Associated Press Business Briefs - Oct. 24, 2024
Bonner County Daily Bee | UPDATED 3 weeks AGO
Striking Boeing workers are voting on a new contract offer as the company reports a $6 billion loss
EVERETT, Wash. (AP) — Striking Boeing workers are voting whether to accept the company's latest contract offer or continue their strike, which is now nearly six weeks old. The International Association of Machinists and Aerospace Workers planned to release the voting results Wednesday night in Seattle. Boeing is offering 33,000 workers pay raises of 35% over four years, plus ratification and productivity bonuses. But union members appear split on whether the contract is good enough. The strike has crippled Boeing's airplane production and deprived the company of the cash it gets when it delivers new planes to airline customers. Earlier in the day, Boeing reported losing $6.2 billion in the third quarter.
Quarter Pounders are off the menu at 20% of McDonald's in US as E. coli cases are investigated
McDonald's is working to reassure U.S. customers that its restaurants are safe even as federal investigators try to pinpoint the cause of a deadly E. coli outbreak linked to its Quarter Pounder hamburgers. McDonald's pulled Quarter Pounders from one-fifth of its U.S. stores Tuesday as a result of the outbreak, which the U.S. Centers for Disease Control and Prevention said had sickened at least 49 people in 10 states. One person died and 10 were hospitalized, according to the CDC. A preliminary investigation by the U.S. Food and Drug Administration suggested fresh slivered onions that are served raw on Quarter Pounder hamburgers were a likely source of the contamination.
Tesla posts surprise $2.17 billion third-quarter profit, up 17.3% from a year ago
DETROIT (AP) — Tesla's third-quarter net income rose 17.3% on stronger electric vehicle sales. An optimistic CEO Elon Musk predicted the company would achieve up to 30% sales growth next year. The performance changed the trajectory of the year for the Austin, Texas, company, which had seen sales and profits decline in the first two quarters. Tesla said Wednesday that it made $2.17 billion from July through September, more than the $1.85 billion profit a year ago. The earnings came despite price cuts and low-interest financing that helped boost sales of the company's aging vehicle lineup. After the results were announced, Tesla's stock soared almost 12%.
US home sales slowed again in September, falling to weakest annual pace in nearly 14 years
LOS ANGELES (AP) — Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb. Existing home sales fell 1% last month from August to a seasonally adjusted annual rate of 3.84 million, the National Association of Realtors said Wednesday. Sales fell 3.5% compared with September last year. The latest home sales were short of the 3.9 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 15th consecutive month. The national median sales price rose 3% from a year earlier to $404,500.
Coke's quarterly revenue and volumes fall but still beat expectations
Coca-Cola Co. said Wednesday its third-quarter revenue fell as sales volumes flattened or declined around the world. But the company still beat Wall Street's forecasts and said it expects full-year organic revenue to rise 10%, which is at the high end of its previous guidance. The Atlanta beverage giant said its revenue fell 1% to $11.9 billion. That still beat Wall Street's forecast of $11.6 billion, according to analysts polled by FactSet. The company said it raised prices 10% in the July-September period, partly due to hyperinflation in markets like Argentina.
Apple and Goldman Sachs must pay $89 million for mishandling Apple Card transactions, CFPB orders
NEW YORK (AP) — A federal regulator has ordered Apple and Goldman Sachs to pay a combined $89 million for deceiving consumers and mishandled Apple Card customers' transaction. The Consumer Finance Protection Bureau says Apple failed to send tens of thousands of Apple Card disputes to Goldman. And when such customer disputes were reported, the investment bank did not follow federal requirements for investigating. The agency says many consumers faced long waits to get their money back from disputed charges and, in some cases, saw damages to their credit reports. Beyond penalties and relief to those impacted, the agency is barring Goldman from launching another new credit card unless it can prove the product will comply with the law.