Daily Shocker Recap of Today Business News October 12, 2023

Daily Shocker Recap of Today Business News October 12, 2023

Inflation slowed in September, according to new data released by the Bureau of Labour Statistics (BLS) on Thursday morning, as energy price increases slowed from the previous month and used car prices continued their downward trend. The Consumer Price Index (CPI) showed that annualized headline inflation decreased to 3.7% in September from 4.2% in August. This trend followed the monthly and annual increases seen in August.

On Thursday, investors sold down stocks in response to higher Treasury yields and fresh data showing continuing U.S. inflation. While the S&P 500 was down by about 1%, the Dow Jones Industrial Average fell by 303 points, or 0.9%. As traders worried about new data suggesting ongoing U.S. inflation, the Nasdaq Composite Index dipped Thursday, under pressure from rising Treasury yields.

New FTC regulations mandating up-front disclosure of all prices were announced yesterday by President Biden. If this rule were applied only to lodging and transportation, the FTC believes that it would save consumers 50 million hours annually in research time.

The long wait for a Powerball jackpot winner ended on Wednesday night when a lucky player in California grabbed the $1.765 billion prize. The winning numbers were 22-24-40-52-64 with Powerball 10. The California Lottery reports that the winning ticket was bought at Midway Market & Liquor in Frazier Park.

Claudia Goldin, who received the Nobel Prize in Economics for her research on the gender wage gap, is widely recognized for her efforts. With her accomplishment, Goldin helps to close a gender gap in economics, as she is just the third woman to get the econ Nobel and the first to receive it on her own.

A transitional government has been set up in Israel. By convening an emergency administration and a “war management cabinet” with the aid of the opposition party, Israeli Prime Minister Benjamin Netanyahu emphasized national unity. This administration will stay in power until the war with Hamas is done, and it will only review laws directly related to the conflict.

The next step in the nearly five-year process to consolidate ownership of the streaming service Hulu has begun, with Comcast and Disney hiring investment banks to determine the service’s worth.

Caroline Ellison, a former CEO at Alameda Capital, claimed that Sam Bankman-Fried instructed her to commit crimes that ultimately doomed FTX. Ellison claims that, contrary to what Bankman-Fried said on Twitter, FTX only had $4 billion in client holdings and owed its clients $12 billion before it collapsed. Prosecutors claim that Alameda fraudulently siphoned $8 billion to pay off debts and make loans to Bankman-Fried and others.

Walgreens reported lower profit forecast and earnings that fell short of estimates for the company’s fiscal fourth quarter on Thursday due to falling demand for Covid vaccinations and tests in the United States.

Due in large part to the enormous number of passengers it transported over the summer, Delta Air Lines posted a third-quarter profit of $1.11 billion. Revenue, the airline said Thursday, will continue to climb during the holiday season. Rising demand for tickets, especially for first class and international flights, helped Delta grow earnings by 59% year over year, more than offsetting the impact of wage increases.

Stock of German sandal maker Birkenstock Holdings Ltd. fell 12.6% on its first day of trading on Wednesday, highlighting investors’ continued skepticism of new transactions and the intense competition in the casual footwear market.

The European Union gave Meta 24 hours to remedy war-related falsehoods on its social media sites because doing so would breach its content moderation law and help spread content linked with the terrorist group Hamas. The EU issued a similar warning to Elon Musk’s X the day before.

Samsung Electronics’ stock price increased despite the company’s prediction of a 78% decline in profit for the third quarter. Production cuts have continued in response to weak demand, and the firm does not expect a meaningful price recovery until the second quarter of 2024 at the earliest.

Parking and season pass prices have both increased at Disney’s parks. Disney’s planned $60 billion investment in the parks over the next decade is largely responsible for the rise.

Stellantis and Samsung SDI will construct the new electric vehicle plant in the United States. A new electric vehicle battery plant in Indiana is set to open with an investment of over $3.2 billion, announced just as the Big Three American automakers and the United Auto Workers (UAW) union are in the midst of contentious labor disputes.

A right-to-repair statute has been passed in the state of California. The rule makes it easier for individuals and smaller enterprises to repair electrical devices. Since California has one of the world’s greatest economies, the bill will make it simpler for people all around the United States to repair their equipment.

LVMH’s stock hit a new yearly low on Wednesday after the company reported slower-than-expected revenue growth.

Family Dollar stores in 23 states are recalling hundreds of items due to improper storage, including over-the-counter drugs, vitamins, and toothpaste. Items “were stored outside of labelled temperature requirements” and “inadvertently shipped,” Family Dollar said in a recall notification submitted to the FDA on Wednesday.

On Friday, BlackRock, Citigroup, PNC Financial, and Wells Fargo are scheduled to release their quarterly earnings.

Stocks to watch:

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)

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