Daily Shocker Recap of Today Business News October 17, 2023

Daily Shocker Recap of Today Business News October 17, 2023

Retail sales for the month of September came in substantially higher than expected due to the unexpectedly strong performance of customers. This was despite the fact that interest rates have been rising and that there are concerns about the status of the economy. The advance report that the Commerce Department published on Tuesday indicated that retail sales had climbed by 0.7% on the month, which is much more than the increase of 0.3% that was projected by Dow Jones. The report was provided by the Commerce Department.

The confidence of homebuilders in the market for single-family houses has fallen to its lowest level since January as a result of the ongoing struggle of the industry to compete in a market that is dominated by high mortgage rates and fees for financing. Since January, this is the lowest level that has been recorded.

On Wednesday, Vice President Joe Biden will go to Israel to deliver a powerful message of unity to an important U.S. ally that has declared war on the Palestinian group Hamas in response to their horrific terror campaign in southern Israel. This message will be delivered by Vice President Biden while he is in Israel on Wednesday, when he is scheduled to get there.

The European financial markets saw losses on Tuesday as a result of strong statistics regarding retail sales in the United States, which drove up bond yields and lent weight to the argument that the Federal Reserve should keep higher interest rates for a longer period of time. Investors were closely monitoring the most recent diplomatic efforts to put a stop to the violence between Israel and Hamas.

On Tuesday, Bank of America reported a profit for the third quarter that was higher than analysts had anticipated because of higher-than-expected interest income. According to a press release from the bank situated in Charlotte, North Carolina, the company’s profit increased by 10% to $7.8 billion, or 90 cents per share, from $7.1 billion, or 81 cents per share, a year earlier. The revenue increased by 2.9% to $25.32 billion, which was somewhat more than the prediction provided by LSEG.

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After the company’s sales of medical devices in the third quarter fell short of expectations on Wall Street, Johnson & Johnson (JNJ) announced on Tuesday that it has begun a reorganization exercise for its orthopedics division that would last for two years. This is a reflection of the company’s limited emphasis ever since it spun off its consumer health segment.

As a result of the continued decline in the price of LVMH shares, Jeff Bezos has now overtaken Bernard Arnault to take the position of the second richest person on the planet.

Netflix’s new “game streaming” service is their attempt to compete with established gaming devices like the PlayStation 4 and Xbox One. The streaming behemoth intends to expand its games streaming beta to the United States with the goal of eventually rolling it out internationally as it looks to extract additional revenue from its existing clientele. The expansion will take place in the context of the company’s ongoing efforts to broaden its customer base. Users are given the ability to play games that are streamed over the internet on devices such as a personal computer or a television thanks to the feature.

The federal judge in Washington, District of Columbia, who is in charge of supervising the election subversion case against Donald Trump, has given a limited gag order. The ruling prohibits the defendants from discussing the case. The order forbids the former president and current contender from making statements that are directed toward members of the judicial system, potential witnesses, or the special counsel and his team.

LinkedIn is decreasing its spending on research and development, and as a result, it is eliminating further roles. The company is laying off employees in its research and development department across engineering, product, talent, and finance at the same time as it is in the midst of adopting new AI-powered tools across its operations.

Reports indicate that a senior executive at Goldman Sachs immediately replied to the launch of the savings account that was made available by Apple Card by claiming that the release was a mistake. According to the report in the news magazine, an unnamed partner at Goldman Sachs was reported as saying, “We should have never done this f—ing thing.”

You’ve certainly seen Maersk’s large shipping containers before, and the firm just made the announcement that it will equip 330 of its ships with internet connectivity provided by SpaceX’s Starlink service. If you’ve seen Maersk’s enormous shipping containers, then you’re probably familiar with the company. Over 5,000 satellites belonging to a wide range of industries have been successfully sent into orbit by Starlink.

The Wall Street Journal states that the average starting salary for recent college graduates is $56,000. This figure is calculated after the effects of inflation have been taken into consideration. Despite the passage of time, this number has not changed since it was first reported in 2008. It is also a significant amount lower than the starting pay in fields such as technology or finance.


According to statistics that were made public by the FBI on Monday, the number of motor vehicle thefts increased by more than 8% across the country in 2017. This resulted in the theft of almost one million autos with a combined worth of more than $20 billion in the year 2017.

In its first earnings report since separating its consumer health division, Johnson & Johnson forecasted a higher profit for the year 2023. This rise was included in the company’s results report. Johnson & Johnson’s fortunes are now more directly tied to sales of blockbusters like its arthritis drug Stelara as a result of the fact that the company’s fortunes are now connected more closely to the sales of blockbusters like these.

A former financial analyst for Citibank who was fired after the company discovered he had lied about lunch expenses has been unsuccessful in suing the massive bank for wrongful termination in a court in London. The lawsuit was brought against the bank on the grounds that the former employee had been wrongfully terminated. Szabolcs Fekete, a former analyst at Citibank, filed a complaint against the firm in 2017, after he was terminated for gross misconduct and after he claimed that he was the only one who consumed two cups of coffee, two sandwiches, and two pasta dishes while on a work trip in Amsterdam. He claimed that this occurred while he was claiming that he was the only one who consumed these items.

Rolls-Royce Holdings Plc plans to reduce its workforce by as many as 2,500 people around the world as part of an effort to optimize its business processes. Under the direction of Chief Executive Officer Tufan Erginbilgic, the corporation will undergo the most major round of layoffs it has ever experienced in relation to its workforce.

Earnings this week:

Johnson & Johnson (JNJ), Bank of America (BAC), Lockheed Martin (LMT), and Goldman Sachs (GS) will all report earnings on Tuesday, October 17.

Tesla (TSLA), Procter & Gamble (PG), Abbott Laboratories (ABT), Netflix (NFL), and Morgan Stanley (MS) will all be in the spotlight on Wednesday, October 18 as they release their quarterly financial results.

Philip Morris International (PM), Union Pacific (UNP), AT&T (T), CSX (CSX), Taiwan Semiconductor Manufacturing (TSM), and American Airlines Group (AAL) will all report earnings on Thursday, October 19.

American Express (AXP) and Schlumberger (SLB) are in the spotlight for their earnings reports on Friday, October 20.

Stocks to watch with positive momentum and Buy Rating:

SNDL Group (SNDL), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT)GOOGL, Apple (AAPL), Pay Pal (PYPL), Walmart (WMT), Amazon (AMZN), Facebook (META), Tesla (TSLA), Carnival Corporation (CCL), PepsiCo (PEP), Wells Fargo (WFC), Johnson & Johnson (JNJ), Philip Morris International (PM)

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