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NEW YORK (AP) — U.S. stocks are climbing Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 was pulling 0.7% higher, as of 2:45 p.m. Eastern time, after flipping between modest gains and losses several times in the morning. Banks, smaller companies and other areas of the stock market that tend do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 532 points, or 1.2%, and the Nasdaq composite gained 0.2%. Nvidia's rise of 1.4% was the strongest force pushing the S&P 500 upward after yet again beating analysts’ estimates for profit and revenue. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations thanks to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia's revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” How Nvidia’s stock performs has tremendous impact because it’s quickly grown into Wall Street’s most valuable company at roughly $3.6 trillion. Its meandering up and down through the day dragged the S&P 500 and other indexes back and forth. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.3% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ’S Wholesale Club rose 9.1% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 were also rising, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.9%. Google’s parent company, Alphabet, helped keep indexes in check. It fell 5.5% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct. Drops for other Big Tech stocks also weighed on the market, including a 2.4% slide for Amazon. In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani, 62, in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of duping investors by concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Indexes elsewhere in Asia and Europe were mixed. In the crypto market, bitcoin eclipsed $99,000 for the first time before easing back to roughly $98,250, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Bitcoin also got a boost after Gary Gensler, the chair of the Securities and Exchange Commission who has pushed for more protection for crypto investors, said he would step down in January . Bitcoin and related investments, of course, have a notorious history of big price swings in both directions. MicroStrategy, a company that's been raising cash expressly to buy bitcoin, saw an early gain of 14.6% for its stock on Thursday quickly disappear. It was most recently down 10.7%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In the bond market, Treasury yields edged higher following some mixed reports on the U.S. economy. The yield on the 10-year Treasury rose to 4.43% from 4.41% late Wednesday. One report said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected. AP Business Writers Matt Ott and Yuri Kageyama contributed.SARGODHA, (UrduPoint / Pakistan Point News - 29th Dec, 2024) The of new and used warm clothes has significantly increased in and its tehsils, including , , , , and Kotmomin. Various winter essentials, such as gloves, woolen hats, mufflers, pullovers, sweatshirts, and jackets, are prominently displayed outside shops and on stalls in different localities. Markets and weekly bazaars are bustling with crowds of shoppers bargaining with retailers. In addition to clothing, heaps of quilts, bed covers, blankets, and rugs are also available for . The sudden onset of chilly , particularly during the night over the past 10 days, has compelled people to stock up on winter apparel and other necessities. Used winter items, including quilts and blankets, are a popular choice for budget-conscious buyers. A local visitor, Ghulam Rasool, commented, "Although the is taking steps to curb inflation and provide relief to the , a nearly 20pc increase in the of winter clothing compared to last year has been observed." Vendors and shopkeepers are experiencing a surge in , with winter apparel selling rapidly. “Our is thriving these days as the demand for warm clothes has skyrocketed,” said Suleman Ahmed, a second-hand clothing dealer at Shaheen Chowk Bazaar. Another dealer on Station expressed similar sentiments, stating, "Our sales have doubled, and we anticipate further growth in the coming days." Shoppers are becoming increasingly selective, focusing on quality and affordability when purchasing used clothing. “Customers not only look for the quality but also aim to get items at the lowest possible prices,” said Ali Ahmed, a shop owner at Al Munir in . He noted that international brands are particularly popular among buyers, with many seeking slightly used items renowned labels. Traders typically purchase second-hand clothing in bulk, sorted by categories for men, , and children. “Some customers have a keen eye for quality products, picking them out like hawks heaps of used clothing,” Ali Ahmed explained. “Even at fixed-price shops, bargaining is common, as people strive to find affordable yet durable options.” As the cold persists, bazaars across are teeming with shoppers searching for practical and budget-friendly winter essentials, signaling a profitable season for vendors and stall-holders.In a late-Thursday post on social media, President-elect Donald Trump expressed his support for dockworkers in the labor dispute between US Gulf and East Coast ports and the International Longshoremen’s Association (ILA). The ILA and the ports, represented in the negotiations by the US Maritime Alliance (USMX), are facing a 15 January deadline to complete a new master agreement. The union has vowed to strike if its demands on limiting automation are not met. In a post on Truth Social after meeting with union president Harold Daggett, Trump said “the amount of money saved [by automation] is nowhere near the distress, hurt, and harm it causes for American workers”. Trump said he would rather see the ports spend money on labor instead of “machinery, which is expensive, and which will constantly have to be replaced”. “For the great privilege of accessing our markets, these foreign companies should hire our incredible American workers, instead of laying them off, and sending those profits back to foreign countries,” Trump said. The USMX responded in a post to its website. “We appreciate and value President-elect Trump’s statement on the importance of American ports,” the USMX said. “But this contract goes beyond our ports – it is about supporting American consumers and giving American businesses access to the global marketplace – from farmers, to manufacturers, to small businesses, and innovative start-ups looking for new markets to sell their products.” The USMX contends that to achieve this, there is a need for modern technology that is proven to improve worker safety, boost port efficiency, increase port capacity, and strengthen supply chains. “ILA members’ compensation increases with the more goods they move – the greater capacity the ports have and goods that are moved means more money in their pockets,” the USMX said. “We look forward to working with the President-elect and the incoming administration on how our members are working to support the strength and resilience of the US supply chain and making crucial investments that support ILA members and millions of workers and businesses across the entire domestic supply chain, improving efficiency and creating even more high-paying jobs for ILA members,” the USMX said. A strike would not have an impact on liquid chemical tankers, which transport most chems. But container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. They also transport liquid chemicals in isotanks. No negotiations are currently underway with slightly less than five weeks left before the deadline. Source: By Adam Yanelli,
Ruben Amorim issues storm warning after smooth start with Manchester UnitedVinicius celebrates Real Madrid's victory over Sevilla in an NFL gameAfter stirring up controversy at The Game Awards, Catly developer SuperAuthenti Co. has clarified that its game does not use generative AI or blockchain technology, Digital Trends confirms. Catly is an upcoming open-world adventure game that got a teaser trailer at this year’s Game Awards . As soon as it aired, social media users began speculating about whether the “photorealistic” trailer used generative AI. When Digital Trends first asked a PR representative for SuperAuthenti if the trailer or project, which is described as being “technologically innovative” and featuring unique cats for every user, uses AI, we were initially told that the studio would not be answering further questions until 2025. In the wake of speculation, a SuperAuthneti Co. spokesperson has now confirmed that no generative AI was used to “produce the video and the game.” Digital Trends also viewed a progress video showing off how the trailer was made, which did highlight underlying 3D models. This information matches what was told to both IGN and Game Developer earlier today. The spokesperson also claims that the project is “not a blockchain game” nor does it use NFTs. That became a topic of speculation after users connected SuperAuthenti co-founder Kevin Yeung to TenthPlanet, a web3 studio that was working on a blockchain game called Alien Meow in 2022, which had a similar description to Catly, according to GamesBeat . Even with that confirmation, there are still several unanswered questions around Catly . Though the studio says that AI was not used in the production of its reveal trailer, its statement does not confirm whether it was used in addition marketing assets. That includes its Steam page, which some have speculated used AI to generate its game description. It’s also unclear what Catly ‘s advertised technological innovation is and how it will be able to give each player a unique cat. Then there’s the question of how an open-world MMO will work on an Apple Watch. We’ll have to wait longer for those answers; further details will not be revealed until 2025, the spokesperson says. The final mystery lies around the newly founded studio itself, whose ownership outside of Yeung is still unknown. Digital Trends asked if TenthPlanet co-founder William Wei Chen is involved with SuperAuthenti, but the studio isn’t revealing details about its staff or connections to previous companies yet. Catly is scheduled to release in 2025 for PC, Apple Watch, and Nintendo Switch.
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Frese pleased after No. 8 Maryland stays unbeaten in 'phenomenal game' against No. 19 Michigan State-- Shares Facebook Twitter Reddit Email The cogent documentary, “Surveilled,” now available on HBO, tracks journalist Ronan Farrow as he investigates the proliferation and implementation of spyware , specifically, Pegasus, which was created by the Israeli company NSO Group . The company sells its product to clients who use it to fight crime and terrorism. It is claimed that Pegasus was instrumental in helping capture Mexican drug lord, Joaquín “El Chapo” Guzman . However, there are also reports that NSO’s products are being used to target journalists, human rights activists and political dissidents. "We’re selling weapons to the world." Directors Matthew O’Neill and Perri Peltz follow Farrow as he meets with individuals including a former NSO employee, who spoke on condition of anonymity; Ron Deibert, of Toronto’s Citizen Lab , which uncovered spyware abuse; and Elies Campo, in Catalonia, Spain, who is able to check phones for spyware. Campo discovers that members of the European parliament have been hacked in part because Catalonia has angered Madrid by wanting to become independent . He also found out his own parents and sister were targeted, which emphasizes the concerns and implications of this nefarious spyware. Farrow explores how the United States is testing and evaluating Pegasus and other spyware as well as whether to ban or regulate it. Related Ronan Farrow's high-wire act: Why it matters that "Catch and Kill" is such a page-turner Salon spoke with Farrow, along with filmmakers Matthew O’Neill and Perri Peltz about “Surveilled” and spyware. How did you learn about Pegasus and what made you spend two-plus years investigating spyware in general and Pegasus and NSO in particular? Ronan Farrow: It flowed from reporting I’d done in the Israel private intelligent space around the story “ Harvey Weinstein’s Army of Spies .” I and other people were being followed around and intimated by a firm called Black Cube . Through that body of reporting and the book “ Catch and Kill ,” about that espionage plot, I became fascinated by the way in which surveillance issues are not incidental to any of the other issues I report upon, whether that is abuse of power in the corporate sector or national security issues . Surveillance underpins all of it. The questions of fairness and accountability is so often shaped by whether people in power are surveilling their opponents. I wanted to unmask that industry. It is not that I don’t think there is a place for it to exist, but people need to understand how much watching people who are less powerful in a democracy can shrink the space for democratic expression. Through those relationships, I understood that what I have been exposed to — old-fashioned gumshoes and some light tech surveillance. I also came to understand that as much as that shrank that space of my reporting, it wasn’t the outer edge. The consequential part of it was this incredibly advanced technology you see documented in the film. Pegasus can turn on your phone freely, it can capture all your calls, photos and videos, and disgorge every text and email you sent. I was fascinated by the capacity of tech accelerating and how available and how prevalent it was becoming. Matthew and Perri, how did you get involved in making this film, and what decisions did you make in how to tell or approach the story? Matthew O’Neill : This topic chose us. The executives at HBO, Lisa Heller and Nancy Abraham, connected Perri and me to Ronan to have a conversation broadly about what he was working on, and what we were working on. Together, we created the “Axios” on HBO series, which used the intersection of documentary techniques fused with television journalism. Perri Peltz : We really looked at this as an opportunity to go behind the scenes in the journalism. So much of it was based originally on Ronan’s reporting for The New Yorker. Having the opportunity to follow Ronan as he investigated this story is incredibly compelling. This is not a talking heads film, it’s watching Ronan do what he does so well, and we thought capturing that on film would translate well for the audience. O’Neill : The idea was that the audience would feel like they are going on journey of discovery with Ronan, like riding shotgun in his investigation. We were lucky to have Ronan’s voice, but also seeing the detritus of Ronan’s all-nighter eating at his desk at The New Yorker, when he’s rushing for the deadline, gives a behind-the-scenes look at what print journalists do. The work is really time consuming, and difficult, and challenging. You get a taste of that. In the film, you uncover that NSO has been selling Pegasus to Europe for one price and the Middle East for 25 times that price as well as to African countries. Is this simply a “follow the money” story? Does this all come down to a question of supply and demand? Farrow: That’s certainly part of it. It calls into question the dog-and-pony show you get from some of these leading spyware companies who say our business is about empowering benign democracies. Employees [in these companies] quit over ethical concerns saying no, the bread and butter is in the cases where the company knows or should know that there are going to be abuses. That is an intractable problem for this industry. It is a weapon of sorts. Lawyers at NSO make this point on camera in the film — this is a form of arms dealing . We’re selling weapons to the world, and it is not our fault that there is no Geneva Convention equivalent to put guardrails or consequences that are sufficient. Yes, it is a "follow the money" story about who is using and making this technology. To be clear, the NSO group is just one example in this multibillion-dollar industry. It’s everywhere now. "The United States, under administrations from both parties, has flirted with this technology in ways that is alarming." O’Neill : We hope that the balance between the supply and the demand is clear. In terms of law enforcement, and you also hear it from [Congressman] Jim Himes, the top Democrat on the intelligence committee saying, “If this is software that can help rescue my theoretically kidnapped child, I want that.” It’s part of the real challenge in terms of abuse and potential use of this software. What is a crime and what is being investigated as a crime? What you see unfold in Catalonia is people who are representatives of civil society advocating for certain political situations. They are seen by representatives of the state as legitimate targets of investigation. It is easy when it is a clear terrorist or someone who kidnapped a child to say their phone should be hacked, but when these tools are all powerful because it’s geolocation, pictures and medical records, that’s a whole new territory. Farrow: It is such an under-regulated space. The stories captured in the film include Elies and his family finding out in real time that they have been hacked and all of the consequences of that. They are innocent, apolitical bystanders. I hope that people see those stories and understand it is not just information gathering; it really can intimidate and be so painful personally. But also, it shrinks the space for free expression and efforts to holding people accountable. It can come for any one of us. Peltz : We know that people are using Pegasus to target dissidents, activists and politicians, but there is residual and collateral damage as well. There is something about this ability to say, “It’s not going to happen to me. I’m an open book. I’m not doing anything wrong, so therefore there is nothing to be afraid of.” And that’s wrong. We both learned you don’t have to be a politician, or an activist, or a dissident. You see this in Elies’ mother, a physician, and all the images of her patients that get exposed as a result of Pegasus. If you think, I haven’t done anything wrong, why does it matter? It does matter, and all of us need to worry about what the potential impact is. You never know [spyware] was there. It copies everything on your phone and it leaves. That’s really bad. It’s your bank and health records, your photos, your family. Surveilled (HBO) It is exponentially terrifying. Do you worry that your phones, or your family member’s phones, would be hacked because you were investigating this topic? Did you have Elies test your phone? Farrow: Yeah, I am really in a situation now where no one is going to want to hang out with me, dammit! [Laughs] Of course, I worry about this all the time, and try to exercise good digital hygiene, and use devices as secure as possible and test those devices regularly. But to do the work I do is to acknowledge it is all porous and you have to work as hard as you can to protect yourself and your sources. But these days, ultimately, if someone wants to put the effort and money into hacking you, they can. It can happen. Peltz : Absolutely. Elies did test our phones. We were aware that it was a possibility, So far, so good, but we absolutely had our phones checked and it would be foolhardy if we didn’t. We need your help to stay independent Subscribe today to support Salon's progressive journalism Likewise, I fear we should be very concerned that with this incoming administration spyware is going to be unregulated in the United States, and there will be consequences. What observations do you have about spyware’s immediate future? Farrow: I put up a piece in The New Yorker this week . It was fascinating to talk to experts in the privacy law space who are really in a high state of alarm right now. The United States, under administrations from both parties, has flirted with this technology in ways that is alarming. Under the first Trump administration, they bought Pegasus. They claimed they were buying it to test it and see what our enemies were doing, and The New York Times later sued them for more information and found really persuasive evidence that the FBI wanted to operationalize that in American law enforcement investigations. "I criticize the Biden administration heavily on this." In this latest piece I talk about ICE and the Department of Homeland Security purchasing spyware tech from a company called Paragon, and that contract is currently under review, and we don’t know if that will be unraveled, or what restraints will be put on that. The thing I hear from these privacy law experts is the DHS is where you see the purchasing of legally dubious technology because they have a built-in excuse, “Hey, it’s all in the course of law enforcement operations.” There is very little reason to think that we are going to see more aggressive self-policing under this incoming Trump administration than we did under the Biden administration. And under Biden it was insufficient. They promised to pass an executive order, and they did, ostensibly limiting how much of this spyware the government can purchase. But we are already seeing how many loopholes there are to that. You can imagine how you couple the Trump administration’s various promises that are so much about targeting the opposition, enemies and vulnerable groups – and statements that show a flagrant disregard for law – you can image how experts fighting in this space to safeguard privacy rights are really worried right now. O’Neill : It’s Sinclair Lewis — “It can’t happen here.” We look around the world and think this is going to happen in China and in Russia, and other places. If there is something that changed for us over the course of film, it was understanding this can happen in democracies, and with U.S. allies. It can certainly happen here. It is just a matter of decision-making of the people in charge. Peltz : This is not going away. We are not putting this genie back in the bottle. It’s just a question of understanding how best to regulate its use. Is there an appropriate use for spyware? Farrow: This is not a new part of the story of government excess or breeches of privacy. There is always this debate that there are legitimate law enforcement reasons, certainly theoretically, where we can reach for cases where that’s how it played out, or instrumental in exposing criminal plots and tracking down criminals. There is a reason why law enforcement officials love the idea of being about to do that without any guardrails on it. They want to be able to open up any phone at any time. In democracies with checks and balances in them, we tend to restrain that because it is a fundamental truth that is going to be abused. If companies only promise to sell it to governments who police the use of this, we only see abuses in conventionally repressive settings, like Saudi Arabi, and Jamal Khashoggi getting killed . Technology allegedly was on phones around him. Now this history we are reporting on in this film is much more about realizing it is happening everywhere. Having a constitution that protects privacy rights, and having a set of rules and regulations that should be followed isn’t enough. That’s how you see these scandals playing out in Greece and Spain, as you see in the film, and Poland. It’s the same pattern. The government says they are using it for law enforcement purposes, and then there is this overreach, and suddenly it is on the phones of political opposition members, activists and journalists. Any problems we have in this country, where we want people to be able to expose facts related to the problem, or we want people to freely express dissent to the government is affected by the proliferation of this relatively cheap, increasingly easy to use, increasingly intrusive spyware. The less space there is for privacy for those kinds of conversations, the more the powerful can keep things under their thumbs. That is something we should all be worried and thinking about. It is not specific to United States or any one political party, it is just a fundamental truth. O’Neill : Ultimately, it’s about the rule of law and the system of checks and balances that exist for the use of any surveillance technology including this incredibly powerful one. That is our best hope for responsible use by governments and by our own government. As consumers, we can keep the pressure on providers of all the apps we use, the browsers, the operating systems saying, “We want privacy. Privacy is driving our decisions on what we use.” If we keep pressure on the technology companies, that privacy matters to us and they will keep up in the cat-and-mouse game of hackers and commercial spyware providers. Peltz : This is a Gordian knot of a problem. This doesn’t go away entirely unless our cell phones go away entirely. What are the chances of that? Pretty close to zero. This is a problem that will be with us as long as we are in a connected world. We just have to figure it out and grapple with it. Want a daily wrap-up of all the news and commentary Salon has to offer? Subscribe to our morning newsletter , Crash Course. What are our options here? Farrow: I do think people can and should vote according to these kinds of civil liberties concerns and look for political candidates, on whatever side of the aisle, who are going to protect our privacy rights and our basic freedoms. If you care about this, you should call and write to representatives in Congress that this is a concern, and we need legislation that puts guardrails on this. We need people on the Hill to hold whoever is in the White House to account on this and make sure there is greater transparency about what government offices are purchasing commercial spyware, what the vetting process is, what the red lines are when it can be used. "Unless you give up that connected life, you are going to be dealing with these issues at some level." I criticize the Biden administration heavily on this and I sat down with a Biden administration official and asked, “Why are you not being transparent about the loopholes here?” The executive branch of the government is never automatically going to self-police. They are going to want the loopholes. Maybe sometimes for an understandable law enforcement reason, but it should be our job as a body politic to press people in Congress to force rule-making and accountability. Otherwise, you see in one democracy after another where innocent peaceful protesters and political opposition members are being targeted, and journalism and the flow of information is threatened. Peltz : Unless you give up that connected life, you are going to be dealing with these issues at some level. What is second best, is figuring out how to regulate it. It is here to stay to some extent. O’Neill : The only simple concrete advice we received was reboot your phone every day. Pegasus software is designed to erase itself, so if you reboot your phone, you are not vulnerable if it infected you yesterday. Peltz : I don’t want to be a downer, but I’m going to add to that: Sometimes. “Surveilled” is now available on HBO. Read more documentary interviews by Gary Kramer "She guided him in his activism": Film shows how Lauren Bacall made Humphrey Bogart a Democrat "Freedom" transforms "Emily in Paris" star Lucas Bravo from heartthrob to heist master In "My Name Is Alfred Hitchcock," director Mark Cousins explores the Master of Suspense's legacy By Gary M. Kramer Gary M. Kramer is a writer and film critic based in Philadelphia. Follow him on Twitter . MORE FROM Gary M. Kramer Related Topics ------------------------------------------ Hbo Interview Matthew O'neill Max Movies Pegasus Perri Peltz Privacy Ronan Farrow Spyware Surveillance Surveilled Related Articles Advertisement:
Maurice Herlihy’s AMA Drives BlockDAG’s Presale to $166M – Harvard Alumnus Highlights Its Edge Over HBAR and ICP NewsBeautification Trust removes more than 23,000 tags across AucklandSAN FRANCISCO--(BUSINESS WIRE)--Dec 3, 2024-- Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its third quarter fiscal 2025 ended October 31, 2024. "We delivered another quarter of exceptional financial performance across revenue, margin, cash flow, and cRPO,” said Marc Benioff, Chair and CEO, Salesforce. “Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale. With Agentforce, we’re not just witnessing the future—we’re leading it, unleashing a new era of digital labor for every business and every industry." “We continue to drive disciplined profitable growth with third quarter GAAP operating margin of 20.0%, up 280 basis points year-over-year, and non-GAAP operating margin of 33.1%, up 190 basis points year-over-year,” said Amy Weaver, President and CFO of Salesforce. “To date, our total capital returns have surpassed $20 billion and we remain focused on driving shareholder value.” Third quarter GAAP diluted net income per share was $1.58 and non-GAAP diluted net income per share was $2.41. During the three months ended October 31, 2024, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) on a U.S. tax rate of 24.5% and non-GAAP diluted net income per share by $(0.18) on a non-GAAP tax rate of 22.0%. Our guidance includes GAAP and non-GAAP financial measures. Total Revenue $9.90 - $10.10 Billion $37.8 - $38.0 Billion Y/Y Growth 7 - 9% 8 - 9% FX Impact (1) ($25M) Y/Y FX ($100M) Y/Y FX Subscription & Support Revenue Growth (Y/Y) (2)(3) N/A Slightly below 10%, Approx 10% CC GAAP Operating Margin N/A 19.8% Non-GAAP Operating Margin (3) N/A 32.9% GAAP Diluted Net Income per Share (3) $1.55 - $1.60 $6.15 - $6.20 Non-GAAP Diluted Net Income per Share (3) $2.57 - $2.62 $9.98 - $10.03 Operating Cash Flow Growth (Y/Y) N/A 24% to 26% Current Remaining Performance Obligation Growth (Y/Y) Approximately 9% N/A FX Impact (4) ($100M) Y/Y FX N/A (1) Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates. (2) Subscription & Support revenue excludes professional services revenue. (3) Non-GAAP CC revenue growth, non-GAAP operating margin and non-GAAP Diluted net income per share are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company's shares used in computing GAAP Diluted net income per share guidance and non-GAAP Diluted net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program. (4) Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates. (5) Guidance assumes contributions from acquisitions of Zoomin Software Ltd. and Own Data Company Ltd., which closed in November 2024. The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year: GAAP operating margin (1) 19.8% Plus Amortization of purchased intangibles (2) 4.3% Stock-based compensation expense (2)(3) 8.4% Restructuring (2)(3) 0.4% Non-GAAP operating margin (1) 32.9% (1) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. (2) The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY25. (3) The percentages shown in the restructuring line have been calculated based on charges associated with the Company's restructuring initiatives. Stock-based compensation expense excludes stock-based compensation expense related to the Company's restructuring initiatives, which is included in the restructuring line. The following is a per share reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share guidance for the next quarter and the full year: GAAP diluted net income per share range (1)(2) $1.55 - $1.60 $6.15 - $6.20 Plus Amortization of purchased intangibles $ 0.36 $ 1.66 Stock-based compensation expense $ 0.83 $ 3.27 Restructuring (3) $ 0.01 $ 0.17 Less Income tax effects and adjustments (4) $ (0.18 ) $ (1.27 ) Non-GAAP diluted net income per share (2) $2.57 - $2.62 $9.98 - $10.03 Shares used in computing basic net income per share (millions) (5) 960 962 Shares used in computing diluted net income per share (millions) (5) 978 975 (1) The Company's GAAP tax provision is expected to be approximately 26.0% for the three months ended January 31, 2025 and approximately 20.0% for the year ended January 31, 2025. The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act, future acquisitions or other transactions. (2) The Company's projected GAAP and non-GAAP diluted net income per share assumes no change to the value of our strategic investment portfolio as it is not possible to forecast future gains and losses. The impact of future gains or losses from the Company’s strategic investment portfolio could be material. (3) The estimated impact to GAAP diluted net income per share is in connection with the Company's restructuring initiatives. (4) The Company’s non-GAAP tax provision uses a long-term projected tax rate of 22.0%, which reflects currently available information and could be subject to change. (5) The Company's shares used in computing GAAP net income per share guidance and non-GAAP net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program. For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below. Management will provide further commentary around these guidance assumptions on its earnings call. Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust. To view our major product releases and other highlights as part of the Winter 2025 Product Release, visit: . To learn more about our latest initiatives and priorities, review our Stakeholder Impact Report: . Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at . Salesforce helps organizations of any size reimagine their business for the world of AI. With Agentforce, Salesforce's trusted platform, organizations can bring humans together with agents to drive customer success—powered by AI, data, and action. Visit for more information. "Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company's financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, net income per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates or provisions, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, strategic investments, expected restructuring expense or charges and expected timing of product releases and enhancements. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company’s results or outcomes could differ materially and adversely from those expressed or implied by our forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements. The risks and uncertainties referred to above include -- but are not limited to -- risks associated with: Further information on these and other factors that could affect the Company’s actual results or outcomes is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company’s website at . Salesforce, Inc. assumes no obligation and does not intend to revise or update publicly any forward-looking statements for any reason, except as required by law. © 2024 Salesforce, Inc. All rights reserved. Salesforce and other marks are trademarks of Salesforce, Inc. Other brands featured herein may be trademarks of their respective owners. Revenues: Subscription and support $ 8,879 $ 8,141 $ 26,228 $ 23,789 Professional services and other 565 579 1,674 1,781 Total revenues 9,444 8,720 27,902 25,570 Cost of revenues (1)(2): Subscription and support 1,501 1,571 4,617 4,596 Professional services and other 604 584 1,809 1,797 Total cost of revenues 2,105 2,155 6,426 6,393 Gross profit 7,339 6,565 21,476 19,177 Operating expenses (1)(2): Research and development 1,356 1,204 4,073 3,631 Sales and marketing 3,323 3,173 9,786 9,440 General and administrative 711 632 2,069 1,902 Restructuring 56 55 163 815 Total operating expenses 5,446 5,064 16,091 15,788 Income from operations 1,893 1,501 5,385 3,389 Losses on strategic investments, net (217 ) (72 ) (217 ) (242 ) Other income 70 58 282 158 Income before provision for income taxes 1,746 1,487 5,450 3,305 Provision for income taxes (219 ) (263 ) (961 ) (615 ) Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Basic net income per share $ 1.60 $ 1.26 $ 4.66 $ 2.76 Diluted net income per share (3) $ 1.58 $ 1.25 $ 4.60 $ 2.73 Shares used in computing basic net income per share 956 972 963 976 Shares used in computing diluted net income per share 965 981 975 985 (1) Amounts include amortization of intangible assets acquired through business combinations, as follows: Cost of revenues $ 131 $ 245 $ 600 $ 743 Sales and marketing 223 223 669 668 (2) Amounts include stock-based compensation expense, as follows: Cost of revenues $ 135 $ 109 $ 386 $ 324 Research and development 278 238 814 735 Sales and marketing 312 275 911 815 General and administrative 95 71 267 223 Restructuring 0 0 2 16 (3) During the three months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.06) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.18) and $(0.06) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. During the nine months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.19) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.17) and $(0.19) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. Revenues: Subscription and support 94 % 93 % 94 % 93 % Professional services and other 6 7 6 7 Total revenues 100 100 100 100 Cost of revenues (1)(2): Subscription and support 16 18 17 18 Professional services and other 6 7 6 7 Total cost of revenues 22 25 23 25 Gross profit 78 75 77 75 Operating expenses (1)(2): Research and development 14 14 15 14 Sales and marketing 35 36 35 37 General and administrative 8 7 7 8 Restructuring 1 1 1 3 Total operating expenses 58 58 58 62 Income from operations 20 17 19 13 Losses on strategic investments, net (3 ) (1 ) 0 (1 ) Other income 1 1 1 1 Income before provision for income taxes 18 17 20 13 Provision for income taxes (2 ) (3 ) (4 ) (2 ) Net income 16 % 14 % 16 % 11 % (1) Amounts include amortization of intangible assets acquired through business combinations as a percentage of total revenues, as follows: Cost of revenues 2 % 3 % 2 % 3 % Sales and marketing 2 2 3 3 (2) Amounts include stock-based compensation expense as a percentage of total revenues, as follows: Cost of revenues 2 % 1 % 2 % 1 % Research and development 3 3 3 3 Sales and marketing 3 3 3 3 General and administrative 1 1 1 1 Restructuring 0 0 0 0 (unaudited) Current assets: Cash and cash equivalents $ 7,997 $ 8,472 Marketable securities 4,760 5,722 Accounts receivable, net 4,741 11,414 Costs capitalized to obtain revenue contracts, net 1,836 1,905 Prepaid expenses and other current assets 2,091 1,561 Total current assets 21,425 29,074 Property and equipment, net 3,416 3,689 Operating lease right-of-use assets, net 2,167 2,366 Noncurrent costs capitalized to obtain revenue contracts, net 2,121 2,515 Strategic investments 4,845 4,848 Goodwill 49,093 48,620 Intangible assets acquired through business combinations, net 4,119 5,278 Deferred tax assets and other assets, net 4,209 3,433 Total assets $ 91,395 $ 99,823 Current liabilities: Accounts payable, accrued expenses and other liabilities $ 5,331 $ 6,111 Operating lease liabilities, current 572 518 Unearned revenue 13,472 19,003 Debt, current 0 999 Total current liabilities 19,375 26,631 Noncurrent debt 8,432 8,427 Noncurrent operating lease liabilities 2,420 2,644 Other noncurrent liabilities 2,643 2,475 Total liabilities 32,870 40,177 Stockholders’ equity: Common stock 1 1 Treasury stock, at cost (19,414 ) (11,692 ) Additional paid-in capital 63,114 59,841 Accumulated other comprehensive loss (225 ) (225 ) Retained earnings 15,049 11,721 Total stockholders’ equity 58,525 59,646 Total liabilities and stockholders’ equity $ 91,395 $ 99,823 Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (1) 814 862 2,600 3,006 Amortization of costs capitalized to obtain revenue contracts, net 525 482 1,568 1,428 Stock-based compensation expense 820 693 2,380 2,113 Losses on strategic investments, net 217 72 217 242 Changes in assets and liabilities, net of business combinations: Accounts receivable, net 655 550 6,681 5,905 Costs capitalized to obtain revenue contracts, net (430 ) (300 ) (1,105 ) (906 ) Prepaid expenses and other current assets and other assets (272 ) (407 ) (1,263 ) (750 ) Accounts payable and accrued expenses and other liabilities 32 172 (503 ) (1,607 ) Operating lease liabilities (144 ) (139 ) (387 ) (474 ) Unearned revenue (1,761 ) (1,677 ) (5,555 ) (4,816 ) Net cash provided by operating activities 1,983 1,532 9,122 6,831 Business combinations, net of cash acquired (179 ) (82 ) (517 ) (82 ) Purchases of strategic investments (67 ) (103 ) (374 ) (390 ) Sales of strategic investments 13 80 118 102 Purchases of marketable securities (1,239 ) (661 ) (5,041 ) (2,827 ) Sales of marketable securities 554 315 3,652 1,117 Maturities of marketable securities 905 563 2,439 1,810 Capital expenditures (204 ) (166 ) (504 ) (589 ) Net cash used in investing activities (217 ) (54 ) (227 ) (859 ) Repurchases of common stock (1,285 ) (1,925 ) (7,753 ) (5,928 ) Proceeds from employee stock plans 321 274 1,056 1,085 Principal payments on financing obligations (100 ) (114 ) (505 ) (506 ) Repayments of debt 0 0 (1,000 ) (1,182 ) Payments of dividends (382 ) 0 (1,154 ) 0 Net cash used in financing activities (1,446 ) (1,765 ) (9,356 ) (6,531 ) (5 ) (32 ) (14 ) (4 ) 315 (319 ) (475 ) (563 ) 7,682 6,772 8,472 7,016 $ 7,997 $ 6,453 $ 7,997 $ 6,453 (1) Includes amortization of intangible assets acquired through business combinations, depreciation of fixed assets and amortization and impairment of right-of-use assets. Remaining performance obligation ("RPO") represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods. RPO is influenced by several factors, including seasonality, the timing of renewals, the timing of term license deliveries, average contract terms and foreign currency exchange rates. Remaining performance obligation is also impacted by acquisitions. Unbilled portions of RPO denominated in foreign currencies are revalued each period based on the period end exchange rates. The portion of RPO that is unbilled is not recorded on the condensed consolidated balance sheets. RPO consisted of the following (in billions): As of October 31, 2024 $ 26.4 $ 26.7 $ 53.1 As of July 31, 2024 26.5 27.0 53.5 As of April 30, 2024 26.4 27.5 53.9 As of January 31, 2024 27.6 29.3 56.9 As of October 31, 2023 23.9 24.4 48.3 Unearned revenue represents amounts that have been invoiced in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The change in unearned revenue was as follows (in millions): Unearned revenue, beginning of period $ 15,222 $ 14,237 $ 19,003 $ 17,376 Billings and other (1) 7,620 6,876 22,158 20,536 Contribution from contract asset 63 167 189 218 Revenue recognized over time (9,023 ) (8,249 ) (26,446 ) (24,264 ) Revenue recognized at a point in time (421 ) (471 ) (1,456 ) (1,306 ) Unearned revenue from business combinations 11 4 24 4 Unearned revenue, end of period $ 13,472 $ 12,564 $ 13,472 $ 12,564 (1) Other includes, for example, the impact of foreign currency translation. Subscription and support revenues consisted of the following (in millions): Sales $ 2,119 $ 1,906 $ 6,188 $ 5,611 Service 2,288 2,074 6,727 6,087 Platform and Other 1,825 1,686 5,329 4,891 Marketing and Commerce 1,334 1,230 3,924 3,638 Integration and Analytics (1) 1,313 1,245 4,060 3,562 $ 8,879 $ 8,141 $ 26,228 $ 23,789 (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau. Revenues by geographical region consisted of the following (in millions): Americas $ 6,220 $ 5,862 $ 18,483 $ 17,113 Europe 2,228 1,998 6,557 5,923 Asia Pacific 996 860 2,862 2,534 $ 9,444 $ 8,720 $ 27,902 $ 25,570 Subscription and support revenues constant currency growth rates by the Company's service offerings were as follows: Sales 11% 10% 10% Service 10% 11% 11% Platform and Other 8% 10% 11% Marketing and Commerce 8% 7% 8% Integration and Analytics (1) 5% 14% 22% Total growth 9% 10% 12% (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau. Revenue constant currency growth rates by geographical region were as follows: Americas 6% 8% 9% Europe 9% 11% 10% Asia Pacific 14% 16% 21% Total growth 8% 9% 10% Current remaining performance obligation constant currency growth rates were as follows: Total growth 10% 11% 13% The following tables reflect selected GAAP results reconciled to Non-GAAP results. (in millions, except per share data) (Unaudited) GAAP income from operations $ 1,893 $ 1,501 $ 5,385 $ 3,389 Plus: Amortization of purchased intangibles (1) 354 468 1,269 1,411 Stock-based compensation expense (2)(3) 820 693 2,378 2,097 Restructuring 56 55 163 815 Non-GAAP income from operations $ 3,123 $ 2,717 $ 9,195 $ 7,712 Total revenues $ 9,444 $ 8,720 $ 27,902 $ 25,570 GAAP operating margin (4) 20.0 % 17.2 % 19.3 % 13.3 % Non-GAAP operating margin (4) 33.1 % 31.2 % 33.0 % 30.2 % GAAP net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Plus: Amortization of purchased intangibles (1) 354 468 1,269 1,411 Stock-based compensation expense (2)(3) 820 693 2,378 2,097 Restructuring 56 55 163 815 Income tax effects and adjustments (436 ) (372 ) (1,076 ) (1,177 ) Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 GAAP diluted net income per share $ 1.58 $ 1.25 $ 4.60 $ 2.73 Plus: Amortization of purchased intangibles (1) 0.37 0.48 1.30 1.43 Stock-based compensation expense (2)(3) 0.85 0.71 2.44 2.13 Restructuring 0.06 0.06 0.17 0.83 Income tax effects and adjustments (0.45 ) (0.39 ) (1.10 ) (1.19 ) Non-GAAP diluted net income per share $ 2.41 $ 2.11 $ 7.41 $ 5.93 Shares used in computing non-GAAP diluted net income per share 965 981 975 985 (1) Amortization of purchased intangibles was as follows: Cost of revenues $ 131 $ 245 $ 600 $ 743 Sales and marketing 223 223 669 668 $ 354 $ 468 $ 1,269 $ 1,411 (2) Stock-based compensation expense, excluding stock-based compensation expense related to restructuring, was as follows: Cost of revenues $ 135 $ 109 $ 386 $ 324 Research and development 278 238 814 735 Sales and marketing 312 275 911 815 General and administrative 95 71 267 223 $ 820 $ 693 $ 2,378 $ 2,097 (3) Stock-based compensation expense included in the GAAP to non-GAAP reconciliation tables above excludes stock-based compensation expense related to restructuring activities for each of the three months ended October 31, 2024 and 2023 of $0 million and for the nine months ended October 31, 2024 and 2023 of $2 million and $16 million, respectively, which are included in the restructuring line. (4) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. Non-GAAP income from operations excludes the impact of the amortization of purchased intangibles, stock-based compensation expense and charges associated with the Company's restructuring activities. (in millions, except per share data) (Unaudited) Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Basic net income per share $ 1.60 $ 1.26 $ 4.66 $ 2.76 Shares used in computing basic net income per share 956 972 963 976 Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 Non-GAAP basic net income per share $ 2.43 $ 2.13 $ 7.50 $ 5.98 Shares used in computing non-GAAP basic net income per share 956 972 963 976 Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Diluted net income per share $ 1.58 $ 1.25 $ 4.60 $ 2.73 Shares used in computing diluted net income per share 965 981 975 985 Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 Non-GAAP diluted net income per share $ 2.41 $ 2.11 $ 7.41 $ 5.92 Shares used in computing non-GAAP diluted net income per share 965 981 975 985 (in millions) (Unaudited) GAAP net cash provided by operating activities $ 1,983 $ 1,532 $ 9,122 $ 6,831 Capital expenditures (204 ) (166 ) (504 ) (589 ) Free cash flow $ 1,779 $ 1,366 $ 8,618 $ 6,242 This press release includes information about non-GAAP operating margin, non-GAAP net income per share, non-GAAP tax rates, free cash flow, constant currency revenue, constant currency subscription and support revenue growth rate and constant currency current remaining performance obligation growth rates (collectively the “non-GAAP financial measures”). These non-GAAP financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Management uses both GAAP and non-GAAP measures when planning, monitoring and evaluating the Company’s performance. The primary purpose of using non-GAAP measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does. Management believes that supplementing GAAP disclosure with non-GAAP disclosure provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further to the extent that other companies use similar methods in calculating non-GAAP measures, the provision of supplemental non-GAAP information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP operating results. Non-GAAP Operating Margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. Non-GAAP income from operations excludes the impact of the following items: stock-based compensation expense, amortization of acquisition-related intangibles and charges associated with the Company's restructuring activities. Non-GAAP net income per share excludes, to the extent applicable, the impact of the following items: stock-based compensation expense, amortization of purchased intangibles, charges related to the Company's restructuring activities and income tax adjustments. These items are excluded because the decisions that give rise to them are not made to increase revenue in a particular period, but instead for the Company’s long-term benefit over multiple periods. As described above, the Company excludes or adjusts for the following in its non-GAAP results and guidance: The Company presents constant currency information to provide a framework for assessing how the Company's underlying business performed excluding the effect of foreign currency rate fluctuations. To present constant currency revenue growth rates, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the weighted average exchange rate for the quarter being compared to rather than the actual exchange rates in effect during that period. To present current remaining performance obligation growth rates on a constant currency basis, current remaining performance obligation balances in local currencies in previous comparable periods are converted using the United States dollar currency exchange rate as of the most recent balance sheet date. The Company defines the non-GAAP measure free cash flow as GAAP net cash provided by operating activities, less capital expenditures. View source version on : CONTACT: Mike Spencer Salesforce Investor Relations Guss Salesforce Public Relations 415-536-4966 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: PROFESSIONAL SERVICES BUSINESS TECHNOLOGY SOFTWARE CONSULTING ARTIFICIAL INTELLIGENCE SOURCE: Salesforce Copyright Business Wire 2024. PUB: 12/03/2024 04:01 PM/DISC: 12/03/2024 04:02 PMSupport grows for Blake Lively over smear campaign claim
She's famous for being a bit of a super sleuth and Coleen Rooney put her detective skills to good use to rumble three 'liars' on I'm A Celebrity Get Me Out of Here. as and the culprits were confronted and the truth about a secret mission was finally exposed. It was back in 2019 that Coleen , wife of ex Everton, Manchester United and England striker Wayne, caused a huge furore on social media, by taking to Twitter to post a statement, which ended with the words: 'It's...Rebekah Vardy's account," as she accused her fellow WAG of selling fake stories on her, after deliberately posting fake things on her Instagram to find the culprit. With Rebekah strongly denying the accusation, that one tweet led to a long-running feud and court case, as Coleen eventually came out on top and now, after signing up for a rumoured £1.5m fee, Coleen is taking part in the new series of I'm A Celebrity making her debut on the ITV show last weekend, as bookies put her in the top five in the odds on this year's winner. After just a few days in the jungle, Coleen spoke about the 'Wagatha Christie' scandal in camp, saying 'nobody knew the truth' and, on Saturday night, millions of viewers saw the 26-year-old proved right, having suspected that late arrivals Maura Higgins and Rev Richard Coles were lying about being subjected to dire conditions in their Jungle Junkyard home. As 'original' campmate Dean McCullough went to join them, Coleen discussed her theory with her co-stars, with all of them ending up suspecting the same thing, before she confronted them as all 12 stars headed to the trial clearing for that first eating challenge of the new series on Saturday. BBC radio host Dean cracked under pressure, as Tulisa shouted: "We've got Wagatha Christie!"Walker has 22 as Binghamton knocks off Lancaster Bible 85-60
PIANA TECHNOLOGY'S ANNUAL ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) REPORT UNDERSCORES ITS UNWAVERING COMMITMENT TO SUSTAINABILITY AND INNOVATION
There are some companies whose reputations speak for themselves—Enron, Lehman Brothers , Madoff , Theranos—where the scandals were so dishonorable you'd think there would be zero chance of a comeback. Well, you'd think. On Monday, a "new" Enron released a press release revealing its "relaunch" to "solve the global energy crisis" just in time for the 23rd anniversary of the company's collapse. Related: How Bernie Madoff's Niece Turned a Family Scandal Into a Mission to Fight Against Pay Inequities There's a new Enron.com website that looks spookily legit, with "Who We Are," "Careers," and "Company Store" options. The store is selling merch (T-shirts, hoodies, vests, sweatshirts), and there's even an "employee" portal. They also have new social channels. The website says a "big" announcement is coming in six days. Is Enron Really Back? It's doubtful. The relaunch appears to be an elaborate prank to sell merchandise. Ars Technica suggests the announcement that is coming in six days could be a crypto coin. Publicly available documents found by CNN reveal that an LLC out of Arkansas called The College Company bought the Enron trademark in 2020 for $275. Connor Gaydos, the co-creator of "Birds Aren't Real," a joke that became a Millennial and Gen Z conspiracy theory, is connected to the LLC. Under the terms and conditions , the website says that it is "protected parody" for "entertainment purposes only," per USA Today . When CNN reached out to the press contact on the new website, they received a reply from New York communications firm Stu Loeser & Co that said they'll "have more to share soon," and declined further comment. Related: From Tom Brady to Kevin O'Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse What Happened to Enron? Formerly based in Houston, Texas, Enron was an energy and commodities company that collapsed in 2001 after executives were found to have majorly overstated earnings and the financial health of the company. Executives, including the CEO as CFO, went to prison after receiving criminal convictions for lying to investors. At the time, Enron held more than $60 billion in assets and the scandal left thousands of victims in its wake. It was one of the biggest bankruptcy filings in the history of the U.S., per Britannica . The corruption also led to the dissolution of Arthur Andersen LLP , which was then one of the largest auditing and accounting companies in the world. Related: From Enron to Bernie Madoff to FTX, This Oil Tycoon Lost Billions to Bad Investments and Ponzi Schemes
Wall Street is very bullish on Microsoft ( MSFT -1.73% ) and Meta Platforms ( META -0.59% ) . Both stocks have a consensus rating of buy, and the median target prices imply at least 10% upside as of Dec. 27. However, two hedge fund billionaires sold Microsoft and bought Meta Platforms in the third quarter: Stephen Mandel of Lone Pine Capital sold 364,426 shares of Microsoft, reducing his position by 18%. He also bought 496,900 shares of Meta Platforms, increasing his position by 36%. Meta Platforms is now his largest holding, and Microsoft dropped from second to fifth. Louis Bacon of Moore Capital Management sold 93,922 shares of Microsoft, cutting his stake by 70%. He also bought 128,207 shares of Meta Platforms, increasing his position by 961%. Meta is now his second-largest holding aside from options, and Microsoft no longer ranks in the top 50. Investors should not copy those trades without due diligence. Both hedge funds underperformed the S&P 500 (SNPINDEX: ^GSPC) during the last three years. And the trades were made in the third quarter, which ended three months ago. That said, Microsoft and Meta Platforms do warrant further consideration, given that artificial intelligence could supercharge their profits in the future. 1. Microsoft Microsoft reported solid financial results for the first quarter of fiscal 2025, which ended in September, beating estimates on the top and bottom lines. Revenue rose 16% to $65 billion on strong momentum in enterprise software and cloud services driven by demand for artificial intelligence (AI) products. Meanwhile, generally accepted accounting principles (GAAP) net income increased 10% to $3.30. But the stock declined following the report for a few reasons. First, management, for the first time, gave insight into the accounting of its $13 billion investment in OpenAI. CFO Amy Hood said the expected loss at OpenAI would be a $1.5 billion drag on income in the current quarter. That headwind will likely persist in the near term. But Microsoft is entitled to a portion of OpenAI's earnings once the start-up reaches profitability. The stock also fell because investors are concerned about how aggressively Microsoft is investing in AI. Indeed, higher spending in the first quarter led to a 7% decline in free cash flow , even as Microsoft lost three points of market share in public cloud spending. And CFO Amy Hood says capital expenditures will increase again in the current quarter due to "cloud and AI demand signals." However, Brent Bracelin at Piper Sandler says concerns related to investments in AI are overblown. Microsoft's AI business is expected to surpass an annual revenue run rate of $10 billion next quarter, just two-and-a-half years after its launch, which is four times faster than the cloud business reached the same milestone. Also, Bracelin thinks AI revenue could grow tenfold to reach $100 billion annually in the future. Even so, Microsoft still has a valuable problem. The stock trades at 36 times earnings, a premium to the five-year average of 33 times earnings. That multiple is hard to justify when Wall Street expects earnings to grow at 13% annually in the next three years. Those figures give a price-to-earnings-to-growth (PEG) ratio of 2.7, and conventional wisdom says values above 2 are expensive. Here is the bottom line: Prospective investors should wait for a better entry point before buying Microsoft stock. But shareholders don't necessarily need to trim their positions, provided they are comfortable with the possibility of a double-digit decline in the price. 2. Meta Platforms Meta Platforms reported strong financial results in the third quarter, beating estimates on the top and bottom lines. Revenue rose 19% to $40 billion, operating margin expanded 3 percentage points, and GAAP net income surged 37% to $6.03 per diluted share. The stock declined following the report because active users increased more slowly than analysts anticipated, but investors who sold may have missed the big picture. Meta Platforms operates four of the seven most popular social media platforms on the planet, a significant competitive advantage that lets it source consumer data and target advertising content. Consequently, Meta Platforms is the second-largest adtech company in the world behind Alphabet 's Google, and it's projected to gain market share through 2026, according to eMarketer. Meta Platforms is also effectively using AI to boost engagement. CEO Mark Zuckerberg said on the third-quarter earnings call, "AI-driven feed and video recommendations have led to an 8% increase in time spent on Facebook and a 6% increase on Instagram this year alone." He also said more than a million brands used its generative AI tools to create ad content in the last month. Meta Platforms stock currently trades at 28 times earnings, a premium to the five-year average of 25.5 times earnings. But the valuation is still attractive because Wall Street expects the company's earnings to grow at 18% annually in the next three years. Those figures give a PEG ratio of 1.6, making the stock much cheaper than Microsoft. Here is the bottom line: Patient investors should consider buying a small position in Meta Platforms today. However, with the valuation above the historical average, a pullback is certainly possible. If the stock falls by 15% or so, that would be a good time to buy a slightly larger position.Iowa Republican U.S. Sen. Chuck Grassley says President-elect Donald Trump’s new pick for U.S. Attorney General is “impressive” and “well-qualified.” Grassley, the incoming chair of the Senate Judiciary Committee, met Monday with Pam Bondi, the former Florida Attorney General and Trump’s pick to lead the Justice Department. The 59-year-old Trump ally was part of a team of lawyers that defended the then-president during his first Senate impeachment trial, where he was accused — but not convicted — of attempting to coerce Ukrainian President Volodymyr Zelenskyy to investigate then-former Vice President Joe Biden, his political rival. Bondi also was among a group of Republicans who showed up to support Trump at his New York hush-money criminal trial that ended in May with a conviction on 34 felony counts. Trump’s sentencing in the case is on hold. A New York judge last month postponed it, giving Trump’s lawyers time to seek a dismissal, and could choose to freeze the case for four years while Trump holds office. Bondi, who served as Florida Attorney General from 2011 to 2019, also was involved in efforts to delegitimize the results of the 2020 presidential election that Trump lost to Biden, falsely claiming that Trump had “won Pennsylvania” at a news conference in Philadelphia and claiming voter fraud, according to reporting by the Tampa Bay Times. She also served on a federal commission during Trump’s first term focused on combating drug addiction and the opioid crisis. Trump named Bondi as his nominee to serve as the country’s top federal law enforcement officer after his first choice, Republican former Florida U.S. Rep. Matt Gaetz, withdrew from consideration amid scrutiny over sex trafficking allegations. Gaetz has vehemently denied the allegations. “Pam Bondi is a well-qualified nominee with an impressive legal career, including eight years as Attorney General of the State of Florida and nearly two decades spent as a prosecutor,” Grassley said in a statement Monday after meeting with Bondi in his Senate office. “Bondi is prepared to refocus the Justice Department (DOJ)’s attention where it ought to be: on enforcing the law and protecting Americans’ safety.” Trump’s pick of Bondi comes as critics fear he will use the Justice Department to prosecute his political enemies. “For too long, the partisan Department of Justice has been weaponized against me and other Republicans — Not anymore,” Trump said in a post on Truth Social. “Pam will refocus the DOJ to its intended purpose of fighting Crime, and Making America Safe Again.” Grassley, 91, who has been a staunch advocate of federal whistleblowers and government oversight, said “I’ve found that the Justice Department is often the first to stand in Congress’ way when it’s seeking answers. “It’s time the DOJ prioritize transparency and recommit itself to blind justice, unlike what we’ve seen over the last four years,” he said in a statement. “To achieve this, Bondi will need to show unfailing support for whistleblowers, demonstrate respect for the DOJ Office of Inspector General’s independent oversight and commit to working with Congress to shed light on the Biden administration’s weaponization of the DOJ.” Current U.S. Attorney General Merrick Garland has defended the department’s integrity and impartiality against claims of politicization. Trump was indicted in two criminal cases by special counsel Jack Smith, whom Garland brought in from outside the department to run the investigations. Grassley said the Senate Judiciary Committee “will move swiftly” to consider Bondi’s nomination when the 119th Congress convenes in January. Get local news delivered to your inbox!CHARLESTON, S.C. (AP) — KyKy Tandy scored 21 points and Florida Atlantic pulled away late in the second half to beat Oklahoma State 86-78 on Thursday in the Charleston Classic. It was the second straight loss by a Power Four team in the tournament after Miami fell to Drake in the opener. Florida Atlantic (4-2) plays the Bulldogs in the semifinals on Friday, while Oklahoma State (3-1) battles the Hurricanes in a consolation game. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get any of our free email newsletters — news headlines, obituaries, sports, and more.
Salesforce Announces Third Quarter Fiscal 2025 ResultsGRAND FORKS, N.D. (AP) — Tai'Reon Joseph scored 28 points off the bench to lead UTSA over North Dakota 95-85 on Sunday. Joseph shot 8 of 11 from the field, including 6 for 8 from 3-point range, and went 6 for 7 from the free-throw line for the Roadrunners (5-5). Primo Spears scored 16 points while shooting 4 for 12 (3 for 5 from 3-point range) and 5 of 5 from the free-throw line. Damari Monsanto finished 4 of 4 from 3-point range and 3 for 4 from the line to finish with 15 points. The Fightin' Hawks (4-8) were led by Treysen Eaglestaff, who finished with 24 points, four assists and two steals. Dariyus Woodson added 23 points. Deng Mayar contributed 14 points and 10 rebounds. UTSA took the lead with 19:02 to go in the first half and did not relinquish it. The score was 39-34 at halftime, with Monsanto racking up nine points. UTSA used a 9-0 run in the second half to build a 13-point lead at 55-42 with 15:16 left in the half before finishing off the win. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .FARGO, N.D. (AP) — Jacari White scored 19 points as North Dakota State beat Western Michigan 98-62 on Sunday. White had five rebounds and five assists for the Bison (10-4). Jacksen Moni added 16 points while shooting 7 for 10, including 2 for 4 from beyond the arc while they also had seven assists. Masen Miller finished 5 of 9 from 3-point range to finish with 15 points. The Bison extended their winning streak to seven games. The Broncos (3-7) were led by Chansey Willis Jr., who recorded 22 points and five assists. Marquese Josephs added 12 points for Western Michigan. Markhi Strickland also put up eight points. North Dakota State took the lead with 19:23 left in the first half and never looked back. The score was 49-28 at halftime, with White racking up 13 points. North Dakota State extended its lead to 73-38 during the second half, fueled by a 9-0 scoring run. Darik Dissette scored a team-high eight points in the second half as their team closed out the win. North Dakota State next plays Monday against CSU Bakersfield at home, and Western Michigan will host Valparaiso on Friday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
