Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Earnings season is providing a positive vibe on Wall Street. Morgan Stanley is the latest big bank to report better-than-expected results. Revenues from investment banking blew past competitors with a 56 percent jump in the third quarter.
Related: Inflation indigestion: How we’re grappling with high food prices
In other news – There’s a Thanksgiving budget battle in the making. Aldi is pulling out all the stops this year in order to undercut Walmart’s pricing to feed your family for the holiday.
The discount grocery store chain unveiled its “inflation-busting holiday meal.” For $47, or $4.70 per person for a party of 10, you can shop for a Butterball turkey, gravy, rolls, macaroni and cheese, stuffing, and all the ingredients you need for popular side dishes like cranberry sauce, mashed potatoes, and a dessert. Walmart’s advertised holiday meal plan covers a small turkey and all the fixings for less than $7 a person.
While the comparison may not be apples to apples, it does prove that Aldi is slashing prices to draw customers away from Walmart. Aldi says its Thanksgiving meal prices are the lowest in 5 years. CEO Jason Hart said in a statement, “We know grocery prices are still top of mind for customers. We worked hard this Thanksgiving to deliver the best value and quality products so everyone can enjoy a traditional meal with family and friends without having to scale back.”
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While retail inflation has slowed dramatically in recent months, food inflation is another matter. The price to eat at home rose 1.3 percent in September from a year ago, according to government data.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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