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MicroStrategy Inc. is seeking to raise $42 billion to purchase more Bitcoin by hiring banks for a dual approach: an at-the-market stock offering expected to generate $21 billion and potential sales of fixed-income securities that could match that amount. This move follows a series of significant deals over the past year, reflecting the company's ongoing commitment to cryptocurrency investment.
S&P 500 futures fell 0.3% and Nasdaq 100 futures dropped 0.4% after disappointing earnings from Meta and Microsoft, which saw shares decline nearly 3% and 4%, respectively. The market is also awaiting key inflation data, with economists predicting a 0.2% monthly increase in the personal consumption expenditures price index. Major tech earnings from Apple and Amazon are expected on Thursday, alongside the weekly jobless claims report.
EUR/GBP is finding support while GBP/USD faces resistance ahead of the UK’s first Labour party budget in 14 years. EUR/USD has bounced off its support level at $1.0778-62, with a bullish reversal requiring a rise above $1.0839. Meanwhile, GBP/USD struggles within the $1.3000-$1.3045 range, with a drop below $1.2908 targeting the June high at $1.2861.
Markets are bracing for significant tech earnings and US labor data ahead of the presidential election. The AUD/USD is approaching a crucial upward trendline support at 0.653, while the EUR/GBP nears its 2022 lows around 0.824, driven by diverging monetary policies in the Eurozone and UK.
Manulife Financial Corp. has reduced its workforce in the global wealth and asset management division by approximately 2.5%, resulting in the elimination of 225 jobs. This decision aims to enhance the company's global operating model and concentrate on high-growth priorities, according to a spokesperson.
Teladoc Health reported Q3 revenue of $640.5 million, exceeding expectations, but faced a 3% year-over-year decline. The company is undergoing a transition, particularly with its BetterHelp segment, which saw a 10% revenue drop and high customer acquisition costs. New CEO Chuck Divita aims for a turnaround, emphasizing international growth and restructuring efforts.
Starbucks will eliminate the surcharge for dairy substitutes starting November 7, allowing U.S. customers to save over 10% on their drinks. This decision follows customer requests and aims to boost sales amid rising prices and inflation concerns. The change coincides with the launch of the holiday menu and comes as CEO Brian Niccol focuses on revitalizing the brand.
Starbucks will eliminate the extra charge for non-dairy milk in its company-operated stores, starting with the launch of its holiday menu on November 7. This change aims to boost sales and will remove the typical upcharge of 70 to 80 cents for customers opting for non-dairy options.
eBay's shares fell nearly 9% in after-hours trading following a disappointing fourth-quarter revenue forecast, predicting between $2.53 billion and $2.59 billion, below analyst expectations of $2.65 billion. Despite reporting third-quarter earnings of $1.19 per share and revenue of $2.58 billion, the company faces increasing competition from rivals like Amazon and Walmart. eBay's gross merchandise volume grew 2% year over year to $18.3 billion, surpassing projections, as it focuses on niche markets and leverages AI tools to enhance user experience.
Siemens AG has agreed to acquire Altair Engineering Inc. for $10 billion, marking its largest acquisition to date. The deal, which includes debt, will see Siemens pay Altair investors $113 per share, reflecting a 19% premium over Altair's closing price on October 21. The transaction is expected to finalize in the second half of 2025.
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