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Spirit stock tumbles amid bankruptcy talks
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National, The Street

Spirit stock tumbles amid bankruptcy talks

By Veronika Bondarenko | The Street Despite repeated reassurances that Spirit Airlines  (SAVE)  would be able to recover from rising debt and a blocked acquisition by JetBlue Airways  (JBLU) , the airline is now talking to bondholders about a restructuring plan in which a Chapter 11 filing is a possibility.  The news, initially broken by The Wall Street Journal late on Oct. 3, sent shares of the low-cost carrier tumbling more than 40% in after-hours trading to $1.36. At last check Friday the stock was trading at $1.53, off 32% from the Thursday regular-session close at $2.24. The Thursday close reflected an 86% drop this year. "The Spirit team is 100% clear and focused on the adjustments we are currently deploying and wil...
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Social Security payments will be affected soon by a cost of living change
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Social Security payments will be affected soon by a cost of living change

By Caitlin Cahalan | The Street Sixty-eight million Americans receive Social Security Insurance (SSI) payments each month, and most retirees (58%) note that Social Security is a significant source of income in retirement. Therefore, it is crucial that these payments cover basic expenses, especially during times of stubborn inflation. The federal government provides a Cost of Living Adjustment (COLA) to ensure that the purchasing power of Social Security payments isn’t diminished by inflation and the rising cost of living. The past few years of consistent inflation have prompted the Social Security Administration to seriously reevaluate the current COLA. While the COLA is adjusted annually, years of sustained inflation typically prompt higher adjustments. READ THE FULL STORY AT...
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Stocks mixed as markets digest Middle East tension
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National, The Street

Stocks mixed as markets digest Middle East tension

By Rob Lenihan | The Street The S&P 500 returns to flat after ticking higher in early action. The tech-heavy Nasdaq is down 0.8%. Investors seem to be digesting a tension-filled weekend in the Middle East. Hezbollah launched over 300 missiles at Israel, despite Israel launching hundreds of airplanes to strike an airfield in a bid to prevent the attack. Unsurprisingly, oil has made the biggest move higher. Crude oil prices are up 3.4% to $77.35 per barrel, and the United States Oil Fund  (USO) , which tracks West Texas Intermediate crude oil prices, is up 3.3%.  Big oil stocks also responded by trading higher. ExxonMobil  (XOM)  gained 2% while Warren Buffett favorite, Occidental Petroleum  (OXY)...
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Fed Chair Powell signals rate cuts as stocks test record highs
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Fed Chair Powell signals rate cuts as stocks test record highs

By Martin Baccardax | The Street U.S. stocks moved firmly higher in early Friday trading, while Treasury yields and the dollar were largely unchanged, as investors reacted to a key speech from Federal Reserve Chairman Jerome Powell that could clarify the central bank's plans for autumn rate cuts.  Bond market are rallying hard on the back of Powell's Jackson Hole address, but bets on an outsized 50 basis point rate cut in September are moving only modestly higher, with the bulk of the odds from the CME Group's FedWatch pointing to a 25 basis point reduction.  Benchmark 10-year Treasury note yields were last marked 5 basis points lower from prior to Powell's remarks at 3.801%, while rate-sensitive 2-year notes fell 6 basis points to 3.935%. READ MORE ON THE STREET...
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When Fed Chair Powell speaks to central bank Friday in Jackson Hole, he might disappoint
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National, The Street

When Fed Chair Powell speaks to central bank Friday in Jackson Hole, he might disappoint

By Jake Smith | The Street Federal Reserve Chairman Jerome Powell will take the stage at the central bank's annual retreat in Jackson Hole Friday with renewed confidence that inflation is receding and the economy is poised, albeit delicately, for a so-called soft landing. That knowledge, cemented by recent data, a resilient stock market and fading recession risks, will likely form the tone of his keynote address to attendees at the central bank's symposium in the northwest Wyoming resort town, which will be tracked by investors on Wall Street and around the world. READ THE FULL STORY AT THE STREET
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Joe Biden is out of the race. Here’s what happens to his $96 million campaign fund
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National, The Street

Joe Biden is out of the race. Here’s what happens to his $96 million campaign fund

By Ross Kohan and Daniel Kuhn | The Street There’s a $96 million question hanging in the air…what happens to the bundle President Joe Biden’s re-election campaign has yet to spend, now that he’s out of the race? Since Vice President Kamala Harris was already on the ticket, she has access to that money. In addition, her campaign already raised more than $50 million in the hours immediately after President Biden backed her to take his place in the race. But Harris doesn’t automatically replace her boss, which means another contender could step in to challenge Harris. If they do, they won’t have access to any of that cash, which essentially means they’ll be starting from zero. There are some exceptions of course, if a member of the Senate or the House takes over for Biden, leftover m...
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Your mortgage payment may drop, if Federal Reserve starts lowering interest rates in September
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National, The Street

Your mortgage payment may drop, if Federal Reserve starts lowering interest rates in September

By Charley Blaine | The Street So, you are scouring websites and newspapers, trying to find that perfect house or condo. But you're worried about one thing.  Where will mortgage rates be when the sale closes? The short answer: Ask the Federal Reserve and Chairman Jerome Powell.  The betting, at least this past week, is the Fed may cut interest rates in September. A different answer is: Follow the 10-year Treasury yield mortgage rates available on the internet. Mortgage rates track Treasury yields.  READ THE FULL STORY AT THE STREET
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Prices at McDonald’s are up, but fast-food giant wants consumers to know by how much
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Prices at McDonald’s are up, but fast-food giant wants consumers to know by how much

By Daniel Kline | The Street Perception is not reality and McDonald's  (MCD)  has faced some of the same narrative problems (perhaps without the political overtones) that the gasoline industry has. Addressing the issue, McDonald's President Joe Erlinger wrote an open letter to the chain's customers. McDonald's has faced a situation similar to that of gasoline prices, after a picture of an $18 Big Mac meal went viral. That image was real — but it's also an outlier.  "Recently, we have seen viral social posts and poorly sourced reports that McDonald’s has raised prices significantly beyond inflationary rates. This is inaccurate," Erlinger wrote.  "And for a brand that proudly serves nearly 90% of the U.S. population every year, we feel a responsibility to...
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Under new CEO, major changes could be realized at Costco
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National, The Street

Under new CEO, major changes could be realized at Costco

By Daniel Kline | The Street Costco has been almost stubborn in how slow it has been to adopt new technology. The company embraced the internet years after rivals like Walmart and Target, and it remains well behind them when it comes to its digital presence. That was due to a longstanding belief by company leadership that members did not want money to be spent on technology that could instead go into keeping prices low. It's not that the warehouse club ignored the internet and advances like guaranteed two-day, then one-day, and now same-day delivery, it just didn't see the need to invest in the required infrastructure. Costco (COST) has been clever in adding features like same-day delivery by partnering with Instacart, and it has slowly improved its website, both in what it sells ...
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Dr Pepper ends Pepsi’s reign as second-most popular soda, making soda industry a three-brand race
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National, The Street

Dr Pepper ends Pepsi’s reign as second-most popular soda, making soda industry a three-brand race

By Rebecca Mezistrano, Ross Kohan AND Daniel Kuhn | The Street While Coca-Cola still holds the top spot when it comes to America’s biggest soda brand, there is officially a battle for the number two spot. After decades of it being just a two-brand race, Dr Pepper has emerged as a contender as is now tied with Pepsi as America’s No.2 soda. Coke is in no danger of losing its top spot with a commanding 19.2 percent share of the soda market, according to Beverage Digest. Pepsi and Dr Pepper both own an 8.3 percent share,. Sprite and Diet Coke rounded out the top five - both brands fall under the Coca-Cola umbrella. READ THE FULL STORY AT THE STREET
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