Markets
Nikkei 225
36,581.76
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SSE Composite
2,704.09
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IBOVESPA
135,196
▲ +314 / +0.23%
Straits Times
3,570.43
▲ +7.78 / +0.22%
BMV IPC
52,016.85
▲ +17.12 / +0.03%
Dow Jones
41,621.88
▲ +228.10 / +0.55%
DAX 40
18,659.15
▼ -29.66 / -0.16%
BSE SENSEX
82,988.78
▲ +87.84 / +0.12%
FTSE 100
8,290.24
▲ +17.15 / +0.21%
JSE Top 40
74,334.56
▼ -32.94 / -0.04%
Last Week’s Highlights
Boeing shares affected by workers’ strike
Boeing’s U.S. West Coast factory workers went on strike after rejecting a contract deal, causing Boeing shares to drop 3.7%. The strike threatened the company’s production targets, supply chain stability, and financial health. Unionized workers, led by the International Association of Machinists and Aerospace Workers, demanded a 40% wage increase and an annual bonus, rejecting Boeing’s offer of a 25% pay rise over four years. The strike could impact Boeing’s credit ratings, increase debt costs, and affect airlines and suppliers. The walkout also occurred amid President Joe Biden’s administration’s involvement in urging both sides to negotiate a favorable agreement.
Adobe tumbles on a low Q4 forecast
Adobe, the maker of Photoshop, forecasted fourth-quarter earnings below analysts’ estimates, leading to a 9.2% drop in its shares. The company faces stiff competition and soft demand for its AI-integrated editing tools due to challenging economic conditions and cost-cutting efforts by enterprises and individuals. Adobe expects revenue for the fourth quarter to be between $5.50 billion and $5.55 billion, below LSEG estimates of $5.61 billion, and anticipates launching a new generative AI-powered video creation tool called Adobe Firefly Video Model. Operating expenses for the third quarter were $2.86 billion, compared with $2.61 billion a year earlier.
Coming Up This Week
Apple falls on weak demand for new iPhone
Apple shares slid 3.6% in Monday trading due to lower-than-expected demand for the new iPhone 16, particularly the Pro series. One reason for the lower demand is the delayed launch of Apple Intelligence. Analysts from Barclays, JPMorgan, and Bank of America noted lower pre-order figures, especially for the Pro models, and extended shipping times. The Pro and Pro Max models are the premium phones in the iPhone 16 series and have enhanced features such as improved displays and cameras. The iPhone 16 Pro starts at $999 and the Pro Max starts at $1,199.
Uber expands partnership for autonomous ride hailing
Uber is expanding its partnership with Alphabet’s Waymo to bring ride hailing to Austin, Texas, and Atlanta, Georgia. They will manage and dispatch a fleet of fully autonomous, all-electric Jaguar I-PACE vehicles. Uber also has a collaboration with General Motors’ Cruise to offer self-driving cars on the Uber platform. The company is focused on tapping into new technologies and converting its entire fleet of vehicles to green energy.
