Thursday’s business headlines
Thursday’s business headline
INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.
Starbucks pumpkin spice latte returns
Starbucks’ signature fall drink returns to menus today. The pumpkin spice latte always gives Starbucks sales a boost this time of year. The company has some other seasonal beverages as well.
Wholesale pork belly prices approaching record highs
Bacon is about to get even more expensive as wholesale pork belly prices approach record highs. Analysts who spoke to CNBC attributed the surge in pork prices partly to a recently imposed animal welfare regulation in California, which came into effect July 1. That law requires pigs to be kept in pins that are larger.
Peloton shares drop 20%
Shares of Peloton plummeted 20% after another dismal earnings report. A recall’s price tag “substantially exceeded” Peloton’s expectations, costing the company $40 million and about 20,000 members who paused their monthly subscriptions because they were waiting for a replacement bike seat.
Nvidia shares soar on AI technology
Nvidia is riding the artificial intelligence wave fueling red-hot demand for its technology. Nvidia makes chips that are used in ChatGPT and Google’s Bard as well as other AI applications. Profits were more than 9 times what the company made last year. The shares already have more than tripled so far this year
Tech stocks lead a big stock rally ahead of Nvidia results.