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HomeBusinessCWEB News Summarized Breaking, Business and Financial Newsletter for November 2, 2023

CWEB News Summarized Breaking, Business and Financial Newsletter for November 2, 2023

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CWEB News Summarized Breaking, Business and Financial Newsletter for November 2, 2023

On Wednesday, the Federal Reserve left its benchmark interest rate in the range of 5.25%-5.50% unchanged, the highest in 22 years, as officials continue to seek to bring inflation back to the central bank’s 2% target.

Thursday, British oil major Shell posted a third-quarter profit of $6.2 billion, largely in line with predictions, thanks to rising oil prices and refining margins.

On Thursday, the office of New York Attorney General Letitia James announced that Uber and Lyft had settled wage theft and statutory paid sick leave claims in New York State for a total of $328 million.

Consumers are cutting back on all their spending, even on food, according to Target CEO Brian Cornell. He noted the company’s seven consecutive quarters of dropping sales in an interview with CNBC’s Becky Quick that aired on Thursday morning.

When they visit Starbucks, people are spending more money. Earnings and revenue for the company’s most recent quarter were disclosed on Thursday, and they were above forecasts. The coffee giant also reported an increase in same-store sales of 8%, with the increase being attributed to higher average checks.

After a disappointing projection for the second quarter and the full year, shares of cosmetics major Estee Lauder plummeted to six-year lows. It pointed to increasing pressure from without, notably weaker expansion in Asian tourist shops and in mainland China.

The luxury parka retailer Canada Goose reduced its full-year profitability forecast, citing macroeconomic pressure as a contributing factor. The corporation previously blamed declining demand in North America, but now it’s placing the blame on China, despite the fact that China is not the “growth driver” it had previously claimed it to be.

Over a billion users have joined LinkedIn since its new AI chatbot went live. In celebration of the occasion, the business and employment-focused social networking site unveiled an AI chatbot dubbed a “job seeker coach.” The company has been rolling out a number of AI technologies since the beginning of the year, with a primary focus on automating recruiter communications and job descriptions.

Roku’s stock price jumped in Thursday morning’s pre-market trading after the firm announced third-quarter sales that were above expectations. The net loss announced by Roku for the third quarter was $330.1 million, or $2.33 per share, nearly tripling from the loss reported by the firm a year before, which was $122.2 million, or 88 cents per share.

On Wednesday, Disney announced its intention to purchase Comcast’s one-third investment in Hulu for an estimated $8.61 billion. Once the deal is completed later this year, Disney would own 100% of the popular streaming service.

Apple, Block, Cigna, Cloudflare, Coinbase, ConocoPhillips, Crocs, DraftKings, Dropbox, Expedia, Ferrari, Gannett, Hyatt, Live Nation, Marriott International, Moderna, Molson Coors, Palantir, Papa John’s, Redfin, Shake Shack, Shell, Shopify, Starbucks, Subaru, Sweetgreen, Wendy’s, and Yelp are scheduled to release their quarterly results on Thursday.

On Friday, we’ll learn October’s unemployment rate. In terms of profits, BMW and Cinemark are anticipated.

Stocks to watch with positive momentum and Buy Rating:

SNDL Group (SNDL), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT)GOOGL, Apple (AAPL), Pay Pal (PYPL), Walmart (WMT), Amazon (AMZN), Carnival Corporation (CCL), PepsiCo (PEP), Wells Fargo (WFC), Johnson & Johnson (JNJ), Philip Morris International (PM)SNAP INC (SNAP), Exxon Mobil (XOM), Chevron (CVX)EBAY

Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins and Herbs. Become a  WebFans  Creator and Influencer. Check the New Special XMicro Razors for Men & Women, 1 Razor, 7 Blade Refills with German Stainless Steel, Lubricated with Vitamin E for Smooth Shave, Shields Against Irritation, Version X

 

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