Bank of America claims that the current housing market is eerily similar to that of the 1980s. There are many parallels between today and the 1970s, including high inflation, rising mortgage rates, and pent-up demand for housing caused by a growing demographic boom. In a note released on Thursday, Bank of America stated, “We think the 1980s are a better analogy for today’s market than the 2008 housing crash.”
The U.S. Securities and Exchange Commission (SEC) sued Elon Musk for a tweet about his efforts to buy Twitter followers. In a judicial filing made public in the Northern District of California, SEC attorneys claimed that Musk ignored a subpoena for testimony scheduled for September 15 and claimed that the subpoena was delivered to the Tesla CEO in May 2023.
According to those in the know, OpenAI, the firm behind ChatGPT, is looking into developing its own AI processors and has even evaluated a prospective acquisition target.
Tesla dropped the price of select Model 3 and Model Y models in the U.S. after the firm reported third-quarter deliveries that missed market estimates. The beginning price for the Model 3 now stated at $38,990 on Tesla’s website, down from $40,240 earlier. The price of the Model 3 Long Range decreased from $47,240 to $45,990. Model 3 Performance prices have also dropped, from $53,240 to $50,990.
The traditional cowboy boots just released by Crocs are, to put it mildly, a sight to behold. The announcement states that the boots will be available for a limited time beginning on October 23 at specific Crocs retail outlets and on their website.
The United Auto Workers union has been on strike against General Motors, Ford, and Stellantis for a total of 16 days, costing the company $200 million. GM has prepared for a lengthy battle by securing a $6 billion line of credit.
Constellation Brands’ stock dropped 3% despite a current-quarter beat and an increase in earnings estimate for 2024, both of which were driven by the company’s beer business. CEO of Molson Coors says firm is placing its growth bets on nonalcoholic drinks as millennials increasingly prioritize health and wellness.
In a filing with the Securities and Exchange Commission on Thursday night, MGM Resorts revealed that the illegal cyberattacks on its Las Vegas property last month cost the corporation roughly $100 million.
Belgian intelligence is watching Alibaba for spying. According to the FT, the country’s security service is investigating “possible espionage” at Alibaba’s logistics base in Liège, allegedly carried out by Chinese organizations. One major source of concern is Alibaba’s use of software that can access information about merchants and relay that information and any associated vulnerabilities to China.
First, electric vehicle (EV) manufacturer Rivian Automotive saw its share price drop by 23%, hitting a three-month low. The business stunned investors by announcing plans to issue $1.5 billion in convertible notes, despite forecasting third-quarter revenue of $1.29 billion to $1.33 billion.
Another blow to the media industry has been dealt by X’s decision to hide headlines. The social media network has dealt yet another blow to media outlets by hiding article titles in shared content. To discourage material that redirects viewers away from the site, it will instead display the article’s featured image and the URL they will be taken to.
Cocoa beans are a common commodity for Marc-Antoine Julliard to trade. However, the London commodities broker chose to expand into cryptocurrency trading in the spring of 2021. FTX was his preferred platform. After Sam Bankman-Fried, founder of FTX, was charged with criminal fraud for allegedly abusing billions of dollars in client funds, Julliard testified as the prosecution’s first witness two years later.
Popeyes has become the #2 US chicken brand, passing KFC (albeit both lost market share to leader Chick-fil-A). More and more fast food franchises are getting into the chicken sandwich game, which has led to a lack of chicken.
Rolls-Royce CEO Torsten Muller-Otvos is stepping down after 14 years at the helm. He is credited for reviving the company and making the once-tired brand desirable among celebrities, athletes, and young business owners. Muller-Otvos, Rolls-Royce’s longest-serving CEO in nearly a century, will step down from his position on December 1 at the age of 63, the company announced on Thursday.
While Amazon’s Prime Big Deal Days don’t begin until October 10th, other retailers have already begun their own promotions. The “Circle Week” sale at Target runs from October 1 through 7, and features new daily savings on everything from furniture and electronics to cosmetics and clothing to toys and athletic items. Discounts on popular items, gadgets, home goods, toys, and clothing will be available during Walmart’s “Holiday Kickoff” event, which runs from October 9 to 12, beginning before and ending after Amazon’s sale.
Stocks to watch with positive momentum and Buy Rating:
SNDL Group (SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT), GOOGL, eBay, Apple (AAPL), Pay Pal (PYPL), UBS, Walmart (WMT), Amazon (AMZN), Facebook (META), Carnival Corporation (CCL)
CWEB News Summarized Business and Stock Newsletter October 5, 2023
