—— Airport Security Firm Drops 16% Amid Slow User Growth; Trump Slowly Winning Over New York; Fed Cuts Rate by 25 Basis Point; BH3 Buys Malibu Rental Building to Sell as Condos; Record Share of Americans Prefer Renting; US Unit Labor Cost Rises More Than Forecast; Sweetgreen Tanks 20% on Wider Loss Than Expected
1. Airport Security Firm Drops 16% Amid Slow User Growth
Clear Secure Inc. shares fell sharply after the company reported a slower rate of new user sign-ups, raising concerns about its growth prospects. In the third quarter, Clear Plus membership reached 7.15 million, a modest 0.8% increase from the previous quarter and the smallest growth in at least two years, according to a shareholder letter released on Thursday.
User retention and growth are essential for Clear, which provides a subscription service designed to expedite airport security checks. The company aims to distinguish itself from TSA PreCheck, a similar, more affordable service offered by the Transportation Security Administration.
Before regular trading hours on Thursday, Clear’s shares had dropped 16%, potentially marking its largest single-day decline if the trend holds.
In the same report, Clear announced an adjusted profit of 30 cents per share, slightly below the average analyst estimate of 32 cents compiled by Bloomberg, while revenue of $198.4 million exceeded expectations.
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2. Trump Slowly Winning Over New York
In the 2024 presidential election, Donald Trump did not win New York but achieved significant gains in his home state, contributing to his national popular vote tally. With 97% of votes counted, Trump secured 30.5% of the vote in New York City and 43.3% statewide—the highest for a Republican presidential candidate since at least 1996, according to preliminary data from the City and State Boards of Elections.
Notably, in Manhattan, Kamala Harris received the fewest votes for a Democratic presidential nominee since Al Gore in 2000.
This trend mirrors a broader rightward shift across U.S. cities, suburbs, and rural areas, which played a role in Trump’s re-election.
Factors such as rising costs and concerns over increased illegal immigration influenced voter behavior, leading to these electoral gains.
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3. Fed Cuts Rate by 25 Basis Point
The Federal Reserve reduced its benchmark interest rate by 0.25% on Thursday, aiming to support the ongoing U.S. economic expansion.
In a unanimous decision, officials lowered the federal funds rate to a range of 4.5% to 4.75%, following a larger 0.5% cut in September. The Federal Open Market Committee (FOMC) stated that the risks to its employment and inflation goals are “roughly in balance” but noted economic uncertainties and emphasized its attention to risks impacting its dual mandate.
Traders had widely anticipated Thursday’s quarter-point cut, and futures markets now indicate a strong likelihood of an additional 0.25% cut in December.
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4. BH3 Buys Malibu Rental Building to Sell as Condos
A rental housing complex in Malibu, California, is set to be converted into condos in response to the high demand for luxury homes in the coastal city.
BH3 Management, a real estate investment firm, acquired the 68-unit property located in the beachfront community of Point Dume for over $70 million, as indicated by public records. The company aims to begin converting the apartments into condos for sale early next year.
Malibu, situated northwest of Los Angeles and boasting over 20 miles of coastline, attracts affluent homebuyers looking for seaside homes.
However, the availability of land and condos in Malibu is scarce, with no significant new inventory released in the last 15 to 20 years, noted Daniel Lebensohn, co-founder of BH3.
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5. Record Share of Americans Prefer Renting
Americans are increasingly considering renting as a viable alternative in a housing market that has become difficult for many to afford.
According to a recent survey by Fannie Mae, a government-supported mortgage financier, the proportion of respondents who indicated they would choose to rent if they were to move has reached a record 36%, marking a significant increase of 10 percentage points over the past three years.
During the early years of the pandemic, renters faced substantial price hikes, contrasting with homeowners who benefited from historically low interest rates that reduced mortgage payments and facilitated wealth accumulation.
However, the dynamics of the housing market are changing, influencing the preferences and decisions of potential homebuyers and renters alike.
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6. US Unit Labor Cost Rises More Than Forecast
U.S. labor costs rose at a stronger pace than expected in the third quarter, with potential implications for inflationary pressures.
Unit labor costs—the expenses businesses incur to produce one unit of output—increased at an annualized rate of 1.9%, according to data from the Bureau of Labor Statistics (BLS). This growth follows significant upward revisions to data from previous quarters. These revisions, which incorporate updated data from the past five years, indicate that American workers have experienced much stronger wage gains recently than previously understood.
The BLS also reported that price-adjusted hourly compensation rose at a 3% pace from July to September, marking the seventh consecutive quarter that wage increases have outpaced inflation.
This robust wage growth helps explain why consumers have continued to drive the economy’s momentum.
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7. Sweetgreen Tanks 20% on Wider Loss Than Expected
Sweetgreen Inc. reported a larger-than-expected quarterly loss, driven by rising labor and protein costs, which led to a sharp drop in its stock price during after-hours trading.
The company posted a third-quarter loss of 18 cents per share, whereas analysts had anticipated a smaller loss of 14 cents on average. This announcement came in a statement released by the salad-focused restaurant chain on Thursday.
Since its IPO in 2021, Los Angeles-based Sweetgreen has yet to achieve profitability. The dining landscape in the U.S. is becoming increasingly price-sensitive, and Sweetgreen faces robust competition in the fast-casual sector from established companies like Cava Group Inc. and Chipotle Mexican Grill Inc., as well as emerging chains.
Following the earnings release, Sweetgreen’s shares plummeted as much as 20% in extended trading on the New York Stock Exchange by 4:11 p.m. Despite this, the company’s stock had surged more than 270% year-to-date, prior to Thursday’s close.
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本文内容来自《Financial Times》、《Bloomberg》，以及《The Real Deal》等多家财经新闻媒体。