Good Evening! On Friday, the Federal Reserve’s chosen inflation measure indicated a significant rise in prices compared to the previous month, the largest since May. However, the annual price growth in September continued to slow down. This situation enhances the likelihood of the central bank maintaining higher interest rates for an extended period of time.
The performance was mixed across the board, with the Nasdaq Composite finally finishing the day in the green by 0.38%, while the S&P 500 and the Dow Jones decreased by 0.48% and 1.12%, respectively.
A ROUGH TIME FOR FORD
The stock of Ford (F) is down significantly today, with a decrease of more than 12%, following the automaker’s release of third-quarter earnings that were a combination of positive and negative results. On top of that, as a result of the labor stoppage’s impact, Ford, along with GM, decided to withdraw its full-year projection.
- Revenue: $43.8 Billion vs. $41.21 Billion Expected
- Earnings Per Share: $0.39 vs. $0.47 Expected
UAW update! The UAW has said that its proposed deal with Ford entails a 25% rise in the base salary until April 2028. Additionally, the agreement would result in a cumulative increase of over 30% in the top rate, above $40 per hour. Additionally, the starting wage will increase by 68% to surpass $28 per hour. Under the deal, the least well-paid employees at Ford would see a salary boost of over 150% during the duration of the contract. Additionally, some workers will get an instant raise of 85% once the agreement is officially approved.
IT IS DISNEY FAULT!
Charter Communications (CHTR) had a significant decline of about 10% in its stock value after the release of its earnings report on Friday. The company said that it suffered a loss of around 100,000 customers as a result of a cable dispute with Disney (DIS) earlier this fall.
A quick recap! The two firms reached a deadlock in contract discussions about whether Disney should provide Charter customers with complimentary access to its ad-supported streaming services as a component of the telecom giant’s cable packages. The power outage had a significant effect on many prominent athletic events, such as the US Open, and occurred just after the NFL’s first game, intensifying the need for both parties to reach an agreement.
Let’s see the real numbers… In the third quarter of 2023, the number of residential video users declined by 320,000, which represents a 6% fall compared to a loss of 211,000 consumers during the same time last year. Due to the temporary unavailability of Disney programming in early September, video disconnections contributed to this decline.