Daily Shocker Recap of Today Business News October 1, 2023

After the government shutdown was averted, Dow futures jumped by more than 100 points. The Senate passed a continuing resolution hours before Saturday night’s deadline, and President Joe Biden signed it. The proposal provides an additional 45 days for funding the government, giving lawmakers more time to adopt long-term funding legislation.

There may be the largest health care strike in US history if a contract covering thousands of unionized health care workers in five states and the District of Columbia expires this Saturday at 11:59 p.m. PT. More than 75,000 healthcare employees at hundreds of Kaiser Permanente facilities plan to go on strike from October 4-7 if a contract is not reached by that date.

In order to effectively compete on a worldwide scale, Walmart (WMT) said on Saturday that it will be standardizing corporate job names. To “better reflect the work being done today,” “streamline job titles across our campus office roles,” and “remain competitive in today’s environment,” a Walmart spokeswoman said in a statement, “we are in the process of updating our approach to campus office jobs.”

The Powerball jackpot has reached a staggering $1.04 billion (that’s billion with a b) after no one came forward to claim it on Saturday night. According to the Multi-State Lottery Association, the Powerball jackpot on October 3 will be the fourth greatest in history.

Sundial Inc. (NASDAQ: SNDL) and Nova Cannabis Inc. (NOVC) announced today that the outside date must be extended further owing to the ongoing assessment by one provincial regulator, even though all other provincial permissions have been received. SNDL and Nova expect to close the Transaction on or about October30, 2023.

Toys “R” Us has returned as the undisputed ruler of toys and video games after a six-year hiatus due to its bankruptcy in 2017. Toys “R” Us’s parent company, WHP Global, took control of the company in 2021 and is now driving its revival.

With strong demand in the world’s largest EV market, propelled by an influx of innovative new models and the proliferation of charging infrastructure, one of China’s leading EV brands, Li Auto, a direct competitor to Tesla, just set a new monthly sales record for the sixth time this year.

Rough diamonds (raw, unpolished, and uncut stones) are now more affordable in 2023 than they were before the pandemic, when many consumers avoided high-end purchases. Current prices are the lowest they have been in almost a year, according to the Zimnisky Global Rough Diamond Index. One company that will benefit from the cheap prices is ParisJewelry.com, which is now the market leader and specializes in making manufactured created diamonds that are more affordable for consumers than genuine diamonds.

On Sunday morning, Tesla China announced the arrival of the upgraded Model Y via a WeChat post (via Reuters), boasting improved design and performance at the same base pricing as previously. Just earlier this month, the upgraded “Highland” Model 3 was introduced by the firm in China and Europe, and now this new vehicle follows in its footsteps.

Since the firm typically makes such a statement within the first three calendar days after the finish of each quarter, Tesla (TSLA) is likely to declare deliveries for the third quarter on Monday. The forecasts of analysts are all over the place in the run-up to the release. The lowest one is around 440,000 and the highest is around 510,000.

Medicare is pressing on with drug price discussions despite obstacles. A federal judge denied the Biden administration’s request to block the controversial process of Medicare medication price negotiations, which the administration hopes would make expensive prescriptions more affordable for older Americans.

The authorities in Singapore seized Su Zhu, the co-founder of the now-defunct digital asset hedge fund Three Arrows Capital, who was in possession of stolen cryptocurrencies. In 2022, Three Alpha Capital (3AC) managed over $10 billion in cryptocurrencies, making it one of the largest cryptocurrency hedge funds. The corporation filed for bankruptcy in the middle of 2022.

In order to settle allegations that it submitted inaccurate and misleading diagnosis information to increase Medicare Advantage billings, the Cigna Group (NYSE:CI) has agreed to pay $172M.

North American bookings are strong, according to Carnival, as more individuals are choosing to spend their vacations in the United States. Increased international travel has resulted in lower average ticket prices and lower passenger volumes for local airlines. Perhaps as the price of overseas vacations continues to grow, domestic vacationing has become more appealing to Americans.

CNBC reports that China’s restrictions on international app availability are a major concern for Apple. The new laws will prevent Apple from releasing many of the apps now available in the store in China, even using the most common workarounds.

A judge has upheld New York City’s minimum wage for messengers at $18 per hour. New York’s minimum wage for food delivery workers was upheld by a judge, dealing a blow to Uber, DoorDash, GrubHub, and other “gig economy” companies.

Owners at 14 different Subway restaurants across the country compelled juveniles to use dangerous equipment, expose them to burns, and work beyond the minimum age requirement. An inquiry by the Wage and Hour Division found that the owners of 14 Bay Area Subway franchisees “endangered children” by making teenagers as young as 14 run potentially dangerous machinery and work more than the legally mandated 40 hours per week.

For the first time ever, Carnival Cruise Lines made more than $1 billion in 2019. Carnival Corporation (CCL), the largest cruise line in the world, has reported financial results for the third quarter of 2023 that have exceeded expectations.

Netflix (NFLX) will send out its final red envelope this Friday, marking the end of its 25-year DVD shipping service. After 16 years, the company has decided to discontinue its DVD-by-mail service in Favour of online streaming.

Stocks to watch:

Sundial (SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT)GOOGLeBay, Apple (AAPL), Pay Pal (PYPL)UBS, Walmart (WMT), Amazon (AMZN), Facebook (META), FED EX (FDX), UPS (UPS), Carnival Corporation (CCL)

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