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
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.
CHART OF THE DAY
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.