Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The bond market is dictating action in the stock market. Bond investors are pushing interest rates higher on fear inflation could heat up again. Meanwhile, mortgage rates are about a full percent lower than a year ago but that’s doing little to help real estate. Sales of previously owned homes dropped to a 14-year low in September. The median sales price jumped to $404,500.
Data on new home sales are released on Thursday. Wall Street also gets third-quarter earnings from UPS, Honeywell, and Southwest Airlines, among others.
Related: Coca-Cola pulls the plug on a brand-new flavor amid criticism
Sticking with quarterly results, Coca-Cola has found an innovative way to deal with consumer gripes over inflation: convince consumers you’re giving them something new and they’ll pay full price. It’s taken the same amount of soda, poured it into a sleek, new, shiny, skinny can and voila - higher sales - at least in North America.
Sales in the region jumped 12 percent in the third quarter as the slimmer cans contributed to “favorable mix and pricing actions in the marketplace.” Experts say the skinny can resonates particularly with Gen Z and Millennials who see the edgier, sleeker design as a reflection of their lifestyle values. The design also has a practical purpose - retailers are able to fit more of them on a display, which makes it easier for a thirsty consumer to grab.
While the skinny can cushioned beverage sales in North America, it didn’t help globally. Sales worldwide were flat to lower due to weakness in China and war in the Middle East. Profits, however, came in better than expected.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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