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Conway Gittens: This is Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Earnings season is creating a positive mood on Wall Street. Morgan Stanley is the latest big bank to report better-than-expected results. Investment banking revenue outpaced competitors with a 56 percent increase in the third quarter.
Related: Inflationary indigestion: How we deal with high food prices
In other news: A Thanksgiving budget battle is brewing. Aldi is doing everything it can this year to undercut Walmart prices and feed your family during the holidays.
The discount grocery chain introduced its “Inflation-Fighting Christmas Meal.” For $47, or $4.70 per person for a party of 10, you can purchase a Butterball turkey, gravy, dinner rolls, macaroni and cheese, stuffing, and all the ingredients you need for popular sides like cranberry sauce, mashed potatoes, and a dessert. . The holiday meal plan announced by Walmart covers a small turkey and all the fixings for less than $7 per person.
While the comparison may not be apples to apples, it shows that Aldi is cutting prices to lure customers away from Walmart. Aldi says its Thanksgiving meal prices are the lowest they've been in five years. CEO Jason Hart said in a statement: “We know that grocery prices continue to be a priority for customers. “We are working hard this Thanksgiving to offer better value and quality products so everyone can enjoy a traditional meal with family and friends without having to downsize.”
Watch ICYMI this week:
- How to Prepare for the Great Wealth Transfer
- Chuck E. Cheese sees strong demand despite inflation and recession fears
- How Food Inflation Really Affects the Average American
- TD receives largest bank fine in its history
While retail inflation has slowed dramatically in recent months, food inflation is another matter. The price of eating at home rose 1.3 percent in September from a year earlier, according to government data.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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