1. Apple Unveils New iMac and M3 Chip
2. UAW Reaches Deal With Big Three Automakers
3. McDonald’s Raises Prices Without Losing Customers
4. GSK Gains Access to 23andMe’s Genetic Database
5. Two Major Real Estate Investment Trusts Complete M&A Deals
6. Property Management Software Company Raises $30M
7. Toyota Global Sales Surge
1. Apple Unveils New iMac and M3 Chip
At 5 p.m. California time today, Apple will host its online event titled “Scary Fast” to unveil new iMac models and updates to its high-end MacBook Pro lineup, along with its new generation M3 computer chip.
During the pandemic, consumer demand for home-office devices soared, boosting Mac sales. Though the PC market has slumped in 2023, recovery is expected in 2024.
Apple’s annual revenue rose 5% last fiscal year. Bloomberg projects Q4 Mac sales could increase 5% this year.
Last week, Qualcomm launched its Snapdragon X chip, claiming performance faster than Apple’s M2.
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2. UAW Reaches Deal With Big Three Automakers
General Motors and the United Auto Workers union have reached a tentative labor agreement, ending a six-week strike that cost the industry billions.
The deal reportedly includes a 25% hourly wage increase and cost-of-living adjustments, similar to the agreement reached with Stellantis. Retirement benefit details were not disclosed.
GM shares initially rose 3.9% in pre-market trading before paring gains.
Ford said the strike cost the company $1.3 billion; GM reported losses near $1 billion.
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3. McDonald’s Raises Prices Without Losing Customers
In Q3, McDonald’s reported same-store sales growth of 8.8%, surpassing the 7.4% forecast. Despite price hikes for burgers and fries, customer demand remained strong.
Revenue rose 14% YoY to $6.7 billion, and EPS surged 49% to $3.17—both beating expectations.
Consumers have shown high loyalty to McDonald’s even amid rising prices.
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4. GSK Gains Access to 23andMe’s Genetic Database
GSK has signed a five-year deal with DNA testing company 23andMe, paying $20 million for access to its consumer genetic database to support drug development.
23andMe said about 80% of users have consented to share their data. The company’s genetic testing service offers health and ancestry insights.
With data from over 14 million individuals, 23andMe has one of the world’s largest genetic databases—rivaled only by the Chinese government and Ancestry.com.
The deal is non-exclusive, meaning 23andMe can license the data to other pharma companies as well.
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5. Two Major Real Estate Investment Trusts Complete M&A Deals
Healthpeak Properties will acquire Physicians Realty Trust for $2.6 billion, while Realty Income will buy Spirit Realty Capital for $5.3 billion.
Healthpeak aims to expand its footprint in healthcare real estate and strengthen relationships with medical systems.
Realty Income plans to diversify beyond its core holdings in convenience stores, as industrial properties only make up 15% of its rental income.
Both Healthpeak and Realty Income shares have fallen more than 20% this year, underperforming the S&P 500.
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6. Property Management Software Company Raises $30M
Funnel Leasing, a property management software startup, has raised $32 million in a Series B-2 round led by RET Ventures, with participation from Trinity Partners and various multifamily property owners.
Funnel’s platform supports tenant onboarding, virtual assistants, online leasing, and resident engagement.
The new funding will be used to enhance marketing and expand the company’s sales team.
Multifamily industry veteran and Entrata founder Johnny Hanna recently joined the Funnel team.
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7. Toyota Global Sales Surge
Toyota Motor announced global vehicle sales rose 8.3% YoY to 5.596 million units for the six-month period ending in September, driven by robust demand and improved supply chains.
Global production rose 10% to 5.738 million vehicles in the same period.
Sales in Africa surged 22%, leading all regions, followed by the Middle East (up 17%) and North America (up 9.4%).
Sales in China rose by less than 1% as more buyers turned to electric vehicles.
Toyota’s CEO noted that Japan still lacks sufficient EV charging infrastructure.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.