headlines...by halloapp

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11-10-2023

TECH

- Humane, a Silicon Valley startup backed by ex-Apple executives, has launched the Ai Pin, a $699 wearable device that uses artificial intelligence and a virtual assistant to interact with users. The device features a laser projection system, camera, and can display text and images. Pre-orders start next week.

- Apple will pay $25M to settle claims of discriminatory hiring practices, favoring immigrant workers over US citizens and green card holders.

- Apple co-founder Steve Wozniak suffered a minor stroke while attending a business conference in Mexico City but is now back home and feeling good.

- Pico, the VR headset manufacturer owned by ByteDance, is laying off employees and reorganizing to focus on hardware and core technologies due to sluggish sales and a decline in China's VR market.

- China's Singles Day shopping event, the world's largest, reveals weak household consumption and an economic slowdown. E-commerce retailers offer discounts, but consumer confidence remains low. Sales are expected to rise by 14-18% this year.

- Omegle, a video chat service, is shutting down after years of user abuse claims and a recent lawsuit alleging child exploitation.

- Apple supplier Luxshare Precision Industry Co. is investing an additional $330 million in its Vietnam plant to expand production facilities for cables and smart devices, bringing the total investment to $504 million. The new facility is expected to be completed in 12 to 24 months.

- China's top chip maker SMIC increases capital expenditure to $7.5 billion for 2023, warns of global chip glut due to geopolitical tensions. SMIC's quarterly profit declines by 80%.

- Japan plans to allocate $13 billion in a supplementary budget to support its chip industry, including subsidies for chipmakers and support for TSMC and Rapidus. Additionally, Japan plans to increase its fiscal loan and investment program by $5.85 billion to support supply chains and renewable energy.

- Affirm Holdings reported strong Q1 results, exceeding expectations with a 37% increase in revenue and a 28% increase in GMV. Shares surged by 25%.

- Chinese AI start-up 01.AI stockpiled enough high-end Nvidia chips to last 18 months before US export restrictions were imposed. Nvidia plans to release three new chips for the Chinese market, complying with the new regulations.

- The second developer beta of tvOS 17.2 is now available, featuring updates to the TV app and a streamlined interface. Apple has also released iOS 17 beta 2 with changes for iPhone users, and the second macOS Sonoma 14.2 developer beta build with new features. The iPhone 15 Pro in iOS 17.2 will have spatial video capture for 3D videos on the Vision Pro headset.

- Elon Musk and Sam Altman argue over their AI chatbots, with Altman calling Musk's "Grok" cringey and Musk criticizing Altman's ChatGPT.

- Meta Platforms and Snap have until December 1st, and YouTube and TikTok have until November 30th, to provide information on their child protection measures to the EU.

- Meta, the parent company of Facebook and Instagram, has partnered with Amazon to enable in-app shopping on the social media platforms. This move aims to boost ad revenue and keep users within the apps.

MEDIA

- After a 118-day strike, SAG-AFTRA has reached a tentative agreement with major studios, allowing Hollywood production to resume.

- Charter Communications stock fell 2.18%, Disney's stock rose 7% after announcing $2 billion in cost savings, and AMC Entertainment shares dropped 14%.

- Wynn Resorts and other major Las Vegas casino operators have reached labor deals with unions, avoiding strikes and improving worker conditions.

- Seeking Alpha's transcripts team is expanding coverage of quarterly earnings calls, including Ouster, Inc.'s strong Q3 2023 results.

- Valve's Steam Deck handheld gaming PC has gained popularity and success, with "multiple millions" sold. A new OLED version with improved battery life has been released, starting at $549.

- Verizon plans to offer a discounted bundle of ad-supported Netflix and Warner Bros Discovery's streaming services for $10/month.

- Wynn Resorts' stock falls despite positive Q3 results and share repurchases. Macau properties drive revenue rebound. Las Vegas agreement not reached.

- The National Women's Soccer League (NWSL) has signed a $240 million TV deal with CBS, ESPN, Amazon, and Scripps, marking a 40x increase in broadcast revenue for the league.

- Jezebel, a feminist website, is permanently closing after 16 years due to financial difficulties and the challenging digital advertising environment.

- Israeli government accuses freelance photographers, including those from CNN, NYT, AP, and Reuters, of having advance knowledge of Hamas attacks. The news organizations deny the allegations.

- Robert De Niro's company, Canal Productions, has been found liable for gender discrimination and ordered to pay $1.2 million in damages to his former assistant.

- Prince Harry, Elton John, and others can proceed with their lawsuit against the Daily Mail for unlawful information gathering.

- "The Curse" is a satirical and dark drama series starring Emma Stone and Nathan Fielder that explores the superficiality of reality TV and influencer culture.

CONSUMER

- Swiss luxury group Richemont's shares dropped 7% after disappointing quarterly results, citing a slump in demand and currency challenges.

- Canadian Tire has reported a 1.6% decline in sales due to softening demand, leading to layoffs and missed profit estimates.

- Swedish investment firm EQT is set to acquire Japanese education services provider Benesse Holdings in a deal worth over $1 billion.

- Lifetime Brands Inc exceeded expectations in Q3 2023, with net sales of $191.7 million and adjusted EBITDA of $55.5 million. Whole Earth Brands reported Q3 revenue of $134.4 million and a gross profit margin of 31.6%.

- FT Editor Roula Khalaf suggests stylish Christmas buys such as a denim jacket, silver candlesticks, luxury beauty products, and designer accessories.

- Groupon's stock falls 20% after announcing $80 million rights offering, reporting a 12% decrease in revenue, and co-founder's resignation.

- Athleta, owned by Gap, is launching the "Move with Athleta" fitness series in NYC, expanding to other cities in 2024.

- Angi Inc. and IAC Inc. both announced positive Q3 earnings, demonstrating growth and profitability in their businesses.

- Compagnie Financière Richemont SA is a luxury goods company specializing in the design, manufacturing, and distribution of high-end jewelry and watches.

- Hasbro Inc. stock fell 1.77%, closing $30.32 below its 52-week high, while Hershey Co. stock fell 0.21% and closed below its 52-week high.

REAL ESTATE

- Mortgage interest rates have dropped to their lowest in over a month, with the average 30-year fixed rate at 7.5%.

- The Bank of Canada will monitor mortgage renewals affecting 3.5 million households, while the Bank of England may keep rates steady to combat inflation.

- Shares in Redrow fell by almost 6% as the UK housebuilder lowered its sales and profit forecast for the year due to a subdued housing market.

- China's largest developer, Country Garden, faced difficulties in delivering homes and paying contractors prior to its publicized debt issues.

- Rene Benko's company, Signa, has stopped construction on six projects in Germany, totaling nearly 200,000 square meters, due to financial troubles and the real estate crisis.

TRAVEL

- Flight bookings have dropped by 10-20% globally since the start of the Israel-Hamas conflict, impacting travel demand worldwide.

- Booking.com is teaming up with World Travel Holdings to introduce a cruise section on its website to meet the growing demand for cruises in the United States.

ECONOMIC

- Federal Reserve officials, including Chair Jerome Powell, expressed uncertainty about interest rates and combating inflation. Stocks declined and bond yields rose in response. Diageo issued a profit warning due to weak sales in Latin America and the Caribbean.

- J.B. Hunt Transport Services, U.S. Bancorp, Monster Beverage, Capital One Financial, Comerica Inc., CBRE Group, Zions Bancorp, Amazon.com, and Illumina all underperformed in the stock market. Trade Desk, Plug Power, and Illumina reported disappointing quarterly results.

- China's Industrial and Commercial Bank of China (ICBC) has been targeted by a ransomware attack, disrupting the US Treasury market and impacting liquidity. ICBC is working to restore services.

- Jill Stein, former Green Party presidential nominee, announces bid for 2024 White House race. Joe Manchin won't seek re-election, impacting Democrats' Senate majority.

- Sterling near one-week low as UK economy stagnates in Q3, narrowly avoiding recession but slightly above expectations.

- SLR Investment Corp. saw a 16% YoY increase in net investment income, Logan Ridge Finance Corp. had strong earnings, and Crescent Capital BDC Inc. reported record net investment income. Monroe Capital Corp. covered its dividend for the 14th consecutive quarter, and Prospect Capital Corp. exceeded its distribution rate. Blue Owl Capital Corp. had strong earnings and increased its dividends. Jackson Financial Inc. reported solid operating results and returned over $1 billion in capital to shareholders. SuRo Capital Corp. had weak results due to market volatility, while CION Investment Corp. had a strong Q3 with increased net asset value and closed on additional notes.

- PHX Minerals Inc. sees improved financial results and expects LNG export to drive sentiment and prices in 2024. They also increased their dividend rate. P10 Inc. reports strong Q3 performance and appoints Luke Sarsfield as the new CEO. They focus on organic growth and potential opportunities. Tapestry Inc. (TPR) achieves 0.4% revenue growth and beats EPS estimates in Q1. They focus on customer engagement and fashion innovation. PAR Technology beats revenue estimates with $107.13 million in Q3 revenue, but reports a loss of $0.21 per share. Tapestry Inc. stock rises despite market decline.

- Former NatWest CEO Alison Rose will likely forfeit the majority of her £10 million payout over her involvement in the Nigel Farage debanking scandal.

- Brazil's central bank chief raises concerns about doubts regarding the country's fiscal target, impacting risk premiums and monetary policy.

CRYPTO

- Bitcoin surges to its highest level in 2023, reaching $37,000, driven by talks of spot bitcoin ETFs and short-squeezes.

- Celsius bankruptcy plan approved, customers to receive crypto and shares in new company managed by Fahrenheit LLC.

- Bitwise co-founders, Irma Olguin Jr. and Jake Soberal, have been charged with a $100 million fraud scheme by US authorities.

- Sam Bankman-Fried's fraud conviction raises awareness of cryptocurrency industry's potential criminality and the SEC's ability to regulate without new rules.

HEALTH

- Health-care companies experience mixed reactions to obesity-drug developments, with Eli Lilly gaining stock value and AstraZeneca planning to license a weight-loss drug.

- scPharmaceuticals Inc. and Eton Pharmaceuticals both experienced significant revenue growth in Q3 2023, while The Oncology Institute saw a surge in stock shares. Amphastar Pharmaceuticals also reported a substantial increase in revenue.

- Walgreens Boots Alliance has sold shares worth $674 million, reducing its stake in drug distributor Cencora (formerly AmerisourceBergen Corp).

- The UK's drug regulator, MHRA, is reviewing a new injection pen for Eli Lilly's Mounjaro drug for obesity and diabetes. Eli Lilly awaits approval for the weight loss drug delivery device.

SPORTS

- Liverpool soccer player Luis Diaz's father has been released by Colombia's ELN guerrillas after being held hostage for nearly two weeks.

- Naomi Osaka, a four-time Grand Slam champion, will make her comeback at the Brisbane International in December after maternity leave.

- Caitlin Clark's 44-point performance leads No. 3 Iowa to an 80-76 victory over No. 8 Virginia Tech in a close neutral site game.