headlines...by halloapp

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01-04-2024

TECH

• Barclays downgraded Apple due to weaker iPhone demand, causing a 3.6% drop in stock and erasing $107 billion in market value.

• Microsoft is adding a Copilot key to Windows keyboards, introducing an AI button that launches its AI assistant. The key will be available on new Windows 11 PCs and Microsoft’s upcoming Surface devices. The move signals Microsoft’s commitment to AI and its partnership with OpenAI. The Copilot key will replace either the right “CTRL” key or a menu key. It marks the first major change to the Windows PC keyboard layout in nearly 30 years. Additionally, Microsoft has quietly launched its Copilot app on iOS and Android, providing users with access to AI chatbot capabilities powered by GPT-4 technology.

• The Biden administration is granting $162 million to Microchip Technology to expand chip production in Colorado and Oregon.

• Mobileye’s shares dropped over 30% in premarket trading after a revenue warning due to excess inventory and chip supply glut.

• Xerox Holdings will cut 15% of its workforce, amounting to over 3,000 jobs, as part of a restructuring plan to improve profitability and focus on technology and services.

• Apple has agreed to settle a lawsuit over its gift cards, which alleged that scammers exploited the cards and kept stolen funds.

• Intel has appointed Justin Hotard, a former HPE executive, as the head of its data center and AI group, responsible for competing with Nvidia and AMD in the AI market.

MEDIA

• Unsealed court documents in the Jeffrey Epstein case reveal the names of over 170 associates, including prominent figures like Bill Clinton and Prince Andrew. The documents do not implicate everyone in wrongdoing.

• Activist hedge funds Blackwells Capital and ValueAct Capital are supporting Disney’s board amid a proxy battle with Nelson Peltz.

• The killing of top Hamas leader Saleh al-Arouri in Beirut raises concerns about potential escalation and a wider regional conflict.

• China removes videogame official after proposed curbs caused $80 billion stock market decline; looser regulations expected to benefit gaming industry.

CONSUMER

• Next, the high street retailer, raised its profit forecast for fiscal 2024 after reporting strong pre-Christmas sales and “zero inflation”. JD Sports, on the other hand, issued a profit warning due to weaker sales and mild weather.

• Peloton has teamed up with TikTok to offer its workout content on the platform, shifting its focus to software and subscriber growth.

• Lululemon’s founder, Chip Wilson, sparks controversy by criticizing the company’s focus on diversity and inclusion, emphasizing the importance of exclusivity.

• In January 2024, Costco will have sales on items like microfiber sheet sets, blenders, tax software, home appliances, haircare tools, and skincare products.

REAL ESTATE

• New York City’s real estate market struggled in 2023, with sellers compromising on prices and mispriced properties struggling. Manhattan saw a record-high number of all-cash home sales, reflecting anticipation of lower mortgage rates. However, there was a 5.1% increase in median sale prices due to surging high-end sales and lower mortgage rates.

• Global Net Lease, Inc. (GNL) is a real estate investment trust that acquires commercial properties globally through sale-leaseback transactions.

ECONOMIC

• SoFi Technologies’ stock price fell by -13.9% after an analyst downgraded the stock to Underperform, expressing concerns about profitability and a “premium” valuation.

• The US national debt has reached a record high of $34 trillion, raising concerns about its impact on the economy, potential government shutdown, and fiscal sustainability.

• Stock futures rise after two days of losses. Meta CEO Mark Zuckerberg sells $428 million in stock. Cal-Maine Foods misses earnings estimates.

• US bankruptcies rose 18% in 2023 due to higher interest rates and stricter lending standards; experts predict further increase in 2024.

CRYPTO

• Bitcoin experiences a flash crash to $40,750, causing over $595 million in long liquidations ahead of the SEC’s Bitcoin ETF decision.

• Goldman Sachs is in discussions with Grayscale and potentially JPMorgan and BlackRock to play a role in Bitcoin ETFs.