Investors feel secure as the US works to limit the war in the Middle East. Investors are watching geopolitical concerns that could increase oil prices as a result of the conflict between Israel and Hamas, and as a result, markets around the world are prepared for an effect.
Next week also marks the beginning of the Q3 earnings season, with Tesla (TSLA) expected to set the pace. Procter & Gamble (PG) (preview), Johnson & Johnson (JNJ) (preview), AT&T (T) (preview), Netflix (NFLX) (preview), Bank of America (BAC) (preview), and Taiwan Semiconductor (TSM) will also be reporting results today.
One of the largest US pharmacy chains, Rite Aid Corp., has filed for bankruptcy in an effort to reorganize its debts, which include liabilities related to the sale of opioids.
In a Chapter 11 petition submitted to the New Jersey district court, Rite Aid estimated its assets at $1 billion and its liabilities at $10 billion.
Novavax’s (NVAX.O) variant-tailored COVID-19 vaccine has been delayed in receiving approval from European Union (EU) regulators, the firm announced on Sunday. According to Novavax, the European Medicines Agency (EMA) has requested additional information about the shot, which is designed to prevent infection with the XBB strain.
Next week, Beijing will play host to Baidu (BIDU) for its Baidu World 2023 conference. The company promises to unveil its newest advancements in foundation models and deliver a slew of AI-native applications at the conference.
As OnlyFans’ CEO puts it, they want to “change the internet.” As a means to that end, the company plans to flip conventional business structures on their heads. The U.K.-based site is well-known for its adult content, but it is also experimenting with non-traditional approaches to other types of content, such as offering free streaming while charging for social network posts.
Canadian autoworkers approve a new labor agreement with General Motors. With an end date of September 20, 2026, this contract protects nearly 4,300 autoworkers in Ontario’s Oshawa Assembly Plant, St. Catharines Powertrain Plant, and Woodstock Parts Distribution Centre.
While LVMH as a whole witnessed a sales increase of 20%, its largest division, fashion and leather products, only saw growth of 9%. Its sales of alcoholic beverages like Hennessy and Mot fell by 14%.
The sales of Apple’s iPhone 15 dropped by a “double-digit” percentage in China as Huawei made a remarkable comeback. After Huawei’s overall sales surpassed Apple’s, partly due to the successful debut of the Mate 60 Pro, analysts at Jefferies, led by Edison Lee, predict significantly lower sales estimates for the iPhone 15. According to Jefferies’ analysts, Apple’s sales of the iPhone 15 series have dropped by a “double-digit” percentage compared to those of the iPhone 14 series.
A social media platform owned by Elon Musk has been fined A$610,500 ($386,000) by an Australian regulator for failing to comply with a review into anti-child abuse policies. The company has been struggling to retain advertisers amid claims that it is being too lenient in its moderation of material.
What else is trending?
Sony (SONY) is considering buying Disney’s (DIS) operations in India.
Workers at Chevron (CVX) LNG plants in Australia have voted to resume strikes.
Qatari investors withdraw offer for Manchester United (MANU); Ratcliffe is the only remaining suitor.
The People’s Bank of China has increased its liquidity support while maintaining its policy rate.
Mounjaro, Eli Lilly and Company’s (LLY) medication for weight loss, has completed all of its phase 3 trials.
Honeywell (HON) predicts brisk sales of commercial aircraft in the 2020s.
Earnings
Charles Schwab (SCHW) and Equity LifeStyle Properties (ELS) will announce their quarterly results on Monday, October 16.
Johnson & Johnson (JNJ), Bank of America (BAC), Lockheed Martin (LMT), and Goldman Sachs (GS) will all report earnings on Tuesday, October 17.
Tesla (TSLA), Procter & Gamble (PG), Abbott Laboratories (ABT), Netflix (NFL), and Morgan Stanley (MS) will all be in the spotlight on Wednesday, October 18 as they release their quarterly financial results.
Philip Morris International (PM), Union Pacific (UNP), AT&T (T), CSX (CSX), Taiwan Semiconductor Manufacturing (TSM), and American Airlines Group (AAL) will all report earnings on Thursday, October 19.
American Express (AXP) and Schlumberger (SLB) are in the spotlight for their earnings reports on Friday, October 20.
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
