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MarketBitesđź’¸: Coke announces 10% higher sales for the 3rd quarter

 

 

Welcome to MarketBites! Here's all you need to know about yesterday's market news.

 

“There’s a big difference between not settling and not starting. Most people never start.”

 - Dennis Moseley-Williams

 

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PORTFOLIO MANAGER COMMENTARY

Earnings reports from many major corporations were released yesterday. Here are some recaps from a few notable reports:

 

General Motors posted a 37% increase in quarterly profit as its traditional business has performed well despite higher borrowing costs and recessionary worries. The higher sales can be attributed to supply-chain issues easing up and customers buying a lot of pickups. On the other hand, GM had to reduce their forecast for EV sales in North America due to delays in battery output. 

 

Coke announced 10% higher sales for the 3rd quarter. One factor helping this revenue growth was a 7% higher average price for Coca-Cola products compared to last year. Still, Coca-Cola is noticing signs that inflation is changing consumers' buying habits with a shift to store-branded water and juice and shopping more in dollar stores. As a result, the company will be selling products at lower price points in the short term.

.By Kevin Hurley

Investment Analyst

CHART OF THE DAY

Wealthy stats

 

The chart below highlights both the substantial net wealth the bottom 50% of U.S. households gained and the significant amount of x the wealthy were able to build up.

 

WHAT ELSE IS HAPPENING


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