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10-22-2023

TECH

• Web Summit CEO Paddy Cosgrave resigns after controversial comments on Israel-Hamas conflict led to company withdrawals and attendee backlash.

• The Israel-Gaza conflict is impacting tech leaders and businesses, causing backlash and making it difficult to express dissenting views.

• China is investigating Foxconn, Apple’s largest iPhone supplier, over tax and land use issues, according to Chinese state media.

• Google has been ordered to pay $1.15 million to a female executive who sued the company for gender discrimination and retaliation.

• Citigroup, Wells Fargo, and Raymond James maintain their recommendations for Crown Castle (CCI) with price targets and revenue projections.

• Gamma Communications has experienced a decline in profitability and limited sales growth, with ROCE falling from 24% to 19% in five years. Balchem has had a stagnant ROCE of 9.7% with no high-return investments.

• Workday, Inc. has a net cash position of $3.68 billion with $2.98 billion in debt and $6.66 billion in cash. Stock has decreased by 7.35% in the last month.

• Google executive Philip Moyer predicts that AI will improve job satisfaction and productivity by automating mundane tasks, not replacing workers.

• India has conducted raids on 76 locations suspected of running illegal call centers that target Americans in tech support scams.

• NXP Semiconductors (NXPI) stock fell 1.15% in the latest trading session, potentially due to anticipated declining earnings.

• Italy’s audit court has given approval for the sale of Telecom Italia’s phone network to KKR & Co., allowing the acquisition to proceed.

• American Tower (AMT) stock price increased by 0.41% to $160.09, outperforming the S&P 500’s 1.26% daily loss.

• Google is enhancing its Android tablet apps with features like drag and drop, split-screen capabilities, and keyboard shortcuts.

• Apple’s Safari update will include ”Add to Dock,” letting users turn websites into apps on Mac’s Dock, benefiting enterprise macOS deployments.

• Gen Z wants work-life balance and challenges outdated workplace norms, urging managers to listen to their concerns.

• The Wordle puzzle today has a difficulty rating of 4.5/6 with the word “given,” while another has a difficulty of 4.2/6 with “SMIRK.”

• Apple CEO Tim Cook held a meeting with Chinese Vice-Premier Ding Xuexiang to emphasize Apple’s dedication to China’s digital economy and supply chain.

• Investors are reconsidering VR stocks like Apple, Meta Platforms, Qualcomm, Unity Software, Matterport, Adobe, and Nvidia as the sector rebounds.

• Nvidia’s stock may be impacted by tighter export rules to China, resulting in a price target reduction by KeyBanc Capital Markets.

• Meta and Alphabet are expected to report strong Q3 earnings, driven by advertising revenue growth, according to analysts.

MEDIA

• Mohamed Salah’s decisive performance in Liverpool’s 2-0 victory over Everton highlights his importance as a gamechanger for the team.

• England wins toss and chooses to bowl first against South Africa in Cricket World Cup. Ben Stokes returns to England team. South Africa’s captain absent due to illness.

• The White House walks back Biden’s comment on Israel delaying ground assault. Biden credits diplomatic efforts for aid entering Gaza and supports delaying Israel’s invasion. American hostages released by Hamas in Gaza, now in Israeli custody. Family members express relief but eight relatives remain in Gaza. Qatar plays a role in hostage releases, growing reputation as a mediator. Biden expresses support for delaying Israel’s invasion for hostage release.

• European leaders criticize Israel’s actions in Gaza, call for adherence to international law, and urge protection of Palestinian civilians at Cairo summit.

• Negotiations between Hollywood actors’ union and major studios will resume after a 100-day strike and significant disagreements.

• Zack Wheeler shines as Phillies take a 3-2 lead in NLCS with a dominant win against the Diamondbacks. Kyle Schwarber sets NLCS home run record.

• Arsenal shows mental strength as they come back from 2-0 down to draw 2-2 against Chelsea, preserving their unbeaten start.

• Islam Makhachev retains UFC lightweight title with a first-round knockout win over Alexander Volkanovski at UFC 294. Charles Oliveira suggested as next opponent.

• Martin Scorsese’s ”Killers of the Flower Moon” film stars Robert De Niro and Leonardo DiCaprio, opens with $9.4 million, and features surprise cameos.

• Ohio State continues their dominance over Penn State, defeating them 20-12 and extending their losing streak to seven games.

• Chinese authorities in Shanghai have questioned four individuals connected to WPP-owned media agency GroupM regarding rebate mismanagement.

• Jacob Murphy’s goal and two assists propel Newcastle United to a 4-0 win over Crystal Palace, placing them fifth in the Premier League.

• India has won the toss and elected to field against New Zealand in a highly anticipated clash between the two unbeaten teams in the Cricket World Cup.

• Max Verstappen dominates the U.S. Grand Prix sprint race, securing pole position and finishing ahead of Hamilton and Leclerc.

• Sevilla and Real Madrid draw 1-1, Griezmann scores hat trick as Atletico Madrid defeats Celta Vigo 3-0 with 10 men.

CONSUMER

• Swatch Group shareholders face a 31% loss over five years, Service Stream shareholders a 56% loss over three years, StoneCo shareholders an 83% loss over three years, and First Savings Financial Group shareholders a 31% loss over a year.

• Public companies hold a 30% stake in V-ZUG Holding AG, while individual investors own 29%. In Aumann AG, public companies control 50%, and individual investors own 34%.

• Dorman Products and Salesforce have both experienced an 11% decline in stock due to weak profitability and low return on equity (ROE).

• G-III Apparel Group’s stock is down 1.16% but outperforming the S&P 500, with positive analyst estimates and upcoming earnings release.

• US consumers are projected to spend an average of $1,652 this holiday season, a 14% increase from 2022, according to Deloitte’s survey.

• Piper Sandler survey reveals Nike, Apple, and Amazon as top brands among US Gen Z, based on mindshare rankings.

• Ringmetall SE investors have seen a 29% decline in share price over the last year, underperforming the market return of 11%.

• Wolverine World Wide’s share price rose 15% in a week, boosting its market cap by $89 million, but long-term shareholders remain down 72%.

• Tom Morris, founder of Home Bargains, donates £5,000 to UK Labour Party, adding to increasing support from business leaders.

• Shoppers at T.J.Maxx can save money by shopping on weekdays, using discounted gift cards, and checking the online clearance section.

• Shein has launched its first offline pop-up store in collaboration with Forever 21 at the Ontario Mills mall.

• TJX Companies (NYSE:TJX) reports a 23% increase in EPS and steady revenue growth over the past year.

REAL ESTATE

• Rising prices and climbing mortgage rates are making it harder for homebuyers to afford a house, leading to a decline in sales and low inventory levels.

• Housekeepers in Las Vegas hotels are facing angry guests and a union strike vote due to infrequent room cleaning. Some hotels in the US have moved to a housekeeping-optional model, frustrating business travelers who expect daily cleaning services. The hotel industry, facing a labor shortage, has scaled back on housekeeping services, resulting in higher prices and reduced service for customers.

• Insiders at Gladstone Commercial and Redde Northgate have been buying shares, showing confidence in their respective companies’ futures.

• China’s property market woes are impacting the stock market and raising concerns about the country’s economic stability.

• Boomer parents are buying more homes than Millennials due to affordability issues faced by the younger generation, using accumulated wealth and home equity.

• Zillow lowers 2024 home price forecast for the second month in a row due to September dip and higher mortgage rates.

TRAVEL

• Ojo Calente in New Mexico offers healing mineral hot springs, RV parking, and a variety of pools with different benefits.

• Independent ski resorts are becoming more popular due to overcrowding at corporate-owned resorts, attracting investors in the process.

ECONOMIC

• Argentina’s central bank struggles to stabilize the peso ahead of the election as the country faces an economic crisis. Far-right populist Javier Milei leads in polls.

• Stephens & Co. maintains equal-weight recommendation for Discover Financial Services with a price target of $113.48, representing a 38.06% increase. Citigroup and Piper Sandler also maintain neutral recommendation for Discover. RBC Capital maintains “sector perform” recommendation for Marsh & McLennan Cos. with a price target of $206.55. The company has declared a dividend of $0.71 per share. Fifth Third Bancorp reports strong earnings and deposit growth, making it

• Old Second Bancorp reported Q3 2023 net income of $24.3 million, First Western Financial reported $3.1 million, and Western Alliance Bancorporation reported $217 million.

• Venezuelans vote in opposition primary, frontrunner barred from running, US threatens to roll back sanctions relief.

• Ziff Davis and Metall Zug stocks dropped 12% and 19% respectively, but both have strong financial indicators for potential growth. Plan Optik and Meier Tobler Group stocks declined 30% and 36% respectively, but both have solid fundamentals indicating growth potential. Metcash Limited’s stock declined, but it has strong financials suggesting long-term value potential.

• ICICI Bank, India’s second largest private lender, beats estimates with a 36% increase in Q2 net profit to INR 102.61 billion. Yes Bank reports a 47% increase in quarterly net profit. Kotak Mahindra Bank meets estimates with a 24% increase in Q2 net profit.

• American Express has seen significant earnings per share growth, reported strong Q3 2023 earnings, and beat expectations with a profit of $2.45 billion.

• Treasury yields briefly hit 5% for the first time since 2007, causing concern and impacting stock market returns.

• Federal Reserve Chairman Jerome Powell warns of potential interest rate hikes if the economy remains strong and inflation continues to rise, but may not raise rates if Treasury yields remain high.

• Online-only banks and credit unions offer the highest CD rates, with some earning up to 5.67% APY. Longer-term CDs yield more interest.

• China’s central bank governor, Pan Gongsheng, aims to promote economic recovery by expanding domestic demand, reducing financial risks, and implementing precise policies such as cutting lending rates and reducing financing costs. Efforts will also be made to activate capital markets and boost investor confidence.

• A Citibank analyst is under investigation and was later fired for claiming expenses for two coffees and two sandwiches during a business trip, resulting in a lawsuit.

CRYPTO

• Sam Bankman-Fried’s former associates testified that he stole customer funds from his cryptocurrency exchange FTX for personal gain and illegal political donations.

• TikTok influencers are promoting the strategy of adding children as authorized users on credit cards to build generational wealth.

• HIVE Digital Technologies (HIVE) stock rose 1.02% despite market declines, outperforming the S&P 500 and Nasdaq.

• The SEC dropping charges against Ripple’s CEO and co-founder caused a surge in XRP’s price, but profit booking may limit further gains.

HEALTH

• Millions of customer records, including genetic testing data, from 23andMe have been leaked by hackers and put up for sale.

• Scientists at Johns Hopkins Bloomberg School of Public Health infect 20 female volunteers with Zika virus for vaccine and treatment development.

• Veeva Systems’ stock fell 0.88% to $200.39, outperforming the S&P 500, but analysts expect 11.5% year-over-year growth in earnings.

• Palestinian families in Gaza are fleeing south to avoid bombing, but face continued strikes and a worsening water shortage. Children are traumatized.