Daily Shocker Recap of Today Business News October 20, 2023

Daily Shocker Recap of Today Business News October 20, 2023

The Federal Communications Commission has started a new program to revise the rules that govern broadband service providers. In this effort, they have proposed new regulations to restore so-called “net neutrality.” The FCC started using this method at the start of 2015 and continued using it until 2017, when Trump’s FCC chair Ajit Pai withdrew it. Now, however, the agency’s Democrats are moving away from that approach.

Shares in Europe fell to their lowest level in seven months as a result of rising Treasury yields, which put pressure on risk assets worldwide, and as a number of major companies in the region reported dismal quarterly results.

On Thursday night, President Joe Biden spoke to the American people, telling them that the United States needed to enhance its support of Ukraine and Israel in the midst of two very different fights that are unpredictable and brutal. According to him, the United States’ leadership is what “holds the world together.”

After a panel of FDA experts concluded last month that the drug is useless, CVS Health (CVS) pulled all products containing the controversial decongestant phenylephrine from store shelves. CVS, like many other OTC drug manufacturers and retailers, is being sued over claims that its products are ineffective.

On Friday, China’s Ministry of Commerce and General Administration of Customs announced plans to limit exports of graphite, a material crucial to the manufacture of EV batteries. The decision to take this action has to do with protecting the nation’s security.

As of the 26th of October, travellers with basic economy tickets and window seats will board the plane first, followed by those in the middle seats, and finally those in the aisle. United said Thursday to NPR that with the change, boarding times could be cut by up to two minutes.

With better subscriber growth and free cash flow in the third quarter, telecom giant AT&T saw its stock price rise by 5%. The company was able to halt the decline in postpaid phone customers that had been occurring for four consecutive quarters, which was enough to pique the interest of investors in the near term.

Potential homebuyers, especially first-time buyers, continue to be discouraged from entering the market as a result of rising mortgage rates and a lack of available homes. The National Association of Realtors said on Thursday that existing-home sales fell by 2% in September to 3.96 million. As compared to the same month last year, this is a decline of 15%.

In reaction to the union’s support from Hamas, Starbucks has sued the union. The American coffee chain has filed suit against Starbucks Workers United, claiming that the union’s calls for a boycott (with slogans like “Drinking a cup of Jewish blood”) caused damage to the company’s reputation.

Tesla, like General Motors and Ford, has been wary about growing its electric vehicle (EV) production capacity because of the high mortgage rates. This is due to a decline in the affordability of automobiles. Until there is more economic stability, Tesla CEO Elon Musk says he would not increase production at the proposed factory in Mexico.

Google is expanding its global manufacturing footprint by making Pixel smartphones in India. The technology behemoth is the latest recent firm to gamble on the South Asian market for electronics production. With its current line, it plans to start producing locally in India and hopes to start selling them by the end of the year.

As ESPN is ready to become its own division, Disney has released the network’s financials. The corporation plans to spin out its sports division into a separate business unit, so it provided investors and analysts with a sneak peek at ESPN’s inner workings in advance of next month’s financial report. During the first nine months of the fiscal year 2023, it generated revenues of $13.2 billion and an operating income of about $1.5 billion.

Since the beginning of the year, several of the top American banks have been conducting secret layoffs, with some of the deepest cuts still to come. Lenders have reduced staff or signalled plans to do so despite the fact that the economy has proven resilient, surprising economists. The largest and most lucrative American bank, JPMorgan Chase, stands out as the most obvious outlier to this trend.

For small businesses that may have wrongly claimed the employee retention tax credit, often known as the ERC, the Internal Revenue Service (IRS) announced a “special withdrawal process” on Thursday.

According to a report published by JPMorgan (JPM) on Wednesday, the rising price of bitcoin (BTC) this week can be attributed to rising expectations for the approval of multiple spot bitcoin exchange-traded funds (ETFs).

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

Stocks to watch:

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)

Daily Shocker Recap of Today Business News October 19, 2023

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