NEW YORK—Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks. Gap was the latest retailer to report a slump in apparel shopping for the second-quarter, saying on Thursday that net sales slumped 8 percent from a year earlier to $3.86 billion. Earlier this month,…
US Retailers Slash Clothing Prices as Shoppers Cut Purchases
August 26, 2022
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Coca-Cola HBC Flags One-Time $195 Million Hit From Russian Operations
August 11, 2022
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Coca-Cola HBC AG said on Thursday it took a one-time hit of 190 million euros ($195.4 million) in the first half from costs related to its Russian business after it stopped selling Coke and other Coca-Cola Co. products in the country. The soft drinks bottler also reinstated its forecast for the year, expecting annual comparable…
Lyft Posts Record Quarter, Sees Operating Profit of $1 Billion in 2024
Ride-hailing firm Lyft Inc. on Thursday forecast an adjusted operating profit of $1 billion for 2024 after reporting record earnings for the second quarter, betting on strength in the rideshare market as it rebounds from pandemic lows. Lyft’s shares jumped more than 8 percent in extended trading, as the company also reported profit above Wall…
Stocks Slide to Start August After Best Month Since 2020
Stocks on Wall Street gave up early gains and closed slightly lower Monday as investors began another busy week of company earnings and economic reports. The S&P 500 gave up an early gain to end down 0.3 percent. The Dow Jones Industrial Average dipped 0.1 percent and the Nasdaq fell 0.2 percent. Smaller company stocks also…
Swiss National Bank Posts Record First-Half Loss, Says No Policy Impact
ZURICH—The Swiss National Bank reported a first-half loss of 95.2 billion Swiss francs ($100.08 billion) on Friday, the biggest six-month loss since the central bank was founded in 1907. Stock market declines, falling bond prices, and the franc’s appreciation severely dented the value of its massive foreign currency holdings. The SNB reported a second-quarter loss…
Twitter Blames Worse-Than-Expected Earnings on Elon Musk, Wobbly Ad Market
Twitter’s newly released second quarter financial results show the social media giant’s revenue shrinking over the year and its net losses at a bigger-than-expected $270 million, with the company blaming its poor performance in part on Elon Musk. Revenue shrank 1 percent year-over-year in the second quarter to $1.18 billion, Twitter said in a July 22…
S&P 500, Dow Open Higher on Earnings Optimism
The S&P 500 and the Dow opened higher on Thursday after strong profit forecasts from companies such as Macy’s, while data confirmed the U.S. economy contracted in the first-quarter, quelling some worries about aggressive rate hikes. The Dow Jones Industrial Average rose 127.89 points, or 0.40 percent, at the open to 32,248.17. The S&P 500…
4 Nordstrom Analysts React to Mixed Q1 Earnings: ‘We Remain Skeptical’
Nordstrom, Inc. shares traded higher by 11 percent on Wednesday after the company reported strong first-quarter sales numbers and raised its full-year guidance. On Tuesday, Nordstrom reported a first-quarter adjusted EPS loss of 6 cents, slightly missing consensus analyst estimates of a 5-cent loss. First-quarter revenue of $3.57 billion exceeded Wall Street expectations of $3.28…
Apple’s Supply Chain Issues Are ‘Investor Distraction Vortex’ and ‘Blown Out of Proportion’: Analyst
Problems with Apple Inc.’s supply chain have been “blown out of proportion” according to Gene Munster, Apple analyst and co-founder and managing partner at Loup Funds. Munster said in a note published on April 29 that the tech giant’s supply chain issues are in fact an “investor distraction vortex” after the company predicted a decline in performance…
Microsoft Analyst Warns Ahead of Quarterly Earnings: ‘There’s Little Margin for Error’
Microsoft Corporation is scheduled to report its fiscal-year third-quarter results after the market closes next Tuesday. Ahead of the event, an analyst at Piper Sandler sounded out downside risks but retained his bullish bias. Microsoft Analyst Brent Bracelin maintained an Overweight rating and $352 price target on Microsoft shares. Microsoft Thesis Durability of the Microsoft…
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