Daily Shocker Recap of Today Business News October 26, 2023

Daily Shocker Recap of Today Business News October 26, 2023

The U.S. economy grew even faster than expected in the third quarter, propelled by a resilient consumer, despite higher interest rates, persistent inflation pressures, and a variety of other domestic and global obstacles.

A leadership crisis that had paralyzed Congress for three weeks was resolved on Wednesday when Republican Rep. Mike Johnson of Louisiana was elected speaker of the House.

A tentative agreement has been reached between the United Auto Workers and Ford, the company’s largest employer, that would end the 41-day strike, rehire 16,600 striking workers within days, and raise workers’ wages by at least 25% by 2028.

In the midst of the conflict between Israel and Hamas, the European Central Bank halted its run of interest rate hikes on Thursday despite new upside risks to inflation from oil markets.

The number of newly built homes sold in the United States hit an all-time high in September, surpassing the previous high set in February 2022, when prices were also at an all-time high. The median sales price fell by -3% from $430,300 in August to $418,800 in September.

On Thursday, Bristol Myers Squibb reported quarterly adjusted earnings that were above expectations and revenue that was in line with estimates, despite a dip in sales of the company’s famous blood cancer drug Revlimid due to generic competition.

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Snap recently stated that it would be working with Microsoft to integrate advertising into its “My AI” artificial intelligence chatbot. Over 200 million users have messaged the bot 20 billion times since its April launch.

Meta’s revenue increased by 23% year over year, and the company’s net income increased by almost 200%. Meta anticipates continued losses in its metaverse business even after decreasing costs.

Boeing reported on Wednesday that the business lost an additional $482 million on a deal to convert two 747s into the next generation of the presidential plane. Boeing has lost more than $1 billion on each plane.

After announcing significantly reduced earnings for the third quarter, UPS has anticipated lower sales and thinner profit margins for the future. However, rather than pointing fingers at its current workforce, it has pointed fingers at the slowing global economy. UPS’s adjusted net income in the most recent fiscal quarter was $1.3 billion, or $1.57 per share. That is a decrease of 48% compared to the prior year.

Comcast is the largest internet service provider in the United States, but its third quarter was overshadowed by a fall in NBCUniversal advertising revenue and a loss of high-speed broadband connections even though it met sales and profit predictions.

The German automaker announced lower earnings and revenue due to issues with competition from electrical vehicles and supply chains, causing Mercedes-Benz shares to tumble substantially on Thursday.

23andMe has informed customers of a data breach affecting their ‘DNA Relatives’ service. The company that specializes in genetic testing had its program that compares family trees to those of other people around the world hacked. The corporation has begun working with law enforcement and forensic professionals to assess the level of damage after a hacker advertised millions of “pieces of data” taken from the company for sale online.

Endeavour Group Holding is the parent company of the WME talent agency and other sports properties, and CEO Ari Emanuel has begun a review to explore strategic alternatives for the company. This may result in the company being sold.

To put on its inaugural concert, TikTok has partnered with a ticketing service. The social networking giant debuted a premium music streaming service a few months ago to compete with Spotify, Apple Music, Amazon Music, and the like. As its debut concert ticketed offering, it has announced the “In The Mix” concert.

Amazon’s new European cloud service launches as debate over data privacy heats up in the EU. The new European independent cloud is aimed at highly regulated industries and the public sector. It will be physically separate from the company’s existing cloud data centers in the United States, and instead located in Europe.

Microsoft CEO Satya Nadella is the third chief executive of the software behemoth to admit the company has messed up badly with its mobile services.

Amazon.com (AMZN), Mastercard (MA), Merck & Co. (MRK), Intel (INTC), Altria (MO), Chipotle Mexican Grill (CMG), Northrop Grumman (NOC), and UPS will all report earnings on Thursday, October 26.

Exxon Mobil (XOM), Chevron (CVX), AbbVie (ABBV), and Charter Communications (CHTR) are in the limelight for their earnings reports on Friday, October 27.

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)SNAP INC (SNAP)

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Daily Shocker Recap of Today Business News October 24, 2023

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