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11-13-2023

TECH

• Alibaba and JD.com reported sales growth during China’s Singles Day festival, but did not disclose specific revenue figures.

• China’s YMTC has filed a patent infringement lawsuit against Micron Technology, accusing it of infringing on eight patents in the US.

• Xiaomi’s market value has surged by $20 billion due to Apple’s declining sales in China, making it the top performer on the Hang Seng Tech Index.

• Optus, an Australian telecom, experienced a major 12-hour outage affecting over 10 million users due to routing changes during a routine software upgrade.

• Google has filed a lawsuit against scammers in India and Vietnam who tricked small businesses with fake ads and AI-related scams, spreading malware.

• Apple is planning to release a new 12.9-inch iPad Air and OLED iPad Pro models in 2024, according to analyst Ming-Chi Kuo.

• Alphabet’s Google is reportedly in talks to invest in Character.AI, an AI startup specializing in virtual characters and chatbot models.

• OpenAI is seeking additional funding, including from Microsoft, to support its plans for artificial general intelligence (AGI). CEO Sam Altman expects to raise more funds from Microsoft and other investors. OpenAI recently announced upgrades to GPT-4 and plans for GPT-5.

MEDIA

• The Marvels, the latest film in the Marvel Cinematic Universe, had a disappointing opening weekend, earning only $47 million domestically, the lowest for the franchise.

• Gotham FC wins first NWSL title with 2-1 victory over OL Reign, despite Megan Rapinoe’s early injury in final match.

• TPG Telecom has terminated negotiations with Vocus Group for the sale of non-mobile fibre assets worth $4 billion.

• Actors and writers strikes in Hollywood left film and TV crew workers unemployed, leading to evictions, financial struggles, and mental health issues.

• Jos Buttler will captain the England cricket team in the One-Day International against the West Indies, with six World Cup players retained.

• The SAG-AFTRA guild’s potential three-year contract with studios includes wage increases, Intimacy Coordinators, diversity hiring, AI protections, and a $40 million streaming bonus.

• Lawyers are fighting for the release of Russian artist Alexandra Skochilenko, who replaced price tags with anti-war messages. She faces an eight-year jail term for spreading false information.

• Hybe, the company behind BTS, has acquired the music label of Exile Content to enter the Latin music market and tap into its rapid growth.

• SoundHound AI’s Q3 2023 revenue reached $13.3 million, up 52% sequentially, driven by automotive and IoT sectors. The company has potential for future revenue growth and an attractive valuation.

CONSUMER

• Peter Nygard, former fashion mogul, has been convicted of four counts of sexual assault by a Toronto jury after a six-week trial. He faces additional charges and extradition to the US.

• Carlo Rino Group Berhad’s stock is declining despite strong fundamentals, including a 24% ROE and high growth. Karex Berhad’s stock has risen 15% but has mixed financial indicators, including a low ROE of 2.2%.

• Dollar Tree is expanding its winter inventory with holiday decorations, seasonal drinks, kitchen supplies, skincare products, and more. They also offer fall grocery items.

• Brilliant Earth’s Q3 net sales rose 2.5% YoY to $114.2 million, surpassing the jewelry industry’s performance. They also achieved positive adjusted EBITDA for the ninth consecutive quarter. Additionally, the company opened five new showrooms and experienced a 17% YoY increase in order volume.

• Police have failed to respond to almost 80% of shoplifting incidents where criminals were detained by shop workers, according to Co-op. The convenience store chain has experienced a 43% increase in incidents this year and warns of a further rise during the festive season. Co-op is calling on the UK government to address retail crime and ensure that criminals face consequences.

• Former teacher and stock trader couple quit jobs to create Lapland U.K., the largest Christmas wonderland in the UK, expected to make $30 million this year.

REAL ESTATE

• Donald Trump Jr. will testify for the second time in his father’s civil fraud trial, discussing the family’s real estate business. The trial seeks at least $250 million in damages and restrictions on Trump and his adult sons. The defense team will argue that mistakes in financial statements were the fault of outside accounting firm Mazars and former outside accountant Donald Bender.

• Fitch Ratings will withdraw all ratings on China’s Country Garden Services Holding on Dec. 12 for commercial reasons.

• Fixed mortgage interest rates have decreased, with the average 30-year fixed rate at 7.25%. Refinance rates have increased.

• International student enrollment in US colleges rose by 12% in 2022-23, reaching pre-pandemic levels, with a significant increase from India.

TRAVEL

• Rising air fares are causing British holidaymakers to choose Blackpool over Benidorm, leading to a rise in domestic bookings.

• BargainAirTicket, an online travel agency, has introduced new services to enhance travel experience and prioritize customer satisfaction.

ECONOMIC

• Australian shares are expected to rise following a strong performance by US equities, while Asian markets await US inflation data and the Biden-Xi summit. ANZ Bank reports record profits. Gold prices decline due to a stronger US dollar and hawkish Fed comments.

• Inuvo, Inc. had its highest quarterly revenue in Q3 2023, with a 44% YoY increase to $24.6 million. AvidXchange Holdings, Inc. reported strong Q3 2023 earnings, with revenues of $98.7 million, up 19.7% YoY. DoubleVerify reported strong Q3 2023 financial results, with 28% revenue growth and 32% adjusted EBITDA margins. Wag! Group Co. reported strong Q3 2023 financial results, with revenue growing by 42% YoY to $21.8 million. P3 Health Partners Inc. reported strong Q3 2023 financial results, with revenue increasing 16%. Priority Technology Holdings reported strong financial results for Q3 2023, with revenue increasing 14% to $189 million. LifeStance Health Group reported strong financial performance in Q3 2023, exceeding expectations and raising guidance. Kingsway Financial Services reported Q3 2023 revenue of $24.8 million, up 11% YoY. Agiliti, Inc. reported Q3 2023 earnings with total revenue of $292 million, an 8% increase from the previous year. Xponential Fitness reported strong Q3 2023 financial results, with revenue of $80.4 million, up 26% YoY. Science 37 Holdings, Inc. reported solid revenues in Q3 2023, with higher adjusted gross margins and improved adjusted EBITDA. Dave Inc. reported strong Q3 2023 financial results, with adjusted EBITDA improving over 90% YoY. Bowman Consulting Group reported strong Q3 2023 earnings, with gross revenue of nearly $100 million. PowerSchool Holdings reported strong Q3 2023 earnings, with revenue up 12% year-over-year to $182 million. Adeia Inc. reported strong financial results for Q3 2023, with $101.4 million in revenue. Ascent Industries reported its financial results for Q3 2023, with net sales of $56.1 million and a net loss of $12.8 million. MasterBrand reported a 21% decline in net sales in Q3 2023 due to trade downs. NCR Voyix Corporation reported its Q3 2023 earnings, with recurring revenue accounting for 56% of total revenue. NextNav reported a 104% increase in Q3 2023 revenue to $1 million. Crexendo reported strong Q3 2023 earnings, with total revenue of $13.9 million, a 52% increase YoY. Augmedix reported third quarter 2023 earnings that exceeded analyst expectations. Permian Resources Corporation reported strong Q3 2023 earnings, with increased free cash flow and operational outperformance driving growth. Dave Inc., a financial technology company, reported strong performance in Q3 2023. A.k.a. Brands Holding Corp. reported Q3 2023 earnings, with net sales of $141 million, a decline of 10% compared to the previous year. Solo Brands Inc. reported strong Q3 results with sales of $110 million, an 8% increase YoY. The Real Good Food Company reported Q3 net sales of $55.6 million, a 48% YoY increase driven by growth in the unmeasured channel. AKA Brands Holding Corp. reported its Q3 2023 earnings, with net sales of $141 million, a decline of 10% compared to the same period last year. Xponential Fitness reported strong Q3 results, with revenue of $80.4 million, up 26% YoY. Science 37 Holdings, Inc. reported solid revenues for Q3 2023, with higher adjusted gross margins and improved adjusted EBITDA. DoubleVerify Holdings reported an outstanding Q3 with a 28% revenue growth. Fiera Capital Corporation discussed its Q3 2023 financial results, reporting a drop in assets under management (AUM) and negative organic growth. Fiera Capital Corporation reported its Q3 2023 earnings. Oddity Tech Ltd. released their 2023 Q3 earnings call presentation.

• US President Joe Biden and Chinese President Xi Jinping will meet at the Asia-Pacific Economic Cooperation (APEC) forum to discuss tensions, including Taiwan and military ties.

• Republican Senator Tim Scott has suspended his bid for the 2024 presidential nomination due to low poll numbers and lack of momentum.

• Investors should pay attention to retail earnings, CPI numbers, core retail sales, unemployment claims, and building permits/housing starts this week. Key companies to watch include Home Depot, Walmart, Tyson Foods, Cisco Systems, Target, Alibaba, and Palo Alto Networks. The October CPI report is expected to have an impact on the stock market.

• Alphabet Inc. has sold its stake in Robinhood and Dubai plans to sell a 25% stake in its taxi business through an IPO.

CRYPTO

• FTX co-founder Sam Bankman-Fried’s conviction for fraud and money laundering forces the crypto industry to reassess its flaws and future direction.

• FTX sues Bybit for $953 million, alleging preferential treatment during FTX’s collapse; Bybit accused of withdrawing $500 million.

HEALTH

• Hamas ends hostage negotiations due to Israeli actions at Al-Shifa Hospital; hospitals in Gaza face dire conditions and lack of supplies and fuel; Israeli forces surround and attack hospitals; calls for international action to stop attacks on hospitals; Israeli Prime Minister rejects Palestinian Authority governance in Gaza; Russia evacuates its nationals from Gaza; Hezbollah fires missiles from Lebanon, injuring Israelis.

• Novo Nordisk’s obesity drug Wegovy shows heart benefits beyond weight loss, leading to a 3.3% increase in shares.

• Akoya Biosciences reported Q3 2023 revenue of $25.2 million, a 34% YoY growth, with a gross profit of $15.3 million and a 60.6% gross margin. TELA Bio had strong Q3 2023 financial results, with revenue of $15.1 million, a 35% YoY growth, driven by market share gains and increased adoption of its OviTex product portfolio. Tecogen Inc. reported Q3 2023 earnings with revenue growth and narrowed adjusted EBITDA loss. SOPHiA GENETICS reported strong Q3 2023 earnings, with 37% YoY revenue growth and a 39% YoY improvement in operating loss.

SPORTS

• Liverpool manager Jurgen Klopp praised Mohamed Salah for reaching 200 goals in English football and criticized the scheduling of their upcoming match against Manchester City. Aston Villa also extended their home winning streak to 13 games with a 4-1 victory over Fulham.

• Canada secures its first-ever Billie Jean King Cup victory with Leylah Fernandez and Marina Stakusic winning their singles matches against Italy.

• No. 16 North Carolina narrowly beats Davidson 74-70 after Davidson briefly takes the lead in the fourth quarter. No. 19 North Carolina defeats Lehigh 90-68 with Armando Bacot and Caleb Love both scoring 22 points. No. 19 North Carolina defeats Lehigh 90-68 with Armando Bacot’s impressive 20-20 performance and a strong second-half performance. No. 24 UNC edges rival Duke 47-45 in a thrilling 2OT game, stopping Duke’s 2-point conversion attempt to tie.