Here's what happened on Wall Street Thursday, Oct. 26.
Markets largely shook off a down day of trading in the previous session.
The Dow Jones Industrial Average closed the day up 0.31% while the S&P 500 climbed 0.13%. The Nasdaq was the lone laggard, falling 0.11% Thursday.
UAW Files Complaint Against Tesla Over Recent Layoffs
The United Auto Workers International Union has filed unfair labor practices charges against Tesla (TSLA) over its recent spate of layoffs, saying that the firings were an effort to quell unionizing efforts at the electric vehicle maker.
Tesla has not disclosed how many people it fired, but the San Jose Mercury News estimated that 400 to 700 of the company's 33,000 employees were let go after the completion of Tesla's annual performance review.
The labor shakeup occurred as the company attempts to ramp up production of its Model 3 vehicle.
GE Is Discussing Whether to Exit Locomotive Business
General Electric (GE) is looking to streamline, and one of the extra bags that could be discarded is the company's century-old locomotive business, sources told the Wall Street Journal.
The company is looking to partner, spin-off or even sell the business as part of new CEO John Flannery's plan to divest up to $20 billion in assets. The unit accounted for $4.7 billion of GE's $123.7 billion in revenue last year. GE is a holding of Action Alerts PLUS.
GE shares were down 0.85% Thursday afternoon.
Asia Is Adding Nearly 200 New Billionaires Annually
A surge in Asia's billionaire class helped fueled a 17% annual increase in global billionaires worldwide, according to a UBS report.
While the U.S. still possesses the largest concentration of billionaire wealth, the study estimates that Asia saw a new billionaire emerge every two days on average in 2016.
If trends continue, Asia could overtake the U.S. in the cumulative wealth of its billionaires within four years.
AB InBev Saw U.S. Revenue Decline Nearly 6% This Quarter
A year after Anheuser-Busch (BUD) purchased rival SABMiller for $103 billion, AB InBev continues to struggle in the U.S., the company's most profitable region.
The beer maker reported that revenue in the U.S. for the just-concluded quarter fell 5.6% year over year. The decrease was led by declining market share for Bud Light, by far the U.S. best-selling beer.
Overall AB InBev lost 1% of U.S. market share in the quarter. AB InBev shares were down 1.4% Thursday morning.
Hurricane Season Cost Southwest and American 13,000 Combined Flights
Hurricanes Harvey, Irma, and Maria forced American Airlines (AAL) to cancel 8,000 flights, according to the company's quarterly filing Thursday. Combined with the 5,000 Southwest Airlines (LUV) said it canceled, the busy hurricane season forced two of the country's largest airlines to cancel 13,000 flights. LUV is a holding of Action Alerts PLUS.
American reported taking a pre-tax earnings hit of $75 million due to the cancellations. Southwest said that its cancellations ended up costing it $100 million in revenue in the quarter.
Chatter of an Exclusive Aramco Debut on Saudi Exchange Hasn't Dissuaded NYSE
New York Stock Exchange President Thomas Farley told a group of reporters that he is still engaged in talks with Saudi officials over a potential listing of Saudi Aramco on the American exchange.
Saudi Aramco is scheduled to debut on the Saudi exchange next year, but the company has intimated that it would also seek a listing in a foreign market.
Airlines to Begin Stricter Questioning of All Passengers Entering the U.S.
Airlines around the world will begin questioning their U.S.-bound passengers about everything from their luggage, liquids they're carrying and other information as part of a new security screening process for U.S.-bound flights.
More than 2,000 flights from around the world land in the U.S. every day. Some airlines have received extensions to implement the new rules in January.
Fed Governor, Stanford Economist in Running as Next Head of the Fed
Citing sources, Politico is reporting that Federal Reserve Chairwoman Janet Yellen is out of the running to remain as head of the central bank.
The U.S. dollar was rising slightly on the news.
Politico has reported for weeks that Fed Governor Jerome Powell and Stanford economist John Taylor are the leading candidates to take over for Yellen once her term ends next year.
Ford Beats Top-and-Bottom-Line Estimates
Ford (F) shares were up 1.5% premarket Thursday after the company reported earnings of 43 cents per share on revenue of $36.5 million, topping analysts' expectations of earnings of 32 cents per share on revenue of $32.8 billion.
The company was able to beat the Street thanks in part to cost-cutting initiatives and strong performance in North America.
Walgreens to Close 600 Redundant Drug Stores as Part of Rite Aid Merger
While it did not specify which stores it would close, it did say that the vast majority will be Rite Aid stores within a mile of another store in the Walgreens Boots Alliance network.
U.S. futures were pointed higher Thursday morning before the opening bell, indicating that the three principal indices would at least open the day in positive territory.
Markets are looking to recover a day after the Dow Jones Industrial Average fell triple digits and the Nasdaq and S&P 500 also closed the day in the red.
The pullback in the Nikkei was short lived. A day after the Japanese index broke a 16-session winning streak, the Nikkie closed trading up 0.15%. The Hang Seng in Hong Kong fell while the Shanghai Composite closed in positive territory.
In Europe, the DAX in Germany, FTSE 100 in the U.K., and CAC 40 in France were all gaining with about four and a half hours left in trading.
Today is the busiest day of the current season for quarterly earnings.