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  • Pfizer gets FDA green light for new shot that can streamline teenagers’ vaccinations

    Pfizer gets FDA green light for new shot that can streamline teenagers’ vaccinations

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    Pfizer Inc.
    PFE,
    -1.73%
    said Friday that the U.S. Food and Drug Administration has approved the first five-in-one vaccine designed to protect teenagers and young adults against meningococcal disease. 

    The new Pfizer shot, Penbraya, protects against the five most common subgroups of meningococcal disease, a rare but serious and potentially fatal illness that most often affects babies and teenagers. 

    Penbraya “has the potential to protect more adolescents and young adults from this severe and unpredictable disease by providing the broadest meningococcal coverage in the fewest shots,” Annaliesa Anderson, Pfizer senior vice president and head of vaccine research and development, said in a statement. 

    The U.S. Centers for Disease Control and Prevention currently recommends that all 11- to 12-year-olds get a meningococcal vaccine protecting against four of the subgroups — A, C, W and Y — and get a booster dose of the same vaccine type at age 16. Teenagers and young adults age 16 to 23 may also get a meningococcal B vaccine, the CDC says, particularly if they’re at increased risk due to other health conditions. 

    The complex vaccination schedule has weighed on uptake of the meningococcal shots, and the COVID-19 pandemic may have compounded the problem, as many families missed routine appointments when vaccinations were due, researchers say. Among teenagers who were born in 2008 — who were due for their routine adolescent vaccinations as the pandemic was raging in 2020 — uptake of meningococcal and other recommended vaccines declined, according to CDC research. Only about 60% of the 17-year-olds surveyed by the CDC last year had received both recommended doses of the ACWY vaccine, and fewer than 30% had received at least one dose of the meningococcal B vaccine. 

    The new Pfizer shot combines components of a meningococcal group B vaccine and an ACWY vaccine. 

    A CDC immunization advisory committee is set to meet Oct. 25 to discuss recommendations for the use of Penbraya in teenagers and young adults, Pfizer said. 

    The green light for Penbraya gives Pfizer the edge in its race with GSK
    GSK,
    +0.54%    ,
    which is also working on a five-in-one meningococcal shot. GSK earlier this year released positive late-stage clinical-trial results for that vaccine. 

    The FDA approval of Pfizer’s shot caps a rocky week for the pharmaceutical giant, which late last Friday cut $9 billion from its full-year revenue guidance due to reduced COVID sales expectations and announced a cost-cutting program designed to deliver savings of at least $3.5 billion. Pfizer executives said on a call with analysts Monday that development of combination respiratory vaccines, such as those that provide COVID and flu protection in one shot, remains a focus for the company, in part because they can help boost vaccine uptake.

    Pfizer shares were down 1.7% Friday and have dropped 40% in the year to date, while the S&P 500
    SPX
    has gained 10%.

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  • Jim Jordan dropped as speaker nominee by House Republicans, who plan for new pick next week

    Jim Jordan dropped as speaker nominee by House Republicans, who plan for new pick next week

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    House Republicans voted Friday in a secret ballot against keeping Rep. Jim Jordan as their nominee for speaker, and they planned to determine a new nominee next week.

    The Ohio congressman had been facing resistance in his bid to become speaker, with the number of fellow Republicans voting against him rising to 25 in a third round of voting Friday on the House floor, up from 22 in a prior ballot. 

    House GOP lawmakers were expected to meet Monday evening for a new forum for speaker candidates. Rep. Kevin Hern of Oklahoma said in a post on X that he was running for the job, and Rep. Jack Bergman of Michigan has indicated he’ll seek the post as well.

    The GOP opposition to Jordan stemmed from a range of concerns, including that his speakership could lead to cuts in defense
    ITA
    spending, as well as the view that he didn’t provide enough support for the speaker bid of House Majority Leader Steve Scalise, a Louisiana Republican. Jordan’s Republican opponents also said they’ve faced death threats for their stance, with Rep. Drew Ferguson of Georgia saying Thursday that the House GOP “does not need a bully as the Speaker.”

    Analysts have been warning that the process of picking a new speaker is preventing the Republican-run House from addressing crucial matters, such as supporting Israel and passing a budget to avoid a government shutdown next month that could rattle markets. It has been 17 days since the historic ouster of former Speaker Kevin McCarthy, a California Republican.

    Related: Israel, Ukraine aid could run up against House dysfunction, making for ‘tragedy,’ analyst says

    And see: Biden seeks $14 billion for Israel, $61 billion for Ukraine in request to Congress

    With the House looking rudderless for more than two weeks, the chamber’s temporary speaker, GOP Rep. Patrick McHenry of North Carolina, has faced calls to take on the job more permanently. But a measure that would have McHenry serve in the post until January stalled on Thursday afternoon due to objections from a number of Republicans, even as Jordan offered his support for it.

    U.S. stocks
    SPX

    DJIA

    COMP
    were losing ground Friday, as rising bond yields
    BX:TMUBMUSD10Y
    and geopolitical tensions continue to take a toll. 

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  • Here’s what the Israel-Hamas war has done to U.S. gasoline and diesel prices

    Here’s what the Israel-Hamas war has done to U.S. gasoline and diesel prices

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    Fuel prices, with the cost of gasoline and diesel at the pump both down from a month ago, don’t appear to be fazed by the escalating risks to oil supplies in the Middle East from the Israel-Hamas war, but they are.

    The decline in fuel prices seen nationally is actually a “bit above what would be ‘normal’ for this time of year,” said Patrick De Haan, head of petroleum analysis at GasBuddy. However, he believes “prices won’t fall as far as they would have had the attacks on Israel not happened.”

    On Friday, the average retail price for a gallon of regular gasoline stood at $3.528, down 5.7 cents from a week ago, while the average retail diesel price was at $4.465 a gallon on Friday, down 7.8 cents from Sept. 30, according to data from GasBuddy.

    U.S. retail gasoline prices have fallen so far this month.


    GasBuddy

    “Geopolitical risk is now heightened, changing the calculus” for the fuel market, said Brian Milne, product manager, editor and analyst at DTN.

    ‘Seasonal component’

    In considering retail gasoline prices during the fourth quarter, the “seasonal component is less pronounced than in years past,” said Milne. Demand for gasoline tends to fall following the summer travel season. Combined with a “strong slate of refinery maintenance,” which led to less fuel supply on the market, the rise in crude oil prices has slowed the decline in fuel prices, said Milne.

    If not for the heightened geopolitical risk in the Middle East, he said he might have expected to see gasoline prices decline by another 30 cents to 40 cents per gallon into late December because of lower demand.

    Retail gas prices may fall another 20 cents a gallon or more, depending on the location within the U.S., if we avoid broader hostilities in the Middle East, said Milne.

    However, if a conflict breaks out beyond Israel and the Gaza Strip, gasoline prices are likely to move sharply higher because of a spike in crude costs, he said.

    For its part, oil has seen volatile trading following the Hamas attack on Israel on Oct. 7, with futures prices for U.S. benchmark West Texas Intermediate crude
    CLZ23,
    -0.42%

    CL.1,
    -0.39%
    higher for the week, but lower for the month.

    California prices ‘plummet’

    For now, California, which typically is among the states that pays the most per-gallon for gasoline partly due to taxes on the fuel, is seeing prices “plummet” — down nearly 60 cents in the last three weeks, said GasBuddy’s De Haan.

    “The West Coast is certainly seeing a much larger decline than is ‘normal’ and it’s due to the refinery situation now improving drastically,” as well as California’s RVP waiver, he said.

    The California Air Resources Board allowed gasoline sold or supplied for use in California that exceeds the RVP, or Reid Vapor Pressure, limits through the end of Oct. 31, marking an early transition for the state from the lower RVP gas used in the summer to help cut gasoline emissions to the higher RVP gas used in the winter.

    On Friday, the average price for a gallon of regular gasoline in California sold for $5.476, GasBuddy data show. That’s down 16.7 cents in just the last week.

    Gas price outlook

    De Haan said he does not expect to see a spike in gas prices nationally at this point, and there’s still room for prices to fall — just not as much following the Hamas attack on Israel.

    “If we get to November and Iran gets involved in the situation, then we certainly could see gas prices impacted in some way as the current drops will likely be fully passed on by then, giving stations no ‘room’ to absorb higher prices reflected by a potential rise in oil,” said De Haan.

    Still, falling demand, as well as “seasonality in general,” are what are pushing prices down, “enhanced by refinery improvements in areas” that saw price surges, he said.

    Prices may even fall further after refinery maintenance season wraps up in mid-November, and refiners have to find places to put even more gasoline output, said De Haan.

    He’s comfortable with the gasoline price forecasts GasBuddy issued in December of last year, which predicted a monthly national average for the fuel of $3.53 for October — matching the current price. The forecast also called for an average of $3.36 a gallon for November and $3.17 for December.

    GasBuddy doesn’t have a forecast for 2024 yet, but prices may look similar to this year, as long as the situation in the Middle East doesn’t further crumble,” said De Haan.

    View on diesel

    Diesel, however, is another story.

    Price for that fuel have dropped by 85.5 cents a gallon from a year ago to Friday’s $4.465 level, GasBuddy data show.

    U.S. retail diesel prices are sharply lower than a year ago.


    GasBuddy

    While down from a year ago, diesel prices are currently at a “very high level historically” because global supply is low, said DTN’s Milne.

    At this time in 2022 diesel fuel inventory was even tighter than it is now, and Europe was heading into winter without Russian natural gas after it was cutoff following the invasion of Ukraine, he said.

    That led to a spike in natural-gas prices and prices for gasoil, a European heating oil, also surged, lifting heating oil and diesel prices globally, explained Milne.

    Like gasoline, diesel prices could move “sharply higher if the war in Israel expands, and oil flow is put at greater risk,” he said.

    De Haan, meanwhile, said diesel prices could climb closer to $5 a gallon if there’s a “squeeze,” with relief then [coming] in the spring/summer” seasons.

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  • Jim Jordan dropped as speaker nominee by House Republicans, who plan for new pick next week

    Jim Jordan dropped as speaker nominee by House Republicans, who plan for new pick next week

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    House Republicans voted Friday in a secret ballot against keeping Rep. Jim Jordan as their nominee for speaker, and they planned to determine a new nominee next week.

    The Ohio congressman had been facing resistance in his bid to become speaker, with the number of fellow Republicans voting against him rising to 25 in a third round of voting Friday on the House floor, up from 22 in a prior ballot. 

    House…

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  • House speaker election: Jim Jordan loses in third ballot as Republican opposition grows again

    House speaker election: Jim Jordan loses in third ballot as Republican opposition grows again

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    Rep. Jim Jordan continued to face resistance Friday in his bid to become the next speaker of the U.S. House of Representatives, with the number of fellow Republicans voting against the Ohio congressman rising to 25 in a third ballot, up from 22 in the prior ballot.

    House GOP lawmakers were slated to hold a meeting around 1 p.m. Eastern Friday, and there were expectations they would vote on whether Jordan should continue to be their nominee for speaker.

    Jordan hasn’t sounded like he’s close to throwing in the towel, as he indicated at a news conference before the third round of voting that he planned to keep pushing.

    “There’s been multiple rounds of votes for speaker before,” he said during the news conference, referring to how former Speaker Kevin McCarthy needed 15 ballots to secure the job in January.

    “Our plan this weekend is to get a speaker elected to the House of Representatives as soon as possible so we can help the American people,” he also said.

    Jordan — an ally of former President Donald Trump and co-founder of the hardline House Freedom Caucus — had 22 GOP lawmakers vote against him in a second ballot on Wednesday. On Tuesday, 20 fellow Republicans backed other candidates in an initial round of voting.

    Jordan needs a simple majority of House lawmakers to back him in order to become speaker of the narrowly divided chamber, which has 221 Republicans and 212 Democrats, with two vacancies. That would have been 215 votes in the third ballot as there were some absences Friday.

    All 210 Democrats present Friday voted for their nominee, House Minority Leader Hakeem Jeffries, while 194 Republicans backed Jordan and 25 GOP lawmakers supported other candidates.

    Analysts have been warning that the process of picking a new speaker is preventing the Republican-run House from addressing crucial matters, such as supporting Israel and passing a budget to avoid a government shutdown next month that could rattle markets. 

    Related: Israel, Ukraine aid could run up against House dysfunction, making for ‘tragedy,’ analyst says

    And see: Biden seeks $14 billion for Israel, $61 billion for Ukraine in request to Congress

    With the House looking rudderless for more than two weeks, the chamber’s temporary speaker, GOP Rep. Patrick McHenry of North Carolina, has drawn calls to take on the job more permanently. But a measure that would have McHenry serve in the post until January stalled on Thursday afternoon due to objections from a number of Republicans, even as Jordan offered his support for it.

    “This resolution is really dangerous. We need to have a NORMAL election for speaker. @Jim_Jordan, I respect you but it is a massive mistake to back this,” GOP Rep. Anna Paulina Luna of Florida said Thursday in a post on X as the measure lost momentum.

    Given the GOP opposition, the McHenry option would require some Democratic support. Jeffries, a New York Democrat, has continued to signal openness to it.

    “Conversations hopefully will intensify today, perhaps continue throughout the weekend, and get us to a place where we can reopen the House no later than Monday of next week,” Jeffries told reporters on Friday after the third ballot.

    The GOP opposition to Jordan stems from a range of concerns, including that his speakership could lead to cuts in defense
    ITA
    spending, as well as the view that he didn’t provide enough support for the speaker bid of House Majority Leader Steve Scalise. Jordan’s Republican opponents also have said they’ve faced death threats for their stance, with Rep. Drew Ferguson of Georgia saying Thursday that the House GOP “does not need a bully as the Speaker.”

    Republican Rep. Matt Gaetz of Florida, who led the drive to oust McCarthy from his post more than two weeks ago, said he and the other GOP lawmakers who opposed McCarthy have made an offer to their colleagues who aren’t supporting Jordan, in an effort to get them to switch their votes.

    “The eight of us have said that we are willing to accept censure, sanction, suspension, removal from the Republican conference,” Gaetz told reporters after the third ballot, adding that the group will continue to vote with Republicans.

    Another Jordan supporter, GOP Rep. Bob Good of Virginia, said the Ohioan should stick with his bid, noting McCarthy went through many rounds.

    “We believe if we keep voting Jim Jordan will be elected speaker,” Good told reporters.

    U.S. stocks
    SPX

    DJIA

    COMP
    were losing ground Friday, as rising bond yields
    BX:TMUBMUSD10Y
    and geopolitical tensions continue to take a toll. 

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  • ‘Nobody in their right mind would do it.’ Nvidia CEO Jensen Huang says he wouldn’t start a company if he had a do-over.

    ‘Nobody in their right mind would do it.’ Nvidia CEO Jensen Huang says he wouldn’t start a company if he had a do-over.

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    “ ‘You have to get yourself to believe that it’s not that hard, because it’s way harder than you think. If I go taking all of my knowledge now and I go back, and I said, I’m going to endure that whole journey again, I think it’s too much. It is just too much.’ ”


    — Nvidia CEO Jensen Huang

    That was one of the world’s most visionary tech-sector leaders, Nvidia
    NVDA,
    -1.86%
    CEO Jensen Huang, who explained that building Nvidia was “a million times harder than I expected it to be” as he theorized that “nobody in their right mind would do it” if they were aware of the true personal toll.

    The Taiwan-born 60-year-old, whose family relocated to Thailand and then the U.S. in his youth and is said to have co-founded Nvidia in 1993 following a meeting at a Denny’s restaurant in San Jose, Calif., after stints at AMD
    AMD,
    -0.49%
    and LSI Logic, wouldn’t start his own company today, he said, if he were 30 years old. 

    The tech titan, however, posited in a recent interview with the podcast Acquired that a “superpower” among entrepreneurs is the ability to trick themselves into believing “it’s not that hard.”

    Huang said that his biggest fear remains, as it has been since Nvidia’s early days, is failing to facilitate success among workers. “I’m afraid of the same things today that I was in the very beginning of this company, which is letting the employees down.”

    Huang, who according to FactSet owns a 3.5% stake in Nvidia (market cap: $1.04 trillion), explained in the podcast interview that workers joining a company end up believing in its vision and taking on its aspirations as their own.

    “You have a lot of people who joined your company because they believe in your hopes and dreams, and they’ve adopted it as their hopes and dreams,” Huang said. “You want to be right for them. You want to be successful for them. You want them to be able to build a great life. … The greatest fear is that you let them down.”

    In explaining how he persevered, despite doubts and challenges, in building Nvidia into the company it is today, Huang credited a “support network” of people who never gave up on him during the three-decade journey.

    He explained that the experience of leading Nvidia during those periods when its share price has been in seeming free fall was almost “too much to endure,” after the company was first listed on public markets in 1999. “It’s embarrassing no matter how you think about it.”

    His comments come as Nvidia’s share price has, again, been in retreat, losing ground following a major 245% surge over the previous 12 months. 

    More recently, the Santa Clara–based company’s stock was hit by the Biden administration’s decision to introduce tougher controls on the export of semiconductors to China. 

    Read: One semiconductor company is expected to grow sales nearly as quickly as Nvidia through 2025

    Looking ahead, Huang said developments in artificial intelligence now pose an “enormous” opportunity for companies like Nvidia. “The market opportunity has grown by probably a thousand times,” he said.

    He said AI will “create more jobs” in the near term, but he also warned that the creation of those jobs doesn’t mean certain other jobs will not be lost to automation. “If you become more productive and the company becomes more profitable, usually they hire more people to expand into new areas,” Huang said. 

    “Now, obviously, net generation of jobs doesn’t guarantee that any one human doesn’t get fired. That’s obviously true. It’s more likely that someone will lose a job to someone else, some other human that uses an AI,” he added. 

    He advised people to “learn how to use AI” as he argued that “jobs will change.” 

    As to Nvidia itself, Huang explained, the company — in a reflection of the products it sells — is structured like a “computing stack.” 

    He said “Nvidia’s not built like a military” with a top-down command and control system. Instead, Huang said, the company is organized like a “neural network” with a decentralized structure, reflecting a belief that “your organization should be the architecture of the machinery of building the product.”

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  • Solar Stocks Plunge After Demand Warning in Europe

    Solar Stocks Plunge After Demand Warning in Europe

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    Solar power stocks fell hard in after-hours trading on Thursday following a warning External link from solar-equipment maker SolarEdge Technologies that demand in Europe has slumped significantly.

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  • HP Enterprise stock drops following disappointing 2024 earnings forecast

    HP Enterprise stock drops following disappointing 2024 earnings forecast

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    Hewlett Packard Enterprise Co. shares fell in the extended session Thursday after the company’s forecast for fiscal 2024 fell short of expectations.

    HPE
    HPE,
    -2.28%
    shares dropped as much as 4% after hours, following a 2.3% decline to close Thursday’s regular session at $16.30.

    For fiscal 2024, HPE said it expects adjusted earnings of $1.82 to $2.02 a share, while analysts surveyed by FactSet had forecast, on average, $2.15 a share.

    The company also forecast revenue growth of 2% to 4% in 2024, while analysts expect $29.63 billion, or 1.6% above their current consensus estimate for 2023 of $29.15 billion.

    For the current fiscal year, HPE forecasts revenue to growth 4% to 6%, and adjusted earnings of $2.11 to $2.15 a share. Analysts expect $2.14 a share.

    In August, HPE’s third-quarter earnings results came in slightly above expectations.

    As of Thursday’s close, HPE shares were up 2.1% for the year, while the S&P 500 index
    SPX
    is up 11.4% over the same period.

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  • WeWork COO Anthony Yazbeck to leave

    WeWork COO Anthony Yazbeck to leave

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    Office-space provider WeWork Inc.
    WE,
    -8.41%
    on Thursday said that Anthony Yazbeck would leave his position of president and chief operating officer, a move that will take hold on Friday. WeWork said in a filing that the departure was “not due to any disagreement with respect to operations, strategy, or any accounting matters, financial statements, financial disclosures or related disclosure controls and procedures.” The decision was made on Oct. 13. Under the terms of the departure, Yazbeck will be entitled to a payment of 874,448 pounds, or around $1.1 million, as well as 360,000 pounds “as payment in lieu of the contractual notice period under Mr. Yazbeck’s employment agreement.” Both payments will be made in cash. Shares were up 2.4% after hours.

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  • Can the average American family be called millionaires? Yes, but …

    Can the average American family be called millionaires? Yes, but …

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    It seems hard to believe, and it’s one of those cases where definitions mean everything, but the average family in America has achieved millionaire status.

    That’s according to the Federal Reserve’s latest authoritative survey of consumer finances, and it comes with lots of asterisks attached.

    But first, the data: The mean net worth of the average American household, even adjusting for inflation, was $1.06 million last year. Compared with 2019, that figure was up 23%, boosted by rising house prices and a surging stock market
    SPX.

    OK, here comes the but: The median, as opposed to the mean, net worth of the typical American household is just $192,900. That figure still represents an impressive after-inflation gain of 37% over those three years, but it’s more in line with what everyday experience suggests.

    The median household refers to the grouping smack in the middle of rankings. The average, or mean, gets boosted by the likes of billionaires Elon Musk and Jeff Bezos. American households by income in the top 10% have a net worth, on average, of $6.63 million, according to the Fed.

    Showing the massive importance of home ownership to amassing wealth, those who own their residence have an average net worth of $1.53 million, compared with just $155,000 for renters.

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  • U.S. home sales fell in September to the lowest level since the Great Recession

    U.S. home sales fell in September to the lowest level since the Great Recession

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    The numbers: Home sales in September fell to the lowest level since 2010, as high mortgage rates continue to hammer the housing market.

    Aside from low inventory, rising rates are eroding buyers’ purchasing power, and drying up demand. Sales of previously owned homes fell by 2% to an annual rate of 3.96 million in September, the National Association of Realtors said Thursday.

    That’s the number of homes that would be sold over an entire year if sales took place at the same rate every month as they did in September. The numbers are seasonally adjusted.

    The drop in sales was slightly better than what Wall Street was expecting. They forecasted existing-home sales to total 3.9 million in September.

    Compared to September 2022, home sales are down by 15.4%. 

    Key details: The median price for an existing home in September rose for the third month in a row to $394,300. Prices are up 2.8% from a year ago. That was the highest price for the month of September since NAR began tracking the data.

    Home prices peaked in June 2022, when the median price of a resale home hit $413,800.

    Around 26% of properties are being sold above list price, the NAR noted.

    The total number of homes for sale in September fell by 8.1% from last year, to 1.13 million units. Housing inventory for the month of September was the lowest since 1999, when the NAR began tracking the data.

    Homes listed for sale remained on the market for 21 days on average, up from the previous month. Last September, homes were only on the market for 19 days.

    Sales of existing homes rose only in the Northeast in September, as compared with the previous month, by 4.2%. The median price of a home in the region was $439,900. 

    All-cash buyers made up 29% of sales, highest since January 2023. The share of individual investors or second-home buyers was 18%. About 27% of homes were sold to first-time home buyers.

    Big picture: The U.S. housing market is in the midst of a serious slowdown that is primarily driven by high mortgage rates. High rates spook home buyers, drying up demand, and high rates also deter homeowners from selling since they may have to purchase another home. For a homeowner with a 3% mortgage rate for the next few decades, there’s little incentive to move.  

    And the residential sector is likely to see sales fall further in October’s data, as the 30-year mortgage inches even higher. Demand for mortgages has collapsed, and some outlets like Mortgage News Daily are quoting a rate of 8% for the 30-year.

    Existing-home sales in 2023 could fall to the slowest pace since the housing bubble burst in 2008, real-estate brokerage Redfin said on Thursday, at a 4.1 million pace. 

    What the realtors said: “Mortgage rates and limited inventory has been the story throughout this year — no different this month, other than the fact that interest rates are moving higher,” said Lawrence Yun, chief economist at the National Association of Realtors. 

    “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains,” he added. “We don’t want the Fed to overdo it and cause great harm to real estate.” 

    Yun also questioned whether there will be a “fundamental change” or a temporary one to the “American way of life” due to the slowdown in sales.

    Market reaction: Stocks were down in early trading on Thursday. The yield on the 10-year note
    BX:TMUBMUSD10Y
    rose above 4.9%.

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  • Costco CEO Craig Jelinek to Step Down. Here’s the Plan.

    Costco CEO Craig Jelinek to Step Down. Here’s the Plan.

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    Costco CEO Craig Jelinek to Step Down. The Stock Is Down.

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  • Nestle 9-Mos Sales CHF68.83B

    Nestle 9-Mos Sales CHF68.83B

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    By Giulia Petroni

    Nestle reported a 7.8% organic sales growth in the first nine months of the year driven by price increases amid high inflation levels, and backed its full-year outlook.
    

    The Swiss food and beverage giant said sales stood at 68.83 billion Swiss francs ($76.57 billion) in the period from CHF69.13 billion a year earlier, driven by pricing at 8.4%. Real internal growth was minus 0.6%, but the company said the recovery of volume and mix is underway.
    

    

    A company-compiled consensus estimate had forecast organic sales growth of 8.1%.
    

    Write to Giulia Petroni at giulia.petroni@wsj.com
    

    

    

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    Nokia to cut as many as 14,000 jobs as profit drops by 69%
    
			
    Nokia to cut as many as 14,000 jobs as profit drops by 69%
    
			
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    Nokia on Thursday set out plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit. 
    

    The telecom equipment maker said it’s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026. Nokia
    
        NOKIA,
    
        -4.14%
    

            NOK,
    
        -2.87%
    
       said that could save the company as much as €1.2 billion ($1.3 billion), or up to 15% of personnel expenses.
    

    

    “We continue to believe in the mid to long term attractiveness of our markets. Cloud Computing and AI revolutions will not materialize without significant investments in networks that have vastly improved capabilities. However, given the uncertain timing of the market recovery, we are now taking decisive action on three levels: strategic, operational and cost. I believe these actions will make us stronger and deliver significant value for our shareholders,” said Pekka Lundmark, president and chief executive, in a statement.
    

    The company didn’t provide a regional breakdown of the job cuts but said it will “act quickly” as it targeted mobile networks, cloud and network services, as well as its corporate function, for cuts. 
    

    Nokia’s profit dropped by 69% to €133 million, or 2 cents a share, as revenue fell 20% to €4.98 billion. Analysts polled by Visible Alpha forecast earnings of €395 million on revenue of €5.66 billion. 
    

    Nokia shares dropped 4%, and have fallen by 28% this year.
    

    In echoes of what rival Ericsson
    
        ERIC.B,
    
        -1.21%
    
       said on Tuesday, Nokia said a slowdown in India’s 5G deployment could not offset the situation in North America.
    

    Nokia said it’s tracking toward the lower end of its net sales range for 2023 and toward the mid-point of its comparable operating margin range.
    

    

    

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  • 
		
		
    
			
    Disney reveals ESPN’s financials, proving its sports business isn’t ‘imploding’
    
			
    Disney reveals ESPN’s financials, proving its sports business isn’t ‘imploding’
    
			
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    Walt Disney Co. offered investors their first glimpse at ESPN’s financials Wednesday with disclosures that struck one analyst as a “relief.” 
    

    ESPN generated $12.6 billion in revenue during the nine months that ran through July 1, up from $12.3 billion in the comparable period a year before. The business brought in $1.9 billion in operating income during the same span, down from about $2.1 billion in the year-earlier span. 
    

    

    The ESPN breakout includes financials from Disney’s
    
        DIS,
    
        -1.76%
    
       eight domestic ESPN-branded television channels, along with ESPN on ABC, the ESPN+ streaming service and ESPN-branded international channels. 
    

    The business sits within the sports segment of Disney’s newly recast financials. On the whole, the sports unit, which also includes Star-branded sports networks in India, brought in $13.2 billion in revenue for the nine months through July 1, compared with $13.4 billion in the same period a year prior. Operating income for the sports segment came in at $1.5 billion over the nine-month period, versus $1.8 billion a year earlier. 
    

    “There’s perhaps more durability in ESPN’s top-line growth than expected,” Wells Fargo analyst Steven Cahall wrote. “The real test comes when ESPN launches DTC,” meaning the long-awaited streaming service for the flagship network. 
    

    Don’t miss: ESPN’s ‘melting iceberg’ is yet another challenge for Disney, analyst says
    

    Cahall further noted that excluding Star, the sports business “is not declining at an overly precipitous rate.” Disney still has to navigate the eventual move of sports programming from linear television to streaming against the backdrop of soaring rights fees, but the latest financial disclosures “may provide some semblance of relief that the main Sports biz isn’t imploding as we speak,” he noted. 
    

    Disney Chief Executive Bob Iger said earlier this year that traditional TV was near “obsolescence” as he teased a potential sale of linear assets. He also mentioned looking for a strategic partner for ESPN.
    

    Read: Should the NFL buy ABC from Disney? One analyst makes the case.
    

    

    

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    Rite Aid is closing these 154 stores as part of its bankruptcy
    
			
    Rite Aid is closing these 154 stores as part of its bankruptcy
    
			
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    Rite Aid plans to shutter 154 stores, many of them in Pennsylvania and California, as part of its bankruptcy plans, according to an initial list of those closures published in court documents filed on Tuesday. 
    

    That list was released Wednesday after the drugstore chain filed for chapter 11 bankruptcy protection in New Jersey over the weekend, amid billions in debt related to opioid lawsuits. The company at that time said it would “continue assessing its footprint and close additional underperforming stores” and announced the appointment of Jeffrey Stein as chief executive.
    

    

    Here are the store locations slated to close:
    

    California
    4044 Eagle Rock Boulevard, Los Angeles
    4046 South Centiela Avenue, Los Angeles
    7859 Firestone Boulevard, Downey
    4402 Atlantic Avenue, Long Beach
    935 North Hollywood Way, Burbank
    139 North Grand Avenue, Covina
    13905 Amar Road, La Puente
    920 East Valley Boulevard, Alhambra
    3813 Plaza Drive, Oceanside
    1670 Main Street, Ramona
    6505 Mission Gorge Road, San Diego
    8985 Mira Mesa Boulevard, San Diego
    25906 Newport Road, Menifee
    24829 Del Prado, Dana Point
    30222 Crown Valley Parkway, Laguna Niguel
    19701 Yorba Linda Boulevard, Yorba Linda
    1406 West Edinger Avenue, Santa Ana
    2738 East Thompson Boulevard, Ventura
    720 North Ventura Road, Oxnard
    20572 Homestead Road, Cupertino
    2620 El Camino Real, Santa Clara
    901 Soquel Avenue, Santa Cruz
    571 Bellevue Road, Atwater
    5409 Sunrise Boulevard, Citrus Heights
    1309 Fulton Avenue, Sacramento
    3029 Harbor Boulevard, Costa Mesa
    959 Crenshaw Boulevard, Los Angeles
    3000 South Archibald Avenue, Ontario
    15800 Imperial Highway, La Mirada
    8509 Irvine Center Drive, Irvine
    499 Alvarado Street, Monterey
    

    Connecticut
    289 Greenwood Avenue, Bethel
    

    Delaware
    25 Chestnut Hill Plaza, Newark
    3209 Kirkwood Highway, Wilmington
    

    Idaho
    1600 North Main Street, Meridian
    5005 West Overland Road, Boise
    

    Maryland
    5 Bel Air South Parkway, Suite 1347, Bel Air
    728 East Pulaski Highway, Elkton
    5624 Baltimore National Pike, Baltimore
    5804 Ritchie Highway, Baltimore
    7501 Ritchie Highway, Glen Burnie
    7967 Baltimore Annapolis Boulevard, Glen Burnie
    

    Massachusetts
    80 East Main Street, Webster
    

    Michigan
    924 West Main Street, Fremont
    507 North Lafayette Street, Greenville
    715 South Clinton Street, Grand Ledge
    15250 24 Mile Road, Macomb
    102 North Centerville Road, Sturgis
    47300 Pontiac Trail, Wixom
    35250 South Gratiot Avenue, Clinton Township
    51037 Van Dyke Avenue, Shelby Township
    3100 East Michigan Avenue, Jackson
    9155 Telegraph Road, Taylor
    1243 U.S. 31 South, Manistee
    29447 Ford Road, Garden City
    2838 East Court Street, Flint
    1900 East 8 Mile Road, Detroit
    36485 Garfield Road, Clinton Township
    25922 Middlebelt Road, Farmington Hills
    109 North Whittemore Street, St. Johns
    1124 North Ballenger Highway, Flint
    2701 South Cedar Street, Lansing
    

    New Hampshire
    420 Daniel Webster Highway, Merrimack
    

    New Jersey
    4057 Asbury Avenue Suite 8, Tinton Falls
    431 Haledon Avenue, Haledon
    35 Mill Road, Irvington
    1636 Route 38 Suite 49, Lumberton
    773 Hamilton Street, Somerset
    1434 South Black Horse Pike, Williamstown
    3 Marshall Hill Road West, Milford
    210 Bridgeton Pike, Mantua
    108 Swedesboro Road Suite 20, Mullica Hill
    2370 Route 33, Robbinsville
    1726 Route 37, East Toms River
    86 B Lacey Road, Whiting
    

    New York
    2887 Harlem Road, Cheektowaga
    2002 Avenue U, Brooklyn
    2 Whitney Avenue, Floral Park
    71-18 Kissena Boulevard, Flushing
    3131 Hempstead Turnpike, Levittown
    2981 Ocean Avenue, Brooklyn
    3199 Long Beach Road, Oceanside
    198 West Merrick Road, Valley Stream
    836 Sunrise Highway, Bay Shore
    2784 Sunrise Highway, Bellmore
    901 Merrick Road, Copiague
    577 Larkfield Road, East Northport
    695 East Jericho Turnpike, Huntington Station
    700-43 Patchogue-Yaphank Road, Medford
    273 Pine Hollow Road, Oyster Bay
    397 Sunrise Highway, West Patchogue
    593 Old Town Road, Port Jeff Station
    65 Route 111, Smithtown
    2453 Elmwood Avenue, Kenmore
    1567 Penfield Road, Rochester
    

    Ohio
    3129 Lincoln Way East, Massillon
    120 South Main Street, New Carlisle
    146 Woodman Drive, Dayton
    2701 Market Street, Youngstown
    401 West North Street, Springfield
    230 South Main Street, Bellefontaine
    

    Oregon
    2440 Southeast Cesar Chavez Boulevard, Portland
    

    Pennsylvania
    2715 Parade Street, Erie
    5612 North Fifth Street, Philadelphia
    350 Main Street, Pennsburg
    4011 Cottman Avenue, Philadelphia
    1441 Old York Road, Abington
    300 Market Street, Johnstown
    8716 New Falls Road, Levittown
    1750 Bustleton Avenue, Philadelphia
    169 West Lancaster Avenue, Ardmore
    1315 East Washington Lane, Philadelphia
    801 Wyoming Avenue Suite 9, West Pittston
    657 Heacock Road, Yardley
    2801 West Dauphin Street, Philadelphia
    1709 Liberty Street, Erie
    674 Route 196, Suite 14, Tobyhanna
    2722 West 9th Street, Chester
    950 East Baltimore Pike, Yeadon
    8235 Stenton Avenue, Philadelphia
    7941 Oxford Avenue, Philadelphia
    5440 Lansdowne Avenue, Philadelphia
    700 Stevenson Boulevard, New Kensington
    208 East Central Avenue, Titusville
    1080 South West End Boulevard, Quakertown
    136 North 63rd Street, Philadelphia
    351 Brighton Avenue, Rochester
    5235 Library Road, Bethel Park
    5990 University Boulevard Suite 30, Moon Township
    2501 Saw Mill Run Boulevard, Pittsburgh
    5410 Keeport Drive, Pittsburgh
    6090 Route 30, Greensburg
    4830 William Penn Highway, Export
    1730 Wilmington Road, New Castle
    2178 West Union Boulevard, Bethlehem
    1628 South Fourth Street, Allentown
    2401 East Venango Street, Philadelphia
    6327-43 Torresdale Avenue, Philadelphia
    200 West Ridge Avenue Suite 112, Conshohocken
    301 Eisenhower Drive, Hanover
    7036 Wertzville Road, Mechanicsburg
    

    Virginia
    833 North Battlefield Blvd, Chesapeake
    1458 Mount Pleasant Road, Chesapeake
    

    Washington
    601 South Grady Way Suite P, Renton
    3202 132nd Street Southeast, Mill Creek
    110 Southwest 148th Street, Burien
    10103 Evergreen Way, Everett
    8230 Martin Way East, Lacey
    22201 Meridian Avenue East, Graham
    9600 15th Avenue Southwest, Seattle
    2518 196th Street Southwest, Lynnwood
    3620 Factory Blvd Southeast, Bellevue
    11919 Northeast 8th Street, Bellevue
    7370 170th Avenue Northeast, Redmond
    

    — Mike Murphy contributed to this report.
    

    

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    Tesla’s Misses on Earnings.  CEO Musk Frets About Growth and the Economy.
    
			
    Tesla’s Misses on Earnings.  CEO Musk Frets About Growth and the Economy.
    
			
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    Electric-vehicle giant 



 reported 











third-quarter results







External link on Wednesday evening that missed Wall Street estimates, underscoring that the pain of price cuts isn’t over. Tesla’s travails show that it will be tough going for traditional auto makers trying to build competing EV businesses. 
    


    




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  • 
		
		
    
			
    Morgan Stanley earnings fall 10% but beat Wall Street expectations
    
			
    Morgan Stanley earnings fall 10% but beat Wall Street expectations
    
			
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    Morgan Stanley on Wednesday said its third-quarter profit fell 10% amid weakness in its investment banking business, but its trading and asset-management revenue rose.
    

    Morgan Stanley
    
        MS,
    
        +2.03%
    
       said profit for the three months ended Sept. 30 fell to $2.26 billion, or $1.38 a share, from $2.49 billion, or $1.47 a share, in the year-ago period. 
    

    

    Analysts tracked by FactSet expect Morgan Stanley to earn $1.28 a share.
    

    At the start of the quarter, analysts were expecting earnings of $1.58 a share.
    

    Revenue fell 1% to $13.27 billion, ahead of the FactSet consensus estimate of $13.22 billion.
    

    Morgan Stanley’s stock fell 2.8% in premarket trading on Wednesday.
    

    Chief Executive James Gorman said the market environment was mixed.
    

    “Our equity and fixed income businesses navigated markets well, and both wealth management and investment management producer higher revenues and profits year-over-year,” Gorman said. 
    

    Morgan Stanley’s stock fell 4.4% in the third quarter in a choppy period for bank stocks overall.  Prior to Wednesday’s trades, the stock was down just under 10% in the past month, compared with 1.9% drop by the S&P 500
    
        SPX.
      
    

    For the third quarter, trading revenue rose 10% in the quarter to $3.68 billion.
    

    Asset-management revenue increased by 6% to $5.03 billion, while investment-banking revenue dropped 24% to $1.05 billion. 
    

    During the past month, 11 analysts cut their profit estimates for Morgan Stanley and only one increased their view. 
    

    UBS analyst Brennan Hawken downgraded Morgan Stanley to neutral from buy last week, cutting his price target to $84 from $110. 
    

    “Despite its successful transformation into a wealth-management-focused firm with a solid, wire house peer leading growth profile, MS is confronted with obstacles such as deposit sorting/yield seeking, intense competition for talent, and a challenging revenue environment,” Hawken said.
    

    The average rating among 26 analysts that cover Morgan Stanley is overweight. 
    

    The bank is in the midst of a leadership transition, with Chief Executive James Gorman planning to step down by next May. Three potential successors at the bank include Andy Saperstein, who heads up wealth management; Ted Pick, who runs capital markets; and Dan Simkowitz, head of investment management.  
    

    Also read: Bank of America’s profit climbs 10%, boosted by interest rates and loans
    

    

    

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    ASML Holding Sees Flat 2024 Revenue on Demand Uncertainty
    
			
    ASML Holding Sees Flat 2024 Revenue on Demand Uncertainty
    
			
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    ASML Holding said it expects revenue next year to be similar to 2023 given uncertainty around demand recovery in the semiconductor industry but posted better-than-expected net income for the third quarter.
    

    

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
    

    

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