Pandemic hurts AT&T in 3rd quarter; wireless unit stable
By TALI ARBEL AP Technology Writer
NEW YORK (AP) — The pandemic continued to hit AT&T in the third quarter as closed theaters, wary U.S. moviegoers and the Hollywood shutdown hurt its WarnerMedia movie and TV business. The company’s largest division, wireless, was stable, but customers continued to drop their DirecTV service as TV-watching shifts online. The new HBO Max streaming service had 8.6 million activations, but millions of HBO customers haven’t turned it on. Overall, AT&T Inc. said net income fell 24% to $2.82 billion, or 39 cents per share. Revenue fell 5% to $42.34 billion. The pandemic cost AT&T about $2.5 billion in revenue.
Coca-Cola recovery continues as it grows leaner in pandemic
By DEE-ANN DURBIN AP Business Writer
The Coca-Cola Co. said it saw gradual improvement in the third quarter, as it turned its focus to emerging leaner from the global pandemic. Atlanta-based Coke said its revenue fell 9% to $8.7 billion. That was well ahead of Wall Street’s forecast of $8.4 billion, according to analysts polled by FactSet. It was also better than the 28% drop in revenue the company saw in the second quarter. Coke Chairman and CEO James Quincey said the company has accelerated a planned reorganization that will put more emphasis on fast-growing brands. Coke is retiring several underperforming products by the end of this year, including Tab diet soda.
September existing home sales climb 9.4%, highest since ’06
By KEN SWEET AP Business Writer
CHARLOTTE, N.C. (AP) — Sales of existing homes climbed 9.4% in September, the National Association of Realtors said Thursday, the latest sign that the housing market remains red hot despite the coronavirus pandemic. On a seasonally-adjusted rate, the selling pace of existing homes climbed to 6.54 million annualized units. That is the highest level for that metric since February 2006, at the peak of the previous housing bubble.
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More solid earnings reports send US stock indexes higher
The Associated Press undefined
Stocks are opening slightly higher on Wall Street, following gains in European markets, as more U.S. companies report encouraging results for the summer earnings period. The S&P 500 index edged up 0.2% in the early going Friday, though it’s still on track for its first weekly loss in four weeks. Barbie maker Mattel soared after its latest earnings blew past analysts’ forecasts. Capital One was also sharply higher after turning in robust results. Drugmaker Gilead rose after U.S. regulators gave formal approval to its antiviral drug remdesivir to treat patients hospitalized with COVID-19. Treasury yields remained near their highest level since June.