Intel’s slumping share price could cost it a spot in the Dow Jones Industrial Average. Reuters reports: Analysts and investors said Intel was likely to be removed from the Dow, pointing to a near 60% decline in the company’s shares this year that has made it the worst performer on the index and left it with the lowest stock price on the price-weighted Dow. The chipmaker’s shares slid about 7% on Tuesday amid a broader market selloff, with the Philadelphia SE Semiconductor index (.SOX) down nearly 6%, following reports of lower chip sales globally in July.

A removal from the index will hurt Intel’s already bruised reputation. The company has missed out on the artificial intelligence boom after passing on an OpenAI investment and losses are mounting at the contract manufacturing unit that the chipmaker has been building out in hopes of challenging TSMC. To fund a turnaround, Intel suspended dividend and announced layoffs affecting 15% of its workforce during its earnings report last month. But some analysts and a former board member believe the moves might be too little, too late for the chipmaker.

Read more of this story at Slashdot.

Denise Prudhomme, a 60-year-old Wells Fargo employee, was found dead at her desk four days after clocking in. Apparently, nobody noticed her body because of the secluded location of her cubicle and the fact that many employees were working remotely. VICE reports: Prudhomme last scanned into her office job in Tempe, Arizona, at 7 AM on Friday, and her body was reportedly discovered at 4:55 PM on Tuesday, August 20. Her coworkers did pick up that something weird was going on. They detected a weird smell but assumed it was some kind of plumbing issue.

Prudhomme’s cubicle was on the third floor of the building, tucked away from any main thoroughfares that employees would use to travel between departments. On top of that, most employees at the Tempe Wells Fargo location worked remotely, significantly cutting down the chance of someone finding her body.

Tempe police and the Maricopa County Medical Examiner didn’t detect any signs of foul play, but the woman’s official cause of death remains to be seen. Wells Fargo has said that they’re going to look into their internal procedures to make sure employees receive some kind of check-in to make sure they’re not, you know, dead.

Read more of this story at Slashdot.

Apple announced that CFO Luca Maestri will step down at the start of next year, transitioning to head of its corporate services team to lead “information systems and technology, information security, and real estate and development.” Kevan Parekh will take over as CFO. The Verge reports: Maestri joined Apple in 2013 after serving as the CFO of Xerox. He became the CFO just one year later, replacing Peter Oppenheimer. CNBC notes that when he took over, Apple’s annual revenue was $183 billion, and last year, it reached $383 billion. Apple also announced an expansion to its share repurchase program to $90 billion, which Maestri would oversee.

This spring, Apple announced it would increase the amount from $90 billion to $110 billion, breaking its own record of $100 billion. It also reported an increase in revenue from its services business of 14 percent, even as sales of iPhones and iPads were down from the previous year. In Apple’s announcement, it said, “…Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.”

Kevan Parekh, Apple’s vice president of financial planning and analysis, will take Maestri’s place managing the finances of the now $3 trillion company. Parekh has been at Apple for 11 years and previously worked in senior leadership positions at Thomson Reuters and General Motors. Last week, Apple announced that it’s splitting its App Store group into two teams, with App Store vice president Matt Fischer leaving the role in October.

Read more of this story at Slashdot.

An anonymous reader quotes a report from Ars Technica: Amazon may be forced to meet some unionized delivery drivers at the bargaining table after a regional National Labor Relations Board (NLRB) director determined Thursday that Amazon is a joint employer of contractors hired to ensure the e-commerce giant delivers its packages when promised. This seems like a potentially big loss for Amazon, which had long argued that delivery service partners (DSPs) exclusively employed the delivery drivers, not Amazon. By rejecting its employer status, Amazon had previously argued that it had no duty to bargain with driver unions and no responsibility for alleged union busting, The Washington Post reported.

But now, after a yearlong investigation, the NLRB has issued what Amazon delivery drivers’ union has claimed was “a groundbreaking decision that sets the stage for Amazon delivery drivers across the country to organize with the Teamsters.” In a press release reviewed by Ars, the NLRB regional director confirmed that as a joint employer, Amazon had “unlawfully failed and refused to bargain with the union” after terminating their DSP’s contract and terminating “all unionized employees.” The NLRB found that rather than bargaining with the union, Amazon “delayed start times by grounding vans and not preparing packages for loading,” withheld information from the union, and “made unlawful threats.” Teamsters said those threats included “job loss” and “intimidating employees with security guards.” […]

Unless a settlement is reached, the NLRB will soon “issue a complaint against Amazon and prosecute the corporate giant at a trial” after finding that “Amazon engaged in a long list of egregious unfair labor practices at its Palmdale facility,” Teamsters said. Apparently downplaying the NLRB determination, Amazon is claiming that the Teamsters are trying to “misrepresent what is happening here.” Seemingly Amazon is taking issue with the union claiming that an NLRB determination on the merits of their case is a major win when the NLRB has yet to issue a final ruling. According to the NLRB’s press release, “a merit determination is not a ‘Board decision/ruling’ — it is the first step in the NLRB’s General Counsel litigating the allegations after investigating an unfair labor practice charge.” Sean M. O’Brien, the Teamsters general president, claimed the win for drivers unionizing not just in California but for nearly 280,000 drivers nationwide.

“Amazon drivers have taken their future into their own hands and won a monumental determination that makes clear Amazon has a legal obligation to bargain with its drivers over their working conditions,” O’Brien said. “This strike has paved the way for every other Amazon worker in the country to demand what they deserve and to get Amazon to the bargaining table.”

Read more of this story at Slashdot.

According to Bloomberg’s Mark Gurman (paywalled), App Store vice president Matt Fischer is departing the company in October as Apple prepares for organizational changes in response to regulatory pressure. MacRumors reports: Apple plans to split its App Store group into two teams, one that handles the App Store and a second team that oversees alternative app distribution. As of earlier this year, Apple has supported iOS app downloads from alternative app stores and from websites in the European Union, a change that the company had to make to comply with the Digital Markets Act. To handle ongoing compliance with EU regulations for app distribution and alternative payment methods, App Store chief Phil Schiller is changing the App Store’s hierarchy.

Fischer joined Apple in 2003 to oversee iTunes marketing, but he has served as the vice president of the App Store since 2010. In an email to Apple employees today, Fischer said that he had been thinking about leaving Apple for some time, and the reorganization provided the right opportunity. With Fischer leaving, App Store senior director Carson Oliver will oversee the App Store, and Ann Thai, a director who oversees App Store features, will head up the team that handles alternative app distribution.

Read more of this story at Slashdot.

A recent study reveals that 94% of spreadsheets used in business decision-making contain errors, highlighting significant risks of financial and operational mistakes. Phys.org reports: Errors in spreadsheets can lead to poor decisions, resulting in financial losses, pricing mistakes, and operational problems in fields like health care and nuclear operations. “These mistakes can cause major issues in various sectors,” adds Prof. Pak-Lok Poon, the lead author of the study. Spreadsheets are crucial tools in many fields, such as linear programming and neuroscience. However, with more people creating their own spreadsheets without formal training, the number of faulty spreadsheets has increased. “Many end-users lack proper software development training, leading to more errors,” explains Prof. Poon.

The research team reviewed studies from the past 35.5 years for journal articles and 10.5 years for conference papers, focusing on spreadsheet quality and related techniques across different fields. The study found that most research focuses on testing and fixing spreadsheets after they are created, rather than on early development stages like planning and design. This approach can be more costly and risky. Prof. Poon emphasizes the need for more focus on the early stages of spreadsheet development to prevent errors. The study suggests that adopting a life cycle approach to spreadsheet quality can help reduce errors. Addressing quality from the beginning can help businesses lower risks and improve the reliability of their decision-making tools. The study has been published in the journal Frontiers of Computer Science.

Read more of this story at Slashdot.

“We are getting leaner,” said Dell’s Bill Scannell and John Byrne in an internal memo to employees on Monday. “We’re streamlining layers of management and reprioritizing where we invest.” While no official numbers have been confirmed, a source close to the matter told SiliconANGLE that 12,500 layoffs, or about 10% of Dell’s worldwide workforce, were planned across the company starting Tuesday. However, that number could be high. “It’s unlikely the number is that high because that would typically trigger an SEC filing,” said theCUBE Research Chief Analyst Dave Vellante. From the report: Indeed, in February 2023, a 10-K filing with the Securities and Exchange Commission was made for a reduction of about 6,000 employees. The number of new layoffs might become more apparent when Dell files its latest earnings report on Aug. 29, which should show severance and other costs. Dell declined to provide specifics on the layoff. “Through a reorganization of our go-to-market teams and an ongoing series of actions, we are becoming a leaner company,” the company said in an email to SiliconANGLE. “We are combining teams and prioritizing where we invest across the company. We continually evolve our business so we’re set up to deliver the best innovation, value and service to our customers and partners.”

Rumors of layoffs were swirling today on TheLayoff.com website. “Despite whatever person from corporate put in here earlier about this being a 1% layoff, it is in fact larger than that and is hitting services, sales, marketing & engineers,” one person said. “Half of my team is gone in marketing and still no coms.” Dell has been cutting staff for at least the past year. It laid off a total of 13,000 last year, according to CRN, including the 6,000 in February 2023 and another round in August whose numbers the company didn’t specify. The layoffs follow a 15% reduction announced by Intel last week, affecting over 16,000 workers.

Read more of this story at Slashdot.

Apple reported a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago, fueled largely by new iPad sales. iPad “saw the biggest category increase for the quarter, up from $5.8 billion to $7.2 billion year-over-year,” reports TechCrunch. It helped counter slowed iPhone revenue, “which dropped from $39.7 billion to $39.3 billion year-on-year.” From the report: In spite of a drop for the quarter, iPhone remained Apple’s most important category by a wide margin, followed by service, which includes software offerings like iCloud, Apple TV+ and Apple Music. That category continued to grow, up to $24.2 billion from $21.2 billion over the same three-month period last year. Much of the iPhone slowdown can be attributed to the greater China region. Overall, the region dropped from $15.8 billion to $14.7 billion for the quarter. Canalys figures from last week show a marked decline in iPhone sales, down 6.7% from 10.4 million to 9.7 million for the quarter, Reuters reported.

The drop in Apple’s third-largest region (behind the Americas and Europe) had a clear impact on the company’s bottom line. The company aggressively discounted iPhone prices in China starting in May, as competition intensified from domestic rivals. The strategy resulted in strong iPhone sales that month, up close to 40% from a year prior. […] Q3 marked the second consecutive quarter decline for global iPhone sales. The news puts additional pressure on the generative AI strategy that the company laid out at WWDC in June.

Read more of this story at Slashdot.

Rob Thubron reports via TechSpot: It’s a sad case of another day, another round of mass layoffs at a game studio. On this occasion, Destiny developer Bungie has announced it is letting go of 220 employees, or 17% of its workforce. CEO Pete Parsons said the eliminations were due to “financial challenges,” which isn’t going down well, especially after it was discovered he may have spent over $2.4 million on classic cars after Sony acquired the company, and continued buying them even after the previous layoffs. Bungie blames the job eliminations on “rising costs of development and industry shifts as well as enduring economic conditions.” The Sony subsidiary says it needs to make substantial changes to its cost structure and focus development efforts entirely on Destiny and Marathon. The cuts will impact every level of the company, including executives and senior leader roles — but not Parsons, obviously.

In what appears to be a way of reducing the number of people being laid off, Bungie is moving 155 people to Sony Interactive Entertainment over the next few quarters. Furthermore, a team working on one of Bungie’s incubation projects — an action game set in a brand-new science-fantasy universe — will be spun off to form a new studio within PlayStation Studios. […] “This is hitting people who were told they were valued. That they were important. That they were critical to business success. But none of that mattered,” wrote Bungie technical UX designer Ash Duong.

Many have called for Parsons to resign. The calls were amplified when he set his X account to private, but it seems the CEO realized that was making things worse and soon set it to public again. What’s angering people even further is the discovery of what seems to be Parsons’ account on a car bidding site called Bring a Trailer. It shows he has spent $2.4 million on classic cars since September 2022, which includes $500,000 since the October layoffs.

Read more of this story at Slashdot.

According to Reuters, Hewlett Packard Enterprise (HPE) is expected to secure unconditional EU antitrust approval for its $14 billion acquisition of networking gear maker Juniper Networks. From the report: HPE announced the deal in January, underscoring the rush by companies to upgrade and develop new products amid a sharp rise in artificial intelligence-driven services. The European Commission, which is scheduled to decide on the deal by Aug. 1, declined to comment. HPE was expected to underline the power of market leader and Juniper rival Cisco to allay any possible European Union competition concerns, other people with direct knowledge of the matter had previously told Reuters. The deal is also being assessed by Britain’s antitrust enforcer, with a decision due on Aug. 14.

Read more of this story at Slashdot.