iPhone ban-wagon

Apple’s 2-day slide nears $200 billion, China seeks to broaden iPhone ban, 46% of 401(k) investors admit to being clueless about their investments, Walmart lowers starting pay, and former FTX exec to forfeit $1.5 billion pleading guilty…

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Market Briefing
September 08, 2023

☕️ Good Morning.

The Fast Five → Apple’s 2-day slide nears $200 billion, China seeks to broaden iPhone ban, 46% of 401(k) investors admit to being clueless about their investments, Walmart lowers starting pay, and former FTX exec to forfeit $1.5 billion pleading guilty…

Here’s your MarketBriefing for Friday:

BEFORE THE OPEN

As of market close 9/7/2023.

MARKETS:

  • Nasdaq down 0.89% on Fed rate concerns

  • S&P 500 slipped 0.32%; Dow up 0.17%

  • Apple shares fell 2.9% due to China's iPhone ban.

  • Tech and semiconductor stocks lagged

  • Weekly jobless claims below expectations (216,000 vs. 230,000).

  • Strong labor market raises Fed rate hike fears

  • 93% expect rate pause in September; 43% chance of November hike

  • Earnings: C3.ai down 12.2%, ChargePoint missed revenue, down 10.9%

EARNINGS

Here’s what we’re watching this week:

NEWS BRIEFING

Apple Inc. shares fell almost 3% Thursday, wiping out nearly $200 billion of market value in just two days, as China plans to expand a ban on the use of iPhones to government-backed agencies and state companies.

  • China seeks to broaden iPhone ban to state firms, agencies (more)

  • Biden bets on emerging markets as Xi snubs G20 (more)

  • Disney’s $218 billion rout not enough for dip buyers (more)

  • Sports league caps maker New Era prepares for IPO (more)

  • GM’s 16% pay hike offer ahead of strike deadline rejected as ‘insulting’ by UAW (more)

  • Ford raised pay for thousands of workers just before union contract expires (more)

  • Walmart lowers starting pay structure for entry-level store workers (more)

  • Blockbuster weight loss drugs Wegovy and Ozempic are being tested to treat addiction and dementia (more)

  • Morgan Stanley to launch AI chatbot to woo wealthy (more)

  • SoftBank backs autonomous long-haul trucking firm started by ex-Ford self-driving executives (more)

  • Stripe, Shopify, H&M spend $7M on carbon removal from 12 new companies via Frontier (more)

  • Tesla to install charging stations at 2,000 Hiltons in North America (more)

  • Investors to sneak a peek at largest buyout debt since Twitter (more)

  • AI-generated Drake song up for Grammy nomination (more)

  • Everyone’s talking about the Global South - but what is it? (more)

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DEALFLOW

  • KRK is said to plan Kokusai Electric IPO at $2.7B value (more)

  • Wilson tennis racket maker Amer Sports files for US IPO (more)

  • Ritz-Carlton yacht collection targets $400 million fundraise (more)

  • Astara Capital Partners, LP, a middle market private equity firm, closed its inaugural fund, Astara Capital Partners Fund I, at $312M (more)

  • Ampla, a startup offering financial solutions to consumer brands, received a $258M credit facility (more)

  • Mariana Oncology, a fully integrated, next-generation radiopharmaceuticals company, raised $175M in Series B financing (more)

  • Younite-AI, a provider of AI and XR software solutions, received a private equity investment from Bocap (more)

  • Easop, a provider of an equity compensation solution for global teams, secured investments from a Cooley’s fund, and HR tech focused VC SemperVirens (more)

  • NeuroFlow, a provider of a behavioral health SaaS platform, received an investment from Concord Health Plans (more)

  • Accela, a provider of cloud solutions for government, received a strategic growth investment from Francisco Partners (more)

  • Certa, a provider of a third-party management platform for global third-party management across procurement, compliance, ESG, and legal, raised $35M in Series B funding (more)

  • Clara Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, raised $24M in Series C funding (more)

  • Momofuku Goods, a provider of restaurant-grade pantry essentials, raised $11.5M in funding (more)

  • Testaify, a provider of an AI-driven software testing platform, raised $650K in funding (more)

  • Noetik, an AI drug discovery company, raised $14M in Seed funding (more)

  • Trident Digital Group, a digital asset lender, raised $8M in Seed funding (more)

M & A:

  • Microsoft Xbox Chief ‘confident’ on closing Activision deal (more)

  • I Squared-backed Star Leasing agrees to buy New Jersey rival CTL (more)

  • Blackstone, Thomson Reuters raise £2 billion in LSE offering (more)

  • Kushner’s Saudi-backed Affinity to acquire stake in Israeli firm (more)

  • Thoma Bravo to buy NextGen Healthcare in $1.8B deal (more)

  • Tenable (Nasdaq: TENB), an exposure management company, acquired Ermetic, a cloud-native application protection platform (CNAPP) company and provider of cloud infrastructure entitlement management (CIEM), for $240M (more)

  • SafeBase, a provider of a platform that helps security teams automate the security review process and accelerate sales deals, acquired Stacksi, a provider of an AI-powered security questionnaire automation platform (more)

  • Laborie Medical Technologies, a diagnostic and therapeutic medical technology company, acquired Urotronic, a medical device company, for up to $600M (more)

  • Munetrix, a provider of a performance analytics platform that consolidates siloed K-12 data into actionable insights, acquired Eidex, a K-12 data visualization company (more)

CRYPTO

  • Former FTX exec Salame to forfeit $1.5 billion, pleads guilty to two criminal counts (more)

  • ARK Invest and 21Shares file proposal to list a spot ether ETF (more)

  • Crypto whale loses $24M in staked Ethereum to phishing attack (more)

BULLISH BITES

🍎 Apple Event 2023: What Is Expect From the ‘Wonderlust’ iPhone 15 Reveal → TechCrunch

🗽 This Is the True Scale of New York's Airbnb Apocalypse → Wired

🏚 ‘House-rich’ Americans are Sitting on Nearly $30 Trillion in Home Equity. Here’s How to Tap It → CNBC

DAILY SHARES

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