Reported 11 months ago
Nordstrom reaffirmed its annual forecasts for sales and profit, emphasizing concerns about the uncertain economy and selective consumer behavior. Despite beating first-quarter revenue expectations, the department store's shares fell nearly 5% in after-market trading. Nordstrom maintained its 2024 forecast of a 1% drop to a 2% rise in comparable sales and an annual profit per share of $1.65 to $2.05, as it continues efforts to boost sales with popular brands like Birkenstock and Prada Beauty. The company's revenue for the quarter increased by 4.8% to $3.34 billion, with a quarterly loss of 24 cents per share.
Source: YAHOO
Reported 11 months ago
Gap has raised its annual sales forecast after reporting first-quarter results that surpassed expectations, driven by strong demand for its Old Navy and Gap brands, with a 23% surge in shares. The company saw a 3% increase in quarterly store sales and a 5% rise in online sales, attributing the success to its turnaround strategy focusing on improved product assortment and reduced promotions. Gap also raised its fiscal 2024 margin forecast and expects annual sales to be slightly higher than last year. Old Navy saw a 3% increase in comparable sales, while Gap experienced 3% growth, leading to a quarterly net sales increase to $3.39 billion.
Source: YAHOO
Reported 11 months ago
Subway has completed a $3.35 billion securitization, the largest of its kind in history, to help fund its buyout by Roark Capital Group. The deal involved selling asset-backed bonds, with investors showing strong demand by placing $19 billion in orders for the $3.35 billion in bonds. This securitization marks Subway's debut in this type of funding and places the company among the top 10 largest ABS transactions of the last decade. Whole business securitizations, like this one, have become a popular funding source for businesses with a large network of franchised stores, offering investors more control over assets in exchange for access to cheaper capital.
Source: YAHOO
Reported 11 months ago
Bob Elliott of Unlimited notes that Fed officials are leaning towards a "wait and see" approach, suggesting that the central bank is likely to pause and gather more information before making significant policy moves due to the current healthy state of the economy. This indicates that a rate cut cycle is unlikely to occur this year, with most Fed officials emphasizing a theme of "wait and see" according to Elliott. The stock market is facing downward pressure from higher interest rates, but despite market participants expecting the Fed to cut rates, stocks are relatively indifferent to Fed actions, with the market being driven more by bond market movements. Additionally, the trend of a few large tech stocks influencing the market significantly raises questions about the sustainability of the market's record highs, with expectations of 17% earnings growth challenging to meet without these tech giants. Elliott suggests that the financial sector may offer opportunities for investment given the current market landscape.
Source: YAHOO
Reported 11 months ago
FreightWaves reports that Flock Freight is utilizing AI to address the issue of partially empty truckloads in America due to the rise in e-commerce sales. Large retailers are facing increased delivery demands, leading to hefty fees for late or incomplete deliveries. Flock Freight's research found that 43% of truckloads were partially empty in 2023, resulting in wasted space and added costs. Their Shared Truckload service, FlockDirect®, uses AI to optimize trailer capacity by pooling products from different shippers on similar routes, reducing emissions and costs while ensuring efficient deliveries.
Source: YAHOO
Reported 11 months ago
A recent KPMG study revealed that Americans still prefer purchasing gas vehicles over hybrid or electric vehicles, even when they have the same price and features. The study found that only one-fifth of respondents would choose an electric vehicle over a gas or hybrid vehicle. This preference contrasts with a global decline in electric vehicle demand, prompting automakers like Ford, General Motors, and Mercedes to reconsider their electric vehicle strategies. Additionally, the study highlighted discrepancies between U.S. consumers and auto industry executives regarding expectations for EV charging times during road trips, with 60% of consumers desiring charging in 20 minutes or less compared to 41% of executives. Consumer willingness to pay for self-driving features and entertainment was lower than for safety, WiFi, and charging locator services, according to the study.
Source: YAHOO
Reported 11 months ago
Dell's profit margins were impacted by higher costs related to building servers for Artificial Intelligence workloads, leading to a forecast of lower-than-expected current-quarter profit and a decline in annual margin. The company's shares dropped over 17% in extended trading as Dell expects its adjusted gross margin rate to decrease by about 150 basis points in fiscal 2025. Despite strong demand for AI-capable products, Dell's competitors' pricing strategies in the market have contributed to the margin decline. Dell's revenue for the first quarter rose by 6% to $22.24 billion, with the company raising its revenue forecast for fiscal 2025.
Source: YAHOO
Reported 11 months ago
Costco's Q3 earnings exceeded expectations with net sales of $58.52 billion and adjusted earnings of $3.78, beating estimates. The company saw a 6.5% increase in same-store sales, with strong growth in its international business and Canada. E-commerce also surged by 20.7%, and Costco expanded its partnership with Uber Grocery. Membership fees were in line with estimates at $1.12 billion, and the company is considering a fee increase in the future. Costco's stock is up 25% year-to-date, closing at a record high.
Source: YAHOO
Reported 11 months ago
Nepal leg-spinner Sandeep Lamichhane has been denied a US visa for the second time, causing him to miss the T20 World Cup despite efforts from Nepal's government and the Cricket Association of Nepal to intervene on his behalf. The rejection comes after Lamichhane's initial visa application was turned down following a past conviction that was later overturned. Lamichhane, a former captain of Nepal's team, has faced similar visa rejections in the past, including in 2019.
Source: YAHOO
Reported 11 months ago
The US stock market continued to decline as concerns about higher interest rates and a Salesforce sell-off impacted investor sentiment. The Dow Jones fell nearly 0.9%, with the S&P 500 and Nasdaq also dropping. Salesforce's shares slid almost 20% after announcing slower sales growth, contributing to the market downturn. Additionally, new data showed slower US economic growth in the first quarter, with investors awaiting a key inflation reading. After-hours, companies like Dell and MongoDB reported disappointing results, while Gap and Nordstrom had contrasting performances.
Source: YAHOO
Reported 11 months ago
If you find yourself frustrated with high fees, low interest rates, or poor customer service at your current bank, it might be time to switch. Consider switching to a bank that offers lower fees, higher APY, lower APR, better customer support, account bonuses for new customers, enhanced security features, and quicker access to deposits. Research shows that customers who feel a sense of belonging with their bank are more likely to have better financial health, so finding the right bank for your needs is crucial.
Source: YAHOO
Reported 11 months ago
Kanye West's wife Bianca Censori made a bold fashion statement in a racy jumpsuit as the couple returned to Italy, where they were previously banned for indecent exposure. Censori, known for her revealing outfits, wore a white pearl-colored one-piece leotard thong bodysuit paired with knee-high sandal-boots, while West opted for an all-white ensemble. The couple's public demeanor seemed somber as they were photographed together, with Censori holding a pillow to cover the front of her body. Censori's style has influenced other stars, with some accusing Kanye's ex-wife, Kim Kardashian, of trying to emulate her. Rumors suggest that Kanye curates Censori's fashion looks, just as he used to do with Kardashian.
Source: YAHOO
Reported 11 months ago
In a Yahoo Finance video segment, host Julie Hyman discusses real estate stock picks with Wedbush Securities Managing Director of Equity Research Richard Anderson. Anderson recommends buying Camden Property Trust (CPT) due to its favorable location in the Sun Belt region, anticipating a decrease in supply and positive job growth. Conversely, he advises against investing in Essex Property Trust (ESS) due to its West Coast location, limited white-collar job growth, and lack of visible recovery opportunities. Anderson highlights the potential for growth in Camden but expresses caution about Essex's prospects.
Source: YAHOO
Reported 11 months ago
New York Mets reliever Jorge López was designated for assignment after throwing a temper tantrum, tossing his glove into the stands, and using profanity during a postgame interview following a blowout loss to the Dodgers. López, who signed with the Mets during the offseason, expressed no regret for his actions, which included arguing with an umpire and displaying frustration on the field. The Mets deemed López's behavior unacceptable and decided to part ways with him, with López clarifying on social media that he had been misheard regarding a comment about being the "worst teammate."
Source: YAHOO
Reported 11 months ago
Costco Wholesale's third-quarter earnings beat Street estimates with earnings per share of $3.78 and revenue of $58.52 billion, surpassing expectations of $3.70 and $57.98 billion, respectively. Comparable sales rose 6.5% excluding gasoline and foreign exchange impacts, higher than the estimated 5.93%. Including these impacts, comparable sales increased 6.6% compared to the 6.27% estimate. Despite the positive results, Costco's shares slid, with some concerns about valuation and potential membership fee increases.
Source: YAHOO
Reported 11 months ago
Hertz Global Holdings Inc. is exploring options to raise financing after its new CEO pledged to get the company back on track following a failed electric vehicle investment. The car rental company is working with financial advisers to consider new equity, debt, or a mix of both options. Moody's Ratings recently downgraded Hertz's outlook to negative due to weak earnings, with the company facing challenges from its Tesla fleet and a loss reported in April. Hertz has been selling cars to boost cash flow after struggling with high operating costs and vehicle depreciation.
Source: YAHOO
Reported 11 months ago
Marvell Technology missed first-quarter revenue estimates due to weak client spending in wireless carrier and enterprise markets, leading to a 4% drop in shares. Revenue was $1.16 billion, slightly below the expected $1.17 billion, with CEO Matt Murphy anticipating a stronger second half of the fiscal year driven by data center growth. Despite declines in cyclical businesses, Marvell's data center segment performed well with a revenue increase, while enterprise networking and carrier infrastructure segments saw declines. Adjusted EPS was 24 cents, lower than the expected 25 cents.
Source: YAHOO
Reported 11 months ago
Source: INVESTORS
Reported 11 months ago
Gap (GPS) reported first-quarter earnings that surpassed Wall Street estimates, with earnings per share at $0.41 compared to the expected $0.13, and net sales of $3.4 billion exceeding the expected $3.28 billion. All of Gap's brands reported better-than-expected same-store sales results, leading the retailer to raise its full-year sales and operating income outlook. CEO Richard Dixon's turnaround efforts seem to be showing positive results, with the stock price reflecting a strong performance despite a previously lackluster year-to-date performance.
Source: YAHOO
Reported 11 months ago
Building strong shoulders requires choosing the right exercises to prevent injury and maximize gains. Men's Health fitness director shares five shoulder exercises to avoid, including behind-the-neck presses, barbell upright rows, heavy lateral raises, standing dumbbell external rotation, and front raise. Instead, he recommends alternatives like barbell overhead press, dumbbell upright row, form-first/incline lateral raises, cable external rotation, and medial and rear delt exercises to target the shoulders effectively.
Source: YAHOO
Reported 11 months ago
The Kansas City Chiefs are considering removing kicker Harrison Butker from kickoff duties for the upcoming season due to new NFL rules that require all kicked balls within the "landing zone" from the goal line to the 20-yard line to be returned. This decision is aimed at increasing action and involving kickers in tackling during kickoff returns. Safety Justin Reid is designated as the team's emergency kicker, having filled in for Butker in the past. The Chiefs believe Reid's tackling abilities will enhance their kickoff coverage under the new rules, giving them an advantage over other teams in adapting to the changes.
Source: YAHOO
Reported 11 months ago
The commercial real estate (CRE) industry is facing challenges and potential losses, as discussed by Blackstone Global Co-Head of Real Estate Nadeem Meghji. However, he remains optimistic due to decreasing debt capital costs and increased transaction activity. Meghji highlights data centers as a key investment area, noting their rapid growth and potential. Blackstone has deployed $20 billion in equity capital globally, focusing on sectors experiencing growth due to technology and demographics, such as data centers, warehouses for e-commerce, and rental housing. Meghji emphasizes the long-term view and ample liquidity for seizing opportunities in the current market climate.
Source: YAHOO
Reported 11 months ago
Mizuho upgraded PayPal from Neutral to Buy, raising its price target from $68 to $90 due to the introduction of the Fastlane product. The firm believes this could drive a $1.5 billion boost to PayPal's transaction margin dollars, implying 5 to 10% upside. The upgrade is based on stabilized branded checkout trends, positive valuation outlook, and the potential of Fastlane in the $3 trillion total addressable market. Yahoo Finance anchors Josh Lipton and Julie Hyman discussed the upgrade's implications for PayPal moving forward.
Source: YAHOO
Reported 11 months ago
Padma Lakshmi, the TV host and entrepreneur, was determined not to photoshop her stretch marks and scars in the ads for her new lingerie line with Bare Necessities. Embracing her body and wanting to promote self-love and acceptance, Lakshmi insisted on keeping her imperfections untouched in the photoshoot. She emphasized the importance of body positivity for her daughter and other young girls, highlighting that beauty goes beyond appearances. Through this experience, Lakshmi aimed to set an example of confidence and self-acceptance, emphasizing that she feels more empowered in her 50s than she did in her 20s.
Source: YAHOO
Reported 11 months ago
Source: BARRONS