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12-20-2023

TECH

• Google has settled an antitrust lawsuit with US states, agreeing to pay $700 million and make changes to its Google Play app store. The settlement includes opening the app store to competition and simplifying the sideloading process.

• Apple is facing a potential ban on its Apple Watch Series 9 and Ultra 2 models due to a patent dispute with Masimo. The ban is set to start on December 25 and could impact Apple’s revenue and stock valuation. Apple is working on potential software fixes to address the infringement dispute.

• Alibaba’s CEO Eddie Wu takes control of Taobao and Tmall amid competition and slow growth, replacing Trudy Dai.

• Adobe Inc. reported Q4 2023 earnings with EPS of $3.95, beating expectations. Accenture reported stable financial performance and strong market position. Accenture’s Q1 2024 earnings showed 1% growth in revenue, but lower discretionary spend and slower decision-making. Accenture’s Q2 revenue is expected to be below expectations, causing a drop in shares.

• FactSet Research Systems reported Q1 2024 earnings, with revenue meeting expectations and EPS beating estimates by 2.7%. Sales cycles have lengthened and client budgets remain restricted. The company plans to implement a cost-reduction program.

• The US Justice Department seizes websites of the BlackCat/ALPHV ransomware group, offering help to over 500 victims.

• Nearly 36 million Xfinity accounts were compromised in a data breach caused by hackers exploiting a Citrix vulnerability.

• Telefonica’s stock rose 5% as the Spanish government plans to buy a stake of up to 10% in the company to counter Saudi Arabia’s investment, raising concerns about political interference.

• The European Union has added adult content sites Pornhub, Stripchat, and XVideos to its list of platforms subject to strict online content regulations. The move requires age verification technology.

• Adobe has abandoned its $20 billion acquisition of Figma due to regulatory concerns about competition, resulting in a $1 billion termination fee for Figma.

MEDIA

• Actor Jonathan Majors has been fired from his role as Kang in the MCU after being convicted of assault and harassment.

• Russia-linked hackers targeted Sony-owned video game studio Insomniac, leaking plans for future games and employee data. The leaked information includes footage of upcoming games and internal documents.

• Republican reactions to Trump’s controversial comments about immigrants ”poisoning the blood” reveal their defensive playbook for the 2024 election, amid concerns of a more extreme second term.

• Roman Abramovich, former owner of Chelsea, fails to overturn EU sanctions for his alleged involvement in Russia’s invasion of Ukraine.

• Hipgnosis Songs Fund, owner of music rights, faces delays in releasing results and concerns over undervaluation and controversial song sales.

CONSUMER

• Superdry’s profits are expected to be worse than expected due to warm autumn weather and challenging retail market conditions.

• South Korean eCommerce giant Coupang has acquired struggling luxury retailer Farfetch for $500 million, gaining access to the personal luxury goods segment in South Korea and saving it from bankruptcy.

• Frasers Group, owned by Mike Ashley, has acquired luxury e-tailer Matches for £52 million to strengthen its luxury offering.

• Steelcase Inc. reported a 6% decline in Q3 revenue but increased net income and improved margins, and declared a quarterly dividend.

• Prada buys building housing flagship store on New York’s Fifth Avenue for $425 million, plans to continue using it.

• Jefferies initiates coverage on Freshpet with a Hold rating due to concerns about valuation and capacity constraints. Jefferies recommends buying Chewy and holding Petco, citing growth potential and market positioning. Chewy’s stock price rises as Jefferies gives a buy rating, citing growth potential in pet health, advertising, and automation.

REAL ESTATE

• New York creates commission to study impact of slavery and racism, potentially leading to reparations including monetary compensation.

• China South City Holdings, a state-backed property developer, avoided default on a bond by extending maturity and lowering coupon, but failed to restructure four other bonds.

• Private renting costs in the UK are rising at the fastest rate since 2006, with rents increasing by 6.2% in the year to November. House prices in London fell by 3.6% in October.

ECONOMIC

• Affirm is expanding its partnership with Walmart, allowing customers to use its ”buy now, pay later” service at self-checkout kiosks in over 4,500 US stores.

• German 10-year bond yield drops below 2% for the first time since March, driven by expectations of rate cuts next year.

• The IRS is offering penalty relief and resuming automated reminders for individuals and businesses owing less than $100,000 in back taxes for tax years 2020 and 2021.

• Nabaltec, Baidu, LifeVantage, ZipRecruiter, Penguin International, and LGMS Berhad face challenges due to declining return on capital employed (ROCE) figures.

• Scotland’s new budget includes a 45p tax band for earners above £75,000, raising £1.5bn, but critics argue it will burden ordinary Scots.

CRYPTO

• Marathon Digital Holdings surged after acquiring two Bitcoin mining sites, increasing its capacity by 56%. Investors should exercise caution.

• BlackRock has updated its filing for a bitcoin ETF, allowing for cash redemptions, potentially improving its chances of SEC approval.

• Bitwise Asset Management has launched a commercial featuring actor Jonathan Goldsmith to promote its spot bitcoin Exchange-Traded Fund (ETF) while awaiting SEC approval.