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Opening Bell 6.8.18

Opening Bell 6.8.18

Verizon names former Ericsson chief to replace McAdam [Reuters]

“For Verizon, the time for a change in leadership is now, and I am confident that Hans is the right person to bring Verizon through its next chapter,” McAdam said in a statement.

Verizon has gained about 40 percent of its $202.5 billion market value since McAdam took charge of the company on Aug. 1, 2011.

Apple, Suppliers Drop After Report of Cut in iPhone Orders [Bloomberg]

Apple fell 2.1 percent in U.S. pre-market trading after its Frankfurt-listed shares also lost as much as 2.1 percent. Supplier AMS AG dropped as much as 6.7 percent. Other European semiconductor stocks including Dialog Semiconductor Plc, STMicroelectronics NV and Infineon Technologies AG all slipped after the Nikkei said that Apple told its supply chain to prepare about 20 percent fewer components for iPhones debuting in the latter half of this year, compared with 2017’s orders, citing people in the industry it didn’t identify.

McDonald’s Plans Corporate Job Cuts, ‘Eliminating Layers’ [WSJ]

In a video message that accompanied the memo, he said the layers between field consultants and Chief Executive Steve Easterbrook will be reduced to six from eight, according to a franchisee who watched the video.

Mr. Kempczinski didn’t mention the scope of the head-count reduction but is expected to provide additional details during a town-hall meeting Tuesday. A McDonald’s spokeswoman on Thursday also declined to say how many jobs could be affected but added that the new structure in the U.S. would better support franchisees and help the company be “more dynamic, nimble and competitive.”

For high-stakes summit with Kim, Trump trusts his gut over note cards [Reuters]

Kim, who at 34 is nearly half Trump’s age, will get a concentrated blast of what friends and foes of Trump have experienced since he became president: a volatile, unpredictable leader who can be at turns friendly or tough, or both at the same time.

The June 12 summit in Singapore will be the first face-to-face meeting between Trump, the former reality TV star who likes to keep people guessing up to a cliffhanger finish, and Kim, the heir to a reclusive dynasty with a history of reneging on promises to curb its nuclear ambitions.

Chinese city gets ‘smartphone zombie’ walkway [BBC]

“Everybody walking along here thinks that it’s very safe; at the side of the road, there are cars, and the vehicles also come onto here, and sometimes only just avoid you.”

Another local, Hu Shuya, says: “Young people’s lives nowadays are fast, and they’re always looking at their phones. This puts our minds at rest – those of us who are often looking at our phones – as it’s a form of protection.”

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