- West Virginia University Slashes Its Budget, Plans to Drop Languages The New York Times
- West Virginia University plans to cut foreign languages and other programs – The Washington Post The Washington Post
- As the Higher-Ed Bubble Deflates, One State Faces Reality National Review
- Gazette-Mail editorial: Timing of WVU cuts as bad as it gets Charleston Gazette-Mail
- ‘Inconceivable’: WVU’s plan to shut down language department could have detrimental impact on faculty and students, professors say Pittsburgh Post-Gazette
- View Full Coverage on Google News
Tag Archives: slashes
‘Teenage Mutant Ninja Turtles: Mutant Mayhem’ Slashes $3.8M Tuesday Previews; Eyes $30M+ 5-Day Opening – Box Office – Deadline
- ‘Teenage Mutant Ninja Turtles: Mutant Mayhem’ Slashes $3.8M Tuesday Previews; Eyes $30M+ 5-Day Opening – Box Office Deadline
- Teenage Mutant Ninja Turtles: Mutant Mayhem Post-Credits Scene Check-In IGN
- Ninja Turtles: The Full Recap of All Their Movies So Far ScreenCrush
- Teenage Mutant Ninja Turtles: Mutant Mayhem — watch in theaters or wait to stream? Tom’s Guide
- Review: ‘Teenage Mutant Ninja Turtles: Mutant Mayhem’ is a sidesplitting artistic feat only sparsely hampered by a too-cautious plot We Got This Covered
- View Full Coverage on Google News
Cheap Diabetes Drug Slashes Risk of Long COVID, Study Finds – ScienceAlert
- Cheap Diabetes Drug Slashes Risk of Long COVID, Study Finds ScienceAlert
- Common drug reduces long COVID, University of Minnesota study shows Star Tribune
- Outpatient treatment of COVID-19 and incidence of post-COVID-19 condition over 10 months (COVID-OUT): a multicentre, randomised, quadruple-blind, parallel-group, phase 3 trial The Lancet
- Study: Using a diabetes medication after testing positive for SARS-CoV-2 reduces risk of developing long COVID by 40% Medical Xpress
- New study from UMN researchers says an existing drug is a promising treatment for long COVID MPR News
- View Full Coverage on Google News
AstraZeneca’s Tagrisso slashes death risk in certain post-surgery lung cancer patients – Reuters.com
- AstraZeneca’s Tagrisso slashes death risk in certain post-surgery lung cancer patients Reuters.com
- Lung cancer pill cuts risk of death by half, says ‘thrilling’ study The Guardian
- Stopping treatment at two years does not seem to compromise overall survival in patients with advanced lung cancer News-Medical.Net
- Game-Changer: Tagrisso May Reduce Risk of Death by Half in Some Early-Stage Lung Cancer Patients, ‘Compelling’ New Data Shows SurvivorNet
- ‘Extraordinary’ survival data for lung cancer patients is seen as boost for AstraZeneca drug STAT
- View Full Coverage on Google News
Mediterranean Magic: Diet Slashes Women’s Cardiovascular Disease and Death Risk by Nearly 25% – SciTechDaily
- Mediterranean Magic: Diet Slashes Women’s Cardiovascular Disease and Death Risk by Nearly 25% SciTechDaily
- Mediterranean diet ‘can reduce heart attacks in people at higher risk’ The Guardian
- Comparison of seven popular structured dietary programmes and risk of mortality and major cardiovascular events in patients at increased cardiovascular risk: systematic review and network meta-analysis The BMJ
- Some Diets Better Than Others for Heart Protection Medscape
- Mediterranean and low-fat diets reduce the odds of mortality, heart attack in people at increased cardiovascular risk News-Medical.Net
- View Full Coverage on Google News
Intel slashes wages, bonuses after disastrous quarterly results
Intel shocked employees Tuesday evening with word that it is sharply cutting employee compensation after reporting miserable financial results last week.
The chipmaker said it will slash base pay for employees above its midlevel ranks by at least 5% effective March 1, according to employees who heard the company’s announcement. Vice presidents will take a 10% cut, more senior executives will have a 15% haircut, and CEO Pat Gelsinger will get a 25% reduction in his base pay.
Hourly employees aren’t getting a pay cut and annual bonuses will remain. But Intel is cutting other incentives for all employees effective immediately.
It has suspended merit raises for all employees, suspended quarterly profit-sharing bonuses and employee recognition programs, and cut 401(k) retirement plan matching payments by half, to 2.5%.
“These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy,” Intel spokesperson Will Moss said in a written statement. “We are grateful to our employees for their commitment to Intel and patience during this time as we know these changes are not easy.”
The website SemiAnalysis first reported Intel’s pay cuts, which follow on the heels of layoffs Intel announced last fall. Intel hasn’t disclosed how many people lost their jobs in Oregon, its largest site, but the company reported more than 500 layoffs in California.
The chipmaker sought to eliminate $3 billion in spending amid a steep fall in microprocessor demand from PC manufacturers and data center operators during 2022.
Intel’s outlook has continued to darken. The company reported Thursday that sales were down 32% last quarter, and it expects a 40% drop in revenue this quarter compared to the same period a year ago.
“We realize that we stumbled, we lost (market) share, we lost momentum,” Gelsinger told Wall Street analysts last week. But he indicated that Intel believes the worst is over: “We feel that stabilized this year.”
Investment analysts have warned that Intel’s “atrocious” financial results might prompt the company to reduce its quarterly dividend, which could trigger a major selloff in the stock.
Cutting employee compensation could help shore up Intel’s finances without more layoffs, but it could also push workers to leave the company for new jobs. Stock-based compensation represents an important portion of Intel’s total pay package, and workers had already been contending with a sharp decline in Intel’s share price.
Intel shares closed Tuesday at $28.26, a little more than half as valuable as they were last spring.
Tuesday’s news is also certain to devastate morale.
Employees said Gelsinger delivered the message in a somber, companywide address Tuesday evening. They said he sought to rally employees by referencing hard times Intel endured during the 1980s, before it emerged as the world’s dominant chipmaker. He suggested the cuts could be reversed if Intel’s fortunes improve.
Intel lost the pole position in the industry over the past few years after a succession of manufacturing stumbles, and it’s far from clear whether Gelsinger can engineer another comeback. The company has committed to spend billions of dollars on new factories in Arizona, Ohio and Europe and says it has picked up its pace for introducing new generations of its chip technologies.
But rival Taiwan Semiconductor Manufacturing Co. continues to make its own advances, and many other chip companies, among them AMD and NVIDIA, contract with TSMC to make their chips. That has enabled them to take market share from Intel even as the broader market cools.
Intel didn’t say how many workers qualify for the pay cuts, but Intel’s compensation structure is weighted heavily toward its upper ranks. The reductions will have a profound impact in Oregon, home to Intel’s most advanced research and more than 20,000 employees.
In a rough calculation, state economist Josh Lehner estimated Intel’s pay cuts could reduce Oregon’s aggregate wages by $150 million to $200 million – about 0.15% of all wages statewide.
— Mike Rogoway | mrogoway@oregonian.com | 503-294-7699
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Intel slashes employee, exec pay amid PC market downturn
Jan 31 (Reuters) – Intel Corp (INTC.O) said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn.
The reductions will range from 5% of base pay for mid-level employees to as much as 25% for Chief Executive Pat Gelsinger, while the company’s hourly workforce’s pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly.
Intel spokesperson Addy Burr said in a statement that the “changes are designed to impact our executive population more significantly and will help support the investments and overall workforce.”
Intel last week said its profit margins were plunging as the PC market cools after several years of growth during the pandemic.
Gelsinger also conceded that Intel has “stumbled” and lost market share to rivals such as Advanced Micro Devices Inc (AMD.O), which on Tuesday reported quarterly sales that were above Wall Street’s expectations.
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The person familiar with Intel’s pay cuts said that in addition to 5% decreases for mid-level employees, vice president level employees will see 10% reductions and the company’s top executives other than the CEO will get 15% cuts.
The company has also lowered its 401(k) matching program from 5% to 2.5% and suspended merit raises and quarterly performance bonuses, the person said.
Annual performance bonuses based Intel’s overall financial performance will remain but those bonuses have been smaller in recent years as the company has lost ground to rivals, the person added.
Reporting by Stephen Nellis in San Francisco; Editing by Christopher Cushing and Jamie Freed
Our Standards: The Thomson Reuters Trust Principles.
Renault slashes Nissan stake as the automakers overhaul their decades-long alliance
Renault and Nissan automobile logos are pictured during the Brussels Motor Show on January 9, 2020 in Brussels. (Photo by KENZO TRIBOUILLARD/AFP via Getty Images)
Kenzo Tribouillard | Afp | Getty Images
Automobile giants Renault and Nissan on Monday agreed to restructure their decades-long alliance, in a move that would see Renault’s shareholdings in Nissan reduced from around 43% to 15%.
The deal, which still pends board approvals, would equalize the companies’ cross-shareholdings, with the carmakers now able to “freely exercise the voting rights attached to their 15% direct shareholdings, with a 15% cap,” the companies said.
The new structure would also see Renault transfer 28.4% of Nissan shares into a French trust.
Voting rights in the trust would be “‘neutralized’ for most of the decisions, but the economic rights (dividends and shares’ sale proceeds) would still entirely benefit to Renault until such shares are sold,” according to the Monday announcement.
Renault would instruct the trustee to sell those shares if “commercially reasonable” and as part of a “coordinated and orderly process.”
The carmakers first signed their coalition in March 1999, expanding it to include junior partner Mitsubishi Motors in 2016. The Monday deal comes after months of intense discussions over the restructure of the Franco-Japanese alliance.
As part of the agreement, Nissan would also invest in Ampere, Renault’s electric vehicle arm, while the two companies will embark on “high-value-creation operational projects” in Latin America, India and Europe.
Renault announced in November that it had signed a non-binding framework agreement with China’s Geely to establish a new company producing hybrid powertrains and “highly efficient ICE [internal combustion engine] powertrains.”
The French giant has also entered into a long-term strategic cooperation with U.S. chipmaker Qualcomm.
Renault shares dropped 1.4% in early trade in Europe, while Nissan shares were down by around 0.7% during Asian trading hours overnight.
Dow Jones Futures Fall: JPMorgan Earnings, UnitedHealth Top; Tesla Slashes U.S., European Prices
Dow Jones futures fell solidly early Friday, along with S&P 500 futures and Nasdaq futures. Tesla slashed prices in the U.S. and Europe, following big cuts in China and key Asia markets last week, sending TSLA stock and other automakers tumbling. JPMorgan, Bank of America, Delta Air Lines and UnitedHealth earnings topped views before the open. But those stocks were generally lower.
X
The stock market rally gained some more ground on Thursday, though the S&P 500 hit resistance at a critical area.
The much-anticipated CPI inflation report showed cooling price pressures largely in line with expectations, though service price gains were a mixed picture. Still, the slowing inflation trend should continue for several months, raising hopes that the Federal Reserve will soon end rate hikes.
Investors should be looking to add exposure, carefully. This market is prone to pullbacks, and could be due for one. Meanwhile, many leading stocks are now extended from at least early buy points. Exxon Mobil (XOM) and Celsius Holdings (CELH) are still actionable.
XOM stock and Celsius are on the IBD 50. CELH stock is on SwingTrader and on the IBD Leaderboard watchlist.
Tesla Price Cuts
Tesla cut prices sharply in the U.S., making more of its models eligible for tax credits of up to $7,500. U.S. Model 3 prices have been reduced 6%-14%, depending on the trim. The base Model Range Standard Range RWD was cut $3,000 to $43,990, which means it would be $36,240 after the IRA tax credits. The Performance version was cut $9,000 to $53,990, getting under the $55,000 limit for tax credits. The base Model Y has been slashed $13,000, or nearly 20%, to $52,990. The Performance variant has been cut to $56,990, also down $13,000.
Meanwhile, Tesla cut Model 3 and Y prices in at least Austria, France, Germany, the Netherlands, Norway, Switzerland and the U.K.
The price cuts should significantly boost sales in the U.S. and provide a boost in Europe, where backlogs had been falling significantly. But they also raise concerns about Tesla’s prized profit margins.
On Jan. 6, Tesla cut China prices significantly for the second time in less than three months, as inventories swelled despite big year-end incentives and temporary Shanghai plant production halt.
Tesla stock fell 6% in premarket trading. General Motors (GM), Ford (F), Rivian (RIVN) and Lucid (LCID) declined 3%-4%, as Tesla price cuts may undercut their demand and pricing for EVs and other vehicles.
Key Earnings
UnitedHealth (UNH) earnings topped fourth-quarter views early Friday. UNH stock retreated slightly early Friday. Shares have sold off in 2023 along with other health insurers, though it rose Thursday.
Delta Air Lines (DAL) topped Q4 estimates as well and reiterated recent bullish guidance on 2023. But shares fell solidly before the open. DAL stock has spiked in 2023 with the airline group, adding to gains Thursday on bullish preliminary revenue from American Airlines (AAL). Delta is well extended from early entries and is working up the right side of a long, deep base.
JPMorgan Chase (JPM) and Bank of America (BAC) topped fourth-quarter views, while Wells Fargo (WFC) and Citigroup (C) had mixed results.
JPM stock and BofA fell modestly, while Wells Fargo and Citi stock also declined. JPMorgan stock closed Thursday in a buy zone after a traditional breakout. Bank of America and Citigroup stock were near early entries in bottoming bases. WFC stock has more work to do.
Dow Jones Futures Today
Dow Jones futures fell 0.8% vs. fair value. JPM stock and UnitedHealth are both Dow Jones components. S&P 500 futures declined 0.95%. Nasdaq 100 futures fell 1.15%. Tesla stock is weighing on S&P 500 and Nasdaq futures, while all the banks and DAL stock are hitting the S&P 500.
The 10-year Treasury yield rose 4 basis points to 3.49%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally wavered Thursday, with volatile premarket swings continuing into the morning. But as the session wore on, the major indexes calmed down and moved higher before fading somewhat in the day.
The Dow Jones Industrial Average advanced 0.6% in Thursday’s stock market trading. The S&P 500 index climbed 0.3%. The Nasdaq composite rose 0.6%. The small-cap Russell 2000 jumped 1.7%.
U.S. crude oil prices rose 1.3% to $78.39 a barrel, climbing 7.6% over the past six sessions.
Copper climbed 0.8% on Thursday, surging 11.9% over the past six trading days.
The 10-year Treasury yield tumbled 11 basis points to 3.45%, near recent lows. The two-year Treasury yield, more closely tied to Fed policy, hit a three-month low. Markets have almost fully priced in a quarter-point rate hike on Feb. 1, which would be a step down from 50 basis points and 75 basis points in the prior two meetings. Investors also strongly expect another quarter-point hike in March, to a 4.75%-5% range. Right now, markets are betting that’s the end.
Time The Market With IBD’s ETF Market Strategy
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) and Innovator IBD Breakout Opportunities ETF (BOUT) rose 0.7%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 0.8%. The VanEck Vectors Semiconductor ETF (SMH) climbed 1.5%.
SPDR S&P Metals & Mining ETF (XME) jumped 2% and the Global X U.S. Infrastructure Development ETF (PAVE) rose 0.8%. U.S. Global Jets ETF (JETS) soared 4.6%, with DAL stock and American Air both key holdings. SPDR S&P Homebuilders ETF (XHB) edged up 0.3%. The Energy Select SPDR ETF (XLE) advanced 1.9%. The Financial Select SPDR ETF (XLF) nudged 0.2% higher, with JPMorgan, Wells Fargo, Citigroup and BAC stock all major components. The Health Care Select Sector SPDR Fund (XLV) dipped 0.3%, with UNH stock a major holding.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) popped 2.1% and ARK Genomics ETF (ARKG) 3.45%. TSLA stock is a major holding across Ark Invest’s ETFs. Cathie Wood’s Ark has been loading up on Tesla shares in recent days and weeks.
Five Best Chinese Stocks To Watch Now
Market Rally Analysis
After wavering in the morning, the major indexes ultimately climbed modestly, while small caps jumped.
The S&P 500 came right up to its 200-day moving average, closing just below that key level. The Nasdaq held support at its 50-day line and moved a little higher from that area.
The Dow Jones and Russell 2000, above all their moving averages, are working toward their December highs.
Overall, the market rally has made huge strides over the past five sessions. Investors see the light at the end of the tunnel for Fed rate hikes.
Still, the major indexes face further tests. The S&P 500 needs to decisively clear the 200-day line, where it’s hit resistance multiple times. The December highs are the ultimate test for the indexes. But after running up for several sessions, with the major indexes right around key levels, a pause or pullback wouldn’t be a surprise.
Dow Jones futures are pointing to a pullback at Friday’s open.
Leading stocks are showing better action, but many are now extended, at least from early entries or moving averages.
Exxon Mobil stock rose 1.7% to 113.22, just below a 114.76 flat-base buy point, according to MarketSmith analysis. But XOM stock is in range from the 50-day line. Celsius stock dipped 0.2% to 106.40, but found support at the 21-day line. CELH stock is still actionable from Wednesday’s jump, rebounding from the 50-day line and breaking a short trendline.
In a positive sign for the broader market rally, the chip sector has regained momentum, with the SMF ETF moving decisively above its 200-day line this week. Taiwan Semiconductor (TSM), the largest holding in SMH, gapped above its 200-day line on earnings. That’s despite revenue falling short and TSMC also guiding low on Q1. But not many chip names, even those that are clear market leaders, are actionable right now.
Tesla Vs. BYD: EV Giants Vie For Crown, But Which Is The Better Buy?
What To Do Now
The stock market rally has had a strong stretch, moving above some key resistance areas and with the CPI inflation report out of the way.
Investors can be adding exposure, gradually, if conditions continue to improve. The major indexes, sectors and leading stocks have had a tendency to stage big pullbacks just as they seem to be gaining steam. And the market rally is gaining momentum.
Earnings season could upend the market rally, or slam specific sectors or stocks.
Investors who largely stayed on the sidelines in recent days may feel like big opportunities have passed them by. It’s true that some stocks may be out of reach right now. But don’t chase extended names. Wait to see if they pause or pull back or set up new bases. Meanwhile, other stocks will come to the fore.
If this market rally has real legs, that there will plenty of chances. If it quickly stalls out again, then you’ll be glad you’re not heavily invested.
But it’s crucial to have your watchlists up to date. Cast a wide net to find stocks that are setting up across different sectors. Then focus on stocks that are “ready” or nearly so.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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Tesla slashes prices in U.S., Europe to drive demand
Jan 13 (Reuters) – Tesla (TSLA.O) has slashed prices on its electric vehicles in the United States and Europe by as much as 20%, extending a strategy of aggressive discounting after missing Wall Street estimates for 2022 deliveries.
The move, which prompted a 3.8% fall in Tesla’s shares in Frankfurt, came after CEO Elon Musk warned that the prospect of recession and higher interest rates meant it could lower vehicle pricing to sustain volume growth at the expense of profit.
The lower pricing across Tesla’s major markets marks a reversal from the strategy the automaker had pursued through much of 2021 and 2022 when orders for new vehicles exceeded supply. Musk acknowledged last year that prices had become “embarrassingly high” and could hurt demand.
The U.S. price cuts, announced late Thursday in U.S. time on the Model 3 sedan and Model Y crossover SUV, ranged between 6% and 20% compared with prices before the discount, according to Reuters calculations.
That is before an up to $7,500 federal tax credit that took effect for many electric vehicle models at the start of January.
Following is a table of the price cuts by model in Germany and the United States:
Tesla also cut prices for its Model X luxury crossover SUV and Model S sedan in the United States.
In Germany, it cut prices on the Model 3 and the Model Y – its global top-sellers – by between about 1% and almost 17% depending on the configuration. It also cut prices in Austria, Switzerland and France.
For a U.S. buyer of the long-range Model Y, the new Tesla price combined with the U.S. subsidy that took effect this month amounts to a discount of 31%. In addition, the Tesla move broadened the vehicles in its line-up eligible for the Biden administration tax credit.
Before the price cut, the five-seat version of the Model Y had been ineligible for that credit, a designation Musk had called “messed up”. After the price cut, the long-range version of the Model Y will qualify for the $7,500 federal credit.
“This should really boost 2023 (Tesla) volumes,” Gary Black, a Tesla investor who has remained bullish on the company and its prospects through the recent, sharp share price decline, said in a tweet. “It’s the right move.”
Still, some users on Tesla fan forums online complained the price cuts disadvantaged customers who had recently bought their vehicle, leaving them with a lower-valued item on the second-hand car market.
“I’m not very pleased with these huge price sways. Just reducing 10,000 euros like that – definitely makes you feel that you just paid far too much,” one user wrote on a ‘Tesla Drivers and Friends’ forum on Friday.
In China, where Tesla cut prices last week by 6-13.5%, owners protested at delivery centres across the country, pressing Tesla for compensation.
Before the price cut, Tesla inventory in the United States, as tracked by the models its website shows as immediately available, had been trending higher. Prices on used Tesla models had also been declining, increasing the pressure on it to adjust new-car sticker prices.
For 2021, the United States and China combined had accounted for about 75% of Tesla sales, although the automaker has been growing sales in Europe, where its Berlin factory has been ramping up production.
NEW SALES LEADERSHIP
The shift is the first major move by Tesla since appointing its lead executive for China and Asia, Tom Zhu, to oversee U.S. output and sales.
Tesla cut prices in China and other Asian markets last week. Along with previous price cuts announced in October and recent incentives, the Chinese price for a Model 3 or Model Y was down 13% to 24% from September after the recent move, Reuters calculations showed.
Tesla has also cut prices in South Korea, Japan, Australia and Singapore.
Analysts had said the Chinese price cuts would boost demand and increase pressure on its rivals there, including BYD (002594.SZ), to follow suit in what could become a price war in the largest single market for electric vehicles.
That pressure could be building in Europe as well.
Tesla’s Model 3 was the best-selling electric vehicle in Germany last month, followed by the Model Y, beating Volkswagen’s (VOWG_p.DE) all-electric ID.4. Volkswagen recently raised the price of its entry-level ID.3, putting it at parity with the now-discounted Model 3.
Tesla missed Wall Street estimates for fourth quarter deliveries. Full year growth in deliveries was 40% – also short of Musk’s own forecast of 50%.
Reporting by Zhang Yan in Shanghai, Hyunjoo Jin in Seoul, Victoria Waldersee in Berlin; Writing by Kevin Krolicki in Singapore; Editing by Lincoln Feast, Kenneth Maxwell, Mark Potter and Alexander Smith
Our Standards: The Thomson Reuters Trust Principles.