1. Palantir Reports Record Profit in 20 Years
2. Ferrari’s €2M Limited-Edition Supercars Drive Strong Sales
3. U.S. Mortgage Rates Drop for First Time in Two Months
4. Brookfield Fires Cushman & Wakefield
5. Apple Stock Drops on Weak China Sales
6. Goldman Sachs MD Promotions Down 5%
7. Blackstone-Backed Firm Caught Using Child Labor
1. Palantir Reports Record Profit in 20 Years
Data analytics firm Palantir Technologies announced it expects full-year adjusted operating income to reach $611 million—well above analysts’ forecast of $577 million.
For the quarter ending September 30, revenue rose 17% to $558 million, and net profit hit $72 million, marking Palantir’s fourth consecutive profitable quarter.
Founded by Peter Thiel, Palantir primarily serves intelligence agencies.
CEO Alex Karp said surging demand for the company’s AI products pushed profit to the highest level since its founding 20 years ago, making Palantir now eligible for inclusion in the S&P 500.
The stock jumped more than 13% in premarket trading.
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2. Ferrari’s €2M Limited-Edition Supercars Drive Strong Sales
Ferrari NV announced that demand for its €2 million Daytona SP3 supercar will push 2023 revenue to €5.9 billion and EBITDA to €2.25 billion.
Shares in Milan rose 3.7% today—its biggest one-day gain since May.
Thanks to high-net-worth customers who are less sensitive to inflation, Ferrari has successfully raised prices multiple times.
CEO Benedetto Vigna aims to unveil the brand’s first all-electric car by Q4 2025.
Demand for Ferrari models remains strong across all global markets.
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3. U.S. Mortgage Rates Drop for First Time in Two Months
Freddie Mac reported that the average 30-year fixed mortgage rate fell from 7.79% to 7.76%—the first weekly drop in two months, although still at a 20-year high.
Chief economist Sam Khater said geopolitical and fiscal uncertainty continues to weigh on the broader economy and housing market.
In August, U.S. home prices hit a record high after seven straight months of gains, driven by a persistent shortage of supply.
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4. Brookfield Fires Cushman & Wakefield
Brookfield, one of the world’s largest commercial landlords, announced it has fired Cushman & Wakefield, which handled leasing for its U.S. office and logistics properties.
Sources say the fallout was triggered by Cushman’s decision not to move its offices into Brookfield’s space at 660 Fifth Avenue.
As commercial real estate has cooled sharply since last year, Cushman has been cutting costs. Q3 revenue fell 9% year-over-year.
Brookfield said it appreciated Cushman’s contributions but must act in the best interests of shareholders and employees.
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5. Apple Stock Drops on Weak China Sales
Apple reported revenue of $89.5 billion for its fiscal Q4, weighed down by weaker demand for iPhones and Macs in China.
Company officials cited restrictions on iPhones in Chinese firms and increasing competition from Huawei.
Sales in China totaled $15.1 billion, below the $17 billion analysts expected.
iPhone revenue came in at $43.8 billion, beating expectations. With iPhones accounting for around half of Apple’s revenue, sales performance is closely watched by investors.
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6. Goldman Sachs MD Promotions Down 5%
Goldman Sachs announced that 608 employees have been promoted to Managing Director this year, 5% fewer than in 2021.
About 75% of new MDs are in revenue-generating roles, with total compensation potentially reaching $1 million.
The decrease comes as M&A fees have fallen and Goldman’s consumer finance push has struggled.
Women made up 31% of the new MDs, up from 30% in 2021. Black employees accounted for 2%, down from 5%.
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7. Blackstone-Backed Firm Caught Using Child Labor
Packers Sanitation Service, a slaughterhouse cleaning company backed by Blackstone, saw its Q3 EBITDA nearly halve to $22.4 million, down from $44.8 million last year.
This comes after the U.S. Department of Labor revealed in February that Packers employed over 100 child laborers—some as young as 13.
Q3 net revenue fell 21% to $251 million, and its bonds are now trading at distressed levels. Blackstone has reportedly been trying to buy back debt at lower prices.
Packers’ top three clients canceled their contracts following the scandal.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.