Newsletter Oct 25, 2023

Quick Six

Emmer pulls out of House Speaker race despite nomination
Just hours after earning the nomination for House Speaker, Rep. Tom Emmer (R-Minn.) dropped out of the race in the latest move to backfire in the face of the GOP. Emmer was nominated by Republican representatives Tuesday, emerging as the winner in a series of secret-ballot votes, which began with eight candidates. However, after seeing that he could not garner enough votes to win the speakership, Emmer became the third Republican to pull out of the race since Rep. Kevin McCarthy was voted out Oct. 3.
REPUBLICANS RUNNING OUT OF OPTIONS FOR SPEAKER

Alphabet sees big jump in profits but loses ground in cloud
The parent company of Google ended the third quarter with a 42% jump in profit. But growth in the cloud division was slower than analysts expected. Alphabet's profit increase was driven by higher ad sales from Google, YouTube and higher cloud business revenue, the company said in a statement. Profit rose to $19.7 billion, or $1.55 per share, from $13.9 billion a year earlier.
ALPHABET'S DOUBLE-DIGIT JUMP IS FIRST IN 5 QUARTERS

Dozens of US states sue Meta for causing harm to children
More than 40 states accused Facebook and Instagram owner Meta on Tuesday of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. The states are suing Meta, claiming it exploited young users by creating a business model designed to maximize time they spend on the platform despite causing harm to their health.
SEE WHAT THE LAWSUITS ARE ASKING META TO CHANGE

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Markets

DJIA	33,141.38	0.62%
S&P 500	4,247.68	0.73%
Nasdaq Composite	13,139.87	0.93%
Japan: Nikkei 225	31,399.12	1.08%
UK: FTSE 100	7,389.70	0.20%
Crude Oil Futures	83.47	-0.32%
Gold Futures	1,983.50	-0.13%
Yen	149.84	-0.05%
Euro	1.06	0.08%
* As of market close

Lithium looms large in Argentine election

Peronist Finance Minister Sergio Massa placed first in Argentina's presidential election last weekend, surprising pollsters. Massa advances to a runoff scheduled for Nov. 19 against second-place finisher Javier Milei, the bombastic economist and leader of Argentina's Libertarian bloc. With an economic crisis coinciding with a long-awaited boom in lithium exports, the winner of Argentina's presidential election -- Massa or Milei -- will oversee arguably the most critical multi-year period in economic history since the resumption of democracy in 1983.

SEE THE ROLE LITHIUM WILL PLAY IN ARGENTINA'S ECONOMY

UAW expands strike following GM earnings

The United Auto Workers strike added 5,000 employees to General Motors' plant in Arlington, Texas, the automaker's largest. The move came on the same day General Motors announced its profit had fallen in the third quarter due to the labor strike. The Arlington plant assembles some of GM's most profitable vehicles, including the Chevy Tahoe, Chevy Suburban, GMC Yukon, and Cadillac Escalade.

SEE HOW GM'S PROFITS IMPACTED THE UAW'S EXPANSION

'The Rock' gets a wax-museum makeover

A famed Paris museum said Wednesday it would reinstall a waxwork of Dwayne "The Rock" Johnson with a more true-to-life look after it was taken off public show for additional work when the US actor complained about its pale skin tone. Johnson, who is of Samoan and Black origin, took to Instagram to joke about the Grevin Museum's wax figure, which depicted him with white skin, and bears only a vague likeness to him.

SEE HOW 'THE ROCK' GOT A MORE REALISTIC WAX DEPICTION

Extra point

Before becoming a pro wrestler and a Hollywood superstar, Dwayne "The Rock" Johnson played this sport for four years at what college?

Tuesday's answer: The first wind turbine was built by Charles F. Brush, an American scientist who made the first automatic wind turbine in 1887.

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