headlines...by halloapp

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01-17-2024

TECH

• Synopsys is acquiring ANSYS for $35 billion in cash and stock, creating a strong presence in chip design and simulation software.

• AMD’s stock surges as Barclays names it a top pick for the “2nd Wave of AI” with a raised price target.

• Fujitsu’s stock value dropped by $1 billion after executives acknowledged their “moral obligation” to compensate victims of the Post Office Horizon scandal. UK business minister Kemi Badenoch has demanded talks on compensation.

• Apple has overtaken Samsung as the top smartphone seller in 2023, with a 20% market share and 234.6 million units sold.

• Apple is set to release its Vision Pro mixed reality headset on February 2, offering immersive video experiences and support for 3D movies. Pre-orders start on January 19 for $3,499. The device will integrate the Apple TV app and feature technologies like SharePlay and Travel Mode.

• Google is cutting several hundred jobs in its advertising sales division, primarily affecting the Large Customer Sales team.

• Samsung is giving customers who pre-order the Galaxy S24 a $50 credit for accessories, available for a limited time.

• UK mobile and broadband customers face potential price hikes of up to 8% due to inflation, with BT scrapping inflation-linked rises. Vodafone will pass on the increases, while other providers have yet to announce plans. Ofcom is considering banning inflation-linked increases.

• Shares of Rumble, a conservative alternative to YouTube, surged after Donald Trump’s victory in the Iowa caucuses.

MEDIA

• Nikki Haley’s supporters in Iowa are disappointed as she is absent from the caucus, while Ron DeSantis faces setbacks in his presidential ambitions. Donald Trump wins the Iowa caucuses with a commanding victory, but faces legal troubles. The race for the Republican nomination is heating up.

• Former President Donald Trump is facing a second defamation trial brought by E. Jean Carroll, who accused him of rape.

• Disney rejects activist shareholder nominees and recommends voting for its 12 board nominees, including CEO Robert Iger. Iger’s compensation doubles to $31.6 million.

• Antony Blinken, US Secretary of State, stressed the importance of a “pathway to a Palestinian state” for Israel’s security, and called for US involvement in resolving conflicts globally, including Gaza and Ukraine.

• Manchester United lowers profit outlook for fiscal 2024 after early exit from Champions League, affecting revenue projections. Q1 loss narrows.

CONSUMER

• Gildan Activewear accuses former CEO Glenn Chamandy of dereliction of duty, lack of transparency, undisclosed investments, and favoritism.

• Qurate Retail’s solvency risks have improved, but worries persist over its commercial position and shrinking customer base.

• Shares of Leggett & Platt drop over 5% as the company withdraws long-term financial targets and implements a restructuring plan, including job cuts and factory closures.

• Mulberry Group’s revenue fell 8.4% in Q4 2019 due to challenges in the luxury retail sector and the loss of VAT-free shopping in the UK. International sales remained positive, but the macro-economic environment is impacting consumer spending. The company’s full-year results will be impacted by new store costs and ongoing investments.

REAL ESTATE

• US home-purchase applications rose 10.4% as lower borrowing costs and falling Treasury yields prompted more buyers to enter the market. Refinance rates have increased slightly.

• Housing experts Nik Shah and Dave Ramsey predict a 7% increase in home prices in 2023 and 2024 respectively, due to high demand and limited inventory.

ECONOMIC

• A bipartisan tax deal proposed by US lawmakers includes benefits for businesses, low-income families, and affordable housing development.

• JPMorgan CEO Jamie Dimon met with Chinese Premier Li Qiang and Ukrainian President Volodymyr Zelenskiy in Davos. BlackRock and JPMorgan are assisting in setting up a Ukrainian reconstruction bank. President Zelenskiy called for international support in Ukraine’s war against Russia at the World Economic Forum.

• The Biden administration and the Consumer Financial Protection Bureau have proposed regulations to limit overdraft fees, potentially saving consumers $3.5 billion annually. Major banks are opposing the rules.

• UK Prime Minister Rishi Sunak’s bill to deport asylum seekers to Rwanda is facing opposition within his Conservative Party, risking government collapse.

• The Supreme Court is hearing cases challenging the ”Chevron deference” doctrine, potentially limiting federal agencies’ regulatory power and impacting various industries.

CRYPTO

• Bitcoin ETFs from Bitwise, Fidelity, and VanEck are discussed. Inflows to spot bitcoin ETFs dropped to $200 million after strong debuts. Grayscale remains the largest Bitcoin ETF. The SEC approved 11 Bitcoin ETFs, including offerings from Grayscale, BlackRock, and Fidelity. Grayscale continues to sell bitcoin as it converts to an ETF. The approval of Bitcoin ETFs by the SEC could lead to a power struggle within the Bitcoin community. A fee war among ETP providers and challenges from institutional trading are expected.

• Coinbase’s stock has skyrocketed 315% thanks to the rebound in cryptocurrencies, rising interest rates, and the green light for Bitcoin ETFs.

• Coinbase Global’s stock has been volatile since its IPO, trading at around $130, making long-term millionaire gains unlikely. Uncertain growth due to ties to cryptocurrency market.