Business and Finance News - 10.21.24

Whiskey: A Hedge Against Market Volatility

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American Express reported third-quarter profit above expectations, aided by disciplined expense management despite slower spending growth, with earnings per share reaching $3.49. The company raised its 2024 profit forecast, projecting EPS between $13.75 and $14.05, though shares fell nearly 5% amid concerns about sustained growth through cost-cutting alone. (Reuters)

*American Express (AXP) - American Express provides financial services, primarily known for its credit and charge card offerings, along with travel-related services, merchant acquisition, and network services for both individuals and businesses.

Boeing has reached a tentative agreement with its union, offering a 35% wage increase over four years to potentially end the strike by 33,000 workers that began on September 13. The union, representing machinists involved in producing Boeing jets, will vote on the proposed contract on Wednesday. (Axios)

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

A judge granted Google a temporary administrative stay, delaying the implementation of a ruling that required changes to its Play Store amid an ongoing lawsuit with Epic Games. However, starting November 1, 2024, Google is barred from making deals with carriers or device makers to block preinstallation of rival app stores until 2027. (The Verge)

*Google (GOOGL) - Google LLC, a subsidiary of Alphabet Inc., is a global technology company specializing in Internet-related services and products. Its core offerings include the Google Search engine, YouTube, and the Android operating system. 

*Epic Games - Epic Games is a video game and software development company known for creating popular games and providing tools for game developers. Games like Fortnite and tools like Unreal Engine.

Netflix shares rose 11% after reporting third-quarter earnings of $5.40 per share, surpassing the $5.12 estimate, with revenue reaching $9.83 billion. The company saw a 35% quarter-over-quarter surge in its ad-supported membership tier and provided an optimistic forecast, projecting 2025 revenue growth between 11% to 13%. (CNBC)

*Netflix (NFLX) - Netflix is a streaming service that offers a vast library of movies, TV shows, documentaries, and original content, allowing subscribers to watch on-demand entertainment across various devices.

Elliott Investment Management and Southwest Airlines have entered settlement talks to avoid a proxy fight, with Elliott proposing board representation without full control. Elliott, which holds a 10% stake, called for a Dec. 10 shareholder meeting, seeking leadership changes, including replacing eight directors and ousting CEO Bob Jordan. (Reuters)

*Southwest Airlines (LUV) - Southwest Airlines is a major American airline known for its low-cost carrier model.

A few companies expected to report earnings this week…

• SAP (SAP) is expected to report today.

• Verizon (VZ) and Lockheed Martin (LMT) are expected to report on Tuesday.

• Tesla (TSLA) and Coca-Cola (KO) are expected to report on Wednesday.

• Amazon (AMZN) and UPS (UPS) are expected to report on Thursday.

*Amazon (AMZN) - Amazon is a multinational technology and e-commerce company based in the United States, known for its vast online retail platform, cloud computing services through Amazon Web Services (AWS), digital streaming services, and artificial intelligence innovations.

*Coca-Cola (KO) - Coca-Cola is a global beverage company that manufactures, markets, and sells a wide variety of non-alcoholic beverages, including soft drinks, juices, sports drinks, and bottled water, with its flagship product being the iconic Coca-Cola soda.

*Lockheed Martin (LMT) - Lockheed Martin is a global aerospace, defense, and security company that designs, develops, manufactures, and integrates advanced technology systems, products, and services, including aircraft, spacecraft, missile defense systems, and cybersecurity solutions.

*SAP (SAP) - SAP is a multinational software corporation that develops enterprise software solutions for managing business operations and customer relationships, offering products and services such as ERP (Enterprise Resource Planning), cloud computing, and data analytics.

*Tesla (TSLA) - Tesla, Inc. is an American electric vehicle (EV) and clean energy company.

*United Parcel Service (UPS) (UPS) - UPS, or United Parcel Service, is a global logistics and package delivery company that offers a wide range of services.

*Verizon (VZ) - Verizon is a telecommunications company that provides a wide range of services, including wireless communication, broadband internet, and digital television, as well as enterprise solutions.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 43,275.91 +36.86 (+0.09%)

• S&P 500: 5,864.67 +23.20 (+0.40%)

• Nasdaq Composite: 18,489.55 +115.94 (+0.63%)

• Russell 2000: 2,276.09 -4.76 (-0.21%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 584.59 +2.24 (+0.38%)

• iShares Core S&P 500 ETF (IVV): 587.46 +2.21 (+0.38%)

• Invesco QQQ Trust (QQQ): 494.47 +3.22 (+0.66%)

• Vanguard S&P 500 ETF (VOO): 537.36 +2.06 (+0.38%)

• Vanguard Total Stock Market ETF (VTI): 288.89 +1.13 (+0.39%)

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

• Apple (AAPL) [3.604T]: 235.00 +2.85 (+1.23%)

• Nvidia (NVDA) [3.40T]: 138.00 +1.07 (+0.78%)

• Microsoft (MSFT) [3.108T]: 418.16 +1.44 (+0.35%)

• Alphabet (GOOGL) [2.04T]: 163.42 +0.49 (+0.30%)

• Amazon (AMZN) [1.967T]: 188.99 +1.46 (+0.78%)

• Meta Platforms (META) [1.462T]: 576.47 -0.46 (-0.08%)

• Tesla (TSLA) [703.85B]: 220.70 -0.19 (-0.09%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $68,848.35 (8:30PM PST on 10/20/24)

• Ethereum (ETH): $2,733.87 (8:30PM PST on 10/20/24)

• Solano (SOL): $2,733.87 (8:30PM PST on 10/20/24)