Wall Street Today | Apple plans 15-inch MacBook Air for 2023 and new 12-inch laptops
MACRO
Fed Needs Three or Four Half-Point Hikes, Ex-No. 2 Blinder Says
The Federal Reserve probably needs to raise interest rates by 50 basis points at each of its next three or four meetings and will likely have to endure a recession to help get inflation back down to its 2% target, according to the central bank's former vice chair Alan Blinder.
The Recession Will Hit in the First Half of 2023: CNBC CFO Survey
Over 40% of chief financial officers cite inflation as the No. 1 external risk to their business, a CNBC survey finds. According to the majority (68%) of CFOs responding to the survey, a recession will occur during the first half of 2023. The CNBC CFO Council Survey is a sample of views from the C-suite at top corporations and organizations, with this quarter's survey including responses from 22 CFOs.
SECTORS
As Gas Prices Near $5 a Gallon, Record Fuel Costs Upend Businesses, U.S. Economy
As U.S. gasoline prices approach a record average of $5 a gallon, fuel costs are rippling through almost every corner of business, with signs emerging that the rising expenses are beginning to alter consumer behavior. The price of regular gasoline averaged about $4.97 Thursday, up about 26 cents from the prior week and nearly $2-a-gallon higher compared with this time last year, according to AAA.
COMPANIES
Apple Plans 15-Inch MacBook Air for 2023 and New 12-Inch Laptops
The company is working on a larger MacBook Air with a 15-inch screen for release as early as next spring, said the people, who asked not to be identified because the plans aren't public. This would mark the first model of that size in the MacBook Air's 14-year history. $Apple(AAPL.US$ is also developing what would be its smallest new laptop in years.
Facebook Rethinks News Deals, and Publishers Stand to Lose Millions in Payments
$Meta Platforms(META.US$'s Facebook is re-examining its commitment to paying for news, people familiar with the matter said, prompting some news organizations to prepare for a potential revenue shortfall of tens of millions of dollars.
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Intel Rethinks Near-Term Spending Plans Amid Economic Uncertainty
$Intel(INTC.US$ is adjusting some near-term spending plans and joining other tech companies in reassessing priorities amid global economic uncertainty. As part of its spending adjustments, the U.S. semiconductor powerhouse is imposing a temporary hiring freeze at its Client Computing Group as it assesses priorities, a person familiar with the matter said. The unit provides chips for products such as laptops.
DocuSign Shares Crater After First-Quarter Earnings Miss
$DocuSign(DOCU.US$ shares fell as much as 24% in extended trading on Thursday after the electronic signature software vendor reported weaker-than-expected earnings in its fiscal first quarter. DocuSign delivered 25% revenue growth from a year earlier, but investors are increasingly concerned with profitability.
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Source: Bloomberg, WSJ, CNBC
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