BLACKROCK: Lists Bitcoin Spot ETF

The iShares spot Bitcoin ETF, put forth by the investment company BlackRock, has been registered with the Depository Trust & Clearing Corporation (DTCC). This indicates a possible green light from the United States Securities and Exchange Commission in the near future. BlackRock uses the ticker symbol IBTC, which matches its branding for the rest of its ETFs. This is the first Bitcoin spot ETF listed on the DTCC and is a significant first step to a possible listing. BlackRock is leading the charge on the crucial first steps when listing a new ETF.

Eric Balchunas has been leading the possible Bitcoin spot ETF approval coverage. Balchunas has said that BlackRock may have already received the green light for listing the ETF from the SEC, which has sent the price of Bitcoin surging. There is tons of speculation that multiple ETFs will be included at once, which include Ark Invest, Valkyrie, Gemini, Fidelity, and Grayscale.

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COCA-COLA: Earnings Are In

Coca-Cola announced profits and revenues that surpassed expectations. This update arrives when the company grapples with a declining stock value and concerning shifts in consumer behavior. To cope with inflation, Coca-Cola has increased its prices, which has deterred some consumers from purchasing its products. However, in July, the firm announced it would not raise prices further in the U.S. and Europe for the rest of the year.

This quarter, their prices saw a 9% rise compared to the same period last year. Nevertheless, the company expressed satisfaction with the latest figures and has upgraded its annual profit and revenue projections.

Earnings:

• Earnings per share: 74 cents adjusted vs. 69 cents expected

• Revenue: $11.91 billion adjusted vs. $11.44 billion expected

GENERAL MOTORS: The Strike Hurts

General Motors provided significant insights to investors by revising its annual forecast while announcing third-quarter earnings and revenue. Although GM has the smallest number of UAW members participating in strikes compared to its competitors, Ford and Stellantis, it's still facing financial consequences.

GM disclosed that the strikes, initiated in mid-September, resulted in a loss of over $800 million in pretax earnings. However, as the UAW pushes for improved wages and benefits, they will likely emphasize another figure: GM's impressive quarterly profit of nearly $3.1 billion.

Earnings:

• Earnings Per Share: $2.28 versus $1.88, estimated

• Revenue: $44.13 billion versus $43.68 billion, estimated

Headlines You Need To Know: 🎙

• China’s property crisis is upending tens of thousands of lives

• World’s largest global wealth fund takes big loss

• Barclay’s warns of losses ahead

• McDonald’s tried to buy Panera Bread

• Deficit doubling as US economy grows why yields are at 5%

• Xi makes unprecedented Central Bank visit

• China rattles foreign firms with arrests

• Tesla discloses DOJ probe

Original Oil Tycoons

This family is one of the wealthiest and most powerful families in the world, but the United States Government broke up their company, and they almost lost it all. Ever wondered who started the oil boom in America? Meet John Rockefeller. Born in 1839, Rockefeller was an aspiring entrepreneur from a young age. In 1870, he co-founded Standard Oil, which started a revolution in the oil industry. Rockefeller’s Standard Oil bought out rivals, negotiated secret deals with railroads, and innovated production methods, rapidly becoming the top dog in the oil game.

By the 1880s, Standard Oil controlled 90% of U.S. refineries and pipelines. They were so dominant the Government had to step in. In 1911, Standard Oil was split into 34 independent companies due to antitrust laws, some of which we still know today, such as Exxon, Chevron, and others. The Rockefeller family's money comes from these ventures, but they cannot access most of their wealth until the 4th generation as it is held in multiple trusts.

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