Hello friends and Coins2Day readers.
Wall Street stock futures are lower this morning, as Volkswagen’s problems worsen, and Standard Chartered Bank’s earnings and strategic review remind investors how much has turned sour with the slowdown in emerging markets.
Today’s must-read story is by Coins2Day’s Phil Wahba on why retailers are putting a stop to “Black Friday creep.” It turns out opening earlier and earlier may not be the sales boost for which many retailers were hoping. Read more here.
Here’s what else you need to know today.
1. Activision buys Candy Crush maker King Digital
Computer games maker Activision Blizzard, the company behind Call of Duty, is buying King Digital, the maker of Candy Crush Sage, for $5.9 billion. The deal brings together two of the gaming industry’s biggest names, but the valuation for a company that is highly dependent on a single title has raised some eyebrows. It’s also the highest price paid for a U.K.-based tech company since Hewlett-Packard’s acquisition of Autonomy…
2. Tesla reports.
Tesla Motors (TSLA) reveals its third-quarter earnings after the market close today, and analysts anticipate that the electric car maker will report a bigger quarterly loss than previously expected, according to Thomson Reuters StarMine data. CEO Elon Musk will speak with investors and will hopefully provide more guidance on new orders for the recently launched Model X as well as the company’s Gigafactory that’s underway in Nevada. Look out for any update one expenses, especially over the next year.
3. CBS gives its quarterly update.
CBS Corp. (CBS) will update investors on its revenues and profits today, which are expected to surpass expectations. CBS, the most-watched U.S. Television network, has been honing its focus to boost subscription and retransmission fees rather than depending on straight advertising revenue. That strategy seems to be serving them well recently as it likely benefited from higher affiliates and subscription fees.
4. October’s car sales.
Automakers will release sales numbers for October today. Analysts expect total sales to reach 17.7 million vehicles on a seasonally-adjusted basis. That’s down slightly from September when 18.2 million cars flew off the lots, thanks to the Labor Day holiday. Volkswagen even boosted sales year-over-year amid its emissions scandal. Auto sales are also well on their way to having the best year since 2000.
5. Will cereal make its U.S. Comeback?
Kellogg (K) has been trying to turn the tide on its U.S. Cereals business, which has been bleeding sales over the past two years as Americans’ tastes turn toward cheaper private brands and other breakfast options like yogurt. The company switched to zero-based budgeting in August. Managers now must justify their costs from scratch each year in a bid to lower expenses.