Wall Street Breakfast October 24: Philips New CEO Slashes Thousands Of Jobs

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 24 October 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Philips (PHG) new CEO starts by slashing thousands of jobs amid device recall woes. Tesla (TSLA) cuts prices in China amid softening demand. Volatility may make a comeback this week as Big Tech reports earnings. Learn more about these stocks with a free trial of Seeking Alpha Premium now.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.2	Good morning. Today is Monday, October 24th, and I'm your host Julie Morgan.
0:15.9	Our top stories.
0:17.5	Phillips reports earnings and cuts jobs.
0:20.2	The Catalyst Watch, Tesla cuts prices, fidelity investments in increasing headcount,
0:26.1	Warby Parker is expanding, and a new airline.
0:30.7	Stocks jumped on Friday helped by moderating Treasury yields and a decline in the dollar.
0:36.0	The Dow closed up 2.5 percent.
0:38.0	The S&P 500 finished up 2.4 percent and the NASDAQ ended up 2.3%. The U.S. Dollar Index dipped nearly 1% on the day.
0:47.7	All 11 S&P sectors finished the day with gains.
0:51.3	Materials led the way, climbing by nearly 3.5%. Financials and
0:55.4	consumer discretionary both advance nearly 3%. Infotech, industrial, health care,
1:01.1	and energy all rallied more than 2%.
1:04.7	Michael Kramer with Mot Capital Management is a seeking alpha contributor.
1:09.0	He said for the rally to continue this week,
1:11.4	equities will need to see rates drop in the dollar weekend.
1:15.6	In the earnings spotlight today, Discover Financial Services and Phillips.
1:21.4	Let's check in with the catalyst to watch for the week. Kim Khan is back. He's the
1:25.3	managing editor for Seeking Alpha. We got Mega Cat Madness on the way. You know
1:30.0	Netflix was one of the original fangs. Now we've just got the A's and the M's, we got
1:33.8	Apple, Amazon, and Alphabet, then you got Meta and Microsoft. And they're all
	...

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