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Ahead of Investor Day, Salesforce’s stock soars on a boost in revenue forecasts for 2022

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Ahead of Investor Day, Salesforce’s stock soars on a boost in revenue forecasts for 2022

Ahead of an investor day presentation in San Francisco, Salesforce raised its revenue projection for 2022 to $26.25 billion to $26.356 billion.

Salesforce.com, Inc. (NYSE: CRM) stock rose on Thursday after the cloud and business software company raised its revenue projection for 2022 ahead of its annual investor day conference.

Salesforce expects revenues in the range of $26.25 billion to $26.356 billion for the fiscal year 2022, up slightly from predictions released in August following the company’s second quarter reports. Salesforce has set its sales guidance for 2023 at $31.65 billion to $31.8 billion, with a non-GAAP operating margin of roughly 20%, a 150 basis point increase over its existing prediction for 2022.

Salesforce’s investor day presentation will begin at 8:00 a.m. Pacific Time in San Francisco.

Salesforce shares rose 4.8 percent in early Thursday trade to $271.800 per share, bringing the stock’s year-to-date gain to approximately 22.1 percent.

Salesforce reported stronger-than-expected non-GAAP earnings of $1.48 per share on sales of $6.34 billion in the second quarter last month, and anticipated current-quarter earnings of roughly 92 cents per share.

“Business momentum remains strong across all clouds, customer sizes, and regions. F2Q had strong new business, larger deal sizes, and better revenue retention,”  According to Oppenheimer analyst Brian Schwartz, the company has a ‘outperform’ rating and a $290 price target.

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10,000 John Deere employees are on strike

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John Deere

10,000 John Deere employees are on strike

A tentative agreement struck between the company and their union, the United Auto Workforce, was rejected by the workers.

At midnight Wednesday evening, over 10,000 workers at agricultural equipment company John Deere went on strike, kicking off one of the greatest work stoppages in recent years in the United States.

Production at 14 plants in Iowa, Illinois, and Kansas will be impacted by the strike.

A tentative agreement struck between Deere and their union, the United Auto Workers, was decisively rejected by the workers. The strike will force both parties to return to the bargaining table in order to reach an agreement.

The UAW reported that members have formed picket lines outside Deere plants.

“Our members at John Deere strike for the ability to earn a decent living, retire with dignity and establish fair work rules,” Chuck Browning, the director of the UAW’s Agricultural Implement Department, said in a statement. “We stay committed to bargaining until our members’ goals are achieved.”

The last time the UAW went on strike against Deere was in 1986.

Deere executives had spent the days running up to the walkout attempting to persuade employees of the benefits of the contract proposal. According to Labor Notes, the agreement would have kept workers’ current health care plan in place, which does not require premiums, but the total pay raise offered was 11 percent over six years, and the contract would have guaranteed new workers received less retirement benefits than current employees.

Many Deere employees hoped to see the end of the “two-tier” structure, which decreased pension and health retirement benefits for those hired after 1997. Instead, the current Deere proposal would build on that arrangement by completely removing defined-benefit pensions for new recruits in the future.

According to Labor Notes, the proposal “doesn’t repair the decades-long grievances that workers hold against Deere.”  According to one local union head, “the membership is not in the mood for another concessionary contract.”

In a statement issued on Sunday, UAW Vice President Chuck Browning stated that 90 percent of Deere employees voted against the contract in a ratification vote, sending the union back to the bargaining table to demand more from the firm. Local union affiliates’ Facebook sites were flooded with comments from members who were dissatisfied with both the corporation and the union and appeared eager to strike.

“NO EXTENSIONS!!!!” read one typical comment. “It’s our time to make decent money and have a good contract.”

The current six-year collective bargaining agreement expired on October 1, but the union and Deere agreed to extend it while they continued to negotiate. For nearly 80 years, the UAW has represented the company’s production workers.

Workers expect more because the company has been doing so well, which has been aided by increasing demand for farm equipment. The corporation announced a record $1.79 billion in profits for the second quarter of 2021, breaking the previous quarter’s record of $1.22 billion.

The Deere strike is the latest in a string of big work stoppages in the United States’ private sector, demonstrating how dissatisfied unionised workers are with what their employers are giving. Workers at Frito-Lay, Nabisco, and Kellogg’s all went on strike in order to put pressure on their corporations to provide more.

Meanwhile, 60,000 film and television employees have authorised a strike against the studios, while 21,000 nurses and other health care workers have authorised a walkout against Kaiser Permanente.

The strike deadline has been set for October 18 by the film workers. If they do strike, it will be the greatest private-sector strike in the United States since 2007.

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Sun Country Airlines Holdings (SNCY) has announced the launch of an 8 million share secondary public offering of common stock

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Sun Country Airline

Sun Country Airlines Holdings (SNCY) has announced the launch of an 8 million share secondary public offering of common stock

Sun Country Airlines Holdings, Inc. (NASDAQ: SNCY) (“Sun Country Airlines”) announced today the start of a proposed secondary public offering of 8,000,000 shares of common stock by certain of its existing owners (the “Selling Stockholders”).

The underwriters will have a 30-day option to purchase up to 1,200,000 additional shares of common stock from the Selling Stockholders. Sun Country Airlines will not get any money from the proposed offering because it is not selling any shares.

The planned offering’s joint primary bookrunners are Barclays and Morgan Stanley. The proposed offering is co-managed by Apollo Global Securities.

Only a prospectus will be used to make the offering. When it becomes available, a copy of the preliminary prospectus relating to this offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by phone at 888-603-5847, or by email at [email protected], or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick, 2nd Floor, New York, NY 10014.

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CRIME

Walgreens, which has been plagued by theft, is closing five more shops in San Francisco

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Walgreens, which has been plagued by theft, is closing five more shops in San Francisco.

Walgreens has announced that it will close five more shops in San Francisco next month due to organised retail theft.

Walgreens announced Tuesday that it will close five more locations in San Francisco next month due to organised retail crime, adding to the city’s terrible reputation for widespread and blatant thievery.

According to SFGATE, the businesses will close next month. According to the report, Walgreens has closed at least ten outlets in the city since the beginning of 2019.

“Retail theft across our San Francisco stores has continued to increase in the past few months to five times our chain average” according to Walgreens spokesperson Phil Caruso, despite significant upgrades in security.

San Francisco Supervisor Ahsha Safai expressed sadness over the closure of a Mission Street store that “has been a staple for seniors, families and children for decades.”

“This is a sad day for San Francisco,” said Safai to SFGATE. “We can’t continue to let these anchor institutions close that so many people rely on.”

Last year, Walgreens shut down a store where the company said it was losing $1,000 per day due to thefts.

The widely circulated photos of shoplifting caught on film have increased frustration and worry over thefts. This summer, shoplifters wearing masks and carrying armfuls of designer goods dashed from a downtown Neiman Marcus and into getaway automobiles.

A masked man was seen on video at a Walgreens in June cramming items into a garbage bag before speeding out on a bicycle. A suspect in that theft was apprehended.

Mayor London Breed and Police Chief Bill Scott announced last month that they will dedicate more officers, improve cooperation, and make it simpler to report shoplifters.

The policy tries to combat thievery, which has contributed to the liberal city’s reputation as being lax on crime.

“We care about criminal justice reform. We care about second chances. We care about making sure that people are not wrongly accused,” Breed in announcing the new measures. “But don’t take our kindness for weakness, our compassion for weakness.”

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