Daily Shocker Recap of Today Business News October 13, 2023

Daily Shocker Recap of Today Business News October 13, 2023

JPMorgan Chase (JPM) has shown its endurance in the face of industry problems this year by posting increased profits in the third quarter. Profits for the New York megacorporation totaled $13.2 billion, up 35% from the same time last year. The company’s profit rose by 21%, reaching $40.7 billion.

CNN reports that since student loan payments have resumed, Americans’ fears of inflation have increased. This month, many Americans resumed paying back their student loans after a three-year respite, adding to the burden of persistently rising inflation.

The September consumer-price report showed that core inflation (excluding food and energy) was higher than expected, leading to a decline in stock prices. Investors are worried about the prospect of a rate hike.

UnitedHealth (UNH) and JPMorgan Chase (JPM) kicked off earnings season for the third quarter on Friday, sending the Dow Jones Industrial Average higher. Meanwhile, streaming leader Netflix (NFLX) saw its stock price drop after receiving a negative rating from analysts. On Friday, major earnings reports were released by several Dow Jones companies, including UnitedHealth (UNH), JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC).

Oil prices soared by more than 4 percent on Friday after the United States strengthened sanctions against Russian petroleum supplies, adding to already high market prices due to supply concerns.

Many Gazans are hopeless because the Israeli Air Force has dropped over 6,000 bombs on the strip, killing at least 1,537 Palestinians, and there is nowhere to hide. Food is “quickly running out” as a result of the siege, according to the United Nations World Food Program, which blames Israel’s cutting off of electricity and gasoline. Israel has stated that it will wait for the embargo to be lifted before releasing the inmates.

Rep. Scalise pulls out of the speaker race. In the middle of a worldwide calamity, Republican Representative Steve Scalise withdrew his name from candidacy for Speaker of the House. Despite having the support of hardline Republicans and even former President Donald Trump, he was unable to win over enough supporters to unseat Representative Jim Jordan.

Adam Aron, CEO of AMC, was the target of blackmail. Catfish asked for hundreds of thousands of dollars when Aron sent them explicit photographs and messages. Aron, known as “The Silverback” among AMC fans and investors, went to the FBI instead of settling with the con artist.

Microsoft’s proposed acquisition of Activision Blizzard has been given the green light by Britain’s competition authority, despite the deal’s $69 billion price tag.

Dollar General has confirmed that former CEO Todd Vasos will resume his role as CEO. The stock price is down almost 60% over the past year as a result of sluggish revenue growth and criticism from key stakeholders that the company creates an unsafe environment for its employees and customers.

Delta’s quarterly profits increased by 60% after a busy summer, and the company anticipates a similar increase this fall.

The European Union (EU) warned Meta this week that it faces heavy fines if it does not follow the EU’s new moderation criteria and remove pro-Hamas content. Users looking for battle updates on social media have been met with a deluge of false information, old video, and gameplay clips.

The company’s bottom line was below expectations, but losses were mitigated by cutting costs. Poor working conditions have led to a decrease in sales of Covid test kits, and a strike by pharmacists.

The ability to edit a thread after it has been posted is another brand-new feature. X, Mark Zuckerberg’s rival to Facebook, has announced the addition of an edit button that will allow users five minutes to revise their posts after they have been made public. The most notable aspect is that this feature is free of charge. Voice threads, another user-requested feature, have also lately gone live.

The company has stated that thousands of its WALMART stores would be closed on Thanksgiving. Walmart US CEO John Furner made the announcement in a video message shared on social media.

Trump Media & Technology Group’s finance partner said it will reimburse the remaining $533 million after investors cancelled $467 million in pledges. Digital World Acquisition Corp. (DWAC) disclosed in a regulatory filing that it had received cancellation requests from investors totaling $467 million.

Stocks to watch:

SNDL Group (SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT)GOOGL, Apple (AAPL), Pay Pal (PYPL), Amazon (AMZN), Facebook (META), Carnival Corporation (CCL), PepsiCo (PEP),

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