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02-02-2024

TECH

• Shares of Advanced Micro Devices (AMD) rose 3.2% after Intel announced a delay in production at its new semiconductor factory in Ohio. Intel has postponed the opening of its new Ohio chip plant to 2026 due to weak chip market conditions and delays in receiving funds.

• Apple's CFO revealed that the European Union generates 7% of App Store revenue, while CEO Tim Cook expressed concerns about EU regulations compromising privacy and security. Mark Zuckerberg criticized Apple's new rules and doubted developers would adopt them. Apple is launching iOS 17.4 with features like the ability to download apps from alternative marketplaces.

• Apple is planning to reveal its generative AI efforts later this year, with CEO Tim Cook expressing excitement about the company's investment in AI.

• Zuora, a subscription management platform, will lay off 8% of its workforce, mainly impacting international employees, as part of cost-cutting measures.

• Software company Blackbaud has reached a settlement with the FTC over a 2020 security incident, requiring data deletion and improved security.

• AI-powered chatbots are being adopted by the customer-service industry for better customer experience and cost reduction, potentially leading to a 20-30% decrease in agents by 2026. However, concerns remain about the inability of machines to replicate human emotions and connection.

• Google Maps is launching an AI-powered discovery tool that analyzes data from over 250 million places to deliver personalized recommendations.

MEDIA

• Disney's board is urging shareholders to vote for its 12 nominees and not for activist investors Nelson Peltz, Trian Group, or Blackwells.

• Streaming services like Netflix, Disney+, and Hulu are increasing prices, introducing ads, and cracking down on password sharing.

• Disney is appealing the dismissal of its free speech lawsuit against Florida Governor Ron DeSantis over the takeover of Walt Disney World's governing district.

• Universal Music Group (UMG) has pulled its music, including artists like Taylor Swift and Drake, from TikTok due to a failed license agreement renewal.

CONSUMER

• 1-800-Flowers.com Inc reported its Q2 2024 earnings, with revenue beating expectations and EPS of $1.27, beating estimates of $1.22. The company expects continued growth in the future.

• Peloton Interactive discusses strong demand for Tread products, an increase in app engagement, and surpassing earnings expectations. Stock drops 20% due to disappointing Q3 revenue guidance.

• Superdry's co-founder, Julian Dunkerton, is in talks for a possible takeover of the struggling fashion brand after a profit warning and slump in sales.

REAL ESTATE

• AvalonBay Communities sees strong growth in 2023 with 8.6% core FFO growth, but anticipates a slowing economic environment in 2024.

• Laing O'Rourke, a construction company with 10,000 employees in the UK, is requiring staff to return to the office full-time due to a decrease in engagement and financial performance caused by remote working. This decision aligns with other companies, like Bank of America, ending hybrid work arrangements. Remote working has been linked to delays in major projects such as HS2.

• Redfin predicts that mortgage rates will stay high due to the Federal Reserve's decision, but expects a gradual decrease throughout the year. However, fears arise that the Fed's pushback could impact rates.

ECONOMIC

• Mitsui & Co., Ltd. and Panasonic Holdings Corporation reported strong Q3 performance, maintaining their full-year profit forecasts. Mitsubishi UFJ Financial Group also expects doubled net profit. Nomura Holdings and Daiichi Sankyo saw revenue increases in Q3. Japan Airlines and KDDI Corporation reported their Q3 financial results, while Chugai Pharmaceutical reported annual revenue. Nomura Holdings had a significant year-over-year increase in revenue for 9M.

• Danske Bank reported FY earnings of DKK24.80 per share and total income of DKK52.44B. CaixaBank and Deutsche Bank also reported strong financial results.

• Bao Fan, the CEO and Chairman of China Renaissance Holdings, has resigned from the company due to health reasons after being missing for a year.

• Old National Bancorp and Peoples Bancorp Inc. are bank holding companies that provide financial services to customers in the US.

CRYPTO

• Cathie Wood's ARK Investment Management predicts that Bitcoin prices could reach $2.3 million as sentiment improves in wider markets.

• Genesis Global has reached a $21 million settlement with the SEC for its defunct lending program, Gemini Earn, pending customer repayment in bankruptcy.

• Asset managers offering Bitcoin ETFs are pursuing multiple custodian relationships to lower counterparty risk and negotiate better fees.