>> a lot of what's going on here at hasbro is company specific.eorganization, they have some activist pressure on them right now, and they did announce there would be some actions taken a few months ago so they just gave the exact number but mattel did a head count reduction and their own restructuring that started several years ago. >> so part of this is hasbro specific, part of this is the industry, like tyler was saying more broadly, but does this just unwind sort of growth that they have had or this really kind of cuts from the existing, you know, workforce? >> well, i think that, you know, mattel and hasbro both at some point in time have the ability to just get leaner i think when the pressure is on you and when you have declining revenue for a few quarters in a row that puts the pressure on. they're doing this in terms of right sizing their cost structure. >> linda, thank you so much. we appreciate it. >> how many of these toys that are in the background here do you have in your house >> this was a picture from my house. >> a picture from y

earnings per share up 21% from the year earlier stock two is hasbro. on that is going in the other direction after weak results for christmas and saying it under performed in the consumer products division due to the challenging consumer environment. it is also cutting 15% of the work force sadly, layoffs in corporate america keep coming as the economy is turning south speaking of that, stock three is bed, bath & beyond selling off 20% yesterday. bbb has defaulted with the credit line with jpmorgan chase. warning of a potential bankruptcy that stock at $2.55. >>> still on deck, artificial intelligence making waves in a very big way from capitol hill to the favorite online quiz to what hopes to be a market beating investment strategy. it is all part of the top trending stories and it is next when "wex" returns >>> look at that hong kong. it is nearly sundown their weekend is beginning no doubt, reopening and a little fun being had there on the streets and in the bars of hong kong the world's longest escalators >>> we show you hong kong for a reason beca

and hasbro cutting 15% of the workforce.s and dads are buying so many toys for their kids and hasbro is letting go of people. when you talk to the ceos, are they fearful? what's the plan? when do you think we will get, you know, back on track? >> yeah. it is pervasive, exactly what you said. and talking with major corporations on the new york stock exchange, lower middle market companies, we are working frantically to figure out how we reposition our company from a cost standpoint given the reduction in volume. at the same time, we're inundated with working capital. we were ordering material to be able to produce to a certain level. and we're getting cancellations every day from some of the biggest companies that are affecting this rolldown effect on some of the smallers that are providing that product. so we're forced, we're forced to do some draconian things in laying people off. and having to, again, reduce some of the benefits that we're providing by laying people off. and, of course, it's the temporary people. people wo

as this economy slows down hasbro shares down 5% on the news.eak and cleaning house the national archives telling all past presidents and vice presidents to check their records to see if they to may have been hiding classified documents. florida congressman cory mills is with us coming up. ♪ if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more. as a business owner, your bottom line is always top of mind. with its forms and submit the application. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast busines

they are and a lot of the -- look, you mentioned goodyear tire. >> hasbro. >> i mean, hasbro, jeez, hasbro'sadly for so long. and these places are so overstaffed. but it is the valley it's silicon valley. like i said the other day, the first cut's not the deepest. how can alphabet fire the exact number of people that it hired last year and not more >> in one quarter alone. >> when is jassy going to wake up to the fact that people are not buying like they did, and he staffed for the pandemic, for heaven's sake. i mean, marc laid off a lot of people at salesforce, but i could argue they bought tableau, they paid a lot of money for slack, and i think that elliott might say, you know what do we really need these? now, slack is difficult to deintegrate because -- and also it's against microsoft teams, but i think that there's going to be a bit of a tussle. i think marc's going to listen i think you could argue very strongly that slack's necessary. but don't bet on the idea that elliott's going to come in there and say, you know what we're thrilled but don't bet on the idea that marc's scorched ea

so kelly, more job cuts, more sad news on that front, but that's the reason why hasbro shares are in focus today. >> just to be clear, you're saying that hasbro's holiday quarter was down 17% year-to-date >> they are forecasting that that number for revenue growth will be down 17% in the first quarter versus the fourth quarter of the previous year and yes, that's important, because it encompasses that all-important holiday shopping season >> absolutely. that's quite striking. dom, thanks for now. that kicks us off to look at the deluge of data we've gotten this week this is just a small sampling that gives us a feel for whether the economy is growing or slowing. all investors are waiting, of course, on what the fed will do in its first policy meeting of 2023 on wednesday. let's begin with the strongest jobless claims not up here, falling to 186,000, the lowest level since april of last year no question, that goes in the growing camp inflation expectations, this goes in the slowing camp, but in a good way you see the survey this morning, consumer sentiment, one-year expectations comin

from hasbro. >> you remember. i know you do.llenging holiday season. more on how other retailers are doing at the moment. >>> looking at markets around the world to close out the week, asian markets closed up. china is closed for the lunar new year. wall street, stock index futures barely moving here but leaning lower after gains thursday. gdp grew stronger than expected 2.9%. you can see that's slowing from the second quarter but clearly recovering from a stall in the first half of the year. despite daily news of layoffs in tech, the overall job market remains tight. weekly unemployment filings are the lowest since april. on inflation watch, gas prices rose at $3.51 a gallon. chipotle is hiring 1500 people ahead of the burrito season. it is the busiest time of the year for chipotle at least. nathaniel myerson is here. tell us about stores and restaurants that may be expanding. >> isn't it always burrito season? >> at my house it is. >> chipotle says they're hiring 15,000 workers ahead of the busiest time of year, march until ma

what's the the big bank doing forecasting hasbro and mattel?e stocks, and the stocks are bought by consumers which are 70% of the u.s. economy. and they -- [laughter] the good news is the supply chain is improving. what that means is retailers are holding all of these toys, but consumers aren't buying them as much. so they're concerned about the consumer not buying as much. they say hasbro is only worth $70, so it's gone up a little bit, and mattel is only worth $25. so it, too, will be going up. hollywood's going to come to the rescue, the new barbie movie's coming out this year and the new dungeons and dragons. i'm not an analyst, i am a parent, and we buy a lot of toy- >> that matters more. lauren: -- manages to boost sales. i mean, i'm right. >> my kids, my girls have been talking about that barbie movie for months. it's the worst. stuart: the worst? >> yeah. lauren: he doesn't want to watch barbie. stuart: i seem to have lost control of this program even though it's got -- lauren: my camera's over here today, and you guys are over here, so

layoffs at ha hasbro, another company, add a that one to the list. finally, there's this. truck raced over earth yesterday, 2,200 miles above the planet's surface. it's one of the closest approaches ever recorded. the asteroid is named bu-2023 or actually 2023-bu. no danger but gosh it made for some good pictures, maria. those are your headlines. maria: yeah, it really does. cheryl, thank you so much. americans are taking some drastic measures now to avoid shelling out for expensive eggs. including raising chickens. or m smuggling eggs across the southern border. jeff flock is at his home in pennsylvania with a look at these egg-stream measures. jeff. >> reporter: i knew that was coming. the chickens are coming home to roost at my house here, maria. this is what believe it or not a lot of people are doing. this is a business called rent a chicken which homestead phil thompkins is here, he is putting the coop in place. you've been doing this for almost 10 years. >> 10 years now. we've been growing all over the united states and canada and now i'm here at your house, expandi

the first toy company, hasbro plans to start downsizing. just how many jobs could be lost after this. >> cvs and walmart are cutting their drug store hours. both chains say they don't have enough pharmacists. cbs will introduce those changes to about two-thirds of its locations in march, walmart plans to close at 07:00pm instead of 09:00pm at most of its stores. by the same time period and yeah, and that's with that. that's what we have on that story. a major toy company is planning to downsize this year. hasbro says it will lay off 1000 workers or about 15% of its global workforce. the cuts are to start within weeks. the company describe the layoffs as quote, necessary to return our business to a competitive industry leading position. hasbro is also predicting weak holiday quarter results as the demand for 12 games and toys slopes. and social media company. twitter saw major losses in december at as spending according to the standard media index. data shows advertising spending on the social media platform dropped by 71% last month in nove

and the toymaker, has -- the hasbro, they're cutting 15% of their work force. bitcoin looking at its best january since you've got to go all the way back to 2013. it ises down $19 at 22.90 now. big lineup, brian brenberg, tammy bruce, jason chaffetz and steve hill -- hilton just a few of the guests. welcome to friday, january 27th, 2023. "varney & company" about to begin. ♪ ♪ i do the my hair tall, check my nails. ♪ baby, how you doing can? ♪ lauren: we're starting this friday morning with elon musk. surprise visit he made to capitol hill yesterday, and he tweeted about it. he met with speaker mccarthy and minority leader hakeem jeffries. they discussed ways to make twitter a fairer platform for both parties. it was a surprise meeting, and it comes just a few weeks before the house oversight committee's planned hearing on how twitter handled the hunter biden laptop story. kenny polcari, good morning to you. >> how are you? lauren: do you think elon musk just dropped by capitol hill, or do you think, kenny, he officially, finally, got that invitation he's been w

idiosyncratic stuff, hasbro cutting its work hours. cutting its workforce but the stock is down 6%.sually you cut when the market likes it but because the holiday season was not great, amex totally different story. i stock up by about 10%. a huge positive outlook for 2023. i wanted to get the stocks next as a readthrough from intel, down by 1.2% but some of its peers were making a run for it. we know that intel was bad so was that good for other chip guys? if they are taking intel's market share or it was this a cyclical downturn for the industry and we are not there yet? intel needs a v-shaped recovery so feeling back some of the layers is interesting here. guy: we will come back and talk about those layers through the hour. let's talk about what is happening here in the u.k., earlier on today, jeremy hunt visited here at bloomberg. he dismissed calls for u.k. tax cuts and push back against the idea of green energy subsidies, think inflation reduction act in america and what europe is planning. he spoke to anna edwards earlier today. >> for the moment we do not have the headroom fo

hasbro, ryan payne, hasbro announced it's knocking down 15% of its workforce. it really had some bad news here they had said as well that they are going to really miss on the holiday quarter when it comes to sales. >> yeah and that's a little bit troublesome like what's retail sales look like for the last quarter. liz: toys no less during christmas. >> the consumer has been relatively strong, but i do think this year, when you think about like what's going to drive everything, it's going to be china. the reopening of china is such a huge component to the global economy that i think that's going to drive everything so even if things are a little bit slow last year like with buying toys and goods in particular a lot of consumer spending has gone away from that to travel going on experiences and things like that, so i think bottom line is the consumer is strong even though, it's not indicative of more problems to come i guess liz: right so maybe surgically look at stocks that could get that bounce from china, but keith? the fed. he didn't mention the fed and the m

s spreading beyond high growth tech hasbro and dow and 3m and s.a pf p.to down size here with the rising wave of job cuts is jason greer and jessica kriegel. good morning to both of you. we have been talking about the wave moving, jason there are two questions. how quickly do you think people are picked up on one end the other side is how big is the severance? the big thing is the consumer spending for the economy so far, it is unabated i wonder if the severance packages, i don't want to say rich, but something. >> severance packages have been big. we see in the tech industry is people who have been laid off are picking up jobs within a month to three months baecause they started networking before layoffs. they have skill sets people are looking for. it comes back to the companies because they don't want to look bad and giving generous severance to the high-skilled talent. >> jessica, one of the questions and there are studies on this, actually, that if you have large severance packages, some people have looked, not scientists, but professors have looked

where are the iranian practices of hasbro armed? more than 150,000 missiles of different ranges, even those that can reach television and the center of the country and jerusalem, our capital, and of course recognizing, for example, what we did, well, look, i don't want to annoy my friends . in the fact that many things we do like this, well , he was not caught. the nuclear program, the game of which is already maddeningly, is the biggest threat today to the existence of our country, let us say that it is early already for 40 years since the islamic revolution of 79 years , the israelis are called like the little satan , the big satan for them is the united states and it is known that, for example , the so-called countdown clock was established in tehran , where the date of when israel will be destroyed was established . by the hatred of one country towards another, i.e. a specific one let's say this propaganda that we will destroy you yes, that is, under a specific request israel is too serious about these issues as they say, if som

and the 200 day moving average, they have not seen in more than a year, check out the hasbro extendedng, cutting 50% of the workforce in the co will be leaving the company. what you make of that?>> third week in january. and the 25% of s&p earnings, and the ingredients for the rally, and credit has gotten better, sentiment has shifted a little bit, and crude oil, and finally doing a 25 basis point hike. >> everything coming up roses. >> exactly where you want to take the other side, and the s&p right now trading at a 17 multiple, and the last 10 years, the fact of the matter is, the funds are still going to 5%, the big difference at the end of the fair market, relating to the financial crisis and what happened 20 years ago, that is my bid there. >> you have to wonder next wednesday, and jerome powell, does give him air power, and it's something to consider in to next week. >> the best performer, the s&p, and the chart master has been on the call for weeks, december 20 when tesla was 138, he put out a note to start nibbling, 113 january 4, and stay long and reduce. >> were does tesla h

hasbro is laying off 1,000 people.ys and games is dropping, and the holiday shopping numbers were disappointing. the layoffs are about 15% of the work force. that's a look at your money watch stories. >>> now to weather and traffic, beginning first with gianna. breaking news, g? >> major bart delays. if you use bart for your morning commute, rethink it. they are recommending alternates this morning. because of it, major delays systemwide. overnight, apparently, unscheduled track repairs that happened because of track that was damaged from a maintenance vehicle. it happened during the overnight hours. right now, no transbay service. they also have a map on their twitter feed. we will retweet it to give you the information. it gives you alternates and options. ac transit providing bus service on nl from 19th street and broadway. that should help out in you're commuting this morning. all lines turning back at various stations in oakland. some tracks are not damaged, but it takes time to get it back up and running. in the

. -- the period of the president service hasbro -- as vice president.ent to the location and secured those documents. on january 5 mr. laotian briefed me on his investigation and advised me that further investigation by a special counsel was warranted. based on mr. lausch's investigation, i concluded it was in the public interest to appoint special counsel. in the days sense, the department identified mr. herr as appointment for special counsel. president biden's special counsel called mr. lousch and stated an additional document was identified at the president's personal residence. when i first contacted mr. laotian, he said he could lead the investigation but would be unable to accept any longer-term assignment because he would be leaving the department in early 2023 for the private sector. u.s. attorney lousch have conducted this with professionalism and speed. i am grateful for them. earlier today i signed an order appointing robert herr as a special counsel. the document authorizes him to investigate whether entity violated the law. the special cou

i'm looking at hasbro saying they will cut 15% of their work or's after a disappointing holiday shoppingecause kids just use their devices and don't play with real toys, but i'm wondering if this is the sort of zeitgeist shifting out to the broadening of job cuts. buzzfeed with a similar tone. those shares popped 30% because they are replacing a lot of their reporters with chat and other artificial intelligence. >> help me with this? this is like paul sweeney land. buzzfeed -- let's be collegial. they bought me once some drinks at a bar. buzzfeed has been struggling. are they going to lay off journalists? >> they're going to personalize certain post for people and quizzes and some of the content they put out, using the artificial intelligence. the reason i find this interesting is that buzzfeed is its own story, but there is a product notion of what artificial intelligence can do. this ai passed the bar exam. >> the medical and national board, which i tell people is the equivalent. they passed all three levels read >> am i going to be replaced by ai? if it can do a better job, great. but

hasbro is laying off 1,000 people. it's also warning of weak holiday shopping numbers.nd is dropping for the iconic toys and games. the nearly 100-year-old company is based in rhode island. the layoffs amount to 15% of the workforce. >>> sam's club is opening 30 new clubs across the country, starting with the store in florida in 2024. the company also plans to update and invest in the supply chain, launching five new fulfillment and distribution centers. the first center will open in georgia later this year. it asked about a record rise in membership. >>> we are going to look at things weatherwise, jess, but i have to address it. you're waiting green today, eagles' green. >> i was waiting for it. there's a reason why i'm wearing the dress. i like the dress. what's the big deal? a look outside. i'm all 49ers's faithful. don't worry about it. weak winds throughout the bay area. it's mild, and it's calm, and i love it. i will say this. with the weak winds, we are seeing low visibility in areas. the fog is starting to settle in. near oakland dealing with the patchy conditio

you pointed out layoffs spilled overruled media, tech, economy at large hasbro, layoffs.t rates continuing to rise. inflation not yet tamed. there is really nothing out there that you would think unless he has some private information, maybe some classified information that he wants to share. [laughter] >> will: about the economy that would make you feel optimistic. >> brian: growth is 2.9%. points a little bit higher than they thought. gradually going down. >> ainsley: look what is happening across the cities. crime is soaring. seeing that in new york city. chicago. the mayor there, lori lightfoot is filmed dancing around in the streets of chicago. as she is celebrating the lunar new year parade yesterday. there she is dancing. many are wondering if this is appropriate. the crime rate is soaring up 61%. macy's, old navy, banana republic, gap. euna glow, they all left. magnificent mile is nearly 30% vacant. >> brian: she has a primary on in one month on the february of. jungle primary. everybody in it. nonpartisan. if nobody gets 50%. then she is going to have an election

it is the most capable, and almost most mature in a way that hasbro has its own interest that it will take after, that will take care of even as the iranian government looks to leverage it in multiple scenarios. but hezbollah has a history of capability that goes well outside the region, and they had a level of operational security, level of sophisticated tradecraft that make them a very difficult target to understand and track. i never count hezbollah out. i never considered their next evolution one that would be purely political. i think we'veio seen time and again the usefulnessk to iran f the maintaining significant military capability but also a clandestine capability that could be leveraged in extreme circumstances. and we remainum focused on thems a major ct actor. >> okay, last before go to the questions that have come in via the qa on zoo and the email, which again is policy form at washingtoninstitute.org, let me ask you something we discussed in the past and i discuss with your staff in the past, which this big change in her characters imposter 20 years after 9/11. we have

hasbro, the toymaker, is cutting its work force by 1,000 employees. is closing an additional 87 stores because it can no longer service its debt. even cvs and walmart are cutting pharmacy hours because of labor shortage, so what on earth is going on in the american work force in let's turn to former walmart president and ceo bill simon. bill, you look at these layoffs happening now across the country, what's your big takeaway about what it means for all of us and the economy at large? >> yeah, i mean, it's crazy. right now we're stuck in this loop of, you know, wage inflation, product if inflation, cost inflation, and it's just that cycle keeps going. and i think, unfortunately, an inevitable by-product of some of the fed moves and the necessary medicine we have to take to cool things down are some of these layoffs that are coming. if. will: well, you know, it's interesting you lay out that point of view. i mean, one of ways to look at this is, as you mentioned, unemployment has to happen in order -- it goes hand in hand with bringing down inflation.

his going beyond big tech now you look at hasbro laying off thousands, 3m, same thing, what does thatng us as john said inventory is building up, production coming down. the gdp coming down, now were talking recession. >> these layoffs are significant they are in percentage terms relatively small, do you see them accelerating. >> i can't figure out so many announced layoffs, why are we not seeing more first-time claims for jobless benefits. we now. neil: some of these are not announcements. >> record lows, the same time high-tech major industrials and banks are announcing major layoffs. i also read that fast food chains are announcing plans to dramatically increase hiring. neil: look at aaa 15000. >> we are going to get a jobs report next friday and during november and december we have decent readings we thought they were pretty good on jobs creation. if we look closely 65% of the new jobs added in november and december came from the not so hot job categories of healthcare, private education, leisure and hospitality, that includes restaurants, hotels and entertainment. these are not n

seeing that with companies like 3m who make scotch tape, are post-it notes, we are also seeing it with hasbroe our children's toys they are cutting 50% of the workforce. bed bath & beyond doesn't even have the money to pay back their banks. they owe 550 million allegedly to jpmorgan chase, $375 million to the facility provided by the sixth street partners. in one article i read they owe $1 billion. lift major layoffs, amazon freezing corporate hiring for months. we saw that with google and with microsoft so let's look at all these companies on your screen we interviewed bob nardelli who is the former ceo of chrysler and home depot and he talked about how joe biden's decisions are impacting all of these companies. speak of the fact-checkers had a holiday yesterday didn't they? but after some of his state when did we ever think amazon would lay 18,000 people off? i can tell you dealing with a lot of lower/middle market companies, this rules down and we are seeing the same percentage, not as big of a number, but the same percentage on these lower middle market companies. they are all being affec

hasbro says it will lay off 1000 workers are about 15% of its global workforce. the toymaker expects to cuts the to start within weeks. it described the layoffs as quote necessary to return our business to a competitive industry leading position. hasbro's also predicting we call it a quarter results as the demand for games and toys slowed. the housing market could soon stabilize. sales of new homes increased by 2% last month , marking the third month in a row that new homes have sales have increased. all of this comes as federal interest rates soar and mortgage rates fall. the shooting in half moon bay now putting a big spotlight on the deplorable housing conditions many farm workers live in. we'll hear from some residents on why it is not acceptable and things have to change and the new lawsuit filed in oakland by the family of a man who was killed during the police chase, but the family is saying and why they think the city of oakland is responsible for his death. from ktvu. fox two news this morning's onto well, good morning to you and thank you for joining us

. >> last week we did see it bleed into dow chemical or dow, ibm, a little bit, hasbro non-tech firmssibly. i think it's the very large companies that are more sensitive to the macro economic factors and some of them, i think, anticipating a slowdown or pairing back. certainly the big companies that are media dependent, advertising dependent, there's been a pullback on companies willing to spend there. they're pulling back a little bit. but like i said, somebody else is hiring all these people one thing, i don't think -- i find kind of interesting in the employment food chain, a lot of these workers, the tech workers, are some of the most highly paid, best educated, they're not going to have any problem finding another job. it may not be as high paying and you can't roll out of bed and get six tech offers, it's filtering down, but they're not leaving and going to work at starbucks. >> we've seen structural changes to the labor market, niright? baby boomers and others retiring out of the market. immigration and some of the limits there with visas and the likes has continued to play a r

others, too, including dow chemical, ibm and hasbro overall, there are more jobs than workers to fillm. the unemployment rate at a 50-year low. so a real mixed bag. layoffs but low unemployment rate, rising interest rates but still solid economic growth so far. >> you talked about good news on consumer spending. what about the ways americans are saving what are you learning? >> people are starting to burn through cash reserves and are now building up credit card debt the concern is that people who have been laid off could quickly burn through those cash reserves and any severance they get so rising credit card debt is not a good sign for the economy. >> here we go again with the fed. they are deciding whether or not they should raise interest rates. what do you think will happen? >> quarter point hike, another one is expected next week and most economists think we could see yet another hike after that. that may be it, but the economy is clearly cooling and the concern is if the fed hikes too many times, the economy could turn negative, we could go into a recession sometime this year b