McDonald’s is set to unveil key details about its accelerated expansion plans, a new spinoff brand named CosMc’s, and its digital strategy during its upcoming investor day. Three years ago, the company introduced a growth strategy centered around enhancing core menu items, launching a loyalty program, and focusing on chicken and coffee. Despite Wall Street… Continue reading McDonald’s investor day is Wednesday. Expect to hear about expansion, tech and China

Wells Fargo CEO Charlie Scharf announced on Tuesday that the bank is anticipating a substantial severance expense in the fourth quarter due to lower-than-expected staff turnover. Speaking at a Goldman Sachs conference, Scharf revealed that the unexpected severance cost is estimated to range from $750 million to just under a billion dollars. This unanticipated expense… Continue reading Wells Fargo CEO warns of severance costs of nearly $1 billion in fourth quarter as layoffs loom

Uber’s stock rose over 5% following the announcement by S&P Dow Jones Indices that the ride-hailing company has been selected to join the S&P 500. While the official inclusion is set for December 18, the stock typically experiences a boost as investors anticipate its addition to portfolios managed by index funds tracking the S&P 500.… Continue reading Uber shares pop as company is slated to join S&P 500

Richard Branson, British billionaire and founder of Virgin Galactic, announced in an interview with the Financial Times that he will not make further investments in the company. Branson stated that his business empire no longer has the financial capacity it once did due to the impact of the Covid-19 pandemic. He expressed the belief that… Continue reading Virgin Galactic shares plunge after Branson rules out further investment

Alaska Air Group has made a significant move in the aviation industry by agreeing to acquire Hawaiian Airlines in a deal valued at $1.9 billion. The transaction involves Alaska paying $18 per share for Hawaiian and taking on $900 million of its debt. Hawaiian Airlines has faced numerous challenges, including the Maui wildfires, increased competition… Continue reading Alaska Airlines agrees to buy Hawaiian Airlines in $1.9 billion deal

The House of Representatives voted to expel Republican Representative George Santos, alleging finance crimes and campaign lies. The vote, with a tally of 311-114, saw Santos becoming the sixth House member in U.S. history to be ousted from Congress and the third since the Civil War. The expulsion further diminishes the GOP’s slim majority, reducing… Continue reading Rep. George Santos expelled from Congress for corruption, cutting GOP majority

Federal Reserve Chairman Jerome Powell emphasized caution regarding interest rate cuts, challenging market expectations for aggressive cuts. Powell stated that it is premature to declare victory over inflation and mentioned the Federal Open Market Committee’s commitment to maintaining a restrictive policy until inflation convincingly returns to 2%. While Powell acknowledged that policy is well into… Continue reading Fed Chair Powell calls talk of cutting rates ‘premature’ and says more hikes could happen

In October, pending home sales, a crucial metric gauging signed contracts on existing homes, experienced a significant 1.5% decline from the previous month, marking the lowest level recorded since the inception of tracking by the National Association of Realtors (NAR) in 2001. This downturn surpasses the levels witnessed during the financial crisis a decade ago,… Continue reading Pending home sales drop to a record low, even worse than during the financial crisis

Activist investor Nelson Peltz and his firm, Trian Fund Management, are reportedly seeking more than two seats on Disney’s board, potentially leading to a proxy fight. Trian announced its intention to take its case for change directly to shareholders after Disney rejected its bid to join the board, including the addition of Peltz. While Disney… Continue reading Activist investor Nelson Peltz seeks two seats on Disney board

The latest data release from the Commerce Department on personal spending and inflation in October aligns with expectations, potentially influencing the Federal Reserve’s decision-making on interest rates. The report indicates that the personal consumption expenditures price index, excluding food and energy prices, increased by 0.2% for the month and 3.5% on a year-over-year basis. Both… Continue reading Fed’s favorite gauge shows inflation rose 0.2% in October and 3.5% from a year ago, as expected

Jamie Dimon, CEO of JPMorgan Chase, stated at the DealBook Summit that the bank would exit China if the U.S. government mandated it. The statement came in the context of discussions about potential conflicts over Taiwan. Dimon highlighted that if there were a war in Taiwan, all bets would be off, and exiting China would… Continue reading Jamie Dimon says JPMorgan Chase would exit China if ordered to

The U.S. economy exhibited stronger-than-expected growth in the third quarter, according to the Commerce Department’s second estimate, revealing an annualized pace of 5.2%. This surpassed the initial reading of 4.9% and exceeded the 5% forecast by economists polled by Dow Jones. The notable upward revision primarily stemmed from better-than-anticipated business investment and increased government spending… Continue reading U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated