The Labor Department's latest report on consumer prices is expected to show inflation cooling and Stellantis is offering buyouts to nearly half of its non-union salaried U.S. employees. Here’s what investors need to know today.
1. Labor Department's Latest CPI Report Could Show Inflation Cooling
The Labor Department's Consumer Price Index (CPI) is expected to have increased 0.1% in October, less than September’s 0.4% increase, in a sign that inflation is slowing. The CPI report, due for release at 8:30 a.m. ET, is expected to show year-over-year inflation dropping to a rate of 3.3% in October from 3.7% the prior month, while growth in the Core CPI is expected to hold steady at an annual rate of 4.1%. Fed Vice Chair Michael Barr will testify to a Senate panel at 10 a.m. ET, while Chicago Fed President Austan Goolsbee speaks at 12:45 p.m. ET.
2. Stellantis Prepares Buyout Offers for Some Salaried US Employees
Chrysler maker Stellantis (STLA) is reportedly preparing to offer buyouts to nearly half of its non-union salaried staff in the U.S. as it cuts costs following negotiations with the United Auto Workers union. Stellantis is expected to offer buyouts to nearly 6,400 workers, coming after it offered buyouts to 2,500 salaried workers in April. Shares of Stellantis traded higher by 0.15% in the pre-market.
3. Fisker Shares Plummet on Lower Production Forecast, Higher-Than-Expected Losses
Shares of EV maker Fisker (FSR) plummeted 12% in pre-market trading after it cut its production forecast for the year to 13,000 to 17,000, lower than its earlier forecast of 20,000 vehicles. The EV startup reported a third-quarter loss of $90.9 million, worse than the $69.2 million loss that analysts had forecast, while its revenue of $71.8 million was below forecasts of $143.1 million.
4. Home Depot Reports Earnings Beat, Lowers Full-Year Outlook
Home Depot (HD) reported earnings per share of $3.81, better than the $3.76 a share earnings that analysts anticipated, while its revenue of $37.7 billion beat expectations of $37.6 billion. The home improvement retailer said consumers are reducing the sizes of their projects, and anticipates revenue will drop by 3% to 4% over last year, where Home Depot previously had called for a 2% to 5% decline. Earnings per share are forecast to decline 9% to 11%, compared with its prior forecast of a 7% to 13% drop in earnings. Shares of Home Depot traded 0.9% higher in the pre-market.
5. Amazon to Sell Products Directly Through Snapchat App
Amazon (AMZN) said that it will let users of Snapchat (SNAP) buy advertised products from the online retail giant directly through the social media app, eliminating the need for users to leave the app to make purchases of advertised products. The deal is similar to one that Amazon recently struck with Facebook and Instagram parent Meta Platforms. Snapchat shares surged 5% in pre-market trading, while Amazon shares were up 0.4%.