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10-18-2023

TECH

• New US export rules restrict China’s access to AI chips, benefiting Nvidia, Intel, and AMD while hampering Chinese competitors. Nvidia’s stock fell 6%.

• Social media platform X (formerly Twitter) is testing a $1 annual subscription fee for new users in New Zealand and the Philippines to combat spam and bots.

• Baidu introduces ERNIE 4.0, a powerful AI model comparable to OpenAI’s GPT-4, and plans to integrate it into various services.

• ASML Holding reports Q3 net profit of €1.9 billion, warns of flat sales in 2024 due to customer cash conservation and uncertainty in the semiconductor industry.

• Foxconn and Nvidia will collaborate to build AI factories for training autonomous vehicles, robotics platforms, and large language models.

• Apple has released a new $79 Apple Pencil with a USB-C charging port, but it lacks pressure sensitivity and wireless charging.

• Apple CEO Tim Cook visited China, expressing excitement about Chinese developers’ work on apps for the new Vision Pro mixed-reality headset. However, the company is facing challenges in the Chinese smartphone market and controversy surrounding the App Store.

• TSMC cancels plans for an advanced chip facility in northern Taiwan due to protests from local residents. Alternative sites will be evaluated.

• VMware’s stock declines by 7% as concerns arise over the potential blocking of Broadcom’s acquisition and delays by Chinese regulators.

• Qualcomm and Google are teaming up to create wearable devices using RISC-V technology, potentially impacting Arm’s dominance in the market.

• Billionaire venture capitalist Marc Andreessen faces backlash for his controversial manifesto dismissing social responsibility and regulation in technology.

• WhatsApp is introducing passkeys for Android users, allowing them to log in securely using Face ID, fingerprint, or PIN.

• The intelligence chiefs of the Five Eyes countries (US, UK, Canada, Australia, and New Zealand) have accused China of intellectual property theft and using AI for hacking and spying. China denies these allegations.

• Alibaba and Tencent invest $300 million in Chinese AI startup Baichuan, founded by Wang Xiaochuan, to develop generative AI models.

• Fiji and Australia agree to collaborate on cyber security, with Australia offering aid and support to Fiji’s military. Fiji prefers Australia over China. Fijian Prime Minister hopes US submarines bring peace in the Pacific.

• New York City Mayor Eric Adams plans to implement AI in government to boost productivity and aid businesses. However, his use of AI for robocalls in languages he doesn’t speak has sparked ethical concerns and backlash.

• Ecobee introduces Haven home security platform with SmartCamera and SmartSensors. Launches Smart Doorbell Camera. Aims to expand smart home ecosystem.

• Stifel analyst predicts Amazon’s stock could rise by 30% due to its dominance in e-commerce, potential growth in AWS and advertising.

• Zoom has been fined $1.18 million by a Russian court for operating without a local office and amidst disputes over data storage and representation.

• Loop Capital analyst Yun Kim initiated coverage of Microsoft shares with a buy rating and a $425 target price, citing the company’s “undeniable” opportunity in AI.

MEDIA

• House Democrats target vulnerable Republicans supporting Jim Jordan for speaker, accusing them of backing an extreme MAGA agenda.

• Investors concerned about potential changes to Netflix’s ad subscription plan and pricing strategy as it reports Q3 earnings.

• Activist hedge fund Starboard Value is pressuring News Corp to spin off its digital real estate assets, potentially unlocking over $7 billion in value.

• Alec Baldwin may face new charges of involuntary manslaughter for the 2021 shooting on the set of “Rust” in New Mexico.

• Britney Spears discloses in her memoir that she had an abortion while dating Justin Timberlake in the late 1990s and early 2000s, generating significant interest.

• Netflix is entering the live sports arena by hosting its first-ever live event, The Netflix Cup, a match play golf tournament featuring Formula One drivers and PGA Tour golfers. The event will take place on November 14 in Las Vegas and will be streamed live on Netflix.

• A judge has issued a gag order against Trump, preventing him from disparaging witnesses and court staff in his financial fraud and election interference cases. Trump is appealing the order.

• Thousands of Detroit casino and hospitality workers have gone on strike after failed negotiations for better pay, benefits, and working conditions.

• Kim Ng, the General Manager of the Miami Marlins, has stepped down after the team announced plans to hire a president of baseball operations over her.

• Travis Kelce, along with Patrick Mahomes and other athletes, invests over $211 million in the BWT Alpine F1 team.

• Omnicom Group surpasses expectations in Q3 with revenue growth of nearly 4%, organic growth of 3.3%, and earnings per share of $1.86.

• The sale of Everton to 777 Partners has stalled due to the U.S. investment fund not providing audited financial statements.

• Manchester United Women’s defender Gabby George will have ACL surgery, her second, and will be out for 12 months.

• KKR has made a multi-billion euro binding offer for Telecom Italia’s fixed line business, including taking on extra costs and staff.

• Amigo Holdings, a struggling UK subprime lender, is considering entering the music and film streaming market to generate value for shareholders.

CONSUMER

• Adidas shares rise 4% as the company raises full-year guidance, citing strong Yeezy sales and improved core business performance.

• Tupperware hires Laurie Ann Goldman as CEO amidst financial troubles, stock surges 19% on the news.

• LVMH CEO Bernard Arnault loses second-richest person title to Jeff Bezos due to declining luxury demand and LVMH stock.

• Amazon is set to launch an e-commerce site in South Africa in 2024, allowing local sellers to register on its marketplace.

• Frasers Group is acquiring SportScheck, a top German sports retailer, to expand its presence in Germany’s sports market.

• 22nd Century Group’s stock dropped 13% after pricing a public offering of 10 million shares at 52.5 cents, aiming to raise $5.25 million.

• Sosandar, a women’s fashion e-tailer, will open physical stores in 2022 and expand to Australia and Canada. Despite a loss, revenue is expected to increase in 2024.

• American Eagle Outfitters hires Sarah Clarke as EVP, chief supply chain officer and Valerie van Ogtrop as EVP, brand operations.

• Actor Leonardo DiCaprio invests in sustainable watch brand ID Genève, known for using recycled materials and focusing on circular economy principles.

• Pets Best Pet Insurance provides comprehensive coverage for dogs and cats, including unlimited annual coverage, wellness care, and direct vet payment. Healthyhy Paws Pet Insurance offers comprehensive coverage with unlimited reimbursement options, but does not cover preventative care.

• JOOR, a fashion wholesale platform, has secured $25 million in funding to improve its platform, expand into new categories, and enhance its payment solution.

• European Wax Center (NASDAQ:EWCZ) is worth considering for investors as it shows increasing earnings per share and improved financial performance.

REAL ESTATE

• Personal loan rates are around 6% for the best loans. The housing market is experiencing a slowdown due to rising mortgage rates and high home prices. Mortgage rates have reached a 23-year high of 7.92%, impacting affordability and buyer activity. Homebuilder confidence has dropped to its lowest level since January due to high mortgage rates. The housing market is projected to have its slowest year since 2008. Mortgage refinance rates are at 8.11%. Interest rates on student loans

• Choice Hotels has made a hostile bid to acquire Wyndham Hotels & Resorts for $7.8 billion, but the offer has been rejected.

• Chinese property developer Country Garden Holdings is at risk of defaulting on its $11 billion overseas debt as it has yet to make a coupon payment.

• Former President Donald Trump is attending his civil fraud trial in New York, where witnesses testify about allegations of manipulating property values and inflating his net worth.

• Prologis Inc. had a strong Q3 2023 with core FFO of $1.33 per share and a record net effective rent change of 84%.

• UK housebuilder Bellway plans to build 7,500 homes next year, a decrease of nearly a third, due to reduced demand caused by higher interest rates and consumer budget constraints. Bellway reported a credible performance in a difficult trading environment, delivering 10,945 homes and maintaining a dividend of £1.40 per share. Barratt Developments, the UK’s largest homebuilder, expects an uncertain outlook due to a challenging mortgage market but reaffirms its home-building targets. Despite challenges,

TRAVEL

• Suspected ADF rebels killed two foreign tourists and their Ugandan guide near Queen Elizabeth National Park in Uganda.

• Booking Holdings Inc CEO and President, Glenn Fogel, sold 750 shares of the company in insider transactions.

• The Hyatt Regency Long Beach has been fined $4.8 million for failing to rehire workers laid off during COVID-19.

• Donna Miller of Visit Joplin received the Tracy Kimberlin Hospitality Award for promoting Missouri tourism and ensuring traveler satisfaction.

ECONOMIC

• UK wage growth slows down, with average weekly earnings at 7.8%. Canada’s inflation rate unexpectedly cools to 3.8% in September.

• Poland’s recent parliamentary election resulted in a victory for the pro-EU opposition coalition led by Donald Tusk, signaling a shift towards the center-left.

• Richmond Fed President Tom Barkin’s comments on inflation moderation and the impact of long-term borrowing costs on financial conditions.

• The IRS will launch a pilot program called Direct File in 2024, offering free tax filing services to select taxpayers in up to 13 states.

• Venezuela’s government and opposition have agreed to hold free and fair presidential elections in 2024, potentially leading to US sanctions relief.

• Liontrust Asset Management and Jupiter Fund Management both reported net outflows in Q3 2023 due to weak investor sentiment and low retail investor interest.

• Sculptor Capital Management founder Dan Och and other former executives are suing the hedge fund and Rithm Capital Corp to allow shareholders to hear details of a higher rival offer from Boaz Weinstein. They want to prevent the completion of the merger until a competing bidder can bid without restrictions.

• Bachem Holding’s stock declined 7.3% in 3 months, PVA TePla AG’s declined 26%, Viscom AG’s declined 16%, Big Technologies’ declined 25%.

• Jumboo Interactive’s stock fell 6% in a month, Nanofilm Technologies International’s declined 22%, and Greggs’ declined 11% in 3 months.

• Russia’s central bank may tighten monetary policy to reduce inflation, while the Bank of Japan is expected to raise inflation forecasts, complicating accommodative monetary policy.

• Vanguard Group has sold its 49% stake in a joint venture with Ant Group, accelerating its exit from China’s mutual fund market.

• The White House is considering a $100 billion foreign policy package that includes aid for Israel, Ukraine, Taiwan, and border security.

• The Bank of Japan intervenes with emergency bond-buying as Japanese government bond yields hit multi-year highs due to weak demand.

CRYPTO

• Former FTX executive admits to borrowing millions while aware of misappropriation in Sam Bankman-Fried’s fraud trial. Defense argues investments were not reckless.

• The SEC is likely to approve a Bitcoin ETF, leading to a surge in Bitcoin’s price and interest from major asset managers like BlackRock and Fidelity. False rumors caused market fluctuations.

• The US SEC has filed a lawsuit against Binance for operating illegally and defrauding investors. Binance.US has halted direct dollar withdrawals.

• Global banking regulators propose standardized format for major banks to disclose cryptoasset holdings from January 2025, providing qualitative and quantitative information.

HEALTH

• Rite Aid is closing 154 stores as part of bankruptcy, potentially limiting access to medicine in certain communities. Stock plummets.

• Thermo Fisher Scientific will acquire Olink Holding, a Swedish proteomics company, in a $3.1 billion deal.

• Edwards Lifesciences Corp. stock falls 1.32% with below-average trading volume. Sempra and Eversource Energy stocks also underperform on Tuesday. Entergy Corp. shares fall 0.45%.

• Ardelyx’s drug, XPHOZAH, has received FDA approval to treat high phosphate levels in patients with chronic kidney disease on dialysis.