Morgan Stanley soars

Morgan Stanley traders and bankers joined the rest of their Wall Street rivals in posting better-than-expected revenue, fueling a 32% profit surge for the third quarter and sending the shares up the most in almost four years. Revenue from the trading business rose 13%, the bank said in a statement Wednesday. That followed gains recorded by its biggest rivals as the markets business lifted fortunes across the industry and a rebound in dealmaking fueled higher investment-banking fees. “There is an element of the leaders pulling away,” Chief Executive Officer Ted Pick said Wednesday in an interview on Bloomberg Television. —Natasha Solo-Lyons

In the face of global warnings to cease its bombing and invasion of Lebanon and to allow humanitarian aid into Gaza, Prime Minister Benjamin Netanyahu instead stepped up air strikes on Lebanon, with his military saying it killed a senior Hezbollah commander. It’s the latest escalation of Israel’s conflict with the militant group that has killed more than 2,000 Lebanese, the government there has said. Lebanese officials said today that the latest Israeli strikes killed 16 people, including the local mayor.

Even with a regional war in the Middle East, energy traders aren’t expecting oil prices to climb significantly in the new year. The bearishness—which could of course reverse itself should a major escalation disrupt fuel flows—stems from a belief that supplies will exceed global demand in 2025, with increases from outside the Organization of Petroleum Exporting Countries playing a major role. That has been reinforced by all three main oil agencies paring back estimates for demand next year.

Elon Musk’s SpaceX sued a California agency for voting down additional rocket launches by the company in the state, claiming it was motivated by “naked political discrimination” against the right-wing billionaire, one of Republican presidential candidate Donald Trump’s biggest financial donors. Vice President Kamala Harris meanwhile is intensifying efforts to convince Republicans to cross the aisle and back her campaign in a bid to expand her electoral appeal with less than three weeks to Election Day. The Democrat’s campaign has been buoyed by the recent endorsement of former Representative Liz Cheney and the support of other Republicans opposed to Trump, developments her team sees as bolstering their bid to win over more GOP voters in battleground states.

Boeing is considering raising about $15 billion in a sale of shares and a mandatory convertible bond, Reuters reported. Boeing announced steps on Tuesday toward raising as much as $25 billion by filing a plan to sell any combination of bonds and shares, known as a shelf registration. Bloomberg reported this month that Boeing was considering a capital increase of at least $10 billion. The moves come as the struggling planemaker plans to fire 17,000 employees amid a month-long strike.

The entrepreneur who popularized Greek yogurt in the US has seen his net worth rise to $2.5 billion as earnings at dairy heavyweight Chobani nearly doubled last year. Hamdi Ulukaya owns just under 78% of New Berlin, New York-based Chobani, best known for its Greek-style strained yogurt. The company has expanded into oat milk, coffee creamer and drinkable yogurt in recent years.

McKinsey is said to be nearing a deal with US prosecutors to pay at least $500 million to settle federal probes into its past work helping opioid makers boost sales. A settlement, which could be announced in the coming weeks, would resolve criminal and civil investigations by the Justice Department. The terms haven’t been finalized and could still change.

An investor in the company that took Trump’s social media startup public will serve 22 months in prison for trading on confidential information about the firm’s merger plans before the deal was announced. Gerald Shvartsman was sentenced by a federal judge in Manhattan Wednesday for trading on secret details he had learned about Digital World Acquisition before the Trump deal was revealed in October 2021.

Good news for skiers: La Niña is promising massive snowfall in the Americas and colder temperatures in Europe this season, a relief after last year’s paltry powder. The downside? Resorts are expecting record crowds. But you can get the best of all worlds—epic terrain, solid deals, private stashes of pow—by choosing these alternatives hidden right around the corner from some of the world’s most famous destinations. Click here for our full list of skiing destinations that are cheaper than the classics, but just as good.