Business and Finance News - 10.14.24

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Boeing will lay off 10% of its workforce, about 17,000 employees, and delay the launch of its 777X wide-body plane until 2026 due to development issues. The ongoing machinists' strike, which has halted aircraft production for nearly a month, further complicates the company's financial struggles. (CNN)

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

U.S. producer prices were flat in September, with no change in the Producer Price Index (PPI) for final demand, as lower goods prices offset a small rise in services. Core PPI, excluding food and energy, rose 0.1% for the month and 3.2% year-over-year, both slightly higher than forecasted. (Reuters)

*Producer Price Index (PPI) - The Producer Price Index (PPI) is a measure of the average change over time in the selling prices received by domestic producers for their output. It's a key economic indicator that helps gauge inflation at the wholesale level.

Tesla's much-anticipated robotaxi event fell short of investor expectations, leading to a 9% drop in the company's stock. While Elon Musk showcased futuristic robotaxi and humanoid robot concepts, the lack of concrete details or software demos left many investors and analysts disappointed, despite initial positive reactions from some Tesla supporters. (Axios)

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

Uber shares surged more than 9%, while Lyft jumped nearly 10%,  after Tesla's robotaxi event failed to meet expectations, easing concerns about competition from Tesla in the autonomous vehicle space. Analysts suggest Uber is well-positioned to benefit from the autonomous vehicle market through potential partnerships with developers, as Tesla's event lacked detail on ride-sharing strategies and technology advancements. (CNBC)

*Lyft (LYFT) - Lyft is a transportation network company that operates a ridesharing service primarily through a mobile app.

*Uber (UBER) - Uber is a technology company that provides ride-hailing services through its mobile app, allowing users to book rides with drivers who use their own vehicles.

Wells Fargo reported third-quarter earnings that exceeded Wall Street expectations, with adjusted earnings per share of $1.52 versus the expected $1.28, despite an 11% decline in net interest income. The bank's shares rose more than 4% following the announcement, with revenue reaching $20.37 billion. (CNBC)

*Wells Fargo (WFC) - Wells Fargo & Company is a diversified, community-based financial services company with a significant presence in the United States and a growing international footprint.

A few companies expected to report earnings this week…

• UnitedHealth (UNH), Johnson & Johnson (JNJ), Bank of America (BA), Goldman Sachs (GS), and Citigroup (C) are all expected to report on Tuesday.

• Abbott Labs (ABT) is expected to report on Wednesday.

• TSMC (TSM), Netflix (NFLX), and Morgan Stanley (MS) are expected to report on Thursday.

• Proctor & Gamble (PG) and American Express (AXP) are expected to report on Friday.

*Abbott Labs (ABT) - Abbott Laboratories is a global healthcare company that develops, manufactures, and markets a wide range of medical devices, diagnostics, branded generic medicines, and nutritional products.

*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.

*Bank of America (BA) - Bank of America is a multinational financial institution that provides a wide range of banking and financial services to individuals, businesses, and institutions.

*Citigroup (C) - Citigroup Inc., commonly known as Citi, is a global financial services corporation with a wide range of financial products and services.

*Goldman Sachs (GS) - Goldman Sachs is a global investment banking, securities, and investment management firm that provides a wide range of financial services to corporations, financial institutions, governments, and individuals.

*Johnson & Johnson (JNJ) - Johnson & Johnson is a multinational corporation that develops, manufactures, and sells a wide range of healthcare products, including pharmaceuticals, medical devices, and consumer health products.

*Morgan Stanley (MS) - Morgan Stanley is a leading global financial services firm that offers a wide range of investment banking, securities, wealth management, and investment management services. 

*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.

*Proctor & Gamble (PG) - Procter & Gamble (P&G) is a multinational consumer goods company, primarily known for its wide range of branded products in various categories.

*Taiwan Semiconductor Manufacturing Company (TSM) - Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest contract chip manufacturer. 

*UnitedHealth Group (UNH) - UnitedHealth Group is a diversified health care company that provides health insurance and related services through its divisions, UnitedHealthcare and Optum.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 42,863.86 +409.74 (+0.97%)

• S&P 500: 5,815.03 +34.98 (+0.61%)

• Nasdaq Composite: 18,342.94 +60.89 (+0.33%)

• Russell 2000: 2,234.41 +45.99 (+2.10%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 579.58 +3.45 (+0.60%)

• iShares Core S&P 500 ETF (IVV): 582.35 +3.52 (+0.61%)

• Invesco QQQ Trust (QQQ): 493.36 +0.77 (+0.16%)

• Vanguard S&P 500 ETF (VOO): 532.71 +3.15 (+0.59%)

• Vanguard Total Stock Market ETF (VTI): 286.11 +2.20 (+0.77%)

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

• Apple (AAPL) [3.489T]: 227.55 -1.49 (-0.65%)

• Microsoft (MSFT) [3.094T]: 416.32 +0.48 (+0.12%)

• Nvidia (NVDA) [3.321T]: 134.80 -0.01 (-0.01%)

• Alphabet (GOOGL) [2.037T]: 163.24 +1.16 (+0.72%)

• Amazon (AMZN) [1.965T]: 188.82 +2.17 (+1.16%)

• Meta Platforms (META) [1.496T]: 589.95 +6.12 (+1.05%)

• Tesla (TSLA) [694.60B]: 217.80 -20.97 (-8.78%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $62,860.26 (5:00PM PST on 10/13/24)

• Ethereum (ETH): $2,467.15 (5:00PM PST on 10/13/24)

• Solano (SOL): $147.53 (5:00PM PST on 10/13/24)