What's up, Market Movers! Welcome to the podcast where we serve up a curated, snackable summary of the latest news, trends and financial models, giving you all the intel you need to make better decisions when it comes to thinking about your money, protecting your money, and building wealth. For more, visit us at MarketMoversDaily.com But now for your Market Mover's Daily update for Sunday, February 12th, 2023. Google's Bard AI makes an expensive mistake.
Google's AI chatbot unveiling falls short of expectations. In a recent demo video of the AI chatbot experts pointed out that Bard made a factual error. The demonstration showed Bard answering a question about the James Webb space telescope, claiming it had taken the first picture of a planet outside of our solar system. Astronomers, however, have disputed this statement. Oil market on the rise with Russia's production cut.
The Russian Deputy Prime Minister Alexander Novak announced that the country will be cutting its oil output by 500,000 barrels per day in March. This move follows the implementation of Western bands on Moscow's, crude and oil products in recent months. The production decline amounts to approximately 5% of Russia's latest crude oil. Japanese Yen surges with report of new bank Governor. The appointment of economist Kazuo Ueda as the new bank governor has sparked a surge in the Japanese yen.
Ueda, a former member of the central bank's policy board has strengthened the yen against the dollar, pushing it to a one week high. He will replace the previous bank governor whose term ends on April 8th, 2023, Yahoo, to downsize with layoff of 20% of its workforce. In light of concerns about the slowing economy, rising interest rates and high inflation, Yahoo has announced a layoff of 20% of its workforce.
The company is restructuring its advertising tech unit, Yahoo for Business, which has struggled to meet its standards. Credit Suisse suffers largest annual loss. Since the financial crisis, European banks have been reporting healthy profits with one notable exception, Credit Suisse. Not a huge surprise there. When the bank reported its latest earnings, it said that it lost nearly $8 billion last year. That is the worst annual loss for Credit Suisse since the 2008 financial crisis.
What to watch this upcoming week... Bob Iger plan to reinvigorate Disney. In a recent statement, Walt Disney CEO Bob Iger criticized the company's strategy, citing excessive spending on TV shows, product marketing, and low streaming prices. He then announced a sweeping restructuring of these areas that he plans to implement in the near future. Adidas shares plummet with warning over unsold Yeezy stock.
Adidas recently announced that it's assessing its options with regards to Yeezy inventory, acknowledging the significant adverse impact of not selling the product. The company predicts that its operating profit would drop by approximately 500 million Euros if it fails to sell the products and expects a decline in sales at a high single digit rate in 2023. Lyft shares tumble with the downbeat revenue outlook.
The ride sharing company is reported that it's revenue for the current year is expected to be roughly $975 million. Yes, an increase from the previous year, but below analyst's expectations for $1.09 billion in revenue. The company attributes the lower than expected revenue to seasonal trends, including an increase in health related goals that lead to reduced going out and walking more. You're going to see more layoffs through Q1.
Unemployment rates though remain the same until about three months out because rough range of April to June data will begin registering the layoffs. This is because the vast majority of white collar jobs give around three months of severance where you cannot claim unemployment. Operation Job Destruction is underway. Keep your eye on the unemployment rate in the coming months.
It is likely to be a strong signal for when the Fed will pivot and begin the cool down of their tighter financial conditions. Inflation is already moving in the intended direction, but employment is being a little bit stubborn. And that caps off your snackable new summary for the day. But now what? What can you do with this new found intel? How can you wield this information to protect and grow your money? The first thing you can do is head over to MarketMoversDaily.com and subscribe.
Subscribing is free and it's the one thing that keeps us working for you, plus gives you the inside scoop. scoop Because let's face it, email's really where we share our best stuff. Think micro content for macro returns. Subscribe today. After that, we work for you. Me, my partners, our board of advisors, all focused on delivering the best content to make you a better business person and a better investor. Become a Market Mover today. It's fast, easy.
Just head over to MarketMoversDaily.com, drop in your email and let me and my crew go to work for you.