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Meta retracts the ‘false’ report that Mark Zuckerberg plans to step down as CEO

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Meta moved to shoot down reports that Mark Zuckerberg may leave his position as CEO next year.

Tuesday’s report came from leakage which claimed, citing an anonymous source, that Zuckerberg will be leaving in 2023 due to the company’s recent losses.

Earlier this year, Meta layoffs of thousands of workers— about 13% of its workforce — after its share price fell more than 70% this year. Meanwhile, Zuckerberg net worth by $100 billion Since last September, when he adopted his Metaverse strategy.

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The Leak said their information “indicates that Zuckerberg has decided to step down himself. The decision, according to our inside source, “will not affect the metaverse.” Nasdaq The index rose by 1.36%.

Meta communications director Andy Stone denied the report shortly after it was posted on Twitter. His response was acknowledged by The Leak in an update, but they did not retract the report.

Investors are losing confidence

Investors have become particularly wary of Zuckerberg’s intense focus on the Metaverse, which he has continued to support despite widespread reports that development It doesn’t go as planned.

In October, one investor went so far as to write open letter to the company with suggestions on how to get its “mojo” back, saying Meta has lost its focus.

Undeterred, Zuckerberg said the Metaverse would require more than $10 billion in annual investment. It has already cost the company $15 billion since the beginning of last year. Meta’s rapidly increasing expenses affected free cash flow, which was down 98% last quarter.

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It seems the CEO himself, while steadfast in pursuit of his passion project, isn’t entirely immune from waves of criticism.

In August, L. described Podcaster Joe Rogan What it’s like to lead the company: “Almost every day you wake up and your stomach hurts. You wake up in the morning, you look at my phone, you get a million messages. They’re usually not good. People save the good stuff to tell me in person.”

As the only founder and CEO in the company’s history, and also the largest shareholder, leaving seems unlikely at the moment.

Meta did not immediately respond to a request for comment.

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Bank of America CEO: Jobs Report Supports ‘Mild’ Recession Predictions

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American bank CEO Brian Moynihan is sticking to his earlier predictions that, if a recession in the United States occurs, it won’t be as bad as people feared.

“How can you have a recession without unemployment?” Moynihan asked on CBS News Face the nation Sunday program quoting 263,000 new job opportunities It was reported in the US jobs report on Friday.

The CEO of Bank of America said Sunday that he expects the US economy to contract by “only 1%” for the first three quarters of 2023, and then return to positive growth. “This is a milder recession,” Moynihan said.

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Moynihan was more optimistic about the US economy than some of his peers. Last week, the CEO of Bank of America Expect a slight slowdown CNN“Hurricane season is now closed,” quipped. (Moynihan was referring to a comment in June from JPMorgan CEO Jamie Dimon about the US economy was facing “tornado”)

In June, Bank of America’s incoming head of US economics predicted that the US could experience a mild recession by the year. end of 2022. But Strong consumer spending In September, he pushed the Bank of America research team to move its recession forecast to 2023. Moynihan joked last month in a Fortune CEO initiative conspiracy.

Moynihan’s more optimistic stance on the economic future of the United States contrasts sharply with other dire predictions.

In October, Nouriel Roubini, a professor at New York University dubbed “Dr. Doom” for his predictions of the 2007 housing crash, said he expected the United States to face “tall and ugly” Recession.

Last week, Mohamed El-Erian, Chief Economic Adviser to AllianzAnd the Out-of-service Banks predict a “short and easy” recession in an editorial for the financial times. El-Erian says he worries they risk “a repeat of the analytical and behavioral traps that emerged in last year’s ill-fated inflation call.”

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a June survey From financial times I reported that two-thirds of US economists believe a recession will happen next year. CEOs are also worried, as 98% of company leaders are poised for a recession over the next 12-18 months, according to Oct survey from the conference board.

On Sunday, however, Moynihan defended his more optimistic view by pointing to the strong performance of the United States amid the Federal Reserve’s rate hikes.

“The belief was when the Fed started raising interest rates that there would be an immediate surprise to the economy,” Moynihan said. “This did not happen.”

Other banks are also reconsidering the possibility of a recession in the United States, thanks to better-than-expected economic data. Both Goldman Sachs And the Morgan Stanley He predicted in November that the US might narrowly escape recession altogether.

The CEO of Bank of America pointed to some negative indicators, such as a weak housing market and slowing consumer spending. But Moynihan says the volatility proves that the US economy is becoming more sustainable.

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Declining and turnover jobs, in particular, aren’t good for individual job seekers, Moynihan says, but they are “actually good signs for the economy in that it’s starting to get into a better position that it can grow at a more normal rate.”

Bank of America economists predict that unemployment will a plus to 5.5% by next year, according to a research note published last week. People losing their jobs is “a horrible thing to think about,” Moynihan said Sunday, but the US has seen this unemployment rate before. Prior to the COVID-19 pandemic, the United States recently had an unemployment rate of 5.5% May 2015.

“We weren’t freaked out at the time,” Moynihan said.

The new Impact Report weekly newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s CEOs – and how they can better overcome these challenges. Subscribe here.

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5 takes from Wall Street analysts

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There is no doubt that Costco (cost) had a good year.

For one thing, Yahoo Finance has outperformed the 2022 bear market — the stock is down 13% so far this year to about $495 a share compared to a 15% drop for the S&P 500 (^ The Salafist Group for Preaching and Combat) as of December 2. In addition, many investors love the big retail store because of its die-hard clientele and solid balance sheet.

Of course there are some critics. They worry about the company’s high valuation amid scary times in the markets and the economy.

So what are the prospects for COST? Yahoo Finance recently spoke with five Wall Street securities analysts to get their thoughts. Here are their edited excerpts:

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Evan Feneth, Tigress Financial Partners

What’s good about Costco stock: The Company consistently reports strong same-store sales growth in both good and challenging retail environments. Costco remains well-positioned to see increases in traffic online and in stores, largely because it provides consumers with an important low-cost value proposition. In addition, Costco is taking advantage of its expanding service offerings, including travel, home improvement, and expanded business services. Renewal rates are also at an all-time high.

What does it matter: What is always of concern are changes in consumer spending trends in light of economic changes.

Rating / Target Price: Buy / $678

Final thoughts: Costco continues to see the good times as consumers spend more on discretionary items (such as air travel). In tough economic times consumers are looking for bargains. You can see this in the strength of memberships that continue to grow. Their customers pay for the opportunity to shop there and believe it is worth the fee because of Costco’s strong value proposition.

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Oliver Chen, Quinn

What’s good about Costco stock: Costco continues to be a leading consumer brand for us — what we’re seeing is the company is well positioned for strong first-class performance given the encouraging historical consistency and unique membership model that focuses on deep value. We especially like Costco’s differentiation with its Kirkland Signature private label and limited assortment across 3,500 stock keeping units (SKU’s), which gives the company massive buying power.

What does it matter: In our view, the key arguments about Costco remain: (1) the emergence of more stringent comparable metrics as the company continues to drive steady growth; (ii) the evolution of consumer behaviors, the company’s ability to maintain loyalty, and consistent membership metrics; (3) High current given rating The price-to-earnings ratio, which contracted five percent from its three-year average.

Rating / Target Price: Exceed / $650

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Final thoughts: We believe the company has both the ability and experience to drive continued strong retail execution and believe core competencies. One of its main strengths is that Costco is one of the few American concepts that is relatively successful on a global scale. Also: Its size makes it one of the best buys with great buying power across a limited selection of items. Finally, Costco’s unique vertically integrated supply chain delivers outstanding distribution and cost effectiveness, (for this reason) we maintain a “Superior” rating.

Michael Baker, DA Davidson

What’s good about Costco stock: Inventory positives include significant and consistent same-store sales growth.

What does it matter: Our biggest concern and the reason we have a neutral rating is the above average COST multiplier. We also saw some declines in gross margin.

Rating / Target Price: Neutral/ $455

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Final thoughts: Costco is a top-tier operator with strong sales and earnings trends and forecasts. But we think that’s reflected in the current share price.

Chuck Groom, Gordon Haskett Research Consultants

What’s good about Costco stock: Consistency of the underlying comp business month to month, usually driven by healthy traffic trends. Also, the membership fee stream is an annuity for the long haul. The balance sheet is also very good with low leverage and ample cash.

What does it matter: Valuation has always been a sticking point for investors, but that’s been the case for the more than 20 years Costco has covered it.

Rating/Price Target: Buy / $600

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Final thoughtsCostco does what’s right for its customers first, employees second, and shareholders third. This approach makes it one of the best retailers we cover.

Corey Tarlow, Jefferies

What’s good about Costco stock: Well…for now [economic] The background, it’s a business with a really good standing. It has a membership model that drives recurring revenue; Very stable margins and predictable cash flow. It’s a business in times when inflation is at 8%, more consumers are looking for ways to save money. And Costco is a great way to do that at better prices than most other retailers in the US, it’s a company that also has several growth drivers (such as) a potential membership fee increase.

What does it matter: It’s been a really strong year this year. So this year’s winding may be a little tricky hurdle next year. But it is nonetheless something that I think Costco will be able to achieve.

Rating / Target Price: Buy / $610

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Final thoughts: It’s a business that’s really well-positioned in the current environment. We do not know what to expect from a macroeconomic point of view in the future. But it’s a business that, like I said, performs admirably in the good times, and even in the bad. It’s a stock you want to own today.

More Yahoo Finance coverage for 2022:

Dylan Kroll is a reporter and researcher for Yahoo Finance. Follow him on Twitter at @tweet.

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TherapeuticsMD enters into product licensing agreements for Mayne Pharma

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TherapeuticsMD enters into product licensing agreements for Mayne Pharma

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