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10-19-2023

TECH

- Nvidia's stock has been impacted by new U.S. export controls on AI chips to China, causing concerns about future growth.

- ASML Holding N.V., Europe's largest tech firm and a market leader in semiconductor manufacturing, reported solid Q3 earnings but warned of flat sales in 2024 due to customer caution and US chip restrictions. The company expects strong growth in 2025 driven by new projects and industry upturn.

- Foxconn and Nvidia are partnering to build "AI factories" in Taiwan to develop software for various applications, including autonomous vehicles and robotics.

- Taiwan Semiconductor Manufacturing Company (TSMC) reported a 25% drop in Q3 net profit due to declining demand for smartphones and gadgets. However, the decline was not as severe as expected, leading to an increase in the company's shares. TSMC is also facing challenges from the US crackdown on chip supplies to China, but it is moving forward with expansion plans, including a $40 billion factory in Arizona.

- Elon Musk's social media platform X is testing a $1 annual fee for new users in New Zealand and the Philippines to combat spam and fake accounts.

- Lam Research predicts Q2 revenue slightly below expectations due to weak memory chip demand, resulting in a decline in profitability.

- Crown Castle Inc. stock fell, underperforming competitors Verizon, AT&T, and T-Mobile, due to reduced telecom spending on 5G networks.

- SAP's Q3 earnings show higher revenue and operating profit due to strong growth in its cloud business, with cloud revenue reaching €3.47bn.

- Meta, the parent company of Facebook, is bringing broadcast channels to Facebook and Messenger, allowing individuals to publicly distribute messages in the coming weeks.

- OpenAI is in discussions to sell shares owned by its employees at an $86 billion valuation, potentially becoming one of the world's most valuable privately held companies.

- Google will manufacture Pixel smartphones in India, partnering with international and domestic manufacturers, starting with the Pixel 8 in 2024.

- China protests against the US Commerce Department's new chip restrictions, claiming they violate market principles and fair competition, causing supply chain damage and losses.

- SK Hynix denies approaching SoftBank for a partnership in a potential deal with memory chip firm Kioxia Holdings, jeopardizing Bain Capital's merger plans.

- The US House Committee on China is investigating Sequoia Capital's investments in Chinese tech companies, requesting details on its split and investments in AI and semiconductors.

- Mustafa Suleyman and Eric Schmidt propose an International Panel on AI Safety (IPAIS) similar to the IPCC. UK plans AI advisory group and safety institute, aiming to position itself as a leader in AI regulation. UK Prime Minister urges nations to label AI as capable of "catastrophic harm" at upcoming summit. World leaders to discuss potential harm caused by AI at international summit hosted by the UK. UK to host global AI safety summit in November, hoping to kickstart international dialogue

- Apple CEO Tim Cook visited Luxshare Precision Industry Co. in China, met with China's Commerce Minister, and discussed Apple's development and trade relationship.

- A cyberattack on a financial services payments system could lead to global losses of $3.5 trillion, with the US, China, and Japan being the most affected countries.

- A Stanford study reveals a lack of transparency among major AI model developers, urging companies like OpenAI and Google to disclose important information.

- Google argues in an antitrust trial that its success is due to innovation and talented employees, not restrictive contracts or payments. Concerns over the Google-Apple search engine deal were highlighted in the trial. A Google executive defended search quality and highlighted efforts to improve it using machine learning tools. Another executive downplayed the importance of search query volume.

- Meta Platforms, the parent company of Facebook, has introduced temporary measures to limit unwelcome comments on posts about the Israel-Hamas conflict.

MEDIA

- Las Vegas Sands Corp. reports Q3 profit of $630 million in Macao, announces $2 billion share buyback program, and sees increased tourism in Macau and Singapore.

- Disney's sports segment, including ESPN, generated $12.6bn in revenue, but saw a 20% decline in profits due to cord-cutting.

- A female court staffer was arrested for attempting to approach Donald Trump during his fraud trial in NYC, charged with contempt.

- Universal Music is suing AI start-up Anthropic for using copyrighted song lyrics to train its chatbot, seeking damages and an injunction.

- Netflix has signed a multi-year deal with Skydance Animation to exclusively produce animated feature films, starting with "Spellbound" in 2024.

- Dutch man Joran van der Sloot confesses to killing Natalee Holloway in 2005 on an Aruba beach while pleading guilty to extortion charges.

- Super Mario Bros. Wonder is a highly acclaimed multiplayer platform game with 24 unlockable badges and innovative gameplay elements.

- Jannik Sinner seeks advice from Olympic Champion Lindsey Vonn on sacrifices and dedication needed for success in a film.

- Music investor Hipgnosis Songs Fund is conducting a strategic review of its business and management arrangements due to opposition and shareholder dissent.

- Billionaire donors are cutting ties with Ivy League universities over inadequate responses to antisemitism and the Hamas attack in Israel. Harvard and University of Pennsylvania face backlash from alumni and donors. College presidents issue statement supporting Israel and condemning Hamas.

- Rapper Pras Michel requests new trial, alleging his ex-lawyer used AI for closing arguments, resulting in errors and mishandling.

- Martin Scorsese's "Killers of the Flower Moon" is a soulless epic that depicts the mistreatment of Native Americans in 1920s Oklahoma. The film stars Leonardo DiCaprio, Robert De Niro, and Lily Gladstone and will be released on October 20, 2023.

- NFL Commissioner Roger Goodell's contract extended until March 2027, making him the highest-paid commissioner in sports, overseeing record-high team values.

- Jewish peace activists gather in Washington, D.C., calling for a ceasefire in Israel-Gaza conflict and face arrests during sit-in demonstration.

- Netflix shows "Elite" and "Blood & Water" will have crossover episodes in their upcoming seasons, featuring characters from both series.

CONSUMER

- Costco CEO Craig Jelinek will step down at the end of the year and be replaced by Ron Vachris as the new CEO.

- BT-owned mobile operator EE is diversifying its offerings by expanding into e-commerce and selling a range of products including fridges, gaming consoles, and electronics to both customers and non-customers through its new sales platform called EE ID. The company aims to increase customer loyalty and compete with brands like Amazon, Currys, and Argos. Additionally, EE plans to offer an enhanced TV package, including Apple TV, and expand its sales by offering broadband and TV services to its existing mobile customers.

- Adidas raises full-year guidance for second time due to strong sales of Yeezy sneakers, shares rise 3.7-4%.

- Amazon is testing robots called Sequoia, Digit, and Agility in its warehouses to improve inventory management and speed up deliveries.

- UniFirst Corporation's Q4 2023 revenues increased by 10.7% to $571.9 million, exceeding expectations. Full-year revenues for 2023 increased by 11.6% to $2.233 billion. The company expects continued growth in fiscal year 2024, with revenues projected to be between $2.415 billion and $2.435 billion.

- US retail sales in September rose by 0.7% compared to August, exceeding expectations and indicating a positive holiday shopping season.

- L'Oreal's quarterly sales in China are expected to increase, but there are concerns about Chinese shoppers switching to cheaper or local products.

- Lululemon replaces Activision Blizzard in the S&P 500, showcasing its growth and potential expansion in China.

- Coats Group PLC announces $0.01 dividend with 2.63% trailing yield, but sustainability may be a concern. Smiths Group PLC offers $0.35 dividend with consistent record and good profitability.

- Brazilian retail sales in August declined by 0.2%, surpassing expectations of a 0.7% decrease, reflecting the impact of high borrowing costs.

- The Australian Competition and Consumer Commission is reviewing PETstock's stake sale to Woolworths Group and investigating its previous acquisitions.

- Dunelm Group sees a 9% increase in Q1 sales, with growth across all categories, driven by strong sales volume in stores and online.

REAL ESTATE

- Country Garden, a Chinese property developer, is at risk of default after missing a $15 million coupon repayment. The company denies reports of its founder leaving the country amid debt concerns. The struggling property market and rising interest rates have added to its challenges. Additionally, Country Garden is seeking to sell its stalled Wilton Greens development in Australia due to liquidity problems and debt repayment difficulties. A potential default by Country Garden would trigger cross-defaults on its other international debt.

- The Travelers Companies, Inc. reported Q3 2023 core income of $454 million, benefiting from strong underwriting results and net investment income. However, there were higher catastrophe losses and unfavorable reserve development. The company saw record net written premiums of $10.5 billion.

- US single-family homebuilding rebounded in September due to high demand, but soaring mortgage rates could slow momentum and delay recovery. Canadian housing starts increased by 8% in September, exceeding expectations.

- First Industrial Realty Trust (FR) beats Q3 estimates with FFO of $0.62 per share and revenues of $155.11 million. Strong rental rate increases. Rexfordrd Industrial Realty Inc (REXR) reports strong Q3 earnings with net income of $56.3 million and six acquisitions completed.

Equityy LifeStyle Properties reports impressive Q3 results with strong revenue streams and low rental homes in portfolio. Anticipates continued demand.

Prologiss reports strong Q3 earnings

- Gladstone Commercial Corp's dividend yield is expected to decrease, while concerns about sustainability arise for Gladstone Capital Corp and Gladstone Investment Corp. Gladstone Land Corp maintains consistent dividend payments.

- Whitbread, owner of Premier Inn, reports strong Q2 2024 earnings with revenue and profit growth, plans £300 million share buyback.

TRAVEL

- Both the UK and US have issued travel advisories against visiting Lebanon due to conflict, terrorism, civil unrest, and armed conflict.

- Africa's hotel industry is experiencing significant growth, with Hilton, Marriott, and Hyatt investing in the continent. A list of the top 30 luxury hotels in Africa is also provided.

- Visit Greenland has launched a pledge for sustainable tourism development, with over 70 companies and organizations prioritizing local communities and cultural values.

- Niskala Tours is a new tour company in Bali that provides curated experiences focused on authentic culture and natural wonders.

ECONOMIC

- Republican Rep. Jim Jordan failed to secure enough votes in the first and second rounds of voting for House speaker, facing opposition from fellow Republicans.

- The Bank of England is expected to maintain interest rates as UK inflation remains unchanged at 6.7% in September.

- Advanced Micro Devices (AMD) may perform in line with the market. Dentsply Sirona, Kimberly-Clark, and DXC Technology had consecutive days of gains. Northrop Grumman outperformed despite a grim trading session. Ansys and Synopsys underperformed. HP Inc. outperformed Apple and Dell. eBay outperformed Amazon and Walmart. Amazon, Apple, and Netflix underperformed. Zoom Video Communications outperformed the market's losses.

- Federal Reserve Governor Christopher Waller believes more data is needed before deciding on interest rate hikes, favoring a steady approach.

- US income inequality increased from 2019 to 2022, with highest earners benefiting most. Household wealth surged during pandemic.

- Bank of Japan upgrades economic assessments for six out of nine regions, approves economic stimulus package, and raises inflation forecasts.

- The Bank of Korea has maintained interest rates at 3.50% for the sixth consecutive time due to a cooling economy and uncertainty in the Middle East.

- Nasdaq's diversity rule, requiring companies to have women and minority directors or explain why not, is upheld by a U.S. appeals court.

- The SEC is proposing a rule to ban volume-based pricing on stock exchanges, aiming to prevent advantages for larger brokerages.

- Shares in Italy's Nexi did not open for trading due to excessive gains caused by a media report of a potential bid by CVC Capital Partners, which declined to comment.

- The IRS will test a free filing system called Direct File in 2024, available in 13 states as an alternative to commercial tax prep firms like TurboTax.

- Republican senators oppose Jacob J. Lew as U.S. ambassador to Israel due to his past work on the Iran nuclear deal, while facing intense questioning during his confirmation hearing.

CRYPTO

- The US has imposed sanctions on 10 Hamas members and entities linked to its financial network, targeting their assets and restricting their access to US banks. Lawmakers are urging the Biden administration to crack down on Hamas' use of cryptocurrency.

- The European Data Protection Board (EDPB) has urged for stronger privacy safeguards in EU draft legislation for the digital euro, including a privacy threshold and clarification of data protection responsibilities. The European Central Bank (ECB) will begin preparations for a potential digital euro on November 1, finalizing rules and selecting infrastructure developers. The ECB aims to strengthen the region's autonomy and boost innovation with the digital euro.

- FTX founder Sam Bankman-Fried's fraud trial reveals profane messages about regulators and misuse of customer funds for investments and charity.

- Bitcoin's price is rising as investors anticipate the approval of a spot Bitcoin ETF, outperforming stocks and other cryptocurrencies.

HEALTH

- Amazon has started offering drone delivery of prescription medications in College Station, Texas, with plans to expand to the UK and Italy by late 2024.

- Rite Aid, the bankrupt US pharmacy chain, will close 154 stores, mainly in Pennsylvania and California, as part of its Chapter 11 filing.

- Pet dental insurance is often included in larger pet insurance plans, with costs starting around $60-80 per month. It is important to choose a plan that covers periodontal disease. Cat owners are advised to consider getting pet insurance to cover expensive veterinary bills for emergencies and illnesses. Pet insurance can cover accidents, injuries, illnesses, and preventive care. Different policies offer varying levels of coverage and may exclude pre-existing conditions. Not all surgeries are covered by pet insurance plans. Accident-only plans cover surgeries for

- Merck KGaA anticipates a return to organic sales growth in 2024, driven by recovering demand for semiconductor materials and reduced Covid-19 impact. Shares rose 5.4%.