CWEB Summarized Business Newsletter September 28, 2023

[caption id="attachment_458248" align="alignnone" width="1200"] CWEB Summarized Business Newsletter September 28, 2023[/caption] This week, mortgage rates reached their highest point in 23 years, dealing a further blow to the housing industry. According to Freddie Mac, the average rate for a 30-year fixed mortgage rose from the previous week's 7.19% to this week's 7.31%. Since its average of 7.42% in the middle of December 2000, that is the highest rate we've seen. The price of oil has been driving up bond yields, with the yield on the 10-year Treasury note passing 4.6% on Wednesday. A return to the early 1970s, when the bond market experienced three straight years of losses, is possible if the current trend persists. Investors are poised to respond to economic data and central bank speakers today amid the recent increase in bond yields, which is putting pressure on equities. In addition to the weekly unemployment claims report, investors will get to view the September manufacturing activity report from the Kansas City Fed, the August pending home sales report, and any revisions to the previous readings of the U.S. gross domestic product. On October 10, Meta will begin distributing its Quest 3 virtual reality headset. The company is betting that the $499 gadget's attractive factor will distract you from Apple's impending goggle competition and entice you into the metaverse. Nine Target locations around the country will be closing due to increased theft and safety concerns for staff. Furthermore, it supported legislation that would increase penalties for shoplifting. On Thursday, the government revealed revised data showing that American households have saved almost $1.1 trillion less than previously estimated over the preceding six years. From 2017 to 2022, the Bureau of Economic Analysis estimates that Americans will save 8.3% of their disposable income annually, down from the previous estimate of 9.4%, as part of a comprehensive update of some of the nation's most important economic statistics, as reported by Bloomberg. A McDonald's customer who was burned by hot coffee is suing the fast food chain. The elderly woman popped the coffee into the cup holder, drove to the foot doctor's office, and parked. "As soon as she picked up the cup to drink it, since the lid wasn't put on correctly, all of the coffee spilled on her," her attorney, Dylan Hackett, said in an interview. Although a date for the strike on the Las Vegas Strip has not been set in stone, members of the Culinary Workers Union Local 226 and the Bartenders Union Local 165 in Nevada have voted overwhelmingly to authorize a strike. About 40,000 employees at 22 MGM Resorts (MGM), Caesars Entertainment (CZR), and Wynn Resorts (WYNN) casinos saw their contracts expire on September 15. Mirror, a product of Lululemon that broadcasts exercise classes, will be discontinued. The corporation wrote down most of its $500 million purchase price after failing to achieve momentum with customers after acquiring the company during the pandemic. Instead of continuing in the fitness gear industry, it shifted its attention to digital content and developed a new fitness app. The release of AI-powered creator tools is ongoing across social media platforms. Stickers created by AI will soon be available on Facebook, Instagram, WhatsApp, and Messenger, while the photo-sharing app Instagram will soon offer AI-powered editing tools. Ryan Cohen, a billionaire and GameStop's single largest investor, has been named the company's new chief executive officer. Cohen is the current chairman of the board and the largest single investor in the business. Cohen will not be paid for his roles as president, CEO, and chairman, according to a statement released by GameStop. Sycamore Partners, a private equity group specialized in retail, consumer, and distribution-related assets, has entered into a formal agreement to buy Chico's FAS, Inc. (NYSE: CHS) ("Company" or "Chico's FAS"), the company said today. Once the deal closes, Chico's FAS will no longer be publicly traded. Rivals Peloton and Lululemon have joined forces. As part of a five-year "strategic global partnership," the fitness businesses have announced that Lululemon will stop making its private-label line of fitness clothing and that Peloton will stop making its Mirror exercise technology. The value of the transaction was not made public. Due to declining sales and rising loan interest rates, CarMax Inc.'s quarterly profit fell short of Wall Street's expectations. This coming Friday, which happens to be National Coffee Day, is one of the nicest days of the year. Large and small coffee businesses alike mark the occasion every year by giving away cups of coffee and offering discounts. Customers of Peet's competitors are being offered a "Disloyalty Program" to switch to Peet's. Thursday, September 28th, earnings reports from Accenture (ACN), Nike (NKE), CarMax (KMX), and Jabil (JBL) will be highlighted. Focus on Carnival (CCL) earnings for Friday September 29. Stocks to watch with positive momentum and Buy Rating: Sundial (SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT), GOOGL, eBay, Apple (AAPL), Pay Pal (PYPL), UBS, Walmart (WMT), Amazon (AMZN), Facebook (META), FED EX (FDX), UPS (UPS) https://cweb.com/cweb-summarized-business-newsletter-september-27-2023/