Unity Software Up 4%

Shares of video game software company Unity Software Inc. (U) are up 4 percent on Tuesday’s trading despite there being no company news to impact the stock movement. Since the beginning of the month, the stock has, however, seen a downward trend.

The company recently completed the acquisition of visual effects company Weta Digital for $1.63 billion. The acquisition is expected to help the increasing number of game developers and artists by providing access to top-class content creation tools.

Currently at $152.73, the stock has traded between $76.00 and $210.00 during the past 52 weeks.

Broadcom Limited Q4 Profit Increases, beats estimates

Broadcom Limited (AVGO) released earnings for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line came in at $1.91 billion, or $4.45 per share. This compares with $1.25 billion, or $2.93 per share, in last year’s fourth quarter.

Excluding items, Broadcom Limited reported adjusted earnings of $3.50 billion or $7.81 per share for the period.

Analysts on average had expected the company to earn $7.74 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.5% to $7.41 billion from $6.47 billion last year.

Broadcom Limited earnings at a glance:

-Earnings (Q4): $1.91 Bln. vs. $1.25 Bln. last year.
-EPS (Q4): $4.45 vs. $2.93 last year.
-Analyst Estimate: $7.74
-Revenue (Q4): $7.41 Bln vs. $6.47 Bln last year.

-Guidance:
Next quarter revenue guidance: $7.6 Bln

U.S. Construction Spending Shows Modest Increase In October

The Commerce Department released a report on Wednesday showing a modest increase in U.S. construction spending in the month of October.

The report said construction spending inched up by 0.2 percent to an annual rate of $1.598 trillion in October after edging down by 0.1 percent to a revised rate of $1.595 trillion in September.

Economists had expected construction spending to increase by 0.4 percent compared to the 0.5 percent drop originally reported for the previous month.

The modest increase in construction spending came as spending on public construction jumped by 1.8 percent to an annual rate of $353.0 billion.

Spending on highway construction surged up by 2.4 percent to a rate of $102.5 billion, while spending on educational construction crept up by 0.2 percent to a rate of $82.2 billion.

Meanwhile, the Commerce Department said spending on private construction dipped by 0.2 percent to an annual rate of $1.245 billion.

Spending on residential construction fell by 0.5 percent to a rate of $774.7 billion, more than offsetting a 0.2 percent uptick in spending on non-residential construction to a rate of $470.3 billion.

The Commerce Department noted total construction spending in October was up by 8.6 percent compared to the same month a year ago.

U.S. Confirms First Case Of Omicron Variant

The first confirmed case of Covid-19 caused by the new Omicron variant has been detected in the U.S., the Center for Disease Control and Prevention revealed on Wednesday.

The CDC said the first confirmed omicron case was detected in an individual in California, who returned from South Africa on November 22, 2021.

“The individual, who was fully vaccinated and had mild symptoms that are improving, is self-quarantining and has been since testing positive,” the CDC said. “All close contacts have been contacted and have tested negative.”

The new Covid variant, assigned the Greek letter Omicron, has been labeled a “variant of concern” by both the World Health Organization and the CDC.

The CDC said it has been actively monitoring and preparing for this variant and will continue to work diligently with other U.S. and global public health and industry partners to learn more.

While the first confirmed Omicron case has been detected in the U.S., the CDC noted the Delta variant currently remains the predominant strain in the country.

The CDC said the emergence of the Omicron variant further emphasizes the importance of vaccination, boosters, and general prevention strategies needed to protect against Covid-19.

The Omicron variant was first detected in South Arica and has since been found in Canada, the U.K., Israel, Belgium, the Netherlands, Germany, Italy and Hong Kong, among other places.

Apple Forecasts Lesser Demand For IPhone 13 During Holiday Season, Say Reports

iPhone maker Apple Inc. (AAPL) has reportedly told its suppliers that the demand for its latest iPhone 13 would be lower than expected during the upcoming holiday season.

According to a Bloomberg report, Apple had already brought down the orders for the year to 80 million from the earlier target of 90 million as it has been grappling with the semiconductor shortage issues, like most other technology companies.

When Apple had made the announcement, it had expected to make up for the drop in demand by next year, but that will mostly not happen as the demand is definitely coming down. Apple had told its manufacturing partners that even with the holiday season, the demand is not expected to pick up.

The global semiconductor shortage and the Covid-19 situation has made it difficult for mobile phones companies like Apple to get all its raw materials in time and in enough quantity. Apple CEO Tim Cook had earlier said that the company’s previous earnings were down by $ 6 billion due to the above-mentioned factors. The company is expecting another huge impact during the current holiday quarter as well.

As per the Bloomberg report, the iPhone 13 has not fulfilled the company’s level of satisfaction even without the supply problems. The original idea to assemble 90 million units for 2021 was done based on a forecast of higher demand as previously Apple has pre-ordered only 75 million iPhones during the launch year.