Daily Digest: 1,000 S.F. City Hall layoffs reported, Nvidia is market cap king again
Here's the rest of the day's money matters in both government and the private sector.
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New Oakland financial forecast highlights expected two-year shortfall
A newly released Oakland budget report — a five-year financial forecast typically put out ahead of the city's biannual budget cycle — now predicts the city's annual deficits through 2030 will range from $115 million to $126 million in the general purpose fund, the East Bay Times reports. 'Regardless of this forecast or what actually happens in the economy, the city remains underfunded with regard to meeting (pension) obligations for current and past city employees to the tune of more than $1.2 billion,' according to the city report, which was prepared by Oakland's budget officials. In positive news, though, the new forecast places the expected two-year shortfall at $245 million as opposed to the previous estimate of $265 million.
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Barbara Lee was recently sworn in as Oakland's new mayor.
Christie Hemm Klok/
San Francisco's budget deficit comes with layoffs
San Francisco Mayor Daniel Lurie intends to eliminate roughly 1,000 jobs to close the city's $782 million gap, the SF Standard reports, noting that most of those positions are currently vacant or occupied by employees slated for retirement. But the cuts could also include eliminating positions in up to 17 departments. The details of the mayor's budget were shared in a Wednesday meeting between the mayor's staff and communications directors for city departments, according to the report.
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San Francisco Mayor Daniel Lurie
Adam Pardee
S.F. hotel room rates expected to increase in 2025
In hotel news, a new CBRE report anticipates that San Francisco's hotel room rates are expected to hit 8.4% this year, outpacing the expected national average of 1.3%. Sacramento's predicted growth rate came in second among Northern California markets at 4.5%, followed by San Jose at 4.4%, Oakland at 2.9% and Napa wine country at 2.2%.
S.F. telehealth company revises IPO terms
San Francisco virtual health care provider Omada Health on Thursday set IPO terms to 7.9 million shares at $18-$20. It would have a $1.2 billion fully diluted market value, were it to price in the middle, and plans to list on the Nasdaq under the symbol "OMDA." Omada raised around $450 million in VC funding from Revelation Partners, USVP, a16z, Cigna Ventures, aMoon and NVP. It is expected to begin trading the week of June 9.
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Funding Watch
Chalk, a San Francisco data platform for AI, raised $50 million in Series A funding. Felicis led, joined by Triatomic Capital and insiders General Catalyst, Unusual Ventures and Xfund.
M&A Watch
Santa Clara's AMD (Nasdaq: AMD) acquired Enosemi, a Sacramento-based maker of photonics subsystems whose backers included Convergent Ventures and Pack Ventures.
People on the Move
Billionaire Elon Musk's more than 114-day long tenure as a DOGE special government employee officially ended on Wednesday. The Tesla CEO departed a day after he called a Republican bill to fund Trump's agenda "disappointing."
Roblox Corp. has hired Sebastian Barrios to lead its engineering for user, discovery, ads and brands and economy. He previously served as CTO at Cabify, Spain's first unicorn, and as SVP of Technology at Mercado Libre, Latin America's most valuable public company.
San Jose-based PayPal Ventures named Ian Cox Moya as managing partner, succeeding James Loftus, who joined Velocity Global as CFO, Axios reports.
Layoff Watch
The Hewlett Packard Enterprise Co., or HPE, earlier this month laid off 61 employees at 6280 America Center Dr. in San Jose.
Advanced Pressure Technology is laying off 89 employees at 687 Technology Way in Napa, effective July 26.
Real Estate Watch
Known as the Williams-Sonoma House, the longtime home of the late W. Howard Lester, former president and CEO of Williams-Sonoma, is now on the market for $9.25 million. The three-bedroom home sits on nearly nine acres adjacent to Jack London State Park in the Sonoma County town of Glen Ellen. It's listed by Daniel Casabonne and Gina Clyde with Sotheby's International Realty – Wine Country - Sonoma Brokerage.
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A peek inside 1500 Morningside Mtn. Rd. in Glen Ellen.
Zillow Media Experts for Sotheby's International Realty
Final thought …
Thinking about selling your old Bay Area home? It could cost you. A lot, actually. As the spring home selling season moves into its final stretch of 2025, a perfect storm of new regulations and norms have made it more expensive than ever to get that home ready for market. Here are five reasons why.
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Yahoo
34 minutes ago
- Yahoo
This Magnificent Tech Stock Is Soaring After Joining the S&P 500. Should You Buy It?
Key Points The Trade Desk just joined the S&P 500 index, and the news that it would gave the stock a shot in the arm. The programmatic advertising company's share price jumped impressively in the past three months, bringing its valuation to premium levels. The Trade Desk, however, has the potential to justify its valuation and sustain its impressive rally. These 10 stocks could mint the next wave of millionaires › Programmatic digital advertising provider The Trade Desk (NASDAQ: TTD) is the latest company to join the S&P 500 index, doing so on July 18. The addition explains why shares of the company shot up an impressive 6% on the day following the announcement that it would join. The spike isn't surprising; The Trade Desk's entry into the S&P 500 is a testament to the company's solid profitability and liquidity in the past four quarters. Moreover, the addition to the index has led to an increase in demand for a stock from passive investors and index funds because of a phenomenon called the "index effect." It is worth noting that The Trade Desk was selected to join the S&P 500 over popular names such as Robinhood Markets, AppLovin, Interactive Brokers, and others. It will be replacing Ansys in the index (Ansys was acquired by Synopsys). However, investors may now be wondering if it makes sense to buy The Trade Desk stock as it has shot up more than 59% in the space of just three months as of this writing. Let's see if it is a good idea to buy The Trade Desk following its inclusion in the S&P 500. The Trade Desk's valuation makes it an expensive stock to buy right now The Trade Desk's recent rally has brought the stock's price-to-earnings (P/E) ratio to 97 as of this writing. That's nearly triple the tech-laden Nasdaq-100 index's average earnings multiple. The forward earnings multiple of 45, though far lower than the trailing multiple, is still on the expensive side. Investors, therefore, will have to pay a huge premium if they are looking to buy the stock right now. For a company that's expected to deliver an increase of just 7% in earnings this year, The Trade Desk seems too richly valued to buy right now. But then, growth-oriented investors will do well to note that the company is operating in a fast-growing market that benefits from the rapid adoption of artificial intelligence (AI) tools. A huge addressable opportunity could help the stock maintain its momentum According to one estimate, the programmatic advertising market that The Trade Desk serves could grow by 10x between 2024 and 2033, generating a whopping $236 billion in revenue at the end of the forecast period. The Trade Desk has generated just under $2.6 billion in revenue in the past 12 months, indicating that it still has massive room for growth over the next decade. An important point to note here is that The Trade Desk's growth is better than that of large competitors such as Meta Platforms and Alphabet. The company reported a 25% year-over-year increase in revenue in Q1, which was well above the 16% growth in Meta's advertising business during the same quarter. Alphabet's Google advertising business, on the other hand, grew at a much slower pace of 8% in Q1. Of course, The Trade Desk is a much smaller company right now, but its robust growth suggests that it is gradually making its presence felt in the multibillion-dollar digital ad market. The company's AI tools are playing a central role in helping it register a robust growth rate, with two-thirds of its customer base currently using its Kokai programmatic advertising platform. The company points out that Kokai analyzes 17 million real-time opportunities every second to help advertisers and brands buy relevant ad inventory that can be served across different channels such as video, audio, display, social, connected TVs, and others. The data-driven advertising enables The Trade Desk to optimize campaigns so that its customers can generate higher returns on the ad dollars they spend. The Trade Desk claims that its clients who are using Kokai have seen a 42% drop in cost per unique reach, a metric that refers to the amount spent to reach a unique individual through an advertisement. Not surprisingly, the company says that its "active contract negotiations are at all-time highs." All this indicates that The Trade Desk's growth could pick up pace in the future. Consensus estimates, for instance, project its bottom-line growth rate to nearly triple to 20% in 2026 as compared to this year. The Trade Desk has the potential to maintain an upward earnings growth trajectory, as it expects the cost savings achieved by advertisers using its platform to be reinvested back into advertising campaigns. As such, don't be surprised to see an uptick in The Trade Desk's earnings growth in the long run, suggesting that the company has the ability to justify its valuation. That's why this tech stock could still attract growth investors even after the handsome gains it has clocked lately. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $447,134!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,090!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $652,133!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of July 14, 2025 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, AppLovin, Interactive Brokers Group, Meta Platforms, Synopsys, and The Trade Desk. The Motley Fool recommends the following options: long January 2027 $175 calls on Interactive Brokers Group and short January 2027 $185 calls on Interactive Brokers Group. The Motley Fool has a disclosure policy. This Magnificent Tech Stock Is Soaring After Joining the S&P 500. Should You Buy It? was originally published by The Motley Fool
Yahoo
an hour ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures tread water ahead of tech earnings as tariff deadline looms
US stock futures were flat in Sunday evening trading, as markets entered a critical week defined by megacap earnings and continued risk around President Trump's looming tariffs. S&P 500 (ES=F), Nasdaq 100 (NQ=F), and Dow Jones Industrial Average futures (YM=F) all hovered around the baseline, reflecting a cautious tone after last week's record-setting rally in growth names. The Nasdaq advanced 1.5% last week, while the S&P 500 added 0.6%. The Dow lagged, finishing slightly negative. Investor focus is dominated by two topics for the upcoming week: policy clarity on trade and earnings from tech heavyweights. On Sunday, Commerce Secretary Howard Lutnick reaffirmed the White House's Aug. 1 deadline for new tariffs, calling it a "hard stop" for compliance — before saying that he's looking at continued conversation beyond that date. Read more: The latest on Trump's tariffs Meanwhile, earnings season shifts into high gear with Alphabet (GOOG) and Tesla (TSLA) set to report Wednesday. These names are the first among the so-called "Magnificent Seven" to report this quarter. Strong results could validate stretched valuations as the market's focus on AI growth is beginning to attract comparisons to historic tech bubbles. Of the 59 S&P 500 companies that have already reported, 86% have beaten consensus, a historically strong beat rate, albeit off modest expectations. Read more: Full earnings coverage in our live blog On the macro front, the June Leading Economic Index is set for release Monday. The data will be closely watched for signs of deceleration or stabilization following a string of weak reads. Also on deck Monday: Earnings from Verizon Communications (VZ), Cleveland-Cliffs (CLF), and Domino's Pizza (DPZ). Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
an hour ago
- CNBC
With another tariff deadline looming, these 10 things are going the right way for stocks
Conventional wisdom holds that as we get closer and closer to the coming deadline for tariff resolution, the market will become more treacherous, especially for highly valued stocks. I don't know who writes these stories. I always check the bylines and I have never worked with them or hired them. I will tell you this: their lack of knowledge of how the market works is painful. Their shoddy knowledge of market history would never be tolerated in any classroom. They are, what we used to call at The Harvard Crimson, "filler-up stories," meaning stories that had to be written because copy was needed. In truth, while the deadline looms, there is no relation between the highly valued stocks and the events at hand. I actually expect severe news about South Korea and Japan before Aug. 1 — the Trump administration's "hard deadline," in the words of Commerce Secretary Howard Lutnick, for when new country-specific duty rates will come into effect. Korean car companies "make" vehicles here, but the White House would argue to you that all they do is assemble them here, while the more highly valued pieces of a car are made in the home country. Japan makes even less here but is defended, like Korea, by our soldiers, and I could see President Donald Trump invoking that fact to put on some capricious number — call it 35% tariffs on their imports — because that level is eye-grabbing. So, I doubt we're even going to get to the drop dead date of Aug. 1 without more drama. Does anyone who trades or invests think that the tariffs will influence the most highly valued stocks, none other than my newly minted cohort called PARC — Palantir , Applovin , Robinhood and Coinbase ? These all have room to run because if you are willing to pay 100 times earnings it means nothing to pay 200. That's the gospel. How can these writers not know that? Can Palantir be stopped by Canadian tariffs? Oh please, and if crypto gets knocked down, it will get up again. It's never going to keep that down. Let's flip this moment on its head and question what's buoying the near-record market as second-quarter earnings season picks up steam (we have five Club names reporting this week). I have 10 things on the list, some already happening and others more forward-looking. First, and most obvious: earnings have been terrific. Yes, there is an occasional Abbott Labs , which was brutalized by China, or Netflix , which was challenged by sky-high expectations. But the banks have set the tone, and the pastiche that closed out the week all came in very strong. I expect that to continue, with the only potential weak spot being the drugmakers. Just not enough blockbusters and some very weak pipelines. It's been a brutal year for health care overall, sitting last among all 11 sectors in the S & P 500 . Second, Trump's "big beautiful bill" contains so many provisions that will boost the economy that I think we need to rethink the possibility of a hobbled consumer. Consider these: An extension of the 2017 tax cuts that were set to expire at the end of this year, which could've resulted in an effective tax increase across income cohorts. This is particularly helpful for those who make less than $100,000. A tax deduction worth up to $25,000 for employees who earn tips, a huge win for the working class. Millions of U.S. workers stand to benefit from this. Increased standard deduction to $31,500 (from $30,000) for married joint filers and $15,750 (from $15,000) for single filers. That can make taxes easier to figure out and deliver a bigger benefit. Max child tax credit of $2,200 per child, up from $2,000, which impacts around 40 million families. Expanding 529 savings plans to cover workforce credentialing programs in areas like the trades. A new deduction on car loan interest for vehicles made in the U.S., capped at $10,000 a year. For higher earners, the size of the deduction is reduced. Tax-advantaged savings accounts for newborns, the so-called "Trump accounts." Some tax relief for seniors on Social Security benefits. These are huge benefits that will pump hundreds of billions in the U.S. economy and it's like no one ever cares. Tariffs are important. But these put money in the hands of spenders. Third, business get more tax relief on spending, building and research-and-development costs than anyone expected. Accelerated deductions and credit for building things will set off another boom. I talked about these in a previous piece . Every time I have ever seen this kind of relief, it generates far more spending and jobs than anyone expects. Fourth, we seem to be oblivious to how countries are signaling to Washington that they are going to make their companies build here in order to get some relief from the White House. There's also re-shoring to contend with. Sure, the White House may be circumspect about an Apple putting $500 billion into the U.S. economy in the next four years, but I'm not. Fifth, the amount of building that needs to be done for data centers and for the electric grid are so gigantic that they might be considered the equivalent of the biggest public works campaigns in history, and they include a huge labor component not often addressed. Don't forget that nuclear power overhauls are gigantic projects. Sixth, the Federal Reserve's new stress tests for banks will allow them to lend far more than they currently do. We forget how much heat there has been on the banks in the wake of the financial crisis to be incredibly conservative. That's over. Seventh, the opening of all sorts of land for drilling and the approval of a huge number of new pipelines will create a second renaissance of the U.S. energy sector. Eighth, two industries have so much business and are so important to the U.S. economy that they will be colossal sources of work: aerospace, where Boeing has to expand to meet new orders, and defense, where we are depleted by Ukraine. A heavy component in this sector is new kinds of weapons including drones. Ninth, the initial public offering market is primed and ready, and I think can create new jobs and new wealth for employees and sustained profits for the investment banks, which is why they are such great buys. We own Goldman Sachs for the Club. And finally No. 10, it's been so easy to bet against stocks for so long because the Biden administration had been so anti-business, particularly when it comes to mergers and acquisitions. That's over. Now short-sellers will be incredibly scared to lean on stocks. Witness the rally in the railroads last week that crushed shorts banking on weaker transport earnings. Now, again, Trump seems to do whatever is necessary to derail us in astounding fashion. But we need to think more creatively. When we hear talk of him firing Fed Chair Jerome Powell, what you need to think is that no matter what, lower rates lie ahead. I don't think it will be because of a weaker economy because of what I just detailed, but because Trump wants to have a gross domestic product boom so he can say we are the fastest-growing, most-powerful country in the world. That's what Make American Great Again stands for. Even if you think it is a gigantic fraud, remember that Trump — through a gigantic hole in the budget and pro-business agencies — has created the circumstances that could lead to the opposite of what the "filler-up stories" say will happen. (Jim Cramer's Charitable Trust is long GS and ABT. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
