- Apple approved a $110 billion share buyback, the most ever for a public company.
- Friday’s jobs report is expected to show that hiring kept a rapid pace.
- AI workers say there’s a dark side to the push for new technology.
Here are the most important news items that investors need to start their trading day:
Signage at a job fair at Brunswick Community College in Bolivia, North Carolina, US, on Thursday, April 11, 2024.
Allison Joyce | Bloomberg | Getty Images
April’s jobs report due at 8:30 a.m. ET Friday is likely to show that hiring continued at a brisk pace. Nonfarm payrolls are expected to show a gain of 240,000 for the month, according to the Dow Jones consensus estimate, which also anticipates the unemployment rate will hold steady at 3.8%. Markets also will closely watch the wage numbers, which are estimated to show an average hourly earnings growth of 0.3% on the month — near the March move — and a yearly increase of 4%. “I don’t expect to see major surprises this month based on what I’m seeing on the ground,” said Amy Glaser, senior vice president of business operations at job staffing site Adecco. “But we’ve been surprised before.”
Apple CEO Tim Cook looks on following a conversation on mental health, during a spousal program on the last day of the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week at Apple Park in San Francisco, California, on November 17, 2023.
Andrew Caballero-Reynolds | AFP | Getty Images
Apple announced its largest-ever share buyback on Thursday, the most ever for a public company. The tech giant said its board authorized $110 billion in share repurchases, a 22% increase over last year’s $90 billion authorization. The announcement came as Apple reported second-quarter earnings that beat expectations, but showed overall revenue down 4%. Apple CEO Tim Cook told CNBC’s Steve Kovach that year-over-year sales suffered from a difficult comparison to the year-ago period. Apple also said iPhone sales dropped 10%, suggesting weaker demand for the latest generation of its phones.
A view of Paramount Studios’s water tank as SAG-AFTRA members walk the picket line outside during their ongoing strike, in Los Angeles, California, U.S., September 26, 2023.
Mario Anzuoni | Reuters
The saga for Paramount’s future continues. Sony Pictures and private equity firm Apollo Global Management sent a letter to the Paramount board expressing formal interest in executing a $26 billion takeover of the company. That offer comes as Skydance Media is waiting to hear back from Paramount’s special committee on if it will recommend its acquisition bid to controlling shareholder Shari Redstone. Skydance and Paramount have an exclusivity window for talks that ends Friday, but it could be extended. Some investors have been eager for the board to engage with Apollo and Sony rather than take the Skydance deal because all common shareholders would get a premium for their shares.
Just_super | E+ | Getty Images
There’s a dark underbelly of the generative AI gold rush. Workers at big tech companies, including Amazon, Google, Apple and Microsoft, say they’re facing pressure to work under accelerated timelines as they chase rivals. Several artificial intelligence engineers, who spoke to CNBC’s Hayden Field anonymously out of fear of retribution, said they’re experiencing burnout as that pressure to keep up has come to define their jobs. Workers also said they worry that companies have little regard for the technology’s effect on climate change, surveillance and other potential real-world harms.
— CNBC’s Samantha Subin, Jeff Cox, Kif Leswing, Julia Boorstin, Alex Sherman, Lillian Rizzo and Hayden Field contributed to this report.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
