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<ul class="summary-list"><li>Bank of America says a jump in mentions of "bottom" in earnings calls is a positive sign.</li><li>Mentions of "weak demand" also fell to a two-year low. </li></ul>Executives have been dropping hints in third-quarter earnings calls that suggest corporate profits will surge in 2025, according to <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America.</a>Strategist Savita Subramanian highlighted in a Monday note that with more than one-third of <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> companies having reported results, mentions of the word "bottom" on earnings calls have surged."Companies have been operating in a weak demand environment for almost two years now due to the weakness in goods/manufacturing. But we see signs that the worst may be behind us," Subramanian said. Bank of America scanned the transcripts of third-quarter earnings calls and observed a 56% year-over-year increase in the word "bottom" being mentioned.On top of that, mentions of "weak demand" have dropped to two-year lows, a good sign for cyclical companies in the manufacturing economy."Historically, a jump in 'bottom' mentions has often marked an inflection in EPS," Subramanian said.Notable surges in the word "bottom" being mentioned on earnings calls in 2009 and 2020 were soon after marked by a more than 75% year-over-year surge in S&amp;P 500 quarterly earnings per share, according to the note.<div type="image" title="chart of S&amp;P 500 earnings" height="537" width="1207" msid="114741554" hostid="261" sizebytes="53224"></div>These signals suggest to Subramanian that manufacturing activity will pick up in the first half of next year as the Fed is likely to continue lowering interest rates and <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">uncertainty about the Presidential election passes.</a>Subramanian said that the word "election" being mentioned on earnings calls has soared 62% compared to the 2020 election cycle, suggesting "a potential 'wait-and-see' investment approach given the uncertainty.""Interestingly, history suggests that investment activity typically accelerates post-election. We believe the election could be a clearing event for companies to unleash capex, especially with lower rates," Subramanian said.

A hint in 3rd-quarter earnings calls suggests S&P 500 corporate profits are about to boom, Bank of America says

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">Donald Trump megadonor Elon Musk's</a> private jet has landed in Florida.</li><li>He will reportedly spend election night with Donald Trump at Mar-a-Lago.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk's</a> private jet has landed in Florida, where the billionaire will reportedly watch the election results roll in with Donald Trump at Mar-a-Lago.After flying from Austin to Cameron County, Texas — where SpaceX is located and Musk said he voted — earlier this afternoon, Musk's private jet landed in West Palm Beach, according to jet-tracking service <a target="_blank" class="" href="https://jetspy.com/">Jetspy</a>.On Tuesday, The New York Times <a target="_blank" class="" href="https://www.nytimes.com/2024/11/05/us/politics/elon-musk-trump-election-night.html">reported</a> that <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">Musk, a Trump megadonor</a>, was to spend election night with Trump, citing three sources with knowledge of Musk's schedule. Trump is reportedly hosting a private dinner for donors at his club before he will attend a larger watch event at the Palm Beach Convention Center.Representatives for Musk and Trump's campaigns did not respond to requests for confirmation from Business Insider.Earlier in the day, Musk appeared to take steps to fly incognito when his private jet began using a federal program that allows <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/elon-musk-appears-use-faa-tool-block-jet-tracking-twitter-2022-10">private jet owners to cloak their travels</a> with a temporary aircraft registration number.Musk first signed up for the <a target="_blank" class="" href="https://www.businessinsider.com/celebrities-elon-musk-cant-dodge-jet-tracking-twitter-accounts-ladd-2022-10">free "privacy ICAO aircraft address" program</a>, also known as PIA, through the Federal Aviation Administration in 2022. He <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/elon-musk-appears-no-longer-masking-private-jet-tracking-pia-2023-10">stopped using the program</a> later that year and <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/elon-musk-private-jet-flights-hidden-again-faa-2024-7">briefly used the program</a> again in June 2024.<a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/student-who-tracks-elon-musk-jet-launching-own-website-2023-2">Jack Sweeney</a>, the jet-tracking college student who gained popularity for tracking Musk's jets, was the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://x.com/Jxck_Sweeney/status/1853914823018586571">first to point out</a> Musk's new PIA on Tuesday.Sweeney told Business Insider that Musk's jets were easily identifiable because Musk's jet continued broadcasting its call sign. Jet spotters like Sweeney are also able to dodge celebrities' efforts to fly incognito using context clues, such as social media posts and airports the planes frequent.<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-endorses-trump-after-pennsylvania-rally-incident-2024-7">Musk endorsed Trump</a> in July and has since poured more than $130 million into the election to support the former president and the Republican Party, according to campaign filings.Most of that money — nearly $119 million — has gone to Musk's America PAC, a pro-Trump super PAC that has spent its money on canvassing efforts and digital ads. The <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-rewards-petition-supporters-1m-check-trump-pac-2024-10">PAC has also vowed to give away $1 million each day</a> to a registered voter who signed a petition to support free speech and the right to bear arms.Musk, who has been a vocal supporter of Trump on his X platform, has shown up on the campaign trail, holding town hall events for the former president and speaking at <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">Trump rallies in Pennsylvania</a> and New York City.Tesla and SpaceX, companies run by Musk, rely on favorable federal regulations, subsidies, and government contracts. Trump is expected to lower taxes on corporations, and his <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">tax plan would likely favor the wealthy.</a>Trump has also suggested he would give Musk an advisory role in the administration, putting him in charge of a <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">"department of government efficiency."</a>

Elon Musk's private jet has landed in Florida following report he'll be watching election results with Donald Trump

<ul class="summary-list"><li>Chen Teng left her corporate job in New York to move to South Korea in 2016.</li><li>Her initial two-year stay in Seoul has since extended into eight years and counting.</li></ul>Feeling trapped at her digital marketing job in corporate America, Chen Teng made a spur-of-the-moment decision to <a target="_blank" class="" href="https://www.businessinsider.com/millennial-moved-bali-start-family-kids-home-slow-life-indonesia-2024-7">quit and move to a different country</a>.The native New Yorker, whose family is of Taiwanese descent, had always wanted to <a target="_blank" class="" href="https://www.businessinsider.com/us-veteran-moved-japan-abandoned-house-akiya-foreigner-renovation-2024-9">live in Asia</a>, and it finally felt like the right time for her to make it happen.<div type="image" title="A woman in a floral dress." height="1277" width="1703" msid="114266219" hostid="261" sizebytes="46754"></div>"I was working in New York in the typical office, and I just felt a bit trapped in a way. It was <a target="_blank" class="" href="https://www.businessinsider.com/millennial-city-life-quits-job-build-tiny-house-wood-denmark-2024-9">suffocating</a> for me," Teng told Business Insider. "And I decided I really wanted to do something that was almost like a challenge for myself."In 2016, she packed her bags and moved to <a target="_blank" class="" href="https://www.businessinsider.com/south-korean-millennial-generation-mz-housing-real-estate-rent-2023-7">South Korea</a> alone, never mind that she didn't know anyone there or speak a word of Korean."At the time I didn't know anything about Korea really except for K-Town in <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-won-nyc-housing-lottery-rent-apartment-tour-queens-2024-10">New York</a>. And the only thing I knew was that I liked the food, which was pretty much it," Teng said. "I came here on vacation for about a week. I was like, 'all right, it's a vibe.'"<div type="image" title="The living area." height="3018" width="4024" msid="114266217" hostid="261" sizebytes="442578"></div>It took a few months for her visa to be processed, and off she went. But what was meant to be a two-year stint in Seoul has since stretched into eight years and counting.<h2 id="202b72f7-9cb0-4439-b57f-73d0192cd4ac">Apartment-hunting in Seoul</h2>However, Teng, now a <a target="_blank" class="" href="https://www.tiktok.com/@chenfrombklyn">freelancer</a> and model, has only been living in her studio — near Mok-dong in the western part of <a target="_blank" class="" href="https://www.businessinsider.com/south-korea-childcare-cost-of-living-millennial-couple-pros-cons-2024-9">Seoul</a> — since May. Her previous neighborhood had been slated for redevelopment, and she needed a new home.She knew she wanted an apartment with lots of natural sunlight, preferably in a newer building, and definitely near a subway line.<div type="image" title="The kitchen." height="2753" width="3671" msid="114266220" hostid="261" sizebytes="511900"></div>While many landlords in <a target="_blank" class="" href="https://www.businessinsider.com/american-woman-moved-south-korea-life-cheaper-better-2024-8">South Korea</a> operate under a <a target="_blank" class="" href="https://english.seoul.go.kr/service/living/housing/1-wolse-jeonse/">rental system</a> known as "jeonse," where tenants pay a huge lump-sum deposit instead of monthly rent, she was looking for a place that would accept "wolse," which involves paying a smaller deposit and a monthly rent, instead.Her budget was 10 million Korean won for her deposit, and then under 900,000 won a month for rent.The househunting journey wasn't smooth. There were landlords who weren't keen on showing her places because she was a foreigner — even though, by that time, she had become <a target="_blank" class="" href="https://www.businessinsider.com/moved-to-south-korea-teach-english-2024-3">fluent in Korean</a>.<div type="image" title="A staircase doubles as storage." height="2759" width="3679" msid="114266226" hostid="261" sizebytes="376552"></div>Teng says she looked at more than 30 apartments over the span of a month before she found her current home.<h2 id="a82b0d16-9bc9-447d-a371-2261f62392b7">Loft-style living for under $700</h2>Teng's studio apartment has a loft-style design: The main living area, kitchen, and dining space are downstairs, while her sleeping quarters are upstairs. The only downside to the loft space is that she can't stand up straight because of the height of the ceiling.<div type="image" title="The loft is where the sleeping area is." height="3019" width="4025" msid="114266223" hostid="261" sizebytes="482284"></div>Her rent is 870,000 Korean won, or $640, each month, and Teng paid a deposit of 10 million Korean won for the apartment. This is in addition to a monthly maintenance fee of 90,000 Korean won.Her residential neighborhood is surrounded by convenience stores, restaurants, and shops. There's also a huge supermarket nearby that she frequents, even though "as long as you're in a central metropolis, anything can be delivered in Korea," she added.Her favorite spot is her little workspace by the windows; it's where she spends most of her time."This view, I'm not looking at a river or anything, I'm just looking at buildings. But it's really cute because I like people-watching," she said.<div type="image" title="The bathroom." height="2709" width="3612" msid="114266222" hostid="261" sizebytes="557920"></div>Back in New York, Teng was still living with her family in their Brooklyn apartment. Her then-commute to midtown Manhattan — where her office was — took a little over an hour. She is now happy to have a space of her own."When I started working, at entry level, I didn't understand how people in New York could afford rent and food and to do things," she said."Even last year, when I went home to New York, I was looking at Zillow for fun. I'm not even paying $700 for this space, and in New York, I could pay double that and get nothing," she added.According to a May report from Zillow, <a target="_blank" class="" href="https://www.businessinsider.com/cities-wage-growth-rent-increases-texas-housing-costs-florida-nyc-2024-5">rents in New York City grew more than seven times as fast as wages</a> from 2022 to 2023. A single person in NYC would have to make about $140,000 to <a target="_blank" rel="" class="" href="https://www.businessinsider.com/single-family-city-living-costs-income-nyc-la-inflation-rates-2024-3">live comfortably</a>.<h2 id="e45c5e40-810d-4f92-98d3-2855413619d6">Building a life in a foreign country</h2>Although Teng has since <a target="_blank" class="" href="https://www.businessinsider.com/spending-2023-digital-nomad-lonely-daunting-what-really-matters-2024-1">built a life for herself in South Korea</a>, it took her some time to adjust to her new environment.<div type="image" title="The entryway." height="2771" width="3695" msid="114266224" hostid="261" sizebytes="498584"></div>Thankfully, it wasn't too hard for her to get to know people in Seoul. Since she first came on a government-run visa program to teach English, she was able to meet new people through it.All the other friends she made were a result of putting herself out there."I was in my early 20s, so I went out all the time. I just got lit all the time," she said. "It's really hard if you're an introvert. I'm an introvert, but I made myself an extrovert because if I don't take the initiative to talk to someone, no one has any reason to talk to me."<h2 id="41d1e641-9c98-4113-859e-2c54c37e332f">Missing milestones while living abroad</h2>Although Teng has considered returning to New York, nothing's set in stone. Moreover, if she does return, she'll have to start off by <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-living-with-parents-save-money-housing-crisis-cost-2024-2">living at home again</a> because the cost of living there is so high."I think the difficult thing about living abroad is that you miss so many milestones. I've missed weddings, I'm missing baby announcements. I am missing a lot of things. And you do feel a sense of guilt for not being there," she said. "But I've created a life here as well."Although it was a challenging journey, Teng has no regrets."I would've never lived this lifestyle had I not <a target="_blank" class="" href="https://www.businessinsider.com/boomer-retirement-south-korea-germany-affordable-healthcare-travel-military-veteran-2024-8">moved to Korea</a>. And that can be a good or bad thing. I don't know where my life would've necessarily ended up otherwise," she said."My biggest thing was when I was working corporate, I looked at my boss, and I was like, do I want your job in X years? And I was just like, no, I don't want this job now," she continued.While it was a good job, the working environment wasn't for her."Now, what I love is I make my own schedule essentially," she said.Have you recently built or renovated your dream home? If you've got a story to share, get in touch with me at <a target="_blank" href="mailto:agoh@businessinsider.com">agoh@businessinsider.com</a>.

She felt trapped in her corporate job in NYC, so she quit and moved to South Korea. Now, she lives alone in a $640-a-month loft.

<ul class="summary-list"><li>UBS has conducted a market-scenario analysis for four possible election outcomes.</li><li>The firm assigned the highest odds to a Kamala Harris presidency and split Congress.</li></ul>Since President Joe Biden dropped out of the presidential race in July, outlooks on what could happen in November have dramatically readjusted.The sudden candidacy of <a target="_blank" href="https://www.businessinsider.com/kamala-harris-economy-inflation-polling-donald-trump-joe-biden-2024-8">Kamala Harris</a> has brought back confidence in a possible Democratic victory, which was starting to fade under Biden. With less than 100 days to go to the election, she is <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-polling-shift-2024-8">now polling higher against her rival</a>, Donald Trump.Harris' rise has prompted UBS to update its outlook on what could happen to stocks, based on the election's outcome. The bank offered a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/biden-trump-presidential-election-stock-market-impact-tariffs-regulation-taxes-2024-3">similar analysis in March</a> when Biden was still running.<h3 id="35673257-858f-4c90-b0d2-0f3149190d03">(1) Harris wins with split Congress</h3>UBS projects a 40% chance that Harris will take over the Oval Office, while Congress is split.The scenario would have a minimal impact on equities, boosting companies focused on renewables and energy efficiency. The bank expects a relief rally to lift Inflation Reduction Act benefactors, while a regulatory overhang could cause fossil fuel companies to trade lower.UBS said strict regulation could also limit the financial sector, as Harris will keep in place an "anti-big financial services ideology." Since the Silicon Valley Bank collapsed in March last year, Biden has called for <a target="_blank" href="https://apnews.com/article/yellen-siliconvalleybank-regulation-banking-0ecff9f3aac804de56d32a6317ab07bc">tighter oversight</a>.At the same time, Congress would limit Harris from pushing major legislation, such as industrials and healthcare.<h3 id="b9e5519b-d60a-4181-b0c6-b4b52267b08b">(2) Trump wins in red sweep</h3>If Harris doesn't win, UBS sees 35% odds that Republicans win both Congress and the White House. When Biden was still running, this was the most probable outcome, the bank previously forecast.In this case, Trump would face fewer limits in implementing touted policies, such as his pledge to raise tariffs and extend the 2017 corporate tax cuts.UBS expects regulation to loosen in this scenario, while merger and acquisition activity would likely rise. These factors would help support fossil fuel investment and would be the best-case scenario for financials.That makes a red sweep outcome slightly positive for equities, although the bank expects Trump's other proposals to offset initial market excitement.For instance, many economists have voiced concern about higher tariffs, considering that elevated duties can spur inflation. Trump has repeatedly dismissed these warnings, instead calling for a universal tariff on all US trade and a 60% tax rate on Chinese exports.In this case, UBS expects interest rates and the dollar to rise. Higher tariffs could also impact the technology sector, especially hardware and semiconductor firms.The bank noted possible negative effects on healthcare from Trump's proposals, such as plans for an international drug pricing index.<h3 id="d6497907-c6b5-48d5-a39d-c102811d9d8a">(3) Harris wins in blue sweep</h3>UBS sees a 15% possibility that Democrats secure both branches of government. If that happens, it'll be the worst outcome for stocks, the note said.This scenario would be slightly negative for the market, as investors can expect the 2017 tax cuts to expire, while regulation would tighten. Financials and fossil fuel companies would be hit hardest, driving up costs in both industries.Some efforts could be made to expand the IRA's drug price negotiating power, though its questionable how willing Democrats from Biopharma states will be in implementing this.Meanwhile, the estate tax could rise, alongside limitations to state and local tax deductions.Altogether, lower growth would prompt interest rates are to fall, as disinflation continues.<h3 id="7ef6b71f-3019-4541-bb30-1ae0b6aca36a">(4) Trump wins with divided Congress</h3>The least likely outcome that UBS expects is for Trump to return to the White House, without the support of a Republican Congress. There is a 10% chance this happens.Under this scenario, the stock market impact will be mixed. As with a red sweep, tariffs will still bring about inflationary pressures and a stronger dollar, modestly pushing up interest rates.The bank said investment spending could fall back for industrials as uncertainty grows around green energy initiatives.Meanwhile, UBS anticipates regulatory overhangs to ease somewhat over the fossil fuel and financial sectors, with the latter benefiting from new regulatory head appointments at the Federal Reserve, FDIC, and Securities and Exchange Commission.

How 4 possible presidential election results could impact stocks

Discussions around <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> have been around since forever and when <keyword id="20231207" type="General" weightage="20" keywordseo="work-from-home" source="keywords">work from home</keyword> became a norm in 2020, these talks intensified. Soon, people across the globe realised how work from home could save a lot of time and money for them. As a result, they get to spend more time focusing on things apart from work. In India too, work-life balance has been a hot topic for a long time. Earlier this year, a study by the UKG Workforce Institute revealed that nearly 78% of employees in India suffer from job burnout, which often results in both physical and emotional fatigue. Around 64% of these workers were willing to reduce their workload even if it meant a corresponding pay cut. This highlighted a growing awareness among employees about the value of maintaining a <keyword id="22783879" type="General" weightage="20" keywordseo="healthy-work-life-balance" source="keywords">healthy work-life balance</keyword>, with many choosing to prioritize well-being over monetary benefits. <h2><keyword id="20830500" type="General" weightage="100" keywordseo="Bengaluru-man" source="keywords">Bengaluru man</keyword>'s photo goes viral</h2> Despite this, India was recently reported to rank 48th in the 2024 Global Life-Work Balance Index, reflecting the challenges faced by employees in maintaining a healthy work-life balance. And a Bengaluru man’s recent <keyword id="20384549" type="General" weightage="20" keywordseo="viral-photo" source="keywords">viral photo</keyword> has once again stirred work-life balance discussions in the country. A photograph of a man working on his laptop while standing outside a popular momo stall in Bengaluru took the internet by storm on Tuesday. The photo, shared by X user Kritika Kumari, quickly went viral, capturing the attention of many who found humour in the situation but also sparked deeper conversations about the pressures faced by <keyword id="21460912" type="General" weightage="20" keywordseo="corporate-employees" source="keywords">corporate employees</keyword>. Kumari captioned the photo, “His priorities are sorted.” The photo shows the techie engrossed in his laptop, seemingly unfazed by his surroundings. The post resonated with many, leading to a flood of comments that ranged from witty remarks to relatable anecdotes. <div type="image" title="Bengaluru man&amp;#39;s photo goes viral" msid="112516540" hostid="261" sizebytes="2145538" caption="&amp;lt;p&amp;gt;Bengaluru man&amp;#39;s photo goes viral&amp;lt;/p&amp;gt;"></div> <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px rgb(255, 255, 255); text-rendering: optimizelegibility;">Work-life balance in India a myth, says internet</h2>X users reacted to the photo and talked about the man's plight. One user humorously summed up the scene as, “Corporate employee,” while another quipped, “Pyaar se jyada, kaam pyara,” highlighting the often-overwhelming work demands that many in the <keyword id="19955787" type="General" weightage="20" keywordseo="tech-industry" source="keywords">tech industry</keyword> face. "The so-called "work-life" balance is a myth! It should really be called "hand-laptop" balance," another user wrote. <div type="twitter" handle="manojrmenon" handlename="manojrmenon" favoritecount="0" retweetcount="0" id="1823207147599184281"></div> The jokes didn’t stop there; some users playfully imagined the man’s predicament, suggesting that he might have forgotten his phone at the office and was now transferring money to the momo vendor via net banking on his laptop. While the image and its accompanying jokes provided light-hearted entertainment, they also highlighted the growing concern about the intense work culture in the tech sector, where employees often find themselves working outside traditional office hours and settings. As one user lamented, “Ek labor karega bhi kya? Apne ghar ja kar English jhaadega. ‘I am audible? My screen is visible or not?’ (What will a laborer do? He will go back home and flaunt his English, saying, ‘I am audible? Is my screen visible or not?’).”

'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts

<ul class="summary-list"><li>The S&amp;P 500 looks on track to have the strongest earnings season since the third quarter of 2021.</li><li>82% of S&amp;P 500 firms that have reported earnings so far have beat expectations, according to FactSet.</li></ul>Corporate earnings look just fine this quarter – and that's saying a few things about the US economy's future. Bank of America in a note on Monday pointed to so-far resilient earnings season, despite earlier concerns on Wall Street over <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-2023-recession-earnings-2008-downturn-mike-wilson-2022-12">a sustained slowdown in corporate profits</a>.Of the 81% S&amp;P 500 companies that have reported results for the third quarter, 82% reported earnings above analysts' estimates, according to <a href="https://insight.factset.com/sp-500-earnings-season-update-november-3-2023" target="_blank" rel="noopener">FactSet data</a>, putting this earnings season on track to be the strongest since 2021. It spells good news for stocks, and it could tell investors four key things about the US economy, according to Bank of America strategists.<h3>1. The US could still avoid a recession</h3>The economy could be on its way to a soft-landing, and companies have already gone through the worst of the slowdown in earnings growth. ."The economy is cooling, but companies have had their earnings recession, have cut costs, and are now enjoying margin expansion," strategists said. There are still concerns that sluggish consumer demand could drag earnings lower, with real sales currently shrinking at an annualized pace of 2%. But earnings growth has accelerated to notch 4% year-per-year this quarter, the bank said, a sign that profits have bottomed out and are about to tread higher. What's more, history shows that earnings tend to recover faster than they fall, the strategists said, and downturns "usually remove excess capacity, resulting in leaner cost structure and improved margin profiles."<h3>2. The economy could see a productivity boom</h3>Nonfarm labor productivity accelerated 4.7% quarter-over-quarter. Meanwhile, revenue per worker in the S&amp;P 500 is approaching its highest level since 2008, despite sales slowing down."The upgrade cycle and domestic investments amid re-shoring point to a potential productivity boom ahead," the bank said.The bank notes that mentions of "re-shoring" in earnings calls have skyrocketed, implying greater domestic capital expenditures by companies. <h3>3. Earnings expectations are better than they seem for the fourth quarter</h3>Earnings expectations for the fourth quarter have be slashed 3.5% since the start of October, but half of that was stemming entirely to Pfizer and Merck, two pharmaceutical firms that are facing "idiosyncratic risk," Bank of America analysts said.Across the rest of the market, 2024 earnings per share expectations have held up to the historical average. Analysts are expecting just a 0.6% decline, compared to the usual 1.2% decline in earnings.<h3>4. There are still worries about the state of the US consumer</h3>There are still concerns about a <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investors-recession-consumer-spending-wall-street-banks-2023-7">weakening US consumer</a> as spending slows amid dwindling pandemic-era savings, with the potential to hurt corporate profitability. Companies that beat earnings expectations outperformed the S&amp;P 500 by 126 basis-points the day after reporting their financials, lower than the 147 basis-point average.Meanwhile, companies in the consumer discretionary and staples sectors were punished when they beat earnings by less than Wall Street was expecting: On average, consumer discretionary firms with subpar beats underperformed the S&amp;P 500 by an average 129 basis-points, while staples underperformed the index by 85 basis-points.The punishment was even more severe when companies missed earnings expectations entirely, with consumer discretionary underperforming the S&amp;P 500 by 351 basis-points, while staples underperformed by 242 basis-points.Investors, though, are still waiting on the rest of S&amp;P 500 firms to report their financials over the next few weeks. That includes 22% of the consumer discretionary sector, 30% of the tech sector, 37% of small-cap stocks, and 29% of mid-cap stocks, Bank of America strategists said, which could give more insight on the overall macro environment.

4 big takeaways from earnings season as Wall Street digests surprisingly resilient corporate results

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul class="summary-list"><li>Computer giant Dell carries out an annual employee engagement survey known as "Tell Dell."</li><li>After its strict RTO mandate, workers used the survey as an opportunity to show Dell how they really felt. </li></ul>When executives decide on a new direction for a company, there's often little that workers can do about it besides leave. But that doesn't mean they are happy about it.At computing giant Dell, after a year shaped by layoffs, a strict return-to-office (RTO) mandate, and a new employee monitoring system, workers have taken an opportunity to share their true feelings with the company.The company runs an annual employee engagement survey called "Tell Dell."According to internal results seen by Business Insider, this year's employee net promoter score (eNPS), a key measure of the likelihood that employees would recommend Dell as a great place to work, dropped by double digits compared to the previous year.The score, which is calculated as the percentage of promoters minus the percentage of detractors, dropped from 62 to 48. It is based on responses from around 98,000 employees."No matter what, I've never seen a score move that fast in the wrong direction," said one staffer who spoke to BI on condition of anonymity."Frankly, most people I work with were expecting a steeper decline," said another Dell employee.In some departments, the decline was even sharper. In the global marketing team, the rating dropped by 68%, while in some smaller teams, the eNPS was close to or at zero, sources at the company told BI."I think the marketing teams feel particularly threatened due to the accelerated adoption of GenAI to streamline marketing processes and reduce cost," one worker told BI.Others cited the RTO initiative, layoffs, and the way changes at the company have been handled as reasons for the decline.<h2 id="2e276e5b-e0e6-4e0a-bbab-289d3fd67ac0">Listening to employees</h2>According to BI's sources, "Tell Dell" has been conducted annually for at least eight years. Employees completed the survey in May, and results were shared with leaders in late June.Two Dell HR leaders have previously <a target="_blank" href="https://www.i4cp.com/interviews/using-survey-data-to-drive-inclusion-and-leader-accountability">described the survey</a> as "a key listening tool we use to drive action across the organization.""In the past, leadership has treated Tell Dell very seriously. The results are covered in detail with every team member along with action plans to address employee concerns," one Dell employee explained.However, this year, leadership seemed to gloss over the eNPS, multiple workers told BI."It's as if every leader was given the OK to ignore it," said one Dell employee.In an internal email addressing the results, Jenn Saavedra, Dell's Chief HR Officer, noted that the eNPS was dropping across the industry and that Dell was "pleased to exceed the industry benchmark.""You have 'told Dell,' and we are listening," Saavedra wrote, moving on to highlight positive metrics in leadership, confidence in the company, and connection and culture.The eNPS is "just one question in a robust survey that gives us a current snapshot of employee sentiment," Dell told BI when asked about the results."In the Tell Dell Survey, our team members shared that they believe their leaders treat them with respect, uphold the company's Culture Code values and offer flexibility to balance work/life.""Our team members also expressed their confidence in the future vision, strategy and leadership of Dell."However, five workers that BI spoke to about the results said the eNPS was the true measure of worker satisfaction or dissatisfaction."C-suite brushes over the real issues to push a positive image of the company,' said one employee."I don't think leadership cares about our feedback. They just keep rowing in whatever direction they want," said another.The focus on employee wellbeing "seems to have been replaced by reducing costs and increasing profitability," a third employee said, adding that they believe Dell's culture has been "significantly compromised" by recent policies. In February, Dell became one of the many large corporations mandating workers return to the office. The Texas-headquartered company introduced a <a target="_blank" href="https://www.businessinsider.com/dell-remote-workers-promotion-return-office-push-flexible-work-2024-3">new hybrid work policy</a> requiring workers to classify themselves as either hybrid or remote.Those who chose remote are now ineligible for promotion and can't change roles — almost <a target="_blank" href="https://www.businessinsider.com/us-dell-workers-reject-return-to-office-hybrid-work-2024-6">50% of workers</a> in the US chose that option.Many say they didn't have a choice, as Dell has built geographically divided teams. They would have had to move state or commute for hours to get to one of the 17 approved offices.<div type="image" title="Dell Round Rock Texas" height="683" width="1024" msid="111784906" hostid="261" sizebytes="137588"></div>For hybrid workers, in-office culture has also changed.Dell introduced a <a target="_blank" href="https://www.businessinsider.com/dell-hybrid-return-to-office-mandate-monitor-employees-onsite-attendance-2024-5">new monitoring system</a> for hybrid employees, tracking and rating their attendance with color-coded flags.Workers have told BI that the shift in culture has felt particularly harsh given Dell's longstanding reputation as an inclusive and encouraging employer. <h2 id="edbb2c89-924f-4acc-a8a1-527d877c4d69">Workers reject RTO</h2>Dell is just one of many <a target="_blank" href="https://www.businessinsider.com/companies-making-workers-employees-return-to-office-rto-wfh-hybrid-2023-1">tech giants, Wall Street banks, and large retailers</a> that have been leading efforts to reverse the work-from-home culture that emerged following the pandemic. But employees have been pushing back.After Deutsche Bank mandated staff come in for three days a week, the company faced <a target="_blank" href="https://www.businessinsider.com/deutsche-bank-staff-criticize-rto-mandate-not-enough-office-space-2024-2">a wave of backlash</a> from staff complaining about the lack of office space and bottlenecks at the company.And at the German software giant <a target="_blank" href="https://www.businessinsider.com/thousands-of-sap-employees-feel-betrayed-by-firms-rto-policies-2024-2">SAP</a> thousands of staff signed an internal letter saying that they felt "betrayed" by the company's "radical" RTO policy.Though some see in-office work as better for productivity, a recent <a target="_blank" href=" https://www.deloitte.com/content/dam/assets-shared/docs/campaigns/2024/deloitte-2024-genz-millennial-survey.pdf?dlva=1">Deloitte survey</a> found that good work-life balance was the top consideration for both Gen Z and millennials when choosing an employer.At Dell, some now feel their only solution is to leave the company."None of us expect any changes to address the eNPS drop or that they will listen to what comments we provided," said one worker.Five of BI's sources have found new jobs since the policy was first announced, and others said they and many of their colleagues are actively looking.Are you a worker at Dell or another company pushing staff back to the office? Contact this reporter at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

Dell employees used the company's signature corporate survey to tell bosses how they feel after its RTO push

<ul><li>Last April, BPCL and other state fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. </li><li>That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. </li><li>The consolidated net profit of ₹ 10,644.30 crore in April-June compared to a net loss of ₹ 6,147.94 crore in the same period last year. </li></ul>State-controlled <keyword id="155363" type="General" weightage="20" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) on Wednesday reported a net profit of ₹ 10,644 crore in the June quarter as a freeze on the retail selling price of petrol and diesel despite a fall in oil prices helped turn around fuel marketing margins. The consolidated net profit of ₹ 10,644.30 crore in April-June (first quarter of current 2023-24 fiscal year) compared to a net loss of ₹ 6,147.94 crore in the same period last year, according to a company's filing with the stock exchanges. The earning in the first quarter was 55 % higher than the net profit of ₹ 6,870.47 crore in the preceding January-March quarter. In early April last year, BPCL and other government-owned fuel retailers - Indian Oil Corporation (<keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>) - froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year. The fall in oil prices meant that revenue from operations for BPCL dipped 7 % to ₹ 1.28 lakh crore. The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a ₹ 24.51 crore foreign exchange gain against a forex loss of ₹ 962.53 crore in April-June 2022. Its EBITDA rose 41.8 % quarter-on-quarter to ₹ 15,809.7 crore in April-June. The profit BPCL reported in April-June is multiple times higher than the total net profit of ₹ 2,892.34 crore in the full 2022-23. Freeze on petrol and diesel prices IOC, BPCL and HPCL temporarily abandoned the daily price revision last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are recouped with rates dropped. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But in May, margins on diesel turned positive with a small 50 paise a litre profit, they said. International oil prices had spiked to $139 per barrel in March 2022 in the aftermath of the Russia-Ukraine war. They cooled to $75 during May-June. At peak, oil firms lost ₹ 17.4 per litre on petrol and ₹ 27.7 a litre on diesel. In the October-December quarter, oil firms earned ₹ 10 a litre margin on petrol but lost ₹ 6.5 on diesel. In the following quarter, the margins on petrol moderated to ₹ 6.8 a litre while diesel earned ₹ 0.5 per litre. Officials said oil prices have firmed up this month, and the basket of crude oil that India buys has averaged $79.37 per barrel so far, making a reduction in rates difficult. Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of ₹ 21,201.18 crore during April-September despite accounting for ₹ 22,000 crore announced but not paid LPG subsidy. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly $140 per barrel in March 2022 after Russia invaded Ukraine before sliding on weaker demand from top importer China and worries of an economic contraction. But, for a nation that is 85 % dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, the three fuel retailers, who control roughly 90 % of the market, froze petrol and diesel prices for the longest duration in at least two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹ 10 a litre hike in petrol and diesel prices from mid-March before another round of excise duty cut rolled back all of the ₹ 13 a litre and ₹ 16 per litre increase in taxes on petrol and diesel effected during the pandemic. That followed the current price freeze that began on April 6, which still continues. (With inputs from PTI)

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Have a trip coming up where you're stuck in the middle seat? Don't sweat it. The <a target="_blank" href="https://www.businessinsider.com/airplane-middle-seat-not-bad-aisle-window-travel-2024-1">middle seat is actually underrated</a>.In today's big story, we're looking at how there's <a target="_blank" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">no more loyalty in corporate America between employers and their workers</a>.What's on deck:<ul><li>Markets: How to invest as <a target="_blank" href="https://www.businessinsider.com/q4-earnings-outlook-predictions-wall-street-stock-valuations-market-sectors-2024-1">earnings season ramps up</a>.</li><li>Tech: More AI-powered tools mean <a target="_blank" href="https://www.businessinsider.com/generative-ai-future-will-not-be-free-2024-1">more stuff we'll have to pay for</a>.</li><li>Business: <a target="_blank" href="https://www.businessinsider.com/economy-outlook-us-consumers-sentiment-2021-markets-financial-spending-rates-2024-1">People are feeling good about the economy</a> for the first time in a while.</li></ul>But first, all's fair in love and the job market.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>These employees ain't loyal</h3><div type="image" title="Illustration of two co-workers shaking hands with crossed fingers behind their backs." height="1000" width="2000" msid="107059445" hostid="261" sizebytes="27228"></div>Do you feel loyal to your employer?Many of you probably don't have an undying allegiance to your corporate overlords. The days of #hustleharder ended long ago. You might even work <a target="_blank" href="https://www.businessinsider.com/overemployed-workers-secret-two-multiple-jobs-salaries-tech-tips-2023-11">for multiple companies</a>.It wasn't always this way, though. Elder generations tout the benefits of sticking with one employer. (Of course, they often gloss over the disappearance of pensions, which helped keep people at the same company for decades.)Business Insider's Aki Ito, <a target="_blank" href="https://www.businessinsider.com/author/aki-ito">who has covered workplace trends better than anyone</a>, dove into the deterioration of loyalty in corporate America. She uncovered the <a target="_blank" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">breaking of the psychological contract between employer and employee</a>: There isn't a shared understanding of expectations, leading each to believe they're getting a raw deal.The employer-employee relationship first started breaking down with the rise of globalization. Corporations, fearing overseas competition, started viewing their workers more transactionally.More recently, employees have gained power from the rise of <a target="_blank" href="https://www.businessinsider.com/overachievers-leaning-back-hustle-culture-coasting-employees-work">quiet quitting</a>, <a target="_blank" href="https://www.businessinsider.com/great-resignation-forever-turnover-job-quitting-remote-work-2022-5">job hopping</a>, and <a target="_blank" href="https://www.businessinsider.com/employees-defying-orders-return-to-office-great-resistance-remote-work-2022-7">workers' reluctance to return to the office</a>.The resulting environment is one where loyalty is in short supply, and both sides are at odds.The best example of the deterioration of loyalty in corporate America these days is in Big Tech.Many Americans became disillusioned with their employers long ago, but tech was an outlier. Workers enjoyed healthy perks, a strong culture, and <a target="_blank" href="https://www.businessinsider.com/big-tech-salaries-what-you-make-google-apple-amazon-meta-ibm">eye-popping compensation packages</a>.Cracks in the foundation formed early last year when many tech companies made deep cuts for the first time. The layoffs <a target="_blank" href="https://www.businessinsider.com/google-layoffs-alphabet-jobs-pichai-email-slap-in-the-face-2023-1">left some blindsided</a>. But others couched it as a one-off event due to pandemic overhiring and tough economic conditions.One year later, Big Tech's layoffs are back and <a target="_blank" href="https://www.businessinsider.com/tech-new-normal-constant-layoffs-job-cuts-google-amazon-meta-2024-1">could become the new normal</a>, Business Insider's Peter Kafka writes.Instagram is <a target="_blank" href="https://www.businessinsider.com/instagram-cuts-technical-program-managers-reinterview-for-pm-roles-2024-1">cutting a management level</a>, and employees at parent company Meta <a target="_blank" href="https://www.businessinsider.com/meta-layoffs-tpm-roles-instagram-job-cuts">are bracing for similar reductions</a>, BI's Kali Hays reports.Amazon has made layoffs across several divisions, including <a target="_blank" href="https://www.businessinsider.com/amazon-jobs-layoffs-audible-2024-1">Audible</a>, <a target="_blank" href="https://www.businessinsider.com/amazon-layoffs-several-hundred-employees-prime-video-mgm-studios-memo-2024-1">Prime Video, and Amazon MGM Studios</a>. Some employees fear the <a target="_blank" href="https://www.businessinsider.com/amazon-jobs-layoffs-quiet-firing-tactics-employees-2024-1">cuts could be even deeper via "quiet firing" tactics</a>, BI's Eugene Kim and Ashley Stewart report.However, the best representation of the growing employee-employer chasm in Big Tech is at Google. Long considered tech's gold standard, the company had a rough 2023 that left insiders feeling like its <a target="_blank" href="https://www.businessinsider.com/layoffs-pivots-race-for-ai-supremacy-inside-google-tumultuous-2023-2023-12">culture had been destroyed</a>.This month, Google laid off hundreds of employees across teams, from <a target="_blank" href="https://www.businessinsider.com/google-is-laying-off-hundreds-of-employees-in-its-advertising-team-2024-1">advertising sales</a> to <a target="_blank" href="https://www.businessinsider.com/fitbit-google-layoffs-pixel-watch-james-park-job-cuts-2024-1">central engineering</a>. CEO Sundar Pichai <a target="_blank" href="https://www.businessinsider.com/google-ceo-says-more-layoffs-to-come-2024-1">reportedly said in an internal memo</a> that there will be more "role eliminations" throughout the year to remove "layers to simplify execution and drive velocity in some areas."In response, some Google employees <a target="_blank" href="https://www.businessinsider.com/google-employees-fight-back-layoffs-just-business-2024-1">are fighting back against their "glassy-eyed leaders"</a> by organizing protests, BI's Hasan Chowdhury writes."They can fire you any time (and will, if it's the business interest) and you do the same and leave any time (when it's your personal interest)," Gergely Orosz, a software engineer and tech commentator, <a target="_blank" href="https://twitter.com/GergelyOrosz/status/1747930884223746264">wrote on X</a>. "Forget 'loyalty' or 'commitment' both ways."<h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" href="https://www.businessinsider.com/ron-desantis-suspends-gop-presidential-campaign-trump-haley-florida-2024-1">Florida Gov. Ron DeSantis, who was once seen as the biggest threat to Trump's 2024 White House bid, ends his presidential campaign</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/navy-seals-missing-somalia-mission-declared-dead-after-exhaustive-search-2024-1">2 Navy SEALs declared dead after going missing during night mission off the coast of Somalia</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/mexico-manufacturing-jobs-trade-china-biden-immigration-labor-america-businesses-2024-1">Mexico's one big advantage over the US right now could stall the 'Made in America' push</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/japan-successful-first-moon-landing-slim-spacecraft-mission-2024-1">Japan has landed a spacecraft on the moon for the first time, but the mission didn't go exactly according to plan</a>.</li></ul><h2>3 things in markets</h2><div type="image" title="Illustration of Wall Street bull and bear" height="960" width="1920" msid="107059447" hostid="261" sizebytes="130422"></div>1. How to make sense of — and invest during — earnings season. Investment chiefs weigh in on what to look out for as companies report their fourth-quarter earnings. They also shared the <a target="_blank" href="https://www.businessinsider.com/q4-earnings-outlook-predictions-wall-street-stock-valuations-market-sectors-2024-1">sectors with the most on the line as the numbers roll in</a>.2. A big red flag for the economy just popped up. New Fed data shows bank credit levels have fallen for three straight quarters, a first since 2010. That's a sign companies are borrowing less, <a target="_blank" href="https://www.businessinsider.com/recession-outlook-bank-credit-contracts-federal-reserve-interest-rates-economy-2024-1">which means less spending on projects that lead to economic growth</a>.3. Bank of America's chief offers some advice for the Fed. Brian Moynihan said his bank predicts four rate cuts this year and in 2025. The aggressive approach is necessary "<a target="_blank" href="https://www.businessinsider.com/fed-rate-cuts-recession-outlook-bank-of-america-brian-moynihan-2024-1">so the economy can keep growing</a>," Moynihan said.<h2>3 things in tech</h2><div type="image" title="Laura Labovich, background, and her children Asher, right, 13, and Emerson, left, 10, with the family &quot;Alexa&quot;, an artificial intelligence device, on January, 29, 2017 in Bethesda, MD." height="2184" width="3000" msid="107059449" hostid="261" sizebytes="420086"></div>1. The generative AI future will not be free. Many of our favorite internet services have been free for years, but with generative AI, <a target="_blank" href="https://www.businessinsider.com/generative-ai-future-will-not-be-free-2024-1">that era could end</a>. Look at Mark Zuckerberg's GPU flex — it could <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-ai-flex-meta-nvidia-gpus-2024-1">cost Meta as much as $128 billion</a> by the end of this year. But there's a chance <a target="_blank" href="https://www.businessinsider.com/lower-cost-gen-ai-models-quantum-zapata-2024-1">quantum tech could fix all these costs</a>.2. It appears to be true: Search engines like Google are getting worse. Researchers say it's because aggressive SEO tactics are <a target="_blank" href="https://www.businessinsider.com/google-search-getting-worse-spam-affiliate-links-duckduckgo-bing-2024-1">ruining search results</a>, making it harder for people to access helpful information online.3. Meet the OpenAI Mafia. These <a target="_blank" href="https://www.businessinsider.com/former-openai-employees-who-left-launch-vc-backed-ai-startups-2024-1">17 former OpenAI employees</a> founded startups that have collectively raised nearly $8 billion. The list includes the founding teams of Anthropic and Covariant, which already have hundreds of employees.<h2>3 things in business</h2><div type="image" title="Shoppers have their receipts and carts checked by an employee as they exit from a Costco store in Alhambra, California, on August 19, 2019/" height="2971" width="4800" msid="107059450" hostid="261" sizebytes="902478"></div>1. American consumers haven't been this upbeat about the economy since 2021. Both Democrats and Republicans expressed more optimism, according to <a target="_blank" href="https://www.businessinsider.com/economy-outlook-us-consumers-sentiment-2021-markets-financial-spending-rates-2024-1">a consumer sentiment gauge</a>. Year-ahead inflation expectations softened to 2.9%, hitting the lowest since December 2020.2. Streaming music is a brutal business — just ask Spotify. It's the most dominant force in streaming music. But it's <a target="_blank" href="https://www.businessinsider.com/spotify-streaming-music-brutal-business-2024-1">a very difficult business</a> to make money in. That's why the company has spent so much time and money trying to do things beyond streaming music.3. Tips on how to get a job in 2024 now that the labor market is cooling. Experts said that job seekers should do research, consider how they network, and do things — possibly even submitting a video — to <a target="_blank" href="https://www.businessinsider.com/how-get-job-this-year-network-resume-skills-certificates-unemployment-2024-1">stand out from the crowd</a>.<h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/meta-zuckerberg-stockpile-tech-hottest-commodity-nvidia-chips-semiconductors-2024-1">Mark Zuckerberg is sitting on a mountain of the hottest commodity in tech right now</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/top-acquisition-targets-cloud-software-zoom-twilio-2024-1">DocuSign, Zoom, and Twilio thrived in the pandemic-era stock market. In 2024, they're some of cloud software's most likely M&amp;A targets</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/alec-baldwin-indicted-involuntary-manslaughter-charge-rust-shooting-grand-jury-2024-1">How Alec Baldwin is facing an involuntary manslaughter charge — again</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/midi-health-raising-series-b-menopause-2024-1">Exclusive: Menopause care startup Midi is raising $60 million, just 4 months after its last funding round</a>.</li></ul><h2>What's happening today</h2><ul><li>Paris Fashion Week Haute Couture kicks off today. Christian Dior and Schiaparelli are among the brands debuting their Spring/Summer 2024 lines today.</li><li>Earnings today: United Airlines <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">and other companies</a>.</li></ul>The Insider Today teamDan DeFrancesco, deputy editor and anchor, in New York. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Jordan Parker Erb, editor, in New York.Get in touch<a target="_blank" rel="noopener" class="insider-today-blue-link" href="mailto:insidertoday@insider.com">insidertoday@insider.com</a>To read unlimited articles, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/subscription">subscribe</a> to Business Insider.

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