However, the bank's Q3 profits soared year-over-year on the back of rapid cost reductions. Bank of America's total loan book grew 0.3 % in Q3 2018, compared to the year-ago period.According to a Reuters report, Chief Financial Officer Paul Donofrio said in a conference call with reporters that Bank of America is working to improve its M&A business after losing market share.  In spite of its headwinds, the bank managed to generate solidly positive year-over-year growth in profits -  thanks to its cost cutting strategies.

In an environment of increasingly health-conscious consumers and heightened health regulatory measures, Phillip Morris International seems to be tapering its cigarette business to focus more on healthier alternatives. In 2018, the company plans to invest almost $600 million in reduced risk products (RRP’s) or low-risk smoking alternatives – which includes its smokeless cigarettes, iQOS.The regulatory body has made it mandatory for tobacco companies to use precautionary labels on cigarette packets, and is reportedly trying to have manufacturers to reduce nicotine to low levels in their cigarettes.

Thirty million people have been affected by a massive hack of Facebook, with the attackers gaining access to millions of victims' highly sensitive personal data. Article Found Here on Business Insider

On Friday, Starbucks announced it will begin buying back $5 billion in shares, as part of its program to pay out $25 billion to shareholders via buybacks and dividends through fiscal 2020. This follows the coffee chain’s $7.15 billion deal with Nestle SA earlier this year that allows it to market Starbucks products outside of the U.S., and this week’s announcement from Bill Ackman that his hedge fund Pershing Square Capital will invest $900 million in Starbucks shares.Starbucks is expected to complete the $5 billion share repurchases by February or March of 2019. Starbucks' third fiscal quarter earnings-per-share came in at $0.62, slightly higher than Wall Street's expectations of $0.61.

Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization.Now, the company is announcing layoffs. Article found on Yahoo Finance

All three banks experienced positive year-over-year growth in net incomes. Citigroup earned $1.73 per share in Q3, versus Street estimates of $1.69.Net income rose to $8.38 billion, from $8.316 billion a year ago. Wells Fargo’s earnings per share of $1.16 was lower than the Street’s expected $1.17 per share.

A Citigroup analysis upgrades its recommendation on Netflix . The online video-streaming company’s more than -15% plunge in stock price over the past three months is potentially an attractive buying opportunity for investors, according to Citi’s analyst Mark May  who raised his rating from “Neutral” to “Buy” for Netflix stock. May also mentioned in a note that the previous "Neutral" rating for Netflix was based to some extent on its high valuations;  the recent decline in the broader market has made Netflix stock prices more reasonable.He further added that the firm's  free cash flow burn is likely to taper off by 2018-end, and that he expects the free cash flow to turn positive in 2020 or 2021.  

More than 100 million barrels of oil and other petroleum liquids are being produced per day - a record according to the International Energy Agency (IEA). Output -- which includes crude oil, natural gas liquids, biofuels and refinery processing gains -- was 2.3 million barrels higher than the same period last year and 1.3 million barrels per day higher than the second quarter. The IEA also says there is an increasing demand for oil from developing economies even as Western economies look for alternatives away from fossil fuels.The report shows that U.S. production has jumped to 11 million barrels per day, making it the world's largest producer of crude oil, according to the U.S. Energy Information Administration.

Aphria Inc., the Canadian cannabis company that has reportedly been in talks to receive an investment from tobacco giant Altria Group (MO), reported a first quarter profit of C$21.2 million, up from the C$15 million it reported in the same quarter last year. In a news release, the company said its profit came to nine cents per diluted share compared with a profit of $0.10 per diluted share in the same quarter last year, when it had fewer shares outstanding. Aphria attributed its growth to investments in Liberty Health Sciences and Hiku Brands Co. Ltd., and an increase in fair value of biological assets caused by a production increase. Although it has not confirmed or denied the rumors of Altria's investment, Aphria shares (traded on the Canadian TSE stock exchange) have been trading higher since the report and its profit announcement. 

Dorsey also described Friar as “an amazing leader, partner, and friend”. Square’s stock plunge comes at a time of a broader tech sector decline.The company, however, has managed to gain +113% in stock price for the year so far.

FedEx (FDX, $ 217.42), the pioneers of the package tracking system and one of the largest delivery service providers across the globe, is set to lose $35.4 million as it reaches a settlement in the New York cigarette case. Alleged to have shipped some 80 million un-taxed cigarettes in New York city from 2006 to 2012, FedEx finally settled the case that was filed in 2014 after reaching an agreement in principle to settle with New York City and New York state by paying a sum of $35.4 million. The settlement doesn’t include any admission of liability by the FedEx Ground business, and is a drop in the bucket for a company that rakes in $65 billion in annual revenues. 

Although Murphy Oil will run the operations with 80% stake in the JV, both companies would contribute all their currently producing assets to the venture.According to the deal, Petrobras will earn another $150 million if certain price and output limits are exceeded within a set time frame. For Murphy Oil, this deal not only helps them enhance total production capability by nearly 41,000 barrels of oil equivalent per day, it also helps in boosting the company’s margin.

Elon Musk, the Securities and Exchange Commission (SEC), and Tesla Inc. have have submitted a joint filing in support of a settlement to recent problems, after Musk tweeted negatively about the initial settlement proposal. Musk and the company will pay $20 million to regulators, and Musk has agreed to step down as Chairman but remain Chief Executive Officer.The SEC said Musk misled investors with tweets this past summer by saying he was considering taking Tesla private and had secured funding. The SEC charges against Musk last week knocked about $7 billion off the company's market cap, bringing down its market value to $45.2 billion, below General Motors' (GM) $47.5 billion. 

As the legalization of recreational pot draws nearer in Canada, tobacco giant Altria (MO) is reportedly in talks to take a piece of Leamington, Ontario-based Aphria (APHQF). Reuters says that Altria may initially take a minority stake in the company with the option to become a majority owner later on.In response to the report, Aphria released the following statement: "Aphria Inc. today responded to a request from the Investment Industry Regulatory Organization of Canada regarding media reports suggesting the Company is engaged in discussions regarding a potential investment in Aphria.

Insurance company Travelers Companies, Inc. partners with Amazon to sell house security products to clients. Travelers launched an Amazon storefront where its customers can buy home security kits that include cameras, motion detectors, water sensors and Echo Dots at discounted prices.Buying the products can get Travelers customers discounts on insurance policies as well. Through this collaboration with Amazon, Travelers hopes to encourage people into taking more home protection measures and therefore lower risks – which could potentially lessen the amount of claims the insurance firm has to pay out.

Even as crude prices rally, the Organization of the Petroleum Exporting Countries (OPEC) Secretary-General thinks that the oil market is adequately supplied.  Following U.S. sanctions on Iran, market investors seem to be pricing in expectations of a supply shortage (Iran being the OPEC's third-largest oil producer)."The projections for 2019 clearly show a possible rebuild of stocks," speaking on his outlook for next year. What’s more, OPEC in a separate analysis projected dampened growth in oil demand for oil in 2019 due to trade wars and emerging markets’ crises/volatility.

Cannabis legalization also means consumers will find cannabis in various products, including those involving nutraceuticals, cosmetics and over-the-counter sleep and pain medications.Coca Cola (KO) is reportedly in talks with Aurora Cannabis (ACBFF) to develop cannabis-infused beverages.

A fake memo about Broadcom’s merger with CA Technologies circulated among Washington lawmakers. Semiconductor company Broadcom said on Wednesday that the letter - made to look like it came from the Defense Department - mentioned the need for the Committee on Foreign Investment in the United States (CFIUS ) to review the merger deal.While the U.S. antitrust officials did give their nod in August, a new law signed by U.S. President Donald Trump gives the CFIUS expanded authority to review deals that could potentially allow foreign companies access to sensitive technologies or those that might compromise U.S. national security. Trump had previously rejected Broadcom's plans of $117 billion acquisition of another chipmaker Qualcomm,  following a CFIUS review.

An unimpressive third-quarter performance by Trinseo (TSE, $62.29), a global materials solutions provider of plastics, latex binders, and synthetic rubber, saw the company’s share price plunge by nearly 18% last week. In the last five days leading into October 10, Trinseo fell by nearly 24% from $81.43 on October 4 to $62.26 on October 10. Will the bleeding stop? The stagnating North American automotive market, coupled with a struggling tire market and global trade uncertainties, are believed to have played a major role in Trinseo's dismal performance. After the release of preliminary third-quarter results, management emphasized taking corrective measures to mitigate the challenges faced and post numbers more in-line with expectations.While the adjusted EBITDA is expected to be in-between $140 million and $146 million, it is estimated to miss prior guidance by roughly around $12 million.

Quebec-based Caisse de Depot et Placement du Quebec and Al Gore's Generation Investment Management have teamed up to buy New Zealand-based FNZ in one of the year's largest fintech deals. Canada's second largest pension fund has teamed with Generation, also co-founded by former Goldman Sachs Group partner David Blood, for future investments as well.The partnership expects to invest about $3 billion for investments that have an eight to 15-year duration. FNZ has some of the banking world's largest clients including Barclays, Vanguard Group and Aviva.