Business and Finance News - 10.24.24

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AT&T exceeded expectations by adding 403,000 net wireless subscribers in Q3, driven by demand for premium unlimited plans and bundled fiber-wireless services. Despite lower phone upgrades impacting revenue, AT&T reported a profit of 60 cents per share, surpassing forecasts, while its fiber customer growth was slowed by a regional work stoppage. (Reuters)

*AT&T (T) - AT&T Inc. is a leading multinational telecommunications conglomerate providing mobile phone services, high-speed internet, broadband, and television services, including satellite and streaming options.

Coca-Cola reported higher-than-expected earnings and revenue, driven by price increases that offset sluggish beverage demand. The company raised its 2024 organic revenue growth forecast to 10% but noted challenges in international markets and shifting consumer behavior toward smaller purchases amid high prices. (CNBC)

*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.

The median price of existing homes sold in September rose 3% year-over-year to $404,500, with inventory increasing 1.5% to 1.39 million homes. Sales of previously owned homes dropped 1% from August and 3.5% from a year ago, reaching the slowest pace since 2010, as mortgage rates fluctuated and first-time buyer activity declined. (CNBC)

*Existing Home Sales - Existing home sales reflect consumer confidence, financial stability, and the overall health of the economy, as people tend to buy homes when they feel secure about their finances. They also influence related industries, such as lending, construction, and retail, making them a crucial driver of economic activity and policy decisions.

HSBC CEO Georges Elhedery informed staff that senior redundancies are inevitable as part of the bank's latest restructuring to eliminate duplicative roles and reduce costs. The overhaul reorganizes operations into four business lines, aiming to improve accountability and performance, following a similar restructuring approach by Barclays earlier this year. (Reuters)

*HSBC (HSBC) - HSBC (Hongkong and Shanghai Banking Corporation) is a multinational bank and financial services company headquartered in London. It provides a wide range of services including retail banking, wealth management, commercial banking, investment banking, and global markets solutions.

Spirit Airlines' stock surged 37% following reports of renewed merger talks with Frontier Airlines, after its failed merger with JetBlue earlier this year. The potential merger may support Spirit's debt restructuring efforts as the airline faces financial struggles, including speculation about a possible bankruptcy. (Quartz)

*Spirit Airlines (SAVE) - Spirit Airlines is a low-cost airline based in the United States. The company primarily operates as an ultra-low-cost carrier, offering budget-friendly fares by charging separately for various services that are often included in the ticket price by other airlines.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,514.95 -409.94 (-0.96%)

• S&P 500: 5,797.42 -53.78 (-0.92%)

• Nasdaq Composite: 18,276.65 -296.48 (-1.60%)

• Russell 2000: 2,213.84 -17.69 (-0.79%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 577.99 -5.33 (-0.91%)

• iShares Core S&P 500 ETF (IVV): 580.79 -5.34 (-0.91%)

• Invesco QQQ Trust (QQQ): 488.36 -7.60 (-1.53%)

• Vanguard S&P 500 ETF (VOO): 531.27 -4.89 (-0.91%)

• Vanguard Total Stock Market ETF (VTI): 285.05 -2.60 (-0.90%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.538T]: 230.76 -5.10 (-2.16%)

• Nvidia (NVDA) [3.439T]: 139.56 -4.03 (-2.81%)

• Microsoft (MSFT) [3.156T]: 424.60 -2.91 (-0.68%)

• Alphabet (GOOGL) [2.032T]: 162.78 -2.36 (-1.43%)

• Amazon (AMZN) [1.922T]: 184.71 -4.99 (-2.63%)

• Meta Platforms (META) [1.43T]: 563.69 -18.32 (-3.15%)

• Tesla (TSLA) [681.37B]: 213.65 -4.32 (-1.98%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $66,584.93 (2:00PM PST on 10/23/24)

• Ethereum (ETH): $2,514.05 (2:00PM PST on 10/23/24)

• Solano (SOL): $173.42 (2:00PM PST on 10/23/24)

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