CWEB, the American multinational media news company, has published its latest roundup of news for October 12, summarizing the important events and highlights from across industries and around the world.
The following are the main highlights as reported in the review:
New statistics from the Bureau of Labour Statistics came out Thursday morning, showing that inflation slowed in September as energy price hikes slowed from the previous month and used car prices continued their downward trend. In September, headline inflation measured by the Consumer Price Index (CPI) slowed to 0.4% from 0.6% in August and 3.7% from a year ago. This was in line with August’s monthly and yearly rises.
Yesterday, Vice President Biden publicized new FTC regulations that would mandate upfront disclosure of all costs. The FTC estimates that even if the rule were applied simply to travel and accommodation, it would save consumers 50 million or more hours each year by making it easier to locate the best deals online.
Nobel laureate in economics Claudia Goldin was recognized for her work that shed light on the gender pay gap. Goldin is only the third woman to receive the econ Nobel, and the first to receive it on her own, therefore her success helps to close a gender gap in her own field.
Israel has established a caretaker government. Israeli Prime Minister Benjamin Netanyahu stressed national unity by forming an emergency government and a “war management cabinet” with the help of the opposition party. This government will remain in place until the country’s fight against Hamas is complete and will only examine legislation connected to the conflict.
With declining U.S. demand for Covid vaccines and tests, Walgreens disclosed Thursday lower profit guidance and earnings that fell short of estimates for the company’s fiscal fourth quarter.
Delta Air Lines reported a third-quarter profit of $1.11 billion, thanks in large part to the number of passengers it carried during the peak summer travel season. The airline also predicted Thursday that its revenue will continue to rise into the holiday season. Delta was able to increase profits by 59% year-over-year as rising demand for tickets, particularly for first-class and overseas flights, offset wage inflation.
Birkenstock Holdings Ltd., a German sandal manufacturer, had its stock drop 12.6% on its first day of trade on Wednesday, indicating that investors are still wary of new deals and that the casual footwear market is very competitive.
Despite forecasting a 78% drop in profit for the third quarter, shares of Samsung Electronics rose. As a result of the low demand, production cuts have continued, and the company does not anticipate a significant price rebound until the second quarter of 2024.
Prices for everything from parking to season passes have gone up at Disney’s theme parks. The increase is due to Disney’s $60 billion investment in the parks over the next decade.
The new U.S. EV facility will be built by Stellantis and Samsung SDI. The announcement comes as the Big Three automakers and the United Auto Workers (UAW) union in the United States are in the midst of acrimonious labor strikes, and the two plan to invest over $3.2 billion in a new electric vehicle battery plant in Indiana.
The state of California has enacted a right-to-repair law. The regulation reduces the burden on individuals and small businesses alike that wish to repair electronic equipment. The bill will make it easier for people across the United States to fix their equipment, as California has one of the largest economies in the world.
After reporting slower-than-expected revenue growth on Wednesday morning, LVMH shares plummeted to their lowest level of the year.
Hundreds of items, including OTC medications, vitamins, and toothpaste, were incorrectly kept and are being recalled from Family Dollar stores in 23 states. Items “were stored outside of labelled temperature requirements” and “inadvertently shipped,” Family Dollar said in a recall notice submitted by the FDA on Wednesday.
On Friday, BlackRock, Citigroup, PNC Financial, and Wells Fargo are scheduled to release their quarterly earnings.
Stocks to watch with positive momentum and Buy Rating:
SNDL Group (SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT), GOOGL, Apple (AAPL), Pay Pal (PYPL), Walmart (WMT), Amazon (AMZN), Facebook (META), Carnival Corporation (CCL), PepsiCo (PEP)
Read the newsletter online: https://www.cweb.com/cweb-news-summarized-business-and-stock-newsletter-october-12-2023/
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