Today in the Market (10/30/2023)

Good Evening! On Monday, US equities saw a significant increase in value after a sharp decline as investors anticipated a week filled with important events, including the Federal Reserve’s recent policy decision and Apple’s (AAPL) earnings report.

All three indexes saw gains above 1.00% today, with the Dow Jones increasing by 1.58%, the S&P 500 gaining 1.20%, and the Nasdaq Composite following close behind by 1.16%.

COOKING UP EARNINGS

McDonald’s (MCD) exceeded profitability projections for the third quarter due to increased sales growth resulting from higher menu pricing and an increase in sales inside the U.S.

  • Revenue: $6.69 Billion vs. $6.52 billion expected
    • Same-Store Sales Growth: 8.80% vs. 7.79% Expected
    • U.S. Sales Growth: 8.10% vs. 7.50% Expected
  • Earnings Per Share: $3.19 vs. $2.98 Expected

What’s helping MCD? Increased menu prices, the implementation of new marketing strategies, and an increase in digital and delivery orders all had a positive impact on sales in the United States.  On top of that, the firm began its As Featured In Meal promotion, showcasing meals that have been featured in films, movies, or TV series.

What else is MCD cooking up? The firm has scheduled an investor update for December 6th, during which it intends to provide more details on its projected performance for 2024.  CEO and president Chris Kempczinski hinted during the conference that the updates would include details regarding its exclusive drive-thru site in Fort Worth, Texas.

STRIKE OUT?

GM has allegedly signed a preliminary agreement with the United Auto Workers (UAW), following in the footsteps of Ford and Stellantis, in an effort to resolve a bitter labor conflict that has resulted in the closure of crucial operations for more than six weeks.

Do we know anything about the deal? Kinda… While the specifics of GM’s potential agreement are unknown, Bloomberg claims the terms of the deal closely resemble agreements at Ford and Stellantis. In summary, Ford and Stellantis have reached an agreement to provide union members with a 25% salary increase, restore COLA benefits, implement a three-year wage progression to reach maximum compensation, convert temporary employees to full-time positions, and eliminate wage tiers, among other provisions.

So what is next? Following the probable ratification of a GM agreement, further actions will include the UAW’s GM national committee voting to authorize the agreement, prior to presenting it for a comprehensive member vote.

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