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☆ Chinese EV maker Zeekr prices IPO at $21, at the top end of range, reports say
▼ + stars: | 2024-05-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. Chinese electric vehicle maker Zeekr priced its initial public offering at $21 a share Thursday, at the top end of its range, according to news reports. Zeekr, which is backed by Chinese-based automotive group Geely, offers several luxury vehicle models, including an upscale sedan it began delivering in January. "Our sales gap with Tesla keeps on narrowing," Zeekr CEO Andy An told CNBC in an interview last month translated from Mandarin. Zeekr has said it plans to use the proceeds from the offering to develop more advanced battery electric vehicle technologies.

Persons: Geely, Tesla, Andy, Zeekr, Goldman Sachs, Morgan Stanley, Merrill Lynch Organizations: Auto Shanghai, New York Stock Exchange, Reuters, Bloomberg News, Securities and Exchange Commission, SEC, Tesla, CNBC, Underwriters, China International Capital Locations: Shanghai, China, Zhejiang, Europe, Latin America, Sweden, Netherlands

☆ These 10 retail brands are the fastest growing in the U.S., Yelp says
▼ + stars: | 2024-04-10 | by ( Amelia Lucas | ) www.cnbc.com time to read: +6 min

Chains owned by publicly traded restaurant companies accounted for half of the top 10 fastest-growing retail brands in the U.S. last year, according to a new Yelp report. Of the 50 fastest-growing chains in Yelp's report, 35 were restaurant brands. Jack in the Box, First Watch and Dutch Bros were among the public restaurant chains included in the report, but they didn't crack the top 10. Popeyes' higher sales have encouraged franchisees to open more locations and led new operators to join the brand, Restaurant Brands executives have previously said. In 2023, Popeyes surpassed KFC as the second-most popular chicken chain in the U.S. by sales, trailing only Chick-fil-A.

Persons: Jack, Levi Strauss, Cava CAVA, Cava, Zachary Lucy, Scott Olson, Darden, Yum, Stephanie Dhue, Tim Hortons, Burger King, Randy Risling, Popeyes, Michael Siluk, Freddy's, Kyle Rivas, It's, Justin Sullivan Organizations: Dutch Bros, Publicly, Nordstrom, Costco, New York Stock Exchange, Pacific Coast League, Omaha Storm, Memphis Redbirds, AP, LongHorn, Getty, Darden, steakhouse, Parent, Yum Brands, Taco Bell, KFC, East, CNBC, Wawa, Toronto Star, Brands, Restaurant Brands, UCG, Thompson, Capital Partners, Rally House, Kansas City Chiefs, Tampa Bay Buccaneers, Subs Locations: U.S, Cava, Werner, Omaha , Nebraska, Nebraska, Skokie , Illinois, California, West, Wawa, Bethany Beach , Delaware, Philadelphia, It's, Louisiana, Lansing , Kansas, Kansas City , Missouri, Midwest, Pennsylvania, Arizona, Olive, Lincolnwood , Illinois, Jersey, Petaluma , California

☆ Stocks making the biggest moves premarket: Citigroup, Under Armour, MicroStrategy and more
▼ + stars: | 2024-03-14 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Under Armour — Shares dropped 5.3% on news that founder Kevin Plank is returning as chief executive to the sportswear company. Dollar General — The discount retailer popped 5.8% on the back of a stronger-than-expected earnings report for the fourth quarter. After the market closed Wednesday, SentinelOne posted stronger-than-expected quarterly results. Dick's Sporting Goods -- Shares moved 3.6% higher after the sporting goods retailer posted an earnings and revenue beat for its fourth quarter. MicroStrategy — Shares gained 1.6% after MicroStrategy said it's raising $500 million to buy additional bitcoin , and to use for other general corporate purposes.

Persons: Armour, Kevin Plank, Evercore, LSEG, Joe Biden, SentinelOne, Dick's, Goldman Sachs, MicroStrategy, —, Alex Harring, Sarah Min, Michelle Fox Organizations: United States Steel, Nippon Steel Corp, Wall Street Journal, Dick's Sporting Goods, Citigroup —, Citi

☆ Stocks making the biggest premarket moves: Target, Apple, Tesla, Microstrategy and more
▼ + stars: | 2024-03-05 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading: Target — Shares of the retailer jumped nearly 8% after a stronger-than-expected fourth-quarter report. Target generated $2.98 in earnings per share on $31.92 billion of revenue. Analysts surveyed by LSEG were looking for Target to earn $2.42 per share on $31.83 billion of revenue. Stitch Fix — Shares tumbled 13.4% a day after the online personalized styling service company reported an earnings miss for its second quarter. AeroVironment — The stock rallied nearly 18% a day after the defense company exceeded estimates for its third-quarter adjusted earnings per share and revenue.

Persons: Tesla, Microstrategy, Albemarle, GitLab, —, Jesse Pound, Lisa Han Organizations: Apple, Counterpoint Research, Reuters, Police, CNBC, Bloomberg, Department of Commerce's, of Industry, Security, Paymentus Holdings Locations: China, Berlin

☆ Stocks making the biggest moves midday: Apple, Target, Tesla, Advanced Micro Devices and more
▼ + stars: | 2024-03-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Target — Target surged nearly 12% after the retailer topped Wall Street's fourth-quarter estimates . Advanced Micro Devices — Shares fell more than 2% after Bloomberg said AMD failed to get a made-for-China chip past U.S. regulators. Profit forecasts also missed expectations, with GitLab guiding between 19 cents and 23 cents, versus a consensus estimate of 35 cents. Paymentus Holdings — The payment technology stock popped 21% after surpassing Wall Street's fourth-quarter revenue and earnings estimates. AeroVironment — The defense stock soared nearly 28% and headed for its second-best day ever after topping Wall Street's fiscal third-quarter expectations and offering stronger-than-expected full-year guidance.

Persons: Apple —, Tesla, — Microstrategy, Albemarle, GitLab, Wall, AeroVironment, —, Yun Li, Michelle Fox, Jesse Pound, Hakyung Kim Organizations: Apple, Apple — Apple, Research, —, Bloomberg, AMD, Commerce Department, Preferred Stock, Paymentus Holdings, Technologies, Wolfe Research Locations: China, Berlin, Australia

☆ Fact Check: US representative for Ukraine’s economic recovery not convicted of treason
▼ + stars: | 2023-11-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

U.S. Special Representative for Ukraine’s Economic Recovery Penny Pritzker was not arrested and convicted on charges of treason, contrary to an article circulating on social media making this claim. The claim is “categorically false,” a U.S. State Department spokesperson said to Reuters in an email on Nov. 14. Real Raw News, the Army JAG and the U.S. Department of State did not immediately respond to Reuters’ requests for comment. Pritzker was not convicted of treason. This article was produced by the Reuters Fact Check team.

Persons: Penny Pritzker, “, ”, Janet Yellen, Letitia James, Pritzker, Read Organizations: Special, Real Raw News, “ JAG Convicts U.S, Raw, U.S, Treasury, New York, Corps, JAG Corps, U.S . Army, U.S . State Department, Reuters, Real Raw, Navy JAG, Ukraine’s Energy, German, Washington D.C, Army JAG, U.S . Department of State, Thomson Locations: United States, U.S, Ukrainian Embassy, Washington

☆ Fact Check: US Treasury Secretary Janet Yellen was not convicted of treason
▼ + stars: | 2023-11-02 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen was not convicted of treason in October, despite an article circulating online making the claim. The article falsely claims that Yellen was convicted at a military tribunal held on Oct. 16. Reuters previously addressed the false claim published by Real Raw News in September that Yellen was arrested for treason. All available emails on Real Raw News’ website bounced back when attempting to reach for comment. U.S. Treasury Secretary Janet Yellen was not convicted of treason.

Persons: Janet Yellen, “, ”, Yellen, ” Yellen, Susan Rice, Read Organizations: Treasury, Real Raw, Corps, JAG, Army, Facebook, U.S . Court, Public, Marine, Reuters, Freedman's, U.S . Department of Treasury, Bloomberg, Real Raw News, National Security, U.S . Army, Thomson Locations: U.S

☆ Dollar General reappoints former CEO Vasos for second stint, cuts FY23 view
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

A view of a fresh food aisle at a Dollar General store in Norridge, Chicago, U.S., August 24, 2021. With Vasos' appointment, Dollar General hopes "to restore stability and confidence" in the company, whose stock has lost more than half its value so far this year. But for now, the company trimmed its annual sales and profit estimates for a third time, just over a month after it forecast a steep drop in annual profit and missed market expectations for second-quarter results. Vasos "is acutely aware of the challenges facing our business and the industry more broadly" Dollar General said, adding his appointment was effective immediately. It tightened the range of its annual net sales growth outlook to 1.5% to 2.5%, from a prior range of 1.3% to 3.3% growth.

Persons: Richa Naidu, Todd Vasos, Jeffery Owen, Vasos, Savyata Mishra, Maju Samuel, Shinjini Organizations: REUTERS, Thomson Locations: Norridge , Chicago, U.S, Bengaluru

☆ China's Big Tree Cloud in $500 mln SPAC deal for US listing
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon Acquire Licensing RightsOct 10 (Reuters) - U.S. blank-check firm Plutonian Acquisition Corp (PLTNU.O) agreed to merge with Big Tree Cloud International Group for the Chinese personal care products company to go public in a deal that will value the combined enterprise at about $500 million. After the completion of the merger with the special purpose acquisition company, Big Tree Cloud International Group will be operated under a holding entity named Big Tree Cloud Holdings Ltd and listed on the Nasdaq Stock Market, according to the statement. Big Tree Cloud, based in the southern Chinese tech hub Shenzhen and founded in 2020, focuses on feminine hygiene products like sterilized feminine pads and menstrual pants. "The proposed business combination with Plutonian Acquisition will enable us to accelerate our effort of accomplishing our mission of offering premium personal care products to consumers and expanding our product portfolio beyond feminine care," said Big Tree Cloud founder Wenquan Zhu.

Persons: Wenquan Zhu, Rishabh, Roxanne Liu, Rashmi Aich, Subhranshu Organizations: Nasdaq, REUTERS, Plutonian, Cloud, Group, U.S . Securities, Exchange Commission, Market, Cloud Holdings, Thomson Locations: New York City, U.S, Shenzhen, Bengaluru, Beijing

An NIO ET7 car model is presented at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. The company raised $500 million in a six-year put-four convertible bond and the same amount in a seven-year put-five bond. The shorter dated bond has a 3.875% interest rate, while the seven year bond's rate is 4.625%, Nio said in a Hong Kong Stock Exchange announcement. Nio posted a net loss of 6.12 billion yuan ($839.51 million) in the second quarter, versus a loss of 2.75 billion yuan in the corresponding period a year ago. Reporting by Scott Murdoch in Sydney; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Annegret, Nio, Scott Murdoch, Michael Perry Organizations: REUTERS, Rights, Nio, HK, Hong Kong Stock Exchange, Thomson Locations: Berlin, Germany, Sydney

☆ Morning Bid: Markets brace for EU, US inflation data blitz
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 30, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Brigid RileyA slew of economic data is set to roll out on Thursday, including preliminary euro zone CPI numbers and U.S. personal consumption data, with markets hankering for further inflation relief as central bank policy meetings march closer into view. The pan-European STOXX 600 index (.STOXX) closed lower and the euro jumped in the aftermath of the data, with markets now bracing for the last day of a gloomy August. Expectations are still hovering around a 50-50 chance of another ECB hike, with the focus on preliminary euro zone CPI data due later in the day. Meanwhile, Chinese stocks were looking glum again in the Asian morning after an official factory survey showed manufacturing activity slowed for a fifth month straight.

Persons: Brigid Riley, Collins, Lululemon, Pernod Richard, Edmund Klamann Organizations: REUTERS, Staff, European Central Bank, Reuters Graphics, Federal Reserve, UBS, Credit Suisse, Credit Suisse AG, PCE, Dollar, Corp, Broadcom Inc, Thomson Locations: Frankfurt, Germany, Spain, France, U.S, Italy, Switzerland, Central

☆ Walgreens sells $1.85 bln of AmerisourceBergen shares, further cutting stake
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Pigeons are seen resting on signage for Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File PhotoAug 3 (Reuters) - Walgreens Boots Alliance (WBA.O) has sold some AmerisourceBergen Corp's (ABC.N) shares for proceeds of about $1.85 billion, the U.S. drugstore chain said on Thursday, further cutting its ownership in the drug distributor to about 16%. The latest share sale includes $250 million that drug distributor AmerisourceBergen will buy back from Walgreens under its share repurchase program, Walgreens added. Walgreens sold some AmerisourceBergen shares for $694 million in May. After the latest share sell, Walgreens will remain AmerisourceBergen's largest shareholder.

Persons: Andrew Kelly, Mrinmay Dey, Jamie Freed Organizations: Walgreens, Walgreens Boots Alliance, Inc, REUTERS, Thomson Locations: Manhattan , New York City, U.S, AmerisourceBergen, Bengaluru

☆ Albemarle to take 5% stake in Patriot Battery Minerals for Canada lithium
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

Albemarle, the world's biggest lithium producer, is acquiring the stake in Patriot just as the Canadian company estimated its Corvette resource as the biggest hardrock lithium deposit in the Americas. Patriot also agreed to study with Albemarle the viability of a downstream lithium hydroxide plant integrated with its Corvette deposit. The battery metals miner on Monday announced the first mineral resource estimate for spodumene pegmatite at Corvette, which showed deposits of 109.2 million tonnes of lithium oxide. Albemarle will subscribe to about 7.1 million Patriot shares for C$15.29 apiece, a near 7% premium to the stock's July 31 closing price on the TSX Venture Exchange. Patriot's Australia-listed shares jumped as much as 20.7% to A$1.823 by 0053 GMT, posting their biggest intraday percentage gain since March 28.

Persons: pegmatite, Reg Spencer, Blair Way, Echha Jain, Melanie Burton, Subhranshu Sahu Organizations: Battery Metals, Albemarle, Canadian, Monday, TSX Venture Exchange, Patriot, Patriot's, Thomson Locations: Australia, Canada, Albemarle, Americas, Genuity, Patriot's Australia, Bengaluru, Melbourne

☆ Stocks making the biggest moves midday: Carvana, Icahn Enterprises, Novavax, Fisker and more
▼ + stars: | 2023-07-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Carvana — Shares soared 10% in midday trading. The company said on Monday it expected exponential growth within its used electric vehicle segment as consumer demand for EVs skyrocket. Lucid — The luxury electric vehicle company added 3.4%. Fisker — Fisker rose 2% after the electric vehicle maker said it's issuing a $340 million convertible note offering. On Friday, the company disclosed in a securities filing that it would receive $350 million from Canada for unused Covid-19 vaccines.

Persons: EVs skyrocket, Morgan Stanley, Jefferies, DraftKings, Carl Icahn's, Fisker, Jesse Pound, Sarah Min, Yun Li, Samantha Subin Organizations: EVs, Shockwave, JPMorgan, Cava, Icahn Locations: Cava, Canada

☆ Stocks making the biggest premarket moves: Advance Auto Parts, Icahn Enterprises, Meta, Fisker and more
▼ + stars: | 2023-07-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

An exterior view of the Advance Auto Parts store at the Sunbury Plaza. Check out the companies making the biggest moves before the bell:Advance Auto Parts — Advance Auto Parts declined 2.4% in the premarket after Atlantic Equities on Monday downgraded the stock to underweight, and cut its price target to $50. Meta Platforms — Shares of the social media company rose about 1% in premarket trading. Fisker — The electric vehicle maker's stock rose less than 1% after the company announced a $340 million convertible note offering, with the potential to increase it to $680 million. Charles Schwab — Shares of the brokerage firm rose 1.9% in premarket trading after JMP upgraded Schwab to market outperform from market perform.

Persons: Sam Hudson, Carl Icahn, Mark Zuckerberg, Fisker, Charles Schwab —, JMP, Schwab, Morgan Stanley, Yun Li, Sarah Min, Jesse Pound Organizations: Advance, Journal, Shockwave Locations: Sunbury

☆ Opinion: It’s time to bring these US military veterans home
▼ + stars: | 2023-07-01 | by ( Opinion Saúl Ramírez | ) edition.cnn.com time to read: +9 min

CNN —Bartolomé, a US military veteran, has spent the last 15 Fourth of July holidays in Mexico. “It’s a stab in the back.”Between 2013 and 2018, 250 US military veterans were placed in removal proceedings and 92 were deported. Unfortunately, an accurate count of deported veterans is nonexistent, because Immigration and Customs Enforcement does not keep a comprehensive record of removed US veterans. Veterans who did not receive a dishonorable discharge are entitled to a military burial in the United States. As a result, the urgency in addressing noncitizen military members’ precarious situation is particularly palpable now.

Persons: CNN —, he’s, Saúl Ramírez Christopher Smith Bartolomé, ” Bartolomé, ”, “, Joe Biden, Mark Takano, Sen, Alex Padilla, “ I’m, I’m, ‘ I’m, ’, Bartolomé, ‘ Don’t, they’ve Organizations: Harvard University, CNN, US Armed Forces, Pew Research Center, United States, Judiciary, Department of Homeland Security, Immigration, Immigration Services, Department of Defense, Immigration Systems, New, of State, Department of Justice, DHS, of Homeland Security, Committee, Veterans Affairs, Veterans, Los, Twitter, Facebook, Bartolomé Locations: Mexico, United States, Los Angeles

☆ Beauty and tech company Oddity, which runs Il Makiage, files to go public
▼ + stars: | 2023-06-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Beauty and tech company Oddity, which runs the Il Makiage and Spoiled Child brands, filed to go public Friday as the once-frozen IPO market warms up. In the three months that ended March 31, the company saw $165.65 million in revenue, up from $90.41 million in the year-ago period. In fiscal 2022, Oddity brought in $324.52 million in sales and saw a net income of $21.73 million, or $5.94 a share. In 2020, it saw $110.64 million in sales and a net income of $11.71 million, or $3.45 a share. E.L.F., a multibrand beauty company, saw $144.94 million in sales in fiscal 2014 and a net loss of $2.88 million.

Persons: didn't, Oran Holtzman, Shiran Holtzman, Lindsay Drucker Mann, Goldman Sachs, Child's, Holtzman Organizations: Nasdaq, Goldman, CNBC, Israeli Defense Forces, Technologists Locations: Israel, U.S, Canada, Europe, Australia

☆ Virgin Galactic raises $300 million, seeks another $400 million to expand spacecraft fleet
▼ + stars: | 2023-06-22 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Carrier aircraft VMS Eve releases spacecraft VSS Unity before firing its rocket engine during the Unity 25 spaceflight on May 25, 2023. Virgin Galactic has successfully raised $300 million via an "at the market" offering of common stock, the company disclosed in a securities filing Thursday. Shares of Virgin Galactic have rallied since the company announced plans to launch its first commercial spaceflight by the end of this month. Virgin Galactic had cash and securities totaling $874 million at the end of the first quarter, it reported in May. The company has a single carrier aircraft, VMS Eve, and one spacecraft, VSS Unity, which it has said can conduct flights as frequently as once a month.

Organizations: Carrier, VSS, Virgin Galactic, Galactic, VSS Unity, Delta

☆ Mediterranean restaurant chain Cava stock soars as much as 107% in market debut
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. The stock trades on the New York Stock Exchange under the ticker symbol "CAVA." The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion. Shares of Mediterranean restaurant chain Cava soared as much as 107% in its market debut Thursday morning before giving up some of those gains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.

Persons: Zoes, It's, Brett Schulman, Chipotle Organizations: New York Stock Exchange, Group, Brands Locations: Cava, New York City, Chao

☆ Dollarama beats sales estimates on strong demand for essentials
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Canadian discount store chain Dollarama Inc (DOL.TO) beat market expectations for quarterly sales on Wednesday, benefiting from strong demand for its cheaper groceries and household supplies. The company's U.S. counterpart Dollar Tree Inc (DLTR.O), however, trimmed its annual profit forecast in May, while Dollar General Corp (DG.N) cut its annual profit and sales forecast, both citing slowing demand for discretionary goods. Last month, retail bellwether Walmart Inc (WMT.N) said it saw strong demand for its low-priced groceries and other essentials, and is expecting this trend to continue in the back half of the year. Dollarama on Wednesday reaffirmed its fiscal 2024 same store sales forecast and gross margin at 5.0% to 6.0% and 43.5% to 44.5%, respectively. The company's sales rose to C$1.29 billion ($964 million) in the first quarter, from C$1.07 billion a year earlier, compared with analysts' average estimate of C$1.25 billion, according to IBES data from Refinitiv.

Persons: Dollarama, Juveria Tabassum, Aatrayee Chatterjee, Shailesh Organizations: Inc, Dollar, Corp, Walmart Inc, Thomson Locations: U.S, Refinitiv, Bengaluru

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru

The bill to suspend the $31.4 trillion debt ceiling headed to the Senate, which must enact the measure before a Monday deadline, when the government is expected to run out of money to pay its bills. With signs of progress in the debt ceiling saga, focus will now shift to the Labor Department's closely watched jobs report for May, due on Friday, that will help determine whether the Federal Reserve will stick with its aggressive interest rate-hiking cycle. The odds favoring a pause in rate hikes at the Fed's June 13-14 policy meeting were around 71% after the day's datasets. FEDWATCH"We're at the potential beginning of a soft landing," said David Russell, vice president of Market Intelligence at TradeStation. "When you look at the debt ceiling apparently being resolved, we could be in a situation where we wake up from the nightmare of inflation and the risk of a default to the soft landing."

Persons: Goldman Sachs, Chuck Schumer, Philip Jefferson, David Russell, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Federal Reserve, ADP, Senate, Democratic, Labor, Federal, Fed, Market Intelligence, Dow Jones, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, Macy's Inc, Dollar General Corp, NYSE, Thomson Locations: Bengaluru

☆ Dollar General prunes annual outlook as shoppers curb spending; shares slide
▼ + stars: | 2023-06-01 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Low-cost retailers like Dollar General face stiff competition from bigger retailers like Walmart in the grocery and food business, which has lifted its annual outlook as it offers lower prices on groceries compared to rivals Target Corp (TGT.N). Shares of Dollar General were set for their worst day on record, if losses hold, as it also said an earnings decline would be "most significant" in the second quarter. The Tennessee-based company's gloomy outlook echoes disappointing results at its biggest rival Dollar Tree (DLTR.O) last week, which took a hit from slowing demand for non-essentials and elevated cost pressures. The company's first-quarter same-store sales and profit were also below analysts' average estimate as customers appeared to have reduced their spending budgets. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeffery Owen, Michael Montani, Kelly Dilts, Savyata Mishra, Pooja Desai, Dhanya Ann Thoppil Organizations: General Corp, Walmart, Target Corp, Evercore ISI, Thomson Locations: The Tennessee, Bengaluru

Harker said he sees promising signs the Fed's rate hikes so far -- five full percentage points since March 2022 -- are having a cooling effect, particularly on housing prices. Uncertainty over inflation dynamics and the pace of credit tightening make him wary of continuing to raise rates. Harker said he expects the economy to grow less than 1% this year, and for the unemployment rate, now at 3.4%, to rise to around 4.4%. He said he could envision the Fed cutting rates if unemployment rises significantly faster, or inflation falls more rapidly, than he currently forecasts. "We don't have to keep moving rates up, and then have to reverse course quickly."

Persons: Patrick Harker, Harker, Corp's, Ann Saphir, Paul Simao Organizations: Philadelphia Federal, National Association for Business Economics, Thomson

"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru

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