TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, November 7.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin, reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
It's a quieter week on Wall Street, and investors are looking ahead to several speeches from Fed officials – the heads of the Kansas City and Dallas Feds will take the stage today, with Fed Chair Jerome Powell set to speak later this week. Investors will be looking for further clues that the central bank is done raising rates for this year.
Separately, Uber reported weaker than expected earnings but did see an uptick in its gross bookings and active users. Investors will be watching for results from Disney, Warner Brothers, and Lyft later this week. So far, over 80 percent of companies in the S&P 500 have reported third-quarter results, and of those, 83 percent have beaten Wall Street expectations.
Meanwhile, WeWork has officially filed for Chapter 11 bankruptcy. This news doesn't come as much of a surprise after the company struggled for years and recently announced that it was struggling to pay back its debts.
The embattled co-working company saw its decline after it attempted to go public back in 2019. WeWork, at the time, was worth nearly 50 billion dollars. But after a botched IPO, it nearly filed for bankruptcy weeks later. Things got even worse when the pandemic began, and people shifted to remote work. Since then, the company's stock has plummeted over 90 percent, and its value has dropped to just 45 million.
WeWork noted that its existing co-working spaces will remain open. In a statement, the company said, "Our spaces are open, and there will be no change to the way we operate."
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
