Apple Names New CEO, Succeeding Tim Cook

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0:33Alex Ossola:Why the class of 2026 might be graduating into the best job market in years. Plus, Tesla owners are pushing back against the company they say promised themselves driving cars and never delivered. The pitch Musk has made is that you will be able to step into your Tesla, enter an address and go to sleep, text, eat a meal, just live in your car as if you have a chauffeur. And that's what people don't quite have yet. And Apple has named a new CEO. It's Monday, April 20th. I'm Alex Osalev for The Wall Street Journal. This is the PM edition of What's News, top headlines and business stories that move the world today.

1:19Alex Ossola:This just in, Apple has named a new CEO. It's John Ternus, the company's current senior vice president of hardware engineering. long seen as a top contender to succeed Tim Cook. Cook will become Apple's executive chairman. Ternus' appointment will take effect September 1st. For more on this developing story, visit WSJ.com.

1:42Alex Ossola:We've got some potentially good news for the class of 2026. Entry-level hiring seems to be picking up this year. A widely watched survey by the National Association of Colleges and Employers out today shows that employers expected to boost hires of new grads by almost 6 percent this spring. Big companies such as McKinsey and IBM also say they've increased graduate hiring this year. WSJ workplace reporter Ray Smith says that's a big turnaround from the past few years. This is a very big surprise. Employers feel the need to replenish their pipelines. They've been holding back on hiring for the past several years, and some of the economic uncertainty has lifted in some ways for companies, but they're also realizing their needs have changed, and so they may need to hire more entry-level workers.

2:28New roles that have been created because of AI, that leads to a need for a different kind of worker, a younger worker who maybe has some experience with AI. But also, we're seeing a lot of demand in healthcare that's hiring briskly. But also, some of these jobs that these college graduates are taking, We don't yet know whether they are first option jobs or last resort jobs. We talked with a zip recruiter economist who frankly said that some of them could be fast food jobs or door dash jobs. So we still have to caveat this in terms of whether this is all good news or whether there might be some cracks in this.

3:11The U.S.

3:12Alex Ossola:and Iran plan to hold peace talks in Islamabad, Pakistan this week. Though Tehran hasn't publicly confirmed it will send representatives to the meetings, people familiar with the matter said that Iran has told regional mediators it would send a negotiating team tomorrow. A White House official said that President Trump doesn't seem inclined to extend the ceasefire with Iran that is set to expire on Wednesday evening, putting pressure on the talks. Stocks slipped today on the tensions in the Persian Gulf. President Trump has threatened to attack Iran's infrastructure if the country doesn't make a deal.

3:42Alex Ossola:The Nasdaq and the S &P both dropped by 0.3 percent or less, while the Dow was roughly flat. The dip in the Nasdaq broke a 13-session winning streak, its longest since 1992. Meanwhile, oil prices climbed, with Brent crude, the international benchmark, rising more than 5 percent. Coming up, why a more than 200-year-old Wall Street institution is embracing crypto. That's after the break.

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4:34Alex Ossola:Opening bell at the New York Stock Exchange. Iconic, right? When you hear this weekdays at 9.30 a.m. Eastern, it means that the exchange is open for trading. But the way Wall Street has moved in recent years, even halving trading hours can seem pretty old school. The exchange, established in 1792, is as old school as it gets. And now it's setting itself up for the new. Vicky Gehuang, who covers crypto for the journal, joins us now to discuss the exchange's attempt at transforming into a crypto powerhouse. Vicky, why is the New York Stock Exchange interested in crypto? The New York Stock Exchange symbolizes everything that is Wall Street and Bitcoin, which was created after the global financial crisis, is designed to disrupt Wall Street.

5:18So New York Stock Exchange is trying to carry this great Wall Street institution into the future. It's also a way for them to kind of recognize that digital assets are here and then blockchain may be important, if not a major part of the future for the financial services industry.

5:36Alex Ossola:And how are we seeing this transformation already starting to happen for the New York Stock Exchange? The New York Stock Exchange announced earlier this year that they're going to launch a tokenized securities platform where investors can trade securities like stocks 24-7 on a distributed ledger, which is the blockchain. And investors will be able to use a type of cryptocurrency called stablecoins, which are packed to the U.S. dollar, to trade these tokenized securities. Intercontinental Exchange, which is the parent company of the New York Stock Exchange, they recently made this investment into OKEx, which is another crypto exchange which was originally founded in China.

6:15So it does seem like that they're planning a lot of different things.

6:20Alex Ossola:And what does this functionally change for traders? In the future, if there is a fully functioning tokenized securities platform, traders can potentially expect being able to trade 24-7 or just being able to use the tokens that are representations of stocks on the blockchain to do other stuff in the crypto space. It definitely comes with risks because this has never been done before. And we've also heard from a lot of traders or experienced market participants that trading more than eight hours a day could lead to burnout. That was WSJ reporter Vicky Guhuan. Thanks, Vicky. Thank you for having me.

7:03Alex Ossola:And three pieces of news today about the Trump administration. We're exclusively reporting that during Fed chair nominee Kevin Warsh's confirmation hearing tomorrow, Senate Democrats plan to press him on his finances. A staff memo sent around by the senators says Warsh hasn't been as transparent in disclosing his assets as past nominees and that the public can't tell whether his investments include banks the Fed regulates. As we reported last week, Warsh disclosed assets worth more than$100 million, but said that due to confidentiality agreements, he wouldn't identify the underlying holdings of his largest individual investments.

7:38Alex Ossola:The Office of Government Ethics said that the disclosure complies with federal ethics law, except for a few dozen holdings, and that Warsh will be in compliance only after he divests those holdings. Warsh has agreed to do this if he's confirmed. In another exclusive, we report that the Justice Department's Antitrust Division is investigating whether large meatpackers engaged in criminal anti-competitive conduct. The Justice Department disclosed an investigation after Trump accused beef companies of manipulating prices for cattle they buy from ranchers and driving up prices for consumers. But officials haven't revealed that it is a criminal matter.

8:13Alex Ossola:A Justice Department spokeswoman declined to comment. Meatpacker JBS said the company isn't aware of a criminal investigation involving JBS, while Tyson, Cargill, and National Beef didn't comment. And FBI Director Cash Patel has filed a defamation lawsuit against The Atlantic magazine and one of its writers, Sarah Fitzpatrick. In the suit, which was filed in federal district court in Washington, D.C., Patel alleges that an article about government officials' concern about his drinking and conduct was malicious and factually inaccurate. He's seeking$250 million in damages. He told Fox News' Maria Bartiromo over the weekend that he planned to sue.

8:52Alex Ossola:We have to fight back against the fake news. It's one of the many things that President Trump is so successful at in leading out on, because no one is attacked as baselessly as he is and as much as he is. Patel's defamation suit adds to the growing list of legal disputes between the Trump administration and news outlets over coverage and press access. The Atlantic says it stands by its reporting and will defend itself against the suit, as the reporter Sarah Fitzpatrick noted Friday night on MS Now. I stand by every word of this reporting. We have excellent attorneys.

9:26Alex Ossola:For years, Tesla CEO Elon Musk has claimed that the company's fully autonomous vehicles were just around the corner. That promise helped keep Tesla stock near all-time highs. Now, though, thousands of Tesla customers are pushing back. They've got a powerful navigation system called supervised full self-driving mode. But Becky Peterson, who covers Tesla for the journal, says these customers are looking to hold the company accountable for over-promising and under-delivering on the fully autonomous version. The unsupervised version of full self-driving isn't something that any customers have access to right now.

10:00The pitch Musk has made is that you will be able to step into your Tesla, enter an address, and go to sleep, text, eat a meal, just live in your car as if you have a chauffeur. And that's what people don't quite have yet.

10:17Alex Ossola:In the U.S., Tesla owners have filed a class-action lawsuit that alleges that Tesla charged customers thousands of dollars in upgrades for a product that didn't exist and still doesn't. Becky says that could be bad news for Tesla, whose share of the electric vehicle market has fallen. They're not able to get away from the customers who want access to this technology. These are customers who bought the car in 2017 or 2019 and paid for this lifetime upgrade and then didn't get the service because the technology wasn't ready, despite what Tesla and despite what Musk said. Now there's a question of, are these people going to buy new Teslas?

10:56How do they feel about the brand? Someone like Tom Lo Savio, who is the California lawyer suing Tesla, he says, I bought this car in 2017. The hardware on the car is out of date and you promised me full self-driving and I've never gotten it. So he is both asking for Tesla to make good on not delivering this product to him, but also he wants damages for them for false marketing and overpromising. On the earnings call, Musk and other executives will say, We know we're probably going to have to update this hardware, but we don't want to do it until we have a final product, until we have an unsupervised version of the autonomy software that we know is going to be stable.

11:46Alex Ossola:For this story, Tesla and its lawyers didn't respond to requests for comment. Tesla is expected to report its most recent earnings on Wednesday after market close. And that's what's news for this Monday afternoon. Today's show is produced by Danny Lewis and Pierre Bien-Aimé with supervising producer Tali Arbel. I'm Alex Oseleff for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.

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