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10-31-2023

TECH

• Apple has announced new MacBook Pro and iMac models featuring the M3 chip, which offers improved performance and graphics. The M3 series includes the M3, M3 Pro, and M3 Max chips with faster GPU performance and new capabilities. The MacBook Pro lineup includes 14-inch and 16-inch models with the M3 Pro and M3 Max chips. The iMac features the M3 chip and offers up to 2x faster performance and a 4.5K Retina display. The new chips are built using 3-nanometer process technology and aim to reduce reliance on Nvidia for graphics processing units.

• Chip makers ON Semiconductor and Lattice Semiconductor have offered disappointing forecasts, indicating a slowdown in electric-vehicle and overall auto sales. Lattice Semiconductor reported solid Q3 results with 11% year-over-year revenue growth. BP shares dropped 5% after reporting weaker-than-expected Q3 profits. Tesla’s stock hit a 5-month low due to news of Panasonic cutting battery production and ON Semiconductor reporting weaker profit and revenue guidance. Union workers in Detroit are winning wage increases, while electric vehicles (EVs) are struggling, leading to a $41 billion loss for Elon Musk. Amkor Technology reported solid Q3 earnings with revenue of $1.82 billion. Stock in Tesla and Rivian is dropping due to a disappointing forecast from ON Semiconductor. Panasonic has lowered its profit outlook for its battery unit by 15% due to slower sales of high-end Tesla EVs.

• The G7 has introduced a voluntary code of conduct for AI development, while President Biden has signed an executive order to regulate AI, including sharing safety test results with the government.

• Google CEO Sundar Pichai defended the company’s business tactics, including its deal with Apple, in the ongoing antitrust trial, stating that it enhances the user experience.

• Meta, the parent company of Facebook and Instagram, will introduce ad-free subscription options in Europe to comply with EU regulations.

• SolarWinds faces SEC charges for concealing cyber vulnerabilities and misleading investors about cybersecurity practices.

• Samsung Electronics reported a 12% increase in Q3 revenue, driven by strong sales of smartphones and mobile displays. The company expects a recovery in the memory chip market in 2024.

• The UK will host the world’s first global AI safety summit to discuss the risks and regulation of AI, with world leaders, tech executives, and experts attending. The summit aims to start a global conversation on AI regulation and will address concerns such as bias and environmental impact. Elon Musk is expected to attend. However, there are criticisms that civil society representatives are excluded, and concerns about Big Tech sidelining wider society.

• Vodafone is selling its Spanish business to Zegona Communications for €5 billion ($5.3 billion) in cash and redeemable preference shares.

• Elon Musk’s acquisition of Twitter, now called X, is valued at $19 billion, a 55% decrease from the original purchase price.

• Arista Networks reported Q3 2023 revenues of $1.51 billion, with a non-GAAP gross margin of 63.1%. The company expects 33% annual growth in 2023 and forecasts Q4 revenue above estimates. Arista Networks’ stock rose 4.2% in after-hours trading.

• Monolithic Power Systems reported Q3 revenue of $474.9 million, a 7.6% increase from the previous quarter, but a 4.1% decrease YoY.

• Broadcom’s $61 billion acquisition of VMware faces potential delay as Chinese regulators review the deal, with an expiration date of November 26. Investors are concerned.

• Canada has banned WeChat and Kaspersky apps on government-issued mobile devices due to privacy and security risks.

• Taiwan’s Powerchip Semiconductor plans to build a $5.3-5.4B chip facility in Miyagi, Japan, producing 28nm to 55nm chips with a monthly output of 40,000 wafers.

• Chipmaker Wolfspeed reports a smaller-than-expected loss in Q2 due to increased production at its New York factory. Revenue growth of 4% in Q1 FY2024.

MEDIA

• Fans of Matthew Perry gathered outside the apartment building used in ”Friends” to pay tribute to the actor after his death. The cast of “Friends” also released a joint statement mourning his loss and describing themselves as a family. Kathleen Turner, who played Perry’s TV parent, remembers him fondly.

• The Texas Rangers take a 2-1 lead in the World Series after a 3-1 win over the Arizona Diamondbacks in Game 3.

• Microsoft is implementing a ban on unauthorized third-party Xbox controllers and accessories, prompting backlash from gamers and potential increased costs.

• Negotiations between Hollywood actors and studios are ongoing, with major issues remaining unresolved and no timeline set. Progress has been made, but hurdles on AI and success-based compensation for streaming shows need to be overcome. A deal is not imminent.

• New York Times tech workers are going on a half-day strike to protest the company’s return-to-office policies.

• Matthew Perry, famous for his role as Chandler Bing on ”Friends,” had a distinctive linguistic style that became iconic and widely imitated. He also showcased his acting skills in other shows and indie movies but struggled to replicate his TV success in cinema. Unfortunately, Perry passed away at 54 due to addiction-related issues, leaving behind a legacy that represented the cynicism and humor of Generation X.

• Robert De Niro is facing a $12 million gender discrimination lawsuit from his former assistant, Graham Chase Robinson.

• Former Marvel executive Ike Perlmutter has given his Disney shares to activist investor Nelson Peltz, who aims to secure more seats on Disney’s board of directors.

• Disney accuses Florida Governor Ron DeSantis of “ongoing constitutional mutiny” over opposition to parental rights bill, warning of potential free speech violations.

• The film adaptation of Five Nights at Freddy’s has earned $132.7 million worldwide in its first four days, despite negative reviews. It had the third-best horror movie opening weekend ever, grossing $78 million domestically. Jason Blum, the low-budget horror movie producer, achieved success with the $130 million global opening of the film.

CONSUMER

• VF Corporation, the parent company of brands like The North Face and Vans, reported a decline in revenue for Q2 2024, with weak performance in the Americas and Vans globally. The company is implementing a transformation program called “Reinvent” to address these challenges, including establishing a global commercial organization and sharpening brand presence. VF Corporation aims to achieve $300 million in cost reductions and strengthen its balance sheet through deleveraging. The company has withdrawn its guidance for the fiscal year but expects progress in the coming quarters. Pinterest, on the other hand, reported strong Q3 2023 earnings, with revenue of $763 million, up 11% YoY, and 482 million monthly active users, up 8%. The company saw accelerated revenue growth and improved engagement and monetization, particularly in the shopping category. Pinterest plans to focus on growing users, improving monetization, and delivering profitable growth in the future.

• Walmart invests $9 billion to upgrade and modernize 1,400 US stores, including improved layouts, new technology, and expanded services.

• Clearwater Paper Corporation had a strong Q3 with net sales of $520 million, driven by operational execution and strength in its tissue business. The company also reduced net debt by $69 million.

• Kim Kardashian’s shapewear brand SKIMS has signed a multi-billion dollar deal to become the official underwear partner of the NBA, WNBA, and USA Basketball.

• Phoebe Philo, former creative director of Celine, has launched her own fashion line, creating a cult following with her stylish and understated designs.

• Casino Guichard-Perrachon’s Q3 sales declined by 5.3% due to weakness in the French market, but Latin America sales partially offset the decline.

• Natura & Co. is in exclusive talks to sell The Body Shop to Aurelius Investment Advisory, with the deal expected to be signed in November. Natura’s shares rose 3.1% after announcing the potential sale.

• Fast-fashion retailer Shein has acquired UK brand Missguided, strengthening its presence in the UK apparel market and potentially collaborating with Frasers Group.

• Private companies and insiders hold significant stakes in Zhulian Corporation Berhad, Pecca Group Berhad, and Kretam Holdings Berhad, giving them influence and control.

REAL ESTATE

• Realty Income Corp. will acquire Spirit Realty Capital Inc. in a $9 billion all-stock deal, improving scale and diversification.

• Simon Property Group, the largest mall owner in the US, reported strong Q3 earnings, with increased tenant sales and a rebound in tourism.

• Public Storage reported Q3 2023 earnings with a net income of $3.20 per diluted share and a 1.9% increase in Same Store direct net operating income. The company has raised its full-year revenue growth forecast due to higher move-in volumes and improved occupancy in its self-storage facilities.

• Brixmor Property reports Q3 FFO of $0.50/share, revenues of $307.31 million. Acadia Realty Trust reports Q3 FFO of $0.27/share, revenues of $81.39 million. Alexander’s reports Q3 FFO of $3.63/share, revenues of $55.41 million.

• WeWork withholds $6.4 million interest payment to improve balance sheet and enters forbearance agreement with bondholders after missing payments.

• Welltower, a real estate investment trust, raised its annual funds from operations (FFO) guidance due to strong performance in its senior housing properties. The REIT now expects normalized FFO of $3.59-$3.63 per share. Same-store net operating income from senior housing properties rose 9.8% in the quarter.

TRAVEL

• Airlines have boosted seat capacity on flights to and from Spain by 15% this winter, exceeding pre-pandemic levels, reports Aena.

• Online travel company Despegar.com is projected to reach break-even point in the next year and forecasted to generate profits in 2023.

• Retired couples are embracing the ”golden gap year” trend by taking longer vacations; here are 18 top destinations for them.

ECONOMIC

• UK shop price inflation dropped to a 14-month low of 5.2% in October, driven by lower prices of domestic fruit. Eurozone inflation hit a two-year low of 2.9% in October, while the economy contracted by 0.1% in Q3. German inflation in October was at its lowest since June 2021, at 3%.

• The Ensign Group beat Q3 earnings estimates with $1.20 per share, T. Rowe Price Group surpassed estimates with $2.17 per share, and Dr. Reddy’s Laboratories beat estimates with $1.07 per share. Kforce Inc reported Q3 revenue of $373.1 million and EPS of $0.54. XPO reported Q3 revenue of $2 billion and improved adjusted EBITDA of $278 million, exceeding expectations. Leidos Holdings reported a 9% increase in Q3 revenues to $3.9 billion and a 28% increase in non-GAAP diluted earnings per share to $2.03.

• BBVA’s Q3 net profit increased by 13%, driven by strong performance in Spain and Mexico, exceeding expectations.

• Financial technology company SoFi reported strong Q3 earnings, with record revenue, increased student loan originations, and improved profitability.

• Venezuela’s top court suspends opposition primary results, raising concerns of potential US sanctions and jeopardizing relief on oil sector sanctions.

• SJW Group reported strong Q3 2023 results, with revenue of $204.8 million and net income of $36.2 million.

• Capitall Southwest beat Q2 earnings estimates, posted revenues of $42.78 million, and increased its dividend.

• SITEE Centers Corp reported a decrease in net income for Q3 2023 but acquired three shopping centers.

• Capitall Southwest Corp reported Q2 2024 results, including a total investment portfolio of $1.4 billion and increased dividend.

• Workivaa Inc reported a net loss in Q3 2023 but had solid results with subscription revenue growth and beat expectations.

• Capitall Southwest’s shares rose after beating Q2 estimates and increasing its dividend, with a special dividend declared.

• House Republicans propose cutting funding for the IRS by $14.3 billion to provide aid to Israel, sparking debate and likely facing opposition.

• Forbes Advisor lists best Capital One business credit cards for cash-back, travel rewards, emergencies, instant approval, lounge access, home improvement, and various needs.

• Brookline Bancorp, Burke & Herbert Financial Services, East West Bancorp, Eastern Bankshares, Sandy Spring Bancorp, and Heritage Commerce Corp announce dividend payments with varying yields.

• IG Group, a British online trading platform, plans to cut 10% of its workforce, reducing about 300 roles worldwide by the end of fiscal 2023.

CRYPTO

• FTX founder Sam Bankman-Fried faces tough cross-examination in his fraud trial, with prosecutors questioning his credibility and highlighting inconsistencies in his statements.

• Bitcoin’s recent surge has sparked interest in the crypto market, with expectations for significant demand if spot bitcoin ETFs are approved in the US. Estimates range from $3 billion to $55 billion over five years. Skepticism remains among traditional investors.

• The UK government is planning to introduce regulations for the crypto industry, including requirements for exchanges and disclosure documents. Stablecoins will also be regulated.

• Low natural gas prices have prompted producers like 360 Mining to use it for bitcoin mining, reducing price volatility.

• The judge overseeing Celsius Network’s bankruptcy has asked the SEC to expedite approval for its plan to become a publicly-traded Bitcoin mining company.

HEALTH

• Pfizer reports a Q3 loss of $2.38 billion and declining sales of COVID-19 products, causing stock to slip.

• Amgen’s Q3 sales increased by 5% with double-digit volume growth, beating estimates. Stock rose, but underperformed compared to competitors.

• Sarepta Therapeutics and Roche gene therapy trials for Duchenne muscular dystrophy failed to meet the main goal, causing shares to plummet.

SPORTS

• Lionel Messi wins record eighth Ballon d’Or, leading Argentina to World Cup victory; Aitana Bonmatí wins women’s award.

• Magic Johnson, former NBA player, has become a billionaire through investments in sports franchises, real estate, healthcare, and insurance.

• Saudi Arabia is likely to host the 2034 World Cup as Australia withdrew its bid, leaving Saudi Arabia as the sole contender.