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SEC requests extension for case against Coinbase until February 2025
The SEC has asked the court for an extension until February 2025 to deliver documents to Coinbase (NASDAQ:COIN) as part of a discovery process. The commission is reviewing more than 133,000 documents related to cryptocurrency tokens. The extension was necessary after Coinbase won a motion to compel the production of these documents. If granted, the jury hearing may not occur until 2025
Bitcoin Surges After Interest Rate Cut; Ethereum Divides Pectra into Two Phases; IBIT Reports Slower Inflows in September
September 19 2024 - 4:13PM
IH Market News
Bitcoin surpasses $63,500 on Thursday
The price of Bitcoin (COIN:BTCUSD) is up 3.3% to $63,705 at the time of writing, following the rise in stocks and gold, driven by the 0.5% interest rate cut by the Fed. The financial market is optimistic, with the S&P 500 reaching new highs on Thursday. Data shows that institutions have slowed aggressive Bitcoin sales, reflecting greater interest in risk assets. Initial U.S. jobless claims fell to 219,000, better than forecasts, while the Philadelphia Fed Manufacturing Index rose to 1.7 in September, beating the consensus estimate of -1. These figures indicate economic strength, boosting investor optimism.
Ethereum developers split Pectra hard fork into two phases to reduce risks
Ethereum (COIN:ETHUSD) developers have decided to split the upcoming Pectra hard fork into two phases to facilitate implementation and reduce the risk of errors. The first phase, scheduled for early 2025, will include eight EIPs, such as EIP-7702, focusing on wallet improvements. The second phase will include proposals related to the Ethereum Virtual Machine and improvements to Layer 2 blockchains, with possible adjustments over time.
BlackRock’s iShares Bitcoin Trust faces slow inflows in September
Despite a nearly 5% rise in Bitcoin (COIN:BTCUSD) prices during the month, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) raised only $6.76 million, with mixed performance in inflows and outflows. Although it recorded an inflow of $15.82 million on September 16, this amount was overshadowed by a previous outflow of $9.06 million. The Bitcoin ETF sector as a whole faced outflows of $155 million in September, reflecting market hesitation amid volatility.
On September 18, U.S. spot Bitcoin ETFs recorded collective outflows of $52.7 million, contrasting with inflows of $187 million on Tuesday.
Growth of decentralized prediction markets
Decentralized prediction markets, such as Polymarket and Azuro, are growing, allowing bets on future events via cryptocurrencies. Blockchain technology increases transparency, with users trading among themselves, eliminating centralized houses. Polymarket, focused on political events, and Azuro, focused on sports betting, lead the sector with combined volumes exceeding $1.6 billion. Adoption challenges include liquidity and regulation, but the future of these markets is promising, according to Castle Capital.
Cautious recovery of sports sponsorships in the crypto sector in 2024
Crypto company sports sponsorships are beginning to recover in 2024, with 26 new deals, following the 2021 boom and the 2022 decline. During the peak, companies like Crypto.com and FTX heavily invested in sponsorships, including Crypto.com’s $700 million deal for the Staples Center. The 2022 crisis, aggravated by FTX’s collapse, reduced the number of sponsorships. In 2024, companies like BlockDAG and Bitget are returning to the sports space, signaling a slow recovery, with deals such as BlockDAG’s $10 million sponsorship of Borussia Dortmund, though the numbers still fall short of 2021.
Puma partners with Web3 game UNKJD Soccer to expand into the metaverse
Puma has partnered with the Web3 game UNKJD Soccer, integrating licensed content to create new experiences for players. According to Tal Friedman, CEO of UNKJD, this collaboration brings credibility to the Web3 space, signaling broader acceptance of the technology. The partnership will introduce Puma characters with new abilities, following the launch of Puma’s 3D metaverse experience, Black Station. Ivan Dashkov of Puma highlighted that integration with digital games is an ongoing priority for the brand, which seeks to solidify its presence in this environment.
SEC requests extension for case against Coinbase until February 2025
The SEC has asked the court for an extension until February 2025 to deliver documents to Coinbase (NASDAQ:COIN) as part of a discovery process. The commission is reviewing more than 133,000 documents related to cryptocurrency tokens. The extension was necessary after Coinbase won a motion to compel the production of these documents. If granted, the jury hearing may not occur until 2025.
Hut 8 launches new miner with advanced cooling technology in partnership with Bitmain
Hut 8 (NASDAQ:HUT) and Bitmain announced the launch of the Antminer U3S21EXPH, an ASIC miner with direct liquid-to-chip cooling. Hut 8 plans to implement the model in 2025, expanding its hash rate to up to 33.5 EH/s. The optimized design allows a density of up to 180 kW per rack. The partnership involves a flexible hosting agreement, allowing Hut 8 to purchase the machines after six months, adjusting as market conditions evolve.
DZ Bank and Boerse Stuttgart Digital team up to offer cryptocurrency services
DZ Bank, Germany’s second-largest financial institution, has partnered with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks. Approximately 700 banks will be able to offer digital assets like Bitcoin and Ethereum to retail customers. The implementation will occur in phases, starting with a selected group of clients this year, followed by an evaluation for a full rollout. Boerse Stuttgart Digital will provide the necessary regulatory and technical infrastructure, while other German banks, such as Landesbank Baden-Württemberg, are also preparing to launch similar services.
Silvergate Capital files for bankruptcy after 18 months of liquidation
Silvergate Capital Corporation, parent company of Silvergate Bank, filed for bankruptcy under Chapter 11 on September 18, after 18 months of liquidation that began in March 2023. The company reported assets between $100 million and $500 million and liabilities between $10 million and $50 million. Although it has refunded all deposits, it faced regulatory challenges and significant withdrawals following the collapse of several cryptocurrency companies, adding to other bank failures in the U.S.
Solana Mobile unveils Seeker Web3 smartphone with 140,000 pre-orders
Solana Mobile announced the Seeker, its second-generation Web3 smartphone, set to launch in 2025, at Token2049. The device has already secured over 140,000 pre-orders in 57 countries. Anatoly Yakovenko, co-founder of Solana (COIN:SOLUSD), emphasized the need for more integrated hardware and software for Web3. The Seeker will feature the Seed Vault Wallet for simplified transactions, as well as a dApp Store 2.0. Hardware improvements include a lighter design and better battery life, with a starting price of $450 for pre-sale until September 21.
Sui Network may rival Solana as a leading layer 1 network
Sui Network (COIN:SUIUSD) is emerging as a significant competitor to Solana in the layer 1 network category, according to K33 Research. Since August, the SUI token has surged 115%, while SOL has only grown 6%. With a theoretical capacity of 297,000 transactions per second (TPS), Sui offers great efficiency, though its actual performance is still limited. The launch of the SuiPlay0x1 console and the adoption of the USD Coin stablecoin signal a promising future, but Sui’s low token circulation raises concerns about future sales that could impact prices.
RedStone integrates price oracles on the TON blockchain
RedStone, a blockchain oracle provider, announced the integration of its price feeds on The Open Network (COIN:TONCOINUSD) blockchain. This innovation will allow developers to access real-time asset prices, essential for complex financial protocols. On July 3, RedStone completed a Series A funding round, raising $15 million. Marcin Kazmierczak, RedStone’s COO, highlighted that this is the first oracle integration on TON, facing unique technical challenges due to the blockchain’s design. The integration could boost the expansion of decentralized finance (DeFi) and the GameFi ecosystem on the network, significantly enhancing its capabilities.
Charles Hoskinson to meet with Argentine president to discuss blockchain
Charles Hoskinson, founder of Cardano (COIN:ADAUSD), will meet with Argentine President Javier Milei on October 19 during the Tech Forum Argentina. The meeting will discuss blockchain’s potential to transform Argentina’s economy, politics, and society, including the possibility of a central bank digital currency (CBDC). Hoskinson praised Milei, highlighting his beliefs in free markets and private institutions. Cardano has strong ties to Argentina, with several partnerships to promote blockchain adoption in the country.
Donald Trump conducts Bitcoin transaction at themed bar in New York
Donald Trump visited PubKey, a Bitcoin bar in New York, where he conducted a Bitcoin transaction, considered the first made by a U.S. president. During the visit, Trump used the Strike app, and the transaction was confirmed after a staff member helped scan the QR Code. He praised the ease of Bitcoin transactions, reinforcing the voting intentions of cryptocurrency enthusiasts.
Two suspects arrested after $243 million theft from Genesis lender
Two people were arrested after the theft of $243 million from a Genesis lender in a social engineering scam. The victim was tricked into resetting two-factor authentication, transferring funds to a compromised wallet. The funds were tracked by ZachXBT, leading to the suspects’ arrest and the recovery of $9 million. The FBI raided a home in Miami, and one of the criminals was arrested in Los Angeles.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94581500/bitcoin-surges-after-interest-rate-cut-ethereum-d
Apple brings California driver’s licenses and state IDs to Apple Wallet
Friday, September 20, 2024 10:14 am
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This week, Apple announced California driver’s licenses and state IDs can now be added to Apple Wallet, enabling residents to seamlessly and securely add and present their IDs using iPhone or Apple Watch. The launch of California driver’s licenses and state IDs in Apple Wallet will roll out as part of the California DMV’s broader mobile driver’s license (mDL) pilot program, which launched last year and is limited to 1.5 million participants.
“Enabling California residents to seamlessly add and present their IDs with their iPhone or Apple Watch represents a significant step in replacing the physical wallet with a more secure and private digital wallet,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. “The launch also represents an important milestone in the rollout of IDs in Apple Wallet. Not only is California one of the largest states in the U.S., but it’s also our own backyard, and we’re excited to bring an easy and transparent way to present IDs in our home state.”
The addition of IDs in Wallet in California follows the recent launch in Hawaii and Ohio, which join Arizona, Colorado, Georgia, and Maryland. Additionally, Montana, New Mexico, and West Virginia have signed on to adopt IDs in Wallet. Japan has also signed on to bring My Number Card to Wallet, which will mark the first international expansion of IDs in Wallet.
Adding an ID in Apple Wallet
Adding a license or state ID to Apple Wallet can be done in a few easy steps. Residents can tap the Add (+) button at the top of the screen in Wallet on their iPhone, select “Driver’s License or State ID,” and follow the onscreen instructions to start the setup and verification process.
The customer will be asked to use their iPhone to scan their physical driver’s license or state ID card and take a selfie, which will be securely provided to the issuing state for verification. As an additional security step, users will also be prompted to complete a series of facial and head movements during the setup process. Once verified by the issuing state, the customer’s ID or driver’s license will be added to Wallet.
Using an ID in Apple Wallet
Users can securely present their IDs in Apple Wallet in person and in apps to show proof of age or identity.
To present an ID in person, users can go to Apple Wallet and select their ID in Apple Wallet. From there, they can hold their iPhone or Apple Watch near an identity reader, review the specific information being requested, and use Face ID or Touch ID to authenticate. Today, users can present their ID in Apple Wallet at select TSA checkpoints, businesses, and venues, in addition to Apple Store locations across the U.S. for order pickup, Genius Bar appointments, and more. Users can also present their IDs in Apple Wallet to businesses using apps such as Tap2iD Mobile, VeriScan, and Mobile ID Verify, for in-person age verification. These apps leverage Apple’s ID Verifier API to securely and privately accept mobile driver’s licenses and ID cards — right on iPhone, no additional hardware needed.
Soon, users will also be able to present their ID in Apple Wallet in person for select services like CLEAR for member enrollment.
To present an ID in Apple Wallet in apps, users can select the “Verify with Apple Wallet” or “Continue with Apple Wallet” button. From there, they can review the specific information being requested, and authenticate with Face ID or Touch ID before information is shared. Today, users can present their ID in Apple Wallet in select apps, including Turo, with additional partners such as CLEAR, MyChart, and Uber Eats coming soon.
Presenting an ID in a Secure, Private Way
IDs in Apple Wallet use the privacy and security features that are built into Apple devices to help protect a user’s identity and personal information. When adding an ID to Apple Wallet, the state-issuing authority receives only the information it needs to approve or deny the request.
Once an ID is added to Apple Wallet, the information is encrypted on a user’s device, so others — including Apple — cannot access it unless a user chooses to present it. Apple and the state-issuing authority do not know when or to whom a user presents their driver’s license or state ID. A user’s presentment history is encrypted and stored only on their device, and Apple cannot see or access this information.
When presenting an ID in Apple Wallet, only the information needed for the transaction is presented, and the user has the opportunity to review and authorize the information being requested with Face ID or Touch ID before it is shared. Users do not need to unlock, show, or hand over their device to present their ID.
MacDailyNews Note: For more information on IDs in Wallet, visit learn.wallet.apple/id.
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Driver’s licenses and state IDs in Apple Wallet are coming soon to California
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https://macdailynews.com/2024/09/20/apple-brings-california-drivers-licenses-and-state-ids-to-apple-wallet/
Apple (NASDAQ:AAPL) – Apple launched the iPhone 16 in nearly 60 countries, but the new model will not come with its AI software, Apple Intelligence, pre-installed. Users will need to download the features over time. T-Mobile CEO Mike Sievert said iPhone 16 sales surpassed those of the iPhone 15, with consumers opting for Pro and Max models more frequently. Meanwhile, analysts remain optimistic about the company’s holiday season performance. In Russia, retailers like M.Video-Eldorado and MTS launched pre-sales of the iPhone 16 despite Apple’s export ban to the country. Russian consumers will pay hundreds of dollars more than Americans due to parallel imports from non-sanctioned countries like China and Turkey. Shares fell 0.4% in pre-market trading, after closing up 3.7% on Thursday.
Nike Shares Surge 7% Pre-Market as Elliott Hill Becomes CEO; FedEx Shares Tumble 13% After Profit Miss
September 20 2024 - 6:02AM
IH Market News
Nike (NYSE:NKE) – Elliott Hill, who started as an intern at Nike in 1988, will become the next CEO on October 14, replacing John Donahoe. Hill, with a 32-year career at Nike, is known for his work ethic and dedication. This change comes at a critical time, with the company facing declining sales and increasing competition. Shares rose 6.8% in pre-market trading, after closing up 0.1% on Thursday.
FedEx (NYSE:FDX) – FedEx reported a sharp drop in quarterly profit and lowered its forecasts as customers opt for cheaper shipping options. CEO Raj Subramaniam cited weaker industrial demand and insufficient cost cuts. The company expects low growth next fiscal year and is ending a key contract with USPS. FedEx reported adjusted earnings per share of $3.60 in the fiscal first quarter, below estimates of $4.75. Revenue was $21.6 billion, also missing the $21.9 billion forecast. FedEx lowered its earnings outlook for fiscal 2025, expecting between $20 and $21 per share. Shares dropped 13.4% in pre-market trading, after closing up 0.7% on Thursday.
Lennar Corp (NYSE:LEN) – Lennar reported third-quarter earnings above expectations, driven by low housing supply and a decline in fixed mortgage rates to about 6.1%. Despite lower gross margins due to high costs, the company expects demand to rise with further interest rate cuts. Lennar reported earnings of $4.26 per share, beating LSEG estimates of $3.63. Revenue was boosted by the delivery of 21,516 homes, up from 18,559 the previous year. The company expects to deliver between 22,500 and 23,000 homes in the fourth quarter. Shares fell 2.5% in pre-market trading, after closing up 2.1% on Thursday.
Macy’s (NYSE:M), United Parcel Service (NYSE:UPS) – Macy’s announced it will hire over 31,500 employees for the holiday season, down from 38,000 last year, reflecting a weaker labor market and cautious consumers. In contrast, UPS plans to increase its seasonal hires to 125,000 workers. Macy’s shares are stable in pre-market trading, while UPS shares fell 2.4%.
Amazon.com (NASDAQ:AMZN) – Amazon launched an AI application called Amelia to help independent sellers manage sales metrics, inventory, and advertising. The software provides quick responses to questions and can autonomously solve issues. Initially available to a limited group, Amelia aims to automate customer service and improve seller experiences. Shares fell 0.3% in pre-market trading, after closing up 1.9% on Thursday.
Mastercard (NYSE:MA) – According to Mastercard, U.S. retail sales are expected to grow 3.2% this holiday season, with companies offering promotions to attract shoppers during a shorter shopping period. Online sales are expected to rise 7.1%. Falling inflation and a strong job market are supporting this recovery. Mastercard shares fell 0.2% in pre-market trading, after closing down 0.4% on Thursday.
AMC Entertainment (NYSE:AMC), Cinemark Holdings (NYSE:CNK) – Major cinema chains like AMC, Regal, and Cinemark announced a $2.2 billion investment over the next three years to modernize theaters in North America. Improvements include comfortable seating, immersive sound, laser projection technology, and facility upgrades. AMC shares rose 0.4% in pre-market trading, while Cinemark shares remain stable.
Walt Disney (NYSE:DIS) – Walt Disney Animation Studios has appointed Jared Bush as Chief Creative Officer. Bush, who has worked at Disney for over a decade, is known for his role in acclaimed films such as “Encanto,” “Zootopia,” and “Moana.” He takes over from Jennifer Lee, who served as CCO since 2018 and co-wrote “Frozen.” Lee will now focus on directing and co-writing “Frozen 3” and “Frozen 4.” Bush is currently involved in producing “Zootopia 2” and “Moana 2,” scheduled for release in 2025 and 2024, respectively. He will oversee the creative production of the studio’s films, series, and associated projects.
Salesforce (NYSE:CRM) – Salesforce CEO Marc Benioff said the company’s new AI software provides a complete solution for enterprise customers, emphasizing that users do not need to develop their own AI. Salesforce is focusing on AI “agents” that automate tasks without human supervision, aiming to deploy one billion agents within a year. In other news, Walt Disney announced it plans to discontinue using Salesforce’s Slack as a collaboration tool after a data breach by the hacker group NullBulge exposed over a terabyte of data. Disney CFO Hugh Johnston stated that most of the company’s businesses would leave the service by the end of the year, migrating to simplified corporate tools. Salesforce shares closed up 5.4% on Thursday.
Hershey (NYSE:HSY) – Hershey laid off a small number of employees this week, less than 1% of its 20,000 staff, as part of organizational changes aimed at generating $300 million in savings. These layoffs come amid rising cocoa prices and declining sales, according to Reuters.
Coca-Cola (NYSE:KO) – Coca-Cola announced a $1 billion investment in its Nigerian operations over the next five years, as discussed during a meeting with President Bola Tinubu. Since 2013, the company has invested $1.5 billion in the country. Shares rose 0.3% in pre-market trading, after closing down 1.6% on Thursday.
Starbucks (NASDAQ:SBUX) – New Starbucks CEO Brian Niccol believes employees should be in the office when necessary but will not impose specific days for attendance. Starbucks currently maintains a three-day office policy. Niccol emphasized the value of collaboration and plans to spend more time in the office, although his own remote work arrangement has sparked reactions. Shares fell 0.2% in pre-market trading, after closing up 0.8% on Thursday.
Elanco Animal Health (NYSE:ELAN) – The FDA approved Zenrelia, a new Elanco drug for treating skin diseases in dogs. The once-daily immunosuppressant controls itching and atopic dermatitis. Elanco plans to launch it soon at a price 20% lower than Apoquel, a competing treatment.
Airbnb (NASDAQ:ABNB) – Airbnb has identified a significant opportunity to expand its long-term rental business, focusing on stays of 28 days or more, as short-term rentals face tighter regulations in tourist destinations like Athens and Barcelona. CEO Brian Chesky noted that these rentals now account for 17% to 18% of the company’s bookings.
Apple (NASDAQ:AAPL) – Apple launched the iPhone 16 in nearly 60 countries, but the new model will not come with its AI software, Apple Intelligence, pre-installed. Users will need to download the features over time. T-Mobile CEO Mike Sievert said iPhone 16 sales surpassed those of the iPhone 15, with consumers opting for Pro and Max models more frequently. Meanwhile, analysts remain optimistic about the company’s holiday season performance. In Russia, retailers like M.Video-Eldorado and MTS launched pre-sales of the iPhone 16 despite Apple’s export ban to the country. Russian consumers will pay hundreds of dollars more than Americans due to parallel imports from non-sanctioned countries like China and Turkey. Shares fell 0.4% in pre-market trading, after closing up 3.7% on Thursday.
Nvidia (NASDAQ:NVDA) – Nvidia has partnered with Abu Dhabi’s G42 to create a climate technology lab focused on AI for weather forecasting. Using the Earth-2 platform, the companies will develop environmental solutions by leveraging vast geophysical data. Shares fell 0.6% in pre-market trading, after closing up 4.0% on Thursday.
OpenAI – OpenAI’s $6.5 billion fundraising round is nearing completion, with demand far exceeding the amount available. Investors such as Microsoft, Nvidia, and Apple are expected to participate, while Sequoia Capital, which backed a rival startup, will not be involved. OpenAI’s valuation could reach $150 billion.
Live Nation Entertainment (NYSE:LYV) – Live Nation has asked a federal judge in New York to dismiss allegations that the company, along with Ticketmaster, inflated ticket prices and stifled competition. The company argues that the accusations do not show direct harm to consumers and defends its practices in contracts with artists and venues.
Trump Media & Technology Group (NASDAQ:DJT) – Donald Trump has stated he will not sell his $1.7 billion stake in Trump Media after restrictions expire. However, other investors, such as United Atlantic Ventures and Patrick Orlando, may sell their shares soon. Trump Media shares fell 5.9% on Thursday, reflecting concerns over insider sales pressure. Shares dropped another 3.3% in pre-market trading on Friday.
Sunrun (NASDAQ:RUN) – Sunrun shares closed down 5.8% on Thursday after the company ended its sales partnership with Costco. Costco disagreed with Sunrun’s subscription model, which offers less upfront revenue. Despite a partnership lasting over a decade, its impact on sales was limited. Shares rose 0.3% in pre-market trading.
Shell (NYSE:SHEL) – The sale of Shell’s 37.5% stake in the Schwedt refinery in Germany to Prax Group is delayed due to legal proceedings, including Rosneft’s attempt to block the deal. The sale was expected to close in early 2024 but now depends on negotiations and court decisions. Shares fell 0.3% in pre-market trading, after closing up 1.5% on Thursday.
ConocoPhillips (NYSE:COP) – ConocoPhillips will supply natural gas to Uniper SE for 10 years, delivering up to 10 billion cubic meters to northwestern Europe. This deal strengthens energy supply security in the region, which seeks alternatives to Russian gas, highlighting the continued importance of natural gas in Europe.
Palantir Technologies (NYSE:PLTR) – Palantir Technologies secured a $100 million contract to expand access to its AI platform, Maven Smart System, across all branches of the U.S. military. The platform, which uses intelligence data and computer vision algorithms, aids in target identification and battlefield situation analysis. Shares fell 2.2% in pre-market trading, after closing up 1.2% on Thursday.
Rocket Lab USA (NASDAQ:RKLB) – Rocket Lab USA aborted a rocket launch in New Zealand on Thursday after the flight computer halted ignition during the countdown. The rocket, intended to launch five Kineis nanosatellites, remained intact, and the company promised updates on a new launch date. Shares fell 0.4% in pre-market trading, after closing up 0.7% on Thursday.
Plug Power (NASDAQ:PLUG) – Plug Power announced a new equipment leasing platform, aiming to generate $150 million in sales. Despite an initial share increase after the announcement, shares closed down 1.90% on Thursday. The company faces challenges with sales and is revising its revenue forecasts for the coming years while attempting to develop hydrogen technologies.
Tesla (NASDAQ:TSLA) – Tesla faced controversy at its German factory, with local residents concerned about water shortages and contamination. The factory, which was expected to boost the economy, has now become a contentious issue in local elections, potentially benefiting the far-right AfD party, which has criticized the facility. Shares fell 0.6% in pre-market trading, after closing up 7.4% on Thursday.
General Motors (NYSE:GM) – General Motors’ autonomous driving unit, Cruise, announced it will soon begin supervised tests with up to five autonomous vehicles in California’s Bay Area. Following an incident that suspended operations, the company resumed testing with human-driven vehicles. Shares fell 1.2% in pre-market trading, after closing down 0.1% on Thursday.
Union Pacific (NYSE:UNP) – Union Pacific projected revenue growth outpacing volumes over the next three years, with an annual compound growth rate for earnings per share between high single digits and low double digits. The company also plans to repurchase up to $5 billion in shares annually starting in 2025.
Delta Air Lines (NYSE:DAL) – Delta Air Lines announced the suspension of flights between New York-JFK and Tel Aviv until December 31, citing security concerns in the Middle East. The airline issued a travel waiver and warned customers about possible flight schedule changes and cancellations.
Caterpillar (NYSE:CAT) – Caterpillar is reviewing its diversity, equity, and inclusion (DEI) policies after activist Robby Starbuck warned of a possible social media attack. Shares closed up 5.1% on Thursday.
Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – BNSF Railway, controlled by Berkshire Hathaway, announced a five-year provisional agreement with the SMART union, providing an average wage increase of 3.5% per year, along with healthcare benefits and additional vacation days for railway workers. The contract still requires union ratification. Warren Buffett, through Berkshire Hathaway, sold $896 million worth of Bank of America shares this week. While Buffett has not publicly explained his decision, he still holds a significant position, which may soon fall below the regulatory threshold of 10%. Shares of BRK.B fell 0.1% in pre-market trading, while Bank of America shares dipped 0.4%.
JPMorgan Chase (NYSE:JPM) – JPMorgan announced leadership changes to strengthen its healthcare and technology investment banking sectors. Ben Carpenter and Jeremy Meilman will become co-heads of healthcare globally, while Chris Grose and Greg Mendelson will take on the same roles in the technology sector.
UBS Group AG (NYSE:UBS) – According to Matthew Mish from UBS, a victory for Kamala Harris would benefit basic industry and utilities bonds, while sectors like telecommunications and technology could face challenges. On the other hand, a Donald Trump victory would favor energy and defense debts. UBS anticipates private credit deterioration but does not expect it to spread to the broader market unless the economy slows significantly.
UnitedHealth (NYSE:UNH) – Change Healthcare, part of UnitedHealth, secured new long-term contracts with hospitals and clients who had temporarily left the company following a February cyberattack. The move reflects a trend of diversification among service providers, accelerated by the hack, which highlighted the risks of relying on a single supplier.
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Apple (NASDAQ:AAPL) – Starting in 2025, Apple will replace LCD screens with OLED in all iPhone models. OLED displays offer more vibrant colors and better contrast, pushing out suppliers like Sharp and Japan Display. BOE Technology and LG Display will begin supplying the new screens. The launch of Apple’s new iPhone boosted its stock on expectations of AI advancements. However, Apple’s stock has historically underperformed after product launches. With a high price-to-earnings ratio, any failure to meet expectations could hurt the company’s valuation. Apple shares were down 0.9% in pre-market trading after a 2.7% drop on Tuesday.
Nvidia Subpoenaed by DOJ, Athira Pharma Shares Plunge 71% After Study Fails, Zscaler Falls 15% Post-Earnings
September 04 2024 - 5:50AM
IH Market News
Nvidia (NASDAQ:NVDA) – Nvidia’s stock closed down 9.5% on Tuesday, leading to a $279 billion loss in market value due to fading optimism over AI following weak economic data. Historically, September has been tough for Nvidia, and this year is no exception. The stock has already dropped 20% from its all-time high. However, performance tends to improve in the following months, especially in November. Additionally, the U.S. Department of Justice has subpoenaed Nvidia as part of an antitrust investigation, raising concerns about practices that hinder supplier switching. Nvidia claims its customers choose its products based on merit. Pre-market trading showed a 1.7% decline.
Athira Pharma (NASDAQ:ATHA) – Athira Pharma’s stock dropped 71% in pre-market trading after closing down 8.41% on Tuesday, following the failure of its drug fosgonimeton to meet primary and secondary goals in an Alzheimer’s study. The company found no statistical significance compared to placebo after 26 weeks of treatment.
Intel (NASDAQ:INTC) – Intel may be removed from the Dow Jones index due to its nearly 60% stock price drop this year, making it the worst-performing stock in the index. The company faces financial challenges and increased competition, and its removal could further damage its reputation. Nvidia and Texas Instruments are potential replacements. Intel’s stock was up 0.4% in pre-market trading after an 8.8% drop on Tuesday.
Super Micro Computer (NASDAQ:SMCI) – Super Micro Computer rejected allegations from Hindenburg Research, which accused it of “accounting manipulation” and export control issues. The company called the report “false and inaccurate,” stating that the situation does not affect its production or financial results. Shares dropped 2.2% in pre-market trading after closing up 0.9% on Tuesday.
Apple (NASDAQ:AAPL) – Starting in 2025, Apple will replace LCD screens with OLED in all iPhone models. OLED displays offer more vibrant colors and better contrast, pushing out suppliers like Sharp and Japan Display. BOE Technology and LG Display will begin supplying the new screens. The launch of Apple’s new iPhone boosted its stock on expectations of AI advancements. However, Apple’s stock has historically underperformed after product launches. With a high price-to-earnings ratio, any failure to meet expectations could hurt the company’s valuation. Apple shares were down 0.9% in pre-market trading after a 2.7% drop on Tuesday.
Hewlett Packard Enterprise (NYSE:HPE) – The U.S. Department of Commerce proposed granting $50 million to Hewlett Packard Enterprise to modernize and expand its Oregon facility, focusing on semiconductor and microfluidics technology. This investment aims to support the development of equipment for biological sciences and AI, benefiting institutions like Harvard and the CDC.
Meta Platforms (NASDAQ:META) – Elon Musk’s X was banned in Brazil for failing to comply with legal orders regarding misinformation and legal representatives. This ban benefited rivals like Instagram and Threads from Meta Platforms, which saw increased activity. Meta, which previously faced a ban with WhatsApp, could face similar challenges in the future. Meta shares dropped 0.5% in pre-market trading after a 1.8% decline on Tuesday.
Snap Inc (NYSE:SNAP) – Snap CEO Evan Spiegel announced a new strategy to improve the company’s ad performance, focusing on augmented reality and automation. In response to slow growth compared to competitors, Snap plans to expand its AR glasses technology and new generative AI tools. Snap shares were down 0.1% in pre-market trading after a 5.1% decline on Tuesday.
Salesforce (NYSE:CRM) – Salesforce announced its acquisition of Tenyx, an AI startup specializing in voice agents. The financial terms of the deal were not disclosed. Tenyx, serving various sectors, will have its team, including co-founders, integrated into Salesforce. The acquisition aims to strengthen Salesforce’s AI-driven solutions.
Airbnb (NASDAQ:ABNB) – Airbnb has requested New York to review Local Law LL18, which requires hosts to be permanent residents and register before listing properties. The company argues that the law has not impacted the housing crisis and has increased travel prices, leading to an 83% drop in short-term rental listings.
AT&T (NYSE:T), Nokia (NYSE:NOK) – The CWA union withdrew from mediation with AT&T, claiming the company was merely delaying the process. Over 17,000 workers have been on strike since last month. AT&T said mediation stalled due to a lack of willingness for agreements and that it is prepared to keep services running. Additionally, AT&T and Nokia have agreed to build a new fiber network in the U.S. This contract follows AT&T’s choice of Ericsson for its wireless network and aims to expand broadband access. The financial terms of the deal were not disclosed, but it is seen as a significant step for Nokia. AT&T shares were down 0.2% in pre-market trading after a 2.7% increase on Tuesday.
Verizon (NYSE:VZ) – Verizon may increase its dividends later this week, potentially boosting its stock. Morgan Stanley analyst Simon Flannery expects a nearly 2% increase, raising the quarterly dividend from 66.5 cents to about 71 cents. Verizon shares dropped 0.3% in pre-market trading after a 2.8% increase on Tuesday.
Sony Group (NYSE:SONY) – Sony is canceling the online game “Concord,” launched just two weeks ago, after failing to attract players. The title, developed for PS5 and PC, will be shut down on September 6, with refunds offered. The game faced heavy criticism and competition, leading to its early closure.
Unity Software (NYSE:U) – Unity’s stock closed up 2.02% on Tuesday following a positive update from Morgan Stanley. Analyst Matthew Cost upgraded the stock from “Equal Weight” to “Overweight,” maintaining a price target of $22, highlighting that the stock is near historical lows and presents an investment opportunity. Unity’s stock was down 0.4% in pre-market trading.
US Steel (NYSE:X) – Nippon Steel stated that if it acquires US Steel, most of the American company’s directors and top management will be U.S. citizens. This comes in response to concerns raised by politicians like Kamala Harris about U.S. control over US Steel. Nippon Steel also announced plans to invest $1.3 billion and has hired Mike Pompeo as an advisor. US Steel shares fell 0.1% in pre-market trading after a 6.1% drop on Tuesday.
Halliburton (NYSE:HAL) – Halliburton downplayed the financial impact of a recent cyberattack, claiming it will not materially affect its finances or operations. The company activated its security response plan, shut down some systems, and notified authorities but continues to provide services normally. Halliburton shares dropped 1% in pre-market trading after a 4.0% decline on Tuesday.
Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – Berkshire Hathaway sold more Bank of America shares, totaling over $6 billion, following a significant increase in the bank’s stock value. The sale, which occurred between August 28 and 30, is seen as a profit-taking strategy. Berkshire’s stake in Bank of America is now below 10%. Berkshire shares were down 0.3% in pre-market trading after a 0.2% increase on Tuesday. Bank of America shares dropped 0.5% in pre-market trading.
Goldman Sachs (NYSE:GS) – Goldman Sachs temporarily suspended its zinc market coverage due to “limited capacity” after its metals strategist Nicholas Snowdon left for Mercuria. Snowdon’s departure follows that of Jeff Currie, who joined Carlyle, and Xiao Qin, who will retire. Additionally, Goldman Sachs economists evaluated that a Donald Trump victory could slow U.S. GDP growth due to higher tariffs and immigration restrictions, while a Kamala Harris win could slightly boost GDP through new spending and tax credits, despite a negative impact from increased corporate taxes.
JPMorgan Chase & Co (NYSE:JPM) – JPMorgan is forming a private banking team in Dubai to attract millionaires moving to the region. The bank has relocated two bankers from Geneva and London to begin the team, which will serve high-net-worth individuals, family offices, and foundations. The Middle East is becoming a hotspot for millionaires due to its tax-free environment and luxurious lifestyle. JPMorgan shares dropped 0.4% in pre-market trading after a 2% decline on Tuesday.
Charles Schwab (NYSE:SCHW) – Three investors have sued Charles Schwab for alleged fiduciary duty violations, accusing the company of designing its cash sweep program to benefit Schwab at clients’ expense. The lawsuit seeks class-action status and monetary compensation, alleging Schwab did not disclose financial agreements related to TD Bank. Schwab denies the accusations and defends its cash sweep program as safe and transparent. Schwab shares dropped 0.2% in pre-market trading after a 0.5% decline on Tuesday.
Raymond James Financial (NYSE:RJF) – Raymond James agreed to pay over $1.9 million to settle charges of failing to maintain records of client complaints and mutual fund transactions. Finra alleged that the company did not comply with Rule 4530, which requires the reporting of complaints within 30 days.
Robinhood Markets (NASDAQ:HOOD) – Robinhood launched a stock lending program in the U.K., allowing investors to earn passive income by “renting” their shares to other parties. Investors receive a monthly fee and retain ownership of the shares. This move is part of Robinhood’s effort to expand its international presence. Robinhood shares dropped 1.6% in pre-market trading after a 3.7% decline on Tuesday.
KKR & Co. (NYSE:KKR) – KKR has expedited its public offer to acquire Fuji Soft to September 5, aiming to get ahead of a rival bid from Bain Capital. KKR is looking to finalize the purchase before Bain submits a binding proposal in October, driving up Fuji Soft’s stock value.
Moody’s (NYSE:MCO), S&P Global (NYSE:SPGI) – Moody’s, S&P, and Fitch will pay $48 million in fines for failing to maintain electronic communications, related to the WhatsApp investigations. The SEC reported that Moody’s and S&P will each pay $20 million, while Fitch will pay $8 million. The companies have agreed to hire compliance consultants to correct their practices.
Boeing (NYSE:BA) – Boeing may delay its $10 billion free cash flow target to 2027-28 and will need to raise $30 billion before developing new aircraft, according to Wells Fargo. The company’s current debt stands at $45 billion. Wells Fargo downgraded Boeing to “underweight” and lowered its price target to $119, a 32% drop from the last closing price. Boeing shares fell 0.5% in pre-market trading after a 7.3% decline on Tuesday.
Southwest Airlines Co. (NYSE:LUV) – Southwest Airlines shares closed up 2.3% on Tuesday after activist investor Elliott Investment Management revealed a 10% stake in the company. Elliott seeks to call a special meeting to discuss replacing the CEO and board members. Southwest will meet with Elliott to present details of its transformation plan on September 26. Southwest shares dropped 0.9% in pre-market trading.
Stellantis (NYSE:STLA) – Stellantis named Bob Broderdorf as the new head of Jeep North America. Previously the VP of operations for Ram and Dodge, Broderdorf will oversee Jeep’s strategy, sales, and marketing in North America. He replaces Bill Peffer, who will manage the dealer network in the region. Stellantis shares were up 0.8% in pre-market trading after a 5.2% drop on Tuesday.
Tesla (NASDAQ:TSLA) – Tesla plans to launch a six-seat version of the Model Y in China starting in 2025, initially boosting its stock on Tuesday before it closed down 1.6%. Weak manufacturing data hit the broader market, and Tesla shares were further affected by a general sales slowdown and concerns over growth. Tesla stock was down 1.1% in pre-market trading.
iRhythm (NASDAQ:IRTC) – Expected benefits from smartwatches and monitoring sensors, like iRhythm’s Zio, were not proven in a recent study. Although more atrial fibrillation cases were detected, the study did not show a reduction in stroke-related hospitalizations. The low event rate and small number of participants limited conclusions.
BioAge Labs – BioAge Labs, focused on obesity therapy and partnerships with Eli Lilly and Novo Nordisk, filed for an IPO in the U.S. to capitalize on the sector’s enthusiasm. The startup, with no revenue and a $26.6 million loss for the half-year, recently raised $170 million and will list its stock on Nasdaq under the symbol “BIOA.”
Illumina (NASDAQ:ILMN), Grail (NASDAQ:GRAL) – Illumina won its legal dispute against the European Commission, which had tried to block its $7.1 billion acquisition of Grail. The EU Court of Justice ruled that the Commission lacked authority to review the merger under Article 22. Illumina will not have to pay the $478 million fine.
Constellation Brands (NYSE:STZ) – Constellation Brands will reduce the value of its wine and spirits division, booking a charge of up to $2.5 billion due to weak U.S. demand. The company also adjusted its net sales growth forecast to 4%-6%, down from 6%-7%, and revised its earnings per share estimates for fiscal 2025.
Molson Coors Beverage (NYSE:TAP) – Molson Coors is scaling back its corporate diversity efforts following criticism from conservative activists. The company will remove the link between executive compensation and diversity goals, discontinue supplier diversity goals, and drop its Human Rights Campaign ratings. The move follows an online attack by conservative activist Robby Starbuck.
Earnings
Zscaler (NASDAQ:ZS) – The cloud security company reported earnings per share of 88 cents, up 37% year-over-year, and revenue of $592.9 million, beating estimates of $567.5 million. Fourth-quarter billings grew 27% to $910.8 million. However, the fiscal 2025 forecast disappointed: EPS of $2.84 (below the $3.33 expected) and revenue of $2.61 billion (slightly below the $2.62 billion forecast). For the current quarter, revenue is projected at $605 million, just above the $603 million expected. Zscaler shares dropped 15.3% in pre-market trading after a 3.4% decline on Tuesday.
GitLab (NASDAQ:GTLB) – GitLab reported second-quarter earnings per share of $0.15, beating the $0.10 estimate. Revenue reached $182.6 million, above the $177.1 million expected. For fiscal 2025, the company projects revenue between $742 million and $744 million, and adjusted EPS of $0.45 to $0.47, exceeding forecasts of $737.8 million and $0.36, respectively. GitLab shares were up 15.5% in pre-market trading after a 5.7% drop on Tuesday.
Asana (NYSE:ASAN) – The project management software company reported an adjusted second-quarter loss of five cents per share, better than the eight cents expected, with revenue of $179.2 million, above the $177.67 million forecast. For the third quarter, revenue is projected between $180 million and $181 million, with a loss of seven cents per share, below estimates of $182.29 million in revenue and a three-cent loss. For the fiscal year, a loss of 19 to 20 cents per share is expected on revenue of $719 million to $721 million, slightly below analyst forecasts. Asana shares fell 15.1% in pre-market trading after a 5.5% decline on Tuesday.
PagerDuty (NYSE:PD) – PagerDuty reported revenue of $115.9 million, beating the $112 million estimate, and a net loss of $13 million (14 cents per share), better than last year’s loss of $24 million (26 cents per share). For the year, PagerDuty raised its earnings per share forecast to $0.67 to $0.72 and annual revenue to $463 million to $467 million. PagerDuty shares dropped 13.2% in pre-market trading after a 7.5% decline on Tuesday.
OneStream (NASDAQ:OS) – OneStream’s second-quarter total revenue grew 36% year-over-year to $117.5 million. The company’s GAAP operating loss was reduced to $11.6 million, and its GAAP operating margin improved to -10%. For the third quarter of 2024, OneStream projects revenue between $123 million and $125 million, with non-GAAP earnings per share between -$0.01 and $0.01.
HealthEquity (NASDAQ:HQY) – HealthEquity reported earnings per share of $0.86 last quarter, beating the $0.70 estimate. Revenue reached $299.93 million, above the $284.24 million forecast. For the next quarter, earnings are projected at $0.73 per share, with revenue of $289.42 million and $3 in $1.17 billion in revenue for the current fiscal year.
Sportsman’s Warehouse (NASDAQ:SPWH) – The outdoor sporting goods retailer reported second-quarter net sales of $288.7 million, down from $309.5 million last year. The net loss was $5.9 million (16 cents per share), compared to $3.3 million (9 cents per share) a year ago. Same-store sales fell 9.8% year-over-year. The fiscal 2024 outlook is for sales of $1.13 billion to $1.17 billion and adjusted EBITDA of $20 million to $35 million.
Ascendis Pharma (NASDAQ:ASND) – The biotech company reported a 24% revenue decline in the second quarter, from EUR 36 million, below the expected EUR 83 million, with a net loss of $120.8 million (EUR 1.91 per share). For the quarter, Ascendis also secured a $150 million royalty financing deal with Royalty Pharma.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94488974/nvidia-subpoenaed-by-doj-athira-pharma-shares-plu
Coinbase to Participate in the Goldman Sachs Communacopia + Technology Conference
September 03 2024 - 4:05PM
Business Wire
Coinbase Global, Inc. announced today that Brian Armstrong, Co-Founder and Chief Executive Officer, and Alesia Haas, Chief Financial Officer, will participate in a fireside chat at the Goldman Sachs Communacopia + Technology Conference on Tuesday, September 10, 2024 at 1:10 pm ET / 10:10 am PT.
A live webcast and replay of the virtual session will be available on Coinbase’s Investor Relations website at https://investor.coinbase.com.
Disclosure Information
In addition to filings with the Securities and Exchange Commission, Coinbase uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong’s X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240903625939/en/
Press:
press@coinbase.com
Investor Relations:
investor@coinbase.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94484772/coinbase-to-participate-in-the-goldman-sachs-commu
Apple (NASDAQ:AAPL) – Apple will begin manufacturing the iPhone Pro and Pro Max in India this year, a significant milestone for the company and the local industry. The local production aims to reduce costs and risks associated with manufacturing in China. Local assembly could reduce Pro models’ prices by up to 10% in India and boost sales in the region.
Berkshire Reduces Stake in BofA, Hawaiian Airlines Soars 10%, Paramount Receives $4.3B Offer, and More
August 20 2024 - 5:56AM
IH Market News
Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – Berkshire Hathaway sold a total of 14 million shares of Bank of America in recent days, reducing its stake to 12%. The sale, which raised about $550 million, was made last Thursday, Friday, and Monday, at an average price of $39.50 per share. Berkshire now owns 928 million shares of the bank. Bank of America shares fell 0.1% in pre-market trading.
Paramount Global (NASDAQ:PARA) – Edgar Bronfman Jr. made a bid of approximately $4.3 billion to acquire National Amusements, which controls Paramount. His proposal includes $2.4 billion in debt and equity and $1.5 billion for Paramount. This offer competes with Paramount’s agreement with Skydance, valuing Paramount at $4.75 billion. Paramount has 45 days to explore other offers, extendable until September 5. Bronfman believes his offer is superior as it does not involve acquiring Skydance and directly improves Paramount’s financial situation. Shares fell 0.2% in pre-market trading.
Morgan Stanley (NYSE:MS) – Jonathan Bloomer, chairman of Morgan Stanley International, is missing after the luxury yacht “Bayesian” sank off the coast of Sicily due to a storm, with 10 crew members and 12 passengers on board. The storm left six people missing, including Bloomer, and resulted in the confirmed death of the cook, Ricardo Thomas. Also missing are Chris Morvillo, a lawyer at Clifford Chance, and businessman Mike Lynch with his daughter.
Southwest Airlines (NYSE:LUV) – Southwest Airlines is preparing to face Elliott Investment Management, which is seeking drastic changes in the company’s leadership. CEO Bob Jordan has been rallying support from investors and employees, arguing that Elliott’s approach is predatory. Elliott wants to replace the current leadership, citing Southwest’s unsatisfactory performance.
Alaska Air Group (NYSE:ALK), Hawaiian Airlines (NASDAQ:HA) – Alaska Airlines overcame a regulatory hurdle for the $1.9 billion merger with Hawaiian Airlines after the DOJ review period expired. The deal now awaits review by the U.S. Department of Transportation. The merger will expand destinations for Hawaiian residents and maintain the value of HawaiianMiles. Alaska Air Group shares rose 0.1% in pre-market trading, while Hawaiian Airlines shares jumped 9.6%.
Boeing (NYSE:BA) – The Saudi Arabian Public Investment Fund is in talks to purchase Boeing 777 and Airbus 350 jets to establish a new cargo airline. The operation will serve Saudia and the new startup Riyadh Air, according to Bloomberg News. Additionally, the U.S. Federal Aviation Administration (FAA) ordered inspections of 787 Dreamliners following a March incident where a LATAM Airlines plane plunged due to uncommanded seat movement, disconnecting the autopilot. The directive affects 158 aircraft in the U.S. and 737 globally, requiring inspections and fixes within 30 days. Meanwhile, Boeing is halting 777X flight tests after an inspection revealed flaws in a structure connecting the engine to the aircraft, as reported by The Air Current on Monday. Shares fell 0.9% in pre-market trading.
General Motors (NYSE:GM) – General Motors announced on Monday that it is laying off more than 1,000 employees from its software and services units globally. The layoffs, which include around 600 positions at the tech campus near Detroit, follow an operational review after the departure of software and services VP Mike Abbott. GM states these layoffs are not for cost-cutting but to streamline operations and focus on strategic investments. Shares fell 0.2% in pre-market trading.
Stellantis (NYSE:STLA) – The United Auto Workers (UAW) union warned that Stellantis workers might go on a nationwide strike due to the automaker’s failure to fulfill 2023 production promises. Stellantis committed to investing in new factories and creating jobs in the U.S., but delays in Illinois investments have sparked the dispute. Shares rose 1.5% in pre-market trading.
Tesla (NASDAQ:TSLA) – Donald Trump claimed that if elected, he could eliminate the $7,500 tax credit for electric vehicles and consider appointing Elon Musk to an advisory or cabinet role. While a fan of electric cars, Trump expressed concerns about the EV market due to costs and range issues. He also plans to discourage exports from Mexico and impose tariffs to incentivize U.S. automotive production. Shares rose 0.5% in pre-market trading.
Harley-Davidson (NYSE:HOG) – Harley-Davidson ended diversity, equity, and inclusion (DEI) initiatives following pressure from an anti-DEI activist. The Milwaukee-based company eliminated minority supplier targets, social training, and participation in LGBTQ rankings, joining other firms re-evaluating diversity policies due to criticism.
Nutrien (NYSE:NTR), CH Robinson (NASDAQ:CHRW) – A potential labor dispute at major Canadian railways is unlikely to significantly impact U.S. oil exports due to extra pipeline capacity like Trans Mountain. Companies, including Nutrien and CH Robinson, are preparing for disruptions, but the impact on oil exports should be minimal, as rail crude imports from Canada to the U.S. have declined in recent years.
US Steel (NYSE:X) – Donald Trump pledged to repeal a pollution rule for power plants imposed by the Biden administration and block Nippon Steel’s purchase of US Steel. He also vowed to restrict foreign access to U.S. markets and ensure a 100% American supply chain if elected. Shares dropped 6% in Monday’s regular trading session.
Apple (NASDAQ:AAPL) – Apple will begin manufacturing the iPhone Pro and Pro Max in India this year, a significant milestone for the company and the local industry. The local production aims to reduce costs and risks associated with manufacturing in China. Local assembly could reduce Pro models’ prices by up to 10% in India and boost sales in the region.
Advanced Micro Devices (NASDAQ:AMD) – AMD announced on Monday plans to acquire server maker ZT Systems for $4.9 billion to strengthen its chip and AI hardware portfolio, challenging Nvidia. AMD will pay 75% in cash and the rest in stock. The acquisition will enable AMD to deploy its AI GPUs faster, especially for major cloud computing firms like Microsoft and Meta. AMD plans to sell the server manufacturing business after closing the deal, expected in the first half of 2025. AMD intends to retain about 1,000 of ZT Systems’ 2,500 employees, resulting in approximately $150 million in annualized operating expenses. Shares rose 0.2% in pre-market trading, following a 4.5% gain on Monday.
Nvidia (NASDAQ:NVDA) – Nvidia shares have posted a weekly gain of over 15%, driven by the longest winning streak in five months. Expectations of positive earnings and increased AI demand are exciting investors, despite potential delays in the company’s new chip lineup. Shares fell 0.6% in pre-market trading, following a 4.4% rise on Monday.
HP Inc. (NYSE:HPQ) – HP Inc. shares closed down 3.65% on Monday after Morgan Stanley downgraded the stock from “Overweight” to “Equal-Weight,” citing that many positive factors have already been priced in, and high inflation and interest rates are impacting HP’s revenue, limiting immediate growth.
Uber Technologies (NYSE:UBER) – In Kenya, a price war between Uber, Bolt, and local startups is leading drivers to increase their own fares due to low commissions and high costs. Uber, with low fares, prohibits higher price agreements, but drivers are defying this by negotiating directly with customers, claiming current prices do not cover high costs. The dispute is causing frustration among passengers and drivers. Shares fell 0.2% in pre-market trading, following a 3% gain on Monday.
Sonder Holdings (NASDAQ:SOND), Marriott (NASDAQ:MAR) – Sonder Holdings shares soared 130.53% on Monday after the company announced capital agreements and a partnership with Marriott. With $43 million in preferred shares and $83 million in liquidity, Sonder will integrate its properties into Marriott’s system, enabling reservations through the Marriott Bonvoy loyalty program. Sonder shares fell 13.9% in pre-market trading.
Walt Disney (NYSE:DIS) – Walt Disney decided to take to court a wrongful death lawsuit filed by the widower of a woman who died after an allergic reaction at a Disney Springs restaurant. Initially, Disney claimed the case should be resolved through arbitration as the plaintiff had signed up for Disney+ and used the company’s services. However, Disney now opted to waive arbitration to settle the case in court, seeking a sensitive resolution for the affected family. Additionally, Disney appointed veteran producer Almin Karamehmedovic as president of ABC News. Karamehmedovic started at ABC News as a freelance video editor in 1998 and was the executive producer of shows like “World News Tonight with David Muir” and “Nightline.” Shares rose 0.1% in pre-market trading, following a 1.7% gain on Monday.
Live Nation Entertainment (NYSE:LYV) – Attorneys general from about 26 U.S. states are seeking treble damages against Live Nation Entertainment and its subsidiary Ticketmaster, accusing them of monopolizing the live concert market and illegally inflating ticket prices. Ten additional states joined the original lawsuit, bringing the total to 39 states and the District of Columbia.
Kroger (NYSE:KR), Albertsons (NYSE:ACI) – Kroger sued the U.S. Federal Trade Commission (FTC), seeking to block the $25 billion merger with Albertsons from being reviewed in the FTC’s internal court, which Kroger deems unconstitutional. The company wants the case decided in federal court, arguing that the FTC’s internal process is illegal and could delay the merger for years.
GoPro (NASDAQ:GPRO) – GoPro announced it will cut 15% of its workforce, about 139 employees, as part of a restructuring plan to reduce operating expenses. The company expects to incur charges between $5 million and $7 million, with layoffs occurring by the end of 2024. Shares closed up 5.7% on Monday.
Amer Sports (NYSE:AS) – Since its February debut, Amer Sports shares have fallen to be the worst among IPOs over $1 billion in the U.S. since 2022. With a slowdown in China impacting sales, Wall Street expects Tuesday’s financial results to show improvement, with analysts optimistic about demand for its Arc’teryx brand. Shares rose 3.6% in pre-market trading, following a 7.8% gain on Monday.
Pilgrim’s Pride (NASDAQ:PPC) – The U.S. poultry processor agreed to pay $100 million to settle allegations of conspiring with competitors to reduce payments to chicken producers. This settlement, the largest in a seven-year antitrust case, still requires court approval. Pilgrim’s Pride denies wrongdoing.
JPMorgan Chase (NYSE:JPM) – According to JPMorgan, European companies that relist in New York tend to have better valuations, partly due to the large number of passive investments in the U.S. Companies like CRH, Ferguson, and Linde have reduced their discounts relative to American competitors by an average of 15% after the move, benefiting from a deeper market and a broader investor base.
Goldman Sachs (NYSE:GS) – Goldman Sachs hired Matt Beitzel, former head of bank coverage at Citigroup, for its financial institutions group. Beitzel, who will start in November after a sabbatical, will lead deals involving banks and financial services firms in the Americas. He has over 20 years of experience in the field.
Icahn Enterprises LP (NASDAQ:IEP) – Carl Icahn and his firm, Icahn Enterprises, agreed to pay a $2 million fine to resolve allegations that they failed for years to disclose that most of the firm’s bonds were pledged as collateral for personal margin loans. The SEC investigation was triggered by accusations from Hindenburg Research, which Icahn denies.
Deutsche Bank (NYSE:DB) – Gavin Black, a former Deutsche Bank trader, settled a $30 million lawsuit against the bank, claiming his career was ruined after being falsely implicated in the manipulation of the London Interbank Offered Rate (Libor). Black, whose conviction was overturned in 2022, accused the bank of scapegoating him to reduce its legal liabilities. Shares fell 0.1% in pre-market trading.
American Express (NYSE:AXP) – American Express is trying to expand its presence in Africa, where cash still dominates payments. The company is persuading hotels, restaurants, and tourist destinations to accept its cards. Recently, Amex partnered with local banks and processors, aiming to have 75% of merchants accept its cards.
Electra Battery Materials (NASDAQ:ELBM) – Canada’s Electra Battery Materials received $20 million from the U.S. to build a cobalt refinery in Ontario, the only one in North America dedicated to electric vehicle batteries. With a total cost of $250 million, the project in Temiskaming Shores aims to strengthen the EV supply chain and reduce dependence on Chinese production. The company, with a market value of about $28 million, had paused the project due to rising costs and falling cobalt prices, predominantly processed in China. Electra has already received C$ 5 million ($3.7 million) from the Canadian government and is seeking more financial support. Shares fell 15.2% in pre-market trading, following a 48.8% gain on Monday.
BHP Group (NYSE:BHP) – The recent six-day strike at the Escondida copper mine in Chile resulted in a favorable agreement for workers, who received a bonus larger than initially offered by BHP. This outcome could influence future negotiations, especially at other Chilean mines where unions are also pushing for better wages due to high copper prices. Shares rose 0.2% in pre-market trading.
Andersons (NASDAQ:ANDE) – Andersons appointed Bill Krueger as CEO to lead the company through a period of weak agricultural markets. Krueger, former COO and CEO of Lansing Trade Group, will succeed Pat Bowe, who will become chairman. The move aims to expand the company’s grain and commodities business, which faced a 30% revenue decline in the second quarter.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94412341/berkshire-reduces-stake-in-bofa-hawaiian-airlines
Coinbase Fireside Chat - Oppenheimer 27th Annual Technology, Internet & Communications Conference
August 13, 2024 10:15 AM PT
Webcast
https://investor.coinbase.com/events-and-presentations/events/event-details/2024/Coinbase-Fireside-Chat---Oppenheimer-27th-Annual-Technology-Internet--Communications-Conference-2024-a-mD7ShYzv/default.aspx
Presentations
https://investor.coinbase.com/events-and-presentations/presentations/default.aspx
Apple Card again named best in customer satisfaction by J.D. Power
Thursday, August 15, 2024 1:01 pm
6 Comments
Apple Card has again been named the Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee in the J.D. Power 2024 U.S. Credit Card Satisfaction Study, marking the fourth consecutive year Apple Card and issuer Goldman Sachs have been awarded a No. 1 ranking in their segment in the U.S. Credit Card Satisfaction Study. The J.D. Power U.S. Credit Card Satisfaction Study measures overall customer satisfaction based on performance across various categories, including Account Management, Customer Service, and New Account Experience.
Introduced in 2019, Apple Card was built with users’ financial health in mind. Apple Card has absolutely no fees and is designed to offer users an easy and secure way to track purchases and manage spending from Wallet while receiving up to three percent Daily Cash on every purchase. With Apple Card Family, users can also share an Apple Card account with anyone added to their Family Sharing group. Users can also open a Savings account through Apple Card and choose to have their Daily Cash automatically deposited there, allowing users to get even more value from their Daily Cash. Savings comes with no fees, no minimum deposits, and no minimum balance requirements, and also allows users to transfer additional funds from a linked bank account to further grow their savings.
MacDailyNews Take: More information and terms about Apple Card are available at apple.com/apple-card.
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https://macdailynews.com/2024/08/15/apple-card-again-named-best-in-customer-satisfaction-by-j-d-power/#google_vignette
Apple’s $0.25 per share dividend is payable on August 15th
Thursday, August 15, 2024 9:10 am
1 Comment
Apple distributes its quarterly dividend of $0.25 per share to its common stock (AAPL) shareholders on August 15th.
While the company didn’t re-initiate dividend payments until relatively recently — August 16, 2012 — compared to some of its peers, it has rapidly established itself as a dividend-growth stock.
The dividend, while modest in comparison to Apple’s overall market capitalization (currently $3.371 trillion), represents a significant cash injection for individual investors and institutional shareholders alike. With a consistent history of dividend increases, Apple has established itself as a reliable income-generating stock.
For many investors, dividends are a crucial component of their investment strategy. They provide a steady stream of income, regardless of stock price fluctuations. Apple’s consistent dividend payments have increased its appeal as a core holding in diversified portfolios.
It’s important to note that while the dividend payment itself occurs on August 15th, investors must own Apple shares before the ex-dividend date: shareholders of record as of the close of business on August 12, 2024.
Apple’s dividend policy is just one facet of its broader financial strategy. The company has also been actively repurchasing its own shares, a move that can boost earnings per share and potentially increase the stock price. This combination of dividends and share repurchases has solidified Apple’s position as a cash-rich company that is effectively managing its capital allocation.
While the $0.25 per share dividend may seem small in the grand scheme of Apple’s financial performance, it represents a tangible benefit to shareholders and reinforces the company’s reputation as a stable, consistent, and profitable investment.
MacDailyNews Take: Happy Dividend Day, Apple shareholders!
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https://macdailynews.com/2024/08/15/apples-0-25-per-share-dividend-is-payable-on-august-15th/
Foxconn adds an extra 50,000 workers for iPhone 16 assembly
Friday, August 9, 2024 9:06 am
1 Comment
Major Apple assembler Foxconn has hired around 50,000 new workers in “iPhone City,” its Zhengzhou factory in China, local media including China Business News reported on Thursday. This annual recruitment drive comes as the massive assembly campus ramps up production of the iPhone 16 lineup, due within months.
Kim Eun-jin for BusinessKorea:
Late in July this year, Foxconn posted recruitment information on major job sites and social networking services (SNS) platforms, offering an increased hourly wage of up to 25 yuan [US$3.49]. Additionally, the Zhengzhou factory has offered bonuses of up to 7,500 yuan [US$1,046.11], a notable increase from the 6,000 yuan [US$836.89] bonus offered a month earlier.
The period from August to December is considered the peak season for iPhone shipments, and Apple has set an ambitious shipment target of 90 million units for the iPhone 16, a 10% increase from the previous year. Bloomberg reported that the shipment volume of the iPhone 15 in the second half of last year was around 81 million units.
Foxconn’s Zhengzhou factory is known as the world’s largest production base for iPhones, and the recent hiring spree underscores the company’s commitment to meeting Apple’s increased shipment targets.
MacDailyNews Take: It’s literally a city dedicated to assembling iPhones!
And, no, we never forget:
The iPhone is going to be nothing more than a temporary novelty that will eventually wear off. – Gundeep Hora, CoolTechZone Editor-in-Chief, April 02, 2007
https://macdailynews.com/2024/08/09/foxconn-adds-an-extra-50000-workers-for-iphone-16-assembly/
Wedbush ups Apple target price to $285
Wednesday, August 7, 2024 8:58 am
1 Comment
Daniel Ives of Wedbush Securities this week reiterated an Outperform rating on Apple stock and increased his price target to $285 from $275.
Fahad Saleem for Insider Monkey:
“Apple Intelligence rollout has already begun with developers who will significantly enhance app capabilities as the company staggers the launch of its new AI feature along with its OpenAI partnership which Apple expects ChatGPT and all other features to be integrated into the iPhone and other devices by the end of the year. We believe AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share,” Ives said.
Baird analyst William Power said in a note that he estimates a whopping 95% of iPhones in the world will need an upgrade at “some point” to take advantage of Apple Intelligence. The analyst mentioned lower upgrade rates at AT&T and Verizon, suggesting consumers might be waiting for AI-integrated smartphones. Based on this catalyst, the analyst upped his fiscal 2025 iPhone estimates by about 20 million units, now projecting iPhone revenue to reach $216.1 billion, a 9% year-over-year increase, surpassing the consensus estimate of 6% growth. Apple is expected to generate $418.1 billion in full-year revenue and $7.30 per share in earnings, up from previous forecasts of $394.6 billion and $6.73 per share.
MacDailyNews Take: Buy low. Sell high.
https://macdailynews.com/2024/08/07/wedbush-ups-apple-target-price-to-285/#google_vignette
In 2022 alone, Google paid Apple $20 billion to cement its illegal monopoly
Tuesday, August 6, 2024 9:00 am
7 Comments
Alphabet subsidiary Google is “a monopolist, and has acted as one to maintain its monopoly” in violation of Section 2 of the Sherman Act, Judge Amit Mehta of the U.S. District Court for the District of Columbia ruled on Monday, August 5th.
Jonathan Guilford for Reuters:
Google now shares an ignominy with Microsoft. Judged by the same legal yardstick, Alphabet’s web search colossus is a monopolist just as the software developer was deemed to be in 2001. It might also suffer a similar fate.
Regardless of the remedies, which will be determined later, the victory is a significant one for Jonathan Kanter, the U.S. Department of Justice antitrust chief, and his counterpart at the Federal Trade Commission, Lina Khan. Both have filed a panoply of lawsuits against tech giants, and the findings in this case will be an important signal to courts presiding over the others, including another one against Google’s ad-tech business.
Mehta’s opinion also finesses the uncomfortable finding that Google is the “highest quality search engine.” Resources play a part. Google estimated that Apple would need to spend $20 billion to build a similar product and billions more to operate it. The primary concern, however, is establishing ubiquity. In 2022, Google paid about $20 billion to be the default option for iPhone buyers, according to the ruling.
MacDailyNews Take: This is a decade or so too late, but at least it’s finally happening!
As regular readers know, we’ve been talking about this issue for years, as ad revenue dwindled – yet Alphabet/Google magically got richer. We’ve all lost many great sites over recent years as the Google-dominated broken ad-supported model failed. This is the very reason why there are too many ads on the site (cluttered is better than dead).
Candidly, it may be too late for us (but, for now, we’re still trying to survive). This will take many years to be rectified and for the once-vibrant digital advertising model to begin working again for publishers, if it ever happens. If you can contribute a couple buck monthly help keep our very independent Apple-focused blog afloat, you can do so here. Thank you in advance!
Even as we attempt to move away from the ad-supported model, we back whatever remedy or remedies will introduce competition back into the online advertising business, which is broken, in part, because far too much power is concentrated with Google/Facebook. This situation is exactly why antitrust laws exist. — MacDailyNews, February 2, 2021
Imagine if your livelihood depended on one company that had not only monopolized web search (and, thereby, basically controlled how new customers find you), but also controlled the bulk of online advertising dollars which funded your business and which they could pull, simply threaten to pull, or reduce rates at any time? Now also imagine if you believe this monopolist basically stole the product of another company that is the very subject of your business? How much would you criticize the monopolist thief’s business practices?
You might guess that it would be a tough road to walk. (We’re only imagining, of course!)
That would be a good example of why monopolies are bad for everyone…
In the meantime, stop using Google search and Google products wherever possible. Monopolies are bad for everyone. — MacDailyNews, July 14, 2016
If you haven’t already, give DuckDuckGo a try! https://duckduckgo.com
With this unprecedented power, platforms have the ability to redirect into their pockets the advertising dollars that once went to newspapers and magazines. No one company should have the power to pick and choose which content reaches consumers and which doesn’t. — MacDailyNews, November 9, 2017
We’d like to see real competition in the online search and advertising markets restored someday. — MacDailyNews, March 20, 2019
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https://macdailynews.com/2024/08/06/in-2022-alone-google-paid-apple-20-billion-to-cement-its-illegal-monopoly/
Coinbase to Participate in the Oppenheimer 27th Annual Technology, Internet & Communications Conference
August 06 2024 - 4:15PM
Business Wire
Coinbase Global, Inc. announced today that Alesia Haas, Chief Financial Officer, will participate in a fireside chat at the Oppenheimer 27th Annual Technology, Internet & Communications Conference on Tuesday, August 13, 2024 at 1:15 pm ET / 10:15 am PT.
A live webcast and replay of the virtual session will be available on Coinbase’s Investor Relations website at https://investor.coinbase.com.
Disclosure Information
In addition to filings with the Securities and Exchange Commission, Coinbase uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong’s X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806255566/en/
Press:
press@coinbase.com
Investor Relations:
investor@coinbase.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94326648/coinbase-to-participate-in-the-oppenheimer-27th-an
Warren Buffett’s Berkshire Hathaway chops Apple stake in half
Monday, August 5, 2024 8:56 am
11 Comments
https://macdailynews.com/2024/08/05/warren-buffetts-berkshire-hathaway-chops-apple-stake-in-half/
After Buffett slashes AAPL stake, Apple investors urged to remain calm
Monday, August 5, 2024 11:26 am
1 Comment
https://macdailynews.com/2024/08/05/warren-buffetts-berkshire-hathaway-chops-apple-stake-in-half/
Berkshire Hathaway (NYSE:BRK.B) – Warren Buffett increased Berkshire Hathaway’s cash reserves to $276.9 billion in June, up from $189 billion the previous quarter. The company sold $75.5 billion in stocks, including around 505 million Apple shares. Despite a record operating profit of $11.6 billion in Q2 (up 15%), Berkshire bought only $345 million of its own shares, less than the $2.57 billion the previous quarter. Net profit fell 15%, totaling $30.34 billion. According to Buffett, the sale of nearly half of Berkshire’s Apple stake does not indicate a lack of confidence in the tech giant but rather a risk management strategy. Buffett adjusted his Apple position to reduce concentration and balance the portfolio. Apple remains Berkshire’s largest position, and the decision reflects caution regarding the stake size rather than doubt about the company’s future. Buffett believes the market is overestimating the impact of AI innovation, but the company still has significant potential. BRK.B shares are down -3.8% pre-market.
Apple (NASDAQ:AAPL) – Apple Intelligence, shown to developers, still does not match the expected enthusiasm. Apple delayed its introduction to October and did not include all features in the initial release. The company is also reorganizing its design leadership and expects revenue growth despite weakness in China. The iPhone 16 will launch in September, while Apple Intelligence will be integrated later. In Thailand, Apple pulled an ad after criticism that the film, depicting Bangkok and Rayong, misrepresented the country as underdeveloped. Lawmakers and citizens protested, and the Thai government was concerned about the country’s tourism image. Apple apologized, stating it did not intend to offend. Apple shares are down -6.5% pre-market.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94312835/nvidia-ai-chip-delays-mars-eyes-kellanova-acquisi
Coinbase (NASDAQ:COIN) – Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, stated that any future U.S. government will be “constructive” towards cryptocurrencies. Despite intense SEC scrutiny, the sector has gained significant support, reflected in political campaigns and candidate promises, which could influence crypto asset legislation. Although many at the Bitcoin Conference 2024 in Nashville were excited about Trump, there’s notable division within the crypto community. Some believe his political ideas oppose Bitcoin’s ethos, which aims to be decentralized and government-independent. Trump’s popularity among Bitcoin enthusiasts may be more a response to current regulation than genuine support for cryptocurrency concepts. Coinbase shares fell 12.9% pre-market, while Bitcoin dropped -8.5% in the past 24 hours.
Nvidia AI Chip Delays, Mars Eyes Kellanova Acquisition, Berkshire Hathaway’s Cash Surge to $277 Billion
August 05 2024 - 5:43AM
IH Market News
Nvidia (NASDAQ:NVDA) – According to Reuters, design flaws could delay the launch of Nvidia’s new AI chips by up to three months, affecting customers like Meta, Google, and Microsoft. The Blackwell series, succeeding the Grace Hopper Superchip, faces production issues, impacting orders from these major companies. Shares fell 7% pre-market.
Kellanova (NYSE:K) – Mars, the maker of M&M’s and Snickers, is considering acquiring Kellanova, the producer of snacks like Cheez-It and Pringles, with a market value of $27 billion. This potential deal, one of the largest in the sector, might face regulatory challenges and test the interest of other buyers, while Kellanova continues to trade below some competitors. Shares rose 6.7% pre-market.
Berkshire Hathaway (NYSE:BRK.B) – Warren Buffett increased Berkshire Hathaway’s cash reserves to $276.9 billion in June, up from $189 billion the previous quarter. The company sold $75.5 billion in stocks, including around 505 million Apple shares. Despite a record operating profit of $11.6 billion in Q2 (up 15%), Berkshire bought only $345 million of its own shares, less than the $2.57 billion the previous quarter. Net profit fell 15%, totaling $30.34 billion. According to Buffett, the sale of nearly half of Berkshire’s Apple stake does not indicate a lack of confidence in the tech giant but rather a risk management strategy. Buffett adjusted his Apple position to reduce concentration and balance the portfolio. Apple remains Berkshire’s largest position, and the decision reflects caution regarding the stake size rather than doubt about the company’s future. Buffett believes the market is overestimating the impact of AI innovation, but the company still has significant potential. BRK.B shares are down -3.8% pre-market.
Apple (NASDAQ:AAPL) – Apple Intelligence, shown to developers, still does not match the expected enthusiasm. Apple delayed its introduction to October and did not include all features in the initial release. The company is also reorganizing its design leadership and expects revenue growth despite weakness in China. The iPhone 16 will launch in September, while Apple Intelligence will be integrated later. In Thailand, Apple pulled an ad after criticism that the film, depicting Bangkok and Rayong, misrepresented the country as underdeveloped. Lawmakers and citizens protested, and the Thai government was concerned about the country’s tourism image. Apple apologized, stating it did not intend to offend. Apple shares are down -6.5% pre-market.
Intel (NASDAQ:INTC) – Intel will face a contraction period, including layoffs and dividend suspension, following negative financial reports. Shares fell 26% on Friday due to margin declines and cost-cutting needs. The company’s future focus is on new products like Lunar Lake and Gaudi 3, essential for regaining competitiveness. In contrast, Qualcomm and Arm posted positive results, excelling in revenue and licensing growth, respectively. Shares fell 3.6% pre-market.
CrowdStrike (NASDAQ:CRWD), Delta Air Lines (NYSE:DAL) – Alphabet’s CapitalG fund reduced its stake in CrowdStrike from 855,789 to 427,895 shares by June 30. This occurred before a global disruption in July caused by a CrowdStrike software update, affecting various sectors and resulting in a 35% drop in the company’s stock value. In other related news, CrowdStrike denies responsibility for Delta Air Lines’ flight disruptions in July, suggesting minimal contractual liability. Delta claims a $500 million loss and is considering suing the cybersecurity firm. CrowdStrike said it offered help immediately after the incident, but Delta did not respond. CrowdStrike shares fell 4.1% pre-market. Delta shares fell 3.5%.
Alphabet (NASDAQ:GOOGL) – Character.AI, an AI chatbot platform, announced a deal with Google to license its language technology, reflecting the trend of large companies acquiring AI startups. Cofounder Noam Shazeer and others are returning to Google, where they previously worked. The startup will receive additional funding, but the amount has not been disclosed yet. Shares fell 4.5% pre-market.
Dun & Bradstreet (NYSE:DNB), Cannae Holdings (NYSE:CNNE) – Dun & Bradstreet is considering a sale, working with Bank of America to explore potential buyer interest, including private equity. Cannae Holdings, the largest shareholder, might include its stake in the deal. Dun & Bradstreet shares fell 2.2% pre-market.
23andMe (NASDAQ:ME) – 23andMe rejected CEO Anne Wojcicki’s acquisition offer, considering it too low. She had proposed buying all remaining shares at $0.40 each. The company is now seeking other options to maximize shareholder value and has given Wojcicki and investors more time to submit a revised proposal.
Meta Platforms (NASDAQ:META) – Meta is offering millions to celebrities like Judi Dench and Awkwafina to use their voices in AI projects. The company aims to create tools for its Connect 2024 event. Negotiations face challenges due to disagreements over voice usage terms, with Hollywood concerns about AI’s impact. Meta shares fell 5.6% pre-market.
Warner Bros. Discovery (NASDAQ:WBD) – Warner Bros. Discovery gained more streaming subscribers during the first four days of the Paris Olympics than throughout the Tokyo Games. Viewership exceeded Tokyo’s after two days, boosted by the European time zone and outdoor studios in Paris. Shares fell 4.1% pre-market.
Uber Technologies (NYSE:UBER) – Tony West, Uber’s chief legal officer and brother-in-law of Vice President Kamala Harris, is taking a leave to help with Harris’s presidential campaign. West will leave Uber on August 17 to support the campaign as a volunteer, with no formal role or pay, and plans to return after the campaign. Uber shares fell 5% pre-market.
Tesla (NASDAQ:TSLA) – Elon Musk’s Neuralink successfully implanted its device in a second patient, enabling them to control digital devices with their thoughts. The device, designed to help people with spinal cord injuries, already allowed the first patient to perform digital activities. Musk noted that the second implant is functioning well, with more tests planned. Tesla shares fell 5.3% pre-market.
JPMorgan Chase (NYSE:JPM) – JPMorgan is considering suing the Consumer Financial Protection Bureau (CFPB) over investigations into Zelle. The bank claims it already reimburses unauthorized transactions and wants to prevent the CFPB from imposing new rules requiring refunds for fraud where customers were deceived. Zelle, a peer-to-peer payment app, allows quick money transfers between bank accounts, widely used since its 2017 launch. Shares fell 3.6% pre-market.
Citigroup (NYSE:C) – Don Plaus, who recently joined Citi to lead the wealth management division, is leaving after just four months. His departure raises questions about the new leadership’s efforts to revitalize the bank’s $540 billion wealth management sector. Shares fell 6.1% pre-market.
Lloyds Banking Group (NYSE:LYG) – Lloyds Banking Group appointed Rohit Dhawan as director of artificial intelligence and advanced analytics. He will integrate AI into the bank’s operational and customer processes. Dhawan, former head of data strategy and AI for AWS in Asia-Pacific, will help accelerate digitization and improve services like support and fraud detection. Shares fell 4.9% pre-market.
Coinbase (NASDAQ:COIN) – Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, stated that any future U.S. government will be “constructive” towards cryptocurrencies. Despite intense SEC scrutiny, the sector has gained significant support, reflected in political campaigns and candidate promises, which could influence crypto asset legislation. Although many at the Bitcoin Conference 2024 in Nashville were excited about Trump, there’s notable division within the crypto community. Some believe his political ideas oppose Bitcoin’s ethos, which aims to be decentralized and government-independent. Trump’s popularity among Bitcoin enthusiasts may be more a response to current regulation than genuine support for cryptocurrency concepts. Coinbase shares fell 12.9% pre-market, while Bitcoin dropped -8.5% in the past 24 hours.
Eli Lilly (NYSE:LLY) – Eli Lilly’s Mounjaro and Zepbound medications, used for diabetes and weight loss, are listed as available on the Food and Drug Administration (FDA) website. However, the regulator has not removed the drugs from its shortage list, while Lilly invests in expanding production to meet high demand. Shares fell 4.1% pre-market.
Petrobras (NYSE:PBR), Galp Energia (EU:GALP) – Petrobras plans to include a partner in its proposal to acquire a 40% stake in Galp Energia’s Mopane block in Namibia. The decision to seek a partner aims to reduce risks, while Petrobras attempts to increase its reserves amid environmental challenges in Brazil. The offer should not impact the company’s dividends. Shares fell 1.7% pre-market.
United Parcel Service (NYSE:UPS) – UPS announced significant increases in year-end surcharges due to fewer operational days and higher delivery costs. The decision aims to offset revenue declines caused by slower deliveries from low-cost retailers. Experts fear this could drive customers away and reduce demand. Shares fell 0.9% pre-market.
Five Below (NASDAQ:FIVE) – Five Below will grant $1.5 million retention bonuses to four executives following CEO Joel Anderson’s departure in July, which caused shares to drop 16%. The bonuses include $300,000 in cash and $1.2 million in stock. The company also named Kenneth Bull as interim CEO, eligible for a $2 million bonus. Five Below shares have dropped 68% this year. Shares fell 1.5% pre-market.
McDonald’s (NYSE:MCD) – After earnings fell short of expectations, McDonald’s might adopt the “McSmart” model seen in Australia, Germany, and France, offering affordable meals. The platform has performed well abroad, suggesting a similar version in the U.S. could attract value-seeking consumers. Experts believe this change might be necessary due to the declining popularity of the “1, 2, 3 Dollar” menu. Shares fell 1.7% pre-market.
Walmart (NYSE:WMT) – Walmart’s “everyday low price” promise will be tested in its quarterly results after Amazon reported consumers are bargain hunting and predicted a weak quarter. Despite the pressure to keep prices low, Walmart may benefit due to its scale and focus on essential products. Shares fell 2.2% pre-market.
Amazon (NASDAQ:AMZN) – Jeff Bezos, founder of Amazon, established an automated stock sale plan with a price limit of $200. Sales began in July but halted when shares fell below this value. Currently, with shares at $167.90, future sales under the plan may be delayed. Shares closed down -8.8% on Friday and fell 2.4% pre-market.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94312839/nvidia-ai-chip-delays-mars-eyes-kellanova-acquisi
Report: Apple disrupts overseas acquisition that involves Indian partner
9to5Mac
By Ryan Christoffel
Jul 31, 2024, 10:05 am
photo of Report: Apple disrupts overseas acquisition that involves Indian partner imageApple is a technology company. It specializes in creating products. But as a global force in the world, it can also get caught up in international drama. Today, a new report details one such situation playing out that involves India, China, and competitor Vivo, with Apple disrupting a key acquisition. more…
https://9to5mac.com/2024/07/31/report-apple-disrupting-overseas-acquisition-that-involves-india-partner/
Coinbase expresses concerns over crypto regulation in Australia
"Coinbase (NASDAQ:COIN) expressed concerns about Australia’s crypto asset regulation, which they claim is unfavorable for the sector. The company seeks to avoid restrictive regulations based on law enforcement and awaits a new bill from the Australian Treasury by the end of 2024. The ASIC, which has prosecuted major crypto platforms, maintains its stringent approach, while Coinbase aims to influence legislative development and strengthen regulator relations."
Fed Impact in Crypto Market, California DMV Adopts Avalanche Blockchain, Riot Boosts Bitfarms Stake
July 31 2024 - 3:42PM
IH Market News
Impact of Mt. Gox BTC distribution and Federal Reserve decision on Bitcoin price
Bitcoin’s price remained stable after Mt. Gox transferred $2 billion in BTC on Tuesday, nearing the completion of its $9 billion distribution. A total of 47,229 BTC was moved, with 33,105 BTC possibly destined for BitGo, valued at $2.19 billion. This movement follows transfers to exchanges like Kraken and Bitstamp since July. Analysts suggest the market may be overcoming liquidation concerns, and a Glassnode report indicates creditors might hold their assets long-term.
On Wednesday afternoon, Bitcoin (COIN:BTCUSD) faced volatility due to the Federal Reserve’s interest rate decision and Chairman Jerome Powell’s statement. The Fed maintained the rate between 5.25%-5.50%. Powell mentioned that if data confirms slowing inflation, the Fed might consider rate cuts in the September meeting. The FOMC was optimistic about inflation reduction progress. Bond yields and the dollar rose, with Nasdaq and S&P 500 showing significant gains. Following the decision, Bitcoin briefly dipped before stabilizing, trading at $66,400. After the press conference, Bitcoin rose 0.50% to $66,497.53. With a 6.94% monthly gain in July, BTC has technical support around $65,700.
California DMV digitizes 42 million car titles on Avalanche blockchain
The California Department of Motor Vehicles digitized 42 million car titles on the Avalanche blockchain (COIN:AVAXUSD), modernizing operations. Partnering with Oxhead Alpha, Californians can manage and transfer titles digitally via a mobile wallet app, reducing DMV visits and increasing fraud security. This innovation reflects Governor Gavin Newsom’s commitment to adopting advanced technologies in the public sector.
Riot Platforms increases stake in Bitfarms after dilution plan cancellation
Riot Platforms (NASDAQ:RIOT), a Bitcoin miner based in Texas and Kentucky, purchased about 10 million additional shares of Bitfarms (NASDAQ:BITF), a Toronto-based miner. The stake increased to 15.9%, totaling $159.1 million. The acquisition followed the Ontario Capital Markets Tribunal’s cancellation of a plan that would have diluted Bitfarms shares for entities with over 15% stake. Riot seeks to acquire Bitfarms and has criticized its governance, while Bitfarms evaluates measures to protect its shareholders.
Bitcoin and Ethereum ETF flows on July 30
On July 30, Bitcoin ETFs saw a net outflow of $18.3 million, breaking a streak of inflows since July 23. Grayscale’s ETF (AMEX:GBTC) experienced a significant outflow of $73.6 million, bringing its total outflow to $18.9 billion. Bitwise (AMEX:BITB), ARK (AMEX:ARKB), and Fidelity (AMEX:FBTC) had smaller outflows, while BlackRock’s ETF (NASDAQ:IBIT) stood out with $74.9 million in inflows, raising its total net inflow to over $20 billion.
Ethereum ETFs had a net inflow of $33.7 million, the first since July 23. Grayscale’s ETF (AMEX:ETHE) saw $120.3 million in outflows, while BlackRock (NASDAQ:ETHA) had the largest inflow at $118.0 million. Total Ethereum ETF outflows amounted to $406.4 million so far.
Grayscale launches Mini Trust for Bitcoin after SEC approval
On Wednesday, Grayscale Investment began trading the Grayscale Bitcoin Mini Trust BTC (AMEX:BTC), a smaller version of the Grayscale Bitcoin Trust (AMEX:GBTC), after SEC approval. The new product, traded under the symbol “BTC,” aims to distribute shares to GBTC shareholders as they contribute bitcoin to the trust. Zach Pandl of Grayscale believes there will be high demand for low-cost bitcoin exposure, especially with growing attention on cryptocurrencies and macroeconomic trends.
Bitcoin Conference 2025 to be held in Las Vegas
Following the success of Bitcoin 2024 in Nashville, which brought together 22,000 participants, the Bitcoin Conference 2025 will take place in Las Vegas from May 27 to 29. The change highlights the city’s growth and innovation, becoming a hub for technology and entrepreneurship. Nevada Governor Joe Lombardo and BTC Inc. CEO David Bailey expressed excitement about Las Vegas, promising an event with panels, networking, and tech exhibitions. Tickets are now available for purchase.
During the Nashville Bitcoin Conference, Donald Trump raised $25 million, as reported by journalist Eleanor Terrett. Bitcoin Magazine CEO David Bailey confirmed the amount. The event featured notable figures like the Winklevoss twins and Kid Rock, reflecting the crypto community’s support for Trump, who vowed to fire SEC Chairman Gary Gensler. Trump’s campaign accepted cryptocurrency donations, totaling over $4 million by July 2024.
Ripple’s XRP token reaches four-month high and best monthly performance
Ripple’s XRP (COIN:XRPUSD) rose to an intraday high of $0.6587, its highest in four months, aiming for over 20% appreciation in July. The increase is attributed to growing interest from retail investors and large holders. Trading volume surged 165%, reaching $2.5 billion. Speculations about a possible settlement between Ripple and the SEC could further impact the token’s value.
Aptos Foundation launches stablecoin USDY on the Aptos blockchain
The Aptos Foundation (COIN:APTUSD) launched the USDY stablecoin by Ondo Finance on the Aptos network. USDY, backed by US Treasury bonds, is available to non-US residents and aims to democratize finance and support underserved communities. The asset is not yet registered under the US Securities Act. Additionally, stablecoin issuers like Tether have become major buyers of US debt, attracting attention to the potential impact on the US dollar’s dominance.
Reentrancy attack temporarily suspends Terra network
Terra developers halted the network on Wednesday following a reentrancy attack that drained over $4 million in tokens. The freeze occurred at block 11430400 to apply an emergency fix. The attack exploited a vulnerability disclosed in April, resulting in losses of $3.5 million in USDC, $500,000 in USDT, 2.7 BTC, and 60 million ASTRO.
ZKX protocol ceases operations due to economic unviability
The ZKX protocol, a social derivatives trading platform on Ethereum Layer-2 Starknet, ceased operations due to economic unviability. Founder Eduard Jubany Tur cited low user engagement and declining trading volumes as key factors. Despite raising $7.6 million in June, the ZKE token value plummeted, and operational costs were unmet. All markets were delisted and funds returned to users.
SEC accuses BitClout founder of fraud in crypto asset offering
The SEC sued Nader Al-Naji, founder of BitClout (now Decentralized Social), for raising over $257 million through unregistered crypto asset offerings under false pretenses. Al-Naji is accused of diverting $7 million for personal expenses and creating the impression of decentralization to avoid regulation. The US Attorney’s Office also filed similar charges.
Biden adviser leaves for Kamala Harris PAC
Anita Dunn, senior adviser to Joe Biden, is leaving the White House to join the Super PAC Future Forward, supporting Kamala Harris for the 2024 presidency. The PAC plans to invest around $300 million in Harris’s campaign. Although Dunn recently discussed cryptocurrency regulation, it is unclear if her new role will involve this sector. PACs like Future Forward cannot coordinate directly with political candidates.
BIS and BoE advance stablecoin supervision
The Bank for International Settlements (BIS) and the Bank of England (BoE) introduced a new prototype called Pyxtrial, enabling real-time supervision of stablecoin balance sheets. The system aims to monitor assets and liabilities to prevent mismatches that could undermine trust in stablecoins. This technology is a significant step towards addressing regulatory gaps and ensuring market stability.
Bahamas passes new crypto asset law following FTX collapse
The Bahamas passed the Digital Assets and Registered Exchanges Act 2024 (DARE 2024), aiming for regulatory clarity in the crypto sector and reaffirming its pro-crypto stance. The new legislation covers derivatives, staking, and stablecoins, requiring greater transparency and investor protection. DARE 2024 bans algorithmic stablecoins and limits PoW token mining.
Coinbase expresses concerns over crypto regulation in Australia
Coinbase (NASDAQ:COIN) expressed concerns about Australia’s crypto asset regulation, which they claim is unfavorable for the sector. The company seeks to avoid restrictive regulations based on law enforcement and awaits a new bill from the Australian Treasury by the end of 2024. The ASIC, which has prosecuted major crypto platforms, maintains its stringent approach, while Coinbase aims to influence legislative development and strengthen regulator relations.
Wisconsin launches tracker to combat crypto fraud
The Wisconsin Department of Financial Institutions launched a public tracker to combat financial and cryptocurrency fraud. Between January 2022 and June 2024, residents lost nearly $3.55 million to scams. The tracker uses consumer complaints to identify threats and alert the public, aiming to hinder scammers and protect investors. The tool is regularly updated and allows searches by company name, scam type, or keyword.
Artists sue SEC over NFT classification as securities
Artists Jonathan Mann and Brian L. Frye sued the US SEC, questioning if NFTs (non-fungible tokens) they sell as digital art should be considered securities. Mann, known for creating a new song daily for over 16 years, and Frye, a conceptual artist and law professor, argue that the SEC is overextending securities rules to include digital art. They fear this approach could limit creativity and innovation in the NFT space and seek a court decision to ensure their projects can continue without securities regulation restrictions.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94286736/fed-impact-in-crypto-market-california-dmv-adopts
2024-07-18 "Jasmy Secure PC" website has been renewed
https://www.jasmy.co.jp/
Jasmy Secures Three Trademarks: A Game-Changer for Japan’s Carbon Credit Initiative
source-logo cryptonewsland.com
9 h
https://cryptonews.net/news/altcoins/29523783/
"JANCTION" will exhibit at "XANA SUMMIT 2024", a cutting-edge tech and entertainment festival!
A festival of Web 3.0, AI and entertainment in the metaverse
NOBORDERZ
July 30, 2024 09:30
https://prtimes.jp/main/html/rd/p/000000160.000080034.html
Coinbase and FCA Reach Agreement to Resolve Investigation into Voluntary Requirement Breaches
Tl;dr: The UK Financial Conduct Authority (FCA) has concluded an investigation into our UK business on-boarding and providing e-money services to certain high-risk customers, in breach of restrictions agreed to by CBPL and the FCA. The FCA’s investigation focused on why the controls we put in place to comply with these restrictions allowed this to happen. Coinbase is a regulated institution, deeply committed to compliance. We welcome regulation and are dedicated to working proactively and closely with the most sophisticated financial regulators in the world, including the FCA, to ensure we offer the most compliant, trusted, and secure platform for our customers.
By Coinbase International, July 24, 2024
https://www.coinbase.com/blog/coinbase-and-fca-reach-agreement-to-resolve-investigation-into-voluntary-requirement-breaches?__cf_chl_rt_tk=W__EFEqUSuEN2sVDcuZLXnQUMUfX9lV_otgwHJq51f8-1722375829-0.0.1.1-4671
Chris Lehane, Paul Clement, and Christa Davies Join Coinbase’s Board of Directors
Tl;dr: Chris Lehane, Paul Clement, and Christa Davies are joining Coinbase’s Board of Directors. They each have different political philosophies. They each have vastly different career paths. But, they have all arrived at the same conclusion: crypto is a powerful tool to update the system.
By Coinbase Company, July 25, 2024, 2 mins read time
https://www.coinbase.com/blog/coinbase-lehane-clement-davies-join-board-of-directors
Apple’s earnings are almost here; the market reaction will likely surprise
Tuesday, July 30, 2024 5:00 pm
1 Comment
With Apple’s fiscal Q324 earnings due on August 1st, is worth remembering that traders can behave in strange ways. Sometimes they’ll buy a stock on a rumor and sell it on the news. Sometimes when companies beat expectations on earnings they sell and take profits. Sometimes they buy even when the companies miss.
Brian Swint for Barron’s:
All the signs point to that kind of topsy-turvy week. Software maker Microsoft reports Tuesday, with retailer Amazon, iPhone maker Apple, and Facebook owner Meta Platforms over the next few days. These Magnificent 7 technology stocks have driven the market higher for the last two years, but have fallen out of favor lately. Chip maker Nvidia will be the last to report at the end of next month, but by then we may know all we need to know about how investors will treat these big names…
Traders may well still be looking for excuses to sell the Mag 7, which suggests that even if earnings this week come in strong–or perfect–these stocks might go down. For Google, the excuse was inflated spending on artificial intelligence. That reason could be used for others, too.
Alternatively, investors may also decide to differentiate within the Mag 7 group now. They could pick their perceived winners and losers from that group – because their businesses aren’t that similar, and AI means different things to each of them.
MacDailyNews Take: If we get a deal on Apple following earnings, we’ll gladly take advantage of it. If not, we’ll enjoy the spoils (on paper) as we continue to accumulate. As always, do you own due diligence.
MacDailyNews Note: Apple is scheduled to release fiscal third quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30 p.m. PT / 4:00 p.m. ET. As always, we’ll have the results for you as soon as they are release. The company will hold a conference call with analysts thirty minutes later at 2:00 p.m. PT / 5:00 p.m. ET, which we’ll cover with live notes as usual.
https://macdailynews.com/2024/07/30/apples-earnings-are-almost-here-the-market-reaction-will-likely-surprise/#google_vignette
Group of hikers saved from wildfires by Apple’s Emergency SOS via Satellite on iPhone
Monday, July 29, 2024 2:15 pm
1 Comment
A group of four women was successfully rescued from a B.C. glacier last week after a daring helicopter operation. The rescue took place amidst a challenging wildfire season. The stranded women were able to utilize Apple’s Emergency SOS via Satellite feature on their iPhone to send a text message, triggering the rescue effort.
Corey Bullock for CBC News:
As wildfires continue to burn across the Kootenay region, a group of four women were helicoptered off a glacier in B.C.’s West Kootenay region last week.
The dramatic rescue, amidst a challenging wildfire season, has officials warning people to be careful.
A search and rescue team flew through thick smoke, near an approaching wildfire to find the hikers, who were stranded on the Macbeth Ice Fields, northeast of Kaslo, about 390 kilometres east of Kelowna.
The four women, who all live in British Columbia, had been camping when the wind picked up, said Mark Jennings-Bates, the Kaslo Search and Rescue manager, who led the rescue.
“Embers were falling on their tent so they ran for their lives,” Jennings-Bates told CBC’s Daybreak South.
The rescue was especially challenging with smoke making visibility difficult for the helicopter pilot, he said.
Jennings-Bates said the stranded women were able to send a text message via satellite through Apple’s emergency SOS function, and that ultimately made the rescue possible.
“We were just able to sneak over a ridge and found them exactly where the cellphone ping said they were, which is really unusual and very satisfying,” he said.
“In this instance, their cellphone literally saved their lives.”
MacDailyNews Take: Another four lives saved, thanks to iPhone and Emergency SOS via Satellite! (Also sounds like it would make for a great iPhone commercial!)
How to use Emergency SOS via satellite on your iPhone here.
Related
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https://macdailynews.com/2024/07/29/group-of-hikers-saved-from-wildfires-by-apples-emergency-sos-via-satellite-on-iphone/
Meta looks to knock off Apple Vision Pro’s EyeSight feature
Tuesday, July 23, 2024 4:39 pm
1 Comment
Mark Zuckerberg’s Meta has filed a patent that looks very similar to Apple Vision Pro’s EyeSight feature. Meta’s patent application is called “Embedded Sensors in Immersive Reality Headset to enable Social Presence.”
Jack Purcher for Patently Apple:
It also confirms that a redesign of their Quest headset or an all-new headset design is being considered to support this feature. To distinguish it from Apple’s Eyesight, Meta notes that some of the sensors in face interface may include health sensors.
Meta’s Patent Abstract: A method for updating a subject avatar with a facial expression collected in real time. The method includes receiving, from a sensor on a facial interface of a headset, a signal indicative of a movement in a facial muscle from a user of the headset, determining a facial expression of the user with the signal from the sensor in the facial interface of the headset, based on a machine learning algorithm trained to associate the facial expression to the movement of the facial muscle, adjusting a subject avatar for the user of the headset based on the facial expression, and providing the subject avatar to an immersive reality application hosted by a remote server…
MacDailyNews Take: Meta see, Meta do.
Related
Meta’s quixotic Quest cannot compete with Apple’s Vision Pro
Wednesday, June 7, 2023
In "News"
Meta’s Zuckerberg dismisses Apple Vision Pro; ‘not the one that I want’
Thursday, June 8, 2023
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Zuckerberg panics, Osborne Effects Meta with rushed ‘Quest 3’ headset reveal
Thursday, June 1, 2023
In "News"
https://macdailynews.com/2024/07/23/meta-looks-to-knock-off-apple-vision-pros-eyesight-feature/
Coinbase Announces Date of Second Quarter 2024 Financial Results
July 18 2024 - 4:05PM
Business Wire
Coinbase Global, Inc. (the “Company” or “Coinbase”) announced today that it will publish its second quarter 2024 shareholder letter, including financial results, on its Investor Relations website at investor.coinbase.com on Thursday, August 1, 2024, after market close. The Company will hold a conference call to discuss its financial results at 2:30 p.m. PT that same day.
Starting on July 25 at 9:00 a.m. PT, all shareholders will be able to submit and upvote questions for Coinbase management by visiting here. This Q&A platform will remain open until 24 hours before the earnings call. Shareholders can email support@saytechnologies.com for any support inquiries.
The live webcast of the call can be accessed here. Following the call, a replay of the call, as well as a transcript, will be available on the Investor Relations website at investor.coinbase.com.
Disclosure Information
Coinbase uses the investor.coinbase.com and blog.coinbase.com websites, as well as press releases, public conference calls, public webcasts, our X feed (@coinbase), our Facebook page, our LinkedIn page, our YouTube channel, and Brian Armstrong’s X feed (@brian_armstrong) as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240718867603/en/
Press:
press@coinbase.com
Investor Relations:
investor@coinbase.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94217940/coinbase-announces-date-of-second-quarter-2024-fin
Microsoft Windows BSOD strikes again: ‘Largest IT outage in history’ takes down airlines, hospitals, and more
Friday, July 19, 2024 10:50 am
3 Comments
Microsoft’s Windows BSOD has struck again – worldwide. IT security consultant Troy Hunt called it “the largest IT outage in history,” saying, “basically what we were all worried about with Y2K, except it’s actually happened this time.”
George Kurtz, president and CEO of Crowdstrike, a modern antivirus platform, was quick to take responsibility for the issue, writing on X, “CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed.”
CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed. We…
— George Kurtz (@George_Kurtz) July 19, 2024
Apple supplier TSMC’s profit beats estimates
Thursday, July 18, 2024 8:59 am
1 Comment
Major Apple supplier Taiwan Semiconductor Manufacturing Co. (TSMC)’s earnings beat analysts’ heightened estimates as global demand for AI chips continues to be insatiable.
Jane Lanhee Lee for Bloomberg News:
Market expectations had risen in the weeks leading up to TSMC’s report on Thursday, with the AI frenzy and related investment showing no signs of slowing down.
The chipmaker for Apple Inc. and Nvidia Corp. said net income rose to NT$247.8 billion ($7.6 billion). The average estimate was for a 29% increase, and many expected TSMC to hike its full-year outlook after sales jumped in the June period. The company said last week that its second-quarter sales grew at the fastest pace since 2022.
Insatiable demand for Nvidia chips has propped up TSMC’s performance, while the wider smartphone market is on a path to recovery. Apple has seen handset sales stabilize, and provided an upbeat guidance to its suppliers on shipments for the upcoming iPhone 16 based on the potential strength of its new AI tools.
MacDailyNews Note: Apple Intelligence is the personal intelligence system that brings powerful generative models to iPhone, iPad, and Mac. For advanced features that need to reason over complex data with larger foundation models, Apple created Private Cloud Compute (PCC), a groundbreaking cloud intelligence system designed specifically for private AI processing. For the first time ever, Private Cloud Compute extends the industry-leading security and privacy of Apple devices into the cloud, making sure that personal user data sent to PCC isn’t accessible to anyone other than the user — not even to Apple. Built with custom Apple Silicon, manufactured by TSMC, and a hardened operating system designed for privacy, Apple’s PCC is the most advanced security architecture ever deployed for cloud AI compute at scale.
https://macdailynews.com/2024/07/18/apple-supplier-tsmcs-profit-beats-estimates/#google_vignette
Stand with Crypto Expands to Canada
TL;DR: Stand with Crypto unites global crypto advocates, forming a passionate community committed to driving sensible crypto innovation and crypto policy. In the United States the movement has reached over 1.1 million advocates and continues to grow. In the UK, the movement is also building momentum; Stand with Crypto recently published a manifesto calling for the next UK Government to drive web3 innovation, jobs and a more digital economy. Now is the time to expand the Stand with Crypto movement to Canada and make sure crypto advocates' voices are heard.
By Tom Duff Gordon, Lucas Matheson International, July 12, 2024
Mission of Stand with Crypto in Canada
Stand with Crypto was born in the US as a movement focused on mobilizing the crypto community. Stand with Crypto in Canada is all about shining a light on the pioneers building businesses onchain, driving real-world use cases, and solving society’s problems with blockchain technology. We believe that Canada can be a leader internationally in the adoption and commercialisation of this transformative technology, and it begins with crypto. With an estimated 5 million crypto holders calling Canada home[color=red][color=red][/color][/color], now is the perfect time to rally Canadian voices and ensure they're seen and heard.
According to a survey Coinbase conducted with Angus Reid, 86% of Canadians agree the Canadian financial system could use an update. The majority feel that the system is not fair for everyone (80%), is out of touch (76%) and is designed to benefit corporations (83%) and the wealthy (73%). 72% think that the regulation of cryptocurrency exchanges is important. Nearly a third of Canadians (29%) said they would be more inclined to buy cryptocurrency if there was more regulation in the industry. The appetite for this movement in Canada is clear.
Policymakers have expressed a desire to deepen their understanding of the opportunities presented by emerging technologies like blockchain, and industry needs to do a better job of explaining the social and economic value that can be unlocked through applications of cryptocurrency, blockchain and decentralised innovation.
Calgary Launch Event: A Major Milestone
SwC reached a significant milestone with a launch event today on Friday, 12th July in Calgary on the sidelines of the Calgary Stampede. The event heard remarks from the Honourable Dale Nally, Minister of Service Alberta and Red Tape Reduction; Lucas Matheson, CEO, Coinbase Canada; Tom Duff Gordon, Vice President of International Policy at Coinbase; Alexis Pappas, Chief Innovation Officer, GuildOne Inc.; and Samantha Robertson, Director of Global Energy Strategy, at Bitdeer. The event brought together some 100 blockchain entrepreneurs, industry leaders, investors, leading academics and media.
The launch event is the culmination of a week-long trade mission in Alberta organised by the Canadian Blockchain Consortium. Delegates met with Danielle Smith, the Premier of Alberta; Honourable Nathan Neudorf, Minister of Affordability and Utilities, Government of Alberta; Alexis Pappas, Chief Innovation Officer, GuildOne Inc. and Samantha Robertson, Director of Global Energy Strategy at Bitdeer. The agenda was designed to foster collaboration between Government and industry, to ensure that collaborative governance of the digital asset ecosystem results in common-sense regulation.
The Calgary launch event marks a pivotal moment in the campaign’s expansion. As SwC continues to grow, its impact on Canada’s blockchain landscape is set to be profound, fostering a grassroots movement that champions blockchain innovation and economic growth.
If you believe in the power of the blockchain and want to Stand with Crypto in Canada, sign up to the movement here, and join us on this journey.
https://www.coinbase.com/blog/stand-with-crypto-expands-to-canada?__cf_chl_rt_tk=strhvXqapGE8gfJV_ms1tWpQ9NEo4vzJppvkal9eC1w-1721073197-0.0.1.1-4500
Apple’s iPhone sales in India surge 33%
Monday, July 15, 2024 2:02 pm
1 Comment
Apple sales in India surged 33% to a record $8 billion, Bloomberg News reports citing “a person familiar with the matter,” driven by local assembly and new retail stores. This boom highlights India’s fast-growing market for the Cupertino Colossus.
Sankalp Phartiyal for Bloomberg News:
Apple’s pricey iPhones accounted for more than half of the sales, said the person, who asked not to be named as the information isn’t public.
The increase signals steady progress in Apple’s effort to win users in the world’s most populous country, whose consumers are gradually gaining more purchasing power as the economy expands. The company is targeting India as a way to diversify its manufacturing and revenue sources beyond much larger market China, which has become riskier because of trade tensions with the US.
The Indian market is dominated by cheaper Chinese devices using Google’s Android mobile operating system, and iPhones make up just about 3.5% of the country’s roughly 690 million smartphones in use, according to Counterpoint Research. Even though India is one of Apple’s fastest-growing markets, the South Asian nation accounts for only about 2% of its latest fiscal-year sales of $383 billion.
MacDailyNews Take: Virtually unlimited headroom for growth awaits Apple in India!
https://macdailynews.com/2024/07/15/apples-iphone-sales-in-india-surge-33/
The new Coinbase Wallet web app: your home for everything onchain
TLDR: The new Coinbase Wallet web app is your home for everything onchain. Connect multiple wallets and see a full picture of your crypto, NFTs, and DeFi positions. Buy, swap, send, stake, and mint easily from any of your wallets. The new Coinbase Wallet web app also works seamlessly with smart wallets, the newest way to get started onchain in just a few clicks. Visit wallet.coinbase.com and create or connect a wallet to get started.
By Sid Coelho-Prabhu Product, July 11, 2024
, 5 mins read time
https://www.coinbase.com/blog/the-new-coinbase-wallet-web-app?__cf_chl_rt_tk=3I9jw24q.cz2oUMfqM5k29q.QSaJBggHRaaHfKk.4kc-1720745527-0.0.1.1-5204
Apple stock has more upside – BofA Securities
Thursday, July 11, 2024 3:32 pm
1 Comment
Apple stock got a new price target that’s 18% higher than Wall Street’s consensus on Thursday, but increased sentiment that interest rate cuts are coming in September, not any bad news, was keeping shares in the red during regular trading.
Angela Palumbo for Barron’s:
BofA Securities analyst Wamsi Mohan increased his price target on Apple to $256 from $230, which implies a 10% increase to the stock’s closing price of $232.98 on Wednesday. He also maintained a Buy rating on the shares.
However, the June Consumer Price Index came in lower than expected earlier in the day. This gave market participants further confidence that Federal Reserve will cut interest rates in September. Investors took this as a sign to sell shares of well-performing, megacap tech stocks, and put those profits into worse-performing stocks that would benefit more immediately from a rate cut. Apple was one of the casualties.
The analyst wrote in a research note that the higher price target is based on “increased confidence of a multiyear iPhone upgrade cycle driven by an aging installed base and GenAI features that should provide a boost to customers’ intentions to upgrade.”
“A significant number of iPhone users are still using older iPhone models: 29% own an iPhone in the iPhone 13 family, 13% own an iPhone in the iPhone 12 family, and more than 31% own an iPhone in the iPhone 11 family or older,” Mohan said.
MacDailyNews Take: The iPhone 16 supercycle is revving up! We’re taking whatever discounts the market gives us, regardless of the reasoning or lack thereof.
https://macdailynews.com/2024/07/11/apple-stock-has-more-upside-bofa-securities/#google_vignette
Apple gives tips on avoiding phishing scams amid new SMS scam
Wednesday, July 10, 2024 6:22 pm
No Comments
Apple has updates its support document with tips to avoid phishing scams and information about what to do if you receive suspicious emails, phone calls, or other messages.
Be aware of recent smishing attacks targeting Apple IDs. Scammers are sending text messages urging users to enter their Apple ID credentials on a phony iCloud website.
Apple Support:
Social engineering is a type of targeted attack that relies on impersonation, deception, and manipulation to gain access to your personal data. In this attack, scammers will pretend to be representatives of a trusted company or entity over the phone or through other communication methods. They will often use sophisticated tactics to persuade you to hand over personal details such as sign-in credentials, security codes, and financial information.
Phishing is one common tactic of social engineering that refers to fraudulent attempts to get personal information from you, usually by email. But scammers use any means they can to trick you into sharing information or giving them money, including:
• Fraudulent emails and other messages that look like they’re from legitimate companies, including Apple.
• Misleading pop-ups and ads that say your device has a security problem.
• Scam phone calls or voicemails that impersonate Apple Support, Apple partners, and other well known or trusted entities or individuals.
• Fake promotions that offer free products and prizes.
• Unwanted Calendar invitations and subscriptions.
If you’re suspicious about an unexpected message, call, or request for personal information, such as your email address, phone number, password, security code, or money, it’s safer to presume that it’s a scam — contact that company directly if you need to.
MacDailyNews Note: Read more in the full article here.
https://macdailynews.com/2024/07/10/apple-gives-tips-on-avoiding-phishing-scams-amid-new-sms-scam/
"Tired of misinformation on this sub. Here is an update on Jasmy (conducted with real research):"
emoji:Jasmy_Spin_Logo_Clear_64: DD
emoji:HLF_Icon_-_Clear_64x64:
Verified Partnerships
Panasonic: Jasmy has announced a partnership with Panasonic to develop a Web3-based platform that integrates blockchain technology with IoT. The platform aims to securely connect device information to individuals through a decentralized database.
Janction (should be labeled a "Project" but I'll add it here anyway because it's cool): It aims to form a GPU colony into a public layer-2 and AI service hub—a DePin and AI permission-less chain incubated by the Jasmy community.
Transcosmos: Jasmy has a partnership with Transcosmos, a company that provides IT outsourcing and customer support services. This partnership focuses on leveraging Jasmy's blockchain technology for secure data management and IoT solutions?. (I haven't found any new information about this since 2022 on Transcosmos' website).
Green Carbon: A carbon credit creation consulting business, a research and development business for plants with high carbon dioxide absorption capacity, a carbon credit trading business, and an ESG consulting business. Green Carbon partnered with Jasmy to offer a blockchain-based carbon credit exchange that provides credit distribution and usage environment. In addition, by recording the process on the blockchain from the creation stage of carbon credits, it will be possible to distribute credits with even higher reliability (has to do with paddy rice cultivation). This information was released June 21, 2023.
Novacellum Inc.: Three companies, BMS, a pioneer in regenerative medicine and cell therapy in Japan in the early days of the field, and Jasmy, have agreed to launch a new promotion project (tentative name: "My Genome Guard" Promotion Project; hereinafter "This Project") to advance the advancement of personalized medicine using genomic information, as well as the promotion of whole genome analysis methods that Novaceram is applying and developing for preventive and preemptive medicine, and the development of "CTC neoantigen dendritic cell therapy," a treatment technology developed by Novaceram to treat cancer by identifying genetic mutations that occur in cancer cells. The last update was November 27, 2023.
BioMedica Solution: Jasmy will begin the joint development of a cell culture system with BioMedica Solution. Jasmy will further enhance and utilize their personal data locker in terms of safeguarding and effectively using the most core information of cells. The project is expected to begin recruiting participants as early as this year, with the project scheduled to begin in the first half of 2024. No updates have been listed since November 23, 2023.
Sagantosu: In 2021, Jasmy signed a cooperation agreement with Sagan Tosu, the top club of the Japanese Football League. That same year, Jasmy also became the official sponsor of the football club. Their technology helped the Sagan Tosu team to issue the world's first NFT fan token in the field of football. No updates have been listed since November 2021. Jasmy paid for a part of the sponsorship contract fee of Sagan Tosu.
Unverified Partnerships
Sony: No verified evidence of an active corporate partnership beyond the involvement of former Sony executives in Jasmy’s founding team.
Microsoft: No verified evidence of a partnership. Previous claims lack concrete sources.
Amazon: No verified evidence of a partnership. Previous claims lack concrete sources.
Apple: No verified evidence of a partnership. Previous claims lack concrete sources. (Apple is adding the ability for iPhones to function as Japan's "My Number" identification cards and JasmyCoin (JASMY) has been linked to Japan's My Number Card itrust authentication service, however, Apple and Jasmy have no direct partnership, whatsoever. iPhone's incorporation of My Number Card is speculated to be released in the Spring of 2025, and only in Japan.
NVIDIA: No verified evidence of a partnership. Previous claims lack concrete sources.
Aplix Corporation: In 2021, Jasmy gave Aplix a proposal to create new solutions by fusing next-generation embedded devices and the technologies of both companies, based on the core competencies of Aprix, "embedded development" and "multi-cloud solution" (nothing has happened since).
Toyota: Witz (named below), is a Japanese company that designs smart cities and self-driving vehicles. If and when confirmed, Jasmy's technology would allow passengers to share their location and travel plans with whom they want. Toyota is "supposedly" working with Jasmy and Witz on this, although nothing has been confirmed to this date.
Witz Corporation: Witz participated in online CES in 2021. At the exhibition, Witz publicly announced that it has been using Jasmy’s technology. The TISIWIT system is a mega venue intelligent management system to ensure personal information security based on JASMY’s original blockchain technology “Personal Data Locker”. The key advantages of the TISIWIT system were applied to a baseball field during COVID-19 so fans could easily enter and exit the stadium by scanning the QR code, personal information registered by fans would be saved to JASMY personal data locker and provided to the operator with sensitive information filtered out, the operator could regulate and control the number of fans and the time of admission through this system so that both the operator and the fans can feel at ease during the game, and the system filtered personal data to detect whether there are cases of infection, the status of vaccination, etc., so that countermeasures can be prepared in advance.
Natural Capital Credit Consortium: This is an association aimed at realizing a decarbonized society through the revitalization of the carbon credit market. Jasmy strongly supports NCCC’s initiatives to create carbon credits and revitalize the market. This "partnership" means absolutely nothing and I don't know why it's listed on their website. No updates have been given since 2021 regarding this.
Akashi: Although listed on Jasmy's website as a partner, no verified evidence of a partnership is available online.
Nippon Travel Agency: Although listed on Jasmy's website as a partner, no verified evidence of a partnership is available online. Jasmy was involved with an "empirical experiment" with Nippon Travel Agency as the first major application of blockchain technology in the tourism industry, however, no updates have been given since December 2021.
NEXTSGO: Jasmy has basically agreed (yes, they use the word "basically agreed" on their website) on a business alliance with NEXTSGO Company Limited which develops a wide range of PC businesses in over 25 counties, including markets from Asia to Middle East, India, UK, and Ireland, and have begun preparations for collaboration. No updates have been given since February 2022. (NEXTSGO doesn't even have a website, but the internet says they are "a computer technology company, with headquarters in Hong Kong. It develops, manufactures, and sells personal computers: laptops, loT and Smart home devices. It is a wholly-owned subsidiary of ALCO Group")
We all want Jasmy to succeed. We all want to retire. But we need to be better advocates for the truth. And I'm tired of seeing misinformation on this sub... so I spent some time fact-checking a bunch of stuff (hence this post). Credibility is what's going to allow for more people to invest in the project. Disinformation and speculation make us look like another meme coin. And we are not another meme coin.
Sorry for being a party pooper. I just want this sub to come back down to reality so that when new users check out the sub, they trust what they see, and are more likely to invest.
Jasmy will be great. But all great things take time. Rome was not built overnight.
And if you'd like to add to this list, please do. Cite your sources and include links that verify your claims. And if some of my information is wrong, please chime in and back your claims for all to see and verify.
For accurate and reliable information, rely on official press releases and statements directly from Jasmy and its partners, not Binance or Twitter/X posts written by random people posting in their basements. Otherwise, it's misinformation, speculation, and a rumor, which does not help Jasmy's credibility.
Sincerely,
A Believer.
https://www.reddit.com/r/JasmyToken/comments/1dt8qb5/tired_of_misinformation_on_this_sub_here_is_an/
Apple Joins OpenAI Board, Logitech President Opts Out of Reelection, and More News
July 03 2024 - 6:59AM
IH Market News
Apple (NASDAQ:AAPL) – Apple will obtain an observer role on the OpenAI board as part of an AI agreement, with Phil Schiller chosen for the position. This arrangement will allow Schiller to attend board meetings without voting rights, starting later this year. In other related news, a former Apple corporate law director convicted of insider trading was ordered to pay a $1.15 million fine by the U.S. SEC after avoiding prison. Gene Levoff admitted to illegal trades based on insider information about the company’s earnings announcements. Additionally, Apple is trying to amend a court document in China even after winning the case, highlighting the delicacy of its position in the world’s largest smartphone market. The company wants to remove references to its “dominant position” and phrases suggesting “unfair pricing could harm consumers” in the final decision.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94142510/apple-joins-openai-board-logitech-president-opts
MacBook owners with faulty butterfly keyboards soon to get settlement checks
Tuesday, July 2, 2024 11:29 am
1 Comment
Two years after Apple settled a class-action lawsuit for $50 million over faulty MacBook butterfly keyboards, funds from the settlement will be going out to affected customers.
Juli Clover for MacRumors:
An update on the MacBook Keyboard Litigation Settlement website says that the court issued a payment order on June 27, 2024, with payments set to be issued for approved claims by August 2024.
Emails about the lawsuit were sent out in December 2022 to MacBook owners eligible for a payment. MacBook owners who had at least two topcase replacements from Apple within four years of purchase are set to receive a maximum of $395, while customers who had one topcase repair will receive up to $125. Those who had keycap replacements are eligible for up to $50.
Claims were accepted through March 6, 2023, and the settlement was ultimately approved on May 25, 2023. There is no word on why there has been more than a year’s delay getting payments sent out to customers.
?
MacDailyNews Take: Finally!
Related
Court approves Apple’s $50 million settlement over MacBook ‘butterfly’ keyboard
Tuesday, November 29, 2022
In "News"
Apple to pay $50 million settlement over MacBook butterfly keyboard lawsuit
Tuesday, July 19, 2022
In "News"
Apple will pay up to $395 to people in $50 million MacBook butterfly keyboard settlement
Wednesday, November 30, 2022
In "News"
https://macdailynews.com/2024/07/02/macbook-owners-with-faulty-butterfly-keyboards-soon-to-get-settlement-checks/
i haven't done any research on MGON for a long time, as it is a small investment that I purchased years ago...so, i checked their company profile in Vanguard and would be happy with any of the current share prices of their listed competitors🙂:
Competitors
As of 2:21 PM ET 7/02/2024
Symbol Name Last Price 1 Month % change 1 Year % change Market Cap PE Ratio (ttm) EPS (ttm)
CMCO Columbus McKinnon Corp. $3.84 -14.78% -18.03% 996.78M 20.74 0.16
ZHHJY Zhejiang Shibao Co., Ltd. $33.71 +0.00% +0.00% 999.81M 15.06 1.62
SMTGY SMA Solar Technology AG $2.74 +0.00% +0.00% 985.89M 4.49 0.63
WNC Wabash National Corp. $45.00 -4.82% -16.07% 983.29M 5.17 6.33
SMTGF SMA Solar Technology AG $21.79 +0.00% +0.00% 985.89M 4.50 4.24
How big could an Apple Intelligence services business be?
Friday, June 28, 2024 5:28 pm
8 Comments
When it comes to Apple Intelligence, the biggest payoff for investors could be yet to come, and it’s not currently in any Wall Street spreadsheets.
Tiernan Ray for Fast Company:
Apple investors breathed a sigh of relief on June 10th when the company’s CEO, Tim Cook, and his deputies held a two-hour presentation about their intention to bring artificial intelligence to the iPhone, iPad, and Mac. Apple had been seriously lagging the giants of AI, Microsoft, and Alphabet’s Google, but they managed to turn things around sharply with a vision for AI assistants that actually offered some nice functionality.
Apple has emphasized the security aspects of its iCloud facilities for the purpose of protecting user data. That opens the door to a meaningful boost in Apple’s services revenue, its most profitable business and its fastest-growing.
Services, including sales of music and video and apps, was a fifth of Apple’s total revenue in the fiscal year that ended in September, at $85 billion, a staggering sum considering it was just $14 billion a decade ago… Services’s profit, moreover, is almost twice what it is for iPhones and iPads and Macs, at 75 percent of sales last quarter versus a profit of 37 percent for product sales.
Anything that contributes to services sales should be music to investors’ ears. AI could be a shot in the arm if Apple decides to broadly sell an AI predictions service in the cloud…
It’s conceivable Apple could offer a retail cloud computing AI service, not unlike the services offered by OpenAI, search engine Perplexity. ai, Google, and privately held Anthropic… All those services have coalesced around a price of $20 per month, which is the price for ChatGPT Plus, Perplexity. ai’s Perplexity Pro, Google’s Google One subscription, which includes its Gemini language model, and Anthropic’s Pro account.
MacDailyNews Take: Apple currently has over a billion paying subscribers and that number continues to grow. As Ray writes in his – recommended – full article, if 10 percent of Apple’s 1+ billion paying subscribers add a privacy-focused “Apple Intelligence+” account, Apple Intelligence becomes a world leader in consumer AI virtually overnight (and its revenue gets another serious boost).
https://macdailynews.com/2024/06/28/how-big-could-an-apple-intelligence-services-business-be/#google_vignette
What President Trump told Apple CEO Tim Cook and 80+ other CEOs in their private meeting
Friday, June 28, 2024 2:15 pm
26 Comments
On June 13th, former U.S. President Donald Trump huddled with Apple CEO Tim Cook and at least 80 other CEOs to discuss how taxes are going to be cut and business regulations will be curtailed if he is elected president, CNBC reports citing “people who attended the meeting.”
Brian Schwartz for CNBC:
CNBC spoke with people who attended the Business Roundtable’s quarterly meeting and others familiar with what took place there, all of whom were granted anonymity in order to speak freely about a private gathering.
Trump said… he will cut taxes, including income taxes, and bring back the same economic policies he enacted during his first term, according to people who were in the meeting. Trump said he wants to bring the federal corporate tax rate down from 21% to 20% if he were to become president, according to a person familiar with his remarks.
Trump spoke for about an hour at the meeting, said people in attendance. The audience included JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, and Bank of America CEO Brian Moynihan, according to spokespeople from their companies. Apple CEO Tim Cook was also there, said two people who were in the room.
“We need a president who is at the top of his game, and let’s face it, this president is not at the top of his game,” Trump said, according to a person who was in the room.
Trump told a meeting full of House Republicans earlier in the day about the idea of imposing an “all tariff policy” that he said would enable the U.S. to get rid of income tax, according to attendees who were granted anonymity to speak about a private meeting.
MacDailyNews Note: In China, the standard corporate tax rate is 25% with lower rates available for the certain sectors/industries meeting specific criteria. More info here. On average, European countries analyzed currently levy a corporate income tax rate of 21.3%. This is slightly below the worldwide average which, measured across 181 jurisdictions, was 23.45% in 2023. More info here.
https://macdailynews.com/2024/06/28/what-president-trump-told-apple-ceo-tim-cook-and-80-other-ceos-in-their-private-meeting/#google_vignette
US Marshals Service picks Coinbase to custody its assets as part of a $32.5 million contract
by Sarah Wynn
COMPANIES
• July 1, 2024, 11:59AM EDT
QUICK TAKE
* The U.S. Marshals Service, which is a part of the Department of Justice, said it chose Coinbase Prime to provide custody and “advanced trading services” for
large-cap digital assets.
* The agency has said it has a specific requirement for “managing and disposing of large quantities of popular cryptocurrency assets.”
The U.S. Marshals Service, the enforcement arm of federal courts, is paying $32.5 million for a contract with Coinbase Prime to provide custody.
The agency, a part of the Department of Justice, said it chose Coinbase Prime to provide custody and "advanced trading services" for large-cap digital assets.
"The USMS conducted a competitive due diligence process that evaluated a range of solutions, ultimately choosing Coinbase due to our strong track record and ability to securely provide institutional-grade crypto services at scale," Coinbase said in a statement on Monday.
USMS said it has a specific requirement for "managing and disposing of large quantities of popular cryptocurrency assets," according to a previous statement about the opportunity for a contract.
"This will require the use of multiple, industry leading, storage and liquidation techniques employed in a manner that is professional, lawful, and consistent with Department and USMS policy," the agency said. "This contract will also streamline custody, management, and disposal processes for cryptocurrency assets while allowing for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the Government’s forfeiture programs."
The contract comes as Coinbase has been in hot water with the U.S. Securities and Exchange Commission. That agency sued Coinbase last year for operating its platform without registering and is making its way through the courts.
Coinbase also sued federal agencies, including the SEC, as recently as last week. The exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints.
https://www.theblock.co/post/302924/us-marshals-service-picks-coinbase-to-custody-its-assets-as-part-of-a-32-5-million-contract
Apple looks for Chinese partner for Apple Intelligence
Friday, June 21, 2024 12:02 pm
No Comments
OpenAI’s ChatGPT and other Western AI models aren’t available in China, and that is prompting Apple to look for a Chinese partner to help offer its Apple Intelligence services, The Wall Street Journal reports citing “people in the industry.”
Raffaele Huang and Jiyoung Sohn for The Wall Street Journal:
Apple has held talks with several Chinese companies that make AI models including search-engine company Baidu, e-commerce leader Alibaba Group and a Beijing-based startup called Baichuan AI, people familiar with the matter said.
In China, companies must seek Beijing’s approval before introducing AI chatbots built on large language models trained with huge databases of text, images and video vacuumed up from the internet and other sources. Regulators vet the models to ensure they don’t influence public opinion in a way the government doesn’t approve.
As of March, Beijing’s internet watchdog, the Cyberspace Administration of China, had approved 117 generative AI products, none of which is foreign-developed.
Early this year, Apple explored the possibility of obtaining approval for a foreign large language model to be used in its devices in China, but it found that Chinese regulators were unlikely to approve it, people familiar with the matter said. That realization prompted Apple to step up talks with potential local partners, they said.
MacDailyNews Take: We assume Baidu, with its Ernie chatbot, would be the most logical choice.
https://macdailynews.com/2024/06/21/apple-looks-for-chinese-partner-for-apple-intelligence/
Coinbase (NASDAQ:COIN) – Coinbase launched a $2 million campaign targeting Latino voters in the US, promoting cryptocurrencies for remittances, highlighting lower fees with USD Coin.
Honeywell Acquires CAES Systems for $1.9 Billion, Sarepta Therapeutics Surges 34%, Gilead Continues Gains
June 21 2024 - 8:00AM
IH Market News
Honeywell (NASDAQ:HON) – Honeywell announced the acquisition of CAES Systems for $1.9 billion, focusing on expanding its aerospace and defense technology operations. Under the leadership of CEO Vimal Kapur since June 2023, Honeywell seeks growth in automation, future aviation, and energy transition, consolidating its third major deal of the year.
Sarepta Therapeutics (NASDAQ:SRPT) – The Food and Drug Administration (FDA) approved expanded indications for Elevidys, Sarepta Therapeutics’ treatment for Duchenne muscular dystrophy. The drug is now approved for both ambulatory and non-ambulatory individuals with confirmed DMD gene mutations, aged four and older. Sarepta Therapeutics surged 33.6% in pre-market trading.
Gilead Sciences (NASDAQ:GILD) – Gilead Sciences closed up 8.5% on Thursday after a study showed its semi-annual antiviral injection, lenacapavir, effectively prevented HIV in all female participants tested in South Africa and Uganda. This could potentially expand the market for HIV pre-exposure prophylaxis (PrEP). Gilead’s shares rose 5.3% in pre-market trading.
Novo Nordisk A/S (NYSE:NVO) – The World Health Organization (WHO) issued a warning about counterfeit batches of Novo Nordisk’s Ozempic, used for diabetes and obesity, found in Brazil, the UK, and the US. These counterfeit products pose health risks due to incorrect ingredients or the presence of harmful substances like insulin.
Nvidia (NASDAQ:NVDA) – Nvidia’s put options trading on Thursday saw significant volume, with 365,000 contracts at a $135 strike price and 250,000 at a $130 strike price. This increased the put-to-call ratio to 0.70 from 0.58 a few days prior. Volatility in Nvidia’s stock led to an intraday movement of over 6%, peaking and then falling 3.5%, closing at $130.78, putting Microsoft’s market capitalization back on top. Nvidia’s recent rise as the world’s most valuable company is driven by its AI chip leadership, with revenues expected to double to $120 billion. Despite risks of overvaluation and competition, investor optimism is sustained by the company’s innovation and profitability potential, with a P/E ratio starting the year at 25, now at 45, modestly above the five-year average of 41. However, not all investors are optimistic. Paul Wick of Seligman Investments has been reducing his Nvidia holdings due to concerns about profit growth prospects and high valuations. He compared Nvidia’s current situation to Cisco’s boom during the dot-com bubble, highlighting dependence on a few large customers as a significant risk. Nvidia shares fell 1.0% in pre-market trading.
Alphabet (NASDAQ:GOOGL) – A judge from Brazil’s Superior Court ended the investigation into Google and Telegram, accused of coordinating opposition to an anti-fake news bill, due to a lack of evidence for criminal proceedings.
Oracle (NYSE:ORCL) – Oracle plans to invest over $1 billion in Spain over 10 years, focusing on artificial intelligence and cloud computing. This investment aims to expand local capabilities, help companies adopt the cloud and comply with European regulations, and strengthen strategic partnerships like Telefónica España.
Autodesk (NASDAQ:ADSK) – Autodesk confirmed its annual shareholder meeting will occur on July 16, after a judge rejected Starboard Value’s attempt to delay it. Starboard sued the company seeking to postpone the meeting to nominate new directors following allegations of lack of transparency about accounting practices.
Micron Technology (NASDAQ:MU) – Micron is developing a project for up to four semiconductor factories in Syracuse but faces delays due to the discovery of endangered bats. This complexity highlights the challenges of combining industrial expansion with stringent environmental requirements, despite strong government support and plans to start construction in 2025.
Advanced Micro Devices (NASDAQ:AMD) – Advanced Micro Devices’ shares rose 4.5% on Thursday, driven by analyst Harsh Kumar’s optimistic outlook from Piper Sandler on its AI server business. Kumar highlighted AMD’s strong chip performance and its direct competition with Nvidia, along with expansion potential with key customers like Microsoft and Meta. AMD shares fell 0.55% in pre-market trading.
LendingTree (NASDAQ:TREE), Snowflake (NYSE:SNOW) – Hackers are auctioning consumer data from LendingTree’s subsidiary QuoteWizard after a data breach in a Snowflake-hosted database. LendingTree is investigating the impact and cooperating with Snowflake and Mandiant to understand the extent of the leak and its causes.
Trump Media & Technology Group (NASDAQ:DJT) – After regulators allowed potential stock dilution, Trump Media’s stock closed down 14.6% on Thursday and declined for five consecutive trading sessions, losing 33.9% during that period. The Securities and Exchange Commission approved the company’s registration statement and resale of shares and warrants this week. The stock rose 2.3% in pre-market trading on Friday.
AT&T (NYSE:T) – California rejected AT&T as the “provider of last resort,” preventing it from ending essential landline services for over 580,000 households. The decision aims to protect continued access to voice and 911 services, requiring AT&T to maintain these services until modern alternatives are available.
American Airlines (NASDAQ:AAL) – The American Airlines flight attendants’ union did not reach an agreement in the latest negotiations, moving closer to a strike. However, a strike requires permission from the National Mediation Board, a lengthy and complex process, making effective strikes difficult.
Southwest Airlines (NYSE:LUV) – The FAA is investigating an incident involving Southwest Airlines flight 4069, which departed from Las Vegas and descended abruptly to a low altitude near Oklahoma City’s airport on Wednesday. The minimum altitude alert sounded, and the crew was notified by an air traffic controller. The investigation follows multiple recent incidents with the airline.
United Airlines (NASDAQ:UAL) – A United Airlines aircraft, an Airbus SE A320, departed Bradley International Airport in Hartford en route to Denver International Airport but had to return to Connecticut after losing part of its engine cowling during takeoff on Thursday. There were no injuries, and the FAA is investigating the incident.
Boeing (NYSE:BA), Spirit AeroSystems (NYSE:SPR) – Boeing is close to finalizing the repurchase of Spirit AeroSystems after progress in negotiations with Airbus over program division. The deal aims to resolve a conflict over Airbus component manufacturing while Boeing seeks to strengthen its supply chain after 737 MAX issues. Additionally, Boeing is shifting engineers from the experimental X-66A project to support the production and delivery of the 737-7, 737-10, 777-9, and 777-8F models. This move aims to accelerate deliveries while maintaining commitments to customers and advancing zero-emission aviation goals with the X-66A in partnership with NASA.
Joby Aviation (NYSE:JOBY) – Joby Aviation received FAA approval to use its in-house software, ElevateOS, to manage air taxi operations, such as pilot workload and passenger coordination. Preparing for a 2025 launch, Joby plans to integrate the software with Uber and Delta Air Lines, facing technological and regulatory challenges.
Hertz Global Holdings (NASDAQ:HTZ) – Hertz plans to raise $750 million through secured notes to strengthen its balance sheet, facing challenges after losses with electric vehicles. The company faces high depreciation pressures and expectations of significant losses, alongside a strategic adjustment to reduce reliance on these vehicles.
General Motors (NYSE:GM) – Cruise, General Motors’ unit, received the maximum penalty for lacking transparency about an accident involving its autonomous vehicle in California. The fine totals $112,500, highlighting rigorous scrutiny of autonomous vehicle safety by regulators.
Ford Motor (NYSE:F) – Jim Farley, CEO of Ford, is tackling high recall costs, amounting to $4.8 billion annually. To improve quality, Farley adopted a strategy of retaining redesigned models for up to six weeks for additional checks, aiming to reduce future failures and warranty costs.
Toyota Motor (NYSE:TM) – Toyota suspended production and delivery of the Grand Highlander and Lexus TX SUVs due to an issue with the driver’s side curtain airbag. This affects 145,000 model year 2024 vehicles in the US, where the airbag may not deploy correctly if the driver’s window is down during certain crashes.
VinFast (NASDAQ:VFS), BYD (USOTC:BYDDY) – Electric vehicle sales are rapidly growing in Southeast Asia, with the Chinese BYD and Vietnamese VinFast leading the way. These brands are entering a market previously dominated by Japanese and Korean manufacturers. According to Counterpoint Research, EV sales in the region doubled in the first quarter compared to the previous year, while combustion car sales fell 7%. In Canada, Prime Minister Justin Trudeau’s government is considering imposing tariffs on electric vehicles made in China. This move aligns with similar policies in the US and the EU, which have already announced or plan to increase tariffs to curb these imports.
Chevron (NYSE:CVX), Hess (NYSE:HES), Exxon Mobil (NYSE:XOM) – An arbitration panel between Chevron and Hess, delayed by the non-appointment of the third arbitrator, is postponing the decision on Hess’s $53 billion sale to Chevron in Guyana. The dispute involves Exxon’s right of first refusal over Hess’s operations in the country, impacting the transaction’s conclusion.
Nikola (NASDAQ:NKLA) – Nikola announced a 1-for-30 reverse stock split to meet Nasdaq requirements, aiming to increase the share price. The move comes after disappointing first-quarter revenues and a significant drop in shares, which hit a historic low of 40 cents.
Mastercard (NYSE:MA), Visa (NYSE:V) – China is negotiating with Visa and Mastercard to reduce foreign card transaction fees in the country, aiming to facilitate payments for international visitors, according to Bloomberg. The proposal is to lower the fee from 2% to 1.5%.
PayPal (NASDAQ:PYPL) – PayPal hired Srini Venkatesan from Walmart as its new chief technology officer to lead advancements in artificial intelligence, information security, and product engineering. He brings significant experience in digital transformation and technology leadership, highlighting the company’s renewed focus on innovation and personalization to drive global commerce.
Upstart (NASDAQ:UPST) – Castlelake, a private credit lender, will acquire up to $1.2 billion in installment loans from Upstart to expand its presence in the retail lending sector. Investors are seizing opportunities in risky loans, driven by less restrictive regulations and high interest rates.
PicPay – The Brazilian mobile banking app with 35 million active customers owned by J&F Investimentos SA, is seeking an initial public offering in the U.S. in collaboration with Citigroup. The company intends to proceed as soon as market conditions allow, after having reported a net profit in 2023 and reached operational breakeven for the first time.
JPMorgan Chase (NYSE:JPM) – JPMorgan sees signs of recovery in the Chinese economy, which could revitalize its business in the country after a slow period. Mary Erdoes, the bank’s CEO of asset and wealth management, noted that despite previous challenges, there is growing optimism, particularly since March.
Citigroup (NYSE:C) – US regulators rejected Citigroup’s recovery plan, known as a “living will,” which outlines procedures in case of bankruptcy. The decision, based on deficiencies in the bank’s data controls, raises doubts about Citi’s ability to reorganize without risks to the financial system. Additionally, Germany fined Citigroup around $13.94 million for failures in its trading system controls after a 2022 incident involving erroneous orders of $1.4 billion. The BaFin regulator criticized Citi for not preventing errors that could disrupt the financial market.
HSBC (NYSE:HSBC) – Danielle Johnson, formerly of Goldman Sachs, was appointed global head of institutional clients at HSBC, bringing over 20 years of experience in relationship management and equity sales in the US. She will strengthen HSBC’s client coverage, based in New York and reporting to global banking coverage directors.
NatWest Group Plc (NYSE:NWG) – J Sainsbury Plc, a London-based supermarket chain, agreed to transfer its banking business to NatWest for $159 million (£125 million), aiming to divest personal loans, credit cards, and deposits. This decision reflects the difficulty supermarkets face in effectively competing in the financial sector against traditional lenders.
BlackRock (NYSE:BLK) – Global Infrastructure Partners (GIP) announced that after being acquired by BlackRock for $12.5 billion, it will retain control of its operations. This comes amid criticism in Malaysia, a Muslim-majority country, against airport privatization due to alleged ties between BlackRock and Israel. Malaysia, which supports Palestine, protested GIP’s participation due to BlackRock’s investments in Israel, currently in conflict with Hamas. The $3.9 billion airport privatization has faced opposition similar to previous boycotts of Western brands.
Coinbase (NASDAQ:COIN) – Coinbase launched a $2 million campaign targeting Latino voters in the US, promoting cryptocurrencies for remittances, highlighting lower fees with USD Coin.
Target (NYSE:TGT) – Target is implementing the generative AI chatbot “Store Companion” in 400 stores to improve operational efficiency and integrate new employees. This growing trend in retail, where AI promises to transform operations from customer service to e-commerce optimization, aims to increase productivity and profitability.
McDonald’s (NYSE:MCD) – McDonald’s is set to launch a $5 meal in select US restaurants. The promotion, starting June 25, includes a McDouble or McChicken, fries, Chicken McNuggets, and a small drink. This initiative aims to attract low-income consumers amid rising inflation and competition in the fast-food sector.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle Mexican Grill shares fell 6.1% on Thursday ahead of its stock split, despite recent strong financial performance with rising revenues and profits. The decline may be attributed to profit-taking by institutional investors after significant gains, while the company faces criticism over smaller portions and higher prices.
MGM Resorts International (NYSE:MGM) – MGM Resorts International will introduce online betting with live dealers at its Bellagio and MGM Grand resorts in Las Vegas, a first for Strip casinos. Local dealers will manage games like roulette and baccarat for online customers outside the US, under the “MGM Live” brand.
Boyd Gaming (NYSE:BYD), Penn Entertainment (NASDAQ:PENN) – Boyd Gaming approached Penn Entertainment for a possible acquisition, according to Reuters. Penn, known for its involvement in online gaming and sports betting, has made strategic partnerships, including renaming Barstool Sportsbook to ESPN Bet.
Nike (NYSE:NKE) – Sam Poser, an analyst at Williams Trading, cut Nike’s price target to $75, matching the lowest on Wall Street, citing company stagnation and a lack of attractive new products. He predicts a more than 20% drop in shares, criticizing current management and product strategy.
FedEx (NYSE:FDX) – FedEx shares have been volatile this year, initially gaining over 20% by March but have since moved to a 0.2% loss for the year. With concerns about profits and sales below expectations, the company focuses on cost-cutting and operational improvements to boost margins and returns to shareholders.
Earnings
Smith & Wesson Brands (NASDAQ:SWBI) – In the fourth quarter, Smith & Wesson reported earnings per share of 45 cents, above the 34 cents expected by analysts. The company had revenue of $159.15 million, a 10% increase from the last quarter, and 1.50% better than the $156.80 million forecast. Despite outperforming estimates, shares fell 3.96% in pre-market trading.
Algoma Steel Group (NASDAQ:ASTL) – In the fourth quarter, Algoma Steel reported earnings per share of 7 cents, beating analysts’ expectations of a 1 cent per share loss. However, its revenue of $460.44 million was 19.92% below analysts’ estimate of $575.00 million. Shares are flat premarket.
Kroger (NYSE:KR) – In the first quarter, Kroger reported net income of $947 million, equivalent to $1.29 per share, adjusted to $1.43 per share, beating the FactSet expectation of $1.35. Sales reached $45.269 billion, surpassing the $44.867 billion consensus. Sales grew modestly, driven by lower pricing strategies and promotions. Kroger reaffirmed its annual forecasts despite outperforming in the first quarter, expecting 0.25% to 1.75% same-store sales growth, excluding fuel, and earnings per share between $4.30 and $4.50. FactSet consensus forecasts a 1.1% sales increase and $4.44 earnings per share.
Accenture (NYSE:ACN) – In the fiscal third quarter, Accenture PLC (NYSE: ACN) reported net income of $1.934 billion, or $3.04 per share, adjusted to $3.13, close to the FactSet consensus of $3.16. Total revenue was $16.467 billion, slightly below expectations of $16.548 billion. For the fiscal fourth quarter, the company projected revenue between $16.05 billion and $16.65 billion. For the full fiscal year, adjusted earnings per share are expected to be between $11.85 and $12.00.
Darden Restaurants (NYSE:DRI) – Darden Restaurants reported adjusted earnings per share of $2.65, exceeding expectations of $2.61, but its revenue of $2.96 billion was slightly below the forecast of $2.97 billion. Olive Garden faced a 1.5% sales decline, while LongHorn Steakhouse saw 4% growth. Fiscal 2025 projections include 1% to 2% sales growth, $9.40 to $9.60 earnings per share, and net sales between $11.8 billion and $11.9 billion, with 2% to 3% price increases and capital expenditures of $550 million to $600 million.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94084296/honeywell-acquires-caes-systems-for-1-9-billion