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1 | Sergio Ermotti has been named the new Group CEO for UBS, replacing current CEO Ralph Hamers, who will continue to advise the Swiss bank during the transition. Ermotti, who previously held the CEO position from 2011 to 2020, will help lead UBS through its $3.2B acquisition of Credit Suisse. |
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2 | Lyft CEO Logan Green and President John Zimmer, who founded the company in 2012, are stepping down from their executive roles as Amazon veteran David Risher takes over as chief executive. The ride-hailing company has struggled to perform in the public market, with its shares down 90% since its 2019 IPO. |
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3 | Electronic Arts is laying off 6% of its workforce, or 800 employees, and reducing its office space as it directs focus to its "strategic priorities." Following the announcement, shares of the video game maker rose 0.68% in after-hours trading. Q: Do you think tech layoffs will continue through the rest of 2023? Tell us at Inside.com. |
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4 | Lululemon shares jumped nearly 13% today after the apparel retailer reported better-than-expected earnings for its holiday quarter. Revenue reached $2.77B, topping analysts' expectations of $2.7B, with $4.40 in adjusted earnings per share, compared to the $4.26 expected. |
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5 | Johnson & Johnson will cease its respiratory syncytial virus (RSV) vaccine program just weeks after FDA advisers recommended approval of Pfizer and GSK's RSV vaccines for older adults. The announcement did little to move J&J's shares, which ended the day about 1% higher. |
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6 | United Airlines shares closed 2.5% higher on Wednesday after it announced a tentative agreement with a union representing about 30,000 ground workers. The deal, which spans two years, will guarantee "industry-best" wages and job protections, and guard against outsourcing, according to the International Association of Machinists and Aerospace Workers. |
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7 | Satellite imagery firm Planet announced a record fourth quarter with $53M in revenue, a 43% YoY increase. While the company reported $17.7M in adjusted EBITDA losses, it ended the quarter with $408.8M in cash and an agreement for its sixth acquisition. |
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