IBM Corp. (IBM) is said to reduce the number of employees across the U.S., streamlining its workforce in at least five states.The company declined to comment on the total number, but the workforce reductions appear far-reaching, according to a Bloomberg report.“IBM’s work in a highly competitive marketplace requires flexibility to constantly add high-value skills to our workforce. While we always consider the current environment, IBM’s workforce decisions are in the interest of the long-term health of our business,” company spokesman Ed Barbini said in a statement. “Recognizing the unique and difficult situation this business decision may create for some of our employees, IBM is offering subsidized medical coverage to all affected U.S. employees through June 2021.”Based on a review of IBM internal communications on the Slack corporate messaging service, the number of affected workers is likely to be in the thousands, said a North Carolina-based worker who lost his job along with his entire team of 12.“This was far ranging — and historical employment ratings, age and seniority did not seem to matter,” he said. The person asked not to be identified on concern that speaking publicly may impact his severance package, according to the Bloomberg report.IBM employees in Pennsylvania, California, Missouri and New York, are also said to be affected by the round of job cuts, according to the Bloomberg report.Another worker who lost his job said the reductions mostly focus on IBM’s North American workforce. Half of his 70-person department were cut and told their last day with the company will be June 22.IBM is joining a list of tech companies, who are implementing cost-cutting measures, such as widespread job cuts after the coronavirus pandemic induced a slower economic growth environment. Uber Technologies Inc. (UBER) has cut about a quarter of its workforce, while Hewlett Packard Enterprise Co. (HPE) last week said it will cut some employees to preserve cash.In an earnings call in January, IBM discussed reducing costs through “aggressive structural actions” to improve the competitiveness of its Global Technology Services consulting unit, which represents about a third of revenue.Shares in IBM, which have advanced 25% in the past two months, are still down 13% year-to-date.Turning now to Wall Street, analysts are cautiously optimistic about the stock’s outlook. The Moderate Buy consensus is divided into 4 Buy ratings and 8 Hold ratings. The $132.36 average price target suggests shares have 12% upside potential in the coming 12 months. (See IBM stock analysis on TipRanks).Related News: Nvidia Sinks Despite Stellar Earnings; Top Analyst Says Buy On Any Weakness Micron Has More Than Enough Tailwinds to Offset Huawei Sanctions, Says Top Analyst Baidu May Use Nasdaq Delisting To Boost Value – Report More recent articles from Smarter Analyst: * Air Canada’s Proposed Takeover Of Transat Faces EU Anti-Trust Probe * Uber Cuts 600 Jobs In India, Cites Unpredictable Covid-19 Recovery * Latam Airlines Files For Chapter 11 Bankruptcy Protection In U.S. * Chi-Med, BeiGene Join Forces For Solid Cancer Tumor Treatment
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Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk and his partner Canadian musician Grimes have changed their baby's name to comply with Californian law. What Happened The baby X Æ A-12 will now be named X Æ A-Xii to comply with a law in California, revealed Grimes on Instagram Sunday.Grimes said in response to a comment on the social media network, "Just removed the numbers to confirm [sic] to California law," She added, "Roman numerals. Looks better tbh."The singer also added that a dash in the name was allowed by the law.Why It Matters According to the California Birth Registration Handbook, baby names are limited to the 26 alphabets of the English language and cannot include numeric characters or diacritical marks. Hyphens or apostrophes may be used in certain names. Musk had previously disclosed that his baby boy's name is pronounced "X Ash A 12." Explaining the meaning of the name, he had said X is just "X," and the A-12 is just "A 12."The Tesla chief executive gave credit to his wife for coming up with the name and disclosed that A-12 signifies the Archangel-12 plane, the precursor of their favorite aircraft SR-17. Musk announced at the beginning of the month that he was rethinking his "attachment to the material world" and will be selling "almost all physical possessions."It is not certain if the baby's name would be accepted by the state of California, reported Business Insider. Price Action On Friday, Tesla shares closed 1.30% lower at $816.88.Image Credit: Elon Musk's Twitter.See more from Benzinga * Amazon Shareholders Demand Disclosures On COVID-19 Worker Safety * BlackRock Under Pressure From Activist Shareholders On Mindful Climate-Related Investing * Hewlett Packard To Reduce Workforce, Slash Salaries(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Macau gambling king Stanley Ho, who built a business empire from scratch in the former Portuguese colony and became one of Asia’s richest men, died peacefully at the age of 98, his family confirmed on Tuesday. The flamboyant tycoon, who loved to dance and advised his nearest and dearest to shun gambling, headed one of the world’s most lucrative gaming businesses through his flagship firm, SJM Holdings Ltd, valued at about $6 billion. Ho oversaw the transformation of once-sleepy Macau into the world’s biggest casino centre, outpacing the United States’ Las Vegas strip, and held a monopoly until 2002 when the enclave licensed five other operators to run casinos.