DETROIT—General Motors Co. said on Wednesday its quarterly profit was hit by the global semiconductor shortage that it sees continuing until late 2022, and offered a full-year profit forecast that disappointed Wall Street, sending shares down more than 3 percent in premarket trading. The Detroit automaker’s quarterly profit and revenue fell due to a drop…
GM Outlook Doesn’t Impress, Sees Chip Shortage Continuing; Shares Drop
October 27, 2021
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US Durable Goods Orders Fell in September After 4 Months of Increases
U.S. orders of durable goods—products designed to last at least three years—fell in September after four consecutive months of increases, driven by a sharp drop in transportation equipment orders. New orders for U.S. manufactured durable goods in September declined $1 billion, or 0.4 percent, to $261.3 billion, the Commerce Department announced on Oct. 27. Consensus…
US Durable Goods Orders Drop in September After 4 Months of Increases
U.S. orders of durable goods—products designed to last at least three years—fell in September after four consecutive months of increases, driven by a sharp drop in transportation equipment orders. New orders for U.S. manufactured durable goods in September fell $1 billion or 0.4 percent to $261.3 billion, the Commerce Department announced on Oct. 27. Consensus…
Uber Partners With Hertz to Offer 50,000 Tesla Rentals to US Ride-Hail Drivers
October 27, 2021
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Uber Technologies Inc. on Wednesday said it is launching a new partnership with rental car company Hertz to offer 50,000 Tesla Inc. vehicles as a rental option to its ride-hail drivers by 2023. Uber drivers can rent a Tesla through Hertz starting on Nov. 1 in Los Angeles, San Francisco, San Diego, and Washington DC,…
Thanksgiving Will Be More Expensive This Year: Farm Bureau
Americans will experience a more expensive Thanksgiving in 2021 due to higher inflation and supply chain issues, according to the American Farm Bureau Federation. “When you go to the grocery store and it feels more expensive, that’s because it is,” Veronica Nigh, senior economist at the American Farm Bureau Federation, told CBS News, adding that overall,…
Wall Street Opens Higher After Upbeat Earnings Reports
October 27, 2021
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U.S. stock indexes opened slightly higher on Wednesday, helped by a fresh batch of upbeat earnings reports. The Dow Jones Industrial Average rose 78.55 points, or 0.22 percent, at the open to 35,835.43. The S&P 500 opened higher by 5.43 points, or 0.12 percent, at 4,580.22, while the Nasdaq Composite gained 40.29 points, or 0.26…
Nasdaq Rises After Strong Microsoft Forecast
October 27, 2021
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The Nasdaq led gains among Wall Street indexes on Wednesday after a robust forecast from Microsoft supported optimism about the third-quarter earnings season, while a decline in oil prices hurt shares of energy companies. The S&P 500 index and the Dow Jones Industrial Average struggled for direction in the first hour of trading, with seven…
Vegetables Pricier Than Pork Worry Chinese Consumers as Costs Swell
October 27, 2021
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BEIJING—Vegetable prices are surging in China after heavy rain swamped crops this month, fuelling concern over food prices at a time when consumers must brace for a hike in energy costs in the run-up to winter. Unusually heavy rains drenched northern swathes of China in September and early this month, flooding the top vegetable-growing province…
Germany Cuts 2021 Growth Outlook as Supply Problems, Energy Prices Bite
BERLIN—The German government on Wednesday cut its growth forecast for this year to 2.6 percent but raised its estimate for next year to 4.1 percent as supply bottlenecks for semiconductors and rising energy costs delay the recovery in Europe’s largest economy. Confirming an earlier Reuters report, Economy Minister Peter Altmaier said the economy remained robust…
McDonald’s Sales Soar on Higher Prices, Newer Menu Items
October 27, 2021
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McDonald’s Corp. reported quarterly U.S. sales on Wednesday that beat Wall Street expectations, helped by higher prices, larger order sizes, and newer menu items such as the crispy chicken burger. The company’s shares rose 3 percent to $243.30 in premarket trading, as the fast food giant’s global same-store sales jumped 12.7 percent in the third…
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