|Day's range||6.10 - 6.10|
As companies struggle to invest in diversity, Harlem Capital managing partner Jarrid Tingle shares two tangible ways to make meaningful change.
(Bloomberg) -- Here’s a list of companies that are planning to halt spending on social media. Some have joined a boycott of Facebook Inc. after critics accused the social network of inadequately policing hateful and misleading content on its platform:Harley Davidson Inc. -- The motorcycle maker said in an email it was pausing Facebook ads in July “to stand in support of efforts to stop the spread of hateful content.” Pernod Ricard SA -- The French distiller of Jameson whiskey and Absolut vodka, which spends more than 1.5 billion euros ($1.69 billion) on advertising annually, is boycotting Facebook and some other U.S. sites through July 31 and working with partners on an app to help victims of online abuse.Daimler AG -- The Mercedes-Benz maker is pausing its paid advertising on Facebook platforms in July, while adding that it expects to the relationship to resume because it’s confident the social-media company will take “necessary steps.”Molson Coors Beverage Co. -- The brewer is choosing to pause advertising on Facebook, Instagram and Twitter while it reviews its own standards and ways to protect the brands and guard against hate speech, Chief Marketing Officer Michelle St. Jacques said in an internal email.Constellation Brands -- The maker of Corona beer and Kim Crawford wines is pausing Facebook ads for the month of July.Dunkin’ Brands Group -- The donut chain is temporarily pausing its paid media on Facebook and Instagram, a spokesperson says, adding that it’s in discussions with Facebook about efforts to stop hate speech and thwart “the spread of “racist rhetoric and false information.”Lego A/S -- Stopping all advertising on social media for at least 30 days to review its standards and will “invest in other channels” during that time.The Body Shop -- The beauty chain says it’s halting paid activity on all Facebook channels and asking the social-media company to enhance and enforce its content-moderation policies.Starbucks Corp. -- Pausing advertising on all social media platforms. Will post on social media without paid promotion.Microsoft Corp. -- Paused global advertising spending on Facebook and Instagram because of concerns about ads appearing next to inappropriate content, according to a person familiar with the matter.Unilever Plc -- Halting advertising on Facebook, Instagram and Twitter in the U.S. through Dec. 31.Volkswagen AG -- The ad stop on Facebook affects the direct ad accounts of the German manufacturer’s brands, including Porsche, Audi and Lamborghini. VW, its ad agencies and the Anti Defamation League will enter talks with Facebook over how to deal with hate speech, discrimination and false information, according to an emailed statement.Mars -- Starting in July, a pause on paid advertising globally across social-media platforms, including Facebook, Instagram, Twitter and Snapchat.Target Corp. -- Pausing ads on Facebook in July.Coca-Cola Co. -- Pausing advertising on all social media platforms.Clorox Co. -- Will stop advertising spending with Facebook through December.Conagra Brands Inc. -- Will stop advertising in U.S. on Facebook and Instagram through the rest of the year.Ford Motor Co. -- Halting U.S. social media for 30 days, won’t purchase social media ads for Bronco unveiling.Honda Motor Co. -- “For the month of July, Honda will withhold its advertising on Facebook and Instagram, choosing to stand with people united against hate and racism.” Acura, a Honda brand, said in a tweet that it was “choosing to stand with people united against hate and racism.”Hershey Co. -- Will halt spending on Facebook in July and cut its spend on the platform by a third for the remainder of the year, according to Business Insider.Diageo Plc -- Pausing paid advertising globally on major social media platforms beginning in July.PepsiCo Inc. -- Pulling ads on Facebook from July through August.Verizon Communications Inc. -- “We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with we’ve done with YouTube and other partners,” said John Nitti, chief media officer for Verizon.SAP SE -- “We will suspend all paid advertisements across Facebook and Instagram until the company signals a significant, action-driven commitment to combatting the spread of hate speech and racism on its platforms.”Levi Strauss & Co. -- Pausing all paid Facebook and Instagram advertising globally and across all brands through July.Diamond Foundry Inc. -- Pulling all of advertising from Facebook, including Instagram, for the month of July.Patagonia Inc. -- Will pull all ads on Facebook and Instagram, effective immediately, through at least the end of July, pending meaningful action from Facebook.Viber Media Inc. -- The messaging service, owned by Japanese conglomerate Rakuten, plans to cut ties with the social network entirely, according to the Guardian.VF Corp. -- The North Face will pause ads on Facebook for the month of July. Vans, another VF brand, will also pull ad dollars from Facebook and Instagram next month, and said it will use the money to support Black communities through empowerment and education programs.REI -- “For 82 years, we have put people over profits. We’re pulling all Facebook/Instagram advertising for the month of July.”Upwork Inc. -- No Facebook advertising in July.Eileen Fisher Inc. -- Pulling ads from Facebook through July.Adidas AG -- Will stop ads on Facebook and Instagram internationally through July, according to Adweek.Puma SE -- Will stop all advertisements on Facebook and Instagram throughout July.Madewell Inc. -- Will pause ads on Facebook and Instagram through July.Pfizer Inc. -- Removing all advertising from Facebook and Instagram in July, calls on Facebook to heed the concerns of the StopHateForProfit boycott campaign “and take action.”Chipotle Mexican Grill Inc. -- To pause Facebook advertising beginning July 1, according to an email.Chobani -- The Greek-yogurt company paused all paid social-media advertising.Peet’s Coffee -- Paused advertising on Facebook.(Updates with Harley Davidson)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of Microsoft Corporation (NASDAQ: MSFT) increased another 11.1% in June, according to data provided by S&P Global Market Intelligence. With investments in personal computers, cloud, and video games, Microsoft continued to excel even while people were sheltering at home during the coronavirus pandemic. Microsoft has been so successful that it's closing physical retail locations for good.
(Bloomberg) -- Facebook Inc. was accused of systemic discrimination in hiring, compensation and promotion of Black people in a complaint to federal civil rights authorities.Thursday’s complaint to the U.S. Equal Employment Opportunity Commission by a Washington-based operations program manager adds pressure on the social network, which is facing an advertising boycott over its failure to remove violent, divisive, racist and discriminatory posts. Along with other major tech companies, Facebook also has been criticized for its lack of diversity.Oscar Veneszee Jr., a decorated 23-year U.S. Navy veteran hired by the company in 2017 to recruit other workers retired from the armed services, said he filed the complaint after his objections to Facebook managers over treatment of African Americans went nowhere. It was filed as a class action to represent other Black people who’ve experienced discrimination inside the company, as well as those who claim they were unfairly denied jobs with the social network.“The only way to get contributions from Black experience is to have more Black employees at the company,” Veneszee said in an interview. “I think the desire is there, but I don’t think there’s an understanding of what’s required to transition to a company that’s more open, to being diverse, bold.”Facebook said “we take any allegations of discrimination seriously and investigate every case.””We believe it is essential to provide all employees with a respectful and safe working environment,” spokesperson Pamela Austin said in an email.Facebook, along with Google and Microsoft Corp., have renewed pledges to prioritize diversity in the wake of nationwide protests and calls to end systemic racism after the police killing of George Floyd. Veneszee said he was motivated to complain to the EEOC in part by recent protests.“We are really as a country talking about getting it right this time,” Veneszee said in the interview. “As I look at our response, I don’t think it has connected to the pain deep enough in order to develop solutions that are going to be better for us as a company.”A recent Bloomberg News analysis of diversity reports published by the world’s biggest tech companies shows little progress has been made transforming them from a predominantly white and male universe, with Black workers remaining mostly absent from management ranks and underrepresented in technical roles.Read More: Zuckerberg Agrees to Meet With Groups Behind Advertising BoycottDespite success at his job and positive feedback from managers, Veneszee said in the complaint, he was denied promotions, stalled by evaluations that said he merely “meets all expectations” as he ran into hostility and discrimination.Veneszee described his frustration as a Black employee of a company where, according to Facebook’s own figures, just 1.5% of employees in technical roles in the U.S. were Black in 2019, and 3.1% were Black among senior leadership. Those percentages have barely budged even as the company has added tens of thousands to a workforce that has grown by 400% over the last five years, according to the complaint.“There’s really no representation of diversity, of Black employees in mind, all the way across the company,” he said in the interview.Veneszee recalled being forced to apologize to a white recruiter after questioning a plan for interns that listed only one of the nation’s more than 100 Historically Black Colleges and Universities. He was told the question drove the recruiter to tears. After being routinely told that he must use the right “tone,” he said he came to realize the company is tone deaf toward Blacks.“Me asking about HCBU shouldn’t make you feel attacked, it shouldn’t offend you if we’re talking about diversity,” Veneszee said. He said it made him feel as if “the way I say things fell on a different set of ears at Facebook.”An EEOC spokesman said the agency can’t confirm or deny when complaints are filed and said they are handled confidentially.Veneszee’s lawyer, Peter Romer-Friedman of the Gupta Wessler firm, said the alleged violations of the Civil Rights Act of 1964 in the complaint should be viewed as an invitation to negotiate.The complaint seeks an independent monitor to determine if Facebook is making progress hiring more Blacks, or if stronger measures are required, he said.“We’re trying to extend an olive branch,” the lawyer said in an interview. “Oscar’s not trying to burn down the company from the inside or outside.”(Updates with company comment in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
When Micron Technology (NASDAQ: MU) last provided a quarterly update at the end of March, question marks abounded. With cloud computing, 5G wireless network buildout, and a new generation of gaming consoles and personal computing devices on the way, Micron sees sunnier days ahead. Management had called for revenue of $4.6 billion to $5.2 billion, and adjusted earnings per share of $0.40 to $0.70 a few months ago.
Zacks Market Edge Highlights: Nike, FedEx, Microsoft, JPMorgan Chase and Bank of America
With many people stuck at home during the second quarter due to the coronavirus outbreak, engagement on all manner of streaming platforms has soared. That includes popular video-streaming services, as well as Amazon.
It's been over a decade since AMD (NASDAQ: AMD) spun off its semiconductor manufacturing segment, the company now known as GlobalFoundries. During the depths of the Great Recession, the deal was deemed necessary to help AMD survive, although AMD maintained the long-term vision was to refocus on technology, chip design, and better investment returns.
Marketing veteran and entrepreneur Gary Vaynerchuk weighs in on the controversy swirling around Facebook.
S&P 500 earnings are expected to fall 44.1% in Q2 but there will likely be surprises as many companies withdrew guidance.
With that in mind, we asked five Motley Fool contributors to share their best picks for investors in this unusual July. Here's why they think these stocks could put fireworks in your portfolio this month.
Ollie's Bargain Outlet, Designer Brands, AbbVie, Microsoft and Lockheed Martin highlighted as Zacks Bull and Bear of the Day
Working-from-home policies have caused increasing reliance on videoconferencing technology, and well-known video communications company Zoom (NASDAQ: ZM) has profited greatly. With seamless communication as a goal, Zoom has experienced great popularity for its ease of use.
Check out these three stocks with solid dividend yields that appear ready to continue to weather the coronavirus economic downturn in the second half of 2020...
Now, tech companies are slowly stepping up to try to address the crisis, and the latest development on that front comes from Microsoft. The company today announced a wide-ranging, global portal for free skills training for people who are out of work. Alongside that, Microsoft said it plans to disperse $20 million in grants to nonprofit organizations that are working to help those who have lost jobs due to COVID-19 and subsequent shifts in the economy, and with a specific emphasis on those that are working with groups that are underrepresented in the tech world.
(Bloomberg) -- Microsoft Corp. and its LinkedIn unit will provide free job training to help unemployed workers prepare for in-demand jobs as the global pandemic pushes U.S. joblessness to levels as bad as those during the Great Depression.The program uses LinkedIn data to find the jobs that employers most want to fill, and offers free access to content that helps workers develop the required skills. The company will also cut the cost of its certification exams and offer free job-seeking tools. Microsoft aims to provide additional skills to 25 million people globally by the end of the year through the program for such jobs as software developer, customer-service specialist and graphic designer.Microsoft said its calculations show global unemployment may reach a quarter of a billion people this year. The U.S. unemployment rate was 13.3% in May, the highest level since 1940, as the coronavirus shut down stores, restaurants and bars, with higher rates of joblessness among Black and Latino workers. While parts of the economy are starting to reopen in the U.S., companies are also shutting down, filing for bankruptcy or announcing permanent job cuts to adjust to a long-term slowdown. In January, Microsoft began working on a plan for a smaller program to highlight tools to address a long-term move to jobs that are becoming increasingly digital. When Covid-19 hit, the company decided to expand the program to reach more workers faster, Microsoft President Brad Smith said in an interview. “Covid-19 sent so many people home, if they had the good fortune to keep their job and work from home,” Smith said. “It became clear that in order to get back into the workplace, many people would not be able to return to the job they left — they might need to get a new job — or even their old job required a lot more digital skills than before.”Microsoft used data from LinkedIn to come up with 10 roles with the greatest number of job openings, steady growth for the last four years, “livable” wages and skills that can be learned online, the company said Tuesday in a blog post. These include: software developer, sales representative, data analyst, customer service specialist and graphic designer.One piece of the original program that has been broadened in the wake of the pandemic is funding for nonprofit groups to reach out to people who otherwise won't know about the program or who can’t do everything online. Microsoft will spend $20 million in cash grants for global nonprofits with a goal of helping 5 million unemployed workers this year. The effort will focus in particular on people with disabilities, workers from low-income communities, women and minorities. A quarter of the money will be earmarked for grants to 50 U.S. community-based nonprofit organizations led by and serving communities of color, Microsoft said. “Someone who is unemployed needs to know what to learn. We give them the access to that learning material for free to areas where we know there are recruiters and hiring managers on the other side waiting to hire them,” said Ryan Roslansky, LinkedIn’s chief executive officer. LinkedIn also plans to provide its own labor market data and information on in-demand skills for free to governments. The data will include popular job openings in a region, the top skills required for those jobs and data on which employers are hiring the most in a particular geography. The data will be available at opportunity.linkedin.com.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc.’s appetite for lucrative government contracts is sending it to space.Amazon Web Services, the company’s cloud-computing division, on Tuesday announced a new business segment targeting aerospace, satellite and other space customers. The Aerospace and Satellite Solutions group will be led by retired Air Force Maj. Gen. Clint Crosier, who previously oversaw the creation of the new Space Force armed services branch. Amazon didn’t say how much it plans to invest in the new unit.AWS helped pioneer cloud computing, which has seen many businesses unplug their data centers in favor of rented data storage and software services from technology giants like Amazon, Microsoft Corp. and Google. AWS will now pitch that infrastructure to space customers, a bet that its existing investments will give Amazon an advantage over rivals.“As the world’s most comprehensive cloud platform, AWS is uniquely positioned to help make the flow of space data more accessible, more cost effective and more actionable,” Teresa Carlson, who leads AWS’s public sector business, said in a blog post.AWS has sought to expand its government and defense contracting business in recent years, building off a landmark 2013 deal to provide services to the Central Intelligence Agency. Even as some Silicon Valley giants debate whether to wade deeper into military contracting, Chief Executive Officer Jeff Bezos has said Amazon is committed to supplying technologies to U.S. government clients. AWS has major offices in Northern Virginia, and the company is building a massive corporate campus is Arlington, Virginia, not far from the Pentagon.The company last year launched AWS Ground Station, which lets customers control satellites and download data to AWS data centers. Separately, Amazon is seeking to launch a constellation of its own satellites to provide broadband internet access.The creation of the new division was reported earlier by The Wall Street Journal.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Although not technically part of the Stop Hate for Profit "pause" campaign, Microsoft recently began to take its ad spending elsewhere.
StopHateForProfit campaign is gaining steam with 180 advertisers having boycotted Facebook. Google and Twitter are undertaking initiatives to prevent themselves from facing the similar wrath.
Hunters, a Tel Aviv-based cybersecurity startup that helps enterprises defend themselves from intruders and analyze attacks, today announced that it has raised a $15 million Series A funding round from Microsoft's M12 and U.S. Venture Partners. Seed investors YL Ventures and Blumberg Captial also participated in this round, as well as new investor Okta Ventures, the venture arm of identity provider Okta. With this, Hunters has now raised a total of $20.4 million.
Slack takes a bold step towards replacing e-mails for external communications -- but will it widen its moat against its biggest competitor?
(Bloomberg) -- Indian and U.S. technology companies are urging the Trump administration to reconsider an executive order freezing access to many work visas, warning the move would undermine a business model used to supply high-skill talent to clients from Wall Street to Silicon Valley.Donald Trump’s order last week halts approvals of a range of visas through year-end, including those for intra-company transfers and study-abroad programs, and is aimed at giving Americans preference after record job losses from the coronavirus pandemic. Key for the tech industry are H-1B visas used by workers from India and other countries to fill key roles.Visa processing is an elaborate, months-long affair so any disruption could hurt the ability of critical workers to travel to clients sites for an extended period. Already, the virus lockdowns have blocked consulate visits essential to the process and forced hundreds of thousands of workers into challenging work-from-home situations.India’s technology trade group, Nasscom, called Trump’s order “misguided and harmful to the U.S. economy” and warned it would exacerbate the country’s economic pain. Indian companies provide technology staff and services to U.S. hospitals, drugmakers and biotechnology companies, Nasscom pointed out. In addition, the industry may send more workers to Canada or Mexico without access to the U.S. market.“These are highly-skilled workers who are in great demand and they will be mobile no matter what,” said Shivendra Singh, president of global trade development at Nasscom.Among the other critics of the order were Alphabet Inc. Chief Executive Officer Sundar Pichai, Microsoft Corp. President Brad Smith and Tesla Inc. founder Elon Musk. Pichai, himself a beneficiary of the H-1B visa system in the 1990s, tweeted, “Immigration has contributed immensely to America’s economic success making it a global leader in tech, and also Google the company it is today.”Tata Consultancy Services Ltd., Infosys Ltd. and Wipro Ltd., among the largest outsourcing companies in Asia, declined to comment.India accounts for about 70% of the 85,000 H-1B visas issued annually, according to immigration data. Of this total, 65,000 visas are issued to foreign talent with bachelor’s degrees, while the remaining 20,000 can be allotted to workers who have more advanced degrees.The visa system was conceived so companies could hire overseas workers to fill a shortage of high-skilled talent in technology services and product development. The fact that Indian outsourcers collect a substantial share of the visas each year has made the program controversial, with critics arguing that companies abuse the system by replacing American workers with cheaper foreign labor.Soon after taking office, Trump vowed he would crack down on work visas and reform the “broken” immigration system. One longer-term concern for outsourcers is the administration’s planned revamp of the current H-1B visa program, which would replace the current lottery system for determining who gets visas with a merit-based system that prioritizes applicants based on wages. That would mean more workers with high salaries would likely receive visas.Now, outsourcing companies are dealing with the unpredictability of the visa situation and the prospect that an H-1B revamp could make it difficult to send anyone but the most critical of talent overseas.Trump Orders Freeze on Many Work Visas Through End of Year The most recent visa curbs could hammer outsourcers’ current model of talent deployment. Companies are beginning to question whether so much onsite travel is necessary, and some are ramping up local hiring or local subcontractors. The pandemic has prompted companies to look at worker clusters away from client sites but close enough to collaborate on projects. For instance, if a company has 20,000 employees spread across 40 cities, these could be aggregated in a few clusters and if the visa restrictions continue, the clusters may not be in Texas or New Jersey but in Canada or Mexico.“Offshoring could increase because, for clients, the virus lockdowns have already driven home the merits of remote working,” said Singh, speaking over the phone from New Delhi.Indian companies could see an impact on their margins because of increased worker salaries, higher costs of local hiring and subcontracting and the collateral damage from visa rejections and prolonged processing times. “The temporary suspension of H-1B visa programme till December 2020 will hamper execution of pipeline and new projects coupled with margin impact resulting from higher onshore hiring,” credit rating company ICRA said in a note last week.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Microsoft (MSFT) closed the most recent trading day at $198.44, moving +1.07% from the previous trading session.