Westin: This is "Wall Street Week." I'm David Westin, bringing you stories of capitalism. Americans take 3.8% billion rides on public buses every year. Could we pay less and get more.Plus, the Winter Olympics have the rich and famous traveling to Milan. But it turns out that many of them are already there, drawn by the tax rates and la dolce vita. And AI isn't a matter of people vs. machine.It's really people vs. people. We hear from David Autor of Harvard and Erik Brynjolfsson of Stanford. But we begin wit ...

Why fail if you can succeed. Building a thriving high-tech startup company is easier than you think. Founders who build high-tech startup companies dream of great success, of fame and big headlines, of an exit worth hundreds of millions of dollars.But the reality is much darker. Only one in 10 companies have an exit and only a handful of those will be a huge exit. In my first company, Rush Intelligence Systems was one of the nine that failed.And here is me in my late 20s standing in front of the office. Rus ...

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Economic Indicators - Investors are awaiting the January nonfarm-payrolls report, which is considered crucial for setting expectations regarding interest-rate cuts [2][5] - Economists project a gain of approximately 68,000 jobs, with the unemployment rate expected to remain at 4.4% [3] - The report may include significant revisions to 2025 job numbers, indicating fewer new positions added to the economy than previously estimated [3][4] Corporate Earnings - Earnings reports from major companies like McDonald's and Kraft Heinz are anticipated to provide insights into consumer behavior and corporate performance [6] - Ford reported a Q4 profit miss and a net loss of $8 billion for the year, influenced by a $900 million tariff impact [6] - Humana's stock fell 7% due to a profit forecast below analysts' expectations, while Moderna's stock dropped 10% after the FDA declined to review its flu vaccine application [8] Market Trends - There is a growing sentiment in the market regarding potential Federal Reserve rate cuts, with a 77% probability of lower rates by June [5] - Stocks of companies perceived to be at risk from AI developments are experiencing significant sell-offs, affecting both small software firms and large wealth-management companies [12]

Economic Data - The US economy added 130,000 jobs in January, significantly exceeding expectations of 65,000 jobs added for the month [1][5] - The unemployment rate decreased slightly to 4.3% from 4.4% [1][6] - Revisions to 2025 payrolls showed a decrease in job growth to 181,000 from a previously reported 584,000, marking the weakest annual job growth outside of a recession since 2003 [2][6] Market Reactions - The tech-heavy Nasdaq Composite rose approximately 0.9%, while the Dow Jones Industrial Average increased by 0.6% (280 points), and the S&P 500 gained 0.7% [1] - The positive January jobs data has led to increased bets on Federal Reserve rate cuts, with over 40% of market participants expecting the Fed to hold rates steady through June [4] Corporate Earnings - McDonald's is set to report earnings after the market close, while Kraft Heinz announced a pause in its spin-off plans, indicating that its challenges are manageable [5][11] - Kraft Heinz plans to invest $600 million in marketing, sales, research and development, and pricing to accelerate its return to profitable growth [11][12] - Cisco is expected to report quarterly results, competing with Nvidia in the AI networking chip market [5]

分组1: Company Earnings - Spotify Technology SA reported fourth-quarter revenue growth of 13% year-on-year on a constant-currency basis, exceeding earnings expectations despite mixed revenue comparisons [1] - Marriott International Inc posted fourth-quarter revenue of $6.69 billion, slightly beating estimates, although adjusted EPS came in just below consensus [1] - The Coca-Cola Company experienced a 2.8% decline in shares after reporting its first quarterly revenue miss in five years, despite adjusted EPS of $0.58 beating forecasts [2] - Ferrari reported fourth-quarter net revenue of €1.8 billion, exceeding market expectations, leading to a 9% increase in shares [2] - Datadog Inc's shares jumped 16% after reporting fourth-quarter revenue up 29% year-on-year to $953 million, with non-GAAP EPS of $0.59, both surpassing Wall Street expectations [3] - ON Semiconductor posted fourth-quarter earnings with revenue of $1.53 billion, aligning with estimates despite a decline from the previous year [2] 分组2: Market Trends and Economic Indicators - The Dow finished at 50,188, up 52 points or 0.1%, while the S&P 500 fell 23 points, or 0.3%, indicating mixed market performance [7] - Consumer spending appears to be slowing, aligning with weak consumer sentiment, as December retail sales came in flat against expectations of a 0.4% rise [11][18] - The NFIB Small Business Optimism index slipped in January, ending a two-month streak of gains, with fewer firms expecting economic improvement [13] - The US Employment Cost Index rose 0.7% in Q4, slightly below the 0.8% forecast, indicating a moderating labor market [18][19] - Investors are focusing on upcoming economic reports, including the January jobs report, which is expected to provide clarity on labor market conditions [6][24]

Dan Towriss, CEO of Cadillac Formula 1, discusses the team’s entry into Formula One amid new regulations and competition from rivals including Ford, as well as Cadillac Formula 1’s Super Bowl ads. He speaks with Katie Greifeld and Matt Miller on “The Close.” -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysi ...

Core Insights - Broad Arrow Auctions is set to host its Amelia Auction on March 6-7, 2026, featuring over 150 performance cars from the 1990s and 2000s, making it a significant event for collectors and enthusiasts [1][2]. Auction Highlights - The auction will showcase a 1996 Nissan NISMO 400R, estimated between $900,000 and $1,100,000, which gained popularity through the Gran Turismo video game series and is considered a cultural icon [2][3]. - Another highlight is the 2006 Mercedes-Benz CLK DTM AMG Cabriolet, estimated at $550,000 to $650,000, known for its performance and limited production of only 80 units [5][6]. - Additional notable cars include a 1993 Jaguar XJ220, a 1997 Mercedes-Benz SL 70 AMG, a 1997 Porsche 911 Carrera 4S, and a 2001 RUF RGT, each with unique features and historical significance [1][11][22]. Vehicle Specifications - The Nissan NISMO 400R features a 2.8-liter twin-turbocharged inline-six engine, producing 400 horsepower, capable of accelerating from 0 to 60 mph in four seconds, and has a top speed of 186 mph [3][4]. - The CLK DTM AMG Cabriolet is powered by a 5.4-liter supercharged V8 engine, generating 582 horsepower and 590 lb-ft of torque, achieving 0 to 62 mph in four seconds [5][6]. - The 1993 Jaguar XJ220 was the world's fastest production car at its debut, with only 281 units produced, showcasing advanced engineering and design [22]. Market Position - Broad Arrow Auctions, driven by Hagerty, is recognized as a leading global collector car auction house, focusing on connecting exceptional collector cars with enthusiasts worldwide [14]. - The auction aims to cater to a diverse range of collectors, emphasizing cars that have made a significant cultural impact during the Y2K era [10].

Core Viewpoint - Stellantis announced a $26.5 billion charge due to a reduction in electric vehicle (EV) production, reflecting a misjudgment of consumer demand for EVs, which is larger than similar charges taken by Ford and General Motors [1][6]. Group 1: Company Strategy and Leadership Changes - Stellantis had ambitious EV goals under former CEO Carlos Tavares, aiming for EVs to constitute 100% of European sales and 50% of U.S. sales by 2030, but he was ousted in 2024 after a significant drop in U.S. sales [2]. - The new CEO, Antonio Filosa, acknowledged that previous assumptions about EV demand were "over optimistic" and emphasized a strategic reset to focus on customer preferences globally and regionally [5]. Group 2: Financial Impact and Market Response - The $26.5 billion charge includes costs related to quality issues and a reduction in the EV supply chain, as well as adjustments to warranty provisions due to poor product quality and job cuts in Europe [6][7]. - Following the announcement, Stellantis shares fell over 22% in New York and more than 23% in Milan, indicating a negative market reaction to the news [10][11]. Group 3: Industry Context and Future Projections - Fully electric vehicles accounted for 19.5% of European sales and only 7.7% of new U.S. car sales last year, highlighting the challenges faced by automakers in transitioning to EVs [5]. - Stellantis forecasts a mid-single-digit increase in net revenue for 2026 and a low-single-digit adjusted operating income margin, with expectations of positive industrial free cash flows by 2027 [11].

Core Viewpoint - Stellantis is taking a €22 billion ($26 billion) charge as part of a major reset of its electric vehicle strategy, marking the largest write-down in a series of recent EV-related charges by global automakers, totaling $55 billion across the industry [1][2]. Group 1: Financial Impact - Volkswagen recorded a $3.5 billion charge in September linked to its electric division [2]. - Ford announced a $19.5 billion charge in December after canceling plans for large EVs [2]. - General Motors reported a $6 billion write-down due to reduced EV production [2]. Group 2: Strategic Shift - Stellantis CEO Antonio Filosa stated that the reset is aimed at aligning with customer preferences, acknowledging past overestimations of the energy transition pace [6]. - The company is shifting focus back to gas-powered vehicles, reintroducing models like the V8 Hemi-powered Ram pickup series and the six-cylinder Dodge Charger [10]. Group 3: Historical Context - Stellantis was formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, investing heavily in EV infrastructure under previous CEO Carlos Tavares [7]. - The anticipated consumer demand for EVs did not materialize, leading to a 70% profit drop during Tavares' final year [8]. Group 4: Product Line Adjustments - Stellantis has canceled or delayed several electric vehicle models, including the Chrysler Airflow and the all-electric Ram 1500 [8]. - The company discontinued its fleet of plug-in hybrid vehicles, ceasing production of models like the Jeep Wrangler 4xe and Chrysler Pacifica Hybrid [9]. - Remaining electric launches by 2026 include the $65,000 Jeep Recon and an extended-range Ram 1500 REV [9]. Group 5: Market Reaction - Following the announcement of the significant EV write-down, Stellantis shares fell by 25.5%, trading at approximately $7.10 per share shortly after market opening [11].