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Forbes Daily: Alphabet Sees Record Profits, But Still Lags The Market

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wednesday

Good morning,

Bitcoin outperformed the stock market this month, thanks in part to the upcoming election.

The dominant cryptocurrency rose by about 6% Tuesday, reaching a seven-month high of over $73,000. It has increased 13% in October, compared to the S&P 500’s 1% boost. Several factors are driving the gains: Some investors, like hedge fund billionaire Paul Tudor Jones, view bitcoin as a hedge against inflation, as both presidential candidates support policies that economists project will add trillions of dollars to the national debt.

Plus, there’s upward pressure from spot bitcoin exchange-traded funds, which regulators approved earlier this year, opening up more traditional investment into the cryptocurrency.

Photo by Michael M. Santiago/Getty Images

Google parent Alphabet topped Wall Street’s expectations in its third-quarter earnings report Tuesday, reporting its best sales and profit figures ever. Still, the tech giant’s stock has underperformed the S&P 500 over the last year amid concerns about antitrust probes and the negative profit impact of aggressive spending in the artificial intelligence arms race.

Donald Trump owes more money today than he ever did during his first presidency: he paid off more than a half dozen loans after leaving the White House, but three major court decisions collectively added an estimated $574 million of liabilities to his balance sheet. He now owes an estimated $1.8 billion, and holds an estimated $410 million of cash and more than $9 billion of other assets.

Boeing resumed negotiations with representatives of its striking factory workers in the Pacific Northwest on Tuesday, less than a week after the unionized machinists voted to reject a negotiated contract offer that offered a lower pay hike than the union’s demand and did not restore traditional pension plans. Both sides are hoping to end the seven-week strike that has severely hampered the production of key Boeing airplanes and is among a slew of issues affecting the beleaguered plane maker.

To create our fourth annual list of the World’s Top Companies For Women, Forbes partnered with market research firm Statista and surveyed approximately 100,000 women working for multinational corporations across 37 countries. Hilton Worldwide Holdings ranked No. 1 on our list, followed by French mutual insurance company MAIF. On the industry level, banking and financial........

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