What we’re reading (9/8)
“Apple Countersues ‘Fortnite’ Maker Epic Games, Seeks Punitive Damages” (Wall Street Journal). A few weeks ago, Epic Games—the maker of the wildly popular video game app “Fortnite”—initiated a lawsuit challenging the 30 percent commission Apple charges on in-app purchases for apps downloaded from Apple’s app store (Epic also sued Google). Now, Apple is suing back.
“Stock Futures Fall With Market Set To Continue Technology-Led Sell-Off” (CNBC). The market had a great August, but continued its recent plunge on Tuesday (especially the tech sector). As of this writing, looks like more of that ahead for Wednesday.
“Bankrupt Retailers Face Another Hurdle: Getting Rid Of Inventory” (Washington Post). “Firms that specialize in winding down stores say liquidating now is markedly different from what it was before the pandemic. Companies are offering deeper discounts to win over consumers — with sales starting at 40 percent off instead of the usual 20 percent — as well as other incentives. Even then, results can be spotty: Proceeds from liquidation sales have fallen about 25 percent since the novel coronavirus took hold, according to Jim Schaye, chief executive of retail liquidation firm Eaton Hudson.”
“AstraZeneca Puts COVID-19 Vaccine Trial On Hold Over Safety Concern: Stat News” (Reuters). “AstraZeneca Plc has paused a late-stage trial of one of the leading COVID-19 vaccine candidates after a suspected serious adverse reaction in a study participant, health news website Stat News reported on Tuesday.”
“‘Deep Regrets’—Billionaire Admits He Lost $41 Million Daytrading Stocks” (MarketWatch). A good reminder that there’s no shame in just buying the market. Let’s hope Stoney Point’s picks do better than Japanese Billionaire and internet sensation Yusaku Maezawa’s.
