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Ford stock falls as UBS downgrades to “sell”; GM’s rating has also been cut

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Ford Motor (F) Shares slipped lower in pre-market trading after analysts at UBS cut their rating and price target on the automaker, citing a looming US-related sharp demand hit. Recession.

UBS analyst Patrick Hamill lowered the stock’s rating to “sell,” from “neutral,” and cut $3 from its target price to a new low of $10 a share ahead of the group’s third-quarter earnings later this month, citing risks of a U.S. recession. and the impact of the recession on its European operations.

Ford last week said September sales were strong, up 16% from a year ago to 464,674 units, but warned late last month that busy supply chains would cut profits in the third quarter amid what it called “restrictions on parts availability.” Certain such as in addition to higher payments to suppliers to account for the effects of inflation. “

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UnitedHealth Group stock drops amid muted 2023 earnings outlook

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United Health Group (United nations) – Get a free report Stocks fell on Tuesday after it forecast lower-than-expected earnings for 2023 ahead of an investor conference later in the day in New York.

UnitedHealth said adjusted earnings for next year, which begins in January, will likely range between $24.40 and $24.90 per share, just below Refinitiv’s forecast of $24.94 per share, with total revenue in the region of $357 billion to $360 billion. .



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Vietnam’s smartphone exports slump ahead of Christmas as Samsung cuts production by Reuters

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© Reuters. FILE PHOTO: Employees make their way to work at a Samsung factory in Tay Nguyen province, north of Hanoi, Vietnam October 13, 2016. REUTERS/RAW/FILE PHOTO

Written by Khanh Phu and Phong Nguyen

HANOI (Reuters) – Vietnam’s smartphone production and exports fell in November in the run-up to the Christmas sales season, according to official data, a new sign that the country’s largest manufacturer, Samsung Electronics (OTC:), is adjusting to dwindling global demand.

The South Korean electronics giant has for years produced about half of its smartphones in Vietnam and they account for nearly a fifth of the country’s total exports.

The drop in production is in line with what industry and government sources as well as Samsung (KS:) employees told Reuters that the company recently cut its smartphone production in Vietnam for the second time this year.

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It’s unclear whether the cuts in Vietnam reflect Samsung’s general decline in production or a shift to other manufacturing countries.

Samsung, which has invested about $18 billion in six factories in Vietnam, at least two of which focus on smartphones, declined to comment.

The Southeast Asian country, a regional manufacturing powerhouse, reported a 9.3% drop in smartphone production to 20.6 million units in November from a year earlier, according to the General Statistics Office (GSO).

Smartphone production in the first 11 months of the year fell by 6.1%. The GSO standardization body also said that the value of Vietnamese smartphone exports in November fell 1% month on month and 0.7% from a year earlier.

Data from the Gulf Standardization Organization showed that the broader category of consumer electronics manufacturing declined by about 20% year-on-year in November, with monthly production declining for the third month in a row.

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Most of the smartphones produced in the country are destined for Western markets, with production usually picking up in the weeks leading up to Christmas. But expectations of lower consumer demand this year are prompting companies to limit production.

However, if demand persists, production cuts could exacerbate inflation in Europe and other importing regions.

SAMSUNG CUTS

Earlier this month, an industry source familiar with the matter said Samsung had “significantly reduced production” again after it scaled back its activities in Vietnam in the first half of the year amid the coronavirus pandemic.

A Vietnamese government source confirmed that Samsung has cut production in the country twice this year, and the latest move is likely to limit Vietnam’s contribution to the company’s global smartphone production to 40% from the typical 50% share.

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Three of the company’s employees in Vietnam confirmed the cuts, and one noted that workers were allowed to take seasonal leave despite the approaching Christmas, unlike in previous years.

With the country facing headwinds from a global slowdown, its total exports in November fell 8.4% from a year earlier to $29.18 billion, according to the standardization body.

Imports also fell 7.3%, indicating the potential for further production cuts because components and materials used in exported products are often imported for assembly in Vietnam.

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Want to make six figures without going to an office? Go to these cities

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It doesn’t matter 16% of companies Around the world is already remote, and by 2025, that number is expected to rise to one in four American workers. The stereotype remains that remote work is for people who look up to it Earn some money While those who crave serious salaries and career advancement have no way of escaping from the office.

The truth is, the number of jobs that pay more than $100,000 has been so rose from 9% at the end of 2020 to more than 15% in August 2022. Hybrid numbers—where a person comes in a few days a week and work remotely—are even higher because more and more people are looking for jobs specifically to work with their families and their lifestyle.



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