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11-06-2023

TECH

• Elon Musk’s xAI has launched Grok, an AI chatbot with a rebellious personality that rivals OpenAI’s ChatGPT and Google’s Bard.

• Epic Games is taking Google to court over antitrust claims related to the Play Store’s payment system, alleging illegal practices.

• Garmin and PulteGroup’s shares have surged due to institutional demand, positive sales and earnings growth in recent years. Microsoft’s stock has also gained significantly.

• Davis Funds ranks Meta Platforms as the 3rd most popular stock among hedge funds, while also mentioning Amazon and IAC Inc.

• Byju’s is in talks to sell its US-based kids’ digital reading platform, Epic!, for $400 million to Joffre Capital to raise funds and pay off debt.

• Billionaire hedge fund manager Bill Ackman urges Harvard to take action against antisemitism on campus, threatening funding consequences.

• Chinese AI startup 01.AI, founded by Kai-Fu Lee, achieves a valuation of $1 billion with its top-ranked open-source AI model, Yi-34B.

• JSR Corp, a Japanese chip materials maker, has reduced its operating profit forecast by 62% due to weak semiconductor demand and a slowdown in the biotech market. The company now expects a profit of ¥16 billion ($107 million), representing an 84% decline compared to the previous year.

• Verizon and AT&T are offering early Black Friday deals in 2023 on popular devices from Apple, Samsung, Google, and more. Consumer Walk has listed top deals for Google Pixel phones.

MEDIA

• Israeli airstrikes on Gaza refugee camps have caused significant damage and civilian casualties, leading to international concern.

• Telecom Italia’s top shareholder, Vivendi, plans legal action against the company’s $24 billion deal with KKR over shareholder rights violation.

• William Lewis, former CEO of Dow Jones and co-founder of The News Movement, is the new CEO and publisher of The Washington Post.

• Virat Kohli’s record-equalling century leads India to a dominant 243-run victory over South Africa in the Cricket World Cup.

• Taylor Swift’s re-recorded album ”1989 (Taylor’s Version)” sold over 1.6 million copies in its first week, surpassing the original’s sales.

• Cogeco Inc. reports Q4 2023 earnings, plans to expand fiber-to-the-home network and launch wireless services in Canada and the US.

• TELUS Corporation increases dividend payment, but sustainability uncertain due to high payout ratios and declining earnings per share.**Cogeco**co Communications Inc. increases dividend by 10%. TELUSS Corporation reports Q3 2023 earnings, misses EPS expectations but achieves strong customer growth in TTech business segment.

• Dish Network’s stock drops after surprise Q3 loss and revenue miss, declining subscribers in pay-TV and wireless. Selling assets in Puerto Rico and US Virgin Islands.

• Hipgnosis Songs Fund will not declare dividends until its new fiscal year, following rejected $440 million deal and financial review.

• Max Verstappen dominates the São Paulo Grand Prix, securing his 17th win of the F1 season and Red Bull’s 19th win of the year.

CONSUMER

• Lindsell Train, a top-10 investor in Unilever, supports recent management changes and has discussed future plans with the incoming chairman.

• Mister Car Wash’s Q3 earnings saw an 8% sales growth to $234 million and an 8% increase in adjusted EBITDA to $72 million. OneSpaWorldld Holdings exceeded expectations with Q3 earnings of $216.3 million in total revenues and $24.9 million in adjusted EBITDA. Talkspace’s’s Q3 earnings showed a 32% YoY increase in consolidated revenue to $38.6 million, driven by sustained growth in its B2B categories.

• The financial crisis at Signa Group may affect the ownership of Selfridges and Frasers Group’s acquisition of SportScheck.

• Gildan Activewear beats Q3 earnings expectations with $0.74 per share, while Church & Dwight Co. also surpasses expectations with $0.74 per share.

• Dollar Tree Plus offers high-quality items at $3 and $5, including home decor, craft supplies, and kitchen goods. Dollar Tree offers affordable Thanksgiving essentials at $1.25.

• HF Sinclair Corporation’s share price could potentially increase by 99% based on discounted cash flow analysis of its intrinsic value.

• Havertyy Furniture Companies’ share price could potentially increase by 66% based on discounted cash flow analysis of its intrinsic value.

REAL ESTATE

• Mortgage rates have decreased, with the average 30-year fixed rate at 7.91% and 15-year fixed rate at 7.06%.

• A jury has awarded $1.8 billion in damages to plaintiffs in a class-action lawsuit against the National Association of Realtors and several brokerages, potentially leading to changes in the real estate industry’s commission system.

• Private credit lenders are filling the lending gap left by banks in the Australian commercial property market, attracting investors seeking higher returns. Non-bank lenders have grown to over A$600 billion in assets, offering loans secured against real assets with returns of 9% to 11%. Major banks have reduced lending to high-risk sectors like construction, while private lenders are more willing to lend for build-to-rent residential projects. This has resulted in a decrease in property-related bond issuance.

• Lendlease Group and Google have mutually agreed to cancel their $15 billion development project in the San Francisco Bay Area.

• American Homes 4 Rent’s Q3 2023 earnings showed 6.6% growth with $0.41 core FFO per share. Ventas, Inc. reported Q3 2023 earnings with $0.75 normalized FFO per share and 8% same-store cash NOI growth.

TRAVEL

• Chinese travelers are showing longer booking windows, a preference for wellness, and experiential travel. Trip.com is adapting by bundling hotel stays with activities and personalizing experiences. Despite the pandemic, there is strong demand for travel experiences, with 2023 search data exceeding 2019 levels. Safety information is crucial as incidents can lead to cancellations. Trip.com is also targeting Gen Z, millennials, and the aging population.

ECONOMIC

• The stock market had its best week of the year, driven by hopes of a rate cut and positive sentiment.

• A recent New York Times/Siena College poll of 3,662 registered voters in six states shows Trump leading Biden in crucial swing states.

• Australian Prime Minister Anthony Albanese visited Beijing’s Temple of Heaven to mend ties with China and emphasized the importance of dialogue and cooperation in bilateral relations.

• UK construction sector contracts for second consecutive month in October. Euro zone business activity declines, raising concerns of a recession. German and Japanese service sectors also weaken. Eurozone economy flirts with recession as GDP shrinks. Bearish consumer sentiment in the eurozone.

• The Indian rupee strengthens against the US dollar, while the South African rand remains stable. The US dollar continues to decline due to a less hawkish Federal Reserve.

• Australian shares closed higher for the fifth consecutive day, driven by financial stocks, with Westpac Banking Corp posting a 26% rise in annual profit. The Reserve Bank of Australia’s monetary policy decision is awaited. Westpac’s annual net profit jumped to $7.2bn, prompting a $1.5bn share buyback and dividend hike.

• Hong Leong Asia Ltd.’s stable stock price and potential 87% earnings increase indicate positive outlook. Resources Global Development Ltd. shows positive financial health. CAR Group Ltd. has strong earnings growth but future earnings are expected to shrink. Radiant Globaltech Berhad has strong fundamentals despite a drop in share price. Greatech Technology Berhad’s stock has increased by 11% driven by strong financials. Technology One has potential for earnings growth with a high return on equity. Group 1 Automotive’s stock price has outpaced earnings growth. Exro Technologies’ stock rose due to strong revenue growth. UET United Electronic Technology’s stock has increased but earnings growth is weak due to external threats.

CRYPTO

• Yuga Labs, the creator of Bored Ape, is looking into reports of eye problems from attendees at their NFT event.

• XRP surged 19% in a week, hitting a 3-month high of $0.6887, fueled by positive sentiment surrounding the SEC v Ripple lawsuit.

HEALTH

• Hamilton Beach Brands Holding Company and ModivCare Inc. reported positive Q3 2023 earnings, while Health Catalyst Inc. and Haemonetics Corporation raised their revenue guidance. Agilon Health announced the sale of its Hawaii business, and Alignment Healthcare and Acadia Healthcare reported strong financial performance in Q3 2023. Sotera Health also reported year-over-year growth in Q3 2023.

• Editas Medicine, Arcutis Biotherapeutics, and Rapid Micro Biosystems beat earnings expectations, while Oncolytics Biotech missed expectations. GlycoMimetics met expectations.

• BioNTech’s earnings beat expectations despite lower demand for the COVID-19 vaccine, leading to a surge in stock and reduced revenue targets.

SPORTS

• Liverpool’s Luis Díaz scored a late equalizer against Luton Town, dedicating the goal to his kidnapped father in Colombia.

• Iga Swiatek secures spot as world No 1 after defeating Aryna Sabalenka in the WTA Finals semi-final. Jessica Pegula advances to the title match.

• Josh Dobbs, the third-string quarterback for the Minnesota Vikings, impressed with his performance, rushing for 66 yards and a touchdown and throwing for 158 yards and two touchdowns in a 31-28 victory over the Atlanta Falcons.