Nasdaq Futures Rise For A Third Day As Better-Than-Expected Netflix Results Keep Tech Gains Going – CNBC

Nasdaq futures jumped Tuesday evening after the major averages posted a second straight day of gains, and Netflix reported strong earnings after the bell.

Futures tied to the Nasdaq 100 added 1.2%. Dow Jones Industrial Average futures gained 0.4%, and S&P 500 futures rose 0.7%.

All three of the major stock averages finished the regular trading day higher, as earnings reports boosted a choppy market. The Dow closed higher by about 337 points, while the S&P 500 gained 1.1% and the tech-heavy Nasdaq Composite added 0.9%.

The extended trading moves came after Netflix reported earnings and revenue that beat estimates as well as strong subscriber growth for the third quarter. Shares surged as much as 14% in extended trading.

Some on Wall Street are resetting their earnings projections lower as investors worry about a recession. Gene Goldman, chief investment officer at Cetera Investment Management, said that while an economic recession could be mild, the market could struggle with those downward revisions.

“Earnings estimates are a bit too high for the S&P 500 at 7% to 9% per year going forward,” he said. “Slowing economic growth and Fed rate hikes will likely put downward pressure on earnings. Because earnings drive stock prices, they could pressure markets for some time.”

Tech earnings will be in full swing next week, but IBM and Tesla are on deck to report Wednesday. Social media firm Snap will report later in the week.

In economic data, investors are looking forward to housing starts on Wednesday. The Federal Reserve’s so-called Beige Book, the central bank’s report on the current state of economic conditions, will come out as well.

Company earnings are beating expectations

Of the 9.15% of S&P 500 companies that have reported earnings so far this season, 70% of them have posted positive surprises, according to data from FactSet.

Earnings expectations have been lowered considerably and the market is braced for a good amount of negative news in earnings season, Yung-Yu Ma, BMO Wealth Management chief investment strategist, told CNBC.

However, he added, “to the extent that that doesn’t actually transpire, that we get more of a nuanced message that companies on average are doing okay, okay is still pretty good in an environment where the market is braced for volatility, turmoil, slowing growth, declines and a challenging environment.”

— Tanaya Macheel

Netflix pops after hours on earnings

Shares of the streaming giant Netflix jumped in extended trading after it reported quarterly results, including the addition of 2.41 million net global subscribers, which is more than twice what it projected a quarter ago.

Stock futures open higher Tuesday night

Stock futures opened higher Tuesday evening after the major averaged posted a second straight day of gains and Netflix reported strong earnings after the bell.

Futures tied to the Dow Jones Industrial Average rose 124 points, or 0.4%. S&P 500 futures gained 0.7% and Nasdaq 100 futures jumped 1.2%.

— Tanaya Macheel

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U.S. Lawmakers Set Hearing On Kroger Grocery Mega Merger – Reuters

WASHINGTON, Oct 18 (Reuters) – U.S. senators who scrutinize antitrust issues expressed “serious concerns” about grocery company Kroger Co’s plan to buy rival Albertsons Cos Inc (ACI.N), and said they would hold a hearing next month on the $25 billion deal.

The announcement by Democratic Senator Amy Klobuchar, chair of the Senate Judiciary Committee antitrust panel, and Republican Senator Mike Lee confirmed a previous report by Reuters.

Separately, Klobuchar and fellow Democrats Richard Blumenthal and Cory Booker released a letter expressing concern about the deal.

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“As food prices remain elevated, too many American families are struggling to put food on the table,” they wrote to Federal Trade Commission Chair Lina Khan. “This merger raises considerable antitrust concerns.”

The FTC is expected to review the deal to ensure it complies with antitrust law.

The $25 billion mega merger between the No. 1 and 2 standalone grocers in the United States will bring under one roof nearly 5,000 stores that include banners such as Albertsons’ Safeway and Kroger-owned Ralphs and Fred Meyer.

To ease antitrust concerns, the companies said they plan to divest some stores and that Albertsons is ready to spin off a standalone unit to its shareholders immediately before the deal’s close, expected in early 2024. The new public company is estimated to comprise as many as 375 stores.

But the Democrats in their letter pointed to criticism over a remedy for Albertsons’ 2015 purchase of Safeway. At that time, the FTC required more than 150 stores to be sold but eventually allowed many to be re-purchased by Albertsons to prevent them from closing.

Lee on Friday also vowed the deal would receive scrutiny.

Market leader Walmart has been doubling down on its own grocery business and has traditionally used its scale to demand the lowest possible prices from food and beverage suppliers, leaving rivals at a disadvantage in price negotiations.

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Reporting by Diane Bartz; Editing by Franklin Paul and Josie Kao

Our Standards: The Thomson Reuters Trust Principles.

Diane Bartz

Thomson Reuters

Focused on U.S. antitrust as well as corporate regulation and legislation, with experience involving covering war in Bosnia, elections in Mexico and Nicaragua, as well as stories from Brazil, Chile, Cuba, El Salvador, Nigeria and Peru.

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Reuters Science News Summary – Devdiscourse

Following is a summary of current science news briefs.

Apollo, Gemini astronaut James McDivitt dies at age 93

James McDivitt, a former U.S. astronaut who commanded some of NASA’s earliest and most ambitious missions in space, died in his sleep last week at age 93, NASA said in a statement on Monday night. McDivitt, who was selected for NASA’s second astronaut class in 1962, was the commanding pilot for the U.S. space agency’s Gemini 4 mission in 1965 and Apollo 9 in 1969, a mission that helped pave the way for the first human lunar landing.

Virgin Orbit to launch first satellite in Europe within six weeks – Branson

Richard Branson’s small satellite service provider Virgin Orbit Holdings Inc will be doing its first launch from European soil within the next six weeks, its founder said on Tuesday. “Virgin Orbit can launch satellites into space from anywhere in the world into any orbit at a days notice,” Branson said during a press conference in Milan.

(With inputs from agencies.)

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U.S. Sends Experimental Antibody, Antiviral Drug To Uganda For Ebola Outbreak – Reuters

CHICAGO, Oct 18 (Reuters) – The United States sent Gilead Sciences’ (GILD.O) remdesivir and Mapp Biopharmaceutical Inc’s experimental Ebola antibody drug MBP134 to Uganda last week to help safeguard healthcare workers responding to an outbreak that has infected 60 people and killed 44, U.S. government sources told Reuters.

There are currently no proven vaccines or treatments for the Sudan species of Ebola, one of four known Ebola viruses to cause hemorrhagic fever in humans. The outbreak confirmed by the Ugandan health ministry on Sept. 20 is the largest of the Sudan species since 2000.

Uganda health minister Jane Ruth Aceng disclosed the U.S. shipments at a meeting of African region health officials last week in Kampala and said remdesivir, which has been widely used as a COVID-19 treatment, and an undisclosed monoclonal antibody had been given to healthcare workers.

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Providing treatment that protects the lives of healthcare workers could be central to containing the outbreak, said Joel Montgomery, the U.S. Centers for Disease Control and Prevention’s chief of the viral special pathogens branch and incident manager for the outbreak.

“If healthcare workers start to fall ill and die, it’s going to negatively impact the response,” said Montgomery, who had just returned from a trip to Uganda.

For instance, healthcare workers may be reluctant to assist in the response, he said in a phone interview.

The World Health Organization said in a statement the agency is working with partners in Uganda to set up the infrastructure for a clinical trial and is supporting use of the untested antivirals and monoclonal antibodies and will collect data on their efficacy.

A large outbreak of the Zaire species of Ebola in West Africa from 2014-2016 led to effective vaccines and treatment, but there are no proven treatments or vaccines for the Sudan species.

San Diego-based Mapp Biopharmaceutical received a $110 million contract from the U.S. government’s Biomedical Advanced Research and Development Authority (BARDA) on Oct. 4 for advanced development and potential purchases of MBP134, a combination of monoclonal antibodies.

Gilead did not immediately respond to a request for comment.

A study of MBP134 and remdesivir in non-human primates showed that either drug given individually rescued 20% of animals infected with the Sudan species of Ebola, but when given in combination, 80% of infected animals survived.

MBP134 is currently being tested in early safety trials in healthy human volunteers, Mapp President Larry Zeitlin said in an email. All participants have completed the study, and the data are currently being analyzed. Overall, MBP134 was well tolerated, he said.

Zeitlin said when requested, the company does provide its drug for free for compassionate use, pending regulatory and ethics approvals. He declined to say how many doses the company provided.

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Reporting by Julie Steenhuysen; Additional reporting by Jennifer Rigby in London and Elias Biryabarema in Kampala; editing by Caroline Humer and Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles.

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11 More Crash Deaths Are Linked To Automated-Tech Vehicles – Federal News Network

DETROIT (AP) — Eleven additional people were killed in U.S. crashes involving vehicles that were using automated driving systems during a four-month period earlier this year, according to newly released government data, part of an alarming pattern of incidents linked to the technology.

Ten of the deaths involved vehicles made by Tesla, though it is unclear from the National Highway Traffic Safety Administration’s data whether the technology itself was at fault or whether driver error…

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DETROIT (AP) — Eleven additional people were killed in U.S. crashes involving vehicles that were using automated driving systems during a four-month period earlier this year, according to newly released government data, part of an alarming pattern of incidents linked to the technology.

Ten of the deaths involved vehicles made by Tesla, though it is unclear from the National Highway Traffic Safety Administration’s data whether the technology itself was at fault or whether driver error might have been responsible. The 11th death involved a Ford pickup truck.

The deaths included four crashes involving motorcycles that occurred during the spring and summer: Two in Florida and one each in California and Utah. Safety advocates note that the deaths of motorcyclists in crashes involving Tesla vehicles using automated driver-assist systems such as Autopilot have been increasing.

The new fatal crashes are documented in a database that NHTSA is building in an effort to broadly assess the safety of automated driving systems, which, led by Tesla, have been growing in use. Tesla alone has more than 830,000 vehicles on U.S. roads with the systems. The agency is requiring auto and tech companies to report all crashes involving self-driving vehicles as well as autos with driver assist systems that can take over some driving tasks from people.

The 11 new fatal crashes, reported from mid-May through September, were included in statistics that the agency released Monday. In June, the agency released data it had collected from July of last year through May 15.

The figures that were released in June showed that six people died in crashes involving the automated systems, and five were seriously hurt. Of the deaths, five occurred in Teslas and one a Ford. In each case, the database says that advanced driver assist systems were in use at the time of the crash.

Michael Brooks, executive director of the nonprofit Center for Auto Safety, said he is baffled by NHTSA’s continued investigations and by what he called a general lack of action since problems with Autopilot began surfacing back in 2016.

“I think there’s a pretty clear pattern of bad behavior on the part of Tesla when it comes to obeying the edicts of the (federal) safety act, and NHTSA is just sitting there,” he said. “How many more deaths do we need to see of motorcyclists?”

Brooks noted that the Tesla crashes are victimizing more people who are not in the Tesla vehicles.

“You’re seeing innocent people who had no choice in the matter being killed or injured,” he said.

A message was left Tuesday seeking a response from NHTSA.

Tesla’s crash number may appear elevated because it uses telematics to monitor its vehicles and obtain real-time crash reports. Other automakers lack such capability, so their crash reports may emerge more slowly or may not be reported at all, NHTSA has said.

NHTSA has been investigating Autopilot since August of last year after a string of crashes since 2018 in which Teslas collided with emergency vehicles parked along roadways with flashing lights on. That investigation moved a step closer to a recall in June, when it was upgraded to what is called an engineering analysis.

In documents, the agency raised questions about the system, finding that the technology was being used in areas where its capabilities are limited and that many drivers weren’t taking steps to avoid crashes despite warnings from the vehicle.

NHTSA also reported that it has documented 16 crashes in which vehicles with automated systems in use hit emergency vehicles and trucks that were displaying warning signs, causing 15 injuries and one death.

The National Transportation Safety Board, which also has investigated some of the Tesla crashes dating to 2016, has recommended that NHTSA and Tesla limit Autopilot’s use to areas where it can safely operate. The NTSB also recommended that NHTSA require Tesla to improve its systems to ensure that drivers are paying attention. NHTSA has yet to act on the recommendations. (The NTSB can make only recommendations to other federal agencies.)

Messages were left Tuesday seeking comment from Tesla. At the company’s artificial intelligence day in September, CEO Elon Musk asserted that, based on the rate of crashes and total miles driven, Tesla’s automated systems were safer than human drivers — a notion that some safety experts dispute.

“At the point of which you believe that adding autonomy reduces injury and death, I think you have a moral obligation to deploy it,” Musk said. “Even though you’re going to get sued and blamed by a lot of people. Because the people whose lives you saved don’t know that their lives were saved. And the people who do occasionally die or get injured, they definitely know, or their state does, that it was, whatever, there was a problem with Autopilot.”

Teslas with automated systems have driven more than 3 million vehicles on the road, Musk said.

“That’s a lot of miles driven every day. And it’s not going to be perfect. But what matters is that it is very clearly safer than not deploying it.”

In addition to Autopilot, Tesla sells “Full Self-Driving” systems, though it says the vehicles cannot drive themselves and that motorists must be ready to intervene at all times.

The number of deaths involving automated vehicles is small compared with the overall number of traffic deaths in the U.S. Nearly 43,000 people were killed on U.S. roads last year, the highest number in 16 years, after Americans returned to the roads as the pandemic eased. Authorities blamed reckless behavior such as speeding and driving while impaired by drugs or alcohol for much of the increase.

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Alumnus, Founder Of Top-Notch Tech Company Shares Journey, Tips – FIU News

When Jason Dettbarn completed his FIU bachelor’s degree in computer science in 2002, he worked in the Knight Foundation School of Computing and Information Sciences and co-created a campus wide platform called AIRS (automated IP registration system). The platform managed the connectivity of every computer and phone across all FIU campuses. The system was used for about 15 years and was the backbone for technology on campus. 

After earning his master’s degree in computer science in 2013 and working at companies including Motorola, Dettbarn noticed a large gap in organizations being able to manage Apple devices (Apple Macs, iPhones and iPads). Addigy was born. 

“No one was focusing on the apple ecosystem, so I quit my job, and with a second child on the way, it was the most perfect time to start a bootstrapped business,” Dettbarn says.  

The humble beginnings of a great success 

Seven years ago, when Dettbarn started Addigy, he built software and sold it, literally, out of his spare bedroom. He expanded to a small office, and for his first hires, he went back to his roots — he hired two graduates from  FIU’s Computer Science Department. Today, his company employs 80 staffers. 

With a couple thousand customers globally, Dettbarn says Addigy is growing at a significant pace, and with that growth, he’s built a pipeline of fit talent to rise to the needs. Every one of the key roles at Addigy from product management to leadership and operations to security, is filled by an FIU graduate, he reveals. Many of these employees started as interns with the company. 

“We are definitely the recipients of great talent from FIU,” affirms Dettbarn who highlights that there is no shortage of work for computer scientists. 

Proud of his Panther network, Dettbarn came back to his alma mater several years ago when he landed a spot in a StartUP FIU entrepreneurship program, which helped him hone his business skills — skills he used to support a global expansion of his company. 

If you’re looking for some insight about the tech scene from this wildly successful alumnus, you’re in luck. He shared advice for Panthers looking to break into the field.

Tips for students

The most important thing for those in computer engineering is to be assertive and have the fundamentals like Java, and try not to get into computer languages, because you can always learn computer languages, Dettbarn advises.  

“But having full web stack experience is extremely important today because everything out there falls into those categories. There are graduates who don’t have those fundamentals and it’s a real disservice to their careers to not have that,” he offers. 

Dettbarn notes that he looks for graduates who are “malleable,” who are willing to learn. Some companies may look for candidates who have years of experience in a computer programming language, but languages will change over time, he says.  

“I look for employees who are hungry, humble and smart. We’re humble, that means the smartest people in the company will listen to their peers and are hungry for feedback. Those with egos don’t last in the company,” he says. 

His best advice to those who are nearing graduation: Keep learning. 

“Be willing and able to help and be coached and you will have success,” he says. 

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U.S. Export Controls On China Semiconductors Force Suppliers To Cut Ties – The Washington Post

Western suppliers have started cutting ties to some Chinese chipmakers in response to new U.S. export controls, in another sign of the partial technology divorce the Biden administration is mandating to stymie China’s military development.

One large supplier of chip-making equipment, ASML, told U.S. employees to stop installing or servicing equipment at any Chinese chip factory while it sorts through the new rules. Another equipment provider, Applied Materials, said the export restrictions will prevent it from making sales of roughly $400 million in the fourth quarter.

It is common for Western companies to broadly suspend exports in the immediate wake of new U.S. restrictions, and then resume some later, once they decipher the rules, lawyers say. But national-security experts say the new restrictions, which aim to stop China from producing advanced chips, are among the toughest the United States has enacted.

“I see these export controls as being hugely consequential. It goes straight to the heart of Beijing’s efforts to create a domestic world class semiconductor industry,” said Martijn Rasser, senior fellow at the Center for a New American Security. In particular, a new rule preventing “U.S. persons” from supporting certain Chinese chipmakers “won’t just freeze China’s abilities in place, it will actually lead to a degradation over time,” Rasser said.

The trade curbs could also have unintended consequences for the United States, cautioned Willy Shih, a Harvard Business School professor who specializes in technology and manufacturing. Depriving China of the ability to make the highest-tech chips could cause it to pump out even more low-end chips, driving down prices and making it hard for U.S. and Western factories to compete in that segment, he said. That in turn could leave Western buyers of such chips dependent on Chinese suppliers.

“It’s a little bit of a blunt instrument,” he said of export controls. “The thing you have to worry about is collateral damage.”

The export controls, announced Oct. 7, aim to slow China’s ability to produce high-end semiconductors that have dual uses in commercial and military technology. For now, China still lags behind Taiwan, South Korea and the United States in manufacturing the most high-tech chips.

The controls essentially bar exports to China of American-made manufacturing equipment needed to produce advanced chips. They also bar export of any U.S. tools or components to Chinese factories capable of making high-end semiconductors.

In a novel step that appears to have prompted some companies to broadly suspend trade with China, the rules also bar “U.S. persons” — including American factories, and Americans and U.S. green-card holders who work in foreign factories overseas — from providing support without a U.S. government license to the development or production of such chips for China.

ASML, a Dutch manufacturer of high-end semiconductor manufacturing tools that has U.S. offices and many U.S. employees, immediately instructed its U.S. staff to freeze their interaction with Chinese customers.

“ASML U.S. employees must refrain — either directly or indirectly — from servicing, shipping or providing support to any customers in China until further notice, while ASML is actively assessing which particular fabs are affected by this restriction,” the company told employees in an internal letter last week, an ASML spokesman confirmed.

The company said the freeze applies to U.S. citizens, green-card holders and foreign nationals who live in the United States.

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