Bitcoin hit its lowest level in over a year. According to Reuters:
Bitcoin slumped to a new 13-month low on Monday, with the biggest cryptocurrency touching $5173.23 on the Bitstamp platform BTC=BTSP.
Bitcoin was last down 5.2 percent at $5270. The cryptocurrency, and other lesser coins including ethereum and XRP, endured a sell-off last week, with some blaming fears that a “hard fork” in bitcoin cash, where the smaller coin that split into two separate currencies, could destabilize others.
Apple Inc. (NASDAQ: AAPL) has cut iPhone production. According to The Wall Street Journal:
Lower-than-expected demand for Apple Inc.’s AAPL 1.11% new iPhones and the company’s decision to offer more models have created turmoil along its supply chain and made it harder to predict the number of components and handsets it needs, people familiar with the situation say.
In recent weeks, Apple slashed production orders for all three iPhone models that it unveiled in September, these people said, frustrating executives at Apple suppliers as well as workers who assemble the handsets and their components.
Fantastic Beasts: The Crimes of Grindelwald has a rough open at the box office. According to Box Office Mojo:
At #1, Warner Bros.’s release of Fantastic Beasts: The Crimes of Grindelwald fell a bit short of the studio’s anticipated $65 million debut with an estimated $62 million from 4,163 theaters and ~$13 million shy of the debut for the first film. It’s clear that while banking on its connection to the Harry Potter franchise, the Fantastic Beasts features have yet to capture the same kind of fervor. That said, where the sequel’s domestic performance ends up will be something to watch as the $200 million production certainly looks to take advantage of the holiday time frame, but has plenty of competition up ahead.
Ford Motor Company (NYSE: F) has launched a major initiative for self-driving cars. According to CNBC:
Ford is road testing its autonomous vehicles in partnership with the city of Miami, as the legacy automaker hopes to capitalize on the emerging technology in ride-share and business delivery.
The automaker has been testing a Ford Fusion equipped with autonomous vehicle tech, or AV, in Miami since February. It chose the city because of its congestion and the unpredictability of the traffic there. Tests are also being done in three other cities: Pittsburgh, Detroit and Washington, D.C.
The CEO of J Crew was fired. According to CNN Business:
J Crew’s CEO is stepping down less than two years into the job, a sign of turmoil as the retailer heads into the holiday shopping stretch.
In a surprise announcement Saturday, the company said that Jim Brett was leaving because of a disagreement with the board of directors over how to “evolve” J Crew. Four senior executives will share CEO responsibilities.
Brett took over last July from veteran chief executive Mickey Drexler, who led the company for 14 years after a stint at Gap. Drexler helped position J Crew as a top clothing brand known for its quality and preppy aesthetic before a years-long sales slump.
One of the great car executives in the world is about to be arrested. According to Reuters:
Nissan Motor Co Ltd Chairman Carlos Ghosn is to be arrested by Tokyo prosecutors for alleged financial violations in Japan, the Asahi newspaper reported on Monday.
The newspaper reported on its website that Ghosn, who is also chairman and chief executive of France’s Renault (RENA.PA), was suspected of having understated his own income on financial statements and had agreed to voluntarily speak to prosecutors.