Headlines... by halloapp

2023-10-11

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TECH

• Samsung Electronics has reported a 78% decline in operating income for Q3 2019, with sales dropping by 13%. The better-than-expected results indicate that the chip market cycle may have already bottomed out. However, analysts have warned that there will not be an immediate revival in chip prices.

• HP anticipates FY24 non-GAAP earnings per share of $3.25-$3.65, in line with estimates, and raises its annual dividend by 5%.

• Utah has sued TikTok for allegedly luring children into addictive and harmful social media habits and misleading users about its relationship with ByteDance.

• Apple continues to dominate the teenage market, with 87% of teens owning an iPhone, according to a survey by Piper Sandler. The survey also found that Apple Pay is the most popular payment app among teens.

• The UK’s Competition and Markets Authority (CMA) has opened an investigation into Vodafone’s merger with CK Hutchison’s Three mobile operator. The CMA is seeking comments from interested parties on the possible impact on competition in the country.

• Google is reintroducing smart speaker grouping features that it had removed due to a patent lawsuit from Sonos, after a federal judge threw out Sonos’ $32.5 million victory against Google.

• Apple plans to release a software update for the iPhone 12 in order to comply with France’s radiation testing requirements. The update will prevent the device from using more power when in contact with static surfaces, addressing concerns raised by French regulators regarding its radiation emissions. Apple has disputed the findings and stated that the iPhone 12 is safe to use even without the software update.

• Apple’s PC shipments dropped 23.1% in Q3 2023, more than any other manufacturer, while overall PC shipments declined 7.6%.

• Google is making passkeys the default login option for all personal Google accounts, replacing the traditional username-password combination. Passkeys utilize biometrics or PINs for authentication and are considered more secure than passwords. Users will still have the option to use passwords and can opt out of passkeys if they choose.

• French software company Planisware has postponed its initial public offering on Euronext Paris due to a deteriorating market environment.

• Facebook’s Oversight Board is reviewing the company’s decision not to remove a manipulated video of President Joe Biden, highlighting concerns over manipulated media’s impact on elections worldwide.

• Funding for Israeli tech startups could become more challenging as the conflict with Hamas may lead to slower overseas investment.

• Google’s payment to Apple for being the default search engine on Safari reportedly makes up 14-16% of Apple’s profits.

• The US Federal Trade Commission (FTC) has sued Amazon, claiming that the e-commerce giant’s monopoly power and business practices harm consumers and sellers. The FTC, along with 17 states, alleges that Amazon exploits third-party sellers, overcharges consumers, and stifles competition. The outcome of the lawsuit could have significant implications for Amazon’s future.

• Apple has released iOS 16.7.1, an emergency update addressing serious flaws that can be used for real-life attacks. It is recommended for older iPhones that cannot run iOS 17.0.3.

MEDIA

• Unity Technologies CEO, John Riccitiello, has retired after facing backlash from developers over a controversial new fee system.

• Sony has announced a new slim PS5 model that will be released in November, featuring a detachable disc drive and 1TB of internal storage. The digital edition will cost $450 and the disc drive version will cost $500.

• Investors may be undervaluing Gateley (Holdings) Plc by 45%, according to a discounted cash flow model analysis.

• A NYU law student lost their job offer at Winston & Strawn after publishing a statement blaming Israel for the Hamas attacks.

• Mary Lou Retton, the Olympic gymnast who won gold in 1984, is in the ICU with pneumonia and has no health insurance. Her daughter has started a crowdfunding campaign to cover her medical bills, which has already raised over $100,000.

• Shareholders of IMAX China rejected a $124 million buyout proposal from parent company IMAX Corp., ensuring that the shares will remain listed in Hong Kong.

• Netflix co-CEO Greg Peters has replaced ad sales chief Jeremi Gorman with Amy Reinhard in an effort to boost the company’s ad business growth. However, as of June, ad sales and ad-supported subscriber numbers were running at about half of internal projections.

• The Washington Post plans to cut 240 jobs through voluntary buyouts as the publication struggles to grow its digital subscriptions.

• Former baseball player Steve Garvey announced his candidacy for the U.S. Senate seat in California, running as a Republican against at least three Democratic candidates.

• Australian journalist Cheng Lei has been released and returned home after being detained in China on national security charges for over three years. The release signals a potential warming of relations between China and Australia.

• Disneyland and Walt Disney World have increased ticket prices for their theme parks in California and Florida by up to 10%.

• The Chicago Blackhawks erased a two-goal deficit to defeat the Pittsburgh Penguins 4-2, with rookie Connor Bedard tallying an assist in his NHL debut.

• New charges have been filed against U.S. Representative George Santos, accusing him of stealing donor credit card information for his campaign.

• The Writers Guild of America (WGA) has ended its five-month strike after members ratified a new labor contract with studios. The deal includes regulations on AI-written content and bonuses tied to streaming viewership. The focus now turns to negotiations with SAG-AFTRA.

• Generative AI is transforming the events industry by streamlining workflows, enhancing attendee experiences, and improving marketing content personalized for individual users.

CONSUMER

• has already begun with Amazon’s Prime Big Deal Days, taking place from October 10 to October 12. During this event, Prime members can take advantage of discounts on a wide range of products, including electronics, home goods, fashion, and more. It’s a great opportunity to score some deals and get a head start on your holiday shopping.

• German shoe manufacturer Birkenstock has priced its initial public offering (**IPO**) at $46 per share, valuing the company at around $8.6 billion. 32 million shares will be offered in the IPO.

• The Federal Trade Commission (FTC) is proposing a new rule that would ban hidden fees in various industries, such as car rental, hotels, and event ticketing providers. The proposed rule, which also covers “bogus fees” and requires businesses to include all mandatory fees in the upfront price, aims to address deceptive pricing practices and make it easier for consumers to compare prices. The FTC estimates that Americans pay tens of billions of dollars annually in junk fees.

• China’s personal care product company, Big Tree Cloud International Group, will merge with Plutonian Acquisition Corp. in a SPAC deal valued at $500 million, and listed on the Nasdaq Stock Market.

• The UK competition regulator, the Competition and Markets Authority (CMA), has expanded its regulatory review of Whirlpool’s joint venture deal with Arçelik in the UK, due to concerns about a substantial lessening of competition. The CMA is worried that the deal could result in higher prices or reduced choice and quality for customers.

• Groupon’s stock fell 26% after it sold part of its stake in SumUp Holdings at a valuation of $4.1bn, well below previous valuations.

• During Amazon Prime Day, customers can save up to 57% on bedding items such as pillows, sheets, and mattress covers.

• Klarna has launched an AI-powered shopping feature that allows users to shop by taking a photo of products they like, which then become available to buy on the company’s app. The feature can identify over 10 million items and compare prices, retailers, and reviews.

• The share price of Kingfisher (LON:KGF) has fallen 29% in the past three years, lagging behind the market return.

• Japan’s Fast Retailing, the owner of Uniqlo, is expected to report a 26% surge in operating profit due to a rebound in China and the weakening of the yen.

• Amazon has been named the “Bull of the Day” by Zacks Investment Research due to strong earnings expectations and its #1 Zacks Rank, while The Estee Lauder Companies has been designated as the “Bear of the Day” with a #5 Zacks Rank and negative earnings outlook.

• During October Prime Day, customers can save $100 on the Dyson Supersonic hair dryer, bringing the price down to $300.

• U.S. retailers are importing goods at a similar pace to 2019 as consumer spending holds up better than expected ahead of the holiday season.

• Analysts have upgraded their rating on Home Depot (NYSE: HD) to a buy, citing attractive buying levels and investor confidence in the company’s resilience and profitability. The stock is currently trading at a 17% discount to fair value with a 2.9% dividend yield and expected annual earnings growth of 9-12%.

• Levi’s CEO, Chip Bergh, suggests avoiding washing machines and instead spot cleaning or wearing jeans in the shower to clean them.

REAL ESTATE

• Labour leader Keir Starmer pledged to develop new towns, build homes, and tackle the housing crisis if his party wins the next UK general election.

• Chinese property developers are expected to tighten the terms of debt restructuring, as the outlook for the real estate sector worsens. So far, 40% of developers have defaulted on their debt, totalling around $110 billion. Home sales are still showing no signs of improvement despite government supportive policies.

• Shares in UK building merchant Travis Perkins fell by 12% after the company warned that its profits for the year would be lower than forecast due to a slowdown in the construction sector. The company revised its operating profit forecast to a range of £175m-£195m, down from the previous estimate of £240m. Travis Perkins cited weak market activity and deflation in commodity prices as contributing factors to the downgrade. This news follows a string of warnings indicating weakness in the UK housing market and wider construction industry.

• UDR Inc. stock falls 0.99% to $36.16, underperforming the market, and ending a four-day winning streak.

• Safestyle UK, a door-and-window manufacturer, is exploring strategic options including a sale of its business amid financial difficulties.

• PGT Innovations Inc (PGTI), a manufacturer of impact-resistant windows and doors, has a high GF Score of 95 out of 100, indicating potential for substantial growth.

• Housing industry trade groups warn that further interest rate hikes by the Federal Reserve could lead to a hard landing in the economy and a recession. The groups urge the Fed to make statements indicating it will not increase rates and will not sell off mortgage-backed securities holdings until the housing market stabilizes.

• CEOs are planning to revert to pre-pandemic office routines and eliminate hybrid work, despite its importance to employees and job seekers.

• The Consumer Financial Protection Bureau has filed a lawsuit against Freedom Mortgage Corp. for allegedly submitting false data on its mortgage operations.

• A quality assurance analyst and entrepreneur left Los Angeles for Bismarck, North Dakota, due to the high cost of living, enjoying the cheaper and slower-paced lifestyle but missing diversity.

• Brickability, a UK construction-materials distributor, anticipates a slowdown in the UK house-building market due to higher interest rates, resulting in decreased revenue.

• Shares of MFA Financial Inc. rose 0.89% on Tuesday, outperforming the stock market, with the NASDAQ Composite Index and Dow Jones Industrial Average also experiencing gains. MFA Financial Inc. closed $3.34 below its 52-week high and had lower trading volume than its 50-day average.

• China Evergrande’s offshore bondholders express surprise as the company’s debt restructuring plan fails to meet regulatory requirements. The bondholder group has not received any documents or filings from Evergrande.

• Realty Income was downgraded to Neutral by Bank of America due to rising interest rates, while Omega Healthcare and Sabra were upgraded to Buy.

• Li Changjiang has resigned as president, executive director, and authorized representative of Country Garden Services Holdings amid China’s property sector crisis.

TRAVEL

• Scandinavian countries are organizing emergency flights to evacuate their citizens from Israel due to the ongoing security situation.

• Four action-packed winter vacations in Europe that don’t involve skiing: walking the Camino de Santiago, visiting Tivoli Gardens, dog sledding in Tromsø, and hiking in Verbier.

• Travel stocks, including major U.S. airlines and cruise operators, rebounded on Tuesday following a decline caused by the war in the Middle East. Rising oil prices and weakening demand were also factors affecting travel stocks.

• Hilton has opened its first location for its new premium economy brand, Spark by Hilton, in Connecticut. The brand aims to offer affordable yet quality stays for guests.

• Gina Marie Rzucidlo, an American climber, has been declared dead on a remote peak in Tibet, dashing her dreams of setting a climbing record.

• Seattle is highlighted as a great city for a fall weekend getaway, with attractions including luxury hotels, diverse culinary offerings, and top museums.

• Active cruises, which combine biking, hiking, and multi-sport activities with a cruise ship experience, are gaining popularity among travelers. These cruises offer the convenience of a “floating hotel” and the opportunity to explore various destinations.

• Experience fall foliage by staying in glamping resorts across the United States, such as Your Glamping Adventure in Tennessee and Sky Ridge Yurts in the Smoky Mountains.

• Nick’s Cove, a historic property on Tomales Bay, has undergone a multi-phase restoration project, including revitalized cottages and a revamped menu by Chef Chris Consentino. The property now features kayaks, paddleboards, bay cruises, fishing charters, and beach bonfires for guests to enjoy.

• Two proposals in Congress aim to ban resort fees, which are additional charges imposed by hotels for amenities.

• Deciding whether or not to purchase travel insurance depends on factors such as the cost of the trip, destination, health, and value of belongings.

• Israel’s Ministry of Tourism has advised tourists to avoid tours in the country and stay in hotels due to the possibility of a ground assault on Gaza in response to recent attacks by Hamas.

• Hyatt Hotels Corp (NYSE:**H**) is considered modestly undervalued based on its current stock price and GuruFocus Value calculation. The company has fair financial health and profitability, but its growth ranks lower than industry peers.

ECONOMIC

• Global markets have shown a modest reaction to the recent escalation of conflict between Israel and Hamas in the Gaza Strip. Investors are already prepared for potential turbulence following recent geopolitical events.

• Shares of Boeing and Coca-Cola are leading the Dow Jones Industrial Average’s climb, contributing to a nearly 180-point increase.

• Americans are feeling less confident about paying back their debts, with the expectation of missing a minimum payment reaching the highest level since May 2020, according to the New York Fed. This increase in worries about debts is especially prominent among young people and those with lower incomes.

• U.S. Treasury Secretary Janet Yellen says the World Bank needs “cultural change” to mobilize private sector capital effectively and address climate change and other global challenges. Yellen also highlights the need to equip the World Bank staff to deliver desired results.

• House Republicans are attempting to select a candidate for speaker, with Steve Scalise and Jim Jordan among the key contenders.

• The average fixed-rate private student loan for borrowers with a credit score of 720 or higher is 8.77% for a 10-year loan and 10.48% for a five-year variable-rate loan. Loan rates are increasing.

• Argentina’s business leaders call for fiscal discipline, spending cuts, and an end to printing pesos to address the inflation-wrecked economy.

• The US Securities and Exchange Commission (**SEC**) has adopted new rules requiring activist investors to disclose large stakes within five business days instead of 10 calendar days. The rules will apply to investors amassing stakes of more than 5% in a company and aim to inform investors faster.

• Various stocks listed on Yahoo Finance, including ReNew Energy Global Plc, Liberty Latin America Ltd., BioLife Solutions Inc., American Financial Group Inc., and OFG Bancorp, are analyzed based on fair value calculations and estimated returns.

• A Reuters poll of 20 analysts predicts that Argentina’s monthly inflation rate in September was 11.5%, remaining in the double digits.

• Poland holds a parliamentary election on Sunday, with the ruling Law and Justice (PiS) party seeking a third term in power. Critics fear that a third term may result in a further erosion of democratic standards in the country.

• Germany expects its economy to shrink by 0.4% this year due to persistent inflation, high energy prices, and weak international trade.

• US banks are facing more challenges due to rising interest rates, which are squeezing their net interest margins and eroding the value of their bond and loan holdings. Loans are faltering as borrowers demand better returns on their savings and move their cash into higher-yielding accounts. Additionally, banks have to raise their rates on savings accounts to compete with each other.

• Ireland plans to invest more than half of its expected annual corporate tax windfall of €10bn-€12bn in two sovereign wealth funds. The funds will provide revenue for infrastructure projects and future economic challenges, such as an ageing population and climate change. The government expects the funds to reach a combined total of €100bn by 2035.

• Nuveen Floating Rate Income Fund (JFR) announced a dividend of $0.09 per share, with a 12-month forward dividend yield of 12.52%.

CRYPTO

• Caroline Ellison, former co-head of Sam Bankman-Fried’s hedge fund and a pivotal witness in his fraud trial, testified that Bankman-Fried directed her and others to commit criminally fraudulent acts that contributed to the collapse of FTX and Alameda Research.

• Israeli police have frozen cryptocurrency accounts belonging to Hamas, a Palestinian militant group, with the assistance of Binance, a leading cryptocurrency exchange. The accounts were used to solicit donations for Hamas through social media campaigns. It is unclear whether the funds have been seized or simply frozen.

• Bitcoin continues to fall, reaching its lowest level this month, with traders concerned about geopolitical tensions impacting risk-sensitive assets.

• During morning trading, large cryptocurrencies experienced mixed performance, with Uniswap seeing the biggest climb of 1.38%. Ripple shed 2.00% and Bitcoin inched down 0.92%.

• The UK’s Financial Conduct Authority (FCA) has blocked Binance’s partner, rebuildingsociety.com, from approving marketing materials for Binance and other cryptocurrency firms. This comes after Binance had announced its partnership with rebuildingsociety.com to comply with the FCA’s rules.

• The “cataclysmic” U.S. fiscal situation has prompted billionaire hedge fund manager Paul Tudor Jones to stockpile bitcoin and gold.

• BofA predicts more than 50% upside for Block Inc. shares due to the company’s earnings potential and the possibility of a higher valuation.

• China’s impact on Bitcoin prices may be more neutral until the next halving event, as the country has cracked down on mining and exchanges but continues to recognize Bitcoin as virtual property.

• Global Mofy Metaverse Limited (NASDAQ:GMM) has a high price-to-sales (P/S) ratio which may be justified by its strong revenue growth.

• To protect $500 million worth of crypto assets, FTX adviser Kumanan Ramanathan stored them on a USB drive and called the police to request physical protection.

• The production of non-fungible tokens (NFTs) on the Ethereum blockchain hit an all-time low of $17.55 million in September. The decline may indicate a shift in investor sentiment and a questioning of the value of such assets.

• Fidelity Digital Assets has stated that Bitcoin is fundamentally different from other cryptocurrencies due to its superior form of money, making it an attractive store of value and separate from other digital assets.

• Hedge fund manager Paul Tudor Jones predicts a 12% decline in the stock market ahead of an impending recession. He is turning to gold and Bitcoin as safe-haven assets.

• Opinion piece explores the notion that cryptocurrency is a solution without a problem, as highlighted during a federal fraud trial.

• J.P. Morgan analyst Reginald Smith has expanded coverage of the bitcoin mining industry, giving Underweight ratings to Riot Platforms and Marathon Digital Holdings. CleanSpark received an Overweight rating, and Cipher Mining received a Neutral rating.

HEALTH

• Shares of dialysis services providers such as DaVita, Fresenius, and Onset fell significantly following the early success of Novo Nordisk’s Ozempic in a trial treating kidney failure in diabetes patients.

• Humana CEO Bruce Broussard will step down in 2024, and Jim Rechtin, CEO of Envision Healthcare, will replace him.

• Neogen Corp reported a 73% increase in revenue for the first quarter of its fiscal year 2024. The company saw growth in its Food Safety segment, while the Animal Safety segment experienced a decline. Despite challenges in Asia and genomics, the company remains optimistic and maintains its fiscal year 2024 revenue outlook.

• Akero Therapeutics saw its stock plummet by 65% after it announced that its lead asset, efruxifermin (**EFX**), failed in a Phase 2b trial for the liver disease NASH, although some analysts still defended the drug’s potential.

• Bruker Corporation (NASDAQ:BRKR) has shown weakness in its stock price, but its financials, particularly its return on equity (ROE) of 25%, look strong.

• Pharmaceutical company GSK has settled four lawsuits in the US that claimed heartburn drug Zantac causes cancer, averting a trial in California.

• US pharmacy chain Walgreens has announced the appointment of Tim Wentworth as its new chief executive, effective from 23 October.

• Drugmaker Mallinckrodt has received approval from a US bankruptcy court for a restructuring plan that will allow it to emerge from Chapter 11 by the end of the year. The plan includes wiping out more than $1 billion in payments owed to a trust for opioid addicts.

• Genetic testing company 23andMe is requiring all users to reset their passwords. Hackers posted some stolen user data online.

• Walmart is expanding its online primary care services to employees in 28 U.S. states, partnering with virtual healthcare provider Included Health.

• Teva Pharmaceutical expects minimal disruption to its operations from the conflict between Israel and Hamas, with only a small percentage of its revenue and production relying on Israel.

• Pharmacy staff at Walgreens have staged walkouts across the US over concerns about unsafe working conditions and increased demands from the COVID-19 pandemic.

• Scientists have used gene editing technology to partially protect chickens from bird flu infections, potentially reducing the spread of the virus.

• Labcorp has begun marketing its blood test for the detection of Alzheimer’s, aiming to accelerate diagnosis of the disease.

• Shares of Athersys (NASDAQ: ATHX) dropped 50% after the biotech company warned it may file for bankruptcy following a setback in a Phase 3 trial of MultiStem cell therapy.