🚀 Boeing Strike Ends

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Boeing’s unionized machinists voted to end their seven-week strike with a 59% approval of a new contract on Monday, marking their third vote since September. The approved deal offers a 38% wage increase over four years, enhanced retirement contributions, and a signing bonus of up to $12,000. The union had turned down two prior proposals, including one with a 25% raise, falling short of workers' demands amidst Seattle’s rising living costs. The contract allows Boeing to resume production, crucial to its financial recovery. Newly appointed CEO Kelly Ortberg, aiming to guide Boeing through ongoing challenges, emphasized teamwork in rebuilding the company’s reputation for excellence. President Biden and Acting Labor Secretary Julie Su commended the resolution, which supports Boeing’s key role in U.S. aerospace manufacturing.

2. Yum Brands reported disappointing quarterly earnings, with both revenue and earnings per share falling short of Wall Street expectations. KFC and Pizza Hut, two of Yum’s biggest brands, saw a 4% drop in same-store sales, dragging down overall performance. CEO David Gibbs attributed the downturn to weak consumer sentiment and political conflicts, especially in the Middle East. KFC’s U.S. sales declined 5% as it lost market share to competitors like Popeyes, while Pizza Hut’s international sales slid even further, with a 6% decline. Taco Bell stood out as a bright spot, with a 4% same-store sales increase, supported by strong consumer perception of value.

3. Restaurant Brands International missed Wall Street’s earnings and revenue expectations for Q3, with weaker-than-expected same-store sales across its four main chains. Tim Hortons led with 2.3% domestic same-store sales growth but still underperformed analyst estimates. Burger King, Popeyes, and Firehouse Subs all saw declines in their home markets, with Popeyes down 4% and Firehouse Subs falling nearly 5%. CEO Josh Kobza noted improved sales trends in October, crediting successful promotions and easing inflation. Net income remained flat year-over-year at $252 million, while acquisitions helped lift net sales by nearly 25% to $2.29 billion.

4. Headlines

   1. Nintendo’s profits are down 69% as the sale of Switch consoles has significantly declined.

   2. Palantir grew 30% YoY and expects similar growth over the next 12 months.

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Liam Gill