freedom to aspire, grow, and prosper. I look forward to continuing to work with small businesses in every region of the state to ensure they have the tools needed to succeed for an even brighter Texas of tomorrow.” The Governor’s Small Business summit offers a variety of sessions bringing together local, state, and federal resource partners to provide key insights on critical business topics. The Summit also provides participants the opportunity to network with other business owners and meet experts who will share timely, relevant, and actionable advice on […]

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U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo NEW YORK, Jan 24 (Reuters) – The dollar edged lower against the euro on Tuesday after data showed euro zone business activity made a surprise return to modest growth in January, while U.S. business activity shrank for a seventh straight month. While U.S. business activity shrank in January, the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began. "It just looks like another piece of data showing what the Fed has been preaching: the economy is resilient enough to take on more hikes," said Juan Perez, director of trading at Monex USA in Washington. Fed fund futures see only two more quarter-point rate hikes by the Fed to a peak of around 5% by June, before it starts cutting rates later in the year. The Federal Reserve itself has insisted it still has 75 bps of increases in the pipeline. Latest Updates "It is clear looking at PMIs that the Fed has prevented expansion, but the economy has not taken a hit like many thought," Perez said. […]

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Arlington’s Raytheon Technologies Corp. (NYSE: RTX) said Tuesday it is restructuring its four subsidiary companies into three business segments, citing a need to better align with customer needs. The move comes nearly three years after the blockbuster merger of Raytheon and United Technologies Corp. and seven months after the combined company said it was moving its headquarters from Waltham, Massachusetts, to Arlington. The goal of the reorganization is to refigure its current four units: Collins Aerospace, based in Charlotte, North Carolina; Pratt & Whitney, based in East Hartford, Connecticut; Raytheon Intelligence & Space (RIS), based in Arlington; and Raytheon Missiles & Defense (RMD), which is based in Tucson, Arizona. After the reorganization, the three business units will be Collins Aerospace, Pratt & Whitney and Raytheon. The plan is set to be implemented in the second half of the year. “We’re going to look to take the entire portfolio of RIS, Collins and RMD and move the pieces where they most appropriately align from a technology and a customer standpoint,” Raytheon CEO Gregory Hayes said on Tuesday’s earnings call. He highlighted the possibility of contracts related to Department of Defense’s Joint All-Domain Command and Control (JADC2) campaign to link communications […]

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GeekWire File Photo Microsoft’s revenue rose 2% to $52.7 billion in its second fiscal quarter, just missing Wall Street’s expectations, as profits dropped 7% to $17.4 billion, not counting a special charge related to its layoffs — providing a glimpse of the growing economic uncertainty that the company cited in announcing the cutbacks last week. The company reported strength in some of its products and services for businesses, led by a 22% increase in Microsoft Cloud revenue, to $27.1 billion. This category includes Microsoft Azure, Office 365 Commercial, the commercial portion of LinkedIn, and other cloud-related revenue. However, other parts of Microsoft’s business experienced significant declines. Windows revenue fell 27% to $4.8 billion, including a decline of 39% in revenue from versions of Windows licensed to computer manufacturers. Microsoft blamed factors including continued PC market weakness. Microsoft gaming revenue, including Xbox, declined 12% to $4.7 billion. The company cited fewer new games from its own studios, and lower monetization of games made by third-party developers. An unspecified increase in Xbox Game Pass subscriptions wasn’t enough to overcome those declines. Devices revenue, including Microsoft Surface tablets and computers, fell 37% to $1.4 billion. The company cited the struggling PC market […]

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Nick Barclay / The Verge Another week, another round of layoffs. This time, it is Spotify . CEO Daniel Ek informed employees yesterday morning that the company would be cutting 6 percent of its workforce and said he took “full accountability for the moves that got us here today.” The most high-profile change is the departure of chief content and advertising officer Dawn Ostroff. And while no additional shows have been cut, advertising and business employees, particularly under Podsights and Chartable, were laid off nearly a year after Spotify acquired both companies. Plus (and I am fully aware of how incongruous this is, apologies), we have some more announcements for Hot Pod Summit. After years of podcast acquisitions, Spotify goes lean Spotify built itself into the biggest force in the podcast industry by sheer force of will (and capital), spending more than $1 billion acquiring studios, publishers, and advertising tech. It has also relied on veteran entertainment executive Dawn Ostroff for the last four years to oversee blockbuster deals that brought hits like Joe Rogan Experience , Call Her Daddy , and Batman Unburied exclusively to the platform. Now, as part of its companywide layoffs, Spotify is turning to […]

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BURLINGTON, Vt. (WCAX) – The Better Business Bureau is warning potential pot buyers that dispensary scams are on the rise. New York, Vermont and most other New England states have now legalized recreational marijuana, and that means dispensaries are popping up. But the BBB has some “buyer beware” warnings about those shops. In a new warning, the BBB urged customers to be extremely cautious if they are asked to pay via digital wallet apps like Cash App or Zelle, and if the dispensary starts tacking on extra fees they promise to refund later on. “Doing your research will help prevent you from getting scammed. Unfortunately, we’ve heard these happening through social media websites where they put up these glamorous ads they say they’re going to deliver to your house. People are sending $80-$100 via these apps, never getting the product or never hearing from the person again. And you’re on the money and we don’t want to see that happen to people,” said Paula Fleming of the Better Business Bureau. Watch the video to see our Cat Viglienzoni’s full conversation with Fleming. The BBB says in states where recreational marijuana is legal, you can find BBB-accredited dispensaries on their […]

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