HomeBusiness & FinanceThe Stock Market Today – Midday Overview For October 5

The Stock Market Today – Midday Overview For October 5

The Stock Market Today – Midday Overview For October 5

CANADA STOCKS-TSX slides as strong U.S. hiring data props up yields
US STOCKS-Wall St slides as rising Treasury yields snuff out stock rally

Stocks In the News
• Apple Inc: The smartphone maker is asking its suppliers to move some AirPods and Beats headphone production to India for the first time, Nikkei reported, in what could be an another win for New Delhi in its push for local manufacturing. iPhone assembler Foxconn is preparing to make Beats headphones in India and hopes to eventually produce AirPods in the country as well, the report said, citing sources. Luxshare Precision Industry, a Chinese supplier to the iPhone maker, and its units also plan to help Apple make AirPods in India, according to the report. However, Luxshare is focusing more on its Vietnamese AirPods operations for now and could be slower than its competitors in starting meaningful production of Apple products in India, the Nikkei newspaper said. The tech giant has been shifting some areas of iPhone production from China to other markets, including India, where it started manufacturing iPhone 13 earlier this year, and is also planning to assemble iPad tablets. The company announced last week its plans to manufacture the latest iPhone 14 in India.


• Starbucks Corp: Four U.S. Senators have asked the company to disclose how much the coffee chain has spent on lawyers and consulting fees to counter the growing union membership at hundreds of its locations in the United States. Senators Elizabeth Warren, Ed Markey and Richard Blumenthal, all Democrats, and independent Bernie Sanders, who caucuses with Democrats, sent their request in a letter late Tuesday to Starbucks Chief Executive Officer Howard Schultz and its board of directors. According to a copy of the letter seen by Reuters, they cited “reports that Starbucks is engaging in illegal union-busting tactics” and asked Starbucks to respond within a month. “We appreciate every opportunity to share the facts and address inaccuracies about our company and our partners, and we are confident in our stringent compliance with federal labor law,” Starbucks said in response to the letter. The Senators also said in their letter that they want to see the guidance Starbucks gave to managers about how to deal with workers organizing unions and whether its spending expenditures to counter unions were listed in its tax filings.


• Tesla Inc: The electric vehicle maker said on Tuesday it will remove ultrasonic sensors from its vehicles starting this month, as it moves ahead with using only cameras in its safety and driver-assistant features. Tesla vehicles now have 12 ultrasonic sensors on the front and rear bumpers, and short-range sound sensors are mainly used in parking applications and to detect close objects. Tesla last year started dropping radar sensors amid a chip shortage. Chief Executive Elon Musk has said Tesla can achieve full autonomy with cameras only, but he has missed his targets to roll out self-driving taxis which require no drivers. The automaker faces growing regulatory, legal and public scrutiny over its Autopilot system following crashes. Tesla said it will remove ultrasonic sensors from the Model 3 and Model Y globally over the next few months, followed by the Model S and Model X in 2023. The transition will temporarily limit automated parking features, but not affect crash safety ratings, Tesla noted.

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The more you have the more you stand to make – The Art of Making Money!
Activist investor Carl Icahn amassed the social media platform stake worth more than $500 million in the past few months and made a sizable profit on Tuesday after Elon Musk proposed to go ahead with his takeover of the social media platform, the Wall Street Journal reported. Twitter shares jumped on Tuesday after a securities filing showed Musk intends to go ahead with his April offer of $44 billion to take the company private, signaling an end to a legal battle that could have forced Musk to pay up. Icahn paid in the mid-$30s a share for the stake, the report said, citing people familiar with the matter. The estimated profit for Icahn Enterprises could exceed $250 million, it added. Icahn made the investment on the belief that Musk wouldn’t go through a trial that he looked likely to lose, the report said. He also believed that the stock was worth close to the mid-$30s in the long term. Separately, some Twitter employees were engaged in a company-wide planning process for next year on Tuesday when their phones began buzzing with news that Elon Musk had again reversed course in his on-again, off-again $44 billion bid to buy the company.

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