Catch up on the weekend’s top five stories with this list compiled by The Fly: 1. Goldman Sachs (GS) is embarking on one of its biggest round of job cuts ever as it locks in on a plan to eliminate about 3,200 positions this week, with the bank’s leadership going deeper than rivals to shed jobs, Bloomberg’s Sridhar Natarajan reports. The company is expected to start the process mid-week and the total number of people affected will not exceed 3,200, according to a person familiar with the matter. 2. Seattle’s public school district filed a lawsuit against Big Tech claiming that the companies were responsible for a worsening mental health crisis among students and directly affected the schools’ ability to carry out their educational mission, according to Reuters. The complaint, filed on Friday against Alphabet (GOOGL), Meta Platforms (META), Snap (SNAP), and TikTok-owner ByteDance with the U.S. District Court, claimed they purposefully designed their products to hook young people to their platforms and were creating a mental health crisis, the publication says. 3. Times are tough for Tesla (TSLA), with demand slowing, costs rising and Elon Musk both distracted and a distraction, Al Root writes in this week’s edition of Barron’s. It’s time to buy the stock, the author adds, noting that Tesla is the leading EV manufacturer in the world and one that has a decade-plus head start on other auto makers, as well. Tesla stock is a risky bet, to be sure, but with shares off 72% from their all-time high, to $113.06, and near 21 times 12-month forward earnings, down from 201 times two years ago, the opportunity is too good to pass up, Root argues. 4. Disney’s (DIS) “Avatar: The Way of Water” won this New Year’s weekend with an estimated $86.3M for the four days for a domestic total of $444.4M as it crossed $1.4B in worldwide ticket sales on Monday. Overseas, the movie grossed an estimated $186.7M for the three-day weekend for a foreign cume of $956.9M. 5. Charles Schwab (SCHW) and Philip Morris’ (PM) saw positive mentions in this week’s edition of Barron’s, while Bed Bath & Beyond (BBBY) was mentioned cautiously.
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