Wall Street Adds More Gains to Last Week’s Rally; Tech Leads | Business News

By STAN CHOE and ALEX VEIGA, AP Business Writers

Stocks are pushing higher on Wall Street in afternoon trading Monday and tacking more gains onto last week’s market rally, its best in three months.

The S&P 500 was 1.8% higher, following up on strengthening in stock markets around the world. The Dow Jones Industrial Average was up 308 points, or 1.1%, at 28,895, as of 12:35 p.m. Eastern time, and the Nasdaq composite was 2.6% higher.

The gains are being driven mostly by Big Tech stocks, whose businesses have proven to be practically impervious to the pandemic, rather than companies that would benefit from a strengthening economy.

Apple climbed 5.4% and alone accounted for nearly a quarter of the S&P 500’s rise. Amazon gained 5.1%. Both companies have events coming up this week, with Apple expected to unveil its latest batch of iPhones on Tuesday and Amazon holding its Prime

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TikTok VP Blake Chandlee to speak at Business Insider event in October

Business Insider is proud to announce that Blake Chandlee will speak at the inaugural BI Global Trends Festival, a virtual event taking place the week of October 19-23, 2020.

Chandlee is the VP overseeing all of TikTok’s ad partnerships, sales operations, and anything the app does to generate revenue — making him one of the most important people running the company’s US operations today.

The company has been in the spotlight since the Trump administration’s attempts to issue a nationwide ban on the app, which allows users to record short videos synchronized with music. Now, the decision on the ban will be delayed until at least after Election Day 2020.

Chandlee came in at the beginning of 2020 to head up TikTok’s global business solutions, the division working with brands to advertise on the growing platform, Business Insider previously reported. Under Chandlee, TikTok’s ad product offerings have expanded dramatically, to

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Game, Set And Match. The Business Masters Where European Are The World Champions

With his 13th French Open tennis title at Roland Garros this weekend, Spain’s Rafael Nadal has equalled Roger Federer’s record of 20 Grand Slam men’s titles. Croatia’s Novak Djokovic, with 17 Grand Slams to his name will need at least another year if he is to catch up on his rivals.

Nadal won his first French Open tennis title in 2005. In the past 15 years, few things in the world of sport have been as sure. When it comes to men’s tennis, Europeans are the Masters of the Court.

There is a similar pattern of European domination in the Masters of Management (MiM). This pre-experience business degree has seen tremendous growth in the last decade, as college

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Morgan Stanley Analysts Reiterate $245 Price Target, See Promising Future in Microsoft’s Gaming Business

On Thursday, Morgan Stanley analysts reiterated their Overweight rating on Microsoft (MSFT) with a $245 price target. The analysts see great upside for Microsoft ahead of new Xbox console launches and following the $7.5B acquisition of game developer and publisher Bethesda Softworks.

The long-awaited release of the Xbox Series X/S console is approaching quickly. As expected, Microsoft should experience an uptick in hardware sales driven by the increase of “work/stay/play at home” activities from consumers. “The increase in gaming hardware revenue in FY21 vs.FY20 of $779 million in our model is already pressuring our existing FY21 gross margin estimates by ~35bps”, stated by Morgan Stanley analysts.

The analysts further noted: “Microsoft’s revenue base has grown meaningfully since (MSe $156 billion revenue in FY21 vs $110 billion in FY18), thus making the margin dilutive effect less meaningful now, in our view. Despite this modest gross margin headwind, we look for FY21

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Yelp Will Add Racist Behavior Tags to Business Pages

Illustration for article titled Yelp Will Now Advise Customers When a Business Is Racist Enough to Land in the News

Screenshot: Yelp

Yelp will now warn customers that they’re looking at a “business accused of racist behavior”—just so long as it’s been racist enough to warrant a mention in the news.

The review platform announced in a blog post Thursday that it will place an alert on a business page when a business “gains public attention” such as a news article documenting “egregious, racist actions from a business owner or employee, such as using overtly racist language or symbols.” Previously, Yelp implemented a “Public Attention Alert” feature that informed visitors that a business may be at the center of a controversy involving racism, but that alert didn’t specify whether the business was the source of the bigoted behavior or the target.

“As the nation reckons with issues of systemic racism, we’ve seen in the last few months that there is a clear need to warn consumers about

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Tech Talk: October is Cybersecurity Awareness Month and it can help keep you safe – Business – seacoastonline.com

First and foremost, I want to let readers know this will be my final Tech Talk column for Seacoast Media Group. For the last 14 years, I’ve tried to share timely and informative columns about technology that will help businesses and individuals better take advantage of the incredible capabilities that technology provides us all.

Can you imagine navigating the current pandemic without technology? No remote work, no remote learning, no virtual events, no family Zoom or FaceTime. The list goes on and on.

I hope you’ve benefited from what I’ve shared over the years. I appreciate the feedback and questions I’ve received from many of you. I also want to thank the editorial team at Seacoast Media Group, specifically Rick Fabrizio for always keeping me on track and supporting this column. Lastly, I want to thank all of you for reading. It’s been my pleasure to share my passion with

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IBM Bets Big on $1T Hybrid Cloud Market With Business Spin-off

There have been major developments this year amid the coronavirus crisis in the technology sector, from NVIDIA acquiring ARM Holdings, Oracle and Walmart’s stake in TikTok, and Microsoft’s Bethesda acquisition to even the most recent rumored deal of AMD looking to acquire its rival Xilinx for $30 billion.

News of merger, acquisition and spin-off keep ticking. Coronavirus crisis has compelled companies globally to rethink business strategies and alter their spending patterns. International Business Machines Corporation IBM isn’t immune to the trend.

The company recently announced the spin-off of its legacy Managed Infrastructure Services business in a bid to accelerate its hybrid cloud growth strategy, with a focus on enabling clients with accelerated digital transformation.

The company’s Managed Infrastructure Services, a unit of its Global Technology Services division, will be spun off into a new public company or NewCo (set to be named later). The deal is anticipated to “be achieved

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IBM Offloads Legacy Business to Focus on $1 Trillion Cloud Industry

Embattled tech relic IBM (NYSE:IBM) has made many attempts to right its flagging business over the years, thus far to no avail. However, in spring 2020, CEO Arvind Krishna — former Senior Vice President of IBM’s cloud and cognitive software segment and a key player in the 2019 acquisition of Red Hat — took the reins of the company. Year-to-date results have again been lackluster, even as cloud computing has become more important than ever before during the pandemic. True to his roots, though, Krishna recently announced IBM will spin off its managed infrastructure services unit into a separate business to focus solely on the cloud.

Someone holding a tablet. Illustrated charts and data are drawn over the screen.

Image source: Getty Images.

Freeing Red Hat from dead weight

During the 2020 second quarter, IBM’s total revenue fell 5.4% year over year to $18.1 billion. Masking cloud computing segment strength — including a 17% increase in Red Hat sales and a total cloud

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IBM to Spin Off Legacy IT Business, Pegging Future on Cloud

(Bloomberg) — International Business Machines Corp. is spinning off a slower-growth business that manages corporate computer systems so it can focus on the boom in demand for cloud services and step up competition with Amazon.com Inc. and Microsoft Corp.

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The new unit, which is currently part of IBM’s global technology services division, handles day-to-day infrastructure service operations, like managing client data centers and traditional information-technology support for installing, repairing and operating equipment. It serves 4,600 clients and has an order backlog of $60 billion, according to a statement from IBM Thursday.

The shift essentially divides IBM into two, splitting its legacy IT-management services from its new hybrid-cloud computing and artificial intelligence unit, which the company hopes will return it to revenue growth — and relevancy. IBM said it aims to complete the transaction as a tax-free spinoff to IBM shareholders by the end of 2021.

The move is

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Yelp placing alerts on business pages accused of racism

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As people look for tips on where to spend their money, Yelp created a consumer alert warning users about businesses accused of racist behavior.

TNS

If you’re browsing through Yelp reviews, you might come across a new consumer alert, warning you that a business has been “accused of racist behavior.”

“Recently, someone associated with this business was accused of racist behavior, resulting in an influx of people posting their views to this page,” the warning says.

There has been a substantial increase in the number of reviews mentioning Black-owned businesses, Yelp said in a news release Thursday. This summer, Yelp saw a 617% rise in such reviews compared with last year.

“While searches for Black-owned businesses surged on Yelp, so did the volume of reviews warning users of racist behavior at businesses,” the company said.

In the interest of the company’s “zero tolerance policy to racism,” it will

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