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BofA’s Rick Sherlund predicts software comeback

Posted on 08/01/2023

BofA banker Rick Sherlund predicts tech is optimistic about a comeback after earnings season

Bank of America top banker Rick Sherlund sees a major market shift ahead.

According to Sherlund, optimism surrounding technology stocks will make a comeback this year — but the key is weathering upcoming earnings season first.

“What we need to do is de-risk 2023 numbers,” the firm’s vice chair of technology investment banking told CNBC’s “Fast Money” on Thursday. “When we go through the fourth quarter in earnings, I think companies will indicate a reduction in force. They’ll talk about cutting back on go-to-market spending… This is all encouraging.”

Sherlund’s expertise is software. He hits No. 1 on Institutional Investor’s all-star analyst list 17 times in a row when he was an analyst.

And, he’s known for leading Goldman Sachs’ technology research team through the 2000 dot-com bubble, a time he calls “breathtaking.” The latest market backdrop reminds him of prior downturns.

“2022 was a terrible year for these [software] stocks,” said Sherlund. “We’ve seen tremendous compression in valuation. The good news is that downturns are ultimately followed by upturns. So, we’ve just got a lot of near-term crosscurrents.”

His latest market forecast coincides with the tech-heavy Nasdaq‘s latest struggles. It fell 1.47% to 10,305.24 on Thursday, and it’s

Absolute Software to Present at Needham Growth Conference

Posted on 07/01/2023

VANCOUVER, British Columbia & SAN JOSE, Calif., January 05, 2023–(BUSINESS WIRE)–Absolute Software™ (NASDAQ: ABST) (TSX: ABST), the only provider of self-healing, intelligent security solutions, today announced the company will host a fireside chat at the 25th^th Annual Needham Growth Conference on Tuesday, January 10, 2023 at 11:45 am Eastern Time.

A live webcast and replay of the event will be available via the Absolute Investor Relations website.

About Absolute Software
Absolute Software (NASDAQ: ABST) (TSX: ABST) is the only provider of self-healing, intelligent security solutions. Embedded in more than 600 million devices, Absolute is the only platform offering a permanent digital connection that intelligently and dynamically applies visibility, control and self-healing capabilities to endpoints, applications, and network connections – helping customers to strengthen cyber resilience against the escalating threat of ransomware and malicious attacks. Trusted by 18,000 customers, G2 is recognized Absolute as a Leader for the eleventh consecutive quarter in the Fall 2022 Grid® Report for Endpoint Management and as a Leader in the Grid Report for Zero Trust Networking.

©2023 Absolute Software Corporation. All rights reserved. ABSOLUTE, the ABSOLUTE logo, and NETMOTION are registered trademarks of Absolute Software Corporation or its subsidiaries. Other names or logos

Salesforce lays off about 10% of its workforce, citing “challenging” environment

Posted on 07/01/2023

Salesforce is laying off about 10% of its workforce, more than 7,350 employees, in the latest round of job cuts in the tech industry as corporations cut back on software and other spending.

The San Francisco cloud computing software company will also be closing some offices, according to a regulatory filing Wednesday.

“The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” said CEO Marc Benioff in a letter to employees. “With this in mind, we’ve made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks.”

Benioff said employees being released will receive nearly five months of pay, health insurance, career resources and other benefits.

Salesforce employs about 73,500 people.

“Smart poker move”

“CRM is clearly seeing headwinds in the field and thus is trying to quickly adjust to a softening demand environment,” Wedbush analyst Dan Ives said in a report. “This is a smart poker move by Benioff to preserve margins in an uncertain backdrop as the company clearly overbuilt out its organization over the past few years along with the rest of the tech sector with a slowdown now on the horizon.”

Tips

Microsoft recognizes its first union as ZeniMax QA testers organize

Posted on 06/01/2023

Lisbon , Portugal – November 3, 2022; Brad Smith, Vice Chair and President, Microsoft, at a press conference during day two of Web Summit 2022 at the Altice Arena in Lisbon, Portugal. Stephen McCarthy/Sportsfile for Web Summit via Getty Images)

Stephen McCarthy | Sportsfile | WebSummit | Getty Images

Microsoft said Tuesday that it has recognized its first union of employees in the software maker’s 47-year history.

Workers at airlines, automakers, schools and government agencies belong to unions, but collective bargaining hasn’t taken hold at large technology companies, where employees often receive high wages.

Amazons and apples have not been especially accommodating to employees who have tried to establish unions. Last year, Microsoft said it would support approaches that would make it simpler for its employees to join unions.

In recent months three groups of employees at video game publisher Activision Blizzard, which Microsoft is working to acquire, have unionized, but Microsoft has yet to complete the nearly $69 billion deal that competition regulators have pushed back on. Last week, the Communications Workers of America said a supermajority of employees at the Proletariat, a Boston-based game studio Activision Blizzard acquired in mid-2022, had voted to unionize.

Now US quality-assurance employees

CITIZEN Debuts CZ Smart Watch with Proprietary Wellness Software That Anticipates, Learns, and Gets Smarter with the Wearer

Posted on 06/01/2023

CZ Smart YouQ Forecasts 24-Hours Ahead to Help the Wearer Extend Peaks and Curb Drops in Alertness, Leverages NASA Scientific Research and AI Models Built with IBM Watson^® Studio Designed to Offer Radically Personalized Actions to Optimize Wearer Wellness

NEW YORK, Jan. 4, 2023 /PRNewswire/ — CITIZEN, an innovator in watchmaking, announced today the launch of its newest version of CZ Smart, the Smarter Smartwatch, at CES (Consumer Electronics Show) 2023. The revolutionary wearable provides a built-in self-care advisor through the proprietary CZ Smart YouQ application, developed using research pioneered by NASA’s Ames Research Center and AI built through CITIZEN partnerships using the environment and tools within IBM Watson^® Studio on IBM Cloud. The CZ Smart YouQ software helps the wearer understand and anticipate patterns of fatigue and alertness and offers customized insights and personalized strategies to build better habits to maximize a wearer’s daily potential. CZ Smart watches combine timeless watch design, purposeful function, and innovative technology in a game-changing wearable device.

The CZ Smart YouQ application provides insights that help make the wearer smarter about their own wellness, syncs with their daily life, and provides real-time biofeedback. Using neural networks developed within the IBM Watson