Nvidia’s 4Q revenue, profit soar thanks to demand for its chips used for AI

( ) -q-24- UNDATED (Correspondent Jeremy House) “a year earlier.”

Nvidia posted stronger-than-expected results for its latest quarter, more than tripling its revenue from a year earlier.

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TAG: Correspondent Jeremy House reporting. The company, based in Santa Clara, California, earned $12.29 billion, up from its year-ago profit of $1.41 billion.

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VERBATIM: The positive results were due to soaring demand for Nvidia’s graphics chips used for artificial intelligence. The company has seen its value skyrocket over the past year, joining an exclusive list of businesses with a market value over $1 trillion. Nvidia’s revenue for its fiscal fourth quarter was $22.1 billion, up from $6.05 billion a year earlier.

Walmart rips again in Q4 but customer spending per trip is down

( ) -q-21- UNDATED (Correspondent Jeremy House) “its advertising business.”

Walmart has reported another quarter of strong results.

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TAG: Correspondent Jeremy House reporting. Walmart will now have access to Vizio’s SmartCast operating system, which would allow Walmart to offer its suppliers the ability to display ads on streaming devices.

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VERBATIM: Walmart’s low prices attracted shoppers looking for deals in an economically challenging environment marked by bouts of inflation. Yet inflation is fading, resulting in Walmart customers spending less per trip. Walmart has also confirmed that it would buy smart TV maker Vizio for $2.3 billion to boost its advertising business.

A warning from South Korea’s government to striking doctors

( ) -q-23- UNDATED (Correspondent Jeremy House) “return to work.”

The South Korean government has warned thousands of striking doctors to return to work immediately or face legal action.

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TAG: Correspondent Jeremy House reporting. By law, if doctors refuse to abide by the order, they could face up to three years in prison.

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VERBATIM: The warning comes after the doctors’ collective walkouts caused cancellations of surgeries and disrupted other hospital operations. The Health Ministry says about 7,800 medical interns and residents have walked off their jobs to protest the government’s push to recruit more medical students. The ministry says the government issued an official order for most of the striking doctors to return to work.

Unions oppose plan to move NBA, NHL teams to northern Virginia

( ) -q-23- UNDATED (Correspondent Jeremy House) “to their support.”

Influential labor groups now say they are opposing efforts to move two professional sports franchises from the nation’s capital to northern Virginia.

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TAG: Correspondent Jeremy House reporting. The Senate leader says the legislation isn’t dead, but Tuesday’s development won’t make it easier to get the deal across the finish line.

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VERBATIM: The opposition is partially due to the apparent inability to reach a satisfactory deal for union workers on the construction projects. The announcement is a blow for the proposal backed by Republican Governor Glenn Youngkin. Leaders in Virginia’s Democratic-controlled General Assembly have made clear labor union’s demands related to the project’s construction and its future jobs are central to their support.

Alabama Supreme Court rules frozen embryos are ‘children’

The Alabama Supreme Court has ruled that frozen embryos created during fertility treatments should be considered children under state law. The decision was issued in a pair of wrongful death cases brought by couples who had frozen embryos destroyed in an accident at a fertility clinic. Justices said an 1872 state law allowing parents to sue over the death of a minor child “applies to all unborn children, regardless of their location.” In a concurring opinion, Alabama Chief Justice Tom Parker quoted the Bible and said, “Even before birth, all human beings bear the image of God.”

Home Depot’s strong Q4 overshadowed by weakening 2024 expectations

( ) -q-16- UNDATED (Correspondent Jeremy House) “for fiscal 2024.”

Home Depot’s sales continued to weaken in its fiscal fourth quarter.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The country’s largest home improvement retailer is dealing with Americans who remain concerned about high mortgage rates and inflation. Home Depot’s quarterly results topped analysts’ expectations. However, the company provided a soft sales forecast for fiscal 2024.

China cuts key interest rate in latest move to boost ailing property sector

( ) -q-29- UNDATED (Correspondent Jeremy House) “on excessive borrowing.”

China’s central bank has cut its five-year loan prime rate while leaving its one-year rate unchanged.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: It was the first time the five-year rate, which is a benchmark for mortgage rates, was cut since May. The five year rate was lowered by 0.25 basis points to 3.95% while the one-year rate remains at 3.45%. As markets reopened after a weeklong Lunar New Year holiday break, China’s state-owned banks announced a flurry of plans for billions of dollars worth of loans to support developers struggling after a crackdown on excessive borrowing.

Boeing and China’s COMAC announce new orders at Singapore Airshow

( ) -q-21- UNDATED (Correspondent Jeremy House) “45 787 Dreamliners.”

The Singapore Airshow – Asia’s largest – has kicked off with an array of aerial displays including some by China’s COMAC C919 narrow-body airliner.

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TAG: Correspondent Jeremy House reporting. The biennial show comes as Asia’s aviation sector is taking off following the COVID-19 pandemic, when many countries in the region closed their borders to most international travel.

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VERBATIM: The event is expected to draw more than 50,000 visitors and over 1,000 participating companies. China’s COMAC announced a new order of 40 domestically-made C919 passenger jets from Tibet Airways. Meanwhile, Boeing said Thai Airways placed an order of 45 787 Dreamliners.

A mass resignation of trainee doctors in South Korea

( ) -q-22- UNDATED (Correspondent Jeremy House) “other problems first.”

Trainee doctors in South Korea have begun resigning en masse in protest of a government plan to increase the number of medical students.

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TAG: Correspondent Jeremy House reporting. South Korea’s Vice Health Minister Park Min-soo expressed “deep worries” over the trainee doctors’ action. He said the government ordered them to continue working.

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VERBATIM: The doctors’ action reportedly caused delays in surgeries and other treatments at hospitals, but no major disruptions occured. South Korean Health authorities say it’s urgent to have more doctors considering the country’s fast-aging population. But doctors say the government must use available resources to raise medical fees and resolve other problems first.

Japan hosts Ukraine reconstruction conference to showcase its support

( ) -q-23- UNDATED (Correspondent Jeremy House) “and corporate officials.”

Japan has pledged long-term partnership in the reconstruction of Ukraine.

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TAG: Correspondent Jeremy House reporting. About 300 people and 80 companies from the two countries were expected to attend the meetings. Japan wants to highlight its opposition to Russia’s invasion and support for Ukraine at a time of expanding Chinese military moves in the region.

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VERBATIM: The pledge came at a conference held ahead of the two-year anniversary of Russia’s invasion of Ukraine. Tokyo is showcasing its commitment to supporting the war-torn country through business and financial means since it’s capacity to provide military aid is limited. Ukraine’s Prime Minister is heading his country’s delegation of more than 100 government and corporate officials.

Biden admin providing $1.5 billion to make computer chips in NY, Vermont

( ) -v-34- WASHINGTON (Correspondent Jeremy House) “std.”

The Biden administration says that the government would provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont. Correspondent Jeremy House has more on the story.

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VERBATIM: The announcement is the third award of financial support for a semiconductor company under the 2022 CHIPS and Science Act. The law enables the government to invest more than $52 billion to revitalize the manufacturing of computer chips in the United States as well as advance research and development. GlobalFoundries intends to use the funding to help pay for the construction of a new advanced chip factory in Malta, New York, increase production at its existing plant in Malta, and revitalize its plant in Burlington, Vermont…JH, Washington.

Stellantis reported a 13% decrease in net profits in second half of 2023

Carmaker Stellantis reported an 13% decrease in net profits in the second half of 2023

VERBATIM:

The decrease was due to the impact of strikes in North America, Stellantis’ profit center, as it heads into a year it expects to be “turbulent.” The world’s third-largest carmaker reported net profits of 7.7 billion euros in the second half, down from 8.8 billion in the same period. Full-year profits were up 11% to 18.6 billion euros.

Federal accident investigators are pushing for better cockpit voice recorders

Federal accident investigators are pushing for better cockpit voice recorders

VERBATIM:

The investigators are pointing to limits of the device on the jetliner that suffered a door-panel blowout last month over Oregon. The National Transportation Safety Board says the Federal Aviation Administration should require all current planes to have recorders that can capture 25 hours of audio. That would be up from the current standard of two hours.

US wholesale inflation accelerated in January in latest sign that prices picked up last month

( ) -q-28- UNDATED (Correspondent Jeremy House) “coming under control.”

Wholesale prices in the United States accelerated in January, the latest sign that some inflation pressures in the economy remain elevated.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The producer price index rose 0.3% from December to January after having fallen -0.1% from November to December. Measured year over year, producer prices rose by a mild 0.9% in January. The figures follow a surprising report this week that showed that consumer prices eased less than expected last month, signaling that the pandemic-fueled inflation surge is only gradually and fitfully coming under control.

Ford CEO says company will rethink where it builds vehicles after last year’s autoworkers strike

( ) -q-28- UNDATED (Correspondent Jeremy House) “our manufacturing footprint.”

Ford’s top executive says that last fall’s contentious United Auto Workers’ strike changed the company’s relationship with the union to the point where it will “think carefully” about where it builds future vehicles.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: CEO Jim Farley told the Wolfe Research Global Auto Conference in New York that the company always took pride in its relationship with the UAW, having avoided strikes since the 1970s. But last year, Ford’s highly profitable factory in Louisville, Kentucky, was the first truck plant that the UAW shut down with a strike. Farley said as the company looks at the transition from internal combustion to electric vehicles, “we have to think carefully about our manufacturing footprint.”

DoorDash orders and revenue beat Wall Street expectations despite disappointing net losses

( ) -q-22- UNDATED (Correspondent Jeremy House) “by Wall Street.”

DoorDash’s revenues and orders exceeded expectations for the fourth quarter, although its net losses failed to shrink as quickly as Wall Street had hoped.

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TAG: Correspondent Jeremy House reporting. The company’s net loss narrowed to $156 million in the quarter, down from $642 million in the year-earlier period. Analysts, however, had expected them to narrow further to $61 million.

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VERBATIM: The San Francisco delivery company says its revenues rose 27% to $2.3 billion in the October-to-December period. That slightly exceeded the $2.25 billion analysts had projected. Total orders rose 23% to 574 million compared to the 561.3 million forecast by Wall Street.

US eases restrictions on Wells Fargo after years of strict oversight following scandal

( ) -q-28- UNDATED (Correspondent Jeremy House) “protection for whistleblowers.”

The Biden administration is easing its restrictions on banking giant Wells Fargo.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: White House officials say the bank has sufficiently fixed its toxic culture after years of scandals. Investors speculate that the bank, which had been under a tight leash for by regulators for years, may be able to start growing again. The Office of the Comptroller of the Currency terminated a consent order that required the bank to completely overhaul how it sold financial products to customers and provide additional consumer protections as well as employee protections for whistleblowers.

AM SPORTSCAST 2-16

AM SPORTSCAST 2-16

Cyberattacks on hospitals are likely to increase, experts warn

CYBERATTACKS/HOSPITALS

Inserted: 7:30am – Thu 2/15

( ) -v-34- UNDATED (Correspondent Jeremy House) “std.”

Cybersecurity experts are warning that hospitals around the United States are at risk for attacks such as the one that’s crippling operations at a premier Midwestern children’s hospital. Correspondent Jeremy House has more on the story.

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VERBATIM: Experts want the government in Washington to do more to prevent such breaches. Assailants often operate from American adversaries such as Russia, North Korea and Iran, where they enjoy big payouts from their victims and face little prospect of ever being punished. Federal health officials acknowledge the increase in cyberattacks on hospitals and say they are working to develop new rules to help health care facilities protect themselves against cyber threats. But they say more money is needed from Congress to help hospitals protect themselves…JH, Washington.

UK fell into recession at the end of 2023 as output shrank in Q4

( ) -q-23- UNDATED (Correspondent Jeremy House) “anticipated by economists.”

The British economy fell into recession at the end of 2023 as output shrank more than anticipated in the final three months of the year.

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TAG: Correspondent Jeremy House reporting. The quarterly decline followed a 0.1% fall in the previous three-month period. A recession is officially defined as two straight quarters of economic decline.

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VERBATIM: Britain’s Office for National Statistics says economic activity, as measured by gross domestic product, declined by 0.3% in the fourth quarter of the year from the previous three-month period. All three main sectors — services, industrial production and construction — were down. That was far more than the 0.1% decline anticipated by economists.

Biden administration announces $970 million in grants for airport improvements

( ) -q-25- UNDATED (Correspondent Jeremy House) “make other improvements.”

The Biden administration is giving airports $970 million for improvements in terminals.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Those improvements include things like wider concourses, new baggage-handling systems, and more gates. The money will go to 114 airports in 44 states, and it comes from a $5 billion grant program to modernize airport terminals. The biggest winner is Fort Lauderdale-Hollywood International Airport in Florida, which will get $50 million for a project to connect terminals and make other improvements.

Retail sales fall 0.8% in January from December following strong holiday season

( ) -q-30- UNDATED (Correspondent Jeremy House) “and rising wages.”

Americans took a break from spending in January after splurging during the holiday season.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Commerce Department says retail sales fell 0.8% from the strong pace in December when retail sales were up a revised 0.4%. Economists had expected consumers to pull back on spending late last year under the weight of credit card debt and delinquencies and lower savings. Yet despite those challenges, along with higher borrowing costs and tighter credit conditions, household spending had been been fueled by strong job and rising wages.

Senator Roger Marshall On Hand As Shots Rang Out At KC Chiefs Parade

JetBlue shares soar as investor Carl Icahn takes a stake in the airline

( ) -q-20- UNDATED (Correspondent Jeremy House) “board of directors.”

Shares of JetBlue were up more than 18% as activist investor Carl Icahn took an almost 10% stake in the airline.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Icahn, who purchased shares in January and February, said in a regulatory filing that he believe JetBlue’s stock is undervalued. He also point out the stock represents an attractive investment opportunity. Icahn plans to continue talking with JetBlue in regards to possible representation on its board of directors.