The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the looming port strike could mean disaster for consumers

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Sports
Transcript
00:00The week on Wall Street began with some trepidation ahead of a heavy flow of economic data coming in the next few days.
00:06On the earnings front, Carnival posted a record third quarter. Profits at the cruise ship operator rose 60% from a year ago.
00:14Sales hit a record high of $7.9 billion.
00:18Sticking with the high seas, business activity at 14 ports stretching from Maine to Texas is on the verge of grinding to a halt.
00:27North America's largest longshoreman union is preparing to walk off the job when the clock strikes midnight October 1st.
00:34Just to give you a scope of what's at stake here, the 14 ports that will be hit by the strike handle nearly half of all the cargo coming in and going out of the U.S.
00:44In the week leading up to the strike, roughly $14 billion in goods made their way through these docks.
00:50On Friday alone, more than 54,000 20-foot equivalent cargo containers went through the ports of New York and New Jersey, Baltimore, Norfolk, Savannah, Miami, New Orleans, and Houston with an estimated value of $2.7 billion in goods.
01:06Retailers are particularly vulnerable to a strike just ahead of two of the year's biggest moneymakers, Halloween and Christmas.
01:13Walmart is particularly in jeopardy since it is the biggest importer of goods that come through those targeted ports, according to data from Import Genius.
01:22Walmart, however, is not alone.
01:24At the port of New York and New Jersey, for example, the biggest companies with shipments over the past year included General Motors, LG Electronics, Samsung, Bob's Discount Furniture, Heineken, Ikea, BJ's, and Home Depot.
01:38The business community is calling on the Biden administration to intervene by prohibiting the strike and forcing both sides back to the negotiation table.
01:48The prospects for that happening look bleak.
01:51That'll do it for your daily briefing from the New York Stock Exchange.
01:54I'm Conway Giddens with The Street.

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