Market Update
Stocks Lack Direction On Wall Street, Bond Yields In Focus On Rate Expectations
Barry Adams
14 Nov, 2022
New York City
Stocks on Wall Street lacked direction after 3 hours of trading and investors looked ahead to corporate earnings.
Over the weekend, Democratic Party won one more U.S. Senate seat, retaining control of the upper chamber of the Congress.
Democrats hold 50 seats and Republicans control 49 seats in the U.S. Senate, Georgia results will be decided after a runoff in December.
The Republican Party is expected to win the control of the U.S. House but results of 19 elections are still not decided six days after the election.
Former President is set to declare his intention to run for the presidential election in 2024 on Tuesday, despite several Trump-backed high-profile election deniers losing competitive races in the midterm elections.
The S&P 500 index fell 0.2% to 3,984.38 and the Nasdaq Composite index traded lower 0.6% to 11,254.94.
Crude oil declined $2.35 to $86.56 a barrel and natural gas rose 44 cents to $6.33 a thermal unit.
Investors took note of latest comments from Federal Reserve Vice Chair Lael Brainard, indicating that rate hike may "soon" begin to slow after several -large hikes this year.
Week: S&P 500 Advanced 6.1%, Nasdaq Soared 8.8%
Barry Adams
11 Nov, 2022
New York City
Stocks on Wall Street struggled a day after benchmark indexes soared the most in one-day in two years.
Benchmark indexes rebounded from morning doldrums and extended gains in choppy trading.
Tech stocks turned higher from the morning losses and widely held Tesla, Amazon, Microsoft, Apple, Meta and Alphabet jumped between 1% 4%.
The S&P 500 index rose 0.9% to 3,992.92 and the Nasdaq Composite index advanced 1.9% to 11,323.33.
For the week, the S&P 500 index soared 6.1% and the Nasdaq Composite index advanced 8.8%.
Mood on Wall Street was cautious after the largest cryptocurrency exchange FTX filed for bankruptcy protection and CEO Sam Bankman-Fried resigned.
The cryptocurrency exchange is also facing investigations from the U.S. Department of Justice and the Securities and Exchange Commission.
The sudden collapse of FTX has sent shock waves in the crypto investment community and cast a harsh spotlight on the investment practices of leading venture capital firms in Silicon Valley.
FTX was operating with little oversight from its investors, board of directors and local and international regulators, while billions of dollars of transactions were processed on its platform.
The company is also alleged to have dipped into the customer accounts and used the assets as collateral for related party transactions.
Bitcoin dropped 6% to $16,670 and other popular cryptocurrencies dropped between 4% and 6%. on the FTX bankruptcy news.
China Eases Restrictions But Warns of Rising Infections
Energy prices rose after China eased some of the coronavirus-linked stringent mobility restrictions.
China, a day after top officials reiterated the need for stringent lockdowns, suggested improvement to current rules.
The revised rules trimmed the quarantine requirements to five days from seven, cut PCR test to one from two prior to 48 hours of air travel and said it will crack down on arbitrary lockdowns and punish responsible officials.
The National Health Commission also warned that infections are likely to spread with the arrival of winter and virus mutation.
Chinese stocks rose and energy prices advanced after Guangdong province immediately implemented revised mobility restrictions.
Crude oil increased $2.47 to $88.95 a barrel and natural gas futures fell 31 cents to $5.92 a thermal unit.
Gold edged up 0.7% to $1,767.48 an ounce and silver fell 2 cents to $21.65 an ounce.
Stable Treasury Yields
The U.S. bond market was closed to observe Veterans Day but bonds changed a little in private trading.
The yield on 2-year Treasury notes declined to 4.33%, 10-year Treasury notes eased to 3.83% and 30-year Treasury bonds fell to 4.08%.
U.S. Movers
Beazer Homes added 1.7% to $12.53 after the homebuilder reported revenue and earnings ahead of expectations in its latest quarter.
Rising home prices and improving gross margin drove the better performance in the quarter.
Homebuilding gross margin increased 330 basis points to 22.6% and average home price increased 22% to $510,700.
Doximity Inc soared 20% to $31.60 after the online platform for healthcare professionals reported better-than-expected quarterly results.
For the December quarter, the company guided revenue between $110.7 million and $111.7 million.
The company also launched a $70 million stock repurchase plan to be executed over the next twelve months.
Duolingo Inc fell 3.3% to $83.30 and the online language platform operator reported a smaller loss and lifted its annual outlook.
Monthly active users increased 35% to 56.1 million, daily active users rose 51% to 14.9 million and paid subscribers jumped 68% to 3.7 million.
The company estimated fourth quarter revenue between $98 million and $101 million and full-year 2022 revenue between $364 million and $367 million.
LegalZoom.com, Inc soared 15% to $10.92 and the online legal documents and advice provider reported smaller-than-expected quarterly loss and lifted its full-year revenue estimate.
The company guided fourth quarter revenue between $145 million and $147 million and full-year 2022 revenue between $617 million and $619 million.
US Bancorp fell 0.3% to $44.75 and Warren Buffett-controlled Berkshire Hathaway lowered its stake in the bank to 53 million shares of 3.6%, according to a regulatory filing with the SEC.
Berkshire has sold 91 million shares in the year so far and slashed its holding in the financial services company.
Wynn Resorts added 3.2% to $74.58 and Las Vegas Sands added 4.3% to $43.85 after China loosened Covid-19 restrictions.
Both companies have a significant presence in Macau, China, a tourist and travel destination for Chinese citizens.
German Inflation Accelerated, UK GDP Shrank
European markets traded sideways after the UK GDP shrank less-than-expected and German inflation accelerated in October.
Consumer price index in Germany accelerated to 10.4% from 10.0% in September, Destatis reported today.
The estimate confirmed the flash estimate released a few days ago.
The UK GDP shrank in the third quarter, said the Office for National Statistics on Friday. However, the pace of decline was smaller-than-expected 0.5%.
The weakness in the service sector dragged the GDP down 0.2% in the September quarter from the previous quarter, but the economy expanded 2.4% from a year ago.
High interest rates and inflation are expected to drag the economy into the longest recession since the record keeping began.
The Bank of England has estimated the economy to shrink in the second half of 2022 and the weakness to persist in 2023 and 2024.
The DAX index increased 0.3% to 14,183.75, the CAC-40 index added 0.4% to 6,581.42 and the FTSE 100 index declined 0.5% to 7,336.80.
For the week, the DAX index increased 5.7%, the CAC-40 index added 3.4% and the FTSE index inched up 0.09%.
The yield on 10-year German Bunds increased to 2.14%, French bonds edged higher to 2.65%, UK Gilts advanced to 3.35% and Italian bonds inched up to 4.19%.
Europe Movers
Resource stocks gained after crude oil and natural prices edged up in international trading.
Antofagasta and Anglo American jumped between 4% and 5% following the advance in commodities prices after China eased some mobility restrictions.
Richemont SA jumped 17.8% after the company reported higher first-half results and struck an optimistic tone.
Revenue in the first-half ending in September rose 24% to
German Inflation Accelerates, UK GDP Shrank, Luxury Stocks Rise
Bridgette Randall
11 Nov, 2022
Frankfurt
European markets traded sideways after the UK GDP shrank less-than-expected and German inflation accelerated in October.
Consumer price index in Germany accelerated to 10.4% from 10.0% in September, Destatis reported today.
The estimate confirmed the flash estimate released a few days ago.
The UK GDP shrank in the third quarter, said the Office for National Statistics on Friday. However, the pace of decline was smaller-than-expected 0.5%.
The weakness in the service sector dragged the GDP down 0.2% in the September quarter from the previous quarter, but the economy expanded 2.4% from a year ago.
High interest rates and inflation are expected to drag the economy into the longest recession since the record keeping began.
The Bank of England has estimated the economy to shrink in the second half of 2022 and the weakness to persist in 2023 and 2024.
The DAX index increased 0.3% to 14,183.75, the CAC-40 index added 0.4% to 6,581.42 and the FTSE 100 index declined 0.5% to 7,336.80.
For the week, the DAX index increased 5.7%, the CAC-40 index added 3.4% and the FTSE index inched up 0.09%.
The yield on 10-year German Bunds increased to 2.14%, French bonds edged higher to 2.65%, UK Gilts advanced to 3.35% and Italian bonds inched up to 4.19%.
China Eases Restrictions But Warns of Rising Infections
Energy prices rose after China eased some of the coronavirus-linked stringent mobility restrictions.
China, a day after top officials reiterated the need for stringent lockdowns, suggested improvement to current rules.
The revised rules trimmed the quarantine requirements to five days from seven, cut PCR test to one from two prior to 48 hours of air travel and said it will crack down on arbitrary lockdowns and punish responsible officials.
The National Health Commission also warned that infections are likely to spread with the arrival of winter and virus mutation.
Chinese stocks rose and energy prices advanced after Guangdong province immediately implemented revised mobility restrictions.
Brent crude oil increased $1.78 to $95.38 a barrel but TTF natural gas futures plunged 13% to 98.72 euros MWh.
Gold edged up 0.4% to $1,764.34 an ounce and silver fell 17 cents to $21.50 an ounce. Copper jumped 3.8% to $3.95 a pound.
Europe Movers
Resource stocks gained after crude oil and natural prices edged up in international trading.
Antofagasta and Anglo American jumped between 4% and 5% following the advance in commodities prices after China eased some mobility restrictions.
Richemont SA jumped 17.8% after the company reported higher first-half results and struck an optimistic tone.
Revenue in the first-half ending in September rose 24% to
FTX, cryptocurrency exchange once valued at $32 billion, filed for bankruptcy and CEO San Bankman-Fried resigned.
11 Nov, 2022
Oil Jumps After China Eases Mobility Restrictions, FTX Files Bankruptcy
Barry Adams
11 Nov, 2022
New York City
Stocks on Wall Street struggled a day after benchmark indexes soared the most in one-day in two years.
Major averages are trending lower but still set to rise between 5% and 6%% for the week after October inflation cooled.
The S&P 500 index declined a fraction in early volatile trading and the Nasdaq Composite index rose 0.4% to 11,160.58.
Mood on Wall Street was also cautious after the largest cryptocurrency exchange FTX filed for bankruptcy protection and CEO Sam Bankman-Fried resigned.
The cryptocurrency exchange is also facing investigations from the U.S. Department of Justice and the Securities and Exchange Commission.
The company is also alleged to have dipped into the customer accounts and used the assets as collateral for related party transactions.
China Eases Restrictions But Warns of Rising Infections
Energy prices rose after China eased some of the coronavirus-linked stringent mobility restrictions.
China, a day after top officials reiterated the need for stringent lockdowns, suggested improvement to current rules.
The revised rules trimmed the quarantine requirements to five days from seven, cut PCR test to one from two prior to 48 hours of air travel and said it will crack down on arbitrary lockdowns and punish responsible officials.
The National Health Commission also warned that infections are likely to spread with the arrival of winter and virus mutation.
Chinese stocks rose and energy prices advanced after Guangdong province immediately implemented revised mobility restrictions.
Crude oil increased $3.50 to $89.48 a barrel and natural gas futures rose 8 cents to $6.32 a thermal unit.
Gold edged up 0.3% to $1,760.34 an ounce and silver fell 22 cents to $21.45 an ounce.
Stable Treasury Yields
The yield on 2-year Treasury notes declined to 4.33%, 10-year Treasury notes eased to 3.83% and 30-year Treasury bonds fell to 4.08%.
U.S. Movers
Beazer Homes added 1.7% to $12.53 after the homebuilder reported revenue and earnings ahead of expectations in its latest quarter.
Rising home prices and improving gross margin drove the better performance in the quarter.
Homebuilding gross margin increased 330 basis points to 22.6% and average home price increased 22% to $510,700.
Doximity Inc soared 20% to $31.60 after the online platform for healthcare professionals reported better-than-expected quarterly results.
For the December quarter, the company guided revenue between $110.7 million and $111.7 million.
The company also launched a $70 million stock repurchase plan to be executed over the next twelve months.
Duolingo Inc fell 3.3% to $83.30 and the online language platform operator reported a smaller loss and lifted its annual outlook.
Monthly active users increased 35% to 56.1 million, daily active users rose 51% to 14.9 million and paid subscribers jumped 68% to 3.7 million.
The company estimated fourth quarter revenue between $98 million and $101 million and full-year 2022 revenue between $364 million and $367 million.
LegalZoom.com, Inc soared 15% to $10.92 and the online legal documents and advice provider reported smaller-than-expected quarterly loss and lifted its full-year revenue estimate.
The company guided fourth quarter revenue between $145 million and $147 million and full-year 2022 revenue between $617 million and $619 million.
US Bancorp fell 0.3% to $44.75 and Warren Buffett-controlled Berkshire Hathaway lowered its stake in the bank to 53 million shares of 3.6%, according to a regulatory filing with the SEC.
Berkshire has sold 91 million shares in the year so far and slashed its holding in the financial services company.
Wynn Resorts added 3.2% to $74.58 and Las Vegas Sands added 4.3% to $43.85 after China loosened Covid-19 restrictions.
Both companies have a significant presence in Macau, China, a tourist and travel destination for Chinese citizens.
European Markets Advance, UK GDP Shrank
European markets traded sideways after the UK GDP shrank less-than-expected.
The weakness in the service sector dragged the GDP down 0.2% in the September quarter from the previous quarter, but the economy expanded 2.4% from a year ago.
High interest rates and inflation are expected to drag the economy into the longest recession since the record keeping began.
The Bank of England has estimated the economy to shrink in the second half of 2022 and the weakness to persist in 2023 and 2024.
The DAX index increased 0.3% to 14,183.75, the CAC-40 index added 0.4% to 6,581.42 and the FTSE 100 index declined 0.5% to 7,336.80.
The yield on 10-year German Bunds increased to 2.14%, French bonds edged higher to 2.65%, UK Gilts advanced to 3.35% and Italian bonds inched up to 4.19%.
Moves: Beazer Homes, Doximity, Duolingo, LegalZoom, US Bancorp, Wynn Resorts
Scott Peters
11 Nov, 2022
New York City
Beazer Homes added 1.7% to $12.53 after the homebuilder reported revenue and earnings ahead of expectations in its latest quarter.
Total revenue in the fiscal fourth quarter increased to $827.6 million from $590.9 million a year ago.
Net income in the period rose to $86.8 million from $43.8 million and diluted earnings per share increased to $2.82 from $1.57 a year ago.
Rising home prices and improving gross margin drove the better performance in the quarter.
Homebuilding gross margin increased 330 basis points to 22.6% and average home price increased 22% to $510,700.
Doximity Inc soared 20% to $31.60 after the online platform for healthcare professionals reported better-than-expected quarterly results.
Revenue in the fiscal second quarter ending in September increased 29% to $102.2 million from $79.4 million a year ago.
Net income in the quarter declined to $26.3 million from $36.1 million and diluted earnings per share dropped to 12 cents from 17 cents a year ago.
For the December quarter, the company guided revenue between $110.7 million and $111.7 million.
The company also launched a $70 million stock repurchase plan to be executed over the next twelve months.
Duolingo Inc fell 3.3% to $83.30 and the online language platform operator reported a smaller loss and lifted its annual outlook.
Revenue in the September quarter increased 51% to $96.1 million from $63.6 million a year ago.
Net loss in the third quarter shrank to $18.5 million from $28.9 million and diluted loss per share declined to 46 cents from 98 cents a a year ago.
Monthly active users increased 35% to 56.1 million, daily active users rose 51% to 14.9 million and paid subscribers jumped 68% to 3.7 million.
The company estimated fourth quarter revenue between $98 million and $101 million and full-year 2022 revenue between $364 million and $367 million.
LegalZoom.com, Inc soared 15% to $10.92 and the online legal documents and advice provider reported smaller-than-expected quarterly loss and lifted its full-year revenue estimate.
Revenue in the third quarter increased 4% to $154 million from $148 million a year ago.
Net loss in the third quarter shrank to $10.1 million from $39.7 million and diluted loss per share fell to 5 cents from 20 cents a year ago.
The company guided fourth quarter revenue between $145 million and $147 million and full-year 2022 revenue between $617 million and $619 million.
US Bancorp fell 0.3% to $44.75 and Warren Buffett-controlled Berkshire Hathaway lowered its stake in the bank to 53 million shares of 3.6%, according to a regulatory filing with the SEC.
Berkshire has sold 91 million shares in the year so far and slashed its holding in the financial services company.
Wynn Resorts added 3.2% to $74.58 and Las Vegas Sands added 4.3% to $43.85 after China loosened Covid-19 restrictions.
Both companies have a significant presence in Macau, China, a tourist and travel destination for Chinese citizens.
Six Flags said attendance fell 33% to 8 million and per capita guest spending rose 17% to $61 in the third quarter.
10 Nov, 2022
European Markets Jump 3% On Peak Inflation Hopes
Bridgette Randall
10 Nov, 2022
Frankfurt
European markets traded sideways before the release of the U.S. inflation data but the indexes perked up sharply following the advances in New York.
Italy's industrial production fell 1.8% on a monthly basis in September, reversing 2.3% rise in August, the statistical office Istat reported today.
Industrial production declined 0.5% from a year ago in September after rising 2.9% in August.
Norway's inflation accelerated in October to 7.5% from 6.9% in September, Statistics Norway said Thursday.
The inflation surged to the highest annual rate since in October 1987, when prices rose 7.6%.
The DAX index surged 3.5% to 14,146.09, the CAC-40 index jumped 1.9% to 6,556.83 and the FTSE 100 index advanced 1.1% to 7,375.34.
The yield on 10-year German Bunds inched lower to 2.00%, French bonds declined to 2.49%, UK Gilts were nearly unchanged at 3.28% and Italian bonds inched higher to 4.00%.
Brent crude oil increased 53 cents to $93.23 a barrel and TTF natural gas rose 0.3% to 113.45 euros a MWh.
Nasdaq Soars 7% On One Sign of Moderating Inflation
Barry Adams
10 Nov, 2022
New York City
Benchmark indexes soared, gold advanced, Treasury yields fell and the U.S. dollar inched lower after inflation fell in October.
The slight cooling of inflation lifted hopes that the Federal Reserve may not have to lift rate at a rapid pace.
Benchmark indexes surged the most since April 2020 after the beaten down tech stocks led the gainers.
Consumer Price Inflation Slows to 0.4%
Consumer price index in October rose at a slower pace than expected but remained elevated.
The CPI index increased 0.4% from September and advanced at a slower pace of 7.7% from a year ago, the U.S. Bureau of Labor Statistics reported Thursday.
The inflation rose at the slowest pace in January and the annual pace of increase slowed from 8.2% in September.
The increase in goods prices have slowed in recent months but services prices continue to rise at a rapid pace and inflation remains stubbornly high.
The index for shelter (or equivalent to rent or home ownership) contributed to half of the monthly gain and the index for gasoline and food continued to rise.
The consumer price inflation, excluding food and energy, slowed to 0.3% in the month from 0.5% rate in September and eased to 6.3% from 6.5% rate in the previous month.
The yield on 2-year Treasury notes eased to 4.33%, 10-year Treasury notes fell to 3.81% and 30-year Treasury bonds inched lower to 4.05%.
Gold Advances, Dollar Eases
precious metals rose after the dollar fell against major currencies.
Gold surged 2.9% or $50.60 to $1,756.91 an ounce and silver added 3.4% to $21.73 an ounce.
The euro traded up to $1.02 and the UK pound inched up to $1.17.
Crude oil rose 57 cents to $86.40 a barrel and natural gas futures rose 27 cents to $6.14 a thermal unit.
U.S. Movers
Stocks surged and benchmark indexes jumped the most in two years after consumer price inflation eased and raise the prospect of peaking inflation.
The S&P 500 index soared 5.5% to 3,956.37 and the Nasdaq Composite index surged 7.4% to 11,114.15.
Among widely held stocks, Apple, Amazon, Facebook parent Meta, Microsoft and Tesla soared between 7% and 11%.
Semiconductor stocks also participated in the market rally and Lam Research and KLA Corp, Intel and AMD soared between 12% and 6%.
Resource sector stocks also advanced after gold and silver rebounded and the U.S. dollar edged lower.
Barrick Gold and Newmont Corporation surged more than 7%.
ZipRecruiter jumped 15.8% to $16.88 after the online jobs site operator reported better-than-expected quarterly results and expanded its stock repurchase program.
Revenue in the third quarter increased 7% to $227.0 million from $212.6 million a year ago.
Net income in the quarter declined to $20.6 million from $22.0 million and diluted earnings per share was unchanged at 17 cents.
The company announced a stock repurchase program of $200 million in addition to the previously announced $250 million.
As of September 30, 2022, the remaining amount available to repurchase under the previously authorized share repurchase program was $49.9 million, the company noted in its earnings release.
Rivian Automotive Inc soared 16.9% to $32.82 after the company reported smaller-than-expected loss and reiterated its annual production target despite ongoing supply chain challenges.
Third quarter net loss declined to $288 million from $1.23 billion and diluted loss per share fell to $1.88 from $12.21 a year ago.
FTX Meltdown
The cryptocurrency exchange FTX is facing a liquidity crisis that may lead to the demise of the company that was valued at $32 billion at the beginning of 2022.
Rival cryptocurrency exchange Binance decided to not bid for the company after conducting initial due diligence of the company's finances and ownership structure.
Silicon Valley based Sequoia also said in a tweet that it has marked down its $215 million investment in FTX to zero.
Movers: Bumble, Dutch Bros, Rivian Automotive, Six Flags, Tapestry, WeWork, ZipRecruiter
Scott Peters
10 Nov, 2022
New York City
Bumble Inc increased 4.4% to $21.87 after the dating site operator reported weaker-than-anticipated third quarter results and said customers are renewing subscriptions at a slower pace.
Third quarter revenue increased 16.8% to $232.6 million from $199.1 million a year ago, including $14.0 million foreign exchange translation adjustments.
The company swung to a profit of $26.4 million from a loss of $10.4 million and diluted earnings per share was 14 cents compared to a loss of 6 cents a year ago.
Total paid subscribers increased to 3.3 million from 2.9 million a year ago and average revenue per user increased to $22.96 from $22.81.
The company guided fourth quarter revenue in the range of $232 million to $237 million, including upwardly revised foreign exchange loss by $6 million to $16 million.
Dutch Bros Inc soared 13.5% to $33.10 after the company said third quarter revenue soared 53.% to $198.6 million from $129.8 million a year ago.
The company swung to a net income of $1.6 million from a net loss of $116.8 million and diluted earnings per share was 3 cents from a loss of 24 cents a year ago.
The company revised higher its full-year sales to be at least $725 million and reiterated flat same store sales growth.
The company plans to open 130 new locations in 2022 and estimated 150 in 2023.
Rivian Automotive Inc soared 16.9% to $32.82 after the company reported smaller-than-expected loss and reiterated its annual production target despite ongoing supply chain challenges.
Third quarter net loss declined to $288 million from $1.23 billion and diluted loss per share fell to $1.88 from $12.21 a year ago.
Six Flags Entertainment Corp gained 13.3% to $21.68 and the stocks dropped in early trading after the company reported weak quarterly results.
Stock rebounded after the company amended a cooperation agreement with H Partners to permit the investment company to increase its beneficial interest to 19.9% from 14.9% in the original agreement.
Third quarter revenue declined 21% to $505 million from $638 million a year ago.
Net income dropped to $116 from $157 million and diluted earnings per share declined to $1.39 from $1.82 a year ago.
In the quarter, park attendance plunged 33% to 8.0 million from 12.0 million a year ago and total guest spending, including admission and in-park, increased 17% to $60.96 from $52.02.
Tapestry Inc advanced 2.5% to $32.02 after the fashion brands Kate Spade and Coach owner reported better-than-expected quarterly results.
Revenue in the fiscal first quarter ending on October 2, 2020 was nearly flat at $1.5 billion from $1.48 billion a year ago.
Net income in the period dropped to $195.3 million from $226.9 million and diluted earnings per share fell to 79 cents from 80 cents a year ago.
The company trimmed its annual outlook citing Covid-19 restrictions in China and rising dollar.
WeWork fell 1.9% to $2.38 after the shared workspace operator reported wider-than-expected loss.
Revenue in the third quarter increased 24% to $817 million from $667 million a year ago.
Net loss in the quarter shrank to $568 million from $802 million and diluted loss per share fell to 75 cents from $5.50 a year ago.
Occupancy rate in the quarter was 71% and the company added 7,000 workstations and 8,000 physical memberships.
ZipRecruiter jumped 15.8% to $16.88 after the online jobs site operator reported better-than-expected quarterly results and expanded its stock repurchase program.
Revenue in the third quarter increased 7% to $227.0 million from $212.6 million a year ago.
Net income in the quarter declined to $20.6 million from $22.0 million and diluted earnings per share was unchanged at 17 cents.
The company announced a stock repurchase program of $200 million in addition to the previously announced $250 million.
As of September 30, 2022, the remaining amount available to repurchase under the previously authorized share repurchase program was $49.9 million, the company noted in its earnings release.
Consumer Prices Increase Slowed In October but Stayed Elevated
Brian Turner
10 Nov, 2022
New York City
Consumer price index in October rose at a slower pace than expected but remained elevated.
The CPI index increased 0.4% from September and advanced at a slower pace of 7.7% from a year ago, the U.S. Bureau of Labor Statistics reported Thursday.
The inflation rose at the slowest pace in January and the annual pace of increase slowed from 8.2% in September.
The increase in goods prices have slowed in recent months but services prices continue to rise at a rapid pace and inflation remains stubbornly high.
The index for shelter (or equivalent to rent or home ownership) contributed to half of the monthly gain and the index for gasoline and food continued to rise.
The consumer price inflation, excluding food and energy, slowed to 0.3% in the month from 0.5% rate in September and eased to 6.3% from 6.5% rate in the previous month.