headlines...by halloapp

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12-01-2023

TECH

• Microsoft plans to invest £2.5bn in the UK, including building a new data centre in North London and expanding computer capacity in Cardiff, as well as training 1 million people in digital skills. The investment is seen as a “vote of confidence” in the UK.

• Marvell Technology’s stock declined due to weakness in enterprise networking and carrier infrastructure, despite strength in its AI business.

• UiPath’s stock surges after beating expectations in Q3 2024, with ARR and revenue both growing 24%. Wall Street remains cautious.

• Elon Musk’s behavior and controversial comments have resulted in a decline in ad revenue and an exodus of advertisers from X (formerly Twitter).

• OpenAI’s ChatGPT, a popular chatbot, has attracted over 100 million users, sparked an AI arms race, and raised concerns about job displacement and misinformation.

• A federal judge has blocked Montana’s ban on TikTok, ruling it unconstitutional and a violation of users’ free speech rights.

• OpenAI has reinstated Sam Altman as CEO, with Microsoft gaining a non-voting observer seat on the board. Some employees remain uncertain.

• Software company Synopsys saw a slip in stock price but received praise for strong guidance and record backlog. Analysts optimistic about growth potential and potential divestment. Samsara Inc. reported Q3 2024 earnings of $0.04 per share, beating expectations. Samsara’s stock surged 15% after reporting a 40% increase in Q3 revenue and raising full-year outlook. Samsara surpassed $1 billion in annual recurring revenue, added 148 customers, achieved positive non-GAAP operating profit.

• Google urges UK regulator to take antitrust action against Microsoft in the cloud computing market, citing unfair licensing practices. Apple loses bid to stop UK investigation into its policies on cloud gaming services and mobile browsing. UK antitrust regulator wins appeal to proceed with investigation into Apple’s mobile browser and cloud gaming services.

• Meta is suing the FTC over in-house courts, while also facing a formal request from EU regulators regarding child safety concerns on Instagram.

• Morgan Stanley downgraded Alibaba, citing slower growth, while PDD became the most valuable Chinese e-commerce firm.

• Apple has released security updates for iOS, iPadOS, and macOS to fix two actively exploited vulnerabilities by hackers.

• Meta has shut down approximately 4,800 China-based fake Facebook accounts aiming to exploit US political divisions and polarize voters.

• Domo, Inc. exceeded Q3 revenue guidance with $79.7 million, plans to shift to consumption-based pricing model, and expects Q4 revenue of $79.0-$80.0 million.

• Apple’s US-fabbed Apple silicon will be packaged in Arizona by Amkor Technology, with a $2 billion investment and 2,000 jobs.

• Microsoft is planning to launch a third-party app store for iPhones, a mobile gaming store to compete with Apple and Google, and a mobile gaming store in Brazil. No official launch dates have been announced.

• Amazon Web Services (AWS) announced Q, an AI chatbot, at its re:Invent conference, aiming to compete with Microsoft and Google.

• Israeli airstrikes in Gaza have resumed after the expiration of a temporary ceasefire, resulting in casualties and overwhelmed hospitals.

• Disney reinstates dividend following activist investor Nelson Peltz’s push. Peltz seeks board seats after being denied previously.

• Republican Ron DeSantis and Democrat Gavin Newsom engaged in a heated debate on Fox News, showcasing deep political divisions in the US.

• A New York appeals court has reinstated a gag order on Donald Trump, preventing him from commenting on court personnel in his civil fraud trial after he disparaged a law clerk. Trump was fined $15,000 for violating the order.

• Beyoncé’s concert film ”Renaissance” premieres worldwide, featuring her world tour and 140 outfits. Taylor Swift attends, showing mutual support.

• Shane MacGowan, the frontman of The Pogues, known for blending punk and Irish music, has passed away at 65.

• Gerry Turner, the 72-year-old widower, proposed to 70-year-old Theresa Nist in the finale of “The Golden Bachelor,” leaving Leslie devastated.

• The Dutch edition of Omid Scobie’s book ”Endgame” mistakenly names King Charles and Kate as the royals who speculated about Archie’s skin color. Buckingham Palace is considering legal action.

• Paramount stock rises as talks with Apple to bundle streaming services, Paramount+ and Apple TV+, at a lower cost begin.

• The UK government is reviewing the pending takeover of The Telegraph by RedBird IMI due to concerns over freedom of expression and foreign influence.

• The Senate Judiciary Committee has approved subpoenas for Harlan Crow and Leonard Leo, conservative allies of Supreme Court Justices Clarence Thomas and Samuel Alito, in an ethics inquiry.

• Streaming companies like Netflix and Viacom18 are planning to lobby the Indian government to delay or revise a broadcasting bill that proposes the formation of content evaluation committees to review and approve shows before release.

• The Hong Kong Journalists Association is concerned about the safety of Minnie Chan, a reporter who has been unreachable since attending an event in Beijing in late October.

• Renowned photographer Elliott Erwitt, known for his iconic black and white images capturing American life and his love for dogs, has passed away at the age of 95.

• American Outdoor Brands Inc reported solid Q2 sales growth, driven by outdoor lifestyle category and meat processing equipment launch. Academy Sports and Outdoors saw a decline in sales due to weather and consumer sentiment.

• Big Lots reported better-than-expected Q3 earnings, focusing on five key actions to drive improvements and hiring a Senior VP of extreme value sourcing.

• Abercrombie & Fitch CEO Fran Horowitz’s customer-focused leadership and strategic initiatives have led to the successful turnaround of the struggling retail brand.

• Victoria’s Secret & Co. reported Q3 2023 earnings, with sales declining 4% compared to last year, but strong performance in November.

• Movado Group’s Q3 2024 sales decline 11.2% to $187.7 million due to challenging retail environment in the US and Europe.

• VF Corp, the owner of brands like Vans and The North Face, has laid off around 500 employees as part of a restructuring effort to improve operations and cut costs. The company has been facing declining sales and pressure from activist investors.

• Online retailers are increasingly adopting ”keep it” or ”returnless” policies, allowing customers to keep unwanted items to save on return costs.

• Tillys Inc. had a better-than-expected Q3 2023 with improved earnings, lower expenses, and higher revenue guidance for the next quarter.

• Dollar General, General Mills, and Wabtec stocks all outperformed the market, with Dollar General experiencing its ninth consecutive day of gains.

• The housing market is experiencing improvements as mortgage rates drop and new home listings increase, but affordability remains a challenge.

• China Evergrande’s offshore creditors are demanding controlling equity stakes in the company and its subsidiaries in a revised debt restructuring proposal, but it is unlikely to be approved.

• UK house prices unexpectedly rose by 0.2% in November, suggesting a potential recovery from the pandemic-induced downturn. Average property price is £258,557.

• Amancio Ortega’s investment firm, Pontegadea, has bought an Amazon logistics center in Dublin for €225 million ($244.98 million).

• Real estate agents in New York City are facing lawsuits and challenges to commission structures amidst a struggling housing market.

• The House is expected to vote on the expulsion of George Santos, a New York Republican representative indicted on charges of wire fraud and money laundering. Santos is accused of campaign fund theft and misconduct, and he refuses to resign.

• Walt Disney Co. stock underperformed, rising 0.21% but still $25.49 short of its 52-week high. Marathon Oil Corp. stock outperformed, rising 0.51% with increased trading volume. Hasbro Inc. stock fell 0.04% and ended a two-day winning streak. Sealed Air Corp. stock rose 1.27% with higher trading volume. Comerica Inc. stock rose 0.31% but still underperformed. DexCom Inc. stock sank 0.57% and closed below its 52-week high. CDW Corp. stock fell 0.57% for the fifth consecutive day. Halliburton Co. stock fell 0.72% with four consecutive days of losses. Extra Space Storage Inc. stock rose 0.49% and marked its third consecutive day of gains. Public Storage stock rose 0.33% for the fifth consecutive day. Diamondback Energy Inc. stock rose 0.40% and snapped a three-day losing streak. Coterra Energy Inc. stock rose 0.61% with higher trading volume. Dover Corp. stock rose 0.28% but underperformed. Netflix’s stock dropped 0.67% despite gains in the overall market. Hess Corporation is an exploration and production company for crude oil, natural gas, and natural gas liquids.

• Toronto-Dominion Bank is cutting 3% of its workforce, Bank of Montreal missed earnings estimates, and Canadian Imperial Bank of Commerce beat expectations.

• Autodesk Inc. stock rose 2.14% with high trading volume, Textron Inc. stock rose 2.45% with increased trading volume, and Howmet Aerospace Inc. stock rose 1.96% to $52.60. PPG Industries Inc. stock rose 1.75% with four consecutive days of gains, Prudential Financial Inc. stock rose 1.22% marking its sixth consecutive day of gains, and Ameriprise Financial Inc. stock rose 1.48%. Gilead Sciences Inc. stock rose 1.82% with high trading volume, Progressive Corp. stock rose 0.63% to $164.03, HP Inc. stock rose 0.93%, Electronic Arts Inc. stock rose 0.51% to $138.01, and eBay Inc. stock rose 1.54% to $41.01. Boeing Co. stock rose 3.21% to $231.63 with high trading volume. PepsiCo’s stock fell 7% this year, but analysts predict a potential 12% climb. M&T Bank Corp. stock rose 1.38% to $128.17.

• Euro zone manufacturing activity shows slight improvement in November, UK and Asia experience contraction, while China unexpectedly expands.

• Canada’s GDP unexpectedly shrank by 1.1% in Q3, mainly due to a drop in exports and slow inventory growth.

• Former UK Chancellor Alistair Darling, who played a crucial role in managing the 2008 financial crisis, has died at 70 after battling cancer.

• PwC and its affiliates in China and Hong Kong have been fined $7 million for training exam cheating and audit failures.

• Shares of French payments company, Worldline, rose by nearly 12% after reports that Credit Agricole is considering acquiring a stake to support the struggling company.

• Bitcoin surges to an 18-month high of $38.9K, driven by investor risk-taking and anticipation of comments from Fed Chair Jerome Powell.

• Cristiano Ronaldo is being sued for $1 billion for promoting Binance NFTs, accused of fraud and selling unregistered securities.

• MicroStrategy, led by Michael Saylor, buys $5.9 million worth of Bitcoin, increasing its total holdings to 174,530 BTC valued at $6.65 billion.

• Crypto lender Celsius Network emerged from bankruptcy and plans to focus on bitcoin mining, following guidance from regulators. A US bankruptcy judge expressed frustration and suggested the revised deal may face opposition from creditors.