The daily business briefing: October 16, 2023

1. Rite Aid files for bankruptcy

Rite Aid said Sunday it had filed for bankruptcy after failing to come up with the money to settle hundreds of federal, state and private lawsuits accusing the pharmacy chain of filling illegal painkiller prescriptions. Rite Aid, hobbled by declining sales, said it had obtained $3.45 billion in financing to keep operating as it restructures its debt. The company appointed a new chief executive, Jeffrey Stein, to lead the restructuring, which will include the closing of more of the chain's 2,100 stores. Rite Aid is one of several pharmacy chains facing lawsuits over their alleged roles in fueling the opioid crisis. The Justice Department in March accused the company of filling painkiller prescriptions despite obvious "red flags indicating misuse." The Wall Street Journal, The New York Times

2. Taylor Swift's concert movie breaks records

Taylor Swift's Eras Tour concert film led the weekend box office, bringing in an estimated $95 million to $97 million in its theatrical debut. It instantly became the biggest concert film ever, surpassing Justin Bieber's 2011 "Never Say Never," which grossed $73 million domestically over its entire run, Rolling Stone reported. The film on Swift's tour, which is likely to be the biggest-grossing concert tour ever, also broke the record for the widest-released concert film in history, appearing on more than 3,850 domestic screens in its opening weekend. Once the final numbers are in, Swift's Eras Tour concert movie even could break the record for the biggest October opening, now held by 2019's "The Joker" ($96.2 million). Rolling Stone, CNBC

3. Dow, S&P edge higher ahead of wave of earnings

U.S. stock futures rose early Monday ahead of a big week of corporate earnings reports. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.4% and 0.3%, respectively, at 7:30 a.m. ET. Nasdaq futures were flat. Eleven percent of S&P 500 companies are scheduled to report quarterly results this week. Johnson & Johnson, Bank of America, Netflix and Tesla get things started with their reports before trading begins. JPMorgan Chase, Wells Fargo and UnitedHealth got earnings season off to a good start last week, sending their stocks up on Friday. Global markets showed caution due to concerns the Israel-Hamas conflict could spread. CNBC

4. EV sales growth slows

U.S. sales of electric vehicles continued to rise in September, bringing this year's growth to 51%, The Wall Street Journal reported Sunday. Automakers had waiting lists for EVs last year, but the growth rate has slowed, leaving dealers with ballooning inventories of some models as demand proves weaker than anticipated. Some leading automakers, including Ford and Toyota, are shifting resources toward hybrids. "The curve isn't accelerating as quickly as I think a lot of people expected," John Lawler, Ford Motor's chief financial officer, said last month. In Germany, EV sales fell sharply last month after the government ended incentives for business buyers. The Wall Street Journal, Inside EVs

5. Pfizer cuts forecast for Covid vaccine, therapy sales

Shares of Pfizer and its German partner, BioNTech, dropped Monday after the U.S. drugmaker last week cut its forecast for Covid vaccine and therapy sales. Pfizer said Friday it was slashing its full-year forecast for sales of the vaccine it developed with BioNTech by $2 billion, and for its Covid antiviral treatment Paxlovid by $7 billion. The reductions were bigger than expected, Wells Fargo analyst Mohit Bansal told Reuters. Pfizer's shares fell 3.5% in pre-market trading. BioNTech shares were down 6.7% in Frankfurt. Rival Covid vaccine maker Moderna's shares were down 3.8%. Reuters