Daily Shocker Recap of Today Business News October 6, 2023

Daily Shocker Recap of Today Business News October 6, 2023

The present housing market, according to Bank of America, is frighteningly similar to the one in the 1980s. High inflation, increasing mortgage rates, and pent-up demand for property due to a growing population boom all point to a return to the 1970s as a possible analogy for the current market. This past Thursday, Bank of America released a note in which they said, “We think the 1980s are a better analogy for today’s market than the 2008 housing crash.”

After Elon Musk tweeted about paying for followers, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against him. The SEC’s lawyers alleged in a public court filing from the Northern District of California that Musk disregarded a subpoena for testimony on September 15 and instead claimed that the document had been given to the Tesla CEO in May 2023.

OpenAI, the company behind ChatGPT, is reportedly considering building its own AI processors and has even investigated a possible acquisition target, as reported by individuals in the know.

After reporting lower-than-expected deliveries for the third quarter, Tesla lowered the prices of several of its Model 3 and Model Y vehicles in the United States. Tesla’s website has updated with a new starting pricing for the Model 3 of $38,990, a reduction from the previous starting price of $40,240. The Model 3 Long Range dropped in price from $47,240 to $45,990. From $53,240 to now only $50,990 for the Model 3 Performance.

To put it plainly, Crocs’ new rendition of classic cowboy boots is stunning. According to the press release, the boots will go on sale for a limited period at select Crocs stores and online on October 23.

After 16 days of strike action, the United Auto Workers union has cost General Motors, Ford, and Stellantis a combined $200 million. GM has secured a $6 billion line of credit in preparation for a long fight.

Despite the company’s beer business driving profits beat in the current quarter and an increase in the earnings expectation for 2024, Constellation Brands’ shares declined by 3 percent. In light of millennials’ rising interest in health and wellbeing, Molson Coors’ chief executive has announced that the company will focus on expanding its nonalcoholic beverage offerings.

MGM Resorts reported a loss of around $100 million due to illegal cyberattacks on its Las Vegas property last month in a filing with the Securities and Exchange Commission on Thursday night.

Intelligence officials in Belgium are keeping an eye on Alibaba. It has been reported by the FT that Chinese companies have been suspected of engaging in “possible espionage” at Alibaba’s logistics hub in Liège. Using software that can access information about merchants and communicate that information and any associated vulnerabilities to China is a huge cause for concern on Alibaba’s part.

First, Rivian Automotive, a maker of electric vehicles (EVs), had its stock price plunge by 23%, to a three-month low. When the company announced its intention to sell $1.5 billion in convertible notes, investors were taken aback because the company had previously projected sales of only $1.29 billion to $1.33 billion for the third quarter.

X’s decision to obfuscate headlines is just another blow to the media business. By concealing article titles in shared content, the social network has given a further blow to media outlets. Instead of the usual article text and link, it will show the article’s featured image and the URL where the reader will be redirected.

Marc-Antoine Julliard frequently deals in cocoa beans as a commodity. However, in the spring of 2021, the London commodities dealer decided to diversify into cryptocurrency trading. He favored FTX above all other exchanges. Two years after FTX founder Sam Bankman-Fried was indicted on criminal fraud charges for allegedly misusing billions of dollars in client cash, Julliard took the stand as the prosecution’s first witness.

Popeyes has overtaken KFC as the number two chicken brand in the United States. As more and more fast-food chains offer chicken sandwiches, supply has become a problem.

After 14 years as CEO, Torsten Muller-Otvos is leaving Rolls-Royce. He is largely responsible for the company’s revival and the renewed interest in the once-tired brand among A-listers, athletes, and young entrepreneurs. On Thursday, Rolls-Royce announced that Muller-Otvos, the company’s longest-serving CEO in nearly a century, will be leaving his job effective December 1. He is 63 years old.

The Prime Big Deal Days on Amazon don’t start until the 10th of October, but other stores have already started their own sales. From October 1-7, Target will be holding their “Circle Week” event, during which they will be offering new discounts every day on a wide variety of products, including furniture, electronics, apparel, makeup, toys, and sports equipment. From October 9-12, Walmart will be holding their “Holiday Kickoff” event, during which they will be offering deep discounts on a variety of merchandise, including but not limited to electronics, home decor, toys, and clothing.

Stocks to watch:

SNDL(SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT)GOOGLeBay, Apple (AAPL), Pay Pal (PYPL)UBS, Walmart (WMT), Amazon (AMZN), Facebook (META), FED EX (FDX), UPS (UPS), Carnival Corporation (CCL)

Daily Shocker Recap of Today Business News October 5, 2023

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