>>Fed Not Expected To Lower Rates Just Yet
(Undated) -- The Federal Open Market Committee is preparing to make its first announcement on interest rates of the year. A two-day Fed meeting ends today with most analysts predicting no rate change this time around.
>>Gallup: Americans More Confident In Economy
(Washington, DC) -- Americans are more confident in the U.S. economy than they've been in at least two years. According to the latest Gallup Economic Confidence Index, the outlook is still overall negative but has improved over the last two months and is at its highest point since January 2022. But it also found that nearly two in three Americans are still concerned about inflation and say price increases have caused financial stress on their households.
>>Judge Tosses Elon Musk's $56B Tesla Pay Package
(Wilmington, DE) -- A judge in Delaware is voiding the 56-billion dollar pay package of Tesla CEO Elon Musk. Judge Kathaleen McCormick found that the company's board of directors failed to prove "that the compensation plan was fair." Shares of the company fell about three-percent in after-hours trading following the ruling. The 2018 pay package granted to Musk was the largest compensation plan in public corporate history, leading to Musk becoming the wealthiest person in the world. Musk responded on X to the news Tuesday afternoon with the warning, "Never incorporate your company in the state of Delaware."
>>GM Does U-Turn On Electric Vehicles.
(Detroit, MI) -- General Motors is making a U-Turn on plans for all-electric vehicles. After announcing a profit of 12-point three billion dollars in North America for 2023, the company's CEO said it will return to a focus on hybrid vehicles before a switch to total electric cars. GM's CFO says "The pace of E.V. growth has slowed, which has created some uncertainty." This week's announcement comes as the Biden administration continues to push automakers to go 100-percent electric.
>>Alphabet Misses Ad Revenue Expectations
(Mountain View, CA) -- Google parent company Alphabet's stock slid four percent in extended trading Tuesday after the company missed expectations for ad revenue. The company reported overall fourth quarter revenue of 72-billion-dollars, a billion dollars above predictions. But ad revenue was at 65-point-five billion, compared with analyst predictions of 65-point-eight.
>>UPS Announces 12-Thousand Job Cuts
(Atlanta, GA) -- UPS is laying off 12-thousand employees. The news comes after the company reported earnings on Tuesday that fell short of revenue estimates. It also reported drops in international and domestic shipping volume. On a company earnings call, CEO Carol Tome said the layoffs will save the company around one-billion-dollars in costs.
>>Report: WSJ Planning Layoffs
(New York, NY) -- The Wall Street Journal is reportedly planning lay offs in its Washington, DC bureau this week. Axios reports the move will involve a small number of layoffs with some of its Washington-based economics coverage moving to New York. Some of the people laid off will be able to apply for new positions.
>>Byron Allen Offers $30B Offer For Paramount
(Los Angeles, CA) -- Media mogul Byron Allen is making a 30-billion-dollar offer for Paramount Global. The former TV host made a bid Tuesday that would include the company's 15-billion-dollar debt load and the value of the shares issued by Paramount. A statement from the Allen Media Group says the offer "is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued." The Allen Media Group owns the Weather Channel and a syndicated TV business. Paramount Global hasn't commented on the offer.
>>SeaWorld Entertainment Getting New Name
(Orlando, FL) -- A change is coming to the company that runs SeaWorld parks. SeaWorld Entertainment Inc confirms it will be getting a new name, United Parks and Resorts Inc. It'll take effect February 12th. A new website and stock market ticker symbol are also part of the change. The company also owns Busch Gardens, Discovery Cove, Sesame Place, Water Country USA, Adventure Island, and Aquatica. All of them will keep their name. The company's CEO says the new name better reflects what they have been and will continue to be about - a diverse collection of park brands and experiences.
