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AM Business Notebook

>>Earnings Results On The Horizon

(Undated) -- Coming up in the business week ahead there are a number of noteworthy earnings reports. Uber's third quarter results are due on Tuesday. Walt Disney reports the following day along with Lyft, MGM Resorts and Virgin Galactic. We'll hear from the likes of AstraZeneca and GoodRx on Thursday.

 

>>Report: Ford To Pay 53-Million-Dollars In Lost Wages

(Detroit, MI) -- Ford reportedly will pay 53-million-dollars in lost wages to striking workers. The Detroit Free Press says it obtained a copy of the settlement in the strike agreement between Ford and the United Auto Workers union. The newspaper cited a UAW source that the settlement would amount to an estimated 110-dollars-per-day for each employee affected by the strike. Settlement payments would not be dispersed until after the strike agreement is ratified by UAW members.

 

>>Musk Debuts 'Grok'

(Undated) -- Elon Musk is debuting "Grok," the first technology from his new AI company "xAI." The company says it is modeled on "The Hitchhiker's Guide to the Galaxy," and is supposed to have some wit and a "rebellious streak." The prototype is in its early beta phase, and only a small number of users will have access before a wider release to use the chatbot. It will eventually be a feature of X Premium+, which Musk said would be 16-dollars a month.

 

>>Atlantic City Electric Workers Strike After Talks Stall

(Mays Landing, NJ) -- Atlantic City Electric's union workers have decided to strike after the two sides failed to agree to a resolution. The utility making the announcement yesterday morning after they and IBEW Local 210 failed to reach an agreement. The work stoppage applies to roughly 400 employees spread over numerous positions. In an email to its customers, Atlantic City Electric says it has been negotiating with the labor union for the last few months, according to The Press of A-C. The contract expired on Thursday.

 

>>NRF Expects 2023 Holiday Spending To Hit Record Levels

(Washington, DC) -- Holiday spending is expected to hit record levels this year. The National Retail Federation projects holiday sales of about 960-billion dollars or more during November and December. The NRF says a three-to-four percent growth rate over 2022 is not surprising given household finances for most Americans "remain in good shape." The holiday spending forecast is in line with the average annual increase of three-point-six percent before the COVID-19 pandemic.

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