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☆ Natural-Gas Prices Remain Under Pressure Despite Cold Snap
  + stars: | 2024-01-16 | by ( Jinjoo Lee | ) www.wsj.com   time to read: +1 min
Liquefied natural gas flows from large storage tanks through pipelines. Photo: MERIDITH KOHUT for The Wall Street JournalNatural-gas prices have been low this winter, helped by healthy production and unusually warm weather. The U.S. entered this winter heating season with the most natural gas in storage since 2020. Even though the cold snap has helped move natural-gas prices up 7.9% year to date to $2.51 per million British thermal units, they remain about 21% below year-earlier levels. Since November, the U.S. has been withdrawing natural gas from storage at a rate that is 28% lower than the trailing five-year average, according to the EIA.
Persons: MERIDITH KOHUT Organizations: Wall, U.S . Energy Information Administration Locations: U.S
☆ Elliott’s Push at Phillips 66 Looks Familiar
  + stars: | 2023-12-04 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Elliott is seeking, among other things, to have Phillips 66 focus more on its main refining business. Photo: Mario Tama/Getty ImagesElliott Investment Management ’s push for change at Phillips 66 borrows straight from its successful playbook at Marathon Petroleum . In other words, it would probably be a mistake for Phillips 66 to ignore it. The activist investor said on Wednesday that it had taken a roughly $1 billion stake in U.S. refining giant Phillips 66 and pushed the company to sell noncore assets, focus more on its main refining business and fix its track record of relatively high operating costs.
Persons: Elliott, Phillips, Mario Tama Organizations: Elliott Investment Management, Phillips, Marathon Petroleum
☆ U.S. Oil Land Grab Continues
  + stars: | 2023-12-01 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Occidental’s talks to buy CrownRock follow a series of Permian basin deals inked this year. Photo: ANGUS MORDANT/REUTERSIt’s a seller’s market in the U.S. oil patch. Occidental Petroleum is in talks to buy CrownRock, one of the last remaining private companies of scale in the Permian basin, The Wall Street Journal reported on Wednesday. If the deal goes through, it would be the latest in a string of mergers and acquisitions this year, including Exxon Mobil ’s $64.5 billion purchase of Permian giant Pioneer Natural Resources .
Persons: Occidental’s, ANGUS MORDANT Organizations: REUTERS, Occidental Petroleum, Street, Exxon Mobil ’, Natural Resources Locations: U.S
☆ American Oil—Good to the Last Drop?
  + stars: | 2023-11-27 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Some large Permian Basin developers are using a capital-heavy, somewhat risky method of extracting oil. Photo: Joe Raedle/Getty ImagesHow low can they go? U.S. shale developers have been on a relentless chase to drill for oil as cheaply as possible. With plenty of cash in their pockets and a hunch that they might soon exhaust their best inventory in the prolific Permian Basin, some companies have been shifting their focus to making sure they get every last drop of crude they can get out of what they have. That could mean higher costs today.
Persons: Joe Raedle Locations: U.S
☆ American Shoppers Have Plenty of Dry Powder
  + stars: | 2023-11-22 | by ( Justin Lahart | Jinjoo Lee | ) www.wsj.com   time to read: 1 min
People say they plan to spend $1,652, on average, this holiday season, according to a Deloitte survey. Photo: Joe Burbank/Associated PressAmericans say they are worried about the economy, and there certainly are reasons to question the staying power of consumer spending. That doesn’t mean they won’t spend heartily this holiday season. The U.S. consumer is in a funk, according to the U.S. consumer. The University of Michigan’s sentiment index, based on a long-running survey of households, remains far below prepandemic levels and lately has been near levels experienced in the wake of the 2008 financial crisis.
Persons: Joe Burbank, haven’t Organizations: Deloitte, Associated Press, University of, Wall Street Locations: U.S
☆ Gap Is Righting the Ship With Old Navy
  + stars: | 2023-11-17 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Gap’s gross margin improved to 41.3%, up 3.9 percentage points from the year-ago period, bringing the measure of profitability higher than where it was in 2019. The company, which also owns Old Navy, Banana Republic and Athleta, on Thursday reported that comparable sales fell 2% in its quarter ended Oct. 28. That was much better than the 7.4% decline that Wall Street analysts polled by Visible Alpha had expected. Net income of $218 million was more than three times the number analysts had penciled in. Gap’s shares jumped 15% in after-hours trading following the company’s earnings call on Thursday.
Persons: Bing Guan Organizations: Bloomberg, Old Navy, Banana, Street, Alpha Locations: Banana Republic
☆ Walmart Keeps Winning, but Has High Bar to Clear
  + stars: | 2023-11-16 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Walmart said it is on pace to increase operating income by a higher percentage than revenue for the full year. Photo: Scott Olson/Getty ImagesConsumers are feeling squeezed and are gravitating to places that sell necessities at a good price. In other words, it’s an environment made for Walmart . There are four corners of retail that are working well right now: Online, off-mall, convenience and value, as Citi Research analyst Paul Lejuez put it in a recent report. Walmart is thriving in each of these.
Persons: Scott Olson, Paul Lejuez Organizations: Walmart, Getty, Citi Research
☆ Target Gave Investors an Early Christmas Gift
  + stars: | 2023-11-15 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Target’s comparable sales fell less in its most recent quarter than analysts had expected. Photo: David Paul Morris/Bloomberg NewsTarget didn’t quite hit the bull’s-eye, but it’s no longer missing it by a mile. The retailer said on Wednesday that comparable sales fell 4.9% in its quarter ended Oct. 28 compared with a year earlier—better than the 5.2% decline that Wall Street analysts polled by Visible Alpha were expecting. The stock surged 18% in early trading.
Persons: David Paul Morris Organizations: Bloomberg, Target, Street, Alpha
☆ Home Depot Looks to Pros for Shelter
  + stars: | 2023-11-14 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Home Depot had a fourth consecutive quarter of comparable-store sales declines. Photo: Joe Buglewicz/Bloomberg NewsHome Depot is turning to the pros. That marks the fourth consecutive quarter of comparable-store declines after some heady growth during the pandemic years, when Americans suddenly found themselves more homebound than they ever have been. Net income fell 12%, which was better than the 15% decline analysts expected. Home Depot shares jumped 6.6% Tuesday morning.
Persons: Joe Buglewicz Organizations: Bloomberg, Street, Alpha, Home Depot Locations: U.S
☆ Jinjoo Lee — Columnist, Heard on the Street at The Wall Street Journal
  + stars: | 2023-11-09 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Jinjoo LeeJinjoo Lee is a New York-based columnist for Heard on the Street covering the retail and energy sectors. Before joining the Journal, she reported on energy sector deals for industry publication SparkSpread. Jinjoo is a graduate of Cornell University, where she studied policy analysis and management. She got her first crack at journalism writing and editing for the Cornell Daily Sun.
Persons: Jinjoo Lee Jinjoo Lee, Heard Organizations: Cornell University, Cornell Daily Sun Locations: New York
☆ Coach Saves Tapestry From Unraveling
  + stars: | 2023-11-09 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
The Coach brand has increased its prices by more than 30% over the past three years. Neither is demand for accessible luxury, but it seems strong enough that brands like Coach are still able to push through price hikes. Coach owner Tapestry , which also owns Kate Spade and Stuart Weitzman, reported revenue growth of 0.4% in its quarter ended Sept. 30, weaker than Wall Street expectations of 2% growth. This follows worse-than-expected sales performance at European luxury powerhouses such as Gucci owner Kering and Louis Vuitton owner LVMH . But Tapestry’s adjusted earnings of $0.93 a share was higher than expectations of $0.90.
Persons: Taidgh Barron, Kate Spade, Stuart Weitzman, Gucci, Kering, Louis Vuitton, LVMH Organizations: Zuma Press
☆ How Work From Home Has Reshaped What Americans Buy
  + stars: | 2023-11-09 | by ( Justin Lahart | Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Analysis shows consumers are buying goods as a substitution of sorts for the services they used to buy—like purchasing a bicycle instead of spending money on a spin class near work. Photo: Terra Fondriest/Bloomberg NewsAmericans are still spending more of their money on stuff than they did before the pandemic. Early in the pandemic, unable to spend on things such as traveling and dining out, and with their finances buoyed by government relief, people bought goods with abandon. This played a role in the supply-chain snarls, the hefty price increases that beset the economy, and in retailers’ scramble to secure as much inventory as possible. As the economy gradually reopened there was a reversal that left many stores burdened with more than they needed.
Persons: Terra Organizations: Terra Fondriest, Bloomberg News
☆ All Stores Want for Christmas Is the Right Amount of Stuff
  + stars: | 2023-11-05 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Target and other retailers that had inventory glut problems have worked through the worst of them. Photo: Bing Guan/Bloomberg NewsRetailers’ holiday inventory planning has been fraught with unpleasant supply-chain surprises for two straight years. In 2021, shipping delays meant retailers didn’t have enough stuff on their shelves to meet demand. And last year, scarred by those experiences, shops made the mistake of over-ordering merchandise—sending their shelves overflowing and forcing them to sell goods at margin-eroding discounts. A basket of retailers in the S&P 500 saw operating margins fall to 4.4% in the fourth quarter of 2022, down from 5.6% a year earlier.
Persons: Bing Guan Organizations: Bloomberg, Retailers
☆ Why You Might Get Cheap Gas for Christmas
  + stars: | 2023-11-02 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Retail prices for gasoline have come down about 9% over the past month to $3.41 a gallon on average. Photo: Hannah Yoon for The Wall Street JournalFueling up typically becomes cheaper in the winter months when people drive less. This year there is something extra weighing on U.S. gasoline. Retail prices have come down about 9% over the past month to $3.41 a gallon on average, according to GasBuddy. Wholesale gasoline prices, meanwhile, are around $2.19 a gallon, also down around 9%.
Persons: Hannah Yoon Organizations: Wall
☆ Why Exxon and Chevron’s Deals Leave Investors Cold
  + stars: | 2023-10-31 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Chevron’s shares are down 12% since news of its acquisition of Hess. Photo: Brandon Bell/Getty ImagesU.S. oil majors Exxon Mobil and Chevron are good at squeezing hydrocarbons out of the ground. Digging for extra Brownie points from investors has been tougher. The companies have tried hard to be attractive, first by continuously demonstrating spending discipline and consistently doling out generous shareholder returns. Most recently, both announced mega acquisitions at reasonable prices.
Persons: Hess, Brandon Bell Organizations: Getty, Exxon Mobil, Chevron
☆ A Sweetheart Deal on Car Dealers After Auto Strikes
  + stars: | 2023-10-29 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
The United Auto Workers union said it reached a tentative deal with Stellantis on Saturday, six weeks after workers went on strike. Earlier in the week, Ford also reached a tentative agreement with the UAW. Photos: Emily Elconin/Bloomberg NewsThe United Auto Workers’ strikes in Detroit have been costly for automakers. On Wednesday, Ford reached a tentative deal with the union, and Stellantis did so as well on Saturday. Although the UAW has expanded its strike at General Motors , a drawn-out strike now appears less likely.
Persons: Stellantis, Ford, Emily Elconin Organizations: United Auto Workers, UAW, Bloomberg, Car, General Motors Locations: Detroit
☆ Chevron and Exxon Might Have Kicked Off an Oil Land Grab
  + stars: | 2023-10-23 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
The smell of mergers and acquisitions is in the air following more than $110 billion worth of oil megadeals this month— Chevron ’s agreement to buy Hess and Exxon Mobil’s deal for Permian giant Pioneer Natural Resources . Who’s next? Deal talks are already under way. Devon Energy , another top Permian producer, is said to be eyeing targets that include Marathon Oil and CrownRock , according to a report from Bloomberg. Gas producer Chesapeake Energy is reportedly considering an acquisition of Southwestern Energy , according to Reuters.
Persons: Who’s Organizations: Chevron, Hess, Exxon, Natural Resources, Devon Energy, Marathon, Bloomberg . Gas, Chesapeake Energy, Southwestern Energy, Reuters
☆ High Gas Prices Reek of Low Cigarette Sales
  + stars: | 2023-10-05 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/high-gas-prices-reek-of-low-cigarette-sales-7f5ee077
Persons: Dow Jones
☆ Nike Clears a Low Bar With Investors
  + stars: | 2023-09-29 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/retail/nike-clears-a-low-bar-with-investors-cff13e5a
Persons: Dow Jones, cff13e5a Organizations: nike
☆ Car Sales Are Slowing. Car-Listing Websites Are Just Getting Started.
  + stars: | 2023-09-28 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/autos/car-sales-are-slowing-car-listing-websites-are-just-getting-started-a6c99678
Persons: Dow Jones, a6c99678
☆ Costco Keeps Members and Investors Guessing
  + stars: | 2023-09-27 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/retail/costco-keeps-members-and-investors-guessing-2a3e9c66
Persons: Dow Jones Organizations: costco
☆ Oil at $100 Is Too High, Even for Energy Companies
  + stars: | 2023-09-23 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/oil-at-100-is-too-high-even-for-energy-companies-e1f8f8ca
Persons: Dow Jones
☆ AutoZone’s Professional Business Needs a Tuneup
  + stars: | 2023-09-20 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/autozones-professional-business-needs-a-tuneup-327e1199
Persons: Dow Jones
☆ Instacart’s Grocery Partnerships Are No Free Lunch
  + stars: | 2023-09-14 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/retail/instacarts-grocery-partnerships-are-no-free-lunch-5928bd4c
Persons: Dow Jones
☆ Kroger’s Case for Bagging Albertsons Grows Stronger
  + stars: | 2023-09-08 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/retail/krogers-case-for-bagging-albertsons-grows-stronger-b5aa5520
Persons: Dow Jones Organizations: albertsons
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