Morning Report: General Motors cutting hundreds of jobs
General Motors is cutting hundreds of salaried positions. Other major companies, including competitors in the industry, have also been downsizing. These layoffs are an effort to preserve cash and boost profits. According to a person familiar with the plans, the cuts will affect about 500 employees. The General Motors announced the plans to downsize internally on Tuesday.
Novavax shares plunge as the company raises doubts about its ability to remain in business. Much like Pfizer and Moderna, Novavax produced a Covid vaccine. However, the company has not enjoyed the same level of success as its competitors. Their vaccine was not used as often by healthcare providers.
Twitter rolled out a new policy on “violent speech” that prohibits threats, wishes of harm, incitement of violence, glorification of violence. Users who violate Twitter’s policy may have their accounts suspended and be required to delete the content. CEO Elon Musk says that he is trying to balance free speech with advertisers desire for non-controversial content.
Meanwhile, Pfizer’s RSV vaccine wins the U.S. panel’s backing for safety in older people. Panel members focused on data concerns before giving their votes.
The DOW finishes February at the lowest level of 2023 as stocks book monthly losses. The DOW lost 232 points.
A crowd favorite Girl Scout cookie will be harder to get this year. Some troops say that their supplies of Samoas are limited. You can blame the supply chain for the shortage.