5 Things to Know Before Markets Open

News of the day for April 21, 2023

Railroad freight

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Railroad earnings showed signs of a slowing economy and Mark Zuckerberg said hiring will slow and more layoffs are possible at Facebook parent Meta Platforms. Here’s what investors need to know today.

1. Railroad Earnings Beat Estimates But Hint at Slowing Economy

Shares of railroad company CSX (CSX) are up nearly 3% and Union Pacific (UNP) shares are slightly higher after both reported earnings that beat estimates, though their results indicated some signs of a slowing economy.  CSX posted profits of $987 million or 48 cents a share, ahead of estimates of 42 cents per share. Revenues were $3.71 billion, also beating estimates of $3.6 billion.

2. Zuckerberg Warns Meta Platform Staff of Slower Hiring, Possible Layoffs

Meta Platforms CEO Mark Zuckerberg told employees at a town hall meeting that hiring will slow and he wouldn’t rule out future layoffs. Workers primarily in the company’s tech divisions were affected by the latest layoffs of 4,000.

3. Buzzfeed Shares Fall After Layoff Announcement

Buzzfeed (BZFD) shares fell nearly 20% to $0.75 per share after the company said it will lay off 15% of its staff and shut down its news unit. CEO Jonah Peretti announced the news in an email to staff. The layoffs will affect the company’s business, content, administrative, and tech teams, impacting 180 people. Peretti blamed the problems on “a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market, and ongoing audience and platform shifts.”

4. DOJ Weighs Blocking T-Mobile Deal to Buy Mint Mobile

T-Mobile’s $1.35 billion deal to buy Mint Mobile is reportedly facing scrutiny by the Department of Justice (DOJ). The DOJ is weighing an antitrust lawsuit to block the deal over concerns it could raise prices for wireless customers.

5. Whole Foods Plans Corporate Job Cuts

Whole Foods plans to cut several hundred corporate jobs as it reorganizes its structure to simplify operations. The Amazon owned grocer will shrink from nine regions down to six.

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  1. Wall Street Journal. “CSX Profit Widens While Lower Volumes, Weather Squeeze Union Pacific.”

  2. Wall Street Journal. “Mark Zuckerberg Says Meta Will Slow Hiring, Won’t Rule Out Future Layoffs.”

  3. USA Today. “BuzzFeed News is shutting down, CEO says, as company cuts 15% of workforce.”

  4. New York Post. “Ryan Reynolds' Mint Mobile, T-Mobile deal faces DOJ scrutiny.”

  5. CNBC. “Whole Foods plans to lay off several hundred corporate employees.”

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