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Apple (NASDAQ:AAPL) was downgraded by KeyBanc, which shifted its rating from Overweight to Sector Weight. The reasons behind this decision include Apple’s elevated valuation when compared to historical levels and the Nasdaq index, potential hurdles in U.S. sales, optimistic expectations for international growth, and the belief that the company’s estimates are already fully priced in from both a revenue and earnings perspective.
KeyBanc emphasized that to justify a positive outlook for Apple shares, either peak valuations must be sustained or the company’s growth trajectory must significantly improve. Furthermore, they anticipate sluggish growth in key markets, particularly in the U.S., which contributes approximately 37% of Apple’s total revenue. KeyBanc predicts a fourth consecutive year-over-year decline in Q4/23, potentially extending into Q1/24.
Iowa star guard Caitlin Clark is entering her fourth season at Iowa and it may not be her last.
The All-American and reigning National Player of the Year is unsure if she will declare for the WNBA Draft following this season.
Clark could opt to use her COVID season of eligibility that athletes were granted during the pandemic and play a fifth season for the Hawkeyes.
“I’m going to know when I need to know,” Clark said at Iowa’s media day on Wednesday. “I think it’s very similar to my college decision. It’s like I’m in the recruiting process again.
“It’s really not something I think about every day or let weigh on me. I’m focused on helping this team be the best they can be. The biggest thing is I’m just going to trust my gut. I’m not going to do a lot of research on what’s better. I’m going to trust my gut and go with that.”
Clark led Iowa to the national title game last season before the club fell to LSU.
She had a season for the ages by averaging 27.8 points, second nationally, while leading the country in 8.6 assists per game and 3-point baskets (140). She also averaged 7.1 rebounds. Clark swept the major player of the year awards, including the Wooden Award and the Naismith Trophy.
Clark also scored 191 points during the NCAA Tournament, a record. She also contributed 60 assists.
So how much is there to prove at Iowa? Clark wants to win the national title and also just wants to enjoy a time in life that she will never again experience.
“Time goes so fast, and being able to soak in every single second, I think that’s how I’m viewing this,” Clark said. “A lot of these moments are going to be some of the best moments of my life.
“In recruiting, I knew there were a lot of good options, but in my heart I wanted to be here. I think it’s going to be the same when I make the decision to stay here or leave.”
The 6-foot Clark is highly popular in the state as a native of West Des Moines. She has received multiple NIL deals due to her popularity.
She enters the 2023-24 season with career averages of 27.2 points, 8.0 assists and 7.0 rebounds in 100 games with the Hawkeyes. She has scored 2,717 points and made 347 3-pointers.
The WNBA will announce an expansion team to be based in the San Francisco Bay Area on Thursday, USA Today reported.
Per Wednesday’s report, the expansion team will begin play during the 2025 season.
The league has been in discussions with the NBA’s Golden State Warriors for an expansion team, The Athletic and ESPN reported last month. Per reports, the new team will play its home games at the Chase Center in San Francisco and would be headquartered in Oakland.
The WNBA, which currently has 12 teams, last expanded in 2008 with the addition of the Atlanta Dream.
In April, the National Women’s Soccer League announced that Bay Area FC would start play in 2024 in San Jose.
Celebrity Grimes has sued billionaire Elon Musk over parental rights for the three children that the former celebrity couple share. In late September, Claire Boucher, who performs on stage as singer Grimes, filed a petition in a court in California. They have three children together: A son called X who was born in 2020 as well as daughter nicknamed Y who was born in 2021 and Techno who was born in 2022.
Claire Boucher filed a “petition to establish parental relationship” on September 29, according to court records. It means that the petitioner has requested for a court order that identifies a child’s legal parents. It is required when couples do not marry. The actual filings cannot be accessed by the public.
As of Monday, there have been no filings that ask for child support or for custody rights. Samantha Bley DeJean, who is the attorney for the celebrity singer, has not replied yet when asked for comment. Billionaire Elon Musk has also not responded.
Elon Musk and Grimes were in a relationship that began in 2018. They announced a semi-separation in 2021. Grimes announced that they had a daughter nicknamed Y via surrogacy. Celebrity Grimes announced that they had a child in an interview in March 2022. Till then, the birth of their daughter was a secret.
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Walter Isaacson has written a new biography of the Tesla CEO, Elon Musk. The book reveals the birth of a son with celebrity Grimes named Techno and other details about Musk.
In a since deleted tweet celebrity singer Grimes asked “Shivon to unblock me” and “Elon to let me see my son or plz respond to my lawyer.”
The next day she said that she spoke with Zilis and told her web fans “…plz don’t be angry at her” as she was not at fault.
She expressed her appreciation of Shivon and more and also said “Women are so often pitted against each other” and that she and Shivon wanted “what’s best for our kids.”
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The US Dollar strengthened against its currency counterparts, immediately causing the US Dollar Index to reach its highest level since November 2022. At the time of writing, the index had risen by 0.25% to reach 107.28 for the day.
According to the US Bureau of Labor Statistics (BLS), the number of job openings on the last business day of August was reported at 9.6 million in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This figure marked a significant increase from the revised July data of 8.9 million (previously reported as 8.8 million) and surpassed market expectations, which were estimated at 8.8 million.
The BLS also noted in its press release that over the course of the month, there was minimal change in the number of hires and total separations, which stood at 5.9 million and 5.7 million, respectively. Specifically, within the category of separations, quits remained at 3.6 million, while layoffs and discharges also experienced minimal change, totaling 1.7 million.
On Tuesday, the Dow Jones Industrial Average experienced a sharp decline of over 300 points, largely attributed to the premature release of August’s JOLTS data. Concurrently, Cathie Wood’s Ark Invest ETFs divested nearly $4 million worth of Nvidia stock.
The Job Openings and Labor Turnover Survey (JOLTS) conducted by the Labor Department revealed a surprising increase to 9.61 million in August. This was contrary to expectations, as analysts had anticipated a decline to 8.75 million compared to July’s figure of 8.827 million.
According to BLS data, despite the rise in job openings, there are still 1.5 open jobs for every unemployed person looking for one due to the increase in people entering the labor force in August. The number of jobs per job seeker is still more than it was before the pandemic, when it averaged between 1 and 1.2, even though it is down from the 1.7 recorded at this time last year.
Of the 51 metropolitan areas with a 2010 Census population of 1 million or more, Baltimore-Columbia-Towson, MD, had the lowest jobless rate in August, 1.8 percent. Las Vegas-Henderson-Paradise, NV, had the highest rate, 6.1 percent. Twenty-seven large areas had over-the-year unemployment rate increases, 23 had decreases, and 1 had no change. The largest rate increase was in San Jose-Sunnyvale-Santa Clara, CA (+1.2 percentage points). The largest jobless rate decline occurred in Baltimore-Columbia-Towson, MD (-1.7 percentage points).
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Approximately 120 Lululemon Studio employees will be affected following the brand’s announcement that it will stop selling its Mirror workout device. The company says it will keep offering service and support to current owners.
Lululemon (LULU), a renowned athletic clothing brand, and Peloton, an exercise equipment company, popular for spin bikes and treadmills have announced a significant five-year partnership. Under this agreement, Peloton’s workout content will be made available to individuals enrolled in Lululemon’s membership programs. However, it also involves Peloton discontinuing the sale of its Studio Mirror fitness device.
Starting from November 1st, Studio Mirror will offer access to an extensive library of Peloton classes, numbering in the thousands. These fitness resources will be regularly refreshed on both the Mirror itself and its associated app, with updates occurring on a weekly basis. Importantly, this expanded content will be seamlessly integrated into the memberships of existing users, incurring no additional charges beyond their current subscription fees. Furthermore, Lululemon has committed to producing Studio Mirror content until at least the spring of the following year, ensuring a sustained and engaging fitness experience for its members.
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Following the earlier this year termination of 100 employees from the Lululemon Studio division, the corporation has now announced more layoffs. Lululemon claimed at the time that the choice was made as part of its plan to concentrate on digital content.
For $500 million, the athletics company purchased Mirror in 2020. The acquisition turned Lululemon’s otherwise prosperous earnings into an uncomfortable space. Lululemon will discontinue its digital app-only membership category through its new collaboration with Peloton and provide users the opportunity to join Peloton App One. In November, current All-Access Members will continue to pay the same amount to access thousands of Peloton classes.
In a joint press release issued on Wednesday, both companies outlined their roles in this collaboration. Peloton will assume the role of the “digital fitness content provider” for Lululemon, while Lululemon will take on the position of the “primary athletic apparel partner” for Peloton.
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Wyoming is the number one state that is home to the most successful people, with the highest number of billionaires per one million people. Hawaii comes in second place, followed by Nevada in third, with 2.06 and 1.29 billionaires per one million people. Arkansas comes in seventh, with 0.66 billionaires per one million people.
The research conducted by Project Management experts atThe Digital Project Manageranalyzed data on the top 100 richest people from the US, what states they are from, and the population of each state to establish which states are home tothe most successful people.
Wyoming is the number one state in the US for being home to the most successful people, at 3.47 billionaires per one million people. The state has produced the likes of John Mars, who inherited stakes in Mars, Incorporated, a multinational food and pet care manufacturer, and Christy Walton, who married into the family that founded Walmart.
Hawaii is in number two for states with the most successful people, with 2.06 billionaires per one million people. The state is home to the fourth wealthiest billionaire in the US, Larry Ellison, co-founder and chief technology officer of software company Oracle. Larry has a net worth of $145.2 billion and owns 35% of Oracle.
In third place is Nevada, home to 1.29 billionaires per one million people. The state is home to David Duffield, who co-founded two business software companies, PeopleSoft and Workday, after the age of 40 years old.
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In at number four for state homing the most successful people in the US is Oklahoma, which has 0.76 billionaires per one million people. One of Oklahoma’s billionaires included Harold Hamm, who founded and is chair to one of the nation’s biggest independent oil companies, Continental Resources.
New Hampshire is close behind in fifth place, with 0.73 billionaires per one million people. One of New Hampshire’s wealthiest is billionaire Rick Cohen, the owner and executive chairman of one of America’s largest grocery wholesalers, C&S Wholesale Grocers.
At number six is New York, home to 14 billionaires from the top 100 richest Americans. Due to its large population of 20,201,249, it equates to 0.70 billionaires per million people. New York is home to the likes of Michael Bloomberg, who cofounded the financial information and media company Bloomberg LP, and has a net worth of $96.3 billion
Arkansas is at number seven, with 0.65 billionaires per million people. It is the residence of billionaires Rob and Jim Walton, the oldest and youngest son of Walmart founder Sam Walton.
Connecticut is landing in at number eight with 0.56 billionaires per million people. Billionaires in Connecticut include two hedge fund managers, Ray Dalio and Steve Cohen.
In ninth place is California, which has 0.54 billionaires per million people. California has the most billionaires who feature on the top 100 richest in America list, resulting from 27 billionaires in its population of 39,538,223.
REVEALED: California ranks in the top 10 states that are home to the most successful people.
Finally, rounding off the list in tenth place is Washington, which has 0.51 billionaires per million people.
On the opposite end of the scale, the research also revealed that Michigan, New Jersey and Tennessee are the top three US states home to the LEAST billionaires.
Nuala Turner, Editor of The Digital Project Manager commented on the findings: “The US is home to some of the world’s wealthiest and most successful people, so it’s fascinating to see which states billionaires are making residence in. It’sinteresting to note despite Wyoming having the lowest population out of all the states; it comes out on top for homing some of the most successful people in the US.
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“Although becoming a billionaire might seem like an unreachable goal, it can become a reality for some people. Great ways to improve your own success include having a long-term plan, taking calculated risks, focus, discipline, and routine to enhance your likelihood of financial success.”
Table of top 10 states producing the most billionaires
State
Population
Number of billionaires from top 100
Billionaires per million people
Average worth
Wyoming
576,851
2
3.47
23,500,000,000
Hawaii
1455271
3
2.06
39,766,666,667
Nevada
3,104,614
4
1.29
12,950,000,000
Oklahoma
3,959,353
3
0.76
16,266,666,667
New Hampshire
1,377,529
1
0.73
7,600,000,000
New York
20201249
14
0.69
21,864,285,714
Arkansas
3,011,524
2
0.66
57,300,000,000
Connecticut
3,605,944
2
0.55
18,300,000,000
California
39538223
21
0.53
21,880,000,000
Washington
7,705,281
4
0.52
94,425,000,000
Methodology: Number of billionaires per millionwere calculated by the number of billionaires in each state divided by the population then multiplied by a million.
CWEB News Summarized Business and Stock Newsletter October 4, 2023
Last week, mortgage rates in the United States reached 7.5% for the first time since November 2000, and homebuyer applications fell to a multi-decade low. In the week ending September 29th, according to Mortgage Market Report, the contract rate on a 30-year fixed mortgage increased by 12 basis points, the most since mid-August, to 7.53%.
On Tuesday, the world’s leading automakers announced an increase in U.S. sales of new vehicles for the third quarter, thanks to strong consumer demand for their newest models and increased production. Demand for GM’s pickup trucks, inexpensive crossover SUVs, and electric vehicles helped the company score a 21% increase in U.S. sales to 674,336 vehicles, continuing the company’s successful year.
Payroll processor ADP announced on Wednesday that private sector companies in the United States added an estimated 89,000 jobs in September, a significantly smaller amount than predicted and possibly indicative of a sharp retreat in the labour market.
An industry eager to put the FTX crisis in the past breathed a sigh of relief yesterday as jury selection began in Sam Bankman-Fried’s trial. Prosecutors have accused SBF of fraud and money laundering for allegedly scamming consumers of his exchange out of billions of dollars.
After Saudi Arabia and Russia stated they would maintain voluntary supply cuts to boost the market, an OPEC+ ministerial panel that convened on Wednesday made no modifications to the group’s oil output policy.
KeyBanc Capital Markets Inc. downgraded Apple Inc., saying that the company’s stock is overvalued since iPhone sales growth is expected to decline.
Spotify has partnered with major publishing houses to give its users access to free audiobooks in an effort to compete with Amazon in the e-book business. As of Tuesday night, the business announced that paying Spotify customers in the UK and Australia would be able to listen to 15 hours of audiobooks each month at no extra cost.
Taco Bell has reinstated the Taco Lover’s pass. On Tuesday, the popular taco stand announced the reintroduction of its taco subscription service, which allows subscribers to enjoy one taco each day for a set monthly charge. For $10 a month, customers may receive a taco delivered to their door every day for the following 30 days. Subscribers can select any of the tacos available at the restaurant.
After promising findings in an early to mid-stage study, Moderna announced on Wednesday that its combo vaccination targeting Covid and the flu will move to a final stage trial in individuals age 50 and above this year.
To comply with new regulations in South East Asia’s largest economy, the social networking app TikTok is temporarily stopping its online retail operation in Indonesia. The administration of the country claims these rules would assist safeguard both traditional and internet stores in the country.
On Wednesday, Uber said that its Uber and Uber Eats apps would begin supporting return package shipment via mail carriers. The apps, which were previously only used for ride-hailing and food delivery, now allow users to send up to five items at once for a fixed charge of $5, or $3 for Uber One members, using the “return a package” feature. Deliveries to the nearest UPS, FedEx, or USPS facility will be made by the drivers.
In addition to recent price-hiking actions like getting rid of the $10 basic plan and cracking down on password-mooching, Netflix aims to increase the cost of its ad-free subscription tier after the actors’ strike ends.
DoorDash is experimenting with a service that will reward customers for ordering food delivery. The company is branching out to increase user engagement and restaurant profits after making its mark as a restaurant delivery service that has now expanded into the grocery and convenience store categories.
On Tuesday, Krispy Kreme announced that it was considering selling its Insomnia Cookies division in order to refocus on its core doughnut business.
The firm announced Tuesday on CNN that seven San Francisco-area Starbucks would be closing on October 22.
Ripple, a cryptocurrency firm, announced on Wednesday that it has secured a major payments institution license in Singapore, a significant development in the company’s plans to expand its operations throughout the Asia-Pacific region.
LinkedIn has released a suite of OpenAI-powered AI solutions for education, employment, promotion, and revenue generation. The social platform has been gradually implementing a number of AI-based features across its product line, and a spokeswoman tells me that it made $15 billion in revenues last year.
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More than 61,000 fans bought tickets to see Lionel Messi play in Chicago on Wednesday.
The Inter Miami superstar might not appear due to an injury, so the Chicago Fire are offering something of a consolation gift to the spectators.
The Fire posted Tuesday on their website, “To show our appreciation, the Chicago Fire will be offering a $250 account credit toward new memberships for the 2024 season — or a $50 account credit for anyone unable to use the new member credit — to all single-game ticket buyers who attend our match vs. Inter Miami regardless of which players are able to make an appearance on the pitch.”
The club added, “We realize that there will be many in attendance who are coming to a Chicago Fire match at Soldier Field for the first time, and we’re excited to welcome them to the Fire Family and give them an opportunity to become long-term fans by creating a wonderful, fan-focused atmosphere.”
Messi is listed as day-to-day due to a leg injury, but he was not among the players pictured on Tuesday when Inter Miami tweeted a series of photos of the squad heading to the airplane en route to Chicago.
The Argentinian legend has appeared in just one of Inter Miami’s six matches in all competitions since Sept. 3, and he has sat out the past three contests. He missed the U.S. Open Cup final on Sept. 27 in Fort Lauderdale, Fla., as Miami fell 2-1 to the Houston Dynamo.
Inter Miami are 8-0-4 with Messi on the field, and he has 11 goals in 12 appearances for the team.
The largest previous home crowd in Fire history was the 37,122 fans who came to see the club face the Los Angeles Galaxy on Aug. 8, 1998, in Chicago’s inaugural season.
Chicago (9-12-10, 37 points) and Miami (9-15-6, 33 points) are both battling to make the playoffs in Major League Soccer’s Eastern Conference. CF Montreal (11-16-4, 37 points) currently occupy the ninth and final postseason position. The Fire have three matches remaining, while Inter Miami have four matches to go.
St. Louis City already have clinched the top seed in the Western Conference, but the expansion franchise has further accomplishments in mind.
St. Louis City (17-10-5, 56 points) aim to break the single-season points mark for a first-year squad in Wednesday night’s road contest against the Vancouver Whitecaps (11-10-10, 43 points).
St. Louis is two points away from passing the record of 57 set by Los Angeles FC in 2018.
“You can check these boxes now, you can check a few things off the list,” St. Louis coach Bradley Carnell said. “But we wanna keep on going now. We need a couple of more points to make 58 points and to make it our own.”
Forward Samuel Adeniran is one of many players fully aware St. Louis vastly exceeded expectations.
“In our locker room, we have a paper on the wall that says all of the predictions that, I don’t know exactly who, but they predicted that we were gonna be 13th or 14th in the West,” Adeniran told reporters. “… That’s motivation. I look at that thing every single day.”
Adeniran scored one of the St. Louis’ goals during Saturday’s 4-1 romp over visiting Sporting Kansas City. The win allowed St. Louis to set a record for wins by an expansion franchise.
Joao Klauss scored twice, Jared Stroud tallied once and Eduard Lowen compiled three assists to raise his season total to 14. All four goals came between the 73rd and 85th minutes.
St. Louis has a five-match unbeaten streak (2-0-3) entering the match with Vancouver. The Whitecaps are tied for sixth in the West but could clinch a playoff spot with a win over St. Louis depending on how FC Dallas and Minnesota United fare in their respective matches.
Brian White (14 goals) and Ryan Gauld (11 goals, 11 assists) are enjoying big seasons for the Whitecaps.
Both players had a goal in Saturday’s 2-2 home tie against D.C. United, though the draw stretched Vancouver’s winless stretch (0-2-2) to four games.
The struggles could hinder the Whitecaps’ chances at landing a top-four spot, which includes home-field advantage in the first round.
“To make the playoffs is the primary goal,” Vancouver coach Vanni Sartini said. “That’s the thing. Only if you make the playoffs, then you can think about going into the top four.”
St. Louis defeated the visiting Whitecaps 3-1 on May 27.
