6 Most Important Things in Business Today: Effect of Election

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Published: November 7, 2018 5:01 am

Last Updated: January 11, 2020 3:17 pm

The Democrats won the House and Republicans won the Senate. This likely will set up a series of battles with President Trump that will range from taxes to immigration.

Boeing Corp. (NYSE: BA) may tell owners of its new 737 that it has a flaw that must be corrected. According to Reuters:

Boeing Co is planning to send a bulletin to 737 MAX jet operators as soon as Wednesday advising them of the procedure for dealing with erroneous cockpit readings that could cause a dive, a person briefed on the matter told Reuters.

The advice is based on preliminary information gathered in the investigation of a Lion Air flight that crashed in Indonesia last week killing all 189 on board, the person said.

Papa John’s International Inc. (NASDAQ: PAPA) posted ugly results as it tries to recover from a scandal involving its founder. According to The Wall Street Journal:

Papa John’s International Inc. reported a fourth consecutive quarter of declining sales, adding pressure on the pizza chain to try to revive its business in ways that could include a sale of the company.

Same-store sales in North America fell 9.8% in the third quarter, beating expectations of a 10.8% decline. Shares rose 3.5% in after-hours trading on Tuesday.

Toyota Motor Corp. (NYSE: TM) may kill some of the cars it sells in the United States as demand moves to sport utility vehicles and crossovers. According to The Wall Street Journal:

Toyota Motor Corp. may drop some underperforming models in the U.S., its head of North American operations said.

“We are taking a hard look at all the segments we compete in, to make sure we are competing in profitable segments and that products that we sell have strategic value to the brand,” Jim Lentz said Tuesday.

Models under the microscope include fuel-sipping cars that have lost out to sport-utility vehicles, Mr. Lentz said—such as the subcompact Yaris, whose U.S. sales have plummeted this year.

A Tesla Inc. (NASDAQ: TSLA) investor said the company should have been taken private. According to CNBC:

Elon Musk could have saved himself some trouble by taking Tesla private, according to early investor and prominent Silicon Valley venture capitalist Tim Draper.

In an interview with CNBC at the Web Summit conference in Lisbon on Tuesday, Draper said Elon Musk made a “human” mistake when he tweeted he had secured funding to take Tesla private in August. The Securities and Exchange Commission (SEC) charged Musk with misleading investors, ultimately costing the company $20 million in settlement fees and Musk his title as Tesla chairman.

The head of JPMorgan Chase & Co. (NYSE: JPM) says he does not expect a recession soon. According to CNN Business:

Jamie Dimon thinks the US economy is doing just fine — and it could get even better.

The chairman and CEO of JPMorgan Chase, the nation’s largest bank, disagrees with economists predicting an imminent recession. Some believe the economy will turn south because of a trade war with China and rising interest rates.

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