PayPal's Venmo, Snowflake upgrade, Asana: Trending Tickers
PayPal-owned (PYPL) mobile payment app Venmo is adding new features to its platform, including 15% cashback rewards at select retailers.
UBS analysts upgrade Snowflake stock (SNOW) to a Buy rating and raise their price target to $265 per share.
Asana (ASAN) shares sink Wednesday morning after topping first quarter earnings estimates while reporting a notable year-over-year decline in sales growth.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
Now time for some of today's trending tickers. We are watching PayPal, Snowflake, and Asana. First up, PayPal owned Venmo, adding new features in hopes of expanding user adoption of its debit card and other financial services. The updates include 15% cashback for Venmo debit card holders at retailers, including Walmart, McDonald's and Sephora, as well as expanding its Pay with Venmo feature. Next up, Snowflake getting an upgrade to buy from neutral. UBS is the one behind this call and along with several price target hikes following its summit. UBS analysts saying that it's not too late to take advantage of what could be just the beginning of a sustained enterprise investment in data services and cloud providers. Evercore ISI, which raised its price target to $240, saying AI has reached a tipping point and that makes Snowflake's current pace of growth durable. Finally, here we're checking in on shares of Asana falling on worries about the software company's sales growth, which slowed to 9%. That's down from 26% growth a year ago. Despite narrowly beating the street's expectations for the first quarter, city analysts warn and quote, the billing miss and guide down raises some growth concerns. You can scan the QR code below to track the best and worst performing stocks of the session with Yahoo Finance's Trending Tickers page.
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36 minutes ago
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Lawyers could face ‘severe' penalties for fake AI-generated citations, UK court warns
The High Court of England and Wales says lawyers need to take stronger steps to prevent the misuse of artificial intelligence in their work. In a ruling tying together two recent cases, Judge Victoria Sharp wrote that generative AI tools like ChatGPT 'are not capable of conducting reliable legal research." 'Such tools can produce apparently coherent and plausible responses to prompts, but those coherent and plausible responses may turn out to be entirely incorrect,' Judge Sharp wrote. 'The responses may make confident assertions that are simply untrue.' That doesn't mean lawyers cannot use AI in their research, but she said they have a professional duty 'to check the accuracy of such research by reference to authoritative sources, before using it in the course of their professional work.' Judge Sharp suggested that the growing number of cases where lawyers (including, on the U.S. side, lawyers representing major AI platforms) have cited what appear to be AI-generated falsehoods suggests that 'more needs to be done to ensure that the guidance is followed and lawyers comply with their duties to the court,' and she said her ruling will be forwarded to professional bodies including the Bar Council and the Law Society. In one of the cases in question, a lawyer representing a man seeking damages against two banks submitted a filing with 45 citations — 18 of those cases did not exist, while many others 'did not contain the quotations that were attributed to them, did not support the propositions for which they were cited, and did not have any relevance to the subject matter of the application,' Judge Sharp said. In the other, a lawyer representing a man who had been evicted from his London home wrote a court filing citing five cases that did not appear to exist. (The lawyer denied using AI, though she said the citations may have come from AI-generated summaries that appeared in 'Google or Safari.') Judge Sharp said that while the court decided not to initiate contempt proceedings, that is 'not a precedent.' 'Lawyers who do not comply with their professional obligations in this respect risk severe sanction,' she added. Both lawyers were either referred or referred themselves to professional regulators. Judge Sharp noted that when lawyers do not meet their duties to the court, the court's powers range from 'public admonition' to the imposition of costs, contempt proceedings, or even 'referral to the police.' Error in retrieving data Sign in to access your portfolio Error in retrieving data
Forbes
38 minutes ago
- Forbes
Martell Makes Bold U.S. Move To Lift The Cognac Market
Martell is making a play for the cocktail space. 'Make It With Martell' is an expression that American consumers will encounter from this summer onwards as the cognac brand puts in place a new strategy to persuade drinkers to replace key spirits in their favorite cocktails with Martell. Leading the charge is acclaimed mixologist Rémy Savage, whose multiple projects include the lauded Bauhaus-inspired A Bar with Shapes for a Name in East London. Savage's team has created a series of cocktails for Martell designed to redefine traditional ways of making popular mixed drinks; from a negroni and margarita, to mint julep and mojito. On World Cocktail Day on June 5, Savage and Martell's global marketing director, Sébastien Borda, jointly reopened L'Indigo Bar, in Cognac, France. This marked the official summer residency of the mixologist at the rooftop venue at the Martell Foundation, said to be the highest point in the town with spectacular 360-degree views of the region. More importantly, the opening sets in motion the 'Make It With Martell' global campaign, starting in the United States—the world's biggest cognac market by volume—where a series of cocktail programs will begin across bars, hotels and other hospitality venues in big cities. Together, these activities form part of a bigger, sustained strategy that is, in effect, a new platform designed to make Martell a go-to substitute spirit in popular cocktails—and the entire cognac category by extension. Swapping out key spirits in favorite cocktails is a bold move, but Martell is convinced it is on the right track, not least because it takes cognac back to its often forgotten roots when it was a well tried and tested spirit in mixed drinks. The 1930s book 100 Famous Cocktails prepared in collaboration with Oscar Tschirky, maître d'hôtel of the Waldorf-Astoria Hotel in New York, lists a series of cocktails with cognac at their core. Cognac was a popular choice in cocktails in the past according to Oscar of The Waldorf. Bringing cognac back to the center of cocktail culture is now a primary objective for Maison Martell, founded in 1715. As the oldest of the four major cognac houses which include Campari-owned Courvoisier, Hennessy, and Rémy Martin, it is perhaps fitting that it is taking a lead in a revival. In his first interview since talking the marketing reins at the brand a year ago, and referencing the new campaign, Sébastien Borda told 'This is really a central point of our strategy. The Martell business is heavily reliant on Asia and, as we know, the context is quite difficult. So we are accelerating our efforts in the U.S and Africa as regions for potential growth.' Make It With Martell is kicking off in the United States because its parent, drinks giant Pernod Ricard, regards the country as an opportunity for expansion. In mid-May, Conor McQuaid, chairman and CEO of Pernod Ricard North America said that while consumers were 'making more cautious choices', spirits were continuing to take share from beer and wine. In 2024, spirits represented 42% of beverage alcohol in value versus 35% a decade ago. Sébastien Borda: 'We feel that cognac, and Martell in particular, can take on any classic and bring ... More something new to the on-premise.' The CEO added: 'Cocktail culture is thriving, especially with cordials and RTDs having doubled in size over the past few years and still growing at 20% year-over-year.' Borda commented: 'In the U.S. we will push into the on-premise where the cognac category hasn't been particularly active. We want to be part of what will probably be a broader movement, with other cognac houses also playing their part.' Something has to change as cognac sales have been under immense pressure. In the first calendar quarter of this year, Pernod Ricard—whose brands include Absolut, Chivas, and Jameson—noted a 4% decline across its strategic international labels. Good growth for Jameson, Chivas Regal, Ballantine's and Absolut was undone by declines at Martell and Royal Salute whisky. Swapping out the gin for cognac in a Negroni makes for a smoother sip, according to Rémy Savage. In the same period, rivals saw even greater falls. LVMH's cognac and spirits sales were down by 17%, hit by soft demand in the U.S. and China, while Rémy Cointreau saw sales in its cognac division plunge by 33% on an organic basis in the quarter. The uncertainty around Trump's tariffs has not helped. Martell's strategy rests on its belief that its liquid—made by distilling clear wines as its point of differentiation—is highly suited to mixing, especially at the VS and VSOP entry level. This can bring new consumers into the category. 'Some see cognac as only for certain types of (more formal) occasions but we're going to show them that it can make perfectly balanced, rich, aromatic cocktails,' said Borda. Rémy Savage: 'Through experimentation I found that cognac was a very generous dance partner due to ... More its complexity in the wood and aroma.' The cocktail scene is already thriving in the U.S. so Martell will bring an air of experimentation and exploration to the market. The marketing director added: 'We believe we can come in with something that will surprise consumers.' Challenging the mainstay classic cocktails market is a brave move but it was something that Savage had already toyed with in the past due to his love of cognac. He said: 'Through experimentation I found that cognac was a very generous dance partner due to its complexity in the wood and aroma. We pushed it to see how far it could go, and it goes a long way. We're talking about the democratisation of cognac; to make it for everyone.' Borda said: 'When you have one of the top mixologists in the world taking this approach with such passion and conviction, we feel that cognac, and Martell in particular, can take on any classic and bring something new to the on-premise.' Savage is spinning several plates at once. He has six bar businesses on the go: two in London, two in Paris, one in Lyon, and one in Bordeaux, with an Art Deco-themed New York oyster bar bar opening shortly, and a further venue coming in Mexico. The cognac collaboration is the only one he has with a drinks brand in any category, and he is not looking for others. Savage said: 'With Martell it's like we've been dating for four years and, this summer, we're finally moving in together. I am doing it because I want to. I have always been in love with cognac and this has led me to Martell.' With his New York bar about to open, and Savage's genuine belief that cognac cocktails have a future—picking up from where they left off last century—Martell could just have found the right formula, and team, to turn the category around, starting with the U.S. before expanding to the rest of the world. The Make It With Martell campaign will launch in key cities such as New York, Chicago, Atlanta, Washington, Houston, and Los Angeles. Borda said: 'It is a new, permanent platform that we strongly expect will drive sales and help us to modernize and create a different image for cognac that, in turn, will contribute to more dynamism at Martell. We will be adapting the cocktails to different seasons and the platform will be central to our future marketing and brand plans.'
TechCrunch
an hour ago
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Lawyers could face ‘severe' penalties for fake AI-generated citations, UK court warns
The High Court of England and Wales says lawyers need to take stronger steps to prevent the misuse of artificial intelligence in their work. In a ruling tying together two recent cases, Judge Victoria Sharp wrote that generative AI tools like ChatGPT 'are not capable of conducting reliable legal research.' 'Such tools can produce apparently coherent and plausible responses to prompts, but those coherent and plausible responses may turn out to be entirely incorrect,' Judge Sharp wrote. 'The responses may make confident assertions that are simply untrue.' That doesn't mean lawyers cannot use AI in their research, but she said they have a professional duty 'to check the accuracy of such research by reference to authoritative sources, before using it in the course of their professional work.' Judge Sharp suggested that the growing number of cases where lawyers (including, on the U.S. side, lawyers representing major AI platforms) have cited what appear to be AI-generated falsehoods suggests that 'more needs to be done to ensure that the guidance is followed and lawyers comply with their duties to the court,' and she said her ruling will be forwarded to professional bodies including the Bar Council and the Law Society. In one of the cases in question, a lawyer representing a man seeking damages against two banks submitted a filing with 45 citations — 18 of those cases did not exist, while many others 'did not contain the quotations that were attributed to them, did not support the propositions for which they were cited, and did not have any relevance to the subject matter of the application,' Judge Sharp said. In the other, a lawyer representing a man who had been evicted from his London home wrote a court filing citing five cases that did not appear to exist. (The lawyer denied using AI, though she said the citations may have come from AI-generated summaries that appeared in 'Google or Safari.') Judge Sharp said that while the court decided not to initiate contempt proceedings, that is 'not a precedent.' Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW 'Lawyers who do not comply with their professional obligations in this respect risk severe sanction,' she added. Both lawyers were either referred or referred themselves to professional regulators. Judge Sharp noted that when lawyers do not meet their duties to the court, the court's powers range from 'public admonition' to the imposition of costs, contempt proceedings, or even 'referral to the police.'
