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| Here’s your daily business briefing. - 🛍️ NRF: Holiday shopping to slow
- 🍳 Deep Dive: English breakfast prices fall with inflation
- 💡 Intel optimistic despite sales drop
Make sure to continue reading the Quarterly Earnings Report and the Quick Hits. Thank you!! Shriram
p/Shriram | |
| 1 | | Retailers anticipate a slowdown in holiday shopping growth, with the National Retail Federation projecting a potential 4% increase, down from last year's 5.4%. Consumer caution prevails due to concerns over inflation, increased borrowing costs, and the restart of student loan repayments, though robust spending continues in the face of these challenges. More: - Families earning between $25,000 and $35,000 saw the most significant drop in economic confidence.
- Retailers believe that holiday buyers will be more value-conscious, so they aim to raise discounts to draw in these customers.
- The chief economist at the Conference Board stated that consumer confidence has been dropping due to worries about growing costs, especially for food and gasoline, the political climate, and rising interest rates.
- Resuming student loan repayments is anticipated to affect consumer spending by decreasing younger households' savings.
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| 2 | | 
What the numbers say: For the third time in the previous five months, the price of a full English breakfast dropped. In September, the total cost of a fry-up's ingredients decreased by $44.49 (£35.92). Sausage and eggs continue to cost roughly 17% more than they did a year ago. In September, food inflation in the U.K. dropped from 13.6% to 12.2% in the previous month. Relevance: Lower breakfast item prices are helping ease overall food inflation for U.K. consumers as supermarkets compete to lower prices amid increased market share for discounters like Aldi and Lidl. Higher food prices have affected some Britons' daily lives and spending habits, even leading them to skip meals. More data: High fuel prices have maintained the U.K.'s leading inflation rate among G7 countries, but the slowdown in food inflation relieves consumers. Supermarket competition and discounts on essential items influence food prices in the U.K. | | | |
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| 3 | | Intel reported third-quarter revenue of $14.2B, marking an 8% decrease from the previous year. Despite the decline in sales, the company's results surpassed Wall Street's expectations, with a net income of $310M. More: - Intel's PC chip sales decreased by 3% to $7.9B in the third quarter, but they outperformed the broader market.
- Intel is forecasting sales for the current quarter to be between $14.6B and $15.6B, which exceeds analyst estimates.
- The business is attempting to increase its footprint in data centers used for AI calculation as it faces competition in the market for AI chips, particularly from Nvidia.
- Intel, which sees AI as a vast possibility for PCs, plans to ship processors with enhanced AI functions soon.
- Intel seeks to cut up to $10B in annual costs by 2025 by partnering with external investors on chip plant projects and asset sales.
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| 4 | | Paramount outperformed Wall Street forecasts with earnings per share of $0.30 (surpassing the expected $0.10) and revenue of $7.13B (beating the expected $7.099B). The American firm posted 38% higher revenue YoY, with Paramount+ adding 2.7 million subscribers, reaching 63 million, and reducing streaming segment losses from $343M to $238M compared to the previous year. More: - Paramount Global's stock surged over 10% during regular trading hours and extended trading after a robust earnings report.
- The business reported that the box office made 63% more money because of films like "Mission: Impossible — Dead Reckoning Part One."
- Due to difficulties in the worldwide ad market and decreased political advertising, advertising revenue fell by 14% annually.
- Labor strikes contributed to a 7% decline in licensing and other revenue.
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| 6 | | Ferrari posted a 46% profit boost in Q3 YoY and revised its full-year guidance, anticipating 2023 revenue of approximately $6.33B and a per-share profit of at least $7.03. Ferrari's vast customization possibilities increase per-car profitability, and the brand's giant order book, which spans through 2025, demonstrates solid global demand. More: - Revenue for the third quarter was $1.65B, rather than the $1.57B projected, and earnings per share were $1.95, as opposed to $1.72.
- CEO Benedetto Vigna credited the appeal of customization choices and a more varied product mix for a better outlook.
- In the third quarter, Ferrari shipped 3,459 cars, a 9% increase YoY.
- The business highlighted the high demand and ongoing manufacturing ramp-up of its limited-edition Daytona SP3 sports vehicle and SUV-like Purosangue model, with hybrid cars making up 51% of total shipments.
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- Toyota announced the recall of over 1.8 million RAV4s, specifically for model years 2013-2018, due to a fire risk associated with some replacement 12-volt batteries.
- Mortgage rates fell this week, ending seven weeks of increases, with the 30-year fixed-rate mortgage averaging 7.76% in the week ending Nov. 2, down from 7.79% the previous week, according to Freddie Mac.
- Siemens will invest $510M to build a new electrical equipment plant in Fort Worth, Texas, boosted by incentives and the growth of artificial intelligence, according to CEO Busch.
- Elon Musk, CEO of SpaceX, stated that the company's Starlink satellite internet business has achieved break-even cash flow, contributing to SpaceX's valuation of around $150B.
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Term of the Day Advisory board: An advisory board is a group of external individuals with expertise who provide guidance, advice, and assist with growth strategies for a company. Question of the Week What perks would convince you to return to the office? Join the conversation |
INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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