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11-04-2023

TECH

• Apple’s stock fell 3% after the company predicted lower-than-expected sales for the holiday quarter, citing weak demand in China.

• World leaders gathered at the UK’s first AI Safety Summit at Bletchley Park and signed an agreement to regulate AI.

• Meta (formerly Facebook) and Amazon have made commitments to protect fair competition on their platforms in the UK. Meta will limit the use of ad data, while Amazon will not use third-party seller data to gain an advantage. The agreements come ahead of new legislation.

• Shenandoah Telecommunications added 20,000 new Glo Fiber passings in Q3 2023. Liberty Broadband had solid operating and financial results. Cable One saw growth in residential broadband revenue. Chunghwa Telecom highlighted its dominant spectrum assets and expansion into Europe.

• Cloudflare reported Q3 2023 earnings of $0.16 per share, beating expectations, with a 32% YoY increase in revenue. Fortinetet exceeded expectations in operating margin and free cash flow in Q3 2023, but sales fell short, leading to a 23% stock drop.

• Qualys, Five9, and Viad saw their shares rise after reporting strong Q3 earnings that beat analysts’ estimates.

• Elon Musk’s AI startup xAI will release its first AI model to a select group, claiming it is the best available and aiming to reduce AI risks.

• President Biden issued an executive order on AI, setting standards, addressing risks and discrimination, and leveraging bureaucracy for regulation.

• FTC Chair Lina Khan visited Silicon Valley to improve her relationship with Big Tech, support entrepreneurs, and focus on AI regulation.

• Microchip Technology reported Q2 revenue of $2.25 billion, meeting estimates, with EPS of $1.62 and sales rising 8.7% YoY. ChipMOSOS Technologies reported Q3 2023 revenue growth of 2.5% from Q2, with a gross margin of 15.9% and net earnings of NT$0.8. Magnachipip Semiconductor Corporation beat expectations with Q3 2023 earnings of $-0.04 per share.

• Intuit-owned personal finance app Mint will be shutting down on January 1, 2024, prompting users to switch to Credit Karma.

• TELUS Corporation had a strong Q3 with record customer growth and solid revenue growth in telecom and business solutions. TELUS International also reported steady revenue growth.

• YouTube’s crackdown on ad blockers has caused a surge in uninstalls and new installations as users seek alternatives.

• Atlassian Corp (NASDAQ:TEAM) reports strong revenue growth and beats earnings expectations, but faces challenges with partners and revenue guidance. Shares fell 14.3%.

MEDIA

• AMC’s stock rises 4.1% after rival Cinemark’s Q3 earnings beat, while Cinemark’s stock falls 3.4%. AMC Networks reports a decrease in Q3 revenue, while Cinemark’s revenue surges above pre-pandemic levels.

• FuboTV reports strong Q3 2023 results with 43% revenue growth and 20% subscriber growth, raising its outlook for North American revenue and subscribers.

• DraftKings Inc. reports strong Q3 2023 earnings, with revenue up 57% YoY and #1 market share in the US. Fiscal year 2024 guidance introduced.

• Netflix is exploring the idea of live-streaming a boxing match featuring controversial YouTuber Jake Paul and Premier Boxing Champions fighters.

• Russell Brand is facing a sexual assault lawsuit in New York, accused by a film extra on the set of “Arthur” in 2011.

• Rifts deepen within US Jewish communities over the Israel-Gaza war, causing strained relationships and arguments. Hardliners vs. moderates at stake. Concerns in Hollywood about working with Middle Eastern nations. Existential war in Israel impacting military deterrence. Hamas strains relations with Arab neighbors and US efforts to normalize Israel-Arab ties.

• The E.W. Scripps Company reported Q3 financial results with strong local ad sales and connected TV revenue, expecting growth in Q4 and benefit from political ad revenue. However, they also reported a loss due to a soft advertising market.

• Liberty Media Corporation’s Q3 earnings call discussed the proposed combination of LSXM and SIRI, positive Q3 results for SiriusXM, and the growth of Formula One and Atlanta Braves.

• Facebook CEO Mark Zuckerberg tore his ACL while training for an MMA fight, requiring surgery and potentially delaying his plans to compete next year.

• ”Friends” actor Matthew Perry, known for his role as Chandler Bing, was buried in Los Angeles with co-stars and family present. Chinese millennials mourn his death.

• The $8 billion merger between Six Flags and Cedar Fair Entertainment will not affect parks in Oklahoma City. Cedar Fair is acquiring Six Flags in a $1.9 billion deal to create a large theme-park operator. Analysts have upgraded stocks due to potential synergies and increased value.

• Perdoceo Education (PRDO) had a strong Q3 performance with increased revenue, adjusted earnings, and better-than-expected operating results.

• TV correspondent Salman al-Bashir emotionally breaks down on live TV reporting on the death of his colleague in Gaza, criticizing lack of protection for journalists.

• Peter Jackson’s AI technology enables the release of “Now and Then,” the last Beatles song featuring all four members, including John Lennon’s vocals.

CONSUMER

• Over 7,000 lawsuits have been filed by Black women in the US against cosmetic companies like L’Oreal and Revlon, claiming that hair relaxers caused uterine cancer. The lawsuits argue that the companies failed to warn customers about the potential dangers.

• Antwerp diamond dealers boycott Russian stones due to Ukraine conflict, while Western powers consider formal ban on Russian diamonds.

• Shares of Floor & Decor dropped 7% after reporting Q3 earnings of $0.61 per share, beating expectations. However, comparable store sales declined 9.3%.

• Grand Canyon Education’s shares surged 13% following its Q3 earnings report, which showed a profit of $35.7 million and revenue of $221.9 million.

• Mexican retailer Femsa plans to sell assets in 2023 to reduce debt, prioritizing retail, bottling, and fintech operations.

• The Lovesac Company exceeded expectations with a 4% increase in net sales in Q2 2024, reaching $154.5 million.

• Chewy, an online pet store, has seen a decline in stock value but remains an attractive investment due to low valuation and analyst upgrades.

• Byju’s, the Indian edtech company, reported a loss of $271 million and missed revenue projections for the financial year 2021-2022.

• Walmart’s Black Friday sale starts on November 8, Best Buy’s sale is already happening with a Price Match Guarantee, and early deals are available at various retailers.

REAL ESTATE

• Amazon founder Jeff Bezos is moving to Miami, purchasing two mansions in the exclusive Indian Creek neighborhood to be closer to family and Blue Origin.

• American Homes 4 Rent faces challenges with rising expenses and potential supply chain disruptions, but reported strong Q3 earnings growth.

• W.P. Carey Inc. reports Q3 earnings, discusses progress in exiting office assets, and plans for future growth while facing economic risks.

• Kimco Realty Corp. stock rose 1.19%, outperforming the market for the fifth consecutive day, while Regency Centers Corp. stock saw a 0.95% increase but underperformed compared to competitors. Realty Income Corp. stock outperformed competitors, rising 1.64% and Vornado Realty Trust stock rose 4.77%. Revvity Inc. stock rallied 5.01%. Realty Income is set to acquire Spirit Realty in a $9.3 billion all-stock deal, presenting a buying opportunity.

• Marriott International misses Q3 earnings expectations, while RLJ Lodging Trust and Park Hotels & Resorts report strong performance. Summit Hotel Properties also sees positive Q3 results.

• The Bank of Canada’s Senior Deputy Governor, Carolyn Rogers, is concerned about negative amortization mortgages and possible rate hikes.

TRAVEL

• Expedia’s Q3 revenue of $3.9 billion beats expectations, leading to a 16% surge in stock and a $5 billion share buyback program.

• Around 100 British citizens, including the parents-in-law of Scotland’s first minister, have safely crossed the Gaza border into Egypt after being stuck in Gaza since the start of the war.

ECONOMIC

• Puma Biotechnology’s Q3 2023 revenue was $56.1 million, with unchanged product revenue from Q2 2023. Intercontinental Exchange reported Q3 2023 EPS of $1.46, beating expectations of $1.39. AXT, Inc. reported Q3 2023 EPS of -$0.14, missing expectations of -$0.13. Bausch Health Companies beat Q3 2023 expectations with earnings of $1.02 per share. Cohu, Inc. beat expectations with Q3 2023 earnings of $0.35 per share. American Water Works reported Q3 2023 earnings of $1.66 per share. WW International, Inc. reported Q3 2023 earnings of $0.48 per share. PENN Entertainment beat estimates with Q3 2023 earnings per share of $1.21, while revenues declined 0.3%. Paramount Global narrowed its 2023 loss forecast for its streaming business. Gates Industrial reported strong Q3 2023 operating results. Ingersoll Rand reported strong Q3 2023 earnings. Gibraltar Industries reported strong Q3 2023 earnings. GrafTech International reported weak Q3 earnings due to soft demand. Natural Resource Partners generated $80 million of free cash flow in Q3 2023. Northern Oil and Gas reported solid Q3 2023 results. Marathon Oil reported strong Q3 results. EOG Resources reported strong Q3 2023 earnings. National Fuel Gas Company reported Q4 2023 earnings. Chord Energy reported strong Q3 2023 performance. Enerplus reported positive Q3 2023 operating momentum. Vitesse Energy reported Q3 2023 financial and operating results. Ring Energy reported record-tying Q3 2023 financial results. Grifols reported strong Q3 2023 earnings. Vermilion Energy reported Q3 2023 production at the top end of guidance. Northwest Pipe reported Q3 2023 revenue of $118.7 million. New Mountain Finance reported Q3 2023 adjusted net investment income of $0.40 per share. Northwest Pipe reported a 2% increase in Q3 2023 revenue. Gates Industrial reported strong Q3 2023 earnings. EOG Resources reported its 2023 Q3 results. Chesapeake Utilities reported solid Q3 2023 performance. Genesis Energy reported Q3 2023 financial results. Motorola Solutions reported strong Q3 results. Paramount Global’s stock jumped 15% after beating earnings expectations. Gates Industrial reported strong Q3 2023 earnings. Chimerix reported Q3 2023 earnings. Insulet reported Q3 revenue of $432.7 million. Sempra reported strong Q3 2023 earnings. Sempra reported strong Q3 2023 adjusted earnings per share. Sempra reported its Q3 2023 earnings results. Sempra’s Q3 earnings beat expectations. Crocs reported a 6.2% increase in Q3 sales. NuStar Energy reported Q3 2023 earnings. Karyopharm Therapeutics reported Q3 2023 earnings. Agios Pharmaceuticals reported Q3 2023 earnings. Schneider National reported Q3 earnings per share. Markel reported Q3 2023 operating income. MKS Instruments reported Q3 2023 revenue. ConocoPhillips reported Q3 2023 earnings. Alnylam Pharmaceuticals reported Q3 earnings. Ultragenyx Pharmaceutical reported a Q3 loss. Allogene Therapeutics’ stock surged 22%. ImmunoGen reported Q3 2023 earnings. Howmet Aerospace reported Q3 2023 earnings. CareCloud reported Q3 2023 revenue. Paramount Global reports a 31% decrease in operating losses from streaming. Shake Shack reported Q3 2023 earnings. Paramount Global shares surged 10%. Paramount’s stock jumps 15% after beating earnings expectations. Materion reported record earnings. Omnicom Group’s stock rose. Gartner reported strong Q3 2023 financial results. Grifols beat Q3 2023 earnings expectations. Vermilion Energy reported Q3 2023 production at the top end of guidance. Northwest Natural reported Q3 2023 earnings. Alexander & Baldwin reported strong Q3 2023 results. Vector Group reported Q3 2023 earnings. NV5 Global reported Q3 2023 financial results. Grid Dynamics reported Q3 2023 earnings. Health-care companies saw a rise in stock prices. Medical device companies, including Insulet, are seeing a positive outlook. Northwest Natural Holding reported a net loss for Q3 2023. Alexander & Baldwin reported strong results for Q3 2023. Vector Group reported Q3 2023 earnings. NV5 Global reported Q3 2023 financial results. Grid Dynamics reported Q3 2023 earnings. Entravision Communications reported record advertising revenue in Q3 2023. Trupanion reported better-than-expected earnings for Q3 2023. Cummins reported Q3 2023 earnings. Sempra reported a rise in profit for Q3. Gartner reported Q3 2023 earnings. GrafTech International reported a net loss in Q3 2023. Royal Gold reported Q3 2023 earnings. AXT reported Q3 2023 earnings. Alliant Energy reported Q3 2023 earnings. inTEST reported Q3 2023 earnings. Alliant Energy reported Q3 2023 earnings. Dominion Energy reported Q3 2023 earnings. Monster Beverage reported better-than-expected earnings for Q3 2023. Dominion Energy reported Q3 2023 earnings. Universal Display reported Q3 2023 earnings. DigitalOcean shares surged. Outfront Media’s shares rose. Gannett reported Q3 2023 earnings. Gildan Activewear reported Q3 2023 earnings. ConocoPhillips experienced a 4.6% daily price jump. Bandwidth reported Q3 2023 earnings. Appian reported Q3 2023 earnings. Aurinia Pharmaceuticals reported Q3 2023 earnings. Natural Resources Partners reported Q3 2023 earnings. Blue Owl Capital reported Q3 2023 earnings. Enbridge exceeded profit expectations. IDACORP reported Q3 2023 earnings. iRhythm Technologies reported Q3 2023 earnings. Shake Shack reported Q3 2023 earnings. Exelon reported Q3 2023 earnings. Duke Energy reported Q3 2023 earnings. Clipper Realty reported Q3 2023 earnings. Dropbox beat Q3 2023 earnings expectations. Federal Realty Investment Trust reported Q3 2023 earnings. Redfin reported better-than-expected earnings for Q3 2023. Redfin reported Q3 2023 earnings. eGain reported better-than-expected Q1 2024 earnings. Open Text reported Q1 2024 earnings. Curis reported Q3 2023 earnings. Gannett reported Q3 2023 earnings. Gildan Activewear reported Q3 2023 earnings. ConocoPhillips reported Q3 2023 earnings. Alnylam Pharmaceuticals reported Q3 earnings. Universal Display reported Q3 2023 earnings. DigitalOcean shares surged. iRhythm Technologies reported Q3 2023 earnings. Shake Shack reported Q3 2023 earnings. Exelon reported Q3 2023 earnings. Duke Energy reported Q3 2023 earnings. Clipper Realty reported Q3 2023 earnings. Dropbox beat Q3 2023 earnings expectations. Federal Realty Investment Trust reported Q3 2023 earnings. Redfin reported better-than-expected earnings for Q3 2023. Redfin reported Q3 2023 earnings. eGain reported better-than-expected Q1 2024 earnings. Open Text reported Q1 2024 earnings. Curis reported Q3 2023 earnings.

• Microsoft has shown consistent profit growth, beating expectations with EPS growth of 18% per year over the past three years.

• Broadridge Financial Solutions reported Q1 2024 earnings of $1.09 per share, beating expectations of $0.94 per share.

• MetLife Inc. and BlackRock Inc. saw their stocks rise, outperforming the market on Friday.

• Everest Group Ltd. and PVH Corp. also saw their stocks rise, but underperformed the market.

• Harley-Davidson Inc., Comerica Inc., Whirlpool Corp., DaVita Inc., Huntington Bancshares Inc., Carnival Corp., Allegion PLC, Ralph Lauren Corp. Cl A, F5 Inc., Juniper Networks Inc., Plug Power Inc., Principal Financial Group Inc., PulteGroup Inc., Truist Financial Corp., Hilton Worldwide Holdings Inc., Invesco Mortgage Capital Inc., Paccar Inc., Seagate Technology Holdings PLC, Skyworks Solutions Inc., Globe Life Inc., Nordstrom Inc., ContextLogic Inc., Prologis Inc., Booking Holdings Inc., Alphabet Inc. Cl A, Microsoft Corp., Dollar General Corp., Oracle Corp., J.B. Hunt Transport Services Inc., Tilray Brands Inc., and Hewlett Packard Enterprise Co. all saw their stocks rise, outperforming the market on Friday.

• BILL Holdings reported strong Q1 earnings, but lowered its full-year revenue guidance due to tough economic conditions.

• BILL Holdings Inc. reported strong Q1 2024 earnings with revenue exceeding $300 million for the first time, but expects a more challenging macro environment.

• Bill.com’s stock fell 34.1% after the company lowered its full-year revenue guidance due to tough economic conditions.

• Bill Holdings stock tumbled 30% after a downgrade from KeyBanc Capital Markets due to disappointing earnings and a challenging economic environment.

• Bill stock plummeted 39% after giving a weak outlook for quarterly revenue.

• BILL Holdings’ stock dropped over 30% after lowering its annual revenue and profit outlook due to a challenging economic environment.

• Skyworks Solutions’ stock price dropped despite positive analyst outlook.

• Broadridge Financial Solutions’ stock rose after releasing strong guidance for the financial services industry.

• Eric Trump and Donald Trump Jr. testified in a New York civil fraud trial, denying involvement and blaming accountants and lawyers. The judge issued a gag order due to threats received.

• Core Laboratories N.V. discussed Q3 performance, Canfor Corporation and Canfor Pulp faced challenges, Orion S.A. released Q3 earnings, Aena S.M.E., S.A. released Q3 results, Piraeus Financial Holdings S.A. had a strong Q3, Teleflex Incorporated released Q3 earnings, Forum Energy Technologies, Inc. reported Q3 earnings, Mercer International Inc. saw improvement in Q3 earnings, Interfor Corporation reported positive EBITDA in Q3, Telephone and Data Systems, Inc. released Q3 earnings, Tellurian’s stock price dropped, Helios Technologies Inc. reported Q3 financial results with a revenue decrease, Telephone and Data Systems Inc and United States Cellular Corp reported improvements in adjusted EBITDA, PBF Energy Inc. beat earnings expectations.

• 401(k)s and 457 plans are retirement savings options, while SEP IRAs, SIMPLE IRAs, and Roth IRAs have different eligibility and tax benefits.

• Gilead Sciences, A.O. Smith, Archer Daniels Midland, Amazon, Illinois Tool Works, and Western Union stocks rose but underperformed the market. WestRock stock outperformed. Merck & Co. and Inovio Pharmaceuticals stocks rose but underperformed.

• Retiring early at 30 or 52 requires careful planning and saving, while retiring at 55, 60, or 65 with varying amounts of money is possible but depends on factors like expenses and investment strategies.

• Icahn Enterprises LP reported a Q3 2023 net loss of $6 million, an improvement of $117 million compared to Q3 2022. The company will maintain a $1 dividend.

• Australian Prime Minister Anthony Albanese plans to protest China’s lack of transparency in the detention of Australian blogger Yang Hengjun during a meeting with President Xi Jinping. Albanese will also focus on reinvigorating the China-Australia free trade agreement during his visit to China. The visit aims to address disputes over Huawei, espionage, and COVID-19, and rebuild trust between the two countries. Concerns about China’s control over critical minerals also persist.

CRYPTO

• Sam Bankman-Fried, founder of cryptocurrency exchange FTX, has been found guilty of fraud and could face a lengthy prison sentence.

• Global assets invested in spot bitcoin ETFs have reached $4.16 billion, with Canada leading with $2 billion invested in seven ETFs.

• US sanctions Russian national Ekaterina Zhdanova for aiding oligarchs in money laundering using virtual currency, transferring millions into Europe.

• US authorities are investigating and taking legal action against crypto industry figures, including Binance CEO Changpeng Zhao and Terraform Labs co-founder Do Kwon, for alleged fraud and wrongdoing. The SEC is seeking summary judgment in a fraud case against Terraform Labs co-founder Daniel Kwon.

HEALTH

• Cardinal Health reports strong Q1 results, raises fiscal 2024 EPS guidance due to profit growth and strong sales of specialty drugs.

• President Biden visited Lewiston, Maine to offer condolences and support to the community following a mass shooting that left 18 people dead.

• Church & Dwight reports strong Q3 results with revenue up 10.5% and organic revenue up 4.8%, expects positive growth to continue in Q4.

• Fulgent Genetics reported $85 million in total revenue for Q3 2023, with $66 million in core revenue driven by precision diagnostics. They reiterate their full-year core revenue guidance of $260 million.

• 10xx Genomics reported Q3 2023 earnings with revenue of $154 million, driven by strong demand for its Xenium platform. The company expects growth in Chromium consumables and plans to launch new capabilities for Xenium.

SPORTS

• Shares of Fox Factory dropped as the company lowered its sales outlook for 2023 due to strikes by the UAW.

• Michigan coach Connor Stalions, implicated in a sign-stealing scandal, has resigned amid investigations and has been fired by the university.

• Ajax manager Erik ten Hag has slammed Marcus Rashford for hosting a birthday party after Manchester United’s loss to Manchester City, calling it “unacceptable.”