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What you’ll read?

• U.S. Consumer Spending Rises in September Amid Strong Economy

• Morgan Stanley Exceeds Expectations with Strong Q3 Earnings

• Today in AI & Tech

• Universal's Epic Universe is to open in Orlando in May 2025

  and more…

BUSINESS

U.S. Consumer Spending Rises in September Amid Strong Economy.

Consumer spending in the U.S. remained strong in September, with retail sales rising 0.4%, beating expectations. Excluding autos, sales increased by 0.5%. Meanwhile, initial unemployment claims dropped by 19,000 to 241,000 despite recent hurricanes, signaling a resilient labor market. The data, combined with ongoing inflation control efforts by the Federal Reserve, suggest the economy remains robust, with consumers continuing to drive growth even as the labor market shows signs of softening.

Morgan Stanley Exceeds Expectations with Strong Q3 Earnings

Boeing will cut 10% of its workforce, about 17,000 employees, as its losses increase and a machinist strike, now in its fifth week, halts production. The company expects a third-quarter loss of $9.97 per share due to charges in both its commercial and defense divisions. Boeing will delay the 777X wide-body plane until 2026, six years behind schedule, and stop producing the 767 in 2027. CEO Kelly Ortberg acknowledged the company’s severe challenges, noting the need for tough decisions and structural changes to remain competitive. The ongoing strike is costing Boeing over $1 billion monthly.

United Airlines Announces $1.5 Billion Share Buyback Amid Strong Earnings

United Airlines reported better-than-expected earnings for the third quarter, driven by strong summer travel, and launched a $1.5 billion share buyback, its first since the pandemic. The airline's stock surged nearly 13%, reaching its highest price since February 2020. United's revenue hit $14.84 billion, exceeding analysts' estimates, with adjusted earnings per share of $3.33. The airline also forecast higher airfares into 2025, benefiting from reduced flight schedules and increased premium ticket sales.

Netflix Reports Strong Q3 Earnings with Growing Ad-Tier Subscribers

Netflix exceeded expectations in its third-quarter earnings, with revenue rising 15% to $9.83 billion and net income increasing to $2.36 billion. The company saw a 35% growth in ad-tier memberships and added 5.1 million subscribers, bringing total memberships to 282.7 million. While advertising isn't expected to be a primary growth driver until 2026, it accounted for over 50% of sign-ups in markets where available. Netflix plans to shift its reporting focus from subscriber numbers to revenue and financial metrics starting in 2025.

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TECH

Today in AI & Tech

Amazon to Air Election Night Special with Brian Williams on Prime Video

Amazon will host its first live news event, an election night special anchored by Brian Williams on Nov. 5 at 5 p.m. ET. The non-partisan broadcast will feature election results and analysis, with input from various political analysts. Available for free without a Prime subscription, it marks Amazon’s expansion into live news coverage, complementing its increasing presence in sports broadcasting. Williams, formerly of NBC, sees this as a significant new venture in his journalism career.

Amazon’s Cloud Boss Urges Employees to Accept Office Mandate or Leave

Amazon Web Services CEO Matt Garman told employees that those unhappy with the company's new five-day in-office policy are free to leave. He emphasized that collaboration and innovation thrive in an office environment, making the mandate crucial for Amazon's culture. While some employees push back, others are reportedly excited about the shift. The new policy comes as Amazon moves away from its pandemic-era remote work model to remain competitive in AI development.omous vehicles remains years away, with regulatory safety concerns still to be addressed.

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Other

Cleveland Browns to Leave Lake Erie for New Brook Park Dome.

The Cleveland Browns are moving from their current stadium to a new domed venue in Brook Park, Ohio. The decision, announced by owners Jimmy and Dee Haslam, is driven by the desire for a year-round facility. Cleveland Mayor Justin Bibb criticized the move, stating it prioritizes profit over community impact. The privately funded $2 billion project aims to boost economic development without using existing taxpayer dollars. The Browns' departure will cost Cleveland $30 million annually in economic impact.

Biden Administration Forgives $4.5 Billion in Student Debt.

The Biden administration announced $4.5 billion in student debt relief for over 60,000 borrowers through improvements to the Public Service Loan Forgiveness (PSLF) program. This latest action brings the total beneficiaries under Biden to more than 1 million. The PSLF program, launched in 2007, had previously been plagued by high rejection rates, but reforms have simplified eligibility. The average forgiven balance is around $70,000, offering significant relief to public service workers like teachers, nurses, and firefighters.

Universal's Epic Universe is to open in Orlando in May 2025.

Universal's Epic Universe, the company’s fourth and largest theme park, will open on May 22, 2025, in Orlando, Florida. The park spans 750 acres and features five themed worlds, including Harry Potter’s Ministry of Magic, Super Nintendo World, and How to Train Your Dragon’s Isle of Berk. This massive project, delayed by the pandemic, marks Universal's biggest investment ever in its theme parks, aiming to transform its Orlando resort into a weeklong family destination.

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