Daily Shocker Recap of Today Business News October 16, 2023

Daily Shocker Recap of Today Business News October 16, 2023

As the United States takes steps to contain the conflict in the Middle East, investors may rest easy. The war between Israel and Hamas has sparked geopolitical concerns, and investors are keeping an eye on the situation because of the potential impact on oil prices.

The third quarter earnings season kicks out next week, with all eyes on Tesla (TSLA) to set the tone. There are a number of other companies that will be reporting their financials today, including Procter & Gamble (PG) (preview), Johnson & Johnson (JNJ) (preview), AT&T (T) (preview), Netflix (NFLX) (preview), Bank of America (BAC) (preview), and Taiwan Semiconductor (TSM).

To restructure its debts, which include liabilities tied to the sale of opioids, Rite Aid Corp., one of the major US pharmacy chains, has filed for bankruptcy.
Rite Aid reported $1 billion in assets and $10 billion in liabilities in a Chapter 11 petition filed in a New Jersey district court.

Novavax (NVAX.O) reported on Sunday that the European Union (EU) regulators have delayed the clearance of their COVID-19 vaccine that is tailored to specific variants of the virus. According to Novavax, the XBB vaccine shot requires more research before it can be approved by the European Medicines Agency (EMA).

The Baidu (BIDU) World 2023 conference will take place in Beijing next week. At the conference, the company plans to show off its latest foundation model innovations and present a wave of AI-native applications.

According to OnlyFans’ CEO, their goal is to “change the internet.” To achieve this goal, the company will use unconventional approaches to business. Despite its reputation for pornographic material, the U.K.-based site is also testing out non-traditional methods to other forms of content, such as free streaming while charging for social network uploads.

Auto workers in Canada have voted to accept a new contract with GM. Nearly 4,300 autoworkers in Ontario’s Oshawa Assembly Plant, St. Catharines Powertrain Plant, and Woodstock Parts Distribution Centre are covered by this contract until its expiration on September 20, 2026.

Although LVMH as a whole had a 20% gain in sales, its largest sector, fashion and leather goods, saw only 9% growth. The company saw a 14% decline in sales of alcoholic beverages including Hennessy and Mot.

Huawei’s spectacular resurgence led to a “double-digit” decline in iPhone 15 sales in China. Analysts at Jefferies, led by Edison Lee, expect much lower sales predictions for the iPhone 15 after Huawei’s overall sales eclipsed Apple’s, in part due to the strong release of the Mate 60 Pro. Analysts at Jefferies claim that compared to sales of the iPhone 14, Apple’s iPhone 15 series has declined by a “double-digit” percentage.

For failing to cooperate with an examination of anti-child abuse procedures, an Australian regulator has fined Elon Musk’s social networking site A$610,500 ($386,000). Claims that it is overly lax in its regulation of content have hurt the company’s ability to keep sponsors.

Any other popular topics?

Sony (SONY) is thinking about purchasing Disney’s (DIS) business in India.

It has been decided to resume strikes by employees at Chevron (CVX) LNG installations in Australia.

Investors from Qatar withdrew their bid for Manchester United (MANU), leaving only Ratcliffe as a potential buyer.

While keeping its policy rate unchanged, the People’s Bank of China has strengthened its liquidity support.

Eli Lilly and Company’s (LLY) obesity drug Mounjaro has finished all of its phase 3 trials.

The commercial aircraft market is expected to grow rapidly in the 2020s, according to Honeywell (HON).

Earnings

On Monday, October 16, both Charles Schwab (SCHW) and Equity LifeStyle Properties (ELS) will release their quarterly results.

Profit reports are scheduled for Tuesday, October 17 from Johnson & Johnson (JNJ), Bank of America (BAC), Lockheed Martin (LMT), and Goldman Sachs (GS).

On Wednesday, October 18, major companies including Tesla (TSLA), Procter & Gamble (PG), Abbott Laboratories (ABT), Netflix (NFL), and Morgan Stanley (MS) will announce their quarterly financial results.

Thursday, October 19 is results day for a number of companies, including Philip Morris International (PM), Union Pacific (UNP), AT&T (T), CSX (CSX), Taiwan Semiconductor Manufacturing (TSM), and American Airlines Group (AAL).

On Friday, October 20, investors will be paying close attention to earnings announcements from American Express (AXP) and Schlumberger (SLB).

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), Wells Fargo (WFC)

Daily Shocker Recap of Today Business News October 14, 2023

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