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☆ Best Buy sees steeper decline in annual comparable sales
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A Best Buy store is seen in Niles, Illinois near Chicago, September 23, 2013. REUTERS/Jim Young/File Photo Acquire Licensing RightsNov 21 (Reuters) - Best Buy (BBY.N) said on Tuesday it expects a steeper drop in full-year comparable sales, anticipating shoppers to remain selective in purchases of big-ticket items like electronics and home appliances despite elevated holiday season promotions. The company's shares, down nearly 15% this year, fell 2.4% in premarket trading after a miss on third-quarter revenue estimates. The top U.S. electronics retailer now expects annual comparable sales to decline in the range of 6.0% to 7.5%, compared with its prior range of a 4.5% to 6.0% drop. Total revenue fell to $9.76 billion in the third quarter ended Oct. 28 from about $10.59 billion a year earlier and compared with LSEG estimates of $9.90 billion.

Persons: Jim Young, Corie Barry, Savyata Mishra, Sriraj Organizations: REUTERS, Thomson Locations: Niles , Illinois, Chicago, Bengaluru

☆ Best Buy flags weakening consumer demand heading into holiday shopping season
▼ + stars: | 2023-11-21 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

REUTERS/Jim Young/File Photo Acquire Licensing RightsNov 21 (Reuters) - Top U.S. electronics retailer Best Buy (BBY.N) on Tuesday forecast a bigger decline in annual comparable sales and pointed to "difficult to predict" consumer demand, days ahead of Black Friday that signals the start of the holiday shopping season. "In the more recent macro environment, consumer demand has been even more uneven and difficult to predict," CEO Corie Barry said in a statement. Retailers from Lowe's (LOW.N) to Walmart (WMT.N) have warned of cautious consumer spending as the holiday shopping season gets underway. U.S. holiday sales this year are expected to grow at a slower pace, according to data from the National Retail Federation. Best Buy's third-quarter revenue fell 8.2% to $9 billion in the U.S. as demand fell again across appliances, home theater, computing and mobile phones, signaling that higher discounts failed to entice shoppers.

Persons: Jim Young, Corie Barry, Steven Zaccone, Savyata Mishra, Sriraj Organizations: REUTERS, Lowe's, Walmart, National Retail Federation, Citi, Thomson Locations: Niles , Illinois, Chicago, U.S, comparables, Bengaluru

☆ Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 5.4%
▼ + stars: | 2023-11-09 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

Your tax bill may be slightly lower next year due to inflation adjustments. Photo: iStockHere’s an upside to persistent inflation: More of your income will be taxed at lower rates next year. The Internal Revenue Service announced its annual inflation adjustments to federal income-tax brackets for 2024 Thursday, an increase that slightly outpaces the current inflation rate. This means some Americans will pay less in taxes, said Jim Young, an accounting professor at Northern Illinois University.

Persons: Jim Young Organizations: Internal Revenue Service, Northern Illinois University

Managed money net position in CBOT soybean meal futures and optionsMost-active CBOT soymeal futures jumped 8.6% in the week ended Oct. 24 on increasing international demand for U.S. soybean meal, tightening up the domestic market. Money managers flipped back to a net long in CBOT soybean futures and options through Oct. 24, snapping a seven-week selling streak. The new net long of 7,753 contracts compares with a net short of 1,984 in the prior week, which was funds’ first net short in soybeans since April 2020. Money managers cut their net long in CBOT soyoil futures and options to 11,523 contracts from 20,729 a week earlier. Spring wheat futures are off 25% from their July top.

Persons: Jim Young, Karen Braun, Diane Craft Organizations: REUTERS, Rights, Reuters, Thomson Locations: Minooka , Illinois, Rights NAPERVILLE , Illinois, Argentina, Minneapolis, Kansas City

The Supreme Court in recent years has struck down two trademark laws based on free speech concerns. Elster applied for the "Trump Too Small" trademark to use on T-shirts, inspired by an exchange between Trump and U.S. Elster told the Supreme Court that his trademark uses a double meaning to criticize Trump while expressing his views about "the smallness of Donald Trump's overall approach to governing." Ernst also said the law at issue does not further the overarching trademark law goal of preventing marketplace confusion. "Nobody would be confused into believing that Donald Trump is selling T-shirts accusing him of being too small," Ernst said.

Persons: Marco Rubio, Donald Trump, Jim Young, Foley, Lardner, Trump, Steve Elster's, Joe Biden's, Elster, Erik Brunetti, denigrate Rubio, Marco, " Rubio, Donald Trump's, Elizabeth Prelogar, Biden, Obama, Kate, Jonathan Moskin, Moskin, Jack Daniel's, Joe, Hillary, Samuel Ernst, Ernst, Blake Brittain, Will Dunham Organizations: Republican U.S, U.S, Republican, REUTERS, WASHINGTON, Supreme, U.S . Patent, Trump, Appeals, Federal Circuit, TRUMP, International Trademark Association, Golden Gate University School of Law, Thomson Locations: Detroit , Michigan, California, U.S, Virginia, America, Washington

[1/3] Tom Barrack, CEO of Colony Capital, speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. Here are five criminal cases where the defendant testified:Theranos founder Elizabeth HolmesThe Theranos founder took the stand at her criminal trial in 2021, testifying over several days that she did not intend to defraud investors in the now defunct blood-testing startup. Middendorf, who was head of a department at KPMG, testified at the trial in Manhattan that when he learned another employee had obtained the information, he reported it to his boss. Ex-HSBC executive Mark JohnsonThe former HSBC executive was convicted in 2017 of defrauding a bank client in a $3.5 billion currency trade. Reporting by Jody Godoy in New York; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Barrack, Jim Young, Sam Bankman, Fried, Elizabeth Holmes, Holmes, Donald Trump, David Middendorf, Middendorf, Mark Johnson, Johnson, Jean Boustani, Boustani, Jody Godoy, Noeleen Walder, Daniel Wallis Organizations: Colony Capital, Republican National Convention, REUTERS, United, United Arab Emirates, U.S, KPMG, Supreme, HSBC, Prosecutors, Credit Suisse, Thomson Locations: Cleveland , Ohio, U.S, San Jose , California, Brooklyn, United Arab, UAE, Manhattan, British, Lebanese, Mozambican, Mozambique, New York

☆ Home Depot rides on smaller remodeling projects to top sales, profit estimates
▼ + stars: | 2023-08-15 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Jim Young/File PhotoAug 15 (Reuters) - Home Depot (HD.N) on Tuesday reported a smaller-than-expected drop in quarterly same-store sales and topped profit estimates, as Americans spending on small-scale projects countered a pause in larger home remodeling and renovation work. "While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories," Home Depot CEO Ted Decker said in a statement. Customer transactions fell for the ninth straight quarter, down 1.8% in the second quarter, but smaller than the 4.8% fall in the first quarter. Comparable sales fell 2% in the quarter, while analysts had expected a 3.54% drop, according to Refinitiv IBES data. "Whether the bottoming in the housing market would translate to sales or not - that's where there is caution from investors," Feldman said.

Persons: Jim Young, Ted Decker, Depot's, Wells, Joe Feldman, Feldman, Deborah Sophia, Sriraj Organizations: REUTERS, U.S, Walmart, Home, Advisory, Thomson Locations: Niles , Illinois, Bengaluru

☆ A 46-bedroom Texas mansion that nobody wanted, sat abandoned for decades, and nearly got bought 20 times finally has tenants
▼ + stars: | 2023-05-19 | by ( Jordan Pandy | Dennis Green | ) www.businessinsider.com time to read: +2 min

A 63,000-square-foot mansion near Houston, Texas, has sat vacant for more than 20 years. Owner Jim Youngblood tried to sell the vacant home more than 20 times, but every deal fell through. In 2007, Youngblood, a partner at a local leasing and property management company, bought the abandoned mansion for $525,000. ("Everybody has these grand ideas," Youngblood told Realtor.com in 2016, "but they don't have any money.") "I held onto it for several years and had it under contract over 20 times," Youngblood told the Houston Chronicle, "but nobody could get it closed."

☆ Supreme Court's Roberts declines to appear at Senate Judiciary hearing
▼ + stars: | 2023-04-25 | by ( John Kruzel | ) www.reuters.com time to read: +2 min

[1/2] U.S. Supreme Court Associate Justice Clarence Thomas (L) talks with Chief Justice John Roberts as the justices pose for their group portrait at the Supreme Court in Washington, U.S., November 30, 2018. REUTERS/Jim Young/File PhotoWASHINGTON, April 25 (Reuters) - U.S. Supreme Court Chief Justice John Roberts will not testify at an upcoming Senate Judiciary Committee hearing expected to focus on judicial ethics, he said in a letter on Tuesday to the committee chair. A Supreme Court spokesperson issued the response, which included five pages of information about current judicial ethics standards. "Supreme Court ethics reform must happen whether the Court participates in the process or not," Durbin said in a statement responding to Roberts' letter. "It is time for Congress to accept its responsibility to establish an enforceable code of ethics for the Supreme Court, the only agency of our government without it."

Biden's 2024 race will be different, aides and Democratic party officials say. The race to host the party convention is now down to two cities, sources say: Chicago and Atlanta. Chicago's pull is rooted in tradition, deep-pocketed donors and union ties, while Atlanta's appeal reflects the power of Georgia's grassroots networks and the importance to the party of Black voters and a racially diverse electorate. Top Democratic political officials in eight Midwestern states wrote Biden last week to push for a Chicago convention. CHICAGO, UNION TOWNHolding the convention in Chicago would put Biden in a Democratic powerhouse, where the party controls the legislature and executive branches.

Silicon Valley Bank had $209 billion in assets at the end of last year, while Signature Bank had some $110 billion. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by (Republican former President) Donald Trump that I strongly opposed," Senator Bernie Sanders said in a statement. he added, saying awareness of the bank's recent growth and business model should have led Fed officials to anticipate trouble. In an op-ed for the New York Times, Democratic Senator Elizabeth Warren placed some of the blame at the feet of bank regulators, whom she accused of "letting financial institutions load up on risk." "There won't be legislation getting through Congress, and so regulators will be making the big decisions," he said.

The governors' proposal raised oil industry concerns about fuel regulations differing from state to state. "We have good support," Fischer told Reuters. The legislation also has the support of Senator Kevin Cramer from North Dakota, a co-sponsor of the bill. Cramer's support is significant, as North Dakota is one of the top oil-producing states, Fischer said. Organizations including the API, the Renewable Fuels Association (RFA) and the National Farmers Union wrote to congressional leaders this month to urge them to adopt legislation to expand nationwide E15 sales.

☆ The number of US adults carrying a loaded handgun every day doubled to an estimated 6 million in just 4 years
▼ + stars: | 2022-11-23 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +4 min

US adults carrying loaded handguns on a daily basis nearly doubled from 2015 to 2019, a new study found. They applied that nationally representative data to the estimated 53 million US adults who owned handguns in 2019, concluding that about 16 million adults carried a loaded handgun at least once a month, and 6 million did so daily. They bought about 18.9 million guns in 2021, a record year surpassed only by 2020, according to estimates by The Trace, a publication dedicated to investigating gun violence. "Between increases in the number of people who own handguns and the number of people who carry every day, there has been a striking increase in handgun carrying in the US," Rowhani-Rahbar said in a press release. "In light of that ruling, our study reinforces the importance of studying the implications of handgun carrying for public health and public safety," Rowhani-Rahbar said.

Walmart has agreed to pay $3.1 billion, mostly up front, according to two people familiar with the matter. The proposed settlement, which would be the first nationwide deal with retail pharmacy companies, follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion. CVS, Walgreens and Walmart are the three largest retail pharmacies in the country by market share. The agency has attributed much of the recent rise in overdose cases to illegally manufactured fentanyl, a powerful synthetic opioid. A congressional report last month put the economic toll of the opioid crisis in 2020 alone at $1.5 trillion.

The proposed settlement calls for CVS to pay $5 billion over 10 years, Walgreens to pay $5.7 billion over 15 years and Walmart to pay $3.1 billion, mostly up front, according to the people. Walgreens and CVS declined to comment. Walmart and a spokesperson for the plaintiffs' attorneys in the litigation did not immediately respond to requests for comment. The proposed settlement, which would be the first nationwide deal with retail pharmacy companies, follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion. CVS, Walgreens and Walmart are the three largest retail pharmacies in the country by market share.

☆ CVS, Walmart, Walgreens reach tentative $12 bln Opioid pact - Bloomberg News
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The combination photo shows a logo of CVS in Manhattan, New York, U.S., August 1, 2016, re-usable Walmart bags in a newly opened Walmart Neighborhood Market in Chicago September 21, 2011 and a Walgreens sign in the Chicago suburb of Niles, Illinois, February 10, 2015. REUTERS/Andrew Kelly/Jim YoungNov 1 (Reuters) - CVS Health Corp (CVS.N), Walgreens Boots Alliance Inc (WBA.O) and Walmart Inc (WMT.N) have tentatively agreed to pay more than $12 billion to resolve thousands of state and local government lawsuits accusing the chains of mishandling opioid painkillers, Bloomberg News reported on Tuesday. The proposed settlement calls for CVS to pay $4.9 billion, Walgreens to pay at least $4 billion and Walmart to pay $3 billion, according to the report, citing people familiar with the matter. Reporting by Baranjot Kaur in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

A sign advertising E15, a gasoline with 15 percent of ethanol, is seen at a gas station in Clive, Iowa, United States, May 17, 2015. The government and labor unions reached a deal last Thursday that averted a railway shutdown, possibly supporting a rebound in ethanol output for the current week. But a near-term recovery may be capped by sagging U.S. gasoline demand and poor corn crop prospects. Some analysts have questioned these figures, based on recent traffic trends that might suggest better fuel demand, though high prices have pained consumers for much of this year. A subpar U.S. corn crop could also disrupt the ethanol industry, especially if harvest results are worse than expected.

☆ Trump may be called to testify at ally's foreign agent trial, judge says
▼ + stars: | 2022-09-19 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

U.S. District Judge Brian Cogan in Brooklyn told several prospective jurors for Barrack's trial about the prospect of Trump testifying to gauge whether they might be biased against the defendant. Barrack raised money for Trump during the 2016 presidential campaign and chaired Trump's 2017 inaugural committee. Twelve jurors and four alternates are due to serve in the trial, which is expected to last about one month. Cogan dismissed one prospective juror who said she did not like Trump, prompting the judge to ask if she could set her feelings aside. the prospective juror asked.

☆ Trump ally's trial on foreign agent charges kicks off with jury selection
▼ + stars: | 2022-09-19 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Tom Barrack, CEO of Colony Capital, speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. The two defendants intend to argue that their interactions with UAE officials were part of their work for DigitalBridge, then known as Colony Capital. read moreU.S. District Judge Brian Cogan told potential jurors not to "exaggerate potential unavailability" to try to get out of service. "You're going to find this trial, if you're chosen as a juror, to be particularly interesting," Cogan told them. Barrack's lawyers have said the U.S. State Department, and Trump himself, knew of his contacts with Middle East officials, showing that Barrack did not intend to be a foreign agent.

☆ Trump ally's trial on foreign agent charges to start with jury selection
▼ + stars: | 2022-09-19 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

Tom Barrack, CEO of Colony Capital, speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. REUTERS/Jim Young/File PhotoNEW YORK, Sept 19 (Reuters) - Jury selection is set to begin on Monday in the trial of Tom Barrack, the private equity executive and onetime fundraiser for former President Donald Trump, on charges he acted as a foreign agent without notifying the U.S. government. read moreBarrack, who chaired Trump's inauguration committee, has pleaded not guilty, as has his former assistant and co-defendant Matthew Grimes. Register now for FREE unlimited access to Reuters.com RegisterThey intend to argue that their interactions with UAE officials were part of their work for DigitalBridge, then known as Colony Capital. Barrack's lawyers have said the U.S. State Department, and Trump himself, knew of his contacts with Middle East officials, showing that Barrack did not intend to be a foreign agent.

☆ A 46-bedroom Texas mansion that nobody wanted, sat abandoned for nearly 20 years, and nearly got bought 20 times finally has tenants
▼ + stars: | 2015-06-24 | by ( Dennis Green | ) www.businessinsider.com time to read: +2 min

A 60,000-square-foot mansion near Houston, Texas, has sat vacant for more than 20 years. Owner Jim Youngblood tried to sell the vacant home more than 20 times, but every deal fell through. Construction stopped about 80% through when the couple decided the house was too big, according to the current owner of the property, Jim Youngblood. Jim Youngblood, the owner of the Manvel mansion. Jim YoungbloodYoungblood, a partner at a local leasing and property management company, bought the abandoned mansion for $525,000 in 2007.

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