Axios

Lamborghini will get there, but it sees no reason to speed along to EVs just yet.

Why it matters: The auto industry's transition from internal combustion engine vehicles to electric cars has been a choppy one lately, as automakers deal with less-than-anticipated enthusiasm from car buyers.

Here are key insights Nathan is taking away from earnings reports today:

🚙 General Motors CEO Mary Barra said the company will reintroduce plug-in hybrid vehicles in North America as an interim step between hybrids and full EVs. GM's stock also surged on a better-than-expected outlook for 2024 despite higher labor costs.

💊 Pfizer exceeded investor expectations with its fourth-quarter results after the federal government returned fewer doses of COVID treatment Paxlovid than previously anticipated.

🏡 Homebuilder PulteGroup is already noticing signs of a pickup in buying activity as interest rates fall: "We are optimistic that improved affordability dynamics will continue attracting buyers into the market," CEO Ryan Marshall said in a statement.

Employers were still looking to hire as 2023 came to a close. That's the takeaway from a steady-as-she-goes Job Openings and Labor Turnover survey, out Tuesday morning.

Driving the news: The number of job openings rose to 9.03 million in December, the Labor Department said, up from 8.93 million in November. That's a small move, but it contrasts with a decline that forecasters had expected.

Gone are the gloomy warnings of an imminent global recession. Economists at the International Monetary Fund see improving results, on both inflation and growth, compared with just a few months ago.

Why it matters: The world survived the great inflation shock better than many had anticipated. Price pressures have receded, and high interest rates didn't crush global activity.

UPS plans to cut 12,000 jobs as the shipping giant grapples with a significant drop in package volume and higher labor costs.

The big picture: The company's revenue declined by 7.8% in the fourth quarter, to $24.9 billion, compared with a year earlier. During that same period, it saw a 7.4% decrease in average daily package volume in the U.S.

The share of workers represented by a labor union ticked up in the private sector in 2023, even though overall union membership fell to a new low.

Why it matters: Public sector unions — representing workers in federal, state and local government — drove the decline in the overall rate.

A Hong Kong court has ordered the failed Chinese property developer, China Evergrande, to liquidate.

Why it matters: The process by which the company is sold for parts — and how the money is returned to creditors — will be closely watched at a time when global investors have quickly been losing confidence in China.

Regulators on the other side of the Atlantic are cracking down on U.S. businesses.

The big picture: Amazon and iRobot's pulled deal Monday is just the latest example of Europe's tough stance on competition reviews.

The number of companies that went public in the U.S. last year grew by 42% over 2022, but was still down 24% from pre-pandemic 2019, according to EY and Dealogic, Hope writes.

Zoom in: Profitability has become more of a focus for investors.

• Reddit, which is reportedly eyeing a March listing, has delayed its plans for years to get closer to the black.

What we're watching: The potential for a Fed pivot on interest rates and last year's market surge "have ignited a sense of optimism heading into 2024," EY analysts write.

• But geopolitical tensions and November's White House race could dampen moods.

Amazon's Prime Video streaming service introduced ads to movies and television shows Monday and added a new ad-free tier for $2.99 a month.

Why it matters: The move follows recent subscription fee increases from Disney, Netflix, Max and Peacock.

Treasury Secretary Janet Yellen is known for her tendency to overprepare. That apparently extends to all aspects of her life — including the first time she smoked pot.

Driving the news: In a candid interview, Yellen told NPR's weekly quiz show "Wait Wait... Don't Tell Me!" that she "overprepared" for the first time she would smoke marijuana at a party as a college student.

In conversations with a slew of business leaders this month about the economic implications of generative AI, a recurring theme cropped up: that AI-driven productivity gains are the world's best hope to limit the pain of a demographic squeeze.

Why it matters: As computers get better at doing jobs humans have traditionally done, it creates the risk of mass displacement of workers.

Walmart will start giving its store managers stock grants this year on top of new pay raises, the retailer announced Monday.

Why it matters: It's the latest move by the nation's largest private employer and retailer to retain and reward managers in a competitive labor market.

The SEC approved a new set of rules for special-purpose acquisition companies (SPACs) this week, long after the damage was done by the recent mania.

Why it matters: It remains to be seen what effect they'll have on the future of blank-check companies.

Americans are taking their cash to the casino at record rates.

Why it matters: It may be another sign that the consumer mood — which has been incredibly sour in the post-pandemic era, is getting much sunnier.

You know the market has officially shaken off its doldrums when dividend recaps are back.

Catch up fast: A dividend recapitalization is what it's called when companies issue debt and use some of the proceeds to pay shareholders a dividend. Sometimes public companies do this — more often, it's those owned by private equity firms.

The Internal Revenue Service kicks off tax season 2024 on Monday — six days later than last year — with a few changes and the rollout of the government's new pilot tax filing service.

Why it matters: The IRS Direct File pilot could reshape how millions of Americans do their taxes and disrupt the multibillion-dollar tax preparation industry.