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11-07-2023

TECH

• Salesforce is expected to announce the new CEO of Slack next week, following the departure of current CEO Lidiane Jones. Bumble’s CEO Whitney Wolfe Herd steps down as the dating app’s share price drops 70% since its listing in 2021. The Walt Disney Company has announced that Hugh F. Johnston will be its new senior executive vice president and CFO, effective December 4.

• OpenAI’s ChatGPT has reached 100 million weekly active users, with over 2 million developers using the platform. OpenAI also announced new features and APIs, including GPTs for creating customized versions of ChatGPT. Users can monetize their bots through OpenAI’s online store. OpenAI also introduced GPT-4 Turbo, a more powerful version of its AI tool, with a 128k context window and knowledge of world events up to April 2023. Additionally, OpenAI launched the Assistants API, allowing developers to create customized AI agents for specific use cases. OpenAI is also offering copyright protections and legal fee coverage for business customers facing lawsuits related to its ChatGPT software.

• Epic Games is accusing Google of antitrust violations and monopolistic practices in the Android app distribution market during their trial.

• Elon Musk’s xAI has launched an AI chatbot called Grok, generating controversy with its sarcastic responses. It aims to rival Microsoft’s ChatGPT.

• Mixed reviews for Apple’s new M3-based 24-inch iMac, praise for battery life and removal of Touch Bar on updated Macs. MacBook Pro with M3 Max processor hailed as powerful but expensive.

• Sanmina Corporation reports strong fiscal year 2023 results, with revenue up 13% and plans to invest in key markets. Tripadvisor stock surges after exceeding expectations.

• Meta Platforms, the parent company of Facebook, is banning political advertisers from using its generative AI advertising tools to prevent the spread of election misinformation.

• Huawei aims to rival Nvidia in the AI chip business, winning a significant order from Baidu worth $62 million.

• RingCentral reported strong Q3 results, with revenue of $558 million, exceeding expectations and leading to a 9-10% stock increase.

• ByteDance’s VR unit Pico is undergoing a major overhaul and job cuts due to declining global demand for VR headsets.

• Artificial intelligence (AI) is projected to contribute trillions to various sectors by 2030, including the global economy, education, retail, and drug discovery. Companies are seeing significant returns on their AI investments.

• Teradata and Digimarc both reported strong Q3 2023 earnings, with Teradata’s cloud ARR growing 63% and Digimarc’s ARR growing 54%.

• Apple has confirmed that there will not be a 27-inch iMac with Apple Silicon, but other new models may be released.

• House Speaker Mike Johnson, a conservative Christian, admits to using the Covenant Eyes app to monitor online activity and “quit porn.”

• NXP Semiconductors reports Q3 revenue of $3.43B, beating estimates, and predicts strong Q4 profit due to high demand in automotive and industrial sectors.

MEDIA

• Nintendo’s net profit rose 18% in the first half of the fiscal year, driven by the success of the Super Mario movie and popular video games. Switch sales increased 2.4% to 6.84 million units. The company raised its annual profit forecast and game sales target.

• Bell plans to reduce capital expenditures by over $1 billion due to a recent decision by the CRTC requiring telecom companies to share infrastructure in Ontario and Quebec to increase competition and lower prices.

• Five Republican candidates, including Ron DeSantis and Nikki Haley, will participate in the third presidential debate in Miami.

• Emerald Holding Inc reports Q3 revenue of $72.5 million, driven by growth in live events and trade shows, but sees softness in its content business.

• The Hollywood actors’ union, SAG-AFTRA, is in disagreement with major studios over the use of artificial intelligence in negotiations.

• Sony Group Corp. ADR (SONY) fell 0.84% on Monday, Nintendo Co. Ltd. ADR fell 1.11%, NIO Inc. ADR stock fell 3.16%, and Nokia Corp. ADR fell 0.87%.

• Telefonica plans to buy the remaining shares of Telefonica Deutschland for €1.97 billion, causing a 38% jump in shares.

• Four men charged with stealing an 18-carat golden toilet worth $6 million from Blenheim Palace in the UK.

• Protesters from Just Stop Oil vandalized the “Rokeby Venus” painting at London’s National Gallery, demanding a halt in fossil fuel licensing.

• Taylor Swift’s re-recorded album ”1989 (Taylor’s Version)” has sold 1.65 million copies in its first week, surpassing the original’s sales and debuting at No. 1 on the Billboard 200.

• Disney is expected to report Q4 earnings of 71 cents per share and $21.37 billion in revenue, with year-over-year increases.

• Vivid Seats reports Q3 profit of $6.7 million, sales increase 20% to $188.1 million, surpassing expectations. Raises revenue outlook for 2023. Acquires Vegas.com.

CONSUMER

• Primark’s sales were impacted by warm weather but have since been boosted by the return of autumn weather, according to AB Foods CEO. ABF reported a 16% rise in revenues and plans to open 100 new stores. They also announced a share buyback program and special dividend.

• Wall Street analysts are optimistic about Birkenstock, citing strong sales growth, brand equity, and potential for expansion. Price targets set below IPO offer price.

• Jonathan Johnson has stepped down as CEO of Beyond (formerly Overstock.com) amid activist investor pressure, with Dave Nielsen as interim CEO.

• Online fashion retailer Shein is targeting a valuation of $80 billion to $90 billion in its US IPO, surpassing its previous valuations.

• ThredUP, the online thrift store, reported a 21% YoY increase in Q3 revenue, reaching $82 million, and achieved adjusted EBITDA breakeven for the first time.

• Nike has filed federal lawsuits against New Balance and Skechers for patent infringement related to their ”Flyknit” technology.

• Under Armour, Tyson Foods, and Mondelez International stocks all underperformed on Monday compared to their respective competitors.

• Nykaa, an Indian cosmetics-to-fashion retailer, experienced its slowest quarterly revenue growth since going public due to stiff competition in the beauty and personal care sector. Consolidated revenue from operations grew 22.4% to INR15.07bn ($181.17m) in July-September, the slowest year-on-year growth since November 2021. The delay in the festive season also impacted sales and traffic.

• Polen Capital criticizes Leslie’s Inc. for restricting reinvestment, limiting growth, and expresses concerns about Farfetch’s management execution.

REAL ESTATE

• WeWork has filed for Chapter 11 bankruptcy protection due to financial struggles and the impact of the pandemic.

• China Vanke, a major property developer, is facing a bond selloff and declining share prices. State-owned Shenzhen Metro has pledged over $1.38 billion in liquidity support for the company, including taking over some of its projects. However, sliding home sales continue to negatively impact the property sector.

• Realty Income Corp exceeded expectations with Q3 revenue of $1.04 billion, while Rand Capital Corp reported 12% growth in investment income. Victory Capital Holdings and Velocity Financial also reported strong Q3 results.

• Hilton Grand Vacations is acquiring Bluegreen Resorts in a $1.5 billion deal, which includes a partnership with Bass Pro Shops. The acquisition will enhance growth opportunities and lead generation channels.

• D.R. Horton, a Texas-based homebuilder, reported higher revenue and profit driven by its rental unit, exceeding analyst estimates.

TRAVEL

• Egypt offers incentives to support tourism in southern Sinai on the Red Sea despite the Gaza conflict, expecting to earn over $13 billion this year.

• TripAdvisor Inc. is an online travel company that offers booking links and information on activities and attractions.

ECONOMIC

• Procter & Gamble Co. stock rose 0.58%, Ball Corp. stock fell 1.43%, Waters Corp. stock fell 3.20%, UDR Inc. stock fell 2.25%, Exela Technologies Inc. stock fell 1.81%. Novavax Inc. stock fell 2.41%, FuelCell Energy Inc. stock fell 8.80%, Norwegian Cruise Line Holdings Ltd. stock fell 5.07%, CMS Energy Corp. stock fell 1.20%, NOV Inc. stock fell 1.87%. Halliburton Co. stock slid 1.91%, Valero Energy Corp. stock fell 0.48%, Aptiv PLC stock falls 3.94%, SL Green Realty Corp. stock fell 0.47%, A.O. Smith Corp. stock fell 0.66%. Western Union Co. stock fell 0.51%, Rithm Capital Corp. stock fell 0.91%, Xerox Holdings Corp. stock fell 2.07%, PulteGroup Inc. stock fell 1.81%, Pentair PLC stock fell 1.05%. Marathon Oil Corp. stock fell 3.10%, IDEXX Laboratories Inc. stock fell 1.46%, Cincinnati Financial Corp. stock fell 0.76%, Discover Financial Services stock fell 0.76%, Hartford Financial Services Group Inc. stock fell 0.22%. CarMax Inc. stock fell 1.37%, AutoZone Inc. stock rose 1.21%, American Tower REIT stock fell 2.03%, Cigna Group stock fell 1.23%, Paccar Inc. stock fell 0.50%. Carrier Global Corp. stock fell 0.51%, DISH Network Corp. Cl A stock fell 37.43%, GameStop Corp. Cl A stock fell 2.45%, Amazon.com Inc. stock rose 0.82%, Berkshire Hathaway Inc. Cl B stock fell 1.47%. Autodesk Inc. stock fell 0.98%, Corteva Inc. stock fell 0.52%, Tesla Inc. stock fell 0.31%, Abbott Laboratories stock fell 0.88%, Netflix stock rose 0.55%. Ocugen Inc. stock fell 1.82%, Omnicom Group Inc. stock fell 0.76%, Moderna Inc. stock fell 7.04%, Huntington Bancshares Inc. stock fell 1.13%, Bank of New York Mellon Corp. stock fell 0.57%. Home Depot’s stock dropped by -0.35%, CME Group Inc. Cl A stock rose 2.12%, Alphabet Inc. Cl A stock rose 0.89%, Nike Inc. Cl B stock rose 0.18%, Visa Inc. Cl A stock fell 0.05%. Southern Co. stock fell 1.65%, Hess Corp. stock declined 0.36%, AbbVie Inc. stock fell 0.16%, Microsoft Corp. stock rose 1.06%, Clorox Co. stock rose 2.75%. Block Inc. stock rose 1.73%, Progressive Corp. stock rose 1.29%, Eaton Corp. PLC stock rose 0.76%, Oracle’s stock rose 0.98%, ContextLogic Inc. (WISH) stock fell 0.70%. Amazon stock continues to rise, DISH Network executives discuss financial results, Microsoft stock on a winning streak, Paramount stock downgraded, and Dish Network reports disappointing earnings.

• Former President Donald Trump testified in a civil fraud trial in New York, defending his wealth and accusing opponents of bias.

• Polls indicate that President Biden is trailing Donald Trump in five out of six key battleground states, causing concern for his re-election campaign.

• Berkshire Hathaway reported a $13 billion net loss due to mark-to-market losses, but its diverse businesses performed well.

• Swedish fintech company Klarna has reported its first quarterly profit in four years, with a profit of $11.9 million in Q3 2022. The company’s revenue increased by 30% and credit losses decreased. Klarna is preparing for a potential $15 billion stock market flotation.

• The King’s Speech in the UK will focus on criminal justice measures, boosting the economy, and tackling climate change.

• Polen Capital’s Q3 2023 investor letter reveals negative returns for its U.S. Small Company Growth Fund and Global Growth Composite Portfolio.

• Personal loan interest rates range from 6% for the best loans. Mortgage rates vary from 7.10% to 8.29% for 15-year and 30-year fixed mortgages. Refinanced student loan rates range from 7.44% to 7.53%.

• QL Resources Berhad’s stock has grown 8% in 3 months with a 13% ROE and positive growth prospects. Telekom Malaysia Berhad’s stock increased 4.9% in a month with a 15% ROE. HPMT Holdings Berhad’s stock rose 2.8% in a week, but low ROE and stagnant earnings are concerning. Polaris Renewable Energy struggles with a 5.6% ROCE. Sinostar PEC Holdings’ ROCE declined to 5.9% from 14% in 5 years. Grid Dynamics Holdings’ ROCE is 0.5%, significantly below the industry average of 12%.

CRYPTO

• FTX cryptocurrency exchange founder, Sam Bankman-Fried, convicted of wire fraud and conspiracy to launder money, could face up to 110 years in jail. The industry reacts.

• Bitcoin’s price is expected to reach $47,000 by December due to factors like the Bitcoin halving and the launch of a spot Bitcoin ETF. Traders are investing in Bitcoin derivative coins in anticipation of the ETF approval. The Federal Reserve’s stance on interest rates also boosts cryptocurrency sentiment.

• Multiple attendees of the Bored Ape NFT event in Hong Kong experienced eye pain and impaired vision due to bright lighting displays.

• Polen Capital praises Euronet Worldwide for its strong business model and growth prospects, while also recommending CCC Intelligent Solutions Holdings Inc. as a promising long-term investment.

HEALTH

• Embraer reported strong Q3 2023 results, with double-digit revenue growth in all units and a firm order backlog of $17.8 billion. Quanterix Corp and NeoGenomics also reported increased revenue and improved financial performance in Q3 2023. However, Coherus BioSciences lowered its net product revenue outlook for 2023, and Redwire Corporation and EverQuote reported losses in Q3.

• Ohio voters will decide on a high-profile ballot vote to enshrine abortion rights in the state’s constitution. Virginia elections are crucial for abortion rights and could impact the conservative agenda.

• Gaza residents experienced a complete internet and communications disruption, while Israeli forces target Hamas tunnels and intensify attacks on Gaza City.

• A Swiss-designed spinal implant called ARC-IM has enabled a Parkinson’s patient to walk again, improving his quality of life significantly.

SPORTS

• UConn unveils championship banner, dominates Northern Arizona 95-52 with a strong shooting performance. Virginia Tech wins 94-55, unveils Final Four banner.

• The Chicago Cubs have fired David Ross and hired Craig Counsell as their new manager, signing him to a five-year, $40 million contract, making him the highest-paid MLB manager.

• Spanish women’s national soccer team player, Jenni Hermoso, received threats after former Spanish Federation president Luis Rubiales kissed her without consent.