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incoming update…Breaking News Pinned Stocks surgeSymbolPriceChange%ChangeCRM$153.8211.768.28HD$310.8824.138.41NKE$98.166.066.58AMGN $286.09-3.56-1.23MCD$276.43-1.36-0.49
The Dow Jones Industrial Average soared over a 1,000 points late morning on Thursday after Octobers consumer inflation data eased slightly, a sign that could suggest rising prices are peaking. In response, the 10-year Treasury yield fell below 4% in a sharp reversal.
Dow Jones Averages.$33501.68
Salesforce.com, Home Depot and Nike topped the leader board, while Amgen and Nike lagged.
NYSE Traders (AP)
Posted by FOX Business Team Share Nike’s Phil Knight says Kyrie relationship likely finishedBrooklyn Nets’ Kyrie Irving speaks before the team’s NBA basketball game against the New Orleans Pelicans, Wed., Oct. 19, 2022, in New York. (AP Photo/Frank Franklin II)
SymbolPriceChange%ChangeNKE$98.626.527.08
SPORTSNike’s Phil Knight suggests company’s relationship with Kyrie Irving is over: ‘I would doubt we go back’ Nike co-founder Phil Knight suggested Thursday the company’s relationship with Kyrie Irving is over following the star’s antisemitism controversy.
Kyrie Irvings comments may have cost the Brooklyn Nets all-star has partnership with Nike.
Nike co-founder Phil Knight told CNBC: “I would doubt that we go back. But I don’t know for sure.”
Irving signed with Nike in 2011 and has had a signature line with the athletic apparel maker since 2014. His annual endorsement deal is said to be worth around $11 million.Posted by FOX Business Team ShareDepartment store chain Dillard’s tops Wall Street expectationsDillards Inc.$332.41
SymbolPriceChange%ChangeDDS$326.1112.814.09
Dillards is higher in Thursday trading. The department store operator topped Wall Street revenue and profit estimates.
Third quarter revenue rose 4% to $1.57 billion from a year ago; analysts expected $1.48 billion. Comparable store sales increased 8%.
Net income for the three months ended October 29 was $187.9 million, down from $197.3 million.
Quarterly adjusted earnings of $10.96?? per share for the quarter ended in October. The mean expectation of four analysts for the quarter was for earnings of $5.86 per share.
Dillards Chief Executive Officer William T. Dillard, II stated, Inventory control remains a priority as we have seen its powerful effects on our business. To date this year, our net income is up 11% over last years strong performance and earnings per share is up 32%.
Reuters contributed to this report.Posted by Reuters ShareDeveloping Story FTX’s Sam Bankman-Fried in crisis modeBillionaire Sam Bankman-Fried is fighting for survival as his FTX cryptocurrency exchange spirals.
MARKETSFTX founder Sam Bankman-Fried’s crypto collapse apologyFTX is crumbling and founder Sam Bankman-Fried is in crisis mode as he seeks a lifeline. China’s Binance backed out of acquiring the company Wednesday.
Posted by FOX Business Team ShareAirlines make changes as Tropical Storm Nicole disrupts air travelLIFESTYLETropical Storm Nicole: Over 2K Florida flights disruptedDroves of flights have been disrupted and some airports have shut down operations temporarily as Tropical Storm Nicole wreaks havoc on Florida and stretches up the coast.
SymbolPriceChange%ChangeAAL$14.830.856.08DAL$35.692.236.66JBLU$7.940.628.51LUV$39.021.824.89UAL$44.301.934.56
Airlines are scrambling to reroute passengers as Tropical Storm Nicole disrupts flights and closes airports.
More than 1,200 flights in, out of and across the United States were canceled as of 11:30 a.m. ET on Thursday as the storm brought strong winds and heavy rain, according to data from flight-tracking website FlightAware.
Over 1,000 flights have been delayed.Posted by FOX Business Team ShareTether freezes $46M FTX wallet followiing law-enforcement request reportSmartphone with Tether logo is placed on displayed U.S. dollars in this May 12, 2022 illustration. (Reuters/Dado Ruvic/Illustration)
Tether has reportedly frozen $46 million of USDT tokens, CoinDesk reported. The move came at the request of law enforcement.
A Tether executive told CoinDesk the stablecoin issuer was receiving requests by law enforcement to temporarily freeze assets.
Tron block explorer Tronscan said FTX owns the frozen wallet, the report said.
FTX reopened withdrawals Thursday, CoinDesk reported, citing on-chain data provided by analytics firm Nansen.
The company’s website, however, still displayed an earlier message that said it was unable to process withdrawals.
FTX Chief Executive Sam Bankman-Fried has launched an urgent push to raise funds to save his firm as the crypto exchange looks to plug a reported $8 billion hole in its finances, according to tweets and a memo to employees.
A spokesperson for the company did not immediately respond to a Reuters request for comment.
Reuters contributed to this report.Posted by FOX Business Team ShareKeurig Dr Pepper CEO out over alleged code of conduct violationsAluminium Dr Pepper cans leave the production line at Ball Corporation, Wakefield, Britain, Oct. 18, 2019. (Reuters/Andrew Yates)
SymbolPriceChange%ChangeKDP$37.920.350.94
The CEO of Keurig Dr Pepper has resigned due to violations of the company’s code of conduct. The alleged transgressions were unrelated to strategy, operations or financial reporting, the company said.
Ozan Dokmecioglu was replaced by Bob Gamgort, the Keurig Dr Peppers current executive chair and former CEO.
Gamgort will continue his role as chair.Dokmecioglu was promoted to CEO from CFO, effective July 29. Posted by FOX Business Team ShareTheme park operator Six Flags agrees to allow larger investment by H PartnersSix Flags Great America in Gurnee, Ill. (File Photo: Six Flags Entertainment)
SymbolPriceChange%ChangeSIX$21.862.7214.21
Six Flags Entertainment is higher in Thursday trading. The worlds largest regional theme park company agreed to permit H Partners to increase its beneficial ownership of Six Flags common stock to 19.9%, up from a cap of 14.9% in the original agreement, a regulatory filing said.
Separately, the largest operator of waterparks in North America reported third-quarter earnings of $115.8 million.
The Arlington, Texas-based company said it had net income of $1.39 per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.
The amusement park operator posted revenue of $504.8 million in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $565.4 million.
The Associated Press contributed to this report.Posted by FOX Business Team ShareMortgage rates are back above 7%Home for sale in Voorhees, N.J., Nov. 8, 2022
REAL-ESTATEMortgage rates climb back above 7%Mortgage rates have seen record high’s over the last 10 weeks, climbing to and the hovering around 7%. This week they climbed up to 7.08% doubling last year.
SymbolPriceChange%ChangeFMCC$0.480.000.02RDFN$4.461.2036.54COMP$2.260.4122.16
The average long-term U.S. mortgage rate returned to the 20-year highs of two weeks ago when rates breached 7% for the first time since 2002.
Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate rose to 7.08% from 6.95% last week. A year ago the average rate was 2.98%.
The rate for a 15-year mortgage, popular with those refinancing their homes, climbed to 6.38% from 6.29% last week. It was 2.27% one year ago.
As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent, said Sam Khater, Freddie Macs Chief Economist. The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.
The latest numbers come after the Labor Department reported Thursday that the consumer inflation rose 0.4% in October from the previous month. Prices climbed 7.7% on n annual basis.
INFLATION HOLDS GRIP ON US ECONOMY IN OCTOBER AS PRICES REMAIN STUBBORNLY HIGH
The Associated Press contributed to this report.Posted by FOX Business Team ShareElon Musk to Twitter workers…Elon Musk tells Twitter workers the work from home trend may be coming to an end, according to reports.
TECHNOLOGYElon Musk warns Twitter employees of difficult times ahead,’ ends remote work: report Twitter owner Elon Musk informed employees of new changes he would be bringing to the office, including the discontinuation of remote work and a required 40-hour work week.
Posted by FOX Business Team ShareBreaking News October’s CPIInflation for October at the consumer level eased a bit but remains near a 40-year high.
ECONOMYInflation holds grip on US economy in October as prices remain stubbornly highThe Labor Department released the latest inflation data set on Thursday, revealing just how hot consumer prices ran in October as the Fed tries to cool the economy.
Posted by FOX Business Team ShareCryptocurrencies stabilize after FTX deal turmoilCryptocurrency prices stabilized Thursday morning after a tumultuous couple of days sparked by news surrounding the collapse of a deal involving FTX Trading.
Crypto exchange Binance announced it was pulling out of a deal to purchase the failing rival.
The turmoil sent cryptocurrencies reeling.
The price of bitcoin plunged more than 15% on Wednesday to $15,840, according to CoinDesk. The cryptocurrency fell for four straight days, dropping more than 26% during that time.
Bitcoin was trading around $16,000 Thursday morning.
Ethereum was trading around $1,200, after dropping more than 15% in the past week.
Dogecoin was trading around 8 cents, after losing 37% in the past week.
Continue readingPosted by Ken Martin ShareGasoline price slips slightlyGas Prices (AAA)
The nationwide price for a gallon of gasoline slipped Thursday to $3.803, according to AAA.
The average price of a gallon of gasoline on Wednesday was $3.805.
One week ago, a gallon of gasoline cost $3.778. A month ago, that same gallon of gasoline cost $3.919.
Gas hit an all-time high of $5.016 on June 14.
Diesel gained to $5.362.Posted by Ken Martin ShareOil whipsaws ahead of inflation reportOil rigs pumping (Jonathon Acorn – Reuters)
Oil prices bounced around Thursday, following three days of declines as the impact of renewed COVID curbs in China weighed and traders await U.S. inflation data that may give direction on further interest rate increases.
U.S. West Texas Intermediate (WTI) crude futures were trading around $85.00 a barrel.
Brent crude futures traded around $92.00 a barrel.
WTI is down more than 7% this week.
Brent prices have dropped more than 6%.
Consumer price index (CPI) data for the United States will be released later on Thursday that is expected to show a slowdown in the inflation rate for both the monthly and yearly core numbers.
That may have an impact on the size of futures interest rate hikes by the Federal Reserve.
Oil prices were also under pressure after a big build in U.S. crude inventories reported on Wednesday.Posted by Ken Martin Share
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