Business and Finance News - 11.4.24

Berkshire Hathaway's cash reserves rose to a record $325.2 billion in the third quarter of 2024 as Warren Buffett increased stock sales, especially of Apple and Bank of America shares, while halting stock buybacks. The company reported $10.1 billion in operating earnings, with Berkshire Hathaway’s stock outperforming the S&P 500 this year. (CNBC)

*Berkshire Hathaway (BRK.B) - Berkshire Hathaway Inc. is a multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company is known for its control and leadership by Warren Buffett, one of the most famous investors in the world.

Boeing has offered a 38% pay increase and a $12,000 bonus to end a seven-week strike by over 30,000 IAM union members, with a vote scheduled for November 4. The strike has significantly impacted Boeing's finances, reportedly costing nearly $10 billion, amid other challenges and planned layoffs. (BBC)

*Boeing (BA) - Boeing is a leading American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide.

Nvidia will replace Intel on the Dow Jones Industrial Average next week, reflecting Nvidia's dominant position in AI chipmaking and Intel's recent struggles. Nvidia's stock has surged due to AI demand, while Intel's shares have fallen 54% this year, marking it as the Dow's worst performer. (Reuters)

*Intel (INTC) - Intel Corporation is a leading global technology company specializing in designing, manufacturing, and selling semiconductor chips.

*Nvidia (NVDA) - Nvidia Corporation is a leading technology company specializing in designing and manufacturing graphics processing units (GPUs) and related technologies for gaming, professional visualization, data centers, and automotive markets.

TGI Fridays filed for Chapter 11 bankruptcy on Saturday to restructure its finances and continue operating, covering its 39 company-owned locations but excluding 56 franchised sites. The bankruptcy follows financial pressures from COVID-19 and changing consumer habits, with several other casual dining and fast-casual chains also filing for bankruptcy this year. (Axios)

*TGI Fridays - TGI Fridays is an American casual dining restaurant chain known for its wide-ranging menu, including appetizers, burgers, steaks, and cocktails.

The U.S. economy added just 12,000 jobs in October, largely due to temporary impacts from hurricanes and the Boeing strike, marking the lowest job growth in years. The unemployment rate held steady at 4.1%, and economists expect the Federal Reserve to consider recent downward job revisions rather than this month’s figures in its rate decisions. (Quartz)

*Jobs Report - The jobs report, often referred to as the U.S. Employment Report or Nonfarm Payrolls report, provides critical data on the health of the U.S. labor market, offering insights into employment, unemployment, and wages for the prior month.

A few companies expected to report earnings this week…

• Novo Nordisk (NVO), Qualcomm (QCOM), and Arm Holdings (ARM) are expected to report on Wednesday.

• Airbnb (ABNB) is expected to report on Thursday.

*Airbnb (ABNB) - Airbnb is an online marketplace that connects people looking to rent out their homes with those seeking accommodations. It allows hosts to list their properties, ranging from single rooms to entire homes, and provides travelers with unique, cost-effective lodging options worldwide.

*Arm Holdings (ARM) - Arm Holdings is a semiconductor and software design company, primarily known for its design of ARM architecture, a family of reduced instruction set computing (RISC) architectures for computer processors.

*Novo Nordisk (NVO) - Novo Nordisk is a global healthcare company headquartered in Denmark, specializing in the development, manufacturing, and marketing of pharmaceutical products and services. 

*Qualcomm (QCOM) - Qualcomm is a global technology company that designs and manufactures semiconductors, software, and services related to wireless technology. It is best known for its advancements in mobile communications, including developing 3G, 4G, and 5G wireless standards.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 42,052.19 +288.73 (+0.69%)

• S&P 500: 5,728.80 +23.35 (+0.41%)

• Nasdaq Composite: 18,239.92 +144.77 (+0.80%)

• Russell 2000: 2,210.13 +13.48 (+0.61%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 571.04 +2.40 (+0.42%)

• iShares Core S&P 500 ETF (IVV): 573.72 +2.48 (+0.43%)

• Invesco QQQ Trust (QQQ): 487.43 +3.58 (+0.74%)

• Vanguard S&P 500 ETF (VOO): 524.94 +2.27 (+0.43%)

• Vanguard Total Stock Market ETF (VTI): 282.23 +1.20 (+0.43%)

Here’s how the The Magnificent Seven did on Friday:

• Apple (AAPL) [3.389T]: 222.91 -3.00 (-1.33%)

• Nvidia (NVDA) [3.321T]: 135.40 +2.64 (+1.99%)

• Microsoft (MSFT) [3.051T]: 410.37 +4.02 (+0.99%)

• Alphabet (GOOGL) [2.109T]: 171.29 +0.18 (+0.11%)

• Amazon (AMZN) [2.077T]: 197.93 +11.53 (+6.19%)

• Meta Platforms (META) [1.435T]: 567.16 -0.42 (-0.07%)

• Tesla (TSLA) [799.24B]: 248.98 -0.87 (-0.35%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $69,102.35 (6:30PM PST on 11/3/24)

• Ethereum (ETH): $2,474.02 (6:30PM PST on 11/3/24)

• Solano (SOL): $163.47 (6:30PM PST on 11/3/24)