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Factory output shorts prediction

Nov. 16, 2022 Updated Wed., Nov. 16, 2022 at 8:07 p.m.

U.S. factory output rose in October by less than expected after downward revisions to prior months, suggesting manufacturing is losing some steam as domestic and global demand moderates.

The 0.1% increase in factory production last month followed a downwardly revised 0.2% advance in September, according to Federal Reserve data released Wednesday.

Including mining and utilities, total industrial output fell 0.1% in October, the second decline in three months.

Manufacturing output was supported by motor vehicles as well as electrical equipment and aerospace transportation.

Excluding autos, factory production stagnated, the weakest print in four months.

Dell settles stock lawsuit for $1B

Dell Technologies agreed to pay $1 billion to settle a shareholder lawsuit relating to a controversial 2018 stock conversion transaction.

The settlement, if approved by the court, will end the dispute over the $23.9 billion conversion of Dell stock in a deal four years ago.

In that transaction, Dell founder Michael Dell and other controlling investors including Silver Lake Partners, authorized the issuance of common stock in exchange for tracking shares.

The plaintiffs alleged that the transaction was billions of dollars below market value, according to a company filing.

From wire reports

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