Daily Shocker Recap of Today Business News September 25, 2023

Daily Shocker Recap of Today Business News September 25, 2023

There will soon be a government shutdown in the United States. Who is affected, and what is going to happen? Payments for things like Social Security will continue as usual, but many other services will be severely cut back. Millions of federal employees, including members of the military, will be unpaid, and all but essential services provided by government agencies will be suspended.

Next week, markets will once again be hyper-focused on inflation trends in light of the release of the PCE inflation number in the United States and flash CPI figures from Europe. Relevant updates include the trade balance for advanced goods, consumer confidence, new house sales, and the number of homes sold.

French President Emmanuel Macron has promised to urge the country’s oil sector to sell gasoline and diesel at cost to ease the burden of rising costs on consumers without investing enormous sums of money.

Americans are still experiencing the effects of rising prices at the pump and the supermarket, despite the fact that inflation has moderated compared to the previous year. Policymakers, who see declining inflation rates as a good sign, and the working poor are diverging farther and further apart.

Once again, the Powerball jackpot is dangerously close to reaching a record high. The enormous prize grew to an estimated $785 million after Saturday’s drawing ended with no winner. This reward is the fourth largest ever awarded in this competition. There were three $1 million winning tickets from California, Florida, and New York that matched the first five numbers but failed to match Powerball. A Michigan ticket that matched all five white balls was worth $1 million before the Power Play option quadrupled it to $2 million.

This week’s earnings season has reports from a wide variety of firms, including Micron Technology (analysis), Costco (COST), Nike (preview), and Jefferies Financial Group (JEF). In the coming weeks, major technology events will be held by both Meta Platforms (META) and Huawei. The energy sector will be watching Total Energies (TTE) Investor Day closely because of the recent increase in oil prices.

CNN has obtained court documents alleging a bribery conspiracy involving the former top election officer in the Philippines and the business Smartmatic, which provides voting equipment. Fox News and former President Trump’s closest associates are being sued by Smartmatic for spreading false information that Smartmatic’s voting equipment will be used to rig the 2020 election.

The UAW increased their strikes against GM and Stellantis, but did not include Ford. The auto workers union carried through with threats of a statewide walkout yesterday after pay discussions with Detroit’s Big Three produced no progress. There are currently around 18,300 workers on strike from 38 different locations throughout 20 states.

Intel has been penalized by the European Union for decades of antitrust violations. The European Union has reimposed a fine of roughly 376 million euros on Intel, which is a significant reduction from the more than a billion euro fine levied against the company in 2009. Intel was found to have unjustly disadvantaged its rival AMD by extending financial incentives to PC manufacturers and retailers to delay, cancel, or cease selling systems with Intel chips, according to the relevant regulator at the time.

The rising cost of living is reflected in McDonald’s franchise fees. The fast-food chain is increasing royalty fees for new franchises for the first time in over 30 years. Royalty fee hikes from 4% to 5% for new U.S. restaurants might further aggravate the company’s difficult relationship with franchisees in that market.

PhonePe, an Indian startup, has launched a free app store to rival Google Play. With backing from Walmart, the Indus AppStore Developer Platform offers free platform fees and no remuneration on in-app purchases to Android developers in an effort to entice them away from Google’s main market. Developers will not be charged a listing fee for the first year, and after that, the fee will be “nominal” as opposed to Google’s 15%-30% take rate on in-app purchases.

The man was transplanted with a pig heart. Only twice before has such a groundbreaking procedure been performed. A Navy veteran who was close to death from heart failure was reported to be talking and joking just two days after getting his genetically altered heart from researchers at the University of Maryland.

Amazon was a significant holdout in the streaming sector, but it eventually gave in and began to allow commercials. Disney+ and Netflix have both released cheaper, ad-supported options in the past year, with Netflix being the exception despite years of declaring it would never offer such a thing. Only Apple TV+ among the major streaming services eliminates commercial breaks.

A report claims that Rite Aid, which operates over 2,100 pharmacies, is in the process of considering the terms of a bankruptcy plan that could lead to the permanent closure of many of its stores. As many as 500 stores might be closed, with the remaining operations being sold or turned over to creditors, according to individuals involved in Rite Aid’s bankruptcy negotiations with the Wall Street Journal.

Two recent regulatory reforms have been beneficial to the cannabis business. The United States Department of Health and Human Services proposed rescheduling marijuana from Schedule I (drugs with no officially acknowledged therapeutic value) to Schedule III (drugs with some recognised medical use) of the Controlled Substances Act in late August. Sundial (SNDL) is a promising option for investors because of the company’s early involvement in the expanding U.S. cannabis sector, which has been helped by the increasing number of states that have legalized cannabis for either medical or recreational use. When investing in leading U.S. cannabis companies like Columbia Care, SNDL’s investment arm, SunStream Bancorp, ensures that the company is in full compliance with federal law.

Credit card companies are racking up losses at a faster clip than they have in the 30 years since the Great Financial Crisis, claims Goldman Sachs. Credit card losses have been on the rise since the beginning of 2022, while the initial spikes likely reflected stimulus rollbacks. This upswing started when the market bottomed out in September of 2021.

Income during the week:

On Monday, September 25th, all eyes will be on the earnings report from THOR Industries (THO).

On Tuesday, September 26th, Costco (COST), Cintas (CTAS), and United Natural Foods (UNFI) are all expected to release their quarterly earnings reports.

On results day, September 27, Paychex (PAYX), Micron Technology (MU), and Jefferies Financial Group (JEF) will all receive a great deal of attention.

Accenture (ACN), Nike (NKE), CarMax (KMX), and Jabil (JBL) will all announce earnings on Thursday, September 28.

Pay attention to Carnival (CCL)’s financial results on September 29.

Trending stocks with a Buy recommendation for the coming week. List of companies: SNDL, GRPN, MSFT, GOOGL, eBay, AAPL, PYPL, UBS, WMT, AMZN, META

Update on Celebrity Web News – ParisJewelry.com has begun manufacturing a new custom line of celebrity jewelry designs with 30% off and free shipping. OrganicGreek.com’s Vitamin Bottles, Vitamins, and Herbs Will Refresh Your Health. Become a Creator and Influencer on WebFans 

Daily Shocker Recap of Today Business News September 22, 2023

Subscribe to get Latest News

Latest Articles

More like this