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11-14-2023

TECH

• Foxconn, the main assembler for Apple, expects declining revenue due to competition from Huawei and a hostile business environment in China. Huawei’s sales in China are growing while Apple’s growth is lower than expected.

• Nvidia upgrades flagship chip H200 with high-bandwidth memory, attracting interest from Amazon, Google, and Oracle. Stock price surges.

• Donald Trump’s Truth Social platform has suffered a net loss of $73 million since its launch in early 2022.

• Amazon is partnering with social media platforms like Snapchat and Meta to enable direct purchases, allowing users to buy products without leaving the apps. This move helps Amazon compete with TikTok’s e-commerce power.

• ASUSTeK Computer Inc. sees growth in Q3 2023, aims to revolutionize the AI PC market in 2024. Asure Software reports strong Q3 earnings. Akoustis Technologies expects sequential revenue growth.

• YouTube is implementing new guidelines requiring video creators to disclose when they upload manipulated or synthetic content created using AI tools.

• Shares of Sea Ltd. dropped 9% after the company reported an unexpected loss of $144 million in Q3, despite beating revenue expectations.

• The government of Nepal has banned TikTok due to concerns over its impact on social harmony and family structures, following other countries’ restrictions.

• The Biden administration is releasing a National Spectrum Strategy and presidential memorandum to free up wireless spectrum for advanced technology and increasing demand.

• Microsoft and Google will comply with an EU law to make it easier for users to switch between services, but TikTok may challenge it.

• Denise Dresser appointed as new CEO of Slack, replacing Lidiane Jones, who left to join Bumble Inc. Salesforce made the appointment.

• Google pays Apple 36% of its search advertising revenue from Safari browser, and paid Samsung $8 billion in 2020 for default services.

• Vodafone’s stock fell 3% after reporting a decline in H1 revenue, but saw improved growth in Germany. The company is also exiting Spain and exploring options in Italy.

• Technology stocks, particularly AI-related stocks like Amazon, CrowdStrike, UiPath, Alphabet, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla, have shown resilience and growth potential. The ”Magnificent Seven” tech giants are driving the market rally.

• The EU is planning to file anti-competitive charges against Adobe’s $20B acquisition of Figma, increasing pressure on Adobe to offer remedies.

• Google sues scammers in Vietnam for using fake ads to steal login credentials and distribute malware through its AI chatbot, Bard.

• Meta has added a feature to its Threads app, allowing users to delete their Threads account while keeping their Instagram account.

• A study by Cisco finds that globally, only 14% of organizations are fully prepared to deploy and leverage AI. In Canada, only 9% are ready. According to Retool’s survey, AI use at the enterprise level remains limited.

MEDIA

• Amazon’s gaming division has laid off 180 employees and closed two business units, including a Twitch channel, to focus on game development and Prime Gaming.

• Disney’s latest Marvel film, ”The Marvels,” had the franchise’s worst domestic box office debut, grossing only $47 million. This raises concerns about declining audience interest and the strain on Marvel’s president, Kevin Feige.

• Co-founder Henry Blodget is stepping down as CEO of Insider, which is changing its name back to Business Insider.

• Nikki Haley’s campaign will spend $10 million on advertising in Iowa and New Hampshire, positioning herself against Donald Trump.

• Warner Bros. is reconsidering the cancellation of ”Coyote Vs. Acme” and allowing the filmmakers to shop the film to other distributors, including Amazon Prime.

• The Game Awards 2023 nominees include “Alan Wake 2,” “Baldur’s Gate 3,” and “TOTK.” Winners will be announced on December 7.

• Former Fox News reporter Jason Donner has filed a lawsuit, alleging he was fired for opposing the network’s false coverage of the January 6th insurrection.

• Priti Patel and Suella Braverman, both UK home secretaries, were fired twice for their hard-line stance on law enforcement, immigration, and controversial policies.

• Foresight Ventures has acquired an 80% stake in crypto news site The Block for $60 million, ensuring its future and editorial independence.

• Sohu.com Limited’s Q3 2023 earnings reveal a 22% YoY revenue decline at $145 million, missing expectations. Online game revenues remained stable.

• Genius Sports exceeds Q3 expectations with $102 million revenue and $18 million adjusted EBITDA, raising full-year guidance and achieving positive free cash flow.

CONSUMER

• Harrow’s shares dropped over 25% in premarket trading after disappointing Q3 results and reduced full-year guidance. Beauty Health’s stock (NASDAQ:SKIN) dropped 38% due to lower sales guidance, CEO departure, and suspension of long-term financial outlook. The company reported Q3 net sales growth of 10% to $97.4 million but incurred a $63.1 million restructuring charge due to issues with its Syndeo delivery systems.

• Energizer Holdings reports a 2.0% increase in Q4 organic sales but expects declines in fiscal 2024 due to macroeconomic uncertainty.

• Private equity firm Aurelius Group has acquired The Body Shop from Natura &Co for £207 million ($254 million) to revitalize the brand.

• Amazon Robotics manufactures all of Amazon’s robots, including the Hercules robots used in warehouses, to improve efficiency and reduce costs.

• Marla Beck appointed as interim CEO of BeautyHealth following the departure of Andrew Stanleick. Q3 2023 financial results reported.

• Amazon is enhancing its Buy with Prime service for the holiday season with features like 24/7 customer service and label-free returns.

• Sally Beauty Holdings Inc (SBH) reported a decline in net sales for Q4 and full year 2023, but improved gross margin. Comparable sales fell due to lower traffic and inflationary pressures. They expect flat net sales and comparable sales for fiscal 2024, with a gross margin above 50%. Non-GAAP EPS was $0.42 and revenue was $921M.

• LL Flooring has received a $3 per share takeover offer from F9 Investments, owned by founder Tom Sullivan, valuing the company at $92.6 million.

• De Beers, the world’s largest diamond producer, will stockpile unsold diamonds due to plummeting prices caused by weakening demand.

• Lululemon Athletica is expected to outperform competitors in 2024 due to brand power and men’s line expansion. Stock split could benefit retail investors. Nike and Lululemon are consumer discretionary stocks to watch, with positive Q1 and Q2 results respectively.

REAL ESTATE

• Donald Trump Jr. testified as a character witness, praising his father’s real estate empire and discussing its appeal in a civil fraud trial.

• Landsec, one of Britain’s largest property developers, is shifting its focus to the West End due to tenant demand for vibrant locations with easy access to shopping and leisure activities. The company has sold £2.5bn of properties since 2020, with 76% of its portfolio now in the West End and Southwark. Landsec expects buying opportunities in commercial real estate in 2024 as property prices stabilize. Despite declining building valuations, Landsec and British Land anticipate low-to-mid single-digit percentage growth in annual rental values in London. British Land reported strong operational performance and a positive turning point in the UK commercial real estate industry.

• Norway’s sovereign-wealth fund buys 45% stake in two US life-sciences properties in Boston for $746.4 million from Boston Properties.

• Co-working space startup WeWork has filed for Chapter 11 bankruptcy, leaving shareholders, except SoftBank, with no recovery and cancelling their shares.

• Ellington Residential Mortgage REIT and Arlington Asset Investment Corp both reported net losses in Q3 2023 due to challenging market conditions. Ellington plans to allocate capital to corporate CLOs for higher returns, while Arlington has scheduled a special meeting for shareholders to vote on a proposed merger with Ellington Financial Inc.

• Modiv Industrial Inc (MDV) had a strong Q3 2023 with a 21% increase in revenue and a 19% increase in AFFO.

TRAVEL

• Four Seasons Yachts, a luxury cruise line, will launch exclusive voyages in late 2025, catering to affluent travelers seeking extraordinary experiences.

• Bernstein analyst Richard Clarke upgrades Booking Holdings and Tripadvisor due to positive outlook for next year.

ECONOMIC

• House Speaker Mike Johnson faces opposition from hardline Republicans as he tries to pass a two-step funding bill to avert a government shutdown.

• President Biden will meet with Mexican President Lopez Obrador to discuss migration and border challenges at the APEC summit. Taiwan is working to secure a one-on-one meeting between Biden and its representative at the summit, while tensions over Taiwan will be addressed in the summit between Biden and Chinese President Xi Jinping. Biden and Xi are expected to announce an agreement to crack down on fentanyl manufacturing and export. The meeting between Biden and Xi aims to produce concrete results, including reestablishing military communication and cooperation. Biden also met with Indonesian President Joko Widodo to discuss defense cooperation, climate initiatives, and a potential minerals partnership. The United States is working towards a consensus leaders’ statement at the APEC summit, despite divisions over conflicts in the Middle East and Ukraine. Biden will also host President Widodo at the White House to discuss EVs and strengthen bilateral ties.

• Real wages in the UK grew at the fastest pace in two years, with pay including bonuses rising by 7.9% in Q3, outpacing inflation. However, wage growth slowed to 7.7% in Q3, indicating a weakening labor market. The unemployment rate remained steady at 4.2%.

• Mitsubishi UFJ Financial Group plans to buy back $2.6 billion of its own stock after reporting a three-fold increase in Q2 net profit.

• Bonuses for investment bankers on Wall Street are expected to decrease by 15-25% this year, while other bankers may see declines of 10-20%.

• The House voted against impeaching Secretary of Homeland Security Alejandro Mayorkas, referring a resolution to the Homeland Security Committee.

• Saba Capital Management increases holdings in BlackRock CA Muni Income Tr, ClearBridge Energy MLP, Nuveen NJ Quality Muni Income Fund, Eaton Vance CA Municipal Bond Fund, and Pioneer Municipal High Income Trust.

• ICBC’s executives flew to the US to handle fallout from a cyberattack on its US unit, and the bank paid a ransom to cybercriminals.

• Interest rates on 10-year fixed-rate private student loans and refinanced student loans have increased, while mortgage rates have slightly increased but are still lower than last month. Personal loan interest rates remain low for qualified borrowers.

• FiscalNote, TILT Holdings, Fortrea Holdings, and Reliance Global Group report Q3 2023 earnings with revenue increases ranging from 10% to 17%.

CRYPTO

• London-based blockchain payment system company, Fnality, raised £77.7 million in a funding round led by Goldman Sachs and BNP Paribas. They plan to establish a global liquidity management network for digital payment models.

• Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, are facing civil charges related to their son’s fallen FTX crypto empire. They may also face criminal charges.

• Bitcoin miners are preparing for the upcoming “halving” in April 2024 by locking in profits. The recent price rally has boosted mining profitability, leading miners to upgrade equipment and seek cheaper energy prices.

• XRP surged 12.3% due to a fake filing about a BlackRock XRP Trust, while Bitcoin fell due to lack of SEC progress.

HEALTH

• People trapped inside Gaza’s Al Shifa Hospital are facing a dire situation, with a lack of resources and ongoing fighting. Patients and staff are at risk, and the hospital is struggling to provide medical care. The World Health Organization and Human Rights Watch are calling for the protection of hospitals and an investigation into alleged attacks on medical facilities. President Biden has urged Israel to avoid causing civilian casualties and emphasized the need to protect hospitals. The humanitarian crisis in Gaza is worsening, with hospitals unable to function properly and basic supplies scarce.

• Acorda Therapeutics, Inc. and Astria Therapeutics, Inc. reported Q3 2023 earnings, while Acumen Pharmaceuticals, Inc. discussed positive Phase 1 data for ACU193, an Alzheimer’s treatment.

• Healthcare company Henry Schein reported solid Q3 2023 financial results despite a cybersecurity incident, with sales expected to decline due to the incident.

• Novo Nordisk’s obesity drug Wegovy shows positive cardiovascular benefits, leading to gains for medical-device and healthcare companies.

• Life sciences company Azenta Inc reported strong Q4 results, with revenue of $172 million, exceeding expectations, and announced a $500 million stock buyback plan for fiscal 2024.

SPORTS

• Carlos Alcaraz and Andrey Rublev both suffered defeats in their ATP Finals matches, with Alcaraz blaming the fast indoor surface.

• The Paris 2024 Olympic Games organizers have raised concerns about a disinformation campaign from Azerbaijan targeting the event.

• New Zealand captain Kane Williamson is confident in defeating India, while former captain Ross Taylor believes India will be nervous. New Zealand’s underdog mindset poses a challenge for India.