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10-29-2023

TECH

• Elon Musk announced that SpaceX’s Starlink will provide connectivity to internationally recognized aid organizations in Gaza amid a communications blackout caused by Israeli bombardment. This will help address the lack of internet access in the region.

• Alphabet’s Q3 earnings beat revenue estimates but missed Google Cloud revenue expectations. Google stock declined 15%, raising concerns about its cloud market share compared to Microsoft’s Azure. Analysts maintain a buy rating, expecting ad revenue stabilization and a rebound in digital ad spend. Microsoft’s Azure outperformed Google Cloud, leading to a sell-off for Alphabet.

• Booz Allen Hamilton reported strong Q2 fiscal year 2024 results, with organic revenue growth of 14.8% and a record backlog of $35 billion. The company’s defense and civil business revenues increased, while its global commercial business declined. Booz Allen raised its guidance for fiscal year 2024 and reaffirmed its adjusted EBITDA target for fiscal year 2025. The company’s growth is driven by its VoLT growth strategy and its rapidly growing AI business.

• The global AI market is expected to grow by USD 125.3 billion from 2022 to 2027, with North America leading the market share and projected to see 56% growth.

• The Italian government is backing KKR’s proposed deal for Telecom Italia to sell its network grid, rejecting a rival strategy.

• Despite better-than-expected Q3 earnings, shares of Meta Platforms fell 4% due to high valuation. The company saw revenue gains and strong user growth driven by advertising spending. However, it is recommended to wait for a lower valuation before buying. Meta’s ad revenue growth outpaces peers, and its use of AI in ad strategy is expected to drive further upside. The company’s total revenue for Q3 2023 was $34.15 billion, up 23.2% YoY. The stock is undervalued compared to peers and has a potential upside of 23-27% according to analysts. Meta Platforms is on track to join the $1 trillion club, with strong financial results and AI-powered engagement. Its Q3

MEDIA

• New Zealand All Blacks fans experienced disappointment as their team lost the Rugby World Cup final to South Africa. New Zealand captain Sam Cane was sent off in the match. South Africa won their fourth title, while New Zealand played most of the game with 14 players.

• Matthew Perry, known for his role as Chandler Bing on Friends, has died at the age of 54. The cause of death is currently unknown.

• Adolis García’s walk-off homer in the 11th inning gives the Texas Rangers a Game 1 victory in the World Series.

• Jude Bellingham’s two goals led Real Madrid to a 2-1 victory over Barcelona in El Clásico, drawing comparisons to Cristiano Ronaldo.

• Taylor Swift has become a billionaire with a net worth of $1.1 billion, thanks to her successful music career and business ventures.

• Harry Kane’s hattrick in Bayern Munich’s 8-0 victory over Darmstadt solidifies his status as a top European striker.

• The movie adaptation of ’Five Nights at Freddy’s’ is set to have a $78 million opening weekend, breaking records for a video game movie and receiving high audience reviews.

• Richard Moll, famous for playing Bull Shannon on ”Night Court,” has died at 80. The cause of death is unknown.

CONSUMER

• Private equity investor Aurelius Group is in talks to acquire The Body Shop from Natura & Co at a lower price than previously suggested.

• Former Abercrombie & Fitch CEO Mike Jeffries is being sued for allegedly running a sex-trafficking operation, recruiting young models who were abused. Abercrombie & Fitch is conducting an independent investigation.

• Stanley Black & Decker’s Q3 2023 earnings showed a decline in revenue due to lower outdoor and DIY volume. However, the company saw improvements in adjusted gross margin, earnings per share, and free cash flow. They also expressed confidence in stabilizing their market share position and investing in future growth opportunities.

• Newell Brands Inc. reported Q3 2023 EPS of -$0.52632, missing expectations. Core sales declined 9.2% but gross margin expanded. The company aims to improve its consumer-facing capabilities and expects a return to top-line growth in the future.

• Insiders at Lowe’s have sold $22 million worth of stock over the past year, raising concerns among shareholders. There have been no insider purchases, but insiders still own $96 million worth of shares.

Insiders a**Home**me Depot have sold $8.3 million in stock over the past year, with significant insider selling in the last three months. However, insiders still own 0.07% of the company.

REAL ESTATE

• Five cities, including Tucson, Austin, Denver, Portland, and Charleston, offer a similar lifestyle to California but at a lower cost of living. California has nine cities on the list of the 10 least affordable cities for retirement in the US.

• Seoul’s Itaewon district had a subdued Halloween one year after a tragic crowd surge killed nearly 160 people. Increased police presence and barricades were implemented, and families of the victims honored their loved ones at a temporary memorial. Authorities conducted crowd-control drills using AI-backed CCTV cameras. There have been calls for a more sincere apology and an independent investigation.

• Experts advise first-year homeowners to budget for mortgage payments, build an emergency fund, pay down mortgage debt, manage other debts, explore tax deductions, and consider life insurance and estate planning. Financial experts also recommend paying down high-interest debt, building an emergency fund, increasing retirement contributions, and setting money aside for large purchases.

• Essex Property Trust’s Q3 2023 earnings show increased revenue and NOI growth, reduced delinquency rates, and a temporary trade-off between rate growth and occupancy. Camden Property Trust’s Q3 2023 earnings reveal weaker new lease growth, lower occupancy, and higher bad debts, leading to revised Q4 and full-year guidance.

TRAVEL

• The article features 11 luxury hotels in New England with prime leaf-peeping views, in-room spas, fireplaces, and other amenities.

ECONOMIC

• Penns Woods Bancorp Inc reported a decrease in net income for Q3 2023 due to increased interest expense. Seacoast Banking Corporation of Florida had solid financial performance and aims to enter 2024 with strong capital and liquidity. Northeast Community Bancorp and Byline Bancorp both saw a return on investment despite recent drops in share price. SouthState Corporation and Eagle Bancorp reported steady growth and improvements in their respective areas. Horizon Bancorp and Colony Bankcorp reported increased earnings, while Financial Institutions and Bridgewater Bancshares reported stable performance. Customers Bancorp had strong earnings and plans for loan growth. The Bancorp Inc, Civista Bancshares, Carter Bankshares, Ameris Bancorp, Stellar Bancorp, Princeton Bancorp, and

• Australian economic growth has slowed due to tighter monetary policy, with GDP growth of 3.4% in the 2022-23 financial year. The US economy unexpectedly boomed with 4.9% annual growth in Q3, but concerns about tightening financial conditions and future profits have dampened investor sentiment. Big tech stocks have slipped into correction territory, but some sectors and stocks are showing potential for market growth. The S&P 500 and Nasdaq Composite have entered correction territory due to a slide in megacap technology stocks. The bond market experienced wild swings, and the first reading of US Q3 GDP exceeded expectations. Global PMIs remain in contraction, and the S&P 500 has declined about 9.5% since July

• Mike Pence has suspended his 2024 presidential campaign due to a lack of support and fundraising difficulties. He made the announcement at a Republican Jewish Coalition conference in Las Vegas. Pence faced criticism for his role in the aftermath of the 2020 election and struggled to attract Trump’s voters.

• Pacific Premier Bancorp (NASDAQ:PPBI) and Bank of Marin Bancorp (NASDAQ:BMRC) are going ex-dividend in 4 days, with dividends of $0.33 and $0.25 per share, respectively. Central Pacific Financial Corp. (NYSE:CPF) will pay a dividend of $0.26 on December 15th. First Bank (NASDAQ:FRBA) and First Financial Bancorp (NASDAQ:FFBC) have announced dividends of $0.06 and $0.23 per share, respectively. Capital Bancorp, Inc. (NASDAQ:CBNK) and Colony Bankcorp (NASDAQ: CBAN) are also going ex-dividend soon. First Northwest Bancorp (NASDAQ:FNWB

• The conflict between Israel and Hamas has led to increased market volatility, with rising oil and gold prices. Investors are concerned about the impact on crude supplies, Treasury yields, and stock markets. The Federal Reserve’s policy statement and Apple’s quarterly results are also important factors. Additionally, the bond market is facing uncertainty due to factors such as new bond sales and monetary policy announcements. The conflict could potentially lead to a rise in oil prices and disrupt crude supplies. There are divided opinions on whether Treasury yields will climb or slide. The market is also monitoring the size of new bond sales and the bond market’s appetite for additional Treasuries. Silver prices have remained subdued due to uncertainties surrounding the Federal Reserve’s upcoming policy meeting and strong economic indicators. Traders are

CRYPTO

• FTX founder Sam Bankman-Fried is facing fraud charges and possible life imprisonment. He testified in court, refuting allegations and explaining an $8 billion hole in his cryptocurrency exchange, FTX.

• Bitcoin’s recent surge to $35,000 is driven by institutional players anticipating a spot Bitcoin ETF approval and the upcoming halving in April 2024. The long-term outlook for Bitcoin remains positive, with growing adoption rates and institutional interest. There is speculation of a move towards $100K, but a breach of $26,530 could lead to consolidation.

HEALTH

• Armita Geravand, a 16-year-old Iranian girl, has died in the hospital after an alleged assault by Iran’s morality police. She had been in a coma since October 1, possibly due to an encounter over not wearing a headscarf. This incident has sparked outrage and protests in Iran.

SPORTS

• Victor Wembanyama shines in Spurs’ win over Rockets, scoring 21 points and grabbing 12 rebounds. Rockets prepare for home opener against Warriors.

• The Detroit Pistons won their home opener against the Chicago Bulls despite Zach LaVine’s career-high 51 points. Cade Cunningham led the Pistons with 25 points and 10 assists.

• Australia narrowly defeated New Zealand in a thrilling World Cup match thanks to an incredible innings by Jimmy Neesham. Travis Head scored 109 off 67 balls in his first match back since fracturing a finger. New Zealand’s Rachin Ravindra has hit his second century in the tournament.