Conway Gittens reported from the New York Stock Exchange, highlighting key market movements as covered by TheStreet. The week concluded with varied earnings results. Procter and Gamble did not meet sales forecasts but exceeded profit expectations. Notably, P&G observed that consumers were no longer opting for cheaper alternatives, indicating a rise in volumes for the first time in over two years.
The forthcoming week presents a busy earnings schedule. Companies to monitor will include Verizon, General Motors, 3M, Coca-Cola, Boeing, Tesla, Amazon, and UPS.
In other developments, Stellantis, the transatlantic corporation overseeing brands such as Chrysler, Dodge, Jeep, and Ram, faces significant challenges. Currently enduring a sales decline, the company contends with a struggle involving Chrysler’s founder’s great-grandson over ownership issues. The situation is particularly severe in North America, where layoff notices were distributed in October. Stellantis is also seeking voluntary resignations from white-collar employees and is considering closing a testing facility in Arizona by the end of the year as part of cost-cutting efforts. The company confirmed these plans to CNBC, stating that they are seeking ways to improve efficiency and optimize their operations amid a rapidly evolving global market landscape.
CNBC reported that the 69 individuals affected by the testing facility’s closure will receive special buyout offers, can apply for transfers, or face layoffs with up to two years’ compensation. Stellantis’ workforce in North America decreased by 14.5% from 2019 to 2023, not accounting for all layoffs expected by the end of 2024.
This marks the conclusion of the Daily Briefing from the New York Stock Exchange, as reported by TheStreet’s Conway Gittens.
