 | *past 24-hour performance |
| | Big banks’ problem child: Losses in Bank of America’s (BAC) $760 billion bond portfolio rose by $25 billion (24%) in the quarter to $131.6 billion. These losses dwarf the bank’s $7.8 billion in quarterly earnings and represent an existential threat to the bank (Reuters)
U.S. tightens china’s access to A.I. chips: The Biden administration announced additional limits on sales of advanced semiconductors by American firms, shoring up restrictions issued last October to limit China’s progress on supercomputing and AI (NYT)
The housing market is almost frozen: The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis period (WSJ)
Suez canal to raise transit fees: Transit fees for tankers passing through the canal will rise by 15%, a move that might amplify global inflation concerns (Zerohedge)
KKR makes binding offer: KKR (KKR) submitted an offer for Telecom Italia SpA’s landline grid, even as the long-awaited binding bid excluded the heavily indebted company’s subsea cable unit and raised questions about possible delays (Bloomberg)
Netflix profits on password sharing ban: Netflix's (NFLX) crackdown on password-sharing likely boosted subscribers by about 6 million in the Q3 and the company is expected to set the stage for price increases when it reports earnings (Reuters)
Watch your bill: T-Mobile (TMUS) announced to customers that they will automatically move to more expensive rate plans unless they opt out. Those moving to a new plan will usually pay $5 more a month per line for their new service (WSJ)
Tesla recall: The National Highway Traffic Safety Administration (NHTSA) said that Tesla (TSLA) will recall 54,676 Model X vehicles built from 2021 to 2023 because the vehicle controller may fail to detect low brake fluid and will not display a warning light (Fox)
Off the wall: Activist investment firm Engaged Capital has taken a stake in VF Corporation (VFC), owner of Vans and The North Face brands, and is pushing for cost cuts and changes to the board; Shares jumped ~14% on the news (CNBC)
Military industrial complex: U.S. defense contractor Lockheed Martin (LMT) shares are up 2% after reporting better-than-expected third Q3 revenue and profit as geopolitical tensions fueled sustained demand for its military equipment (Reuters)
Open spigot: President Biden is considering a supplemental request of ~$100 billion that would include defense assistance for Israel and Ukraine alongside border security funding and aid to nations including Taiwan (Bloomberg)
Get your merch: Spotify (SPOT) is launching a dedicated in-app Merch Hub that provides personalized merch recommendations based on your listening habits (TechCrunch)
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| | If you live in these 13 states, the IRS could do your taxes next year: Eligible taxpayers in 13 states will have the opportunity to test out the Internal Revenue Service’s foray into free tax preparation this upcoming tax season, the agency announced Tuesday. Read more » | A new federal policy allows you to finance for an ADU: In an effort to address the nation’s affordable housing crisis, the Federal Housing Administration announced a new policy Monday that will make it easier to buy or refinance a house with an accessory dwelling unit, or build a new ADU. Read more » | Portuguese home prices forecast to rise 8.7% in 2024 despite end to Golden Visa Program: Throughout the country, prices have jumped an average of 6.5% over the last 12 months. But in the Algarve—the southernmost region of Portugal known for its beaches and golf resorts—values have jumped up to 15% in the same time. Read more » |
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| | The techno-optimist manifesto (a16z) Science is bringing historic apple varieties back to life (Nature) Read my lips, says candidate for President: No taxes at all (WSJ) Inflation has a new victim: Girl Scout cookies (NPR) Home insurance is so high in this Florida town, residents are leaving (Mansion)
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