Market Watch

New York CNN — Ira “Bob” Born, known as the “Father of Peeps ,” died on Sunday. He was 98. Just Born Quality Confections, the Pennsylvania-based company that makes various candies, including the chick-shaped marshmallows, confirmed Born’s death in a statement. The company said that Born will be “remembered as a tireless and passionate advocate for the candy industry and a wonderful supporter of our community.” Born was part of the second generation in the family business that his father, Sam Born, founded in 1923. His son, Ross, retired as CEO in 2021. “We extend our deepest sympathy to his son, Ross, and the entire family,” said David Shaffer, board chair and co-CEO of Just Born. Bob joined the company in 1945 after graduating from Lehigh University with a degree in engineering physics, and service in the US Navy. Just Born said in the statement that he “devoted his life to Just Born and the science and process of candy making,” adding that he was an “inventor whose amazing intellect allowed him to see solutions to almost any situation.” Peeps have been around since the early 1950s when Just Born bought a smaller candy company that had been making […]

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Electric vehicle (EV) behemoth Tesla TSLA delivered yet another blockbuster show, with fourth-quarter earnings and revenues not just topping estimates but increasing year over year. Japan’s auto biggie Honda HMC announced making structural changes to ramp up the electrification business. It also joined forces with GS Yuasa Corp to work toward the R&D and production of lithium-ion batteries. Canoo GOEV, a high-tech Californian EV startup, teamed up with GCC Olayan to foster its EV presence in the growing sustainable mobility market of Saudi Arabia. Fuel cell truck startup Nikola NKLA collaborated with green energy and technology company, Fortescue Future Industries, for large-scale green hydrogen production projects in the United States. EV charging company Blink Charging BLNK also made to the top stories as it inked deals with EdgeEnergy and Vizient. While Tesla carries a Zacks Rank #5 (Strong Sell), Nikola holds a Zacks Rank #2 (Buy). Honda, Blink Charging and Canoo are currently #3 Ranked (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here . Let’s Delve Deeper Tesla reported fourth-quarter 2022 earnings of $1.19 a share, up from the year-ago figure of 85 cents and surpassing the Zacks Consensus Estimate of […]

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Katie is Chief Product Officer at Adjust , a mobile marketing analytics platform trusted by growth-driven marketers around the world. getty According to management consulting firm Korn Ferry , the global talent shortage is expected to reach $85.2 million by 2030, with companies around the world standing to lose over $8 trillion in lost revenue due to a lack of skilled workers. The main cause is that most organizations’ operations are supported by software despite an overwhelming lack of software developers and engineers. There are a number of ways businesses are overcoming this obstacle. One is by hiring short-term contractual software engineers or freelance developers. But the alternative option—and one that is growing in popularity—is by paving the way for citizen developers. What Are Citizen Developers? According to Gartner , “A citizen developer is an employee who creates application capabilities for consumption by themselves or others, using tools that are not actively forbidden by IT or business units. A citizen developer is a persona, not a title or targeted role.” By deploying a citizen developer program, businesses can accelerate product development and improve internal workflows by training a diverse range of employees in low-code/no-code (LC/NC) software tools. Complex coding […]

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Nearly 40% of respondents would rather eat a worm than file daily expense reports NEW YORK, Jan. 31, 2023 /PRNewswire/ — New research from item-level receipt data network, Banyan , shows that business travelers find the expense reporting process bothersome, time-consuming, and error-prone – so much so that they’d go to extreme lengths to avoid it. Over half (55%) of surveyed business travelers cited the time burden of expense management as their top pain point with the process. The time burden is evident – nearly 6 out of 10 business travelers spend 20 minutes or more organizing materials to file an expense report. Outdated expense management processes aren’t just stealing employee’s time, they are impacting company’s wallets as well. According to a 2022 study from the Global Business Travel Association , the mere process of compiling an expense report for a single night’s stay at a hotel incurs an average cost of $58 for a company. Additionally, a whopping 87% of business travelers have had to fix accidental errors on expense reports (or have tasked their internal finance team with fixing it). This adds unnecessary time to the process – and for businesses tightening spending amidst high inflation, that […]

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Have you £40,000 ($49,215) to splash out on your Valentines this February? This gold finished rose … [+] Blooming Haus It’s that time of year again. The ebb and flow of retail reliably takes us from Christmas, through to clearance sales and to the next full price moment in the trading calendar, February 14. But what is ‘This Thing Called Love’ ? A simple four letter word that is firmly embedded in the zeitgeist. A quick search acknowledges that it is one of the most popular words in song titles. It ‘Lifts Us Up Where We Belong’, ‘It Is a Many Splendored Thing’, and according to Beyonce… we are crazy when in it. The Beatles used the word a staggering 613 times in their lyrics. Yet when a word refer to so many things, from the consumer loving their McDonalds value meal to the wealth of emotion tied into the way we feel about ourselves and others, it can be a difficult to pin down exactly what it means. Unlike English, the Greek language, rather helpfully distinguishes four kinds of love. I’ve simplified for the purposes of explanation: Philia is the kind of love found in strong friendships Eros […]

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Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here . The Colorado medical cannabis dispensary whose challenge of IRS rules led a U.S. Supreme Court justice to question federal marijuana prohibition saw its bid to keep tax records secret rejected in federal court . The 10th Circuit of Appeals in Denver on Friday affirmed a district court’s ruling that the U.S. Constitution does not protect Standing Akimbo from IRS requests to see the company’s business records , Law 360 reported. The Denver-based dispensary has spent several years fighting IRS investigators who suspected the business was improperly claiming business deductions on its taxes in violation of Section 280E of the federal tax code. Passed by Congress in the mid-1980s, 280E bars marijuana businesses from taking standard business deductions . In Standing Akimbo’s case, the dispensary tried to block the IRS from accessing Colorado Marijuana Enforcement Division records as part of an audit. In arguments before the 10 th Circuit, Standing Akimbo’s attorneys cited Supreme Court Justice Clarence Thomas’ opinion in a different, related case as support for its position. In June 2021, […]

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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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