Conway Gittens reported from the New York Stock Exchange, providing updates on current market activities on TheStreet. Earnings season is generating a positive atmosphere on Wall Street, with Morgan Stanley being the latest major bank to surpass expectations. Its investment banking division reported a 56% revenue increase in the third quarter, outperforming competitors.
In other developments, a Thanksgiving budget competition is emerging. Aldi is making significant efforts to offer lower prices than Walmart for holiday meals. The discount grocery chain introduced its “inflation-busting holiday meal,” priced at $47, or $4.70 per person for a party of 10. This includes a Butterball turkey, gravy, rolls, macaroni and cheese, stuffing, and ingredients for side dishes such as cranberry sauce, mashed potatoes, and a dessert. Conversely, Walmart’s holiday meal plan advertises a small turkey and all the trimmings for under $7 per person.
Although the comparison may not be completely equivalent, it illustrates Aldi’s strategy of reducing prices to attract customers from Walmart. Aldi claims that its Thanksgiving meal prices are the lowest in five years. CEO Jason Hart expressed in a statement, “Grocery prices remain a priority for customers. We’ve worked diligently this Thanksgiving to provide the best value and quality products, ensuring everyone can enjoy a traditional meal with family and friends without cutting back.”
Additionally, retail inflation has significantly decreased in recent months, but food inflation persists. According to government data, the cost of eating at home increased by 1.3% in September compared to the previous year.
The report concluded with a recap from the New York Stock Exchange, delivered by Conway Gittens for TheStreet.