FT : ‘I went through hell,’ says 85-year-old Israeli hostage freed by Hamas

‘I went through hell,’ says 85-year-old Israeli hostage freed by Hamas
Yocheved Lifshitz was one of 200 people captured and taken to Gaza by Hamas militants in the October 7 attack

Beaten with a stick, thrown over a motorcycle like a sack and dragged into a subterranean network of tunnels inside Gaza, 85-year-old Yocheved Lifshitz spent 16 days as a Hamas hostage.

Released suddenly, alongside Nurit Cooper, 69, Lifshitz is one of four hostages — out of more than 200 taken into Gaza by Hamas militants in the October 7 attack — who have emerged, seemingly in good health, in a process mediated by Qatar, Egypt and the International Committee of the Red Cross. She is the first to speak publicly of her ordeal.

Hours after her release, she stood outside Ichilov Hospital in central Israel, and told her story, both surreal and sordid, to a bank of reporters.

“I went through a hell we never thought we could reach,” she said. “I went through a nightmare we couldn’t have imagined.”

At least 1,400 civilians and soldiers were killed in the devastating October 7 assault by Hamas militants based in Gaza, according to Israeli authorities, the worst attack in the history of the Jewish state. Israel responded by launching a massive aerial bombardment of Gaza, which has killed at least 5,087 people so far, local health authorities said, and levelled huge sections of the Palestinian enclave.

For Lifshitz, the scenes keep repeating in her head. She told of the Hamas fighters who broke in and rampaged through the Kibbutz Nir Oz where she lived, killing and kidnapping “old and young, with no distinction”. She and her husband, a peace activist, were snatched from their beds. He is still held hostage.

“When they took me, they put me on a motorcycle, legs on one side, head on the other,” she recalled.

Two motorcycles flanked the one she was on, and all three raced through the fields, just a few kilometres from Gaza’s border with Israel. “They didn’t break my ribs, but it hurt a lot, making it difficult to breathe,” the elderly woman said.

Someone robbed her of her watch and jewellery. She guessed they were briefly held in the southern Gaza town of Abasan Al-Kabira. After that, she has no idea.

Taken underground, her captors guided her for two or three hours through a “spider web of tunnels”, eventually emerging into a large hall with 25 other captives. They were separated again, with the hostages arranged by the kibbutz that they had been snatched from.

The situation improved after that. They were visited by a doctor every other day, who gave them medication they needed, swapping out similar ones for those not available in Gaza.

“They took good care of the wounded,” Lifshitz said, describing one person who had been injured in the arms and legs during their kidnapping. “It was heartbreaking to see that.”

Their captors took care of their hygiene, even cleaning their toilets. “They were worried about the outbreak of something,” she said.

They received a pitta bread with white cheese and cucumber each day.

In a video staged around their release and handover to a Red Cross representative, she and Nurit appear dazed, but unhurt. Clothed in the long dresses worn by older Palestinian women, they are offered biscuits and a drink from masked Hamas fighters, with the handover captured on camera by the militant group.

In a clip that has since gone viral on Arab television channels across the region, she then reaches back to shake the hand of one of her armed captors. Her description of the care her captors took of her have also been played nonstop on some Arab news channels, alongside her criticism of the Israeli government’s failure to protect her and her family.

“The lack of knowledge by the IDF [Israel Defense Forces] and Shin Bet [the intelligence service] harmed us badly,” said Lifshitz, adding that the military ignored signs from weeks ago, when Palestinian crowds massed at the fences.

“In the military, they did not take it seriously,” she said. “We were the scapegoat of the government.”

Business Of Fashion : Why Beauty’s Biggest Conglomerates Are Selling Off Their B

Why Beauty’s Biggest Conglomerates Are Selling Off Their Brands
As strategics like Unilever and L’Oréal divest from once-core lines, a more selective approach to M&A is underway.

KEY INSIGHTS
  • Beauty’s largest corporations are choosing to specialise their portfolios around tighter mandates.
  • The high cost of borrowing means that some acquisitions made under different financial conditions may be divested.
  • Experts say that a stricter niche can maximise profits through increased capital and staffing efficiency.
  • Beauty’s biggest conglomerates are cutting their losses.

Earlier this month, L’Oréal quietly offloaded Sanoflore, the natural skin care brand it acquired in 2006, to private equity firm Ekkio Capital, and stopped the commercialisation of Decléor, the essential-oil-based skincare line it purchased from Shiseido in 2014. The divestitures, while significant, got a fraction of the attention that the French conglomerate received when it splurged for Aesop in April. Unilever, meanwhile, hired investment banks Morgan Stanley and Evercore Inc in September to sell off its non-core beauty portfolio that includes Caress, TIGI, St. Ives and Q-Tips.

As competition in beauty has become more fierce, larger companies like L’Oréal, Unilever and Kao are moving from generalists to specialists in a quest to cut costs and follow stricter divisional mandates. While conglomerates often have plenty of cash on the balance sheet, there is no doubt that financial pressure is mounting. (Following a projected fifth year of profit slump, Kao, the Japanese owner of Bioré and Curél, has committed 60 billion yen, or approximately $400 million, to structural reforms, with the cosmetics business at the forefront.) Internal hurdles like staffing and resourcing can make sustaining a scattergun portfolio approach hard; specialising enables these organisations to make bigger, better bets.

“Historically, the focus was just, ‘We are a beauty company’,” said Marko Horvat, a managing director at investment bank Raymond James. “Focus has become a recent theme. There’s now a view that specialisation lets [strategics] extract more value, rather than a portfolio that’s a little of this and a little of that.”

>>> US Research Calls

Research Calls II
  • Upgrades:
    • American Express (AXP) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $151
    • Ballard Power (BLDP) upgraded to Buy from Hold at HSBC Securities; tgt $4.50
    • Grupo Aeroportuario del Pacifico (PAC) upgraded to Overweight from Equal Weight at Barclays
    • Medpace (MEDP) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $289
    • Rio Tinto (RIO) upgraded to Overweight from Equal Weight at Barclays
  • Downgrades:
    • CubeSmart (CUBE) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $37
    • FMC Corp (FMC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $70
    • FMC Corp (FMC) downgraded to Neutral from Buy at BofA Securities; tgt $63
    • FMC Corp (FMC) downgraded to Neutral from Buy at Goldman; tgt lowered to $59
    • Monster Beverage (MNST) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $50
    • Regions Fincl (RF) downgraded to Neutral from Buy at UBS; tgt lowered to $15
  • Others:
    • Airbnb (ABNB) initiated with a Neutral at Seaport Research Partners
    • Alphabet A (GOOGL) initiated with a Neutral at Seaport Research Partners
    • Amazon (AMZN) initiated with a Buy at Seaport Research Partners; tgt $145
    • Apartment Income REIT Corp. (AIRC) initiated with an Outperform at Raymond James; tgt $37
    • Beam Therapeutics (BEAM) placed on 30-day Upside Catalyst Watch at Citigroup
    • Crinetics Pharmaceuticals (CRNX) assumed with an Overweight at Cantor Fitzgerald; tgt lowered to $50
    • CRISPR Therapeutics (CRSP) placed on 30-day Upside Catalyst Watch at Citigroup
    • Criteo (CRTO) initiated with an Overweight at KeyBanc Capital Markets; tgt $40
    • Denali Therapeutics (DNLI) assumed with an Overweight at Cantor Fitzgerald; tgt lowered to $35
    • DoorDash (DASH) initiated with a Neutral at Seaport Research Partners
    • Extra Space Storage (EXR) initiated with an Underweight at Wells Fargo; tgt $115
    • GoDaddy (GDDY) initiated with a Buy at Seaport Research Partners; tgt $85
    • Meta Platforms (META) initiated with a Buy at Seaport Research Partners; tgt $365
    • Neurocrine Biosciences (NBIX) assumed with an Overweight at Cantor Fitzgerald; tgt raised to $140
    • Pinterest (PINS) initiated with a Buy at Seaport Research Partners; tgt $33
    • Public Storage (PSA) initiated with an Overweight at Wells Fargo; tgt $270
    • Squarespace (SQSP) initiated with a Buy at Seaport Research Partners; tgt $35
    • Uber (UBER) initiated with a Buy at Seaport Research Partners; tgt $51
    • Wix.com (WIX) initiated with a Buy at Seaport Research Partners; tgt $103

>>>Verizon beats by $0.04, reports revs in-line; reaffirms FY23 EPS guidance (31

Verizon beats by $0.04, reports revs in-line; reaffirms FY23 EPS guidance (31.39)
  • Reports Q3 (Sep) earnings of $1.22 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $1.18; revenues fell 3.5% year/year to $33 bln vs the $33.27 bln FactSet Consensus.
  • Co reaffirms guidance for FY23, sees EPS of $4.55-4.85 vs. $4.67 FactSet Consensus.
  • Total wireless service revenue in third-quarter 2023 increased 2.9 percent year over year and 1.1 percent from second-quarter 2023. This increase was driven by targeted pricing actions implemented in recent quarters, the larger allocation of administrative and telco recovery fees from other revenue into wireless service revenue, and growth from fixed wireless offerings.
  • Guidance Details: For 2023, Verizon expects the following: Cash flow from operations in the range of $36.25 billion to $37.25 billion. Capital spending at the higher end of the previously guided range of $18.25 billion to $19.25 billion. Free cash flow above $18 billion, a $1 billion increase from the previously issued guidance. In addition, for 2023, Verizon continues to expect the following: Total wireless service revenue growth 3 of 2.5 percent to 4.5 percent.

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • AGYS +11.9%, LOGI +9.4%, RTX +8.2%, MEDP +8.1%, AMRX +7.1% (guidance), MATX +6.6% (guidance), ASPN +5.7% (guidance), GE +5.1% (also announces plans to spin off GE Vernova and GE Aerospace in 2Q24), AWI +5%, NEP +5%, FI +4.8%, CR +4%, PKX +3.7%, KREF +3.6%, MMM +3.6%, VZ +3.5%, MLI +3.4%, CLF +3.3%, SHW +3%, SMPL +2.9%, CNC +2.6%, KO +2.4%, NEE +2.4%, IPAR +2.3% (guidance), IBTX +2%, ARCC +2%, BANC +2%, BRO +1.9%, DOW +1.6%, XRX +1.6%, GM +1.5%, WRB +1.4%, PAC +1.2%, NUE +1.1%, HRI +1.1%, DHR +1%, ORAN +0.8%, ADM +0.8%, ARE +0.7%, PACW +0.7%, PHM +0.6%
Select crypto related names showing strength:
  • HUT +15.2%, CLSK +14.9%, MARA +14.7%, RIOT +13.8%, BITF +11.5%, HIVE +10.2%, BKCH +10%, BITO +9.8%, SDIG +9.1%, MSTR +9.1%, BTBT +8.2%, COIN +7.8%, BITQ +7.2%
Other news:
  • ASTI +58.7% (U.S. Dept of Energy encourages Ascent to submit full application)
  • RDFN +7.8% (APO agree to commit up to $250 mln of financing)
  • CRNT +5.8% (to acquire Siklu for enterprise value of $13-$15 mln; expected to be accretive to gross margins non-GAAP EPS by 2H24)
  • SMR +3.5% (issues statement following "misleading short-seller report")
  • CENX +3.2% (three-year power contract for Mt. Holly smelter)
  • QTRX +2% (announces new agreement to advance blood based Alzheimer's Disease detection)
  • AXSM +1.6% (presentation of data from its ACCORD Phase 3 clinical trial of AXS-05)
  • CBAY +1.4% (presents finding of Phase 3 ENHANCE study)
  • MSFT +0.9% (AUD$5 bln investment expanding AI in Australia)
Analyst comments:
  • EDIT +7.2% (upgraded to Buy from Neutral at Citigroup)
  • BRZE +3.2% (upgraded to Buy from Neutral at DA Davidson)
  • IR +2.8% (upgraded to Buy from Hold at Stifel)
  • GOGL +2.2% (upgraded to Buy from Hold at Jefferies)
  • RIO +2% (upgraded to Overweight from Equal Weight at Barclays)
  • SILK +1.9% (upgraded to Peer Perform from Underperform at Wolfe Research)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • TBI -18%, HCA -9.1%, HXL -7.4%, AGNC -7.3% (prelim Q3 estimates), PII -6.3%, AAN -5.6%, HOUS -5.3%, BCS -5.1%, TRU -4.4%, GLW -4%, CALX -2.6%, CDNS -2.5%, SPOT -2.5%, PKG -2.1%, ABG -2.1%, CCK -2%, TFII -1.3%, NVS -0.8%
Other news:
  • IONQ -12.7% (Co-Founder stepping down)
  • IMTX -4.2% (receives FDA Regenerative Medicine Advanced Therapy (RMAT) designation for ACTengine IMA203 TCR-T monotherapy)
  • SDA -3% (stock offering)
  • SEE -1.5% (CEO stepping down; reiterates guidance; also downgraded to Mkt Perform from Outperform at William Blair)
  • MREO -1.1% (reports on recent program developments)
Analyst comments:
  • MKFG -17.7% (downgraded to Mkt Perform from Outperform at William Blair)
  • FMC -2.8% (downgraded to Equal-Weight from Overweight at Morgan Stanley; downgraded to Neutral from Buy at BofA Securities; downgraded to Neutral from Buy at Goldman)
  • CUBE -1.1% ( downgraded to Equal Weight from Overweight at Wells Fargo)
  • MNST -1% (downgraded to Neutral from Overweight at Piper Sandler)

>>> Europe : Brokers Upgrades & Downgrades - 24th of October 2023 V2(+)

>>> Up
* Airtel Africa Raised to Buy at Citi; PT 140 pence
* Alpha Services Raised to Outperform at Mediobanca SpA
* Altri Raised to Neutral at Oddo BHF; PT 5.10 euros
* First Quantum Minerals Raised to Buy at Paradigm Capital
* flatexDEGIRO Raised to Outperform at KBW; PT 12.50 euros
* Golden Ocean Raised to Buy at Jefferies; PT 121.66 kroner
* Indivior Raised to Buy at Liberum; PT 2,010 pence (+)
* Ingersoll Rand Raised to Buy at Stifel; PT $73
* Lundin Mining Raised to Buy at Paradigm Capital; PT C$12.50
* Rio Tinto Raised to Overweight at Barclays; PT 6,300 pence
* Scandinavian Tobacco Raised to Buy at Carnegie (+)
* Tomra Raised to Hold at Jefferies; PT 90 kroner
* Virbac Raised to Buy at Gilbert Dupont; PT 313 euros (+)
* Virbac Raised to Outperform at Oddo BHF; PT 290 euros (+)
* Wulff-Group Raised to Reduce at Inderes; PT 2 euros

>>> Down
* Absolent Air Care Group Cut to Hold at Nordea
* Atoss Software PT Cut to 200 euros at Hauck & Aufhaeuser (+)
* CAB Payments Cut to Speculative Buy at Canaccord; PT 246 pence (+)
* Eezy Cut to Hold at Carnegie (+)
* Equinor Cut to Hold at Nordea
* Getinge Cut to Hold at ABG; PT 203 kronor
* Hess Cut to Equal-Weight at Wells Fargo; PT $171
* Millicom GDRs Cut to Hold at ABG; PT 175 kronor
* Navigator Co Cut to Underperform at Oddo BHF; PT 3.90 euros
* Pets at Home Cut to Hold at Shore Capital (+)

>>> Initiation
* Demant Rated New Buy at Deutsche Bank; PT 318 kroner (+)
* Devolver Digital Rated New Buy at Peel Hunt; PT 35 pence
* Entra Reinstated Buy at SEB Equities; PT 180 kroner
* Nokia Rated New Buy at Commerzbank
* Solaria Energia Rated New Neutral at CaixaBank BPI
* Swissquote Rated New Buy at Berenberg; PT 217 Swiss francs

>>> Call
* Nemetschek Results Defy Slowdown Concerns, Morgan Stanley Says
* Novartis 3Q Sales Beat Helped by Kesimpta: Jefferies (+)
* Swissquote Gets New Buy at Berenberg on Attractive Valuation
* Talanx Outlook Boost Shows Improving Strength: Morgan Stanley
* Tomra Raised to Hold at Jefferies, Downside Risks Now Minimized

TechCrunch : Feds expand Tesla investigation to include vehicle range, personal

Feds expand Tesla investigation to include vehicle range, personal benefits

Tesla has the attention of the U.S. Department of Justice — again.

Tesla has received requests for information, including subpoenas from the DOJ, the automaker disclosed Monday in a U.S. Securities and Exchange Commission filing. The DOJ issued subpoenas related to perks, the advertised range of its EVs and personnel decisions, according to the filing.

The DOJ’s inquiry into vehicle range comes several months after a Reuters investigation found that the automaker had exaggerated the range estimates for its EVs for years, prompting owners to flood its service center over concerns that their vehicles needed service. The investigation, citing anonymous sources and industry experts, found that the directive to use algorithms to give rosier range numbers came from CEO Elon Musk.

The DOJ also became interested earlier this year in personal benefits that Tesla may have provided CEO Elon Musk since 2017, including the use of company funds to build a proposed glass house. The U.S. Attorney’s Office for the Southern District of New York has also requested information about transactions between Tesla and other entities connected to Musk, according to a report from The Wall Street Journal published in August.

The disclosure in Monday’s filing is on top of the DOJ’s investigation into Tesla’s advanced driver assistance system Autopilot and its accompanying subscription feature known as Full Self-Driving or FSD. Tesla revealed in January that the DOJ had launched an inquiry into Autopilot and FSD. It’s unclear if the DOJ investigation disclosed in January is connected to another criminal investigation by the agency launched in late 2021 following more than a dozen accidents involving the active use of Tesla’s Autopilot system.

>>> Stoxx 600 Pre-Market Indications

  • Nemetschek (NEM TH) +4.9%
    • Nemetschek Results Defy Slowdown Concerns, Morgan Stanley Says
  • Puma (PUM TH) +3.1%
    • Puma 3Q Gross Profit Margin Beats Estimates
  • Tomra (TMRA TH) +2.4%
  • BT (BTQ TH) +2.2%
  • Rio Tinto (RIO1 TH) +2.2%
    • Nigeria to Tighten Rules to Curb Raw Mineral Exports (Correct)
  • Talanx (TLX TH) +1.7%
    • Talanx Outlook Boost Shows Improving Strength: Morgan Stanley
  • Lufthansa (LHA TH) +0.9%
  • Orange (FTE TH) +0.9%
    • Orange Confident Masmovil Deal Will be Approved by Year End
  • Qiagen (QIA TH) -0.8%
  • Stellantis (8TI TH) -0.9%
  • Delivery Hero (DHER TH) -1.1%
  • Norsk Hydro (NOH1 TH) -3.5%
    • Norsk Hydro 3Q Adjusted Ebitda Misses Estimates