Market Beats | Meta Fined 100 Million by Ireland; Hurricane Cuts Power to Millions of Homes in Florida; Costco Optimistic About Holiday Sales Surge; U.S. Inflation Rate May Drop Back to 2% Early Next Year

1. Meta Fined 100 Million by Ireland

2. Hurricane Cuts Power to Millions of Homes in Florida

3. Costco Optimistic About Strong Holiday Sales

4. U.S. Inflation Rate May Drop Back to 2% Early Next Year

5. Ryan Reynolds’ Advertising Company Prepares for IPO

6. U.S. Consumer Confidence Hits Five-Month High

7. Veris to Sell $450 Million Apartment Complex in Jersey City

1. Meta Fined 100 Million by Ireland

The Irish Data Protection Commission (DPC) issued a statement stating that, in April 2019, Facebook (now Meta) stored a large number of user account passwords in its internal systems without any privacy protection mechanisms. As a result, the DPC has fined Meta a total of €91 million.

Last year, the same commission imposed a hefty fine of $1.3 billion on Meta for transferring Irish user data back to the U.S.

Meta stated that the company corrected the error immediately at that time, and there is no evidence that any passwords were leaked.

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2. Hurricane Cuts Power to Millions of Homes in Florida

The U.S. National Hurricane Center issued a statement saying that Tropical Storm Helene hit Florida’s west coast, and many states are likely to face deadly flooding.

Helene reached Perry City at speeds of 140 mph and was briefly classified as a Category 4 hurricane at its peak. The storm’s speed has now decreased to 70 mph, but deadly winds and heavy rain will continue.

According to PowerOutage.us, over 1.3 million households and businesses in the Southeastern U.S. experienced power outages, with the majority in Florida.

Governor Ron DeSantis stated that Helene is the most severe hurricane he has experienced.

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3. Costco Optimistic About Strong Holiday Sales

Costco’s CFO, Gary Millerchip, said in an interview that inflation has significantly eased, and consumers have started purchasing more non-food items.

So far, Halloween sales have been very strong, and there are many electronic promotions during the holiday season. Many people may take the opportunity to upgrade their computers and TVs.

Costco offers high-quality products at good prices, and they began holiday promotions early to allow customers to shop ahead of the peak season.

Costco’s optimistic outlook is very positive for the entire industry.

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4. U.S. Inflation Rate May Drop Back to 2% Early Next Year

According to the latest Bloomberg survey, economists expect that the Federal Reserve is likely to achieve the 2% inflation target early next year, although the unemployment rate may rise slightly.

In last month’s survey, economists predicted that it would not be until the second quarter of 2025 that inflation could return to 2%.

After the Fed’s rate cut last week, new economic forecasts were released. The Fed expects the average Personal Consumption Expenditures (PCE) index to rise by 2.1% in 2025 and then fall to 2% in 2026.

Legislators and economists also expect another 50 basis point rate cut before the end of the year.

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5. Ryan Reynolds’ Advertising Company Prepares for IPO

Hollywood star Ryan Reynolds’ TV advertising company, MNTN, has hired Morgan Stanley to prepare for its 2025 IPO.

MNTN’s software helps brands run ads on connected TVs, with accompanying audience targeting, ad performance tracking, and optimization technologies.

In 2021, MNTN raised $119 million in Series D funding, led by BlackRock and Fidelity Management.

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6. U.S. Consumer Confidence Hits Five-Month High

At the end of September, the U.S. Consumer Confidence Index rose from 69 at the start of the month to 70.1, above the 67.9 recorded in August.

Consumers expect prices to increase by 2.7% over the next year, slightly lower than last month’s expectation of 2.8%, and the lowest since late 2020.

Compared to a few weeks ago, consumers’ outlook on the job market has also improved, benefiting from the Fed’s rate cut.

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7. Veris to Sell $450 Million Apartment Complex in Jersey City

Developer Veris Residential is considering selling its $450 million riverside apartment building in Jersey City or opting for refinancing.

Veris has hired a team from Newmark Group to market the 200 Greene Street Jersey City Urby apartment building.

The building, built in 2017, contains 762 apartments, with an occupancy rate of 97%. As more New Yorkers move to the relatively affordable New Jersey, rents in Jersey City have seen the highest growth in the U.S.

Currently, the median rent for a one-bedroom apartment is $3,300, still lower than New York’s $4,500.

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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.