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11-22-2023

TECH

• OpenAI’s board approached rival company Anthropic’s CEO for a potential merger and replacing Sam Altman as CEO, but the idea did not progress. Investors are considering legal action against the board after Altman’s firing. OpenAI has announced a new board that includes the former CEO of Salesforce, the CEO of Quora, and a former Treasury Secretary. Sam Altman was fired and then reinstated as CEO in less than five days.

• Broadcom has completed its $69 billion acquisition of VMware after receiving regulatory approval from China, ending a months-long process.

• HP CEO predicts that the growth in the PC segment will double next year, driven by new computers with AI capabilities. HP’s stock slides as analysts express concerns about the future of printing, which represents 60% of the company’s operating profits.

• The IRS has postponed the implementation of new reporting requirements for payment apps and e-commerce platforms until 2023 and 2024.

• Private equity consortium led by Permira and Blackstone to acquire Adevinta from eBay for $13 billion in a takeover deal.

• Sage Group’s fiscal 2023 performance shows double-digit revenue growth and a decrease in pretax profit, leading to a share buyback program.

• OpenAI releases free ChatGPT Voice feature for all users, offering voice input and human-like virtual assistant capabilities amid company turmoil.

• Apple CEO Tim Cook has detailed succession plans in place with multiple potential internal candidates lined up to take over.

• Zoom reports strong Q3 revenue of $1.137 billion, beating expectations, but faces competition, security concerns, and economic challenges.

• Hedge funds are heavily investing in the ”Magnificent Seven” tech stocks, leading to record-high concentration and concerns about crowding.

• Blackstone is set to acquire U.K. software company Civica from Partners Group Holding for $2.5 billion.

• Australia is allocating $590 million for a cybersecurity overhaul plan, including cyber health checks, mandatory reporting of ransomware attacks, and increased funding for cyber law enforcement.

• Former Amazon CEO Jeff Bezos is selling over 1.6 million shares worth $239 million, causing a pullback in Amazon stock.

• Alibaba’s Jack Ma’s family trust planned to sell shares on the same day the company scrapped its cloud unit’s IPO, causing concern among staff. However, Alibaba’s Chief Talent Officer, Jane Jiang Fang, clarified that Ma has not sold any shares and believes in the increasing value of the company’s businesses. Jiang also denied rumors of layoffs and stated that Alibaba had filed a police report over the matter.

• Nearly 30 House Democrats accuse X and Elon Musk of profiting from extremist content promoting violence against Israelis.

• YouTube is cracking down on ad blockers, warning users that their viewing experience may be affected and encouraging them to disable them or subscribe to YouTube Premium.

• NordVPN is the top recommended VPN for streaming in 2023, while Forbes Advisor lists the cheapest VPNs for travelers. Another article highlights the best business VPNs.

MEDIA

• Tech magnate Austin Russell’s bid to buy Forbes has been cancelled due to his inability to secure financing for the transaction.

• Israeli airstrikes in southern Lebanon resulted in the deaths of two journalists from Al-Mayadeen TV and a Hamas operative.

• Elon Musk’s company, X, is suing Media Matters for allegedly scaring away advertisers with reports of antisemitic and pro-Nazi content.

• DouYu’s CEO, Chen Shaojie, has been arrested by Chinese police on suspicion of opening a casino, impacting the company’s business and stock.

• Retail Egg reveals early Black Friday deals for LG, Samsung, Sony, and TCL TVs, including 4K UHD, OLED, and QLED models.

• Sonos is planning to release over-ear headphones in 2024 to compete with Apple’s AirPods Max, along with a streaming set-top box.

• Sony has been ordered to face a mass lawsuit worth up to $7.9 billion over allegations of unfair pricing on the PlayStation Store.

• BBC suspends production of ”Top Gear” indefinitely after presenter Freddie Flintoff’s serious crash, citing safety concerns. Show on hold.

• Sasbadi Holdings’ ROCE has grown 114% in 5 years, but its stock declined 30%. Greatech Technology’s ROCE fell from 35% to 18%. V-ZUG Holding’s ROCE decreased from 20% to 2.4%, underperforming the industry average. Schindler Holding’s ROCE has been declining, raising concerns about capital allocation.

• Apple TV+ kicks off the holidays with “Hannah Waddingham: Home for Christmas,” a festive variety show featuring the cast of Ted Lasso and musical performances.

• The Guardian is hosting a summer writers’ retreat with online workshops, masterclasses, and a supportive writing community for beginners and experienced writers.

• The UK government may intervene in the sale of The Telegraph to RedBird IMI due to concerns about press freedom and public interest.

• A U.S. judge dismisses an involuntary bankruptcy case against TV Azteca filed by bondholders due to a dispute over missed payments.

CONSUMER

• Black Friday losing appeal as over half of American shoppers expected to skip the event, waiting for deeper discounts later in the season.

• Target, Walmart, and Amazon are all offering early Black Friday sales with discounts on a wide range of products including electronics, toys, and household items.

• Footwear company Caleres reported a 4.6% drop in Q3 sales to $761.9 million, with declines in Famous Footwear and brand portfolio segments.

• Major retailers like Walmart, Target, Best Buy, and Home Depot will be open on Black Friday 2023 with varying hours. Retailers are gearing up for the shopping frenzy on November 24th, offering early bird sales but better prices expected on Black Friday and Cyber Monday. Deals on Apple products and laptops are anticipated. The Consumer Post has researched the best early Walmart laptop deals for Black Friday 2023.

• Guess? Inc. reported Q3 earnings with revenue growth in line with expectations, except for Americas Retail which declined due to slow customer traffic. Guess? expects revenue growth between 1.8% and 2.4% for the fiscal year.

• Walmart is adding over 40 parcel stations to its stores and online fulfillment centers for quick holiday season deliveries.

• Antoine Arnault, heir to LVMH, is resigning as CEO of Berluti but will remain chairman, with Jean-Marc Mansvelt taking over as CEO.

• Central Garden & Pet Co’s Q4 2023 earnings of $0.05 EPS missed expectations, but reported steady year-end earnings of $126 million for fiscal 2023.

• Temu.com and Shein are struggling to convert visitors into buyers, with only 4.1% and 4.5% of visits resulting in transactions, respectively. Amazon leads with 56% conversion rate. Shein recently acquired Missguided.

• Major retailers such as Best Buy, J.C. Penney, Kohl’s, and Walmart will close on Thanksgiving due to changing consumer habits and employee well-being. Grocery stores like Kroger and Albertsons will have limited hours, while Publix and Trader Joe’s will be closed.

REAL ESTATE

• US existing home sales fell 4.1% in October to a 13-year low due to high mortgage rates and a shortage of inventory.

• Choice Hotels International made a revised bid to acquire Wyndham Hotels & Resorts, but it was rejected as not in the best interests of shareholders.

• Canada’s Fall Economic Statement will include investments in affordable housing, support for labor mobility, and measures to address short-term rentals and climate disclosures. The update will include C$15 billion in loans for rental housing construction and a C$1 billion fund for affordable housing.

• Former Chicago Alderman Ed Burke is facing corruption charges related to an alleged scheme involving a Burger King restaurant renovation and tax business.

• Canada introduces tax measures to tackle rental housing shortage by limiting income tax deductions on short-term rentals like Airbnb. Rules effective from January 1, 2022. $36 million allocated for enforcement.

ECONOMIC

• Chancellor Jeremy Hunt plans to cut taxes, including national insurance, in his autumn statement to boost the economy and save workers money.

• Argentina’s President-elect, Javier Milei, plans to implement economic shock therapy, spending cuts, and potentially adopt the US dollar to combat inflation.

• Americans are planning to spend more on holiday expenses this year, with an average spending of $875. Record travel numbers are expected, with over 55 million travelers before Thanksgiving.

• Bank of America and other strategists predict that the S&P 500 will reach a record high of 5,000 by 2024, citing positive sentiment and strong earnings growth.

• Warren Buffett, aged 93, donates $866 million worth of Berkshire Hathaway stock to family foundations and praises his successor.

• CD rates range from 1.19% to 5.83%, savings accounts offer up to 7% APY, and money market accounts have rates up to 5.13%.

• Germany’s coalition government is facing a budget crisis due to a court ruling, leading to the suspension of spending and potential delays in budget talks.

• The upcoming Netherlands election will not include Prime Minister Rutte on the ballot. Top contenders include Dilan Yeşilgöz-Zegerius, Geert Wilders, Pieter Omtzigt, and Frans Timmermans.

• Kimberly-Clark, Cintas, Colgate-Palmolive, Halliburton, Baker Hughes, and Boeing stocks outperformed the market with small gains on a poor trading day.

• US jobless claims fall more than expected to 209,000, showing a positive and resilient labor market despite higher interest rates.

CRYPTO

• Binance CEO Changpeng Zhao will step down and plead guilty to anti-money laundering violations, with Binance agreeing to pay $4.3 billion in fines.

• Celsius Network, a crypto lender, will shift its focus to bitcoin mining after regulatory concerns and bankruptcy filing.

• The SEC has filed a lawsuit against Kraken for operating as an unregistered securities exchange, but Bitcoin’s price remains unaffected.

• Federal authorities have seized approximately $9 million in cryptocurrency connected to a romance scam ring involved in human trafficking and cryptocurrency exploitation.

HEALTH

• Bayer’s CEO, Bill Anderson, acknowledges the impact of a major drug development setback on cash flows during a strategic review. Challenges include halted clinical trials and potential losses.