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11-23-2023

TECH

• OpenAI’s former CEO, Sam Altman, has been reinstated following a week of turmoil and internal conflict. The company’s board has also undergone changes, with Bret Taylor and Larry Summers joining as board members. Microsoft’s influence on OpenAI’s decision-making processes is speculated to have increased.

• The best Samsung phones in 2023 are the Galaxy S23 Plus and Galaxy A14 5G. Black Friday offers discounts on vacuums, Google devices, Apple products, tech, and more. Retailers like Amazon, Walmart, and Best Buy have started their sales.

• Autodesk beats Q3 earnings expectations with $2.07 EPS, but stock falls due to lower growth expectations and complicated guidance.

• Sage Group reports strong FY’23 performance with double-digit revenue growth, plans share buyback program of up to £350 million.

• Broadcom has successfully closed its $69 billion acquisition of VMware after receiving regulatory approval in China, ending a months-long process.

• Alibaba co-founder Jack Ma reversed plans to sell shares worth $870 million after a drop in the company’s stock price.

• HP’s Q4 sales fell 6.5% YoY to $13.8 billion due to weak PC demand, but the company remains optimistic about recovery.

• Global smartphone sales in October experienced a 5% increase, the first year-over-year growth in 27 months, driven by emerging markets.

• Juniper Networks Inc. stock rose 0.63% to $27.04, outperforming competitors, while Cisco Systems Inc. stock rose 0.59% to $48.08. Cisco faces supply chain and competition challenges.

• Motorola Solutions, Cadence Design Systems, and TransDigm Group stocks fell while T-Mobile US stock rose, all underperforming the market.

• The National Labor Relations Board has filed a complaint against Apple for denying benefits to unionized workers, discouraging unionization.

• Former head of Canadian police intelligence unit, Cameron Ortis, found guilty of leaking state secrets, breach of trust, and fraudulent use of a computer. Faces possible 15-20 year sentence.

• $74 million worth of electronics from Malaysia and Vietnam faced US scrutiny over potential forced labor in China’s Xinjiang region.

• Chinese smartphone maker Honor, previously a part of Huawei, is preparing for an IPO to sustain its operations and compete with top-selling brands. It led the Chinese market in Q3 and was the fifth largest brand in Europe.

• TikTok may invest in Tokopedia, GoTo Group’s online-retail unit, to revive its e-commerce business in Indonesia amid new regulations.

• Sunlands Technology Group’s Q3 2023 net income was RMB131.6 million, with net revenues of RMB524.6 million.

MEDIA

• DouYu’s founder, Chen Shaojie, has been arrested by Chinese police for hosting gambling and opening a casino.

• Fans clashed with police during the Brazil-Argentina World Cup qualifier in Rio de Janeiro, tarnishing the city’s image. Argentina won 1-0.

• Actor Jamie Foxx is being sued for allegedly sexually assaulting a woman at a rooftop bar in Manhattan in 2015.

• Ridley Scott’s biopic ”Napoleon” receives mixed reviews for its over-editing and lack of coherence, but is visually stunning with a standout performance by Joaquin Phoenix.

• Former model Sheila Kennedy has filed a lawsuit accusing Guns N’ Roses frontman Axl Rose of sexual assault in 1989.

• UK Culture Secretary Lucy Frazer is considering intervening in the sale of Telegraph Media Group to a fund backed by Abu Dhabi, citing concerns about press freedom. The UK government may also refer the proposed deal to Ofcom for review.

• Disney is banking on its new animated film “Wish” to revive its box office performance during Thanksgiving, despite tough competition from ”Napoleon” and ”The Hunger Games” prequel. However, early previews show “Wish” trailing behind its rivals.

• Daryl Hall has filed a lawsuit and obtained a restraining order against his bandmate John Oates in a confidential case in Nashville.

• The Guardian is offering an intensive summer bootcamp and writers’ retreat with workshops, masterclasses, and mentoring sessions led by bestselling authors.

• Music royalty fund Hipgnosis Songs and its founder Merck Mercuriadis face legal proceedings over alleged diversion of business opportunity, which they deny.

• Shares of MFE-MediaForEurope surged 6.8% as the company expects an advertising rebound in Q4, despite lower net profit and revenue.

• K-pop group BLACKPINK is awarded honorary MBE medals by King Charles for advocating climate change at COP26.

• LIV Golf reveals 2024 schedule with new Las Vegas event during Super Bowl week, excluding any Trump courses for now.

CONSUMER

• Kohl’s beats earnings expectations, Lowe’s misses expectations with declining sales, Best Buy beats expectations despite sales decline, Hibbett raises earnings guidance, Abercrombie & Fitch and American Eagle Outfitters report sales growth, Nordstrom exceeds earnings expectations, Guess reports revenue growth in Europe.

• Older Americans drive consumer spending, online sales expected to increase, shoppers advised to set budgets and save money.

• The National Retail Federation expects 182 million shoppers during Thanksgiving weekend, with Black Friday projected as the busiest day. Online spending has reached $63.2 billion, with mobile shopping expected to reach $113 billion. Walmart has launched an early Black Friday sale.

• Kingfisher’s shares decline 6.2% as the company lowers profit expectations for fiscal 2024 due to weak sales in France.

• Jaya Tiasa Holdings Berhad has private companies as its largest shareholders with 54% ownership, while individual investors own 34%. Hup Seng Industries Berhad’s largest shareholders are private companies with 51% ownership, while individual investors own 36%. Private companies own 57% of Teo Seng Capital Berhad, benefiting from the stock’s recent 22% gain.

• Online retailers Temu and Shein struggle to convert website visits into sales, while Amazon outperforms them with a 56% conversion rate.

• Antoine Arnault, heir to LVMH, will step down as CEO of Berluti but will continue as chairman starting January.

• Over 400 Macy’s workers in Washington state are set to strike on Black Friday, demanding higher wages and citing unfair labor practices.

• Singapore-based e-commerce and gaming company, Sea Limited, faces challenges in its e-commerce division but is still considered an attractive investment opportunity with potential for growth.

• Article 1: “10 expert-backed tips for shopping smarter for electronics, including budgeting, research, and sales.” Article 2: “Tips for saving money while shopping online, like creating lists and using promo codes.”

• Urban Outfitters reports 9% sales growth in Q3 2024, driven by 6% retail segment comp and strong growth from Nuuly.

• Merchants in Greensburg, PA, offer parking incentives and bingo prize for Small Business Saturday, while Pittsburg, KS, has a stamp collection event for shoppers to win prizes.

REAL ESTATE

• Mortgage rates have fallen, attracting buyers, but Morgan Stanley predicts a 3% drop in home prices next year. US housing market sales reach a 13-year low as mortgage rates rise to over 7.5%, causing a slump in activity. Median home prices rise to a new all-time high.

• Regency Centers Corp. stock broke a two-day losing streak with a 0.43% rise. Carnival Corporation remains optimistic despite headwinds. C3.ai Inc. and Robert Half Inc. also saw gains.

• Shares of Country Garden, a top real estate company in China, surged after being included on a draft list of 50 distressed developers eligible for government financing support.

• Las Vegas hospitality unions, including Culinary Union and those representing Wynn Resorts and MGM Resorts employees, have ratified new five-year contracts with increased wages.

• Australian house prices have reached record levels despite interest rate increases, with prices in some cities reaching new highs while others saw declines. The market may be nearing its peak.

TRAVEL

• Record holiday travel expected over Thanksgiving weekend, despite pandemic. Americans flying more than in 2019. Concerns about Covid-19 spread and new variants. Extended travel to spend more time with loved ones. Rising cases of COVID-19, RSV, and flu anticipated during holiday gatherings. Concerns about vaccinations and hospital capacity.

• Trip.com Group Limited (NASDAQ:TCOM) beats Q3 2023 earnings expectations with an EPS of $1. Revenues increase by 99%, maintaining leadership in China’s online travel industry.

• Travel vendors are offering Black Friday discounts of up to 50% on flights and vacations to various destinations. Airlines like American Airlines, Spirit, Southwest, Delta, JetBlue, Emirates, Etihad Airways, and Turkish Airlines are expected to have great flight deals.

• India has lifted the suspension on e-visas for Canadian travelers, resolving tensions following accusations of Indian involvement in a murder.

ECONOMIC

• UK Chancellor Jeremy Hunt’s Autumn Statement includes permanent tax cuts for businesses and workers, but critics argue that it disproportionately benefits the richest earners. The statement also includes measures to boost business investment and address sustainability.

• Anheuser-Busch InBev ADR stock rose 1.08% on a strong trading day, Kellanova stock rose 0.30%, and INVESCO Ltd. stock rose 0.73%. Ventas Inc. stock rose 0.40%, Walmart Inc. stock fell 0.76%, and Western Union Co. stock rose 0.25%. Whirlpool Corp. stock rose 0.27%, A.O. Smith Corp. stock rose slightly, and Otis Worldwide Corp. stock rose 0.05%. W.W. Grainger Inc. stock rose 0.27% and D.R. Horton Inc. stock rose 0.21%. Amazon.com Inc. stock rose 1.95%, Sysco Corp. stock rose 1.02%, and McKesson Corp. stock rose 0.69%. Moody’s Corp. stock rose 0.42%, Thermo Fisher Scientific Inc. stock rose 1.07%, and IDEXX Laboratories Inc. stock rose 0.13%. Edwards Lifesciences Corp. stock rose 0.15%, Ecolab Inc. stock rose 0.03%, and Kraft Heinz Co. stock rose 1.55%. Archer Daniels Midland Co. stock rose 0.81%, Disney’s stock rose 0.66%, and Paychex Inc. stock rose 0.50%. Visa Inc. Cl A stock rose 0.59%, Xerox Holdings Corp. stock rose 0.52%, and VF Corp. stock saw a 0.91% increase. Thermo Fisher Scientific shareholders have seen a 102% return over the past five years, and Paychex, Inc. has a high ROE of 45%. Walmart’s stock dropped 8% after Q3 ‘24 earnings release due to tough comparisons.

• FinVolution Group’s Q3 2023 results fell short due to slow recovery in China, but finding success in Indonesia and P2P business opportunities. LexinFintech Holdings reported Q3 2023 earnings with transaction volume, loan balance, and revenue up YoY. Jiayin Group Inc. reported strong Q3 2023 results with increased loan origination volume and net revenue growth. X Financial reported strong Q3 2023 results with high-end loan facilitation and origination, improved delinquency rates. Yiren Digital reported a 56% increase in total loan volume in Q3 2023, along with growth in insurance and lifestyle services. Gaotu Techedu reported a YoY increase in net revenue for Q3 2023, but decline in profit due to seasonality. ATRenew Inc. reported strong Q3 2023 earnings with increased total revenues and expects continued growth. Agora Inc. reported Q3 revenue with active customers for Agora and Shengwang, and announced partnerships and product updates. iQIYI Inc. reports Q3 2023 earnings meeting expectations with reported EPS of $0.07.

• Singapore’s inflation rate rose to 4.7% in October due to higher transport costs, while South Africa and Sweden kept their interest rates unchanged amidst rising inflation risks. Rwanda and Indonesia also maintained their policy rates to address inflation concerns. Zambia, on the other hand, raised its benchmark lending rate to control inflation.

• Germany’s constitutional court ruled reallocating €60 billion of debt to the climate fund was unconstitutional, potentially impacting other funds. The ruling could lead to a funding gap, affect financial policy, and slow economic growth. Steel firms warn of a loss of confidence and uncertainty in investments. The budget crisis may have a negative impact on the EU economy, with reduced investment and spending. Intel could lose billions of euros in subsidies for chip-making plants in Saxony-Anhalt due to the court ruling. The government is considering options like suspending the debt brake to address the crisis.

• Stocks of various companies, including Occidental Petroleum, Comerica Inc., FMC Corp., Mohawk Industries, and Bank of America, experienced consecutive days of losses, underperforming the market. Tractor Supply Co. ended a losing streak despite underperforming competitors. Pioneer Natural Resources and Comcast Corp. also had consecutive days of losses. Sealed Air Corp. experienced its second consecutive day of losses. FMC shares rose 2% due to an improved earnings outlook and a legal settlement with the U.S. government.

• Germany’s financial sector is facing challenges such as rising interest expenditure and weak loan demand, warns Bundesbank Vice President Claudia Buch. European banks are also facing challenges from loan defaults and declining lending volumes due to rising interest rates, according to the European Central Bank (ECB). The ECB has warned that banks in the Eurozone are experiencing mounting losses due to high interest rates, with default rates on corporate and retail lending increasing. There is a shift towards remote working and concerns about the environmental impact of buildings that have impacted lenders. The ECB has cautioned that the weak euro-zone economy increases the risks to financial stability from higher interest rates, and a recession is possible. The ECB has also warned of increasing risks for banks and the potential for more defaults and rising corporate insolvencies. Additionally, the ECB has highlighted the risk of margin calls or client redemptions that shadow banks in the euro zone may not be able to meet due to low liquidity buffers. Overall, there is a shift in global monetary policy with more central banks cutting interest rates than hiking them.

• Argentina’s president-elect, Javier Milei, faces an economic crisis and plans to implement spending cuts and adopt the US dollar to combat inflation.

• Bank of Canada Governor Tiff Macklem suggests interest rates may have peaked due to disappearing excess demand and weak growth.

CRYPTO

• Binance, the leading cryptocurrency exchange, has agreed to pay a $4.3 billion fine to settle criminal charges with the US government. CEO Changpeng Zhao will step down and pay a personal fine of $50 million.

• Crypto lender Genesis Global has filed for bankruptcy and is suing Gemini Trust to recover $689 million in customer withdrawals.

• Netflix director Carl Erik Rinsch invested $4 million of show budget in Dogecoin, making $27 million, and is now seeking $14 million from Netflix.

• Former CEO of Abu Dhabi Global Market, Richard Teng, becomes Binance’s new CEO, tasked with restoring customer confidence after regulatory violations.

HEALTH

• Israel has detained the director of Al Shifa Hospital in Gaza for allegedly harboring a Hamas command center and weapons.

• Lawmakers are urging the SEC to investigate Elon Musk for potentially misleading investors about the safety of Neuralink’s brain implant.

• The World Health Organization is investigating a surge in respiratory illnesses among children in China and has requested information.