Q3 GDP data showed the full impact of the Delta variant and supply chain issues on America’s economic recovery, with GDP rising just 2% in the quarter ending September 30 as compared to the 6.7% it grew on an annualized basis in Q2. Worker shortages are also hurting the supply side of the equation, and steadily high inflation also means that consumers “are spending just as much, but getting less in return.” The silver lining in the numbers, however, is a lack of stagflation that some worried was on its way - NYTimes and WSJ and Bloomberg
Those rising costs also took a chunk out of Amazon’s Q3 performance, with “higher labor costs and more spending on new warehouses and other logistics infrastructure” taking a chunk out of the company’s profits, which “fell short of investor expectations” - NYTimes and WSJ and Bloomberg and MarketWatch and TechCrunch
For its part, Apple delivered “record year-end results,” though worse-than-anticipated supply-chain issues and a missed revenue projection stole much of the thunder of that otherwise impressive performance - WSJ and Bloomberg and MarketWatch
Across the pond, ECB chief Christine Lagarde is warning that neither inflation nor supply chain issues will be leaving us any time soon - NYTimes
The ‘Book news keeps on coming fast and furious. On Thursday, Zuck made good on his hinted-at promised that Facebook was planning a name change, revealing that his various platforms would be housed under a new entity dubbed Meta—a nod to the “metaverse” he’s hoping to construct over the next decade-plus—that will feature a new, “infinity-shaped symbol.” The announcement comes as Facebook finds itself in the midst of a very public reckoning over its knowledge of the “harmful effects it was causing” and increased legal and regulatory scrutiny - NYTimes and WSJ and Bloomberg and MarketWatch and TechCrunch
China’s “troubled property giant” Evergrande has reportedly made another major debt payment, “averting default for the second time in two weeks, according to one of the company’s bondholders” - NYTimes
Coca-cola is nearing the final stages of a deal to take a controlling stake in BodyArmor that would value the sports-drink maker at roughly $8 billion. Coke had previously held a minority stake in the entity since 2018 - Bloomberg
The return of Ford’s dividend payments (which it had suspended in March 2020 to conserve cash) helped drive the automaker’s stock upward as much as 13% at one point yesterday before closing up over 8% at day’s end - WSJ
Looking for a good non-political, non-religious argument to really get folks riled up at this weekend’s Halloween parties? Introduce the idea of painting woodwork and watch the room descend into chaos - NYTimes
Stay safe, get vaxxed, and enjoy those tricks & treats,
MDR
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