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Today in the Market (8/30/2023)

Good Evening! Wednesday brought green across US markets.  The Dow Jones posted a positive print of 0.11%.  The S&P rose 0.38%, while the NASDAQ led the pack, up 0.56%.

DEMAND FOR PCS STILL STRUGGLE

Shares of HP Inc. (HPQ), a prominent manufacturer of personal computers, had a significant decline of more than 6% during the trading session Wednesday. This decline was caused by the ongoing sluggish demand for computers, which has resulted in a warning about the company’s full-year earnings.

How rough has it been?  Sales for the fiscal third quarter declined 9.9% compared to the previous year, resulting in total revenue of $13.2 billion. Sales of personal computers (PCs) to consumers declined 12%, while sales to companies saw a decrease of 11%.  Adjusted profits per share was down 17% compared to the same period in the previous year.

HP is not the only one struggling… According to Gartner, there was a 16.6% year-over-year fall in worldwide PC shipments, with a total of 59.7 million units sold in the second quarter. On top of that, Lenovo, HP, Dell, Apple, Acer, and Asus all saw reductions in shipments during the quarter.

CUSTOMERS HAVE HAD ENOUGH!

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In Miami, U.S. District Judge Roy Altman has ruled that Burger King is obligated to address allegations that its representation of “Whoppers” on menu boards is deceptive to reasonable consumers, constituting a violation of contractual obligations. 

Where did it start? The customers who are involved in the prospective class action have claimed Burger King has shown its burgers on the menus with an excess of ingredients extending beyond the bun. This depiction creates the illusion that the burgers are 35% bigger and include more than double the amount of meat compared to what the company really provides

These types of lawsuits are more common than you think! McDonald’s and Wendy’s are now engaged in litigation in federal court defending themselves against a similar legal claimEven Taco Bell is involved! Taco Bell has faced a legal lawsuit in federal court recently, in which allegations were made over the sale of Crunchwraps and Mexican pizzas that purportedly included just half the amount of filling as claimedLawyers are looking to get a minimum of $5 million in compensatory damages in each of the cases.

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