Market Watch

Fast Facts Treasury’s State Small Business Credit Initiative is authorized to provide $10 billion to states, territories, and tribal governments to support small business lending and investment programs. All 50 states, five territories, the District of Columbia, and 283 tribal governments have applied for these funds. However, Treasury is taking longer than expected to review applications and disburse funds. We found that it could improve how it plans these and other program activities—such as identifying interim steps and staff responsible for each activity. We recommended doing so, which could help Treasury ensure timely disbursement of these funds. Highlights What GAO Found The State Small Business Credit Initiative (SSBCI) provides funds to eligible jurisdictions—states, territories, the District of Columbia, and tribal governments—to support small business lending and investment programs through its capital program. Eligible jurisdictions also can apply for technical assistance funding (such as for legal, accounting, and financial advisory services) to support certain businesses that apply to an SSBCI program or another government small business program. The Department of the Treasury, which administers SSBCI, extended application deadlines for the capital and technical assistance programs multiple times (see figure). All 50 states, five territories, and the District of Columbia submitted […]

Click here to view original web page at www.gao.gov

In this article In this photo illustration, the Penn Entertainment logo is displayed on a smartphone mobile screen. In this photo illustration, the Penn Entertainment logo is displayed on a smartphone mobile screen. Rafael Henrique | SOPA Images | Lightrocket | Getty Images Penn Entertainment on Thursday became the first U.S. gambling company to post a profit in its sports betting business during the final three months of a year. Usually, it’s tougher to turn a sportsbook profit during the third and fourth quarters because companies spend more on marketing and promotions during football season. Penn’s interactive business, which also includes online casino games, made a $5.2 million profit on $208 million in revenue during the fourth quarter of 2022. The performance helped lift the company’s overall revenue for the period by nearly 1% to $1.6 billion. The profit in sports betting came even in spite of a highly publicized $10 million bet Jim “Mattress Mack” McIngvale placed – and won – on the Houston Astros winning the World Series in November. Caesars also took a hit from Mattress Mack’s baseball bet, which blocked its own ability to turn a profit in sports betting in the fourth quarter, according […]

Click here to view original web page at www.cnbc.com

ACA’s new advocacy resource provides an overview of connecting with your local Better Business Bureau, responding to consumer complaints and managing your agency’s online reputation. 1 minute read Are you a member of your local Better Business Bureau chapter? During ACA International’s 2022 Fall Forum and Expo, Chicago’s Better Business Bureau (BBB) President and CEO Steve Bernas presented with ACA members on the benefits of being part of your local BBB, how it tracks consumer complaints and reviews, and how it can help companies in the accounts receivable management (ARM) industry manage and improve their brand and reputation. While the BBB has been seen by some as an adversary to the ARM industry, in many cases, there are opportunities to unite the organization and industry businesses. Find out how to track and respond to consumer complaints, ask consumers to submit a review and more resources from the BBB in ACA’s new fact sheet: Do You Know Your Better Business Bureau? (PDF) . It also outlines background information on the BBB and the importance of connecting with your local chapter to create a profile on their website, get accredited and share BBB reviews with your staff, consumers and clients. For […]

Click here to view original web page at www.acainternational.org

Amazon’s ( AMZN ) Q4 2022 earnings report, released on Feb. 2, featured mixed results. The company clocked a revenue beat, but missed both EPS and Q1 guidance estimates. The e-commerce giant’s shares are down about 3% in after-hours trading. What follows are some key numbers from the report, as compared to analysts’ expectations compiled by Bloomberg. Q4 Net Sales : $149.2 billion actual versus $145.8 billion expected Q4 Online Stores Net Sales: $64.5 billion actual versus $65.03 billion expected Q4 Physical Stores Net Sales: $4.95 billion actual versus $4.93 billion expected Q4 Earnings Per Share (EPS): 3 cents actual versus 17 cents expected Q4 Amazon Web Services (AWS) Net Sales: $21.3 billion actual versus $21.76 billion expected Q4 Operating Income: $2.7 billion billion actual versus $2.51 billion expected That miss on AWS sales is especially a blow for Amazon, as its cloud division has long thrived as a stalwart of the company’s business. However, the cloud miss perhaps shouldn’t be a surprise – last week, Microsoft ( MSFT ) warned in its earnings call that cloud growth deceleration was on the horizon. Further, in 2022 overall, Amazon reported a net loss of $2.7 billion, tying off a tough […]

Click here to view original web page at finance.yahoo.com

Facebook owner Meta Platforms ( META ) provided the tonic investors needed with its fourth-quarter results by vowing to make 2023 a "year of efficiency" for the beleaguered social media giant. Meta stock soared as the company tried to make good by announcing $40 billion in new share repurchases, on top of recent job reductions. "Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization," Meta Chief Executive Mark Zuckerberg said in a written statement with the earnings release . The company reported adjusted earnings of $1.76 a share on revenue of $32.16 billion. Analysts expected revenue of $31.55 billion, according to FactSet. An earnings comparison with analyst estimates was not available due to restructuring charges reported by the company But Meta provided a revenue outlook that outpaced estimates. For its first quarter, the company expects revenue in the range of $26 billion to $28.5 billion. The midpoint of $27.25 billion is above estimates for $27.1 billion. Meta stock soared 23.3% to close at 188.77 on the stock market today . Difficult Year For Meta The earnings report comes after a highly difficult year for Meta, which announced […]

Click here to view original web page at www.investors.com

In this article The regulator was concerned with Amazon’s dual role as both a marketplace and a competitor to merchants selling on its platform. The regulator was concerned with Amazon’s dual role as both a marketplace and a competitor to merchants selling on its platform. Nathan Stirk | Getty Images Amazon’s advertising business continues to grow despite a general slowdown in digital advertising, which has hurt companies like Google parent Alphabet, Facebook parent Meta and Snap. The online retail giant’s advertising services unit brought in $11.6 billion in sales for the fourth quarter, representing a 19% year-over-year increase, according to its earnings report Thursday . related investing news Jim Cramer’s Investing Club meeting Thursday: Meta, Eli Lilly, Estee Lauder Krystal Hur 6 hours ago Pro Picks: Watch all of Wednesday’s big stock calls on CNBC Joshua Natoli a day ago Most analysts are sticking with AMD even after ‘partly cloudy’ fourth-quarter earnings Hakyung Kim a day ago Although Amazon’s advertising unit still constitutes a small fraction of the $149.2 billion in revenue the company recorded in its fourth quarter, it represents a fast-growing area that analysts believe could be a crucial player in the digital advertising market. Indeed, while […]

Click here to view original web page at www.cnbc.com

U.S. Bancorp promoted Jim Link to head of its institutional outsourced CIO practice, effective immediately, the firm announced in a press release . Link is responsible for delivering investment advice to institutional investors, including retirement, foundation, endowment and insurance asset owners, says Eric Thole, CEO of U.S. Bancorp Asset Management in an email. “The institutional OCIO segment has grown significantly over the past decade and is expected to continue on this trajectory in the coming years as clients seek holistic solutions over varying market cycles,” says Thole.“We were in a position to focus significant effort and resources into growing our presence in the space.” Institutional investors use OCIO services to transfer full or partial responsibility to a third party—an asset manager or investment consultant—to operate the investment function, accountability and fiduciary responsibility for an asset pool. Increasingly, defined benefit plans have used outsourced investment advisers to improve performance and funding. The U.S. Bancorp OCIO business is operated by a wholly owned subsidiary—PFM Asset Management LLC—responsible for new business development, investments, client experience and service or product offerings, according to a U.S. Bank spokesperson. “The increasing complexity of portfolios, combined with extreme market volatility, has caused many institutions to rethink […]

Click here to view original web page at www.plansponsor.com

Feb 2 (Reuters) – Alphabet Inc (GOOGL.O) on Thursday fell short of Wall Street’s expectations for quarterly profit and revenue as the Google parent’s digital ad business struggled with an economic slowdown that has choked corporate spending and triggered mass layoffs. Shares of Alphabet, were down about 4% in after-hours trading, after losing about 40% of their value in 2022. Revenue from Google advertising, which includes Search and YouTube, fell 3.6% to $59.04 billion. "We’re on an important journey to re-engineer our cost structure in a durable way," Alphabet Chief Executive Sundar Pichai said in a statement, echoing Meta Platforms (META.O) boss Mark Zuckerberg’s emphasis on Wednesday on cost efficiencies . Advertisers, who contribute the bulk of Alphabet’s sales, pulled back on spending as rising inflation and interest rates fueled concern over consumer spending. Consumers had flocked to the internet for everyday purchases during the height of the pandemic but have returned to in-person shopping as restrictions have eased. "Despite being seen as one of the most insulated companies in the advertising space relative to peers, Alphabet’s poor quarter is the latest sign that worsening fundamentals and a tough macroeconomic environment are prompting advertisers to cut back on spending," […]

Click here to view original web page at www.reuters.com

SACRAMENTO, Calif. — The downtown Sacramento business community is reacting to the state’s plan to turn some of its office buildings near the Capitol into housing. Many businesses have been hurting since employees started working from home during the COVID-19 pandemic. The Downtown Sacramento Partnership said there were about 100,000 people working in the area before the pandemic. Now, it estimates about half have returned. "Are we gonna get back to Monday through Friday, five days a week, 100,000 employees? Probably not," said Executive Director Michael Ault. Addressing the issue earlier this week, Mayor Darrell Steinberg joined state leaders to announce a new plan that they hope will help. The state is looking to see if developers can transform three office buildings on the Capitol Mall near 8th Street into housing: The Employment Development Department’s headquarters at 800 Capitol Mall, the EDD Solar Building at 751 North St. and the State Personnel Board Building at 801 Capitol Mall. "The more development opportunities, the better," Ault said in response to the idea. Recommended VIDEO: Texas police officer runs out mid-tornado to help rescue his K9 partner The proposal could be a small piece of the bigger picture in revitalizing downtown. […]

Click here to view original web page at www.kcra.com

Tourists rest at the Habtoor Grand Resort, in Dubai, United Arab Emirates, February 1, 2022. REUTERS/Abdel Hadi Ramahi/Files DUBAI, Feb 3 (Reuters) – Growth in the United Arab Emirates’ (UAE) non-oil private sector slipped to a 12-month low in January, with weaker global economic conditions weighing on sentiment towards future activity, a survey showed on Friday. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) fell to 54.1 in January, easing slightly from 54.2 in December, and the lowest since January 2022. The output sub-index remained unchanged from December at 58.8 but indicates continued strong expansion in non-oil private sector activity. "The results showed that the non-oil sector remains in good health and in particular compares positively against a global economic slowdown towards the end of 2022," said David Owen, senior economist at S&P Global Market Intelligence. "That said, weak global conditions weighed on export demand in January, as firms saw foreign sales decrease at the fastest rate since June 2021," Owen added. New orders increased over the previous month, hitting a three-month high, with the sub-index rising to 56.0 from 55.5 in December. However, growth in new export orders continued to weaken, with the index under the […]

Click here to view original web page at www.reuters.com