Good morning, friends and Fortune readers.
The stock market enters November at record highs, and looks ahead to a week with midterm elections and the jobs report for October. Today we’ll find out how many cars the major carmakers sold last month, plus there’s news of a major acquisition in the digital ad industry. And, of course, you should be on the lookout for any last-minute surprises for tomorrow’s midterm elections. Here’s what else you need to know about in business news today.
1. Get behind the wheel
Car manufacturers will tell us today how many cars they sold last month, and they hope the trend seen so far this year continues. Car sales have been beating the previous year’s numbers consistently, as more people are buying vehicles as credit becomes more available. Columbus Day is a big car-buying weekend, so look to see just how much of a push the holiday gave dealers.
2. Publicis buys Sapient
Publicis, the world’s third-largest advertising company, is to pay $3.7 billion to buy up Sapient (SAPE), an American digital ad company. The French company is hoping to break into both the digital ad space and the North American market.
3. Slowing device to blame for Virgin Galactic crash
The tragic crash of a Virgin Galactic jet last week, which killed one pilot, was due to a slowing device deploying early, according to the BBC. There had been speculation that either the engine or the fuel tank malfunctioned, but both were found intact.
4. P&G’s trouble in Argentina
The Argentine government is not happy with consumer products company Proctor & Gamble (PG), going so far as to ban the company from operating in the country. Argentina is accusing the firm of inflating import prices.
5. Diageo’s swaps whiskey for tequila
There’s been a trade in the alcohol world. Consumer goods company Diageo (DEO) has agreed to trade the rights to Bushmills, an Irish whiskey brand, to the maker’s of Jose Cuervo in exchange for Don Julio, a tequila brand. Diageo also gets $408 million in cash. Bottoms up.
