The rumored smartphone by TikTok's owner ByteDance is now available. The Nut Pro 3 is ByteDance's first smartphone. It's a continuation of work by the Chinese phone maker Smartisan (which partially explains the name), and it's being released under the Smartisan brand.
As we learned earlier this year, ByteDance acquired a bunch of Smartisan patents and talent. ByteDance then helped make the Nut Pro 3 and packed it with branded features. Apparently, it didn't decide to change the naming scheme.
Users will be able to launch Douyin -- the Chinese version of TikTok -- by swiping up on the lock screen, Abacus reports. They'll also be able to apply TikTok effects and filters to videos of any length. So, while the phone might still be under the Smartisan brand, it will give ByteDance a dedicated device and platform to share its apps and features in new ways.
The Nut Pro 3 is on sale in China and starts at 2,899 yuan (about $412). It comes with Qualcomm's Snapdragon 855+ chipset, up to 12GM of RAM, 256GM of storage and four cameras.
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Exxon Mobil reported a 49% decline in third-quarter earnings on lower oil prices and higher costs. The results, however, did slightly top Wall Street expectations and the shares were a bit higher in early trading.
Exxon earned $3.2 billion in the third quarter, down from $6.2 billion in the same period a year ago.
Here's how the energy giant's results fared relative to Wall Street expectations:
Adjusted earnings: 75 cents per share vs. 67 cents expected by Refinitiv
Revenue: $65.05 billion vs. $64.79 billion expected expected by Refinitiv
Upstream income: $2.17 billion vs. $2.36 billion expected from FactSet estimates
Downstream income: $1.23 billion vs. $1 billion expected from FactSet estimates
Chemicals income: $241 million vs. $223.6 million expected from FactSet estimates
The company spent $7.7 billion on capital and exploration expenditures, including in the key Permian Basin area. Oil-equivalent production rose 3% compared to a year earlier, reaching 3.9 million barrels per day. Liquid production and natural gas volumes also increased by 4% and 1%, respectively.
The largest spike came from production in the Permian Basin, which grew 7% from the second quarter of 2019, and more than 70% year-over-year.
"We are making excellent progress on our long-term growth strategy," Exxon Chairman and CEO Darren Woods said. "Growth in the Permian continues to drive increased liquids production and we are ahead of schedule for first oil in Guyana. The value of our position in Guyana improved further this quarter with an additional discovery, our fourth this year. We are also making good progress on our advantaged investments in the Downstream and Chemical," he added.
Woods also said that Exxon made progress on divesting its assets, which the company forecasts will generate $15 billion in cash by 2025.
"The competitiveness of our portfolio was further enhanced with the divestment of non-strategic assets, reaching almost a third of our 2021 objective of $15 billion," he said.
Earnings were boosted by a favorable $300 million tax-related item.
For the year, Exxon stock is down 1% through Thursday's close, lagging both the S&P 500 and the energy sector. The S&P 500 is up 21% in 2019 while the energy sector is up 1%.
Last quarter, Exxon beat top and bottom line estimates, as strength in the company's upstream business offset weakness in the refining and chemical divisions. Profit did decline by 21%, however.
Falling oil prices, oversupply concerns and high production are among the factors that have hit the energy sector hard. It's also especially vulnerable to any signs of a global growth slowdown.
The Popeyes Chicken Sandwich is back. The chicken chain has announced its official return date. Let the second-round of chicken wars begin.
John Montagu, the fourth Earl of Sandwich, was born in November of 1718. Hundreds of years later, you might be able to get a free lunch thanks to him.
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Sunday, Nov. 3 is National Sandwich Day in recognition of Montagu, who is said to have invented — or at least popularized — the modern sandwich during a 24-hour gambling binge in 1762.
Several national sandwich chains have announced deals, freebies or philanthropy tied to the occasion. Here’s a look at what some of them have to offer:
Firehouse Subs customers can get a free medium sub with the purchase of another medium or large sub, chips and drink when using this coupon.
Firehouse Subs
Jimmy John’s is offering a free surprise sandwich for its Freaky Fast Rewards members who order an “original” or “favorite” sandwich on Sunday. Members will earn either an 8-inch favorite, 8-inch original, Frenchie or the new Little John at participating locations.
Statesville, NC, USA-June 19, 2019: A Jimmy John's restaurant, one of approximately 300, primarily franchise-owned sandwich shops in the United States. (iStock)
Popeyes Chicken is bringing back is hugely popular chicken sandwich on Sunday. The chain sold out of the sandwiches about two weeks after launching them in August. Popeyes tweeted a video teasing the sandwich’s return and jokingly reigniting a social media rivalry with Chick-fil-A, which is closed on Sundays.
Quiznos is offering a National Sandwich Day promotions at participating locations, where customers can get an 8-inch sub for $6, or $7 for steak or prime rib subs.
Quiznos' prime rib sandwich is one of its options available on National Sandwich Day. (Credit: Quiznos)
Subway is partnering with the nonprofit group Feeding America to donate meals for people in need for its National Sandwich Day weeklong celebration. From Nov. 3-9, Subway said it will provide a meal to the group for every purchase made on Subway.com and on the Subway app.
New York, USA - November 29, 2015: Subway sandwich shop in Manhattan, a chain.
WASHINGTON (Reuters) - U.S. job growth likely slowed sharply in October, weighed down by a strike at General Motors (GM.N), while the unemployment rate is expected to tick up from near a 50-year low of 3.5%.
FILE PHOTO: A "Help Wanted" sign reads "Not Hiring" in Livonia, Michigan, U.S., October 9, 2019. REUTERS/Brian Snyder
The 40-day strike by members of the United Auto Workers union, which came as hiring was already slowing, could make it difficult to get a clear pulse on the labor market and clues on the health of consumers, the economy’s engine.
The Labor Department’s closely watched monthly employment report on Friday will follow data this week showing a further slowdown in economic growth in the third quarter as a trade tensions-induced slump in business investment deepened.
The Federal Reserve cut interests rates on Wednesday for the third time this year, but signaled a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008.
“There is going to be more noise than signal in this employment report because of the GM strike,” said Ryan Sweet, senior economist at Moody’s Analytics in Westchester, Pennsylvania.
According to a Reuters survey of economists, non-farm payrolls probably increased by only 89,000 jobs in October, with manufacturing shedding at least 50,000 positions, which would be the most since 2009. Employment rose by 136,000 jobs in September.
Government data last Friday showed 46,000 GM employees were idle at the automaker’s plants in Michigan and Kentucky during the period establishments were surveyed for October payrolls.
Striking workers who do not receive a paycheck during the payrolls survey period are treated as unemployed. The strike, which ended last Friday, had an impact on suppliers in the auto industry. That led economists to believe the work stoppage cut between 75,000 and 80,000 jobs from October payrolls.
Even without the strike distortions, job growth has been slowing this year, averaging 161,000 per month compared with an average monthly gain of 223,000 in 2018. The nearly 16-month trade war between the United States and China, which has undermined business investment, has been blamed for the slow job growth.
“We don’t want to ignore the impact the trade fight is having on business job decisions,” said Beth Ann Bovino, chief U.S. economist at S&P Global Ratings in New York.
EYES ON WAGES
The Institute for Supply Management’s (ISM) employment measure for the manufacturing industry has contracted, likely suggesting manufacturers could be planning workforce reductions. ISM’s services sector employment gauge has also declined.
The GM strike is also seen limiting the rebound in wage gains in October. Average hourly earnings are forecast up 0.3% after being unchanged in September. That would lift the annual increase in wages to 3.0% in October from 2.9% in September. Wage growth peaked at 3.4% in February.
There are fears the business investment malaise could spill over to the labor market, which is underpinning consumer spending. Fed Chair Jerome Powell said he did not see this risk as the labor market remains solid., but not everyone is convinced.
“As it is, some contagion is already evident,” said Bob Schwartz, a senior economist at Oxford Economics in New York. “Small businesses are reporting cutbacks in hiring and investment plans. If this downbeat note reverberates in a meaningful way to households, spurring an upsurge in job insecurity, the last pillar to fall in a recession - consumer spending - would be at risk of crumbling.”
Solid consumer spending blunted some of the drag on the economy from weak business investment to limit the slowdown in growth to a 1.9% annualized rate in the third quarter. The economy grew at a 2.0% pace in the April-June quarter.
Though the household survey from which the unemployment rate is derived likely treated the striking workers as employed, the jobless rate is expected to have increased by one-tenth of a percent point to 3.6% in October. The household survey, which is volatile because of a small sample, showed 1.57 million jobs created in the last five months, far outpacing the payrolls gain reported in the bigger establishment survey.
FILE PHOTO: Striking union auto worker holds a sign on the picket line outside the General Motors Flint Truck Assembly in Flint, Michigan, U.S., October 9, 2019. REUTERS/Brian Snyder
“This discrepancy creates some risk of a sudden reversal in household employment that could lead to a sudden uptick in the unemployment rate, which would be particularly unsettling at a time when markets are focused on recession triggers or risks,” said Michelle Girard, chief economist at NatWest Markets in Stamford, Connecticut.
October’s anticipated strike-driven plunge in manufacturing will follow a drop of 2,000 jobs in September, which was the first fall in factory payrolls in six months. Manufacturing is struggling under the weight of trade tariffs, which the White House has argued are intended to boost the sector.
Construction employment is expected to have risen in October, though hiring has slowed from a peak of 56,000 jobs in January. Further gains are expected in government employment, in part because of hiring for the 2020 Census.
Reporting by Lucia Mutikani; Editing by Dan Grebler
WASHINGTON (Reuters) - U.S. job growth likely slowed sharply in October, weighed down by a strike at General Motors (GM.N), while the unemployment rate is expected to tick up from near a 50-year low of 3.5%.
FILE PHOTO: A "Help Wanted" sign reads "Not Hiring" in Livonia, Michigan, U.S., October 9, 2019. REUTERS/Brian Snyder
The 40-day strike by members of the United Auto Workers union, which came as hiring was already slowing, could make it difficult to get a clear pulse on the labor market and clues on the health of consumers, the economy’s engine.
The Labor Department’s closely watched monthly employment report on Friday will follow data this week showing a further slowdown in economic growth in the third quarter as a trade tensions-induced slump in business investment deepened.
The Federal Reserve cut interests rates on Wednesday for the third time this year, but signaled a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008.
“There is going to be more noise than signal in this employment report because of the GM strike,” said Ryan Sweet, senior economist at Moody’s Analytics in Westchester, Pennsylvania.
According to a Reuters survey of economists, non-farm payrolls probably increased by only 89,000 jobs in October, with manufacturing shedding at least 50,000 positions, which would be the most since 2009. Employment rose by 136,000 jobs in September.
Government data last Friday showed 46,000 GM employees were idle at the automaker’s plants in Michigan and Kentucky during the period establishments were surveyed for October payrolls.
Striking workers who do not receive a paycheck during the payrolls survey period are treated as unemployed. The strike, which ended last Friday, had an impact on suppliers in the auto industry. That led economists to believe the work stoppage cut between 75,000 and 80,000 jobs from October payrolls.
Even without the strike distortions, job growth has been slowing this year, averaging 161,000 per month compared with an average monthly gain of 223,000 in 2018. The nearly 16-month trade war between the United States and China, which has undermined business investment, has been blamed for the slow job growth.
“We don’t want to ignore the impact the trade fight is having on business job decisions,” said Beth Ann Bovino, chief U.S. economist at S&P Global Ratings in New York.
EYES ON WAGES
The Institute for Supply Management’s (ISM) employment measure for the manufacturing industry has contracted, likely suggesting manufacturers could be planning workforce reductions. ISM’s services sector employment gauge has also declined.
The GM strike is also seen limiting the rebound in wage gains in October. Average hourly earnings are forecast up 0.3% after being unchanged in September. That would lift the annual increase in wages to 3.0% in October from 2.9% in September. Wage growth peaked at 3.4% in February.
There are fears the business investment malaise could spill over to the labor market, which is underpinning consumer spending. Fed Chair Jerome Powell said he did not see this risk as the labor market remains solid., but not everyone is convinced.
“As it is, some contagion is already evident,” said Bob Schwartz, a senior economist at Oxford Economics in New York. “Small businesses are reporting cutbacks in hiring and investment plans. If this downbeat note reverberates in a meaningful way to households, spurring an upsurge in job insecurity, the last pillar to fall in a recession - consumer spending - would be at risk of crumbling.”
Solid consumer spending blunted some of the drag on the economy from weak business investment to limit the slowdown in growth to a 1.9% annualized rate in the third quarter. The economy grew at a 2.0% pace in the April-June quarter.
Though the household survey from which the unemployment rate is derived likely treated the striking workers as employed, the jobless rate is expected to have increased by one-tenth of a percent point to 3.6% in October. The household survey, which is volatile because of a small sample, showed 1.57 million jobs created in the last five months, far outpacing the payrolls gain reported in the bigger establishment survey.
FILE PHOTO: Striking union auto worker holds a sign on the picket line outside the General Motors Flint Truck Assembly in Flint, Michigan, U.S., October 9, 2019. REUTERS/Brian Snyder
“This discrepancy creates some risk of a sudden reversal in household employment that could lead to a sudden uptick in the unemployment rate, which would be particularly unsettling at a time when markets are focused on recession triggers or risks,” said Michelle Girard, chief economist at NatWest Markets in Stamford, Connecticut.
October’s anticipated strike-driven plunge in manufacturing will follow a drop of 2,000 jobs in September, which was the first fall in factory payrolls in six months. Manufacturing is struggling under the weight of trade tariffs, which the White House has argued are intended to boost the sector.
Construction employment is expected to have risen in October, though hiring has slowed from a peak of 56,000 jobs in January. Further gains are expected in government employment, in part because of hiring for the 2020 Census.
Reporting by Lucia Mutikani; Editing by Dan Grebler
Asian markets mostly gained in cautious trading Friday amid fresh doubts about the likelihood of a U.S.-China trade deal.
Bloomberg News reported Thursday that Chinese officials were expressing doubts about the chances of a comprehensive trade deal even if a “phase one” partial deal is signed. President Donald Trump, meanwhile, said the U.S. and China were looking for a new site to sign the “phase one” deal in November, since the upcoming Asia-Pacific summit in Chile was canceled.
U.S. stocks closed lower Thursday on the trade-deal concerns, more evidence of a slowdown in manufacturing and mixed corporate earnings.
WASHINGTON (Reuters) - U.S. job growth likely slowed sharply in October, weighed down by a strike at General Motors (GM.N), while the unemployment rate is expected to tick up from near a 50-year low of 3.5%.
FILE PHOTO: A "Help Wanted" sign reads "Not Hiring" in Livonia, Michigan, U.S., October 9, 2019. REUTERS/Brian Snyder
The 40-day strike by members of the United Auto Workers union, which came as hiring was already slowing, could make it difficult to get a clear pulse on the labor market and clues on the health of consumers, the economy’s engine.
The Labor Department’s closely watched monthly employment report on Friday will follow data this week showing a further slowdown in economic growth in the third quarter as a trade tensions-induced slump in business investment deepened.
The Federal Reserve cut interests rates on Wednesday for the third time this year, but signaled a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008.
“There is going to be more noise than signal in this employment report because of the GM strike,” said Ryan Sweet, senior economist at Moody’s Analytics in Westchester, Pennsylvania.
According to a Reuters survey of economists, non-farm payrolls probably increased by only 89,000 jobs in October, with manufacturing shedding at least 50,000 positions, which would be the most since 2009. Employment rose by 136,000 jobs in September.
Government data last Friday showed 46,000 GM employees were idle at the automaker’s plants in Michigan and Kentucky during the period establishments were surveyed for October payrolls.
Striking workers who do not receive a paycheck during the payrolls survey period are treated as unemployed. The strike, which ended last Friday, had an impact on suppliers in the auto industry. That led economists to believe the work stoppage cut between 75,000 and 80,000 jobs from October payrolls.
Even without the strike distortions, job growth has been slowing this year, averaging 161,000 per month compared with an average monthly gain of 223,000 in 2018. The nearly 16-month trade war between the United States and China, which has undermined business investment, has been blamed for the slow job growth.
“We don’t want to ignore the impact the trade fight is having on business job decisions,” said Beth Ann Bovino, chief U.S. economist at S&P Global Ratings in New York.
EYES ON WAGES
The Institute for Supply Management’s (ISM) employment measure for the manufacturing industry has contracted, likely suggesting manufacturers could be planning workforce reductions. ISM’s services sector employment gauge has also declined.
The GM strike is also seen limiting the rebound in wage gains in October. Average hourly earnings are forecast up 0.3% after being unchanged in September. That would lift the annual increase in wages to 3.0% in October from 2.9% in September. Wage growth peaked at 3.4% in February.
There are fears the business investment malaise could spill over to the labor market, which is underpinning consumer spending. Fed Chair Jerome Powell said he did not see this risk as the labor market remains solid., but not everyone is convinced.
“As it is, some contagion is already evident,” said Bob Schwartz, a senior economist at Oxford Economics in New York. “Small businesses are reporting cutbacks in hiring and investment plans. If this downbeat note reverberates in a meaningful way to households, spurring an upsurge in job insecurity, the last pillar to fall in a recession - consumer spending - would be at risk of crumbling.”
Solid consumer spending blunted some of the drag on the economy from weak business investment to limit the slowdown in growth to a 1.9% annualized rate in the third quarter. The economy grew at a 2.0% pace in the April-June quarter.
Though the household survey from which the unemployment rate is derived likely treated the striking workers as employed, the jobless rate is expected to have increased by one-tenth of a percent point to 3.6% in October. The household survey, which is volatile because of a small sample, showed 1.57 million jobs created in the last five months, far outpacing the payrolls gain reported in the bigger establishment survey.
FILE PHOTO: Striking union auto worker holds a sign on the picket line outside the General Motors Flint Truck Assembly in Flint, Michigan, U.S., October 9, 2019. REUTERS/Brian Snyder
“This discrepancy creates some risk of a sudden reversal in household employment that could lead to a sudden uptick in the unemployment rate, which would be particularly unsettling at a time when markets are focused on recession triggers or risks,” said Michelle Girard, chief economist at NatWest Markets in Stamford, Connecticut.
October’s anticipated strike-driven plunge in manufacturing will follow a drop of 2,000 jobs in September, which was the first fall in factory payrolls in six months. Manufacturing is struggling under the weight of trade tariffs, which the White House has argued are intended to boost the sector.
Construction employment is expected to have risen in October, though hiring has slowed from a peak of 56,000 jobs in January. Further gains are expected in government employment, in part because of hiring for the 2020 Census.
Reporting by Lucia Mutikani; Editing by Dan Grebler
