Safety concerns shut Starbucks store, economic, 3Q earnings reports and more: Monday's 5 things to know

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Here are the key events taking place on Monday that could impact trading.

MUSCLING IN: Stolen vehicles in Detroit are being sold for tens of thousands of dollars less than their actual value, according to authorities and court documents, leading to arrests.

A criminal complaint obtained by The Associated Press shows Dodge muscle cars have been taken from Michigan dealerships and automakers, with thieves using cloned key fobs. 

An Ohio-based theft ring was reportedly broken up after the robbery of a U.S. postal worker led authorities to connect several men to car thefts in the Detroit area. 

CHEVROLET CORVETTE PRODUCTION IDLED AGAIN DUE TO PARTS SHORTAGE

New vehicles are shown parked in storage lots near the the Stellantis Detroit Assembly Complex in Detroit, Wednesday, Oct. 5, 2022. (AP Photo/Paul Sancya / AP Newsroom)

The complaint said investigators found that Dodge Chargers, Challengers, Durangos and Ram pickup trucks worth up to $100,000 were turning up in Ohio, Indiana and East Coast shipping ports after being sold for $15,000.

Some thieves were selling to buyers in other areas as well, using Instagram.

Many of the cars were being driven directly off dealership and assembly plant lots, with perpetrators using "pro pads" to clone keys.

Four people were arrested – who were believed to have paid for one – after someone drove a Ram pickup through the glass wall of a showroom northwest of Detroit and police tracked one of the stolen cars.

Many of the cars were being driven directly off dealership and assembly plant lots, with perpetrators using "pro pads" to clone keys.

Four people were arrested – who were believed to have paid for one – after someone drove a Ram pickup through the glass wall of a showroom northwest of Detroit and police tracked one of the stolen cars.

FOX 2 Detroit reported in August that three children between the ages of 11 and 14 were arrested in the storage lot of the Jefferson North Plant.

They were apparently trying to carjack Dodge Hellcat Chargers and Challengers.

Police have started working directly with Stellantis.

STARBUCKS CLOSING DOORS: An Indianapolis, Indiana, Starbucks location in the city’s downtown area is the latest to close due to public safety concerns, setting off confusion among some business owners and community members who say they have not seen crime concerns.

"We were not made aware of any type of safety concerns," Commander Phil Burton with the Indianapolis Metropolitan Police Department’s Downtown District told Fox 59. 

"We’re doing everything that we can to ensure the safety of those that actually live, work, and visit downtown, so it really comes as an unfortunate incident, Starbucks not reaching out to myself as the commander, let alone my community relations sergeant or any officer for that matter."

The location at Monument Circle will close as of Oct. 28, according to local reports. A Starbucks spokesperson confirmed the closure to Fox 59, explaining the company’s "first priority is to make sure our partners are safe at work."

STARBUCKS EX-MANAGER TESTIFIES HE WAS TOLD TO CRACK DOWN ON PRO-UNION EMPLOYEES: REPORT

This Dec. 13, 2018, file photo shows a sign for a Starbucks Coffee shop in Harvard Square in Cambridge, Mass. (AP Photo/Charles Krupa, File / AP Newsroom)

"We routinely review the partner and customer experience in our stores to see if the store is thriving, partners (employees) are feeling supported, and that we are meeting customer needs. Our local leaders are, and have always been, empowered to use the many resources at their disposal to modify store operations and create the best experience for our communities. But when necessary, we will make the decision to close a store," the spokesperson said. 

"Our first priority is to make sure our partners are safe at work. We will continue to work to make sure that partners can focus on crafting exquisite beverages and creating connections in a safe, warm, and welcoming environment."

"Yes, downtown is very safe," Burton told WRTV. "Downtown crime accounts for only about 5% of all the total crime throughout the city of Indianapolis."

Business owners who operate near the Starbucks location expressed shock over the closure, saying they don’t have concerns over crime. 

"I have police come in, not only as customers, but they come in every morning every day just to say hi and see how we’re doing. For me, I don’t have concerns with my safety or my staff’s safety because we do have protocols in place," Kim Nething, the owner of candy and soda shop Rocket Fizz, told the outlet.

STARBUCKS

Burton called the closure "unfortunate" and lamented that the chain did not speak with police about any concerns before a decision to close was made. One call has been made to police from Starbucks in all of 2022, according to Fox 59, for a report of theft and battery of an employee. The suspect was arrested in the case. 

The manager of nearby soup shop, Soupremacy, echoed Nething that she, too, does not have safety concerns for her staff. 

"I don’t feel unsafe. I believe that you know, we do have a lot of homeless down here, but they pretty much stay to their selves," Chrystal Chadwick said. "We don’t have a lot of people coming in asking to use the restroom. If they do, they buy something; I let them use the restroom."

"I personally just came off the streets myself not long ago, so I know what it feels like to be out there," Chadwick shared.

Republican members of the city council, however, sounded the alarm after the announcement, calling on city leaders to address crime issues before they potentially spiral. 

"For years now, we have been saying that this city needs to get serious about public safety, and now businesses are closing on Monument Circle because we cannot keep it safe. It is time for the prosecutor, mayor, and council to come together to try to fix this problem before it gets worse. We cannot wait to act," Brian Mowery, a member of the Indianapolis-Marion County City-County Council, wrote in a statement on behalf of himself and four other Republican council members, according to local outlet WISH.

3Q EARNINGS REPORTS: Third-quarter earnings season gets underway in earnest this week, with eight Dow members (more than one-third of the blue chip average) and 64 companies in the S&P 500, or 13% of the benchmark index, set to report. 

Among the highlights are a batch of financial earnings, with prospects for the group improving after upbeat results from JPMorgan, Wells Fargo, and Citigroup on Friday. 

The big names to watch this week include Bank of America, Goldman Sachs, Travelers and American Express. 

BIG BANK EARNINGS ‘ARE NOT GOOD NUMBERS’ FOR THE ECONOMY, CHIEF STRATEGIST WARNS

A Bank of America logo is seen in New York City, U.S. January 10, 2017. (Reuters/Stephanie Keith / Reuters Photos)

We’ll also hear from the first of the big-cap consumer/tech titans – streaming giant Netflix on Tuesday, and EV pioneer Tesla on Wednesday.

Also watch for results from transportation names such as United Airlines, American Airlines, Union Pacific, CSX Corp. and others.

ECONOMIC REPORTS THIS WEEK: The housing market, under pressure from soaring inflation, rising borrowing costs and a slowing economy, will feature prominently in the coming week’s economic news.

Watch for home builder sentiment on Tuesday, housing starts and building permits on Wednesday and existing home sales on Thursday. 

HURRICANE IAN UNINSURED, INSURED DAMAGES ESTIMATED BETWEEN $41-70B

Homes under construction at a new development in Thornton, Colorado, US, on Monday, Oct. 10, 2022. (Chet Strange/Bloomberg via Getty Images / Getty Images)

Investors will also digest a key report on factory output (industrial production) and closely watched regional manufacturing data from the New York Fed and Philly Fed, as well the weekly jobless claims report

MANUFACTURING ACTIVITY REPORT: The first economic report of the week comes from the New York Federal Reserve, which will release its closely watched gauge of regional manufacturing activity at 8:30 a.m. ET. 

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The Empire State Manufacturing Survey is expected to slip to -4.0, remaining in contraction territory for a third month after plunging unexpectedly to -31.3 in August (a number below zero means that more New York-area manufacturers say business conditions are worsening than improving).

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