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10-24-2023

TECH

• Major tech players like Amazon, OpenAI, Microsoft, and Meta are developing their own AI chips to reduce reliance on Nvidia. Nvidia is also developing Arm-based chips to challenge Intel and Apple’s dominance in the market. Apple plans to invest billions in AI chips from Nvidia to catch up in AI technology.

• Private-equity firm Vista Equity Partners is set to acquire EngageSmart for $4 billion, while Walgreens stock is upgraded by J.P. Morgan.

• Cadence Design Systems reported strong Q3 earnings, beating estimates, with revenues of $1.02 billion, driven by trends like AI and autonomous driving.

• China is investigating Foxconn, Apple’s major iPhone manufacturer, for tax and land use violations, possibly due to its founder’s political ambitions in Taiwan.

• Microsoft is planning to invest $3.16 billion in Australia over the next two years to expand its cloud computing and AI infrastructure, enhance cybersecurity, and provide skills training. The investment includes increasing the number of data centers, collaborating with the Australian Signals Directorate, and launching a Datacentre Academy. The move aims to meet the growing demand for cloud computing and AI in the country.

• Logitech’s shares surged 11% as Q2 earnings beat estimates and the company raised its full-year guidance. Redfin’s stock jumped 12% on a $250 million financing deal with Apollo.

• President Biden has designated 31 tech hubs across the US, including Oregon, to receive federal funding for innovation and job creation in various industries.

• Tinder introduces Matchmaker feature, allowing users to invite friends and family to suggest potential matches within the app.

• Agilysys Inc reports record Q2 revenue of $58.6 million, beating estimates, driven by strong sales success in various verticals.

• The open source interoperability standard, Matter 1.2, expands compatibility to include air quality sensors, robot vacuums, and household appliances.

• Google Maps and Waze have disabled live traffic updates in Israel and Gaza at the request of the Israeli military amid ongoing conflict.

• AI is set to transform businesses, reducing costs and increasing efficiency, but human oversight and collaboration are crucial. Challenges include skills gaps and job displacement fears. AI can revolutionize commercial real estate investing, but human expertise and data validation are necessary for success.

• Tech executives are urged to implement generative AI strategies that align with business needs and objectives, ensuring trustworthy data and thoughtful design. Generative AI can improve communication, automate tasks, and drive innovation for small businesses.

• Fortive Corp. is acquiring EA Elektro-Automatik Holding GmbH for $1.45 billion, strengthening its position in the electronic test and measurement market.

• Chinese retailers are offering discounts of up to $205 on the iPhone 15 ahead of the Singles Day shopping festival.

MEDIA

• Spotify reports Q3 profit of €65 million, exceeding expectations, with increased subscribers and revenues, but stock drops in premarket trading.

• Reliance Industries is close to acquiring Disney’s India operations in a cash and stock deal valued at around $10 billion.

• Byju’s CFO Ajay Goel has resigned after six months, while Vedanta’s CFO Sonal Shrivastava has also resigned amid restructuring.

• New Zealand and South Africa’s veteran rugby players lead their teams to the World Cup final. Both teams aim for a record fourth title.

• The Grévin Museum in Paris will update its controversial wax figure of Dwayne Johnson due to criticism of its skin color.

• Taylor Swift’s song ”Cruel Summer” from her album ’Lover’ reaches No. 1 on the Billboard Hot 100 chart after four years, tying her with Janet Jackson.

• WPP-owned GroupM fires executive in China detained for bribery, as Chinese authorities arrest three individuals linked to GroupM.

• Afghanistan’s cricket team celebrates their historic eight-wicket victory over Pakistan in the World Cup, inspiring future players and impacting Afghan cricket.

• PENN Entertainment Inc. shares rise 1.91% with above-average trading volume. PulteGroup’s Q3 profit exceeds expectations, driven by strong demand and higher home prices.

• DAZN and Sky Italia have won the bid for Serie A’s domestic broadcast rights, agreeing to a deal worth €4.5 billion ($4.77 billion) for the next five seasons in Italy.

CONSUMER

• Kering’s Q3 sales expected to slow as luxury fashion demand decreases, while Hermès reports strong Q3 sales surpassing expectations. Orange exceeds expectations with Q3 core operating earnings.

• Puma’s shares rose 4.3% as the company expects to meet full-year targets and normalize inventory levels. Q3 operating profit beat estimates, driven by strong demand in Europe and China. Despite a drop in Q3 earnings due to currency effects, Puma maintains its full-year profit forecast, citing lower costs in Q4.

• Hello Bello, the baby care brand founded by Kristen Bell and Dax Shepard, has filed for bankruptcy due to various issues including supply chain and digital advertising.

• Aaron’s Company, Inc. reported disappointing Q3 earnings with a loss of $4.1 million and a decrease in revenue by 11.4%.

• Templates for bills of sale are available in Missouri, New Mexico, Connecticut, and Georgia to protect buyers and sellers in transactions.

• Kim Kardashian’s brand Skims has launched Skims Mens, a menswear collection featuring athletes Neymar Jr, Nick Bosa, and Shai Gilgeous-Alexander.

• Sherwin-Williams raises profit forecast for Q3 due to price hikes offsetting lower sales volumes and high demand for paint.

• Prada may dual list on the Milan bourse to attract more investors, but mergers and acquisitions are not a priority.

• Acme United Corporation reports Q3 2023 sales increase by 1% to $50.4 million, with gross margins improving to 38.7%.

• Steve Madden has acquired Almost Famous for $52 million in cash, expanding its presence in the fashion industry and boosting its apparel platform.

REAL ESTATE

• Dynex Capital Inc reports a comprehensive loss of $1.59 per share in Q3, raising concerns about sustainability. Shares fell 2.6%.

• KKR Real Estate Finance (KREF) surpasses Q3 earnings and revenue expectations, reporting $0.47 per share earnings and $44.61 million in revenue.

• Annaly Capital Management is expected to report declines in earnings but an increase in net interest income for Q3 2023. AGNC Investment’s tangible net book value per share fell in Q3, causing a projected total comprehensive loss of $1.02 per share. Herc Holdings will explore strategic alternatives for its Cinelease business. Redfin secured a financing deal with Apollo Capital Management worth up to $250 million. Shares of AGNC Investment fell 10% after the company reported a drop in the value of its portfolio, with a tangible net book value per share of $6.80 to $7. AGNC Investment Corp. expects its Q3 earnings to decline from Q2, with net spread and dollar roll income estimated at $0

• Goldman Sachs and Morgan Stanley both predict high mortgage rates in 2024, leading to low existing home sales and moderate price growth.

• Mortgage affordability is at its lowest in over two decades as 30-year mortgage rates hover near 8%, causing a decline in existing-home sales. However, experts predict a potential rate cut in 2024, allowing rates to fall. The average 30-year fixed mortgage rate last week was 7.63%. Refinance rates for 30-year, 15-year, and 20-year mortgages average 8.29%, 7.40%, and 8.18% respectively.

TRAVEL

• Erin Duggan, the new CEO of Visit Sarasota County, shares plans to attract tourists and residents in her upcoming role.

• The article recommends 12 travel accessories, such as a tech kit and noise-cancelling earbuds, to improve your travel experience.

• Budapest is focusing on tourism and infrastructure development to rebound from the pandemic and attract affluent tourists.

ECONOMIC

• Global markets are closely watching the rise in US benchmark borrowing rates, with the 10-year Treasury yield surpassing 5% for the first time in 16 years. This milestone has prompted concerns about higher interest rates and their potential impact on the economy.

• Lowe’s stock fell 1.11% on Monday, underperforming Amazon, Home Depot, and Walmart. Omnicom Group Inc. stock rose 2.22% on a rough trading day, outperforming competitors. Paramount Global Cl B stock fell 2.70%, while Apple, Amazon, and Netflix saw gains. Fox Corp. Cl A stock fell 0.39%, while Apple, Amazon, and Netflix saw gains. Microsoft Corp. stock rose 0.81%, outperforming Apple, Alphabet Cl C, and Alphabet Cl A. Apple gained 0.07%, outperforming the S&P 500’s loss of 0.17%. Berkshire Hathaway Inc. Cl B stock rose 0.

• Huntington Bancshares beats Q3 earnings expectations, Sierra Bancorp and Bank of Marin Bancorp also report solid Q3 results. RBB Bancorp exceeds Wall Street estimates.

• Argentina’s presidential election resulted in a runoff between Sergio Massa and Javier Milei, with Massa leading in the first round.

• Nine Republican candidates are vying for the position of House Speaker, causing a standstill in the chamber and delaying Biden’s aid package.

• Barclays beats Q3 profit estimates, updates 2023 guidance; shares fall due to potential charges and lower net interest margin guidance.

• Bill Gross predicts a US recession by the end of 2019, while Bill Ackman covers his short position on bonds due to geopolitical risks and a changing economic landscape.

• Investors concerned about MBB’s decreasing ROCE, while Magni-Tech Industries reinvests in growth. Keck Seng’s ROCE increased by 160%. Food Empire’s ROCE outpaces industry average. Censof Holdings shows improving efficiency and potential growth. Midwich Group’s ROCE falls despite increased revenue. Accsys Technologies underperforms industry average. Reliance Steel & Aluminum exceeds industry average with 21% ROCE. Zehnder Group shows promising growth potential with an 86% increase in ROCE. Altius Minerals generates higher returns with positive ROCE trend.

• UniCredit plans to begin a €2.5 billion share buyback pending ECB approval, while also acquiring a 9% stake in Alpha Bank and its Romanian unit. The bank reported higher-than-expected Q3 earnings and raised its revenue goals for 2023.

• Icelandic women, including the prime minister, went on a 24-hour strike to protest gender inequality, including pay gaps and violence.

CRYPTO

• Bitcoin breaks key pivot at $31-32k, surges past $35k, reaching its highest price since May 2022 amid optimism for a Bitcoin ETF approval.

• FTX co-founder Sam Bankman-Fried’s fraud trial continues, with uncertainty about whether he will testify and potential impact on the trial’s outcome.

• Blockchain technology is transparent, trustless, and can be used to track supply chains, apprehend criminals, and combat illicit activities in decentralized finance.

HEALTH

• Novartis raises 2023 earnings forecast for the third time, citing cost cuts and higher prices for multiple sclerosis drug Kesimpta.

• Roche acquires Telavant, a subsidiary of Roivant Sciences, for $7.1 billion, gaining rights to develop a bowel disease treatment.

• AMETEK, Iofina, Abbott Laboratories, and AstraZeneca have seen stock declines, while ICF International’s stock has increased.