Daily Shocker Recap of Today Business News October 19, 2023

Daily Shocker Recap of Today Business News October 19, 2023

There will soon be an important policy speech given by Federal Reserve Chairman Jerome Powell. The market is bracing itself for the prospect that the central bank’s chief will maintain a harsh stance on inflation. The rise in yields might be interpreted as a sign that investors anticipate Powell will back the higher-for-longer policy with interest rates, which has been advocated by a growing number of other Fed members in recent months.

Republican Jim Jordan did not receive enough votes in yesterday’s runoff election to become Speaker of the House. The Republican Party is remains crippled and unable to move forward because of internal disagreements and the absence of a clear leader.

During his trip, President Biden reaffirmed his support for Israel. U.S. President Barack Obama, wrapping up a visit to Israel, said that American intelligence proved Israeli claims that the Palestinian Islamic Jihad bombed a hospital in Gaza, sparking anti-Israel protests across the region.

The announcement that Pixel 8 smartphones will be manufactured in India and ready for sale in 2024 was made at Google’s annual tech event for the country, Google for India. This news was broken by the company themselves.

Letitia James, New York’s attorney general, has filed a massive lawsuit against cryptocurrency firms Gemini Trust Company (Gemini), Genesis Global Capital, LLC and its affiliates (Genesis), and Digital Currency Group, Inc. (DCG), alleging that they bilked more than 230,000 investors out of over $1 billion. Of those, at least 29,000 were New York residents.

Veteran CEO Craig Jelinek is leaving Costco after guiding the company through a period of fast expansion fueled by pandemics and inflation. The company announced on Wednesday that Ron Vachris, currently the chief operations officer, will be replacing him. As of the first of the year, the new rule will be in effect.

General Motors, through its self-driving car subsidiary Cruise, and Honda plan to develop a robotaxi service in Japan as part of a new joint venture, the three companies announced today. The companies want to launch the service, which will operate the one-of-a-kind Cruise Origin vehicles, in the heart of Tokyo somewhere around the beginning of 2026.

As part of a massive push to decrease costs and confront a “weaker” market situation, Nokia wants to downsize its workforce by as many as 14,000 roles, according to a statement made by the firm on Thursday. The decision was made as part of a larger reorganization that will ultimately cut the workforce of the Finnish telecom giant from 77,000 to 72,000. With 86,000 employees, the firm has established itself as a leading supplier of 5G infrastructure.

Bloomberg claims that HSBC is taking the step of eliminating texting capabilities for all company-issued phones. The corporation has reversed its policy that banned employees from using WhatsApp for internal communications. Employees at banks and other financial institutions must have their details documented.

Tide and Gillette’s parent firm, Procter & Gamble (P&G), beat Wall Street’s profit forecasts. Falling sales were blamed on higher prices, as consumers supposedly justified their spending by saying they got what they paid for.

Tesla’s profit margin was negatively affected by the price cuts they made. Profits for the maker of electric vehicles dropped by 44% in the most recent quarter after the company slashed prices in an effort to increase sales. The operating margin for the quarter was 7.6%, which is on par with that of a traditional automaker but down significantly from the 17.2% margin recorded in the same period last year.

On Wednesday, pharmaceutical giant Pfizer stated that, as the United States exits the emergency phase of the pandemic, the price of the antiviral medicine Paxlovid, used to treat the lifesaving Covid-19 virus, will more than treble.

To curb the proliferation of microplastics, the European Union has outlawed the distribution of loose glitter. Germans stocked up on the craft supply before the prohibition went into force this week because celebrities and other opinion leaders were afraid of running out.

Retail giant Walmart is reportedly trying to improve its third-party marketplace, as reported by CNBC. The largest retailer in North America is strengthening its third-party online marketplace in preparation for the holiday shopping season in an effort to compete with Amazon. If the corporation wants to buck the trend of falling online sales caused by consumers’ reduced discretionary spending, this year will be pivotal. The corporation is betting big on tens of thousands of contractors.

Together, Foxconn and Nvidia will build “AI factories.” A new breed of data centers with the capacity to deliver supercomputing power will be built by the industrial and technological behemoth. The company will be able to advance the design of driverless cars, machinery, and industrial robots as a result of this.

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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