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incoming update…Breaking News Pinned Inflation remains hotThe consumer price index, a measure of prices at the main street level, remains near a 40-year high.

ECONOMYInflation surged more than expected in September as prices remain stubbornly highThe Labor Department released the latest inflation data set on Tuesday, revealing just how hot consumer prices ran in September as the Fed tries to cool the economy.

Posted by FOX Business Team ShareDuane Reade owner Walgreens Boots Alliance tops Wall Street profit forecastWalgreens Boots Alliance Inc.$33.61


Walgreens Boots Alliance topped earnings forecasts in the final quarter of fiscal 2022, and the drugstore chains early look at 2023 also fell mostly above expectations.

A drop in COVID-19 vaccinations and a big charge tied to the companys United Kingdom stores weighed on results, but shares edged up Thursday after Walgreens detailed its performance.

Overall, the company booked a $415 million loss in the quarter that ended Aug. 31, as sales slid 5% to $32.45 billion. Earnings adjusted for one-time items totaled 80 cents per share.

Analysts expect, on average, earnings of 77 cents per share on $32.1 billion in revenue in Walgreens fiscal fourth quarter, according to FactSet.

The company faced a tough comparison with last years quarter, when its stores saw a surge in sales of vaccines and other products tied to the pandemic, Edward Jones analyst John Boylan said in a research note. Posted by Associated Press ShareDomino’s forecasts less costs, spendingDominos Pizza Inc.$330.41


Domino’s Pizza sees lower costs than previously estimated. The world’s largest pizza chain updated its full year guidance on Thursday. Capital expenditures are now forecast at $100 million, down from $120 million previously estimated.

General and administrative expenses are seen at $415-$420 million, down from $420-$428 million

Domino’s on Thursday reported third-quarter profit of $100.5 million.

On a per-share basis, the Ann Arbor, Michigan-based company said it had net income of $2.79.The results did not meet Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.95 per share.

The pizza chain posted revenue of $1.07 billion in the period, which matched Street forecasts.

U.S. same store sales increased 2.0% and international same store sales (excluding foreign currency impact) declined 1.8% during the third quarter of 2022.

The Associated Press contributed to this report.Posted by FOX Business Team ShareKroger in talks to merge with Safeway, Vons owner Albertsons reportKroger grocery delivery bags in the U.S. obtained by Reuters on June 15, 2022. (Kroger/Handout via Reuters)


U.S. grocery giant Kroger Co is in talks to merge with smaller rival Albertsons Companies Inc, Bloomberg News reported on Thursday, citing people familiar with the matter.

A deal could be reached as soon as this week, the report said, adding that no final decision has been taken and talks could still be delayed or falter.

Both companies did not immediately respond to Reuters’ requests for comment on the news.

In what could potentially be one of the biggest deal in recent years in the retail space, the merger talks come at time retailers and grocers are grappling with soaring costs and supply chain disruptions.

A potential deal between the two grocers would give the combined company a market valuation of about $47 billion. Shares of Albertsons surged 8% on the news, while Kroger shares were down marginally.Posted by Reuters ShareMortgage rates approach 7%Home with a “Sold” sign is shown, Sun., May 2, 2021, in Surfside, Fla. (AP Photo/Wilfredo Lee)

REAL-ESTATEMortgage rates resume their climbFreddie Mac said the 30-year fixed-rate mortgage hit it’s highest level since 2002 this past week, reaching a high of 6.92%. This is up from 3.05% a year ago in Oct. 2021.

Mortgage rates are climbing again, according to mortgage securitizer Freddie Mac.

The average 30-year fixed rate mortgage rose to 6.92% from 6.66%.  A year ago at this time, the 30-year averaged 3.05%.

The 15-year rate averaged 6.09%, up from last week when it averaged 5.90%. A year ago at this time, the 15-year FRM averaged 2.30%.

Rates resumed their record-setting climb this week, with the 30-year fixed-rate mortgage reaching its highest level since April of 2002, said Sam Khater, Freddie Macs Chief Economist. We continue to see a tale of two economies in the data: strong job and wage growth are keeping consumers balance sheets positive, while lingering inflation, recession fears and housing affordability are driving housing demand down precipitously.” Posted by FOX Business Team ShareBreaking News Dow tumbles over 400 points after consumer inflation price surgeDow Jones Averages.$28709.38

U.S. stocks slumped following the 8.2% jump in consumer prices for September. The reading, hotter than expected, signals inflation is not coming down despite the Federal Reserves aggressive path of interest rate hikes. In commodities, oil fell to the $86 per barrel level.Posted by FOX Business Team ShareBreaking News Social Security cost of living raisesAmerica’s retirees are in-line for a hefty cost of living bump next year but inflation may eat into that windfall.

MONEYSocial Security recipients to see biggest COLA increase since 1981 The Social Security Administration on Thursday announced the cost-of-living adjustment for Social Security benefits, with recipients receiving a record increase.

Posted by FOX Business Team ShareBreaking News Stocks slide, bond yields surgeU.S. stocks reversed gains after the September consumer price index came in hotter than expected, rising 8,2%, as Americans continue to be punished with higher prices for everyday items.

The yield on the 10-year Treasury grazed 4%.Posted by FOX Business Team ShareStock futures higher ahead of inflation readStock traders (AP)

U.S. equity futures were trading higher ahead of the most anticipated economic report of the week.

The major futures indexes suggest a gain of 0.5% when the opening bell rings on Wall Street.

Oil prices gained after easing in the previous session on concerns about weakening demand outlook.

U.S. West Texas Intermediate crude futures traded around $87.00 a barrel.

Brent crude futures traded around $93.00 a barrel.

Both OPEC and the U.S. Energy Department have cut their demand outlooks.

The Bureau of Labor Statistics is expected to say the consumer price index rose 0.2% month-over-month in September, slightly above Augusts 0.1% pop. 

On a year-over-year basis watch for prices climb 8.1% in September, easing back from Augusts hotter-than-expected reading of 8.3% thanks to moderating energy costs.

The Labor Department will release the number of new claims for unemployment benefits last week, likely to show that the labor market remains tight. Expectations are for 225,000, up slightly from a higher-than-expected 219,000 the prior week.  

 The Nikkei 225 in Tokyo sank 0.6%, Hong Kong’s Hang Seng tumbled 1.8% and China’s Shanghai Composite Index lost 0.3%.

Wall Street’s benchmark S&P 500 ended lower Wednesday after inflation in producer prices edged down but still was near a multi-decade high.

The S&P 500 gave up 0.3% to 3,577.03 on Wednesday for its sixth daily decline.

The Dow Jones Industrial Average slipped 0.1% to 29,210.85. The Nasdaq composite lost 0.1% to 10,417.10. Both are on pace for a weekly loss.Posted by Ken Martin ShareSeptember inflation report likely to show core prices surged to fresh 40-year highGrocery shopping (AP)

A high-stakes inflation report due Thursday is expected to show the fight to rein in soaring consumer prices ha a long way to go. 

The Labor Department is releasing the highly anticipated consumer price index (CPI) report on Thursday morning, providing a fresh look at how hot inflation ran in September.

Economists expect the gauge, which measures a basket of goods, including gasoline, health care, groceries and rent, to show that prices rose 0.2% in September from the previous month up from the 0.1% reading in August. On an annual basis, inflation is projected to have climbed by 8.1%.

Continue readingPosted by Ken Martin ShareTaiwan Semiconductor profit soars, but cuts capexTaiwan Semiconductor logo (Reuters)

Taiwan Semiconductor Manufacturing’s quarterly profit surged 80% on strong sales of its chips used in data centers and electric cars.

However, the company cut its annual investment budget by at least 10% and struck a more cautious tone on upcoming demand.

TSMC’s advanced chips for high-end customers such as Apple and Qualcomm had shielded it from the downturn flagged by chipmakers including AMD and Micron Technology.

TSMC said Thursday there are challenges from rising inflationary costs next year and cut its capital expenditure for 2022 to around $36 billion.Posted by Ken Martin ShareToshiba gets $19B buyout bid sending shares surgingToshiba logo (Reuters)

Toshiba Corp shares jumped on Thursday following a report that a domestic-led consortium is looking to buy the Japanese conglomerate for $19.1 billion.

A group of firms led by Japan Industrial Partners, a domestic private equity firm, had made the bid, according to the Kyodo news agency.

The bid comes to a 26% premium from Wednesday’s closing price.

Shares of Toshiba jumped 7.5% putting them on track for their biggest one-day gain in more than a year. 

Continue readingPosted by Ken Martin ShareGasoline price slides for a second straight dayGas Prices (AAA)

The average price of a gallon of gasoline slipped for the second straight day after a recent run of increases.

The price on Thursday was $3.913, according to AAA.

Wednesday’s price was $3.922. A week ago, gasoline was at $3.867.

Gas hit a high of $5.016 on June 14. 

Diesel’s price gained to $5.189 per gallon.Posted by Ken Martin ShareOil prices rebound after Wednesday’s slideOil rigs (Reuters)

Oil prices gained Thursday morning after easing in the previous session on concerns about weakening demand outlook.

U.S. West Texas Intermediate crude futures traded around $87.00 a barrel.

Brent crude futures traded around $92.00 a barrel.Both OPEC and the U.S. Energy Department have cut their demand outlooks.

OPEC on Wednesday cut its outlook for demand growth this year by between 460,000 bpd and 2.64 million bpd, citing the resurgence of China’s COVID-19 containment measures and high inflation.

The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. It now sees just a 0.9% increase in U.S. consumption in 2023, down from a previous forecast for a rise of 1.7%.Posted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were lower Thursday morningBitcoin was trading around $19,000, after snapping a two-day losing streak.

For the week, Bitcoin has lost 5%. For the month, the cryptocurrency was off more than 1%.

Bitcoin has lost more than 58% year-to-date.

Ethereum was trading around $1,200, after losing more than 4% in the past week.

Dogecoin was trading at 5 cents after losing more than 7% in the past week.Posted by FOX Business Team Share

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