After big US banks began earnings season with positive profits, stocks finished the session and the week with mixed results as investors kept an eye on the developing violence in the Middle East. Wells Fargo (WFC) and JPMorgan (JPM) kicked off the earnings season for the third quarter on Wall Street on Friday with a good performance, reporting bigger profits than expected.
Rising bond yields following a U.S. Treasury auction and data showing a larger-than-expected increase in September consumer price indexes all contributed to a negative closing for U.S. stock markets on Thursday, October 13.
Throughout the summer, we kept an eye out for indicators indicating the general public’s mood about the economy was changing for the better. The start of autumn seems to have coincided with a return to pessimism.
After Israel gave the 1.1 million Palestinians living in the northern Gaza Strip 24 hours to flee, the UN called for a mass exodus of the area. In reaction to Hamas’ attack on civilians this weekend, Israel has maintained bombing and begun military incursions as it prepares for a ground battle.
The Centres for Medicare and Medicaid Services stated Thursday that the monthly Part B rates for Medicare recipients will increase by around $10 beginning in 2019. In 2024, the regular Medicare Part B monthly premium will rise to $174.70 from the current $164.90. Beneficiary premiums are income-based.
Regulators in the United Kingdom have approved Microsoft’s (MSFT) amended $69 billion deal to acquire Activision Blizzard (ATVI), making this the largest acquisition in the history of the technology industry. The revised transaction, which does not include the sale of Activision’s cloud streaming rights to French company Ubisoft, received approval from the United Kingdom’s Competition and Markets Authority today.
Due to client demand, Ferrari will begin accepting bitcoin payments in the United States for its high-end sports cars. In Europe, the automaker will also support cryptocurrency payments. Reuters reported on October 14 that Enrico Galliera, Ferrari’s chief marketing and commercial officer, confirmed the company’s plans. Numerous customers, notably crypto-savvy young investors, have invested in digital currencies, which influenced Ferrari’s decision to accept cryptocurrency payments in response to market demand and dealer demands.
Short selling, the controversial practice of betting against stocks, has come under greater scrutiny in the wake of the GameStop crisis, and on Friday, the U.S. Securities and Exchange Commission agreed to roll out new rules intended to boost transparency of the activity.
The largest healthcare strike in US history has ended with a tentative contract agreement between Kaiser Permanente and unions representing 75,000 of its employees.
Although the UAW did not increase the scope of its strike against Detroit’s Big Three automakers yesterday, the union president warned that more employees may be brought to the picket lines at any time and asked carmakers to “pony up.”
Disney becomes a key partner for TikTok. The popular social networking platform has signed on with a new major publishing partner for its Pulse Premiere ad service. The media conglomerate is the latest to use the tool, following in the footsteps of NBCU, Conde Nast, DotDash Meredith, BuzzFeed, and others.
The escalating conflict in Ukraine and the strikes Hamas launched on Israel over the weekend, according to the CEO of the largest U.S. bank JPMorgan Chase by assets, “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”
Microsoft’s attention has shifted from closing Activision acquisition to artificial intelligence and cloud computing. Xbox’s prominence in the video game business was highlighted by the Activision deal, but Microsoft isn’t putting much emphasis on console gaming. Nadella and his executives are focusing entirely on cloud gaming instead.
Dollar General’s stock price rose on Friday after the company announced the return of its previous CEO. To assist stabilize operations, the company brought back Todd Vasos as CEO on Thursday. Vasos takes over for Jeff Owen, who has been in the role since November of last year.
To invest in YouTube creators’ back catalogues, Spotter is raising money. As the creative economy expands and investors seek out higher returns, they are expanding their focus beyond conventional artist royalties. Spotter, a business based in Los Angeles, recently raised $200 million to invest in the expansion of YouTube creators in exchange for a cut of the creators’ future ad revenue.
The SPAC affiliated with Trump Media is giving back $1 billion to its investors. Due to cancellations totaling $467 million, the funding partner for Trump Media & Technology group voluntarily returned the remaining $533 million it secured from institutional investors.
Stocks to watch with positive momentum and Buy Rating:
SNDL Group (SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT), GOOGL, Apple (AAPL), Pay Pal (PYPL), Walmart (WMT), Amazon (AMZN), Facebook (META), Carnival Corporation (CCL), PepsiCo (PEP), Wells Fargo (WFC)
CWEB News Summarized Business and Stock Newsletter October 12, 2023
