U.S. inflation rose 8.2% in September compared to last year, slightly down from the 8.3% registered in August. Core CPI, which excludes energy and food prices, rose 6.6%, its fastest increase in 40 years and slightly higher than the 6.3% reported in August. More: - On a month-to-month basis, CPI rose 0.4% in September, and core CPI increased by 0.6%, both exceeding estimates.
- Food prices rose 11.2% YoY and 0.8% on a monthly basis.
- Energy prices fell 2.1%, with gas prices dropping 4.9%.
- Shelter prices, which account for a third of CPI, rose 6.6% YoY and rose 0.7% on a monthly basis.
- As inflation is still above the Fed’s 2% target, many expect another 0.75% interest rate hike at the central bank’s November meeting.
- The Dow rose 2.83%, closing over 30,000. The S&P 500 gained 2.6%, and the tech-heavy Nasdaq rose 2.23% on Thursday.
| |
BlackRock released its Q3 earnings on Thursday, reporting a drop in its assets under management. The world’s largest asset manager said AUM fell to $8T from $8.5T reported in June and below analysts’ expectations of $8.3T. BlackRock, like many firms, was impacted by the market downturn. More: - BlackRock reported $4.3B in revenue, down 15% YoY.
- Net income came in at $1.4B, down 16% YoY; adjusted EPS was $9.55.
- The firm had $65B in long-term net inflows to its investment products, mostly from institutional clients.
- During an appearance at the Institute of International Finance conference in Washington D.C. on Wednesday, BlackRock CEO Larry Fink defended the firm’s stance on environmental, social, and governance (ESG) issues.
- BlackRock has been facing criticism from lawmakers about the firm’s clean energy investments.
- BlackRock shares closed at $566.03, up ~6.6% for the day.
| |
 A message from COURIER The Product Manager’s Guide To Building Notification Systems It’s time to think outside of the inbox. As a Product Manager, you are charged with creating a best-in-class user experience that drives engagement and retention. You know that a great notification experience must meet users in the channels that matter to them. And so you envision user engagement scenarios that involve multiple channels calling different messaging APIs. But making this a reality can be complex. Before diving in, it’s crucial to understand the user requirements for your fellow developers and non-technical teammates who will be creating the notifications for your end users. The PM’s guide covers how you can: - Identify requirements for technical and non-technical users
- Build for scalability and reliability
- Design for routing and preferences
- Optimize for compliance and engagement
- Make informed decisions with observability and analytics
Download Now
| |
Netflix plans to charge $6.99 per month for its ad-supported streaming tier, which is $1 less than rivals Disney+ and Hulu charge for their ad-supported tiers. Netflix said the commercials will be 15 or 30 seconds and will play before and during the content. More: - On average, the ad-supported tier, dubbed “Basic with ads,” will have four to five minutes of commercial per hour of content.
- Companies buying ad space can bar their ads from appearing on content they deem unsavory or unsuitable.
- Due to licensing restrictions, Netflix said a small number of TV series and movies would initially be unavailable on the ad-supported tier.
- Netflix shares closed at $232.51, up ~5.3%.
| |
Delta Air Lines released its Q3 earnings on Thursday, slightly missing analysts’ expectations. The airline reported $12.8B in adjusted revenue, up 3% compared to Q3 2019, including a $35M impact from Hurricane Ian. Operating Income was $1.5B, and net Income came in at $695M or $1.08 per share. More: - Delta and other airlines were severely impacted by the global pandemic and compare financials to their 2019 levels.
- The airline said its capacity would be restored to about 92% of its 2019 levels in Q4, and it aims for full recovery by next summer.
- Delta said its fuel costs increased 48% compared to 2019 to $3.32B.
- Delta shares closed at $30.38, up ~4% for the day.
| |
 A message from REMOFIRST Remofirst raised $14.1M to help companies hire the best talent in the world, no matter where their legal entity is located. It can be prohibitively expensive to establish an entity in every country you want to hire talent in, so Remofirst serves as the Employer of Record (EOR) who pays your employees and provides HR benefits on your behalf while you manage their daily duties. Remofirst handles the formal HR procedures and employment contracts that adhere to your employee’s local laws, so that they are paid in their local currency and you can just approve invoices via our platform. - Best pricing in the market starting at $199/mo
- Same-day onboarding in 150+ countries
- 24/7 Customer Support (including help with Visas)
- 3 months free on your first employee for Inside readers
Get STarted
| |
Kroger and Albertsons are considering merging their companies to create a new grocery giant in the U.S. They are the two largest supermarket operators in the U.S., with thousands of stores across the country. Kroger has a market value of about $33B, and Albertsons has a market value of about $14B. More: - According to sources, if a deal is reached, the firms expect to divest overlapping stores to gain regulatory approval.
- Kroger operates about 2,700 locations, while Albertsons operates approximately 2,300 stores.
- Kroger also owns Fred Meyer, Fry’s, Harris TeeterKing Soopers, Ralphs, and Smith’s Food and Drug, among others.
- Albertsons also owns Acme, Jewel-Osco, Safeway, Vons, and others.
- Following news of the talks, Kroger shares fell ~2%, and Albertsons’ rose ~11%.
- Kroger shares closed at $46.56, up ~1% for the day, and Albertsons’ closed at $28.66, up ~11.7% for the day.
| |
Walgreens reported its fiscal Q4 earnings on Thursday, beating analysts’ expectations. The pharmacy chain reported $32.45B in revenue, down from $34.26B reported last year. The company reported a net loss of $415M or 48 cents per share, compared to a net income of $627M reported in the previous year. More: - CFO James Kehoe said the company’s profit was impacted by a $780M non-cash impairment charge in its Boots UK business related to trademarks and licenses.
- Walgreens recently became the majority owner of VillageMD following a $5.2B investment.
- Walgreens aims to transform its pharmacy stores into primary healthcare locations with doctors who can provide other types of care, including annual checkups.
- Walgreens shares closed at $33.65, up ~5.4% for the day.
| |
Quick Hits - Seven brands got influencer campaigns right, and you can, too. Wisdom from the experts on running a successful influencer marketing campaign.*
- Twitter is reviewing its policy around permanent bans of users who violate its platform use policy. According to sources, Twitter has been assessing if other content moderation tools could replace its permanent ban for violating certain rules.
- Swedish EV manufacturer Polestar has unveiled a new $84,000 electric SUV it hopes will expand its presence in the U.S. The new Polestar 3 is a five-passenger SUV with 517 horsepower and 300 miles of range.
- Moderna and Merck are partnering to develop a cancer vaccine for high-risk melanoma patients.
- NASA announced on Wednesday that it aims to attempt to launch its delayed Artemis I moon mission on Nov. 14.
*This is a sponsored post.
| |
Upcoming Events - October 19 - AMA with Zecca Lehn (Responsibly VC) (Register Here)
- October 25 - Meet Our Fund 4, an Inside.com Summit (Register Here)
- November 02 - AMA with Bill Glenn (Executive Chairman at Crenshaw Associates) (Register Here)
- November 09 - Live AMA with Yashar Behzadi (CEO and Founder of Synthesis AI)* (Register Here)
- December 07 - Live AMA with Deividi Silva ( Head of Developer Relations at Gun.io) (Register Here)
*This is a sponsored listing.
| |
 |  | Vanessa Omeokachie is a Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
Deliver delightful UX while removing the burden of building and maintaining a notification system with Courier. | |
Get started with Remofirst today, start onboarding tomorrow. | |
