CrowdStrike Stock Tanks 15%, Set For Worst Day Since 2022

Shares of cybersecurity company CrowdStrike Holdings dropped 15% on Friday after the company’s software update resulted in what may turn out to be the largest IT outage ever. CrowdStrike stock “is on pace for its steepest daily loss since November 2022 and its $290 low share price is the lowest intraday mark since April 25,” reports Forbes. “CrowdStrike is on track for the third-worst day in its five-year history as a publicly traded company.” From the report: Microsoft, which was swept up in the outage as the downed systems are those running CrowdStrike’s cybersecurity applications and Microsoft’s Windows software, also slumped, with its shares down about 1% to the $3.2 trillion behemoth’s lowest share price since June 11. CrowdStrike competitor Palo Alto Networks enjoyed a 4% rally Friday, while the tech-heavy Nasdaq Composite stock index gained about 0.2%, held up by the likes of Microsoft rival Apple’s 1% stock gain and a 1% rise for shares of Alphabet, which is reportedly in talks to buy cybersecurity firm Wiz for $23 billion.

The CrowdStrike selloff is “an overreaction to a temporary setback,” Rosenblatt analyst Catharine Trebnick wrote in a note to clients Friday. It’s a “compelling buying opportunity” as it “creates a window for investors to buy into a high-quality, growth-oriented cybersecurity company at a discounted valuation,” Trebnick continued. To her point, CrowdStrike stock’s relative valuation, according to its price-to-earnings ratio (P/E), which compares its market value to its projected profits over the next four quarters, fell Friday to its lowest number since April. Still, CrowdStrike’s P/E of about 70 is very high for a company of its size, meaning investors will need to express significant confidence in the business’ ability to grow earnings, a challenge if Friday’s incident were to impact CrowdStrike’s client base.

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“Extraordinarily Disappointed” Users Reckon With the Google-fication of Fitbit

Longtime Slashdot reader schwit1 shares a report from Ars Technica, written by Scharon Harding: Since the acquisition closed in 2021, the Google-fication of Fitbit has largely meant a reduction in features and a focus from Google on getting people onto the Fitbit app. Long-time users have flocked to Fitbit — sometimes upon Fitbit’s request — to share hundreds of complaints about recent changes. However, Google has been mostly unresponsive to customer feedback. […] It’s worth mentioning that users disgruntled with Fitbit are more likely to complain online. However, it’s notable that Fitbit’s announcement has been met with 1,523 (as of this writing) mostly negative replies, with new responses still coming in. Another thread on Fitbit’s forum that requests to keep the web dashboard currently has 601 upvotes. You can find outraged users on Reddit, too.

The most common complaints are around losing previously available features. “Change is fine. Removing key features is not,” Community member Seymourh86 wrote in June. “Unless you want people to go to competitors…” Comments from this week show that users are not over the change. DebL555, for example, said today that they’re “extremely disappointed and frustrated I cannot access my Dashboard on my PC.” Yesterday, NessWeb dubbed the change “an incredibly bad decision,” adding: “It’s particularly awful for anyone with a visual disability or a finger dexterity issue. It’s still bad for everyone else because you just can’t see as much on a 3″ screen as you can see on a real computer … Bring back the web interface!!”

As has been the case every time there have been problems with Fitbit post-acquisition, theories that Google is making Fitbit worse to push people toward the Pixel Watch run rampant. Others on the Community forum were upset because they felt like Google was ignoring feedback from longtime Fitbit customers. In June, a user going by jessicabilasano wrote: “I just hope Fitbit does not end up like any other Google purchase that turns into a nightmare product/company. Google, instead of removing things that users love about Fitbit features, why not improve them? Listen to your customers/consumers.” However, a lack of response to public negative customer feedback has become commonplace for the Fitbit brand lately. “Users seek alternatives as Google is intent on app-centric focus,” captions schwit1. “Google ruins everything, it’s already ruined Google.”

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Founder of Fandango Dies After Plunge From Manhattan Hotel

J. Michael Cline, the co-founder of Fandango, died from suicide this week after falling from the twentieth floor of a Manhattan hotel. The New York Times reports: Mr. Cline, who was 64, co-founded Fandango in 2000 and left the company in 2011, according to his LinkedIn profile. The company — familiar to many from its splashy logo, an orange “F” in the shape of a ticket stub — was later acquired by Comcast and is currently owned by NBCUniversal and Warner Bros. For years, the company dominated movie-ticket sales, handling ticketing for several major theater chains and making money by charging a processing fee for online ticket sales and by selling advertising on its site.

At the time of its launch, Mr. Cline offered a pithy explanation for the company’s name: “A Fandango is fast and fun,” he told Variety. “Fandango is the perfect match to a service designed to make going to the movies easier and more enjoyable than ever before.” Art Levitt, the co-founder and former chief operating officer and president of Fandango, remembered Mr. Cline as brilliant, creative and loyal, sticking it out even in “tough” times. TechCrunch provides additional information about Mr. Cline: He left the company in 2011, roughly four years after the company was acquired by Comcast. Some early investors in the online ticketing service were General Atlantic and TCV. Cline was also managing partner of Accretive, a venture capital firm he founded in 1999. He built startups throughout his career, including R1 RCM, Accumen, Accolade, Everspring, Dresr and Insureon. Starting in 2018, Cline served as the executive chairman at the venture firm Juxtapose, which invests in technology businesses. During his time there, Cline enjoyed investing in healthcare companies, according to his staff page. Some of Juxtapose’s portfolio companies include Tend, Nectar and Great Jones.

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FBI Used New Cellebrite Software To Crack Trump Shooter’s Phone

The FBI was given access to unreleased technology to access the phone of the man identified as the shooter of former President Donald Trump, Bloomberg reported late Thursday, citing people familiar with the investigation. From the report: As the FBI struggled to gain access on Sunday morning to the phone, they appealed directly to Cellebrite, a digital intelligence company founded in Israel that supplies technology to several US federal agencies, according to the people, who requested anonymity to speak freely about the case.

FBI agents wanted to pull data from the device to help decipher his motives for the shooting at a rally in Bethel Park, Pennsylvania, where Trump suffered an injured ear and a spectator was killed. Authorities have identified the deceased shooter as Thomas Matthew Crooks. The local FBI bureau in Pittsburgh held a license for Cellebrite software, which lets law enforcement identify or bypass a phone’s passcode. But it didn’t work with Crooks’ device, according to the people, who said the deceased shooter owned a newer Samsung model that runs Android’s operating system. The agents called Cellebrite’s federal team, which liaises with law enforcement and government agencies, according to the people. Within hours, Cellebrite transferred to the FBI in Quantico, Virginia, additional technical support and new software that was still being developed. The details about the unsuccessful initial attempt to access the phone, and the unreleased software, haven’t been previously reported.

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‘Godmother of AI’ Builds $1 Billion Startup In 4 Months

Dr. Fei-Fei Li, the so-called “godmother of AI,” is working on a startup focused on developing technology capable of human-like visual data processing and advanced reasoning. According to the Financial Times (paywalled), the startup is called World Labs and is already worth $1 billion. Quartz reports: “Curiosity urges us to create machines to see just as intelligently as we can, if not better,” Li said during a Ted talk in April. “And if we want to advance AI beyond its current capabilities, we want more than AI that can see and talk. We want AI that can do.” Andreessen Horowitz and the AI fund Radical Ventures are funders of World Labs.

Li is renowned for her contributions to AI. She invented ImageNet, a dataset used for advancing computer vision that many see as a catalyst for the AI boom. She consults with policymakers as they work to set up guardrails for the technology, and was named one of 12 national AI research resource task force members by the U.S. White House in 2021.

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California’s Grid Survives Heat Wave Thanks to Massive Battery Storage

Longtime Slashdot reader Uncle_Meataxe shares a report from the Sacramento Bee: California’s power grid handled a nearly three week long record-setting heat wave with few issues. The heat wave was the hottest 20-day period on record around Sacramento and set an all-time temperature record of 124 degrees in Palm Springs. Emergency alerts and calls for voluntary conservation were avoided this time around. Officials credit years of investment in renewable energy, especially battery storage that store solar power for use when the sun stops shining.

CAISO last issued calls for voluntary conservation two years ago, during a 2022 bout of extreme heat. Since then, roughly 11,600 megawatts of new renewable energy sources have come onto California’s electricity grid. That includes 10,000 megawatts of battery power, enough to power 10 million homes for a few hours. California is now home to the most grid batteries in the world outside of China, [said Elliot Mainzer, president and CEO of California Independent System Operator (CAISO)].

“Batteries performed very well in this event, they were charged and ready at the right times for optimization on the grid,” he added. “That made a big, big difference.” […] Apart from battery storage, Mainzer also credited that success to less extreme temperatures in Southern California as well as noticeable slightly lower electricity consumption in the peak demand hours, from 4 p.m. to 9 p.m.

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