Good Evening. U.S. equities completed another session of losses Thursday as third-quarter financial data from firms continued to roll in against a background of ongoing growth fears on Wall Street.
The S&P 500 plummeted 0.80%, while the Dow Jones declined 0.30%. The Nasdaq Composite was down 0.61%. Meanwhile, Treasury rates moved near fresh multi-year highs, with the rate-sensitive 2-year note exceeding 4.6% for the first time since 2007 and the 10-year well beyond 4.1%, a level last seen in 2008.
AT&T OVERCOMES INFLATION
After reporting better-than-anticipated earnings and user growth, AT&T Inc. (T) indicates that the sector is still shielded from decades-high inflation and tightening consumer budgets. AT&T Inc. shares had their largest increase since the beginning of the epidemic.
Revenue: $30.00 Billion vs. $29.87 Billion expected
Earning Per Share: $0.68 vs. $0.60 expected
- Subscribers: +964,000 vs. +913,000 expected
While AT&T may have avoided the majority of the consequences of inflation, questions linger over its financial position. The company’s third-quarter free cash flow of $3.8 billion fell short of the $4.28 billion average analyst forecast, but AT&T still intends to meet its $14 billion annual goal.
Going forward… Due in part to “record levels” of investment in 5G and fiber-network rollouts in the first three quarters of the year, the business said that it is ahead of schedule on wireless improvements. AT&T anticipates expenditures to decrease by more than $2 billion in the fourth quarter.
TOO LITTLE AVOCADO AND NOW TOO MUCH
In an event named “Avogeddon,” a Philadelphia nonprofit is giving out more than 2,000 pounds of avocados for free due to a big oversupply.
If the next part sounds similar, then you probably read about avocado scarcity when avocado prices were soaring 7 months ago. If not, here is the rundown! In February, one day before the Super Bowl, US officials temporarily banned Mexican avocados, which make up 80% of the US supply, due to safety concerns.
According to Produce IQ, a carton of 48 avocados cost about $79 in May, compared to roughly $40 at the same time last year. However, avocado prices then plummeted. According to Goldman Sachs, the price of a carton was hovering at about $25 in September.
This brings us back to Sharing Excess, the non-profit organization, that describes the fruit giveaway as its greatest food distribution ever and explains that the surplus is due to an oversupply from South America.