Uber Eats Will Now Deliver Weed

MARKET MOVERS

• Uber Eats will now deliver weed to Toronto residents. In addition to food and people, a new delivery offering has been added to the menu in Toronto: marijuana. Canada legalized cannabis four years ago, and now Uber is ready to cash in. Now, Toronto residents over the age of 19 can order from three local dispensaries through Uber’s app with help from the online cannabis retailer Leafly.

• Apple unveils upgraded iPads and lower-cost set-top TV box. The latest iPad Pro adds the M2 chip* used in recent Mac computers. That product represents the Pro model’s first upgrade in a year and a half. The company also introduced a cheaper Apple TV set-top box with 4K video support. The new iPad Pro gains a 15% faster M2 chip. The Apple TV 4K box gets double the storage and a faster A15 processor.

• Microsoft lays off employees after a slowdown in earnings growth. The company didn’t give a figure for the number of layoffs that have started this week and didn’t confirm whether they were part of the earlier announced plans. Microsoft’s latest move follows some challenges* for the company. It suffered its slowest earnings growth in two years hurt by a sharp slowdown in its cloud business and the effects of a strong dollar.

• E-Commerce warehouses and commercial property hot spots, start to cool. Warehouse tenants occupied about 108 million square feet more industrial space at the end of the third quarter than at its beginning, but that is down from previous quarters.* They occupied 132 million square feet more of new space in the second quarter and 159 million square feet more in the third quarter of 2021.

• Manufacturing employment is near a 14-year high. Jason Hartman says that this is great news for the United States because we do not have to outsource everything. The US needs to have a good manufacturing base so that the country wouldn't be affected by supply chain disruptions and other countries wouldn't have the leverage over the US. Source(8:23)
  

WHAT TO WATCH

• Apple’s mixed reality headset will scan irises. Apple’s device is expected to have the ability to scan the irises of people wearing the headsets so they can quickly log into their accounts simply by putting the devices on their heads. The capability will make it easier for multiple people to use the same device and allow them to quickly make payments inside the headset. Source(3:39)

• Meta Platforms to sell Giphy after losing its fight with U.K. regulators. The U.K.’s Competition and Markets Authority said Tuesday it found the firm’s takeover of the popular GIF search engine would lead to a substantial lessening of competition* in the social media services market, as well as the display advertising market in the U.K. It ordered the firm to sell Giphy.

• Johnson & Johnson is likely to make some cuts to the workforce despite higher sales and profit. J&J is likely to make modest cuts to its workforce both as a result of economic pressures* and in connection with the planned separation of its consumer-health business next year, Chief Financial Officer Joseph Wolk said in an interview. Various job functions would be affected but it wouldn’t be a major restructuring.

• Intel eyes significantly lower valuation in the IPO of Mobileye unit. Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one that is under $20 billion* and sell a smaller number of shares than originally planned. By selling fewer shares at a lower price, the company and its advisers are hoping to drum up interest that will push up the shares after they start trading.

• Dan Loeb’s Third Point builds a stake in Colgate. Loeb sees hidden value in Colgate’s subsidiary, Hill’s Pet Nutrition, a pet food company if it were spun off. The investor believes as a stand-alone business, Hill’s could deliver even faster growth and better margins* and could achieve a valuation close to $20 billion on its 2023 numbers.