Wall Street Breakfast January 5: Amazon To Layoff Over 18K Employees

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 5 January 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Amazon (AMZN) to lay off over 18k employees. Salesforce (CRM) shares climb as CEO says company 'hired too many people'. 2022 marks worst showing for U.S. car sales in over a decade. Lordstown (RIDE) expects ‘slow rate of production’ through Q1.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street Breakfast, your daily source of market news and analysis.
0:07.0	Subscribe to this podcast on Apple Podcast or Spotify.
0:11.0	Good morning. Today is Thursday, January 5th,
0:14.3	and I'm your host Julie Morgan.
0:16.2	Our top stories.
0:17.7	More layoffs on the way at Amazon.
0:20.1	Salesforce and Vimio are also cutting staff.
0:23.5	Lordstown Motors expects 2023 to be slow.
0:27.5	One analyst is expressing confidence in Tesla,
0:31.0	and casinos and cruise lines are in our day watch. Stocks recorded their first
0:37.0	tire finish of 2023 on Wednesday securing modest gains following a lower
0:42.0	close in the previous session.
0:44.0	Still trading remained choppy amid ongoing concerns about Federal Reserve policy and the possibility of a recession this year.
0:52.0	The NASDAQ ended up 0.7%. The S&P 500 closed up 0.8% and the Dow
0:58.6	finished up 0.4%. All 11 S&P sectors ended the session higher.
1:04.4	Real estate led the way climbing by 2.3%.
1:07.9	Materials, financials, consumer discretionary,
1:10.7	and communication services all advanced more than 1% as well.
1:15.0	The minutes of the latest Fed meeting showed that policy makers remained concerned that persistent
1:20.4	tightness in the labor market would continue to feed inflation.
1:24.4	That discussion ended in a 50 basis point rate hike
1:27.6	which followed four consecutive increases of 75 basis points.
	...

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