Jonathan Wong
The Latest
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Morgan Stanley Reaffirms Xiaomi as Top Pick Ahead of Q3 Earnings, Predicts 25% Upside
Xiaomi's foray into the electric vehicle (EV) market has propelled the company to what Morgan Stanley calls its "best-ever" quarterly report, with revenue reaching an all-time high in its second-quarter results. Ahead of Xiaomi's Q3 earnings report next Monday, the investment bank has reaffirmed its optimistic stance on the company, urging investors not to "exit too soon." 
Xiaomi's foray into the electric vehicle (EV) market has propelled the company to what Morgan Stanley calls its "best-ever" quarterly report, with revenue reaching an all-time high in its second-quarter results. Ahead of Xiaomi's Q3 earnings report next Monday, the investment bank has reaffirmed its optimistic stance on the company, urging investors not to "exit too soon." -
GM Lays Off 1,000 Workers Amid Cost-Cutting and Strategic Shift to Electric Vehicles
General Motors (GM) announced on Friday that it has laid off roughly 1,000 employees as part of an effort to reduce costs and adapt to evolving market dynamics. According to a source familiar with the matter, the decision to implement the job cuts was driven by a need to streamline operations, enhance efficiency, and shift priorities within the organization amid fluctuating economic and market conditions. 
General Motors (GM) announced on Friday that it has laid off roughly 1,000 employees as part of an effort to reduce costs and adapt to evolving market dynamics. According to a source familiar with the matter, the decision to implement the job cuts was driven by a need to streamline operations, enhance efficiency, and shift priorities within the organization amid fluctuating economic and market conditions. -
Alibaba Posts Strong Profit Growth Amid China’s Economic Slump, Shares Rise 3%
Alibaba Group Holding Ltd. (NYSE: BABA) reported a notable increase in net income for its fiscal second-quarter ending September 30, beating Wall Street's profit expectations despite facing challenges in consumer spending amid a weakening Chinese economy. However, revenue growth fell slightly short of estimates, reflecting economic uncertainties and a fragile retail environment. 
Alibaba Group Holding Ltd. (NYSE: BABA) reported a notable increase in net income for its fiscal second-quarter ending September 30, beating Wall Street's profit expectations despite facing challenges in consumer spending amid a weakening Chinese economy. However, revenue growth fell slightly short of estimates, reflecting economic uncertainties and a fragile retail environment. -
U.S. Secures $6.6 Billion TSMC Deal to Strengthen Semiconductor Production in Phoenix
The U.S. Department of Commerce has finalized a $6.6 billion subsidy agreement with Taiwan Semiconductor Manufacturing Co. (TSMC) to strengthen semiconductor production in Phoenix, Arizona. The deal, announced on Friday, is a key component of the $52.7 billion CHIPS and Science Act, which aims to revitalize domestic semiconductor manufacturing and reduce reliance on foreign sources. 
The U.S. Department of Commerce has finalized a $6.6 billion subsidy agreement with Taiwan Semiconductor Manufacturing Co. (TSMC) to strengthen semiconductor production in Phoenix, Arizona. The deal, announced on Friday, is a key component of the $52.7 billion CHIPS and Science Act, which aims to revitalize domestic semiconductor manufacturing and reduce reliance on foreign sources. -
Disney Posts Strong Earnings as Streaming Profitability Sparks Optimism, Stock Surges
Disney's stock surged Thursday following a robust fiscal fourth-quarter earnings report, which surpassed Wall Street's expectations, driven by a profitable quarter for its direct-to-consumer streaming segment. The entertainment giant's shares climbed over 10% in early trading, later paring gains to a 6% increase by afternoon. 
Disney's stock surged Thursday following a robust fiscal fourth-quarter earnings report, which surpassed Wall Street's expectations, driven by a profitable quarter for its direct-to-consumer streaming segment. The entertainment giant's shares climbed over 10% in early trading, later paring gains to a 6% increase by afternoon. -
Burberry's Stock Soars Following Revival Strategy Centered on Signature Trench Coats, Scarves
Burberry, the storied British luxury house, unveiled an ambitious new strategy on Thursday aimed at reconnecting with its roots through a focus on heritage designs and classic outerwear. CEO Joshua Schulman, who joined the brand in July, revealed the "Burberry Forward" plan, outlining a blueprint intended to realign Burberry's image and restore its flagging fortunes. The announcement was met with enthusiasm in the market, as Burberry shares surged 18.7%-marking the biggest intraday gain in the company's history-though the stock remains down by 40% for the year. 
Burberry, the storied British luxury house, unveiled an ambitious new strategy on Thursday aimed at reconnecting with its roots through a focus on heritage designs and classic outerwear. CEO Joshua Schulman, who joined the brand in July, revealed the "Burberry Forward" plan, outlining a blueprint intended to realign Burberry's image and restore its flagging fortunes. The announcement was met with enthusiasm in the market, as Burberry shares surged 18.7%-marking the biggest intraday gain in the company's history-though the stock remains down by 40% for the year. -
Attorney Targets Celebrities Linked to Sean "Diddy" Combs 'Freak-Off' Parties Amid Legal Threats
In a dramatic escalation surrounding the legal fallout from Sean "Diddy" Combs' infamous "freak-off" parties, attorney Tony Buzbee, who represents over 120 alleged victims, has announced plans to pursue other high-profile attendees, including celebrities, politicians, and business figures. Buzbee, featured in Tubi's documentary "TMZ Presents The Downfall of Diddy: Inside the Freak-Offs," emphasized that even bystanders who failed to intervene during alleged abuses may be held accountable. 
In a dramatic escalation surrounding the legal fallout from Sean "Diddy" Combs' infamous "freak-off" parties, attorney Tony Buzbee, who represents over 120 alleged victims, has announced plans to pursue other high-profile attendees, including celebrities, politicians, and business figures. Buzbee, featured in Tubi's documentary "TMZ Presents The Downfall of Diddy: Inside the Freak-Offs," emphasized that even bystanders who failed to intervene during alleged abuses may be held accountable. -
Satirical News Site The Onion Acquires Infowars in Bankruptcy Auction, Ending Alex Jones' Reign of Conspiracies
In a surprising twist, satirical news outlet The Onion has won the bid to acquire Infowars, the media platform founded by controversial conspiracy theorist Alex Jones. The sale, finalized as part of a court-ordered process to pay off damages related to Jones' defamatory claims about the 2012 Sandy Hook Elementary School shooting, marks a significant turning point for the beleaguered broadcaster. 
In a surprising twist, satirical news outlet The Onion has won the bid to acquire Infowars, the media platform founded by controversial conspiracy theorist Alex Jones. The sale, finalized as part of a court-ordered process to pay off damages related to Jones' defamatory claims about the 2012 Sandy Hook Elementary School shooting, marks a significant turning point for the beleaguered broadcaster. -
Just Eat Takeaway Sells Grubhub for $650 Million in Major Loss Deal, Down from $7.3 Billion
Just Eat Takeaway has agreed to sell its U.S.-based meal delivery unit, Grubhub, to food delivery startup Wonder for $650 million, marking a steep loss for the European company after it acquired the platform for $7.3 billion in 2020. The deal, expected to close in the first quarter of 2025 pending regulatory approval, sent shares of the Amsterdam-listed Just Eat soaring by 20% in early trading on Wednesday. The transaction highlights Just Eat's effort to exit the U.S. market and focus on its European operations. 
Just Eat Takeaway has agreed to sell its U.S.-based meal delivery unit, Grubhub, to food delivery startup Wonder for $650 million, marking a steep loss for the European company after it acquired the platform for $7.3 billion in 2020. The deal, expected to close in the first quarter of 2025 pending regulatory approval, sent shares of the Amsterdam-listed Just Eat soaring by 20% in early trading on Wednesday. The transaction highlights Just Eat's effort to exit the U.S. market and focus on its European operations. -
VW and Rivian Launch $5.8 Billion Joint Venture to Tackle EV Market Challenges
Volkswagen Group has expanded its planned investment in electric vehicle (EV) startup Rivian Automotive, increasing the total to $5.8 billion as the two companies announced a broader joint venture aimed at sharing critical technology and scaling production. The announcement sent shares of Rivian soaring by nearly 20% in early trading on Wednesday. However, the investment hinges on Rivian meeting a series of stringent performance milestones. 
Volkswagen Group has expanded its planned investment in electric vehicle (EV) startup Rivian Automotive, increasing the total to $5.8 billion as the two companies announced a broader joint venture aimed at sharing critical technology and scaling production. The announcement sent shares of Rivian soaring by nearly 20% in early trading on Wednesday. However, the investment hinges on Rivian meeting a series of stringent performance milestones.
