Business & Markets

NEW YORK — A group led by Nelson Peltz's Trian Fund Management has made a non-binding offer of $7.35 per share in cash for the Wendy's shares it does not already own. The offer values the burger chain's equity at about $1.4 billion and carries a premium of roughly 20%. The group includes BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy's largest franchisees. The proposal came in a regulatory filing. The group says it would need no new debt and the offer has no financing condition. Wendy's confirmed receiving the proposal, and an independent board committee will evaluate it. The company said there is no assurance it will pursue a deal. Wendy's stock is down about 65% over two years. The offer revives a bid Trian had reportedly stepped back from two months ago.

CUPERTINO — Apple reports fiscal fourth-quarter results this week, in the same week as the midterm elections and the jobs report. CNBC says weak reports from Alphabet and Meta have raised the stakes for the iPhone maker. Apple is the best performer of the Magnificent Seven, up about 28% this year, and is closing in on Nvidia's market value. Bank of America analyst Wamsi Mohan removed Apple from the bank's list of top U.S. ideas on Friday, citing possible trouble ahead. In July, Apple guided to revenue growth of 9% to 11% for the current quarter. It cited chip supply constraints, and the stock fell about 7% the next day despite record results. This will be the first call with Ternus as CEO, who took over from Tim Cook on Sept. 1.

SEATTLE — Alaska Air Group said Saturday it is cutting about 200 jobs across its airlines. The cuts affect non-contract employees at Alaska Airlines, Hawaiian Airlines and Horizon Airlines. The company told Seattle station KIRO 7 that 125 of the positions are in Washington state. Pilots, flight attendants, guest services staff, and maintenance and engineering workers are not affected. The company blamed a difficult operating environment, including volatile fuel costs and broader geopolitical pressures. It said it will support the affected employees through the transition and still wants to keep the financial and operational strength to serve guests and invest in the business.

Search Engine Roundtable's weekly recap reported that Google AI Overviews now appear on more than 80 percent of search queries. The recap did not name the study behind that figure, so treat it as unverified. It also said Google is testing removal of the citations box from the right side of AI Overviews, and adding query-refinement buttons that lead into AI Mode. Search Engine Land separately flagged a study finding AI Overviews are pushing News Boxes out of results. A Search Engine Roundtable monthly report noted that almost all People Also Ask results are now answered by AI Overviews. A Roundtable item also said Google is testing a return of 100 results per page. Google has not formally announced any of these layout tests.

Google is testing several changes for Business Profile owners. Search Engine Roundtable reported a closed beta called Business Home, built with Gemini models. It pulls together Business Profile, Merchant Center, YouTube and Ads accounts, and Google's help document limits it to select business categories in the U.S. and U.K. Roundtable also reported a test of verification by uploading a photo of a government ID, in addition to phone, email, video call and mail methods. A separate test shows a revamped performance report covering engagement, reviews, audience and search trends. Earlier this autumn, Google gave owners four days to reject user-suggested edits, according to Sterling Sky's local-change timeline. These are tests and betas, and Google has not announced broad rollout dates.

NEW YORK — New since Friday's selloff: the month-end tallies. The Nasdaq Composite closed at 25,437.00 on Friday, down 2.86%. For October it lost 5.3%, its steepest monthly drop since March 2025, and it sits about 8% below its record close. The S&P 500 finished at 7,580.07, down 1.82% on the day and 0.9% for the month. The Dow ended at 51,770.31, down 1.09% Friday but up 1.7% in October as money moved toward defensive stocks. According to Yardeni Research, the S&P 500 fell 0.6% on the week and the Nasdaq 2.0%, both their third consecutive weekly declines. CNBC said selling accelerated in the afternoon as investors cut exposure ahead of month-end and Tuesday's midterm elections.

Spot gold fell $146.10, or 3.63%, on Friday, to about $3,874 an ounce, according to Kitco's quote. The Gold Investor newsletter put the weekly loss at 3.74% and the monthly loss at 7.22%. December COMEX futures settled at $3,898.90. The metal had failed to hold $4,000 after a bounce early in the week. One independent market commentator, Mark Mead Baillie, calculates that gold is about 30.5% below its January 29 peak, with silver closing October near $49.14. Analysts cite expectations of further Fed rate hikes and a high inflation-adjusted yield, with the 10-year real yield around 2.6%. The newsletters present these as explanations rather than confirmed causes.

WASHINGTON — The Bureau of Economic Analysis reported that personal income rose 0.2% in September while spending climbed 0.5%. After inflation, disposable income fell 0.3% and real spending was essentially flat. Households saved 3.8% of disposable income, or $911.1 billion, down from 4.0% in August. The National Association of Home Builders' economists note that energy prices, not income gains, drove the extra spending, and the saving rate is the lowest since late 2022. Third-quarter bank results show some strain at the margin. According to Morningstar, 30-day card delinquencies rose from the prior quarter at JPMorgan (1.97%), Wells Fargo (2.69%) and Bank of America (2.32%). Morningstar also said credit quality improved from a year earlier at all four large banks, with no broad deterioration.

WASHINGTON — The Justice Department filed motions in October asking federal judges to revoke Interior Department approvals of the construction and operation plans for three offshore wind projects: Maryland Offshore Wind (2.2 GW), New England Wind (2.6 GW) and Revolution Wind (about 700 MW). Revolution Wind has finished offshore construction and has supplied New England's grid since March. The motions were filed in suits brought by opponents of the projects, including the city of Ocean City, Maryland, and two New England anti-wind groups. The government argues the Biden-era approvals may have violated the Outer Continental Shelf Lands Act and that Interior must reassess them. Industry groups warn that revisiting permits for a nearly finished project chills investment. Trade press says the filings could strain the bipartisan Senate permitting bill, which includes a provision against agency favoritism among energy sources. Courts have so far ruled against earlier administration attempts to halt wind construction.

MONTPELIER, Vt. — Vermont Gov. Phil Scott and Nova Scotia Premier Tim Houston signed a memorandum of understanding this week to lay groundwork for bringing offshore wind power from the Canadian province to Vermont. The three-year agreement, renewable for another three, commits the two sides to share information about their electric grids. The memo notes that Vermont hosts the Highgate Converter, a substation linking the Canadian and New England grids. Vermont's public service commissioner called it a modest but meaningful step. The next move is a request for information on how power from projects not yet built would reach New England. Nova Scotia has a similar understanding with Massachusetts. The province plans its first call for bids to license offshore wind projects. A state analyst said it will likely be a long time before Vermont receives any power under the arrangement.