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10-20-2023**10-20-2023**

TECH

• AT&T reports strong Q3 earnings, beating expectations with revenue of $30.4 billion and raising full-year free cash flow guidance to $16.5 billion.

• Taiwan Semiconductor (TSMC) beats Q3 earnings expectations, predicts weak demand, but expects revenue increase in Q4. Investors shift to ASML.

• Nokia and Ericsson face challenges as sales decline and job cuts are announced. Nokia plans to cut up to 14,000 jobs due to weak Q3 results and a lack of growth catalysts.

• The FCC voted 3-2 to advance a proposal to revive net neutrality rules and regulate broadband internet, facing legal challenges.

• The EU is investigating Meta (formerly Facebook) and TikTok for their response to disinformation during the Israel-Hamas conflict.

• Oppo and OnePlus have separately launched their foldable phones, with the Oppo version available in China and other regions, and the OnePlus version in the US and India. The phones have a book-like foldable design, impressive cameras, and are cheaper than Samsung’s Fold 5.

• China’s regulators may delay approval of Broadcom’s $69 billion acquisition of VMware due to US chip controls.

• Google will manufacture Pixel 8 smartphones in India starting in 2024, in partnership with international and domestic manufacturers.

• Kioxia Holdings is seeking a capital infusion from Japan Investment Corp to support its merger with Western Digital Corp. Japanese banks will provide $12.7 billion in financing for the merger.

• Progress Software Corporation releases Q2 2023 earnings, ManpowerGroup Inc reports 5% revenue decrease in Q3 2023, but remains confident in future growth.

• Apple’s iPhone sales in China declined while Huawei’s Mate 60 Pro sales reached 1.6 million units in six weeks.

• SAP’s Q3 2023 earnings per share increased 32% YoY, driven by strong cloud business, boosting cloud software stocks.

• Autodesk Inc. stock fell 1.70% on Thursday, underperforming Adobe and Oracle. VeriSign Inc. stock fell 0.65%, but outperformed the market. Cadence Design Systems Inc. stock fell 0.61%, but outperformed the market. Uber’s stock slipped 0.65% for the third consecutive day. Texas Instruments Inc. stock fell 0.58%, underperforming competitors but still outperforming the market.

• WhatsApp will soon introduce a feature that allows users to log in to two accounts simultaneously on one device, eliminating the need for separate phones.

• Elon Musk’s social media platform X, formerly Twitter, will introduce two premium subscription tiers, one with ads and one without. It is also seeking political advertisers.

• AMD is launching new Threadripper CPUs with a Pro series for workstations and a non-Pro series for high-end desktops, both based on Zen 4 architecture. The top-end Threadripper Pro chip offers 96 cores and 192 threads. The CPUs will be available on November 21st.

• Lam Research Corp reported strong Q3 2023 results, exceeding revenue expectations. They anticipate further improvement in Q4 and see growth opportunities in the semiconductor industry.

• Investors are worried about Apple’s ability to justify its valuation and sustain revenue growth, potentially leading to a $340 billion loss.

• Amazon denies allegations of deceptive practices in its Prime program and asks a judge to dismiss the FTC lawsuit.

• ASML Holding N.V. is facing softer demand and lackluster end demand, impacting its performance. Q3 results show mixed financials.

MEDIA

• Former Trump lawyer Sidney Powell pleads guilty to aiding in efforts to overturn election results in Georgia and agrees to testify against him if needed. She will avoid prison time but pay a fine and write an apology letter.

• Disney’s ESPN generated over $16 billion in revenue and $2.9 billion in operating profit in fiscal year 2022. The sports network accounts for 19% of Disney’s operating profits and has shown steady revenue growth. However, challenges such as cord-cutting trends and escalating sports rights costs remain. Disney is also looking for a strategic partner and recently released ESPN’s financial figures separately for the first time, revealing a 20% drop in profits.

• US journalist Alsu Kurmasheva, working for Radio Free Europe/Radio Liberty, has been detained in Russia for failing to register as a foreign agent and collecting military information online.

• The 2023 MTV Europe Music Awards in France have been canceled due to the ongoing Israel-Hamas conflict and concerns about world events.

• Major music publishers, including Universal, ABKCO, and Concord, are suing AI company Anthropic for copyright infringement of song lyrics.

• Music royalties business Hipgnosis is conducting a strategic review to maximize shareholder value and address opposition to selling catalogues.

• George Clooney and other Hollywood stars offer $150 million to SAG-AFTRA to end ongoing strike, proposing to remove dues cap.

• Apple has canceled Jon Stewart’s show, “The Problem With Jon Stewart,” due to creative differences, including concerns over topics like China and AI.

• The US Senate unanimously supports Israel’s right to defend itself and calls for sanctions on Hamas and Iran amid ongoing conflict.

• Apple is releasing Martin Scorsese’s film, Killers of the Flower Moon, in over 3,600 US cinemas and worldwide, based on a book about Osage Native American murders.

• The Diamondbacks will use their bullpen in Game 4 against the Phillies. Ketel Marte’s walk-off hit helped the Diamondbacks win Game 3. The Phillies are leading the NLCS.

• Taylor Swift’s Eras tour film breaks records as the highest-grossing concert film ever, with lively fan behavior boosting cinemas.

• Google’s Search Generative Experience (SGE) tool, powered by generative AI, is causing concerns for publishers regarding web traffic, content credit, and compensation.

• Disney has appointed Tinisha Agramonte as its new Chief Diversity Officer, succeeding Latondra Newton who left in June. Agramonte will work towards creating a more inclusive environment for employees globally.

• Hundreds of demonstrators in Times Square demand release of Israeli hostages held by Hamas, while protesters advocating for ceasefire are arrested in US Capitol.

CONSUMER

• EssilorLuxottica reports slower Q3 revenue growth, particularly in sunglasses sales, but remains optimistic about mid-term targets. L’Oreal’s Q3 sales rise in Europe and the US, but fall short in China due to policy changes and travel retail decline.

• Snap-On Inc reported strong Q3 results, with sales up 5.2% and operating income up 9.7%, driven by growth in all segments.

• September UK retail sales fell 0.9% due to high living costs and warm weather, exceeding expectations and indicating a possible retail recession.

• Under Armour, AMC Entertainment, Ralph Lauren, and Estee Lauder stocks rose despite a tough trading session, outperforming the market.

• WD-40 Company’s Q4 2023 net sales reached $140.5 million, up 8% from the previous year. Revenue growth of 6-12% is expected in fiscal year 2024.

• Costco CEO Craig Jelinek, with a tenure of 12 years, will step down at the end of the year. Ron Vachris will replace him as the new leader.

• Peloton’s stock has been downgraded by Bank of America due to declining user engagement, subscriber concerns, and product recalls.

• Shares of Salvatore Ferragamo dropped over 5% after the luxury-goods firm reported a 9.2% decline in sales due to weak demand in Asia and North America.

• Basic-Fit’s ROCE has declined to 3.6% from 4.9% in the past five years, but revenue and capital employed have increased.

• Rotorkk has a high ROCE of 24% but it has been decreasing, suggesting potential stagnation.

• Reclaimss Global’s ROCE has dropped to 6.8% from 16% in the past five years, raising concerns about its growth potential.

• Watsco Inc. achieves record-breaking Q3 sales, driven by a 6% increase in HVAC equipment sales, and acquires Gateway Supply Company.

• Pool Corporation reported a 9% decline in Q3 2023 sales compared to 2022, with one less selling day. Chemical sales increased 5%.

• Shein, a Chinese online retailer, intends to expand its market in Latin America by shipping products made in Brazil to other countries in the region from 2026.

REAL ESTATE

• Country Garden, China’s largest property developer, is facing financial troubles and potential default on its debt, causing concerns in global markets. The company denies rumors of its founder fleeing the country.

• The U.S. State Department has issued a ”Worldwide Caution” alert to Americans due to increased tensions in the Middle East, warning of potential terrorist attacks and demonstrations against U.S. citizens. They have also issued a specific warning for US citizens in Lebanon to leave the country due to safety concerns.

• China Evergrande Group is revising its proposed restructuring plan, including vacating scheme sanction hearings, to meet creditors’ demands.

• WeWork’s COO Anthony Yazbeck will step down on October 20 following the appointment of David Tolley as permanent CEO.

• CoStar Group is set to acquire UK-based portal OnTheMarket for £100 million, challenging Rightmove’s dominance in the property search market.

• Vornado Realty Trust’s shares dropped 7.11% with high trading volume, while Federal Realty Investment Trust and Ventas Inc. fell 1.40% and 3.10% respectively.

TRAVEL

• InterContinental Hotels Group experiences a 12.8% rise in Q3 revenue per available room, indicating robust travel demand. Expecting strong financials in 2023.

• Clark Hill, general manager of Hilton Naples, awarded the 2023 Tourism Legacy Award in Collier County for his long-time service.

• Shares of Liberty TripAdvisor Holdings, the parent company of TripAdvisor, dropped 33% as it moves from Nasdaq to OTC Markets Group.

• H World’s Q3 2023 financial performance is expected to be unremarkable, with a Hold rating. Chinese hotel operators face slower recovery and uncertain dividend payouts.

ECONOMIC

• Wall Street investment banking deals are suffering due to low economic growth, high Treasury yields, and conflicts in Israel and Ukraine. Nasdaq futures are down 0.14% due to higher bond yields and disappointing Tesla results, with focus on Powell’s speech. Consumer companies experienced a decline as Treasury yields rose due to comments from Federal Reserve Chairman Jerome Powell, raising concerns about consumer borrowing and the housing market. Indian shares are expected to open lower due to concerns over higher interest rates and rising oil prices, amidst

• Northern Trust Corporation reported Q3 earnings of $1.49 EPS, missing expectations. Citizens Financial Group, Inc. and The Travelers Companies, Inc. also missed earnings expectations. Ally Financial Inc. released positive Q3 results. BankUnited, Inc. and Banner Corporation released their Q3 earnings reports. Webster Financial Corporation and East West Bancorp reported strong Q3 earnings. Heritage Financial Corp and Dime Community Bancshares reported solid Q3 earnings. Discover Financial Services reported a 17% increase in

• House Republicans are in a deadlock over choosing a new speaker, causing delays and uncertainty in addressing important deadlines.

• Labour has won historic byelections in Tamworth and Mid Bedfordshire, dealing blows to the Conservative Party and signaling a shift in support.

• Rocket Cos. Inc. stock slid 0.93% but outperformed competitors, Robert Half Inc. stock lost 1.43% but outperformed competitors. Workhorse Group Inc. fell 9.17%. Church & Dwight Co. decreased 0.72% but outperformed the market. Illinois Tool Works Inc. declined 0.23% but outperformed competitors. Waters Corp. rose 1.54% and outperformed Thermo Fisher Scientific, Dan

• Argentina’s upcoming presidential election on Sunday features outsider candidate Javier Milei as the frontrunner, proposing dollarization and economic reforms to address the country’s economic issues.

• Malaysia’s consumer inflation rose 1.9% in September, while Japan’s core inflation fell below 3%, potentially leading to a rate hike. Japan’s cabinet is expected to approve an economic stimulus package to mitigate the impact of inflation.

• The US Treasury plans to auction $26 billion in 2-year floating rate notes, $75 billion in reopened 42-day bills, and more.

• Chinese banks maintain benchmark lending rates, with the one-year rate at 3.45% and the five-year rate at 4.2%, due to stabilizing economy and weaker yuan.

• US jobless claims drop to a nine-month low of 198K, indicating strong job growth and a tight labor market.

• The London Stock Exchange experienced an outage, halting trading for smaller stocks, while blue-chip shares were unaffected. Investigation underway.

• California Senator Laphonza Butler, appointed to replace Sen. Dianne Feinstein, will not seek a full term in 2024.

CRYPTO

• New York Attorney General Letitia James has filed a $1 billion lawsuit against cryptocurrency firms Gemini Trust, Genesis Global Capital, and Digital Currency Group for defrauding investors and concealing losses. The lawsuit alleges misleading investors and false promises of high returns.

• Former FTX CEO Sam Bankman-Fried’s trial continues with witnesses testifying about alleged federal crimes and the diversion of customer funds.

• The SEC is dropping its lawsuit against Ripple’s CEO and co-founder, dismissing charges related to the sale of XRP tokens.

• Grayscale Investments files with SEC to convert Grayscale Bitcoin Trust into spot Bitcoin ETF listed on NYSE Arca.

HEALTH

• Intuitive Surgical’s Q3 revenue of $1.74B missed estimates, causing a drop in stock, despite strong growth in procedures performed.

• CVS is facing litigation and removing decongestant products containing phenylephrine, which consumers allege is ineffective, from its stores.

• Beam Therapeutics is cutting 20% of its workforce (around 100 jobs) to extend its cash runway and focus on specific programs.

• Roche Holding’s Q3 sales of CHF 14.3 billion meet expectations, but stock slips 5% due to underperformance in diagnostics division and drop in COVID-19 product sales.