headlines... by halloapp

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01-23-2024

TECH

• Meta Platforms, the parent company of Facebook and Instagram, is allowing European users to unlink their accounts and comply with the EU's Digital Markets Act.

• Apple's Vision Pro headset is facing challenges, including lack of support from major streaming platforms and tepid response from app developers. However, it has received strong pre-orders.

• Australia has imposed sanctions on Russian hacker Aleksandr Ermakov for his role in the cyber attack on Medibank, impacting 10 million customers.

• Trello experienced a data breach with personal details of 15 million users sold on the dark web, while Loan Depot suffered a ransomware attack compromising data of 16 million customers.

• Elon Musk visited Auschwitz-Birkenau after endorsing antisemitic content on social media and will participate in an antisemitism conference.

• Apple has paid a $13 million fine to Russia's FAS antitrust agency for abusing its dominant position in the app store market.

MEDIA

• Tencent's Riot Games is cutting 530 jobs, representing 11% of its workforce, due to unsustainable costs and lack of focus.

• Streaming TV subscribers in the US unexpectedly increased to 85% at the end of 2023, possibly due to lower-cost advertising tiers, Black Friday discounts, and Netflix's password-sharing crackdown. Analysts are uncertain if this signals long-term market growth or a temporary anomaly. Netflix's upcoming earnings report may reveal progress in cracking down on password sharing and expanding ad-supported subscriptions, with expectations of increased revenue and subscriber numbers. However, it is unlikely that Netflix will become a trillion-dollar company by 2030.

• Scott Stuber, head of Netflix's film division, is leaving in March to start his own media company, with financial backing secured.

• Netflix has signed a $5 billion deal to exclusively stream WWE's "Raw" starting in January 2025, along with other WWE shows and events.

CONSUMER

• Investment firm Arkhouse Management's $5.8 billion takeover bid for Macy's was rejected due to financing concerns.

• Premier Foods had its "best ever" Christmas, selling 190 million mince pies and experiencing strong sales growth. Primark reported a rise in UK sales and a 7.3% increase in global sales, while Associated British Foods saw a 2.8% increase in group revenues driven by Primark's strong sales. Despite warm weather impacting sales, Primark's sales increased by 2.1% in the Christmas quarter and 7.9% overall.

• The FTC has banned TurboTax's maker, Intuit, from falsely advertising "free" services due to deceptive practices. Intuit plans to appeal.

• Tapestry, Inc. has experienced revenue growth and gained 1.2 million customers in North America due to product innovation and customer engagement. Their acquisition of Capri Holdings is expected to boost their financial performance.

REAL ESTATE

• The Supreme Court ruled in favor of the Justice Department, allowing federal border agents to remove razor wire installed by Texas officials on the southern border. The ruling is part of an ongoing legal battle between Texas and the Biden administration over border security.

• Marriott and Hilton experienced strong room growth in 2023, with Marriott exceeding expectations and Hilton setting a record.

• Shares of D.R. Horton, a US homebuilder, fell 8% as Q1 earnings missed estimates due to high mortgage rates.

ECONOMIC

• The Schwab U.S. Large-Cap Growth ETF (SCHG) has $23.63 billion in assets and holds top holdings in Microsoft, Apple, and Amazon. The John Hancock Multifactor Small Cap ETF (JHSC) offers exposure to the Small Cap Blend segment and has assets over $381.58 million. The Vanguard Small-Cap Growth ETF (VBK) is the largest ETF in the Small Cap Growth segment with over $15.36 billion in assets and a heavy allocation to the Information Technology sector. The Vanguard Mega Cap Value ETF (MGV) provides broad exposure to large-cap value stocks. The Vanguard Information Technology ETF (VGT) offers broad exposure to the Technology - Broad sector. The Vanguard Energy ETF (VDE) provides broad exposure to the Energy - Broad sector but has performed poorly in the past year. The Invesco Large Cap Growth ETF (PWB) provides broad exposure to the US large-cap growth segment. The iShares Morningstar Small-Cap Value ETF (ISCV) offers exposure to the US Small Cap Value segment.

• UK government borrowing in December 2023 was £7.8 billion, the lowest in any December since 2019, potentially allowing for tax cuts.

• California State University workers have ended their strike after one day, reaching a tentative deal for a 5% pay increase.

• Angel Chia, former CEO of EAM SingAlliance, becomes executive director of Hong Kong Academy for Wealth Legacy, focusing on family offices and wealth management.

• SailingStone Capital Partners, a major shareholder of First Quantum Minerals, criticizes the miner's balance sheet management and leverage reduction. First Quantum is facing challenges due to the closure of its Panama copper mine, leading to a significant drop in market value. The company is considering selling smaller mines and seeking strategic investors for its larger mines to raise funds.

CRYPTO

• FTX's sale of $1 billion worth of Grayscale's bitcoin ETF has led to significant outflows from the fund, with over $2 billion in shares sold since its conversion to an ETF. Bitcoin has dropped 20% from its peak after the approval of the first spot bitcoin ETF in the United States.

• The SEC confirms that its Twitter account was hacked through a SIM swapping attack, leading to false Bitcoin announcements.

• Palworld, a game similar to Pokémon, has sold over 5 million copies in three days despite controversy and plagiarism claims.