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Today in the Market (1/17/2024)

Good Morning! On Wednesday, U.S. equities fell due to reduced confidence about interest rate decreases and ongoing concerns about China’s economy. This has made the beginning of the year difficult for investors.

It was another red day, with the S&P 500 falling by 0.56%, the Dow Jones sliding down by 0.25%, and the NASDAQ declining by 0.59%.


Uber (UBER) announced its intention to discontinue the booze delivery service Drizly by March, which Uber acquired for $1.1 billion three years ago.

But why now? For starters, it was recently revealed that a data breach in 2020, which impacted 2.5 million members of Drizly, was a result of a known security weakness that both the firm and its previous CEO were aware of but failed to address. This led to the Federal Trade Commission (FTC) imposing restrictions on the types of consumer information that Drizly may gather and retain, potentially compromising its capacity to generate revenue from data sales.

On top of that, Uber wants to be more integrated. Senior Vice President of Delivery at Uber Pierre-Dimitri Gore-Coty told Axios (the news outlet that first reported the information) that the firm is now giving more importance to Uber Eats and concentrating on helping users obtain a wide range of products, including food, groceries, and booze, all via a single application.



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According to IDC’s Worldwide Quarterly Mobile Phone Tracker, Apple (AAPL) surpassed Samsung in terms of smartphone shipments in 2023 for the first time in history. While IDC acknowledges that its data is early and may be revised, another research organization, Canalys, also projects that Apple will maintain its leading position into 2023.

How close was it? According to IDC, Apple’s overall mobile shipments amounted to 234.6 million, while Samsung’s total was 226.6 million. Xiaomi, Oppo, and Transsion complete the top five rankings, having delivered 145.9 million, 103.1 million, and 94.9 million smartphones, respectively

Why is this a big deal? According to IDC, Samsung has consistently been the leading company in the yearly rankings for the last 13 years, except in 2010. Previously, Apple did not even rank in the top five. In 2010, Nokia took first place, with Samsung coming in second, LG Electronics coming in third, ZTE coming in fourth, and Research in Motion (BlackBerry devices) coming in fifth.  Now that list is a blast from the past.


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