According to data released by the Labor Department, weekly initial jobless claims in the United States dropped by 20,000 to reach 201,000. This figure is below the average economist estimates of 225,000 and is lower than the previous week’s revised level. The decrease in jobless claims indicates a positive trend in the labor market, suggesting that fewer people are filing for unemployment benefits.
In other news, Cisco Systems Inc has announced its acquisition of Splunk Inc for $157 per share in cash, totaling approximately $28 billion in equity value. This acquisition has caused a rally in Splunk’s stock prices, while Cisco’s stock prices fell.
The Biden administration has also made an important announcement. Starting next Monday, the government will resume distributing free at-home COVID-19 tests to American households in response to the increasing spread of the virus. This initiative was previously suspended last September.
Starbucks Corp has declared a 7.5% increase in the company’s quarterly cash dividend, with the new rate being $0.57 per share. This hike raises the company’s annual dividend rate to $2.28 per share, providing increased returns to shareholders.
Keurig Dr Pepper Inc has appointed Tim Cofer as Chief Operating Officer, effective November 6, 2023. Cofer will later assume the role of Chief Executive Officer in the second quarter of 2024. This appointment reflects the company’s strategic plans for leadership succession.
The Kraft Heinz Company has voluntarily recalled approximately 83,800 cases of individually wrapped Kraft Singles American processed cheese slices due to concerns of plastic being stuck to some of the wrappers. The affected batch of cheese slices was shipped to a limited number of customers, and the recall aims to address the potential choking hazard.
Other notable news includes Google’s decision to replace Broadcom with Marvell as its supplier of artificial intelligence chips. This move is part of Google’s efforts to enhance its capabilities in the AI chip market.
In the automotive industry, Nio Inc has entered the smartphone market as a means to differentiate itself from competitors in China’s electric vehicle market. The Nio Phone offers unique features such as the ability to control multiple cars with a single device.
Toshiba Corp has confirmed the success of the $14 billion takeover bid from Japan Industrial Partners (JIP), allowing the troubled conglomerate to go private. This development marks a significant step in Toshiba’s restructuring efforts.
Unilever plc has chosen investment banks Morgan Stanley and Evercore Inc to assist in the sale of its non-core beauty and personal care brands. The brands under consideration include Q-Tips and Impulse.
UBS Group AG has reportedly terminated around 70% of Credit Suisse’s securities research unit staff in Hong Kong as part of the integration process between the two Swiss banking giants.
Vietnamese electric vehicle manufacturer VinFast Auto Ltd plans to ship its first batch of EVs to Europe by the end of 2023 after obtaining regulatory approval. The company aims to export approximately 3,000 VF8 crossovers to France, Germany, and the Netherlands in the fourth quarter.
In the entertainment industry, Hollywood writers and producers are nearing a deal to end their 100-day strike. Negotiations between the Writers Guild of America (WGA) and production companies have advanced significantly.
The decline in stock prices of Arm Holdings Plc and Instacart has raised concerns among investors regarding the overall environment for new IPOs in the tech sector.
The U.S. Department of Justice has restricted public access to key evidence in its antitrust lawsuit against Google, raising concerns about transparency in the case.
Kia Corp, a subsidiary of Hyundai Motor Company, has launched its cheapest electric vehicle in South Korea called the Ray. This single-seater vehicle has a starting price of approximately $20,000.
In the earnings reports, KB Home reported a decline in sales for the third quarter of FY23 but beat analyst expectations. Darden Restaurants Inc also reported sales growth for its first quarter of FY24, surpassing the consensus estimate.
– Labor Department
– Cisco Systems Inc
– Biden Administration
– Starbucks Corp
– Keurig Dr Pepper Inc
– The Kraft Heinz Company
– Nio Inc
– Toshiba Corp
– Financial Times