Day: January 4, 2023

You May Both Suffer and Benefit from Fed’s Rate Increases

January 4, 2023 Published by Dan Weil

TheStreet

The Fed might raise interest rates higher than some investors expected and leave them higher for longer than some anticipated.

Higher for longer. This seemed to be the message from the Federal Reserve’s minutes of its meeting in December.

In other words, it appears that the Fed will raise interest rates higher than some investors expected and leave them higher for longer than some investors anticipated.

That would mean higher rates on your mortgages, auto loans and credit card bills. On the plus side, it would also mean higher rates on your certificates of deposit and money market funds.

Fed officials forecast last month that they will raise the federal funds rate to 5% to 5.25% this year. The rate currently stands at 4.25% to 4.5%, after the central bank lifted it by 4.25 percentage points last year.

Some investors aren’t so sure the Fed will make it up to the 5%-to-5.25% range, as inflation has begun to ease. Consumer price inflation slipped to 7.7% in November from a 40-year high of 9.1% in June.

In its minutes, the Fed warned investors against challenging the central bank’s effort to quell inflation. “An unwarranted easing in financial conditions, especially if driven by a misperception by the public of the [Fed’s] reaction function, would complicate the [Fed’s] effort to restore price stability,” the minutes said. That scenario could mean higher interest rates for longer.

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Fed Seen Trying to Restrain Stocks

Financial conditions include stock market levels, the dollar’s levels, corporate bond spreads and interest-rate levels. So if investors push the stock market much higher, that might mean additional or larger interest-rate hikes.

“The Fed’s awareness of the role that market expectations will play in the success of the mission is clear,” Michael Reisner, co-chief executive at CION Investments, said in a commentary.

“The interest of the Fed in avoiding a ‘misperception’ that its commitment to inflation is flagging can be seen as an attempt to tamp down market enthusiasm and keep asset values lower.”

Some investors have speculated that the Fed will pivot to cutting rates later this year as the economy weakens. But that doesn’t appear to be on the Fed’s to-do list.

“No [Fed officials] anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023,” the minutes said.

“[Fed officials] generally observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2%, which was likely to take some time.”

The Fed’s favored inflation indicator, the personal consumption expenditures price index, rose 5.5% in the 12 months through November.

Fed Sees Economy Weakening

Fed officials have warned us in recent months that their tightening will hurt the economy and perhaps even lead to a recession. They didn’t back off that message last month.

The economy rebounded moderately in the second half of 2022 after declining somewhat in the first half, Fed officials pointed out.

In December, “economic activity appeared likely to expand in 2023 at a pace well below its trend growth rate,” they said in the minutes.

“With inflation remaining unacceptably high, [Fed officials] expected that a sustained period of below-trend real GDP growth would be needed to bring aggregate supply and aggregate demand into better balance and thereby reduce inflationary pressures.”

Stephen ‘tWitch’ Boss’ funeral planned for family; ‘larger service for close friends’ to be held at later date

January 4, 2023 Published by

Latest & Breaking News on Fox News

Family members are mourning Stephen “tWitch” Boss Wednesday afternoon with a small funeral planned for the late television star.

He died by suicide Dec. 13 in Los Angeles at the age of 40.

“The services for the family are today,” a source confirmed to Fox News Digital.

Boss is survived by wife Allison Holker and their three children.

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“A larger service for close friends that he considered family will be held at a later date,” the source added.

Boss worked on several films after breaking into the entertainment industry in 2008 on “So You Think You Can Dance,” but he became known for bringing energy to Ellen DeGeneres’ talk show for eight years.

In 2020, she officially made him one of her co-executive producers of “The Ellen DeGeneres Show.” It’s unclear if Ellen or the “SYTYCD” crew is planning separate memorial services.

Representatives for Ellen DeGeneres did not immediately respond to Fox News Digital’s request for comment.

STEPEHEN ‘TWITCH’ BOSS REMEMBERED BY ‘SYTYCD’ JUDGE MARY MURPHY AFTER HIS DEATH AT 40: ‘EVERYBODY LOVED HIM’

“I’m heartbroken. tWitch was pure love and light,” DeGeneres wrote on Instagram at the time of his death.

“He was my family, and I loved him with all my heart. I will miss him. Please send your love and support to Allison and his beautiful children — Weslie, Maddox, and Zaia.”

Holker broke her social media silence over her husband’s death just before Christmas by sharing a selfie of her and Stephen.

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“My ONE and ONLY Oh how my heart aches. We miss you so much,” she wrote.

Boss died from a self-inflicted gunshot wound to the head, according to the Los Angeles County Medical Examiner-Coroner. The manner of death was suicide, per the closed report. His place of death was listed as a “hotel/motel.”

After Boss earned second place on “So You Think You Can Dance,” he appeared in the “Step Up” film series with Channing Tatum and Jenna Dewan and in “Magic Mike XXL,” “Ghostbusters” and “Modern Family.”

“We will always remember Stephen ‘tWitch’ Boss for the light and joy he brought into our lives and into the hearts of so many,” FOX Entertainment, 19 Entertainment and Dick Clark Productions said in a statement. “This tragic, painful loss of such a radiant, inimitable talent and beloved friend is immeasurable beyond words, and we grieve alongside his family, loved ones and fans. ‘tWitch,’ we will miss you dearly.”

If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).

Florida school district to require students to use restrooms based on biological sex: reports

January 4, 2023 Published by

Latest & Breaking News on Fox News

A Florida school district plans to implement policy that strictly requires students to use the restrooms based on their biological gender, according to reports.

Fox station WTVT in Tampa reported that Pasco County Schools Superintendent Kurt Browning announced the new policy during a school board meeting on Tuesday night.

“As the board is aware, over winter break, the 11th Circuit United States Court of Appeals…issued its ruling in the case of Drew (Adams) versus the school board of St. Johns County,” Browning said during the meeting. “The full appeals court overturned the trial court’s decision, which has been the controlling law until this newest decision was rendered.”

JUDGE BLOCKS BIDEN ADMIN’S TRANSGENDER SCHOOL BATHROOM RULE, ATHLETES

The policy change comes as the debate over diversity, inclusion, and school bathrooms continues to draw support and opposition from all sides.

Once the announcement was made on Tuesday, LGBTQ advocates swiftly criticized the decision while conservative and church-based groups supported it, WTVT reported.

Up until the announcement, the school district would not adopt a rule requiring students to use bathrooms based on the biological sex.

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The Tampa Bay Times reported that Browning said transgender students could still request accommodations of a single-stall private bathroom.

“I’m going to do what I have always said I’ll do, which is follow the law. The 11th Circuit changed the law,” Browning told the Tampa Bay Times. “It would be disingenuous of us to use the St. Johns case for the last five years and not use the 11th Circuit case as the basis of our decision-making.”

Browning told school principals in an email on Tuesday that he planned to update the district’s rules on the matter.

CALIFORNIA HIGH SCHOOL TEACHER BOASTS ‘QUEER LIBRARY’ WITH MATERIAL ON ORGIES AND BDSM/KINK

The school district posts its agendas on its website, and the issue was not listed for discussion. Instead, according to the Tampa Bay Times, Browning brought the rule change up early in the meeting, just before public comment.

Browning did not immediately reply to questions from Fox News Digital regarding the new policy.

As of Wednesday night, the meeting was not published on the district’s website.

NFL players, communities rally for Bills safety Damar Hamlin

January 4, 2023 Published by The Associated Press

With tears beginning to well, Tennessee Titans linebacker Rashad Weaver shook his head and lowered it to his knees, his body swaying as he tried to express what it was like watching friend and former college teammate Damar Hamlin having to be resuscitated back to life on the football field.

“I don’t know, man,” Weaver said Tuesday after sobbing uncontrollably at his locker. “I missed exactly what happened but like five seconds later, seeing the first replay of it, just kind of like everybody else sitting there and holding your breath and figure out what happened.”

Weaver’s reaction was that of most everyone watching from home and on the field in Cincinnati on Monday night, when Hamlin, the Buffalo Bills safety, collapsed while going into cardiac arrest after making what appeared to be a routine tackle.

As the second-year Bills player lay sedated in a hospital bed with his family by his side at University of Cincinnati Medical Center, where he remained in critical condition, Hamlin’s competitive and giving spirit was not lost on those who know him.

Dorrian Glenn, Hamlin’s uncle, told CNN in a televised interview outside the hospital Tuesday that Hamlin needed to have his heart re-started twice — once on the field, and again after he arrived at the hospital. Glenn also provided those details to other outlets, including ESPN and NFL Network.

“They were resuscitating him on the field before they brought him in the hospital and then resuscitated him a second time when he got to the hospital,” Glenn told CNN. “I just want to show my gratitude for the medical staff that were on hand because if not for them, my nephew probably wouldn’t even be here.”

Glenn said he was watching the game with some relatives in Pittsburgh. He arrived in Cincinnati early Tuesday; the cities are about 300 miles apart.

“I never cried so hard in my life,” Glenn said. “Just to know, like, my nephew basically died on the field and they brought him back to life. I mean, it’s just heartbreaking.”

Glenn said there were some encouraging signs, such as doctors lowering the level of oxygen Hamlin needs from 100% to 50%.

“He’s still sedated right now,” Glenn told CNN. “They just want him to have a better chance of recovering better. So, they feel that if he’s sedated, his body can heal a lot faster than if he was woke and possibly cause other complications.”

The chilling scene of Hamlin’s collapse, which played out in front of a North American television audience on ESPN’s “Monday Night Football,” has put the NFL on hold, with the game suspended. That sparked an outpouring of support in placing Hamlin’s life ahead of sports, and pushed to the forefront the generous person he is.

“He has his own clothing brand called Chasing M’s, which is about chasing your dreams and chasing millions,” said Weaver, who spent four years playing alongside Hamlin at the University of Pittsburgh. “And that’s everybody’s goal in life, reaching your dreams.”

Players and fans from across the NFL rallied to Hamlin’s support, with vigils held in Cincinnati and outside the Bills’ home stadium. The shock of what happened also reverberated in Pittsburgh, where the 24-year-old Hamlin grew up and was determined to give back to those in need.

“Damar is a hero to thousands of Pittsburgh kids,” Pitt football coach Pat Narduzzi said in a statement. “Damar, we love you. We are praying for you. Pittsburgh’s always had your back. And now it’s obvious the entire country has your back, too.”

The Bills said Hamlin spent the night in intensive care after his heart stopped when tackling receiver Tee Higgins in the opening quarter against the Bengals. Medical staff restored his heartbeat during frantic moments on the field before he was loaded into an ambulance, where he was joined by his mother, with teary-eyed players and coaches on both teams watching helplessly.

“First and foremost, the Bengals continue to send thoughts and prayers to Damar Hamlin and his family. Our hearts are with everyone in this unprecedented time — what we can do is support one another,” Bengals president Mike Brown said in a statement.

In Buffalo, the Bills changed their social media avatar to that of Hamlin’s No. 3 jersey with the words “Pray For Damar.” The other 31 teams and the NFL quickly followed suit.

While some Bills players stayed in Cincinnati to be with their teammate, the rest returned home early Tuesday, when they were greeted by a handful of fans watching silently from the side of the road outside Buffalo Niagara International Airport.

The Bills took the day off and were unsure when they might resume practicing, putting Hamlin above everything else, including their quest to clinch the AFC’s top seed.

The NFL’s schedule is now in flux after the game between Buffalo (12-3) and Cincinnati (11-4) — a showdown with AFC playoff race implications — was postponed indefinitely.

NFL Commissioner Roger Goodell informed both teams that their game would not resume this week. No decision has been made on whether it will be played at a later date, with the league not making any changes to its Week 18 schedule, a week before the playoffs are set to begin.

Numerous NFL teams canceled their media availabilities, including the New England Patriots, who are scheduled to travel to Buffalo for the teams’ season finales on Sunday.

“Please pray for our brother,” quarterback Josh Allen posted in a tweet.

Added offensive lineman Rodger Saffold: “He is more than an athlete. He is a son and brother. And I pray God gives him mercy and brings him back to us.”

Hamlin is from McKees Rocks, a hardscrabble exurb of Pittsburgh, and was selected by Buffalo in the sixth round of the 2021 draft. He spent his rookie season limited to special teams roles, and took over the starting job in Week 3 in place of veteran Micah Hyde, who remains sidelined by a neck injury.

Overnight, Hamlin went from being a relatively unknown second-year player to receiving an international outpouring of support.

His Chasing M’s Foundation eclipsed its modest goal of raising $2,500, exceeding $5 million by Tuesday evening.

Bills and Bengals fans gathered at the hospital immediately following the postponement of the game, with many returning on Tuesday.

Elena Weiler, 33, from Amelia, Ohio, and Billy Jeffers held a sign that said “Pray for Hamlin 3” with candles in front.

“It don’t matter if you’re a Bengals fan or a Bills fan, we’re here to show our support,” said Jeffers, who was wearing a Bengals sweatshirt.

The Bills now face perhaps their most difficult hurdle in a calendar year filled with on- and off-field adversity. The team has seen its schedule disrupted twice by major snowstorms in the past month, including a blizzard that led to at least 40 deaths in the region over Christmas. The Bills also rallied to support the community in the aftermath of a racist shooting rampage that left 10 dead at a Buffalo supermarket in May.

On Tuesday, it was the region’s turn to rally for the team on both sides of the New York-Ontario border.

The Ontario-based Niagara Parks commission announced it will illuminate Niagara Falls in blue in honor of Hamlin.

“Our collective thoughts are with him, his family, his team and the City of Buffalo,” the commission wrote.

___

AP Pro Football Writers Rob Maaddi, Mark Long and Teresa M. Walker, and AP Sports Writers Tim Reynolds, Mitch Stacy and Will Graves contributed to this report.

___

AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL

source

No speaker yet, but a lot of speaking

January 4, 2023 Published by Olivia Olander

Politics, Policy, Political News Top Stories

The dayslong process to pick a speaker of the House has left politicians noticeably quippy.

Rep. Kevin McCarthy (R-Calif.), nominated by his majority party to lead the chamber, has failed in six votes across two days to earn the majority of votes needed to become speaker. He doesn’t have the votes, as 20 far-right holdouts have voted for other members — but at the same time, no other viable candidate has yet emerged to overtake him.

With frustrations mounting, here were some of the most quotable moments from two days of struggle to elect a House speaker.

GOP lawmaker accuses Democrats of drinking and gets booed

Rep. Kat Cammack (R-Fla.), who nominated McCarthy for speaker, accused Democrats of drinking on the job as they headed into Wednesday’s third round of votes for the speaker’s office.

“They want us to fight each other. That much has been made clear by the popcorn and blankets and alcohol that has come in over there,” Cammack said, referring to Democrats.

Without a speaker in place to set rules, protesting members had no mechanism to deal with the remark, POLITICO previously noted.

Cammack had another quotable moment in her nomination of McCarthy for the sixth ballot: “It’s Groundhog Day. Again.”

“Maybe even a GREAT JOB.”

Former President Donald Trump’s endorsement of McCarthy characteristically had caps-lock on, but the actual words seemed less upbeat.

“REPUBLICANS, DO NOT TURN A GREAT TRIUMPH INTO A GIANT & EMBARRASSING DEFEAT,” Trump posted on his own social media, Truth Social. “IT’S TIME TO CELEBRATE, YOU DESERVE IT. Kevin McCarthy will do a good job, and maybe even a GREAT JOB.”

The post did not appear to have an effect on House lawmakers, as McCarthy did not earn any additional votes after it went online.

A fake Trump endorsement of Rep. Byron Donalds (R-Fla.) for speaker circulated online Wednesday afternoon, and Trump confirmed in a separate post that it was a “forgery.”

Boebert appeals to Trump: Tell McCarthy to withdraw

Rep. Lauren Boebert (R-Colo.), a longtime proponent of Trumpism, asked on Wednesday that the former president tell McCarthy to leave the race for speaker entirely.

“The president needs to tell Kevin McCarthy that, sir, you do not have the votes and it’s time to withdraw,” Boebert said Wednesday on Capitol Hill.

The comment was indicative of a rift between Trump and some of the farthest-right members of the House, caused by the battle for the speakership.

“I’d like to report a squatter.”

Rep. Matt Gaetz (R-Fla.) on Twitter accused McCarthy of improperly occupying the speaker’s office, after McCarthy moved in possessions without holding the position.

Gaetz’s post quote-tweeted a message on his own letterhead to the Architect of the Capitol, questioning why McCarthy was allowed to occupy the office. Online, he and Rep. Andy Biggs (R-Ariz.) — another McCarthy opponent — repeatedly called McCarthy a “squatter.”

“It seems Mr. McCarthy can no longer be considered Speaker-Designate following today’s balloting,” Gaetz wrote in the letter.

“Santos. Santos.”

Rep.-elect George Santos (R-N.Y.), the embattled Long Island representative who is reported to have falsified much of his biography, appeared to not hear his name during the fifth roll call vote for speaker.

After his name was said twice and the next name had also been called, Santos raised his hand and called out for McCarthy.

“In chaos, anything is possible.”

An alliance between anti-McCarthy Republicans and Democrats is unlikely, Rep. Alexandria Ocasio-Cortez (D-N.Y.) said on Tuesday night on MSNBC. But she didn’t rule it out entirely.

“In chaos, anything is possible, especially in this era,” Ocasio-Cortez told host Alex Wagner.

The progressive lawmaker was spotted speaking to McCarthy’s opponents, including Gaetz, during votes. In the MSNBC interview, she characterized Gaetz’s questions as fact-checks of claims from Republican Party leadership.

“To be able to fact-check some of the claims that McCarthy is making, whether Democrats are going to defect or not, et cetera, is important in order to keep him honest,” Ocasio-Cortez said.

[World] Why this congressman is using Superman comic for swearing-in

January 4, 2023 Published by

BBC News world

Getty Images

Image caption,

Representative-elect Robert Garcia speaks at an event.

By Brandon Drenon

BBC News, Washington

Incoming US congressman Robert Garcia will be sworn in using the US Constitution – and a Superman comic.

In a tweet on Tuesday, he said it is one of three items he will use that “mean a lot to me personally”.

The other two are a photo of his parents, who he said were lost to Covid-19, and his citizenship certificate.

Mr Garcia is still waiting to take the oath of office, however, after Republicans failed to elect a speaker.

A Democrat from Long Beach, California, and the city’s former mayor before being elected to the House of Representatives, he has a record of sharing his graphic novel fandom on Twitter.

“Anyone who understands comics knows that comics are an essential part of American fiction,” he tweeted in November. “And the lessons learned are invaluable.”

Mr Garcia – who will take the oath using a vintage Superman comic from 1939 – cites lessons that are distinctive to his upbringing as both an immigrant and a member of the LGBT community.

The congressman-elect was brought to the US from Peru by his mother when he was five years old. He is openly gay and married.

In 2021, after DC Comics announced the new Superman would be bisexual, Mr Garcia tweeted: “I became a Superman fan as a kid because I related to him. An immigrant, a sense of justice, and a secret identity.”

Although using the Superman comic may be a bit unorthodox when taking the oath of office, technically it’s not illegal, per Article VI of the US Constitution. The Article states, in part, that “no religious Test shall ever be required as a Qualification to any Office or public Trust under the United States”.

As a result, “there is no required text upon which an incoming officeholder must take their oath”, said Jane Campbell, president of the United States Capitol Historical Society.

Throughout history, Ms Campbell said, newly elected members of Congress have used different texts, including Hebrew Scripture, Jewish religious texts, copies of the Quran and the Bhagavad Gita (the Hindu sacred text).

In 2007, Democrat Keith Ellison from Minnesota, the first Muslim elected to Congress, took the oath using a Quran once owned by Thomas Jefferson.

Many of the mementos, like Jefferson’s Quran and the Superman comic, are loaned by the Library of Congress for this occasion. Other props loaned by the Library for a ceremonial swearing-in include Rosa Park’s pocket Bible and the Biblia Hebraica, the first complete Hebrew Bible published in America.

But no comic books, yet.

As the vote for speaker of the House concludes its sixth fruitless round, the world may have to wait a little longer before Superman and Mr Garcia can break the congressional record books.

Kennedy passes on Louisiana gubernatorial bid

January 4, 2023 Published by Burgess Everett

Politics, Policy, Political News Top Stories

Republican Sen. John Kennedy told supporters Wednesday he will forgo this year’s Louisiana governor race and stay in the U.S. Senate.

Fresh off winning a second term as senator, Kennedy said that he decided after deliberating that “at this juncture, I just think I can help my state and my country more in the Senate.”

“I have passed more bills as the lead author than any first-term senator in Louisiana’s history, but, to be an effective senator, killing bad ideas is just as important as advancing good ones. I’m going to be very busy doing both,” Kennedy said in the message.

Kennedy’s decision marks the second Republican senator to pass on the race, which is a top Republican pick-up opportunity as Gov. John Bel Edwards, a Democrat, is term-limited. Sen. Bill Cassidy (R-La.) also considered the race but decided to stay in the Senate, citing his new role as top Republican on the Senate’s Health, Education, Labor and Pensions Committee.

Kennedy is generally more conservative than Cassidy and known for his clever quips on Capitol Hill, whereas Cassidy voted to convict Donald Trump in his impeachment trial and emerged as a key Republican negotiator in the Senate. Kennedy is a bit of a thorn in the side of GOP leaders, never holding back if he’s feeling frustrated with his party’s strategy.

Kennedy would have been a formidable entrant. He just won re-election by more than 40 percentage points, avoiding a runoff.

He also previously looked at the 2019 governors race, which Edwards won. Former Sen. David Vitter, who previously held Kennedy’s seat, lost to Edwards in 2015 and retired from the Senate.

Now with an open seat, Attorney General Jeff Landry is the top declared GOP candidate in the race, though more candidates may be on the way. Republicans are bullish about their chances to flip the otherwise red-leaning state, with the anti-abortion Edwards leaving office.

Louisiana is one of three states that is holding an election for governor in 2023, along with Kentucky and Mississippi.

Zach Montellaro contributed to this report.

Chevrolet Shows Silverado EV Towing, Truck Now Has 170k Reservations

January 4, 2023 Published by Michael Gauthier

Carscoops

The electric truck war is heating up and Chevrolet has released additional details about the 2024 Silverado EV.

This time they’re highlighting the Work Truck (WT) variant and Chevrolet’s Catherine Scales told us they’re “busy validating” the model, and have been focusing on the towing experience. The latter is important as 87% of reservation holders have indicated that they intend to tow with their pickup.

With that in mind, the company released a new video of the Silverado EV WT towing a 7,700 lbs (3,493 kg) Keystone Cougar travel trailer. While that’s approaching the truck’s maximum towing capacity of 8,000 lbs (3,629 kg), Silverado EV chief engineer, Nichole Kraatz, was impressed by the overall performance and said “It’s so important for full-size truck customers to be able to tow, haul, and do everything that they can do in a traditional pickup truck.”

Also: 2024 Chevrolet Silverado EV Debuts With 400 Mile Range And The Avalanche’s Midgate

Besides the towing footage, Chevrolet released a new picture of a pre-production model and announced additional specifications for the WT and RST. While we’ll have to wait a little longer for full details, the Silverado EV measures 233.1 inches (5,920 mm) long and has a 145.7 inch (3,700 mm) wheelbase. To put those numbers into perspective, the EV is 1.2 inches (30 mm) longer than the Silverado Crew Cab with the 5’ 8” bed, but has a 1.7 inch (43 mm) shorter wheelbase. That being said, the extra length isn’t too surprising as the Silverado EV features a 5’ 11” bed with an available Multi-Flex Midgate.

Chevrolet also said the EV has 8.9 inches (227 mm) of ground clearance as well as approach and departure angles of 21.7 and 22.9 degrees. However, if you’re planning to go off-roading, you’ll probably want to wait for the Trail Boss variant which has rugged styling, red recovery hooks, and unique wheels wrapped in meaty tires. Chevrolet hasn’t said much else about the model, but we wouldn’t be surprised if the truck was equipped with an adaptive air suspension.

Other noteworthy specs include a front eTrunk that can hold up to 10.7 cubic feet (303 liters) of cargo. Buyers will also find a more accommodating cabin as the EV sports an extra 0.3 inches (8 mm) of front seat legroom as well as an extra 0.9 inches of legroom (23 mm) in back. However, headroom is mostly down except in the RST which sports an extra 0.9 inches (23 mm) of room up front.

The Silverado EV WT is aimed at fleets and is slated to have 510 hp (380 kW / 517 PS) and 615 lb-ft (832 Nm) of torque. The model is also expected to have a range in excess of 400 miles (644 km).

Shortly after the Work Truck’s launch, the Silverado EV RST First Edition will arrive in the fall with 754 hp (562 kW / 764 PS) and 785 lb-ft (1,063 Nm) of torque. This will enable the truck to accelerate from 0-60 mph (0-96 km/h) in less than 4.5 seconds.

Jim Cramer says more tech layoffs are coming after Salesforce cuts 10% of its headcount

January 4, 2023 Published by Krystal Hur

US Top News and Analysis

In this article

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VIDEO3:3103:31

Jim Cramer gives his thoughts on Salesforce layoffs

Mad Money with Jim Cramer

CNBC’s Jim Cramer on Wednesday warned investors that the tech industry will likely see more layoffs due to continuing macroeconomic headwinds.

“There are so many tech companies with bloated payrolls that are still trying to grow rapidly, overpaying for new employees, and they fear that layoffs will mean that their time in the sun is over,” he said, adding, “They don’t seem to understand that their time in the sun ended over a year ago.”

related investing news

Salesforce’s cost-cutting plan is a much-needed move for an economic downturn

Kevin Stankiewicz

5 hours ago

His comments come after Salesforce said Wednesday that it is slashing 10% of its staff and curtailing office space. The cloud-based software firm had over 79,000 employees as of December.

Shares of Salesforce rose 3.57% on Wednesday.

The layoffs, part of a broader restructuring plan at Salesforce, are the company’s latest headcount reductions after it let go of hundreds of employees in November.

Other tech firms, including Meta Platforms, Netflix and Lyft, culled their workforces to cut costs last year as persistent inflation, the Federal Reserve’s interest rate hikes and normalizing demand from the height of the pandemic continue to dog the formerly burgeoning industry.

Cramer said that while the industry is likely to see more cuts this year, investors should refrain from becoming overly optimistic about how tech companies and their stocks will fare once more employees are laid off.

“I’m saying that this decline won’t be as bad as the 2000 and 2001 [recession]. It won’t be that. Nor am I saying that tech stocks can rally endlessly on cost cuts,” he said.

Disclaimer: Cramer’s Charitable Trust owns shares of Salesforce and Meta Platforms.

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Samsung's Latest Smartphone Is Just $199

January 4, 2023 Published by The Street

While CES, the consumer technology event starting in Las Vegas this week, isn’t typically a smartphone-focused show, Samsung is debuting the Galaxy A14 5G smartphone.

It’s a lower- to mid-range handset that aims to trickle down some of the most critical features like long battery life, a solid camera, and a commitment to software upgrades at an affordable $199 price point.

After all, we’ve seen that with Google’s Pixel 6a and Apple’s iPhone SE that you don’t need to spend a huge amount of cash to get a basic smartphone.

Samsung’s Galaxy A14 5G will be up for preorder on Jan. 12, but you can sign up for more information on the device here. We also know that at least one carrier will offer the device.

The Arena Media Brands, LLC and respective content providers may receive compensation for some links to products and services on this website.

Galaxy A14 5G: What You Need To Know

For just shy of $200, the Galaxy A14 5G is a pretty well-rounded device. Its 6.6-inch FHD+ LCD display has thinner bezels on the left and right with a thicker chin on the bottom. However, it can roll with modern devices thanks to a teardrop notch up-top and a 90Hz refresh rate. The latter will ensure a smoother experience and actually bests the 60Hz rate in the iPhone 14.

Powering the Galaxy A14 5G is a Mediatek Dimensity 700 octa-core processor that is clocked at up to 2.2GHz and that’s paired with 4GB of RAM. We haven’t gone hands-on with this smartphone just yet, but while we don’t expect blazing performance we imagine that chip should be fine for more everyday tasks.

The A14 5G is also running Android 13 with Samsung’s One UX interface on-top. And here’s some excellent news: Samsung is promising two Android OS generation upgrades and four years of security updates.

This way you can have some confidence the device will be supported and working well for a few years. It also comes with 64GB of internal storage and this phone features a microSD card slot.

In terms of photography, the teardrop notch on the front contains a 13-megapixel lens. While on the back there are three cameras: a 50-megapixel main, a 2-megapixel macro, and a 2-megapixel depth. We’re not expecting the macro or depth to provide the clearest shots, but we do have some hope for the main 50-megapixel lens.

Samsung’s Galaxy A14 5G features a 5,000mAh battery which should be plenty for a device with these other features. It also supports up to 15-watt fast wired charging.

The Galaxy A14 5G is also a 5G-enabled smartphone with support for the Sub-6 standard. It won’t be the crazy fast speeds from mmWave or C-Band, but will deliver a stronger performance when you’re in Sub6 coverage. The A14 5G will also support 4G connectivity.

Let’s Recap the Galaxy A14 5G

While this isn’t the flashiest smartphone from Samsung ever, at $199.99 it does carry quite the feature list for the price. We’re also excited to see the commitment from Samsung (SSNLF) on two generations of Android OS updates.

Most importantly, it’s another option for those looking for an affordable smartphone, and it undercuts the price of the Pixel 6a and the iPhone SE. Though, if you’re after a phone that excels at photography we’d pick either of those, that may change after we go hands-on with the A14 5G though.

Samsung’s Galaxy A14 5G goes up for preorder on Jan. 12 at $199.99 here. AT&T (T) – Get Free Report will begin offering the smartphone on Jan. 13 for $2 a month on a device payment plan with no trade-in required.

Prices are accurate and items in stock at time of publishing.

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