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☆ What we'd like to see from 3 economic readings and 2 earnings reports next week
▼ + stars: | 2023-11-11 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The major averages advanced again this week as earnings results came in largely better than expected, interest rates stabilized and oil prices dropped below $80 a barrel. Looking ahead, we'll get a couple more earnings results and some key inflationary data to chew on. In this past week, we bought 150 shares of DuPont (DD) and added 75 shares of Wynn Resorts (WYNN). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Wynn Resort's, WYNN, we'll, That's, —, we're, it's, PANW, Tyson, Henry Schein, Spero, Sanara, Sara Lee Corp, JD.com, Woodward, Jim Cramer's, Jim Cramer, Jim, Mario Anzuoni Organizations: Nasdaq, Dow Jones, Coterra Energy, Emerson, Disney, PPI, TJX, Palo Alto Networks, DuPont, Wynn Resorts, WYNN, Tyson Foods, TSN, Tower Semiconductor, Partners, Genius Sports, Spero Therapeutics, Star Bulk Carriers Corp, Beauty Health, Asure, Gladstone Capital Corp, TeraWulf Inc, Harrow Health, Afya, Sea, Paysafe Group Holdings, Solar Inc, Aramark Holdings Corp, Lending, Holding, BioXcel Therapeutics, IHS Inc, Rewalk Robotics, Acurx Pharmaceuticals, Energizer Holdings, Power Solutions, Rekor Systems, Wine Estates, Momentus Inc, SIGMA Lithium Corporation, AlTi, QuickLogic Corporation, Arcturus Therapeutics, Dada Nexus, Solutions, Target Corp, Parts, ZIM Integrated Shipping Services, Alto Networks, Cisco Systems, Chemical & Mining Co, PennantPark Investment Corp, Copa Holdings S.A, Walmart, Arcos Dorados Holdings, ARCO, NICE, Body, Warner Music Group Corp, Ross Stores, Homes, Dolby Laboratories Inc, American Software, ESCO Technologies, ZTO, International, BJ's Wholesale, Jim Cramer's Charitable, CNBC, Maxx Locations: Macau, Chile, Cayman, Pasadena , California

☆ Stocks making the biggest moves before the bell: Hasbro, Southwest, Hershey, Royal Caribbean and more
▼ + stars: | 2023-10-26 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

Hasbro earned $1.64 per share excluding items on $1.5 billion in revenue, while analysts polled by LSEG had anticipated $1.70 per share in earnings and revenue at $1.64 billion. Southwest posted $6.53 billion in revenue, while analysts surveyed by LSEG expected $6.57 billion. Bristol-Myers topped earnings expectations and posted revenue that was in line with expectations. ServiceNow — The software stock rose more than 3% after posting stronger-than-expected quarterly results and sharing solid subscription revenue expectations for the current period. UPS – The shipping company saw shares decline 3% premarket following its third quarter earnings report.

Persons: LSEG, Revlimid, Myers, Overstock.com, Hershey, overshadowing, Mattel —, ServiceNow, it's, Silver Lake, —, Sarah Min, Tanaya Macheel, Samantha Subin, Lisa Kailai Han, David Paul Morris Organizations: Hasbro, Southwest —, Southwest, Myers, Bristol, Overstock.com, FactSet, Royal Caribbean, Mattel, Wednesday, UPS, Endeavor Group Holdings, Endeavor, Holdings, WWE, UFC, Barclays —, Bank of America, Barclays, underperform, Hasbro Inc, Target Corp, Bloomberg, Getty Locations: Bristol, Nextracker, FactSet, Thursday's premarket, Emeryville , California, U.S

☆ T-Mobile US to cut 5,000 jobs as cheaper plans weigh on costs
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: +1 min

T-Mobile US said on Thursday it would reduce its workforce by about 7% by cutting 5,000 jobs in the United States as the wireless carrier grapples with rising costs related to adding more subscribers in a competitive market. The carrier has been taking the lion's share of subscribers looking for cheaper plans in the last three quarters through discounted bundles, but that has taken a toll on T-Mobile. The jobs cuts over the next five weeks will target corporate and back-office roles, and some technology jobs, Sievert said, adding that retail and consumer care divisions will not be impacted. The carrier expects to incur a pretax charge of about $450 million in the third quarter. T-Mobile had said in July that it expects wireless subscriber net additions between 5.6 million and 5.9 million.

Persons: Mike Sievert, Sievert Organizations: Mobile Locations: New York, United States

Ex-Trump chief of staff Mark Meadows and former Acting U.S. Attorney General Matthew Whitaker are board members. The complaints come as many experts expect an uptick in challenges to corporate diversity programs following a U.S. Supreme Court ruling in June that prohibited race-conscious college admissions policies. “There certainly is a deep psychological effect that is putting the brakes on the forward movement of diversity in the workplace,” Rossein said. America First has also filed lawsuits accusing Target Corp and Progressive Insurance of breaching their duties to shareholders by adopting diversity programs and progressive marketing campaigns, for instance celebrating LGBTQ Pride Month. Commissioner Andrea Lucas, a Trump appointee, filed a dozen charges last year, more than any of her colleagues.

Persons: Trump, Stephen Miller, Donald Trump's Mar, Jonathan Ernst, Activision's, Kellogg, Morgan Stanley, Donald Trump, Mark Meadows, Matthew Whitaker, Rick Rossein, ” Rossein, Hershey, Andrea Lucas, Lucas, Gene Hamilton, Daniel Wiessner, Alexia Garamfalvi, Daniel Wallis Organizations: REUTERS, Activision Blizzard Inc, Kellogg, U.S, Opportunity Commission, America, Starbucks Corp, McDonald's Corp, Anheuser, Busch Companies, Hershey Co, Republican, Trump, Supreme, City University of New York School of Law, Target Corp, Progressive Insurance, Activision, Democratic, Thomson Locations: Lago, Palm Beach , Florida, U.S, America, Albany , New York

REUTERS/Carlo Allegri/File PhotoCompanies Starbucks Corp FollowAug 11 (Reuters) - A U.S. judge on Friday dismissed a conservative activist investor's lawsuit against Starbucks' (SBUX.O) board, opposing the company's diversity, equity and inclusion policies and calling it frivolous. The nonprofit, which holds around $6,000 in Starbucks stock, said those policies require the company to make race-baced decisions that violate federal and state civil rights laws. The lawsuit is similar to those recently by conservative activist groups opposing corporate diversity and inclusion efforts in the wake of a June Supreme Court ruling. The ruling declared unlawful the race-conscious student admissions policies used by Harvard University and the University of North Carolina. On Friday, Daniel Morenoff of The American Civil Rights Project argued that Starbucks policies seeking to increase racial diversity among its suppliers, vendors, and employees were discriminatory and that NCPPR's cause was in the corporate interest.

Persons: Carlo Allegri, District Judge Stanley Bastian, Daniel Morenoff, Bastian, Craig, Jody Godoy, Tom Hals, Chris Reese, Marguerita Choy Organizations: Empire, REUTERS, Companies Starbucks, Starbucks, National Center for Public Policy Research, Blacks, Chief U.S, District, Harvard University, University of North, American Civil Rights, Target Corp, Thomson Locations: Manhattan, New York, U.S, Spokane , Washington, America, University of North Carolina, Florida, Wilmington , Delaware

☆ Here are 21 stocks Jim Cramer is watching Thursday, including GE, Target and Kellogg
▼ + stars: | 2023-08-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Kellogg (K) has many critics but 52-week low, pure snacks and break-up value for classic brands is high. Applovin (APP) surprise blow-out quarter for marketing company that uses machine learning to figure out advertising. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Ralph Lauren, Kellogg, McCormick, Baird, Akamai, JACK, Morgan Stanley, Warby Parker, Oppenheimer, Jim Cramer's, Jim Cramer, Jim, Daniel Acker Organizations: IAC, SBA Communications, BofA, Mizuho, Realty, Barclays, General Electric, GE, PT, Deutsche Bank, Jim Cramer's Charitable, CNBC, Target Corp, Bloomberg, Getty Locations: France, BofA, Chicago , Illinois

☆ Retailers say organized theft is biting into profits, but internal issues may really be to blame
▼ + stars: | 2023-08-10 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

In this article TGTFL Follow your favorite stocks CREATE FREE ACCOUNTThis is part two of a three-part series on organized retail crime. "If there's an occurrence of external theft they would steal let's say 10 bucks worth of merchandise, but if it's internal theft, it'd be 40 bucks." Internal theft also happens at warehouses and in aisles where online orders are prepared, one of the people said. However, he thinks internal theft is now "second place" to external theft. Shrink references reach a 'fever pitch'Retailers started to blame organized theft for lower profits as the industry's performance started to suffer.

Persons: Daniel Acker, they're, Neil Saunders, GlobalData, it's, Saunders, Patrick Tormey, it'd, Sonia Lapinsky, AlixPartners, David Johnston, Janine Stichter, Fonrouge, Foot Locker, You've, Mary Dillon, Locker, Michael Nagle Organizations: Target Corp, Bloomberg, Getty, CNBC, Lehman College School of Business, National Retail Federation, Retailers, Walgreens Locations: Chicago , Illinois, drugstores, America, GlobalData, New York, U.S

Kellogg's Corn Flakes, owned by Kellogg Company, are seen for sale in a store in Queens, New York City, U.S., February 7, 2022. "Management has discarded the company's long-held family friendly marketing approach to politicize and sexualize its products," the group said. The EEOC can sue companies if it finds that their employment practices amount to illegal discrimination. "Kellogg’s employment practices are unlawfully based on 'equity,' which is a euphemism for illegal discrimination," Reed Rubenstein, a lawyer with the group, wrote in the letter. America First said it also had sent a letter to Kellogg's board of directors on Wednesday threatening shareholder litigation if the company maintains the allegedly illegal policies.

Persons: Andrew Kelly, Kellogg, Stephen Miller, Donald Trump, RuPaul, Reed Rubenstein, America, Daniel Wiessner, Stephen Coates Organizations: Kellogg Company, REUTERS, Wednesday, America, Donald Trump . America, U.S, Opportunity Commission, Management, Supreme, Tuesday, Target Corp, Thomson Locations: Queens , New York City, U.S, Albany , New York

☆ Fact Check-Claims KitchenAid is removing its products from Target stem from satire
▼ + stars: | 2023-06-14 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

American home appliance brand KitchenAid is not removing its products from U.S. retail chain Target’s stores as of mid-June 2023. The claim originated from a satirical website called The Dunning-Kruger Times. Reuters found no credible reports that KitchenAid, a homeware appliances brand, had removed its items from Target. KitchenAid products are still available on Target’s website as of this article’s publication (here). Claims KitchenAid is removing its products from Target emerged from a satirical website.

Persons: Dunning, KitchenAid, “ Dunning, Kruger, Read Organizations: Kruger Times, Target, “, Target Corporation, KitchenAid Appliances, Facebook, Reuters, Target ., Defense

The benchmark S&P 500 (.SPX) built on Thursday's 20% rise from its Oct. 12 finishing low, heralding the start of a new bull market as defined by some market participants. The S&P 500 (.SPX) gained 4.93 points, or 0.11%, at 4,298.86, taking this week's advance to 0.38% and extending its winning streak to four weeks, the longest since the July-August 2022 period. The Dow Jones Industrial Average (.DJI) rose 43.17 points, or 0.13%, to 33,876.78, for a weekly gain of 0.33%. Declining issues outnumbered advancing ones on the NYSE by a 1.49-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners. The S&P 500 posted 15 new 52-week highs and five new lows; the Nasdaq Composite recorded 84 new highs and 53 new lows.

Persons: Dow Jones, Tim Holland, Brendan McDermid, Rick Meckler, Wells, Sruthi Shankar, Shristi, Vinay Dwivedi, Richard Chang Organizations: Adobe, Citi, Nasdaq, Tesla Inc, General Motors Co, GM, Orion, Dow Jones, Apple Inc, Devices, Nvidia Corp, NYSE, American Stock Exchange, New York Stock Exchange, REUTERS, Brendan McDermid Traders, Cherry Lane Investments, Target Corp, Adobe Inc, Netflix Inc, Thomson Locations: Wells Fargo, New York City, U.S, Bengaluru

☆ Wall Street Week Ahead: Investors rethink recession plays, boosting U.S. stock market laggards
▼ + stars: | 2023-06-09 | by ( David Randall | ) www.reuters.com time to read: +5 min

"There's reason to believe that the pessimism we saw at the start of the year is giving way to a stronger-than-expected market." Murray has increased his allocation to small-cap stocks, which tend to be among the most direct beneficiaries of economic growth. Other rebounding segments in June include the S&P 500 energy sector, which has gained 6% this month and S&P 500 industrials, up 5.7%. Ten of the 11 S&P 500 sectors are firmer for the month to date, compared to only six for the year. Stronger-than-expected jobs growth and robust consumer spending have been among the data points that have bolstered investors' economic outlook.

Persons: Tim Murray, T Rowe Price's, Murray, Russell, Dow, Howard Silverblatt, Goldman Sachs, Saira Malik, Max Wasserman, David Randall, Saqib Iqbal Ahmed, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: YORK, Energy, Reuters, Apple Inc, Microsoft Corp, Inc, Amazon.com Inc, Nvidia Corp, Tesla Inc, Dow Jones, Capital Economics, Miramar Capital, Starbucks Corp, Target Corp, Thomson Locations: U.S

☆ Stocks making the biggest moves premarket: Target, Tesla, General Motors, DocuSign and more
▼ + stars: | 2023-06-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Tesla , General Motors -- Both carmaker stocks were climbing in premarket trading, with gains of 5.7% and 5%, respectively. General Motors announced on Thursday plans to utilize Tesla's electric vehicle charging network, and said its vehicles will also utilize Tesla's North American Charging Standard port in its cars starting in 2025. Nio — Shares of the electric vehicle company dipped 2% in premarket trading after it reported that vehicle sales decreased 0.2% year over year. The company's vehicle margin and net loss also worsened year over year.

Persons: Corning, Morgan Stanley, Wells, Sonoma, —, Macheel, Jesse Pound Organizations: Target Corp, General Motors, Adobe, Citi, Sonoma Pharmaceuticals Locations: Queens, New York, Europe, U.S

☆ Futures dip after Wall St rally, focus on Fed
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +3 min

The S&P 500 (.SPX) has risen 20% from its Oct. 12 closing low, heralding the start of a new bull market, as defined by some market participants. The Nasdaq and S&P 500 have notched new year-to-date highs in recent sessions, boosted by an AI-driven rally in megacap stocks, a better-than-expected earnings season and expectations that the Fed is nearing the end of its rate-hiking cycle. Fed fund futures are pricing in a 76% chance that the U.S. central bank will hold interest rates at the current 5%-5.25% range at its June 13-14 policy meeting, according to CMEGroup's Fedwatch tool. Signs of a resilient U.S. economy and hopes of the Fed pausing its aggressive monetary tightening have pushed volatility gauges tumbling. ET, Dow e-minis were down 75 points, or 0.22%, S&P 500 e-minis were down 6.25 points, or 0.15%, and Nasdaq 100 e-minis were down 5.75 points, or 0.04%.

Persons: Jerome Powell, Sruthi Shankar, Vinay Dwivedi Organizations: Dow, Nasdaq, BNP Paribas, Apple Inc, Amazon.com Inc, Microsoft Corp, Tesla Inc, General Motors, Tesla, GM, Dow e, Target Corp, Citi, Thomson Locations: megacap, U.S, Bengaluru

REUTERS/Carlo AllegriJune 8 (Reuters) - Amazon.com (AMZN.O) said on Thursday that it was cutting delivery routes short for drivers in places affected by poor air quality, while Target also said its contactless order pickup service may not operate in the most affected areas. On Wednesday, New York City's air quality was considered the worst in the world. A spokesman for Amazon, the nation's most valuable retailer by market capitalization, said it was cutting routes short where air quality is hazardous, and providing N-95 masks to delivery workers. Drivers were also encouraged to return to delivery stations if they felt ill.Target Corp (TGT.N) said its contactless order pick-up service called "Drive Up" may be turned off at locations with poor air quality. Separately, Home Depot Inc (HD.N) on Thursday said it was shipping supplies of air filters, respirator masks, box fans and air scrubbers to meet increased demand in areas dealing with poor air quality.

Persons: Carlo Allegri, Deborah Sophia, Michael Perry Organizations: REUTERS, Target, Amazon, Target Corp, Depot Inc, Thomson Locations: Manhattan, New York City , New York, U.S, Canada, United States, New York, Bengaluru, Arriana

☆ 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

☆ Nordstrom beats quarterly sales estimates as apparel demand holds up
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) beat market estimates for first-quarter sales on Wednesday as demand from wealthy shoppers cushioned a wider, inflation-driven slowdown in spending on clothing and accessories. In a bid to attract more budget-conscious shoppers, Nordstrom has been opening new stores under its off-price banner Rack. While quarterly sales at Rack decreased 11.9%, Nordstrom said trends improved later in the quarter, driven by its moves to stock up shelves with crowd-favorite brands. The company also reported a 110-basis-point increase in quarterly gross margin, thanks to easing cost pressures and tighter inventory management. On an adjusted basis, the company reported a profit of 7 cents per share.

Persons: Nordstrom, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Thomson Locations: Bengaluru

☆ Nordstrom delivers surprise profit as inventory woes ease
▼ + stars: | 2023-05-31 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) posted a surprise first-quarter profit on Wednesday as better inventory control and demand from wealthy shoppers helped the company defy an inflation-driven slump in retail spending, sending its shares up 7% after hours. While quarterly sales at Rack fell 11.9%, Nordstrom said trends improved later in the quarter and have continued into May. The company's inventories decreased 7.8% at quarter-end, while gross margin improved 110 basis points, partly due to easing cost pressures. Total quarterly revenue at Nordstrom fell about 11% to $3.18 billion, but surpassed analysts' average estimate of $3.12 billion, according to Refinitiv IBES data. Excluding items, it reported a per-share profit of 7 cents, compared with estimates for a loss of 13 cents.

Persons: they're, Erik Nordstrom, Nordstrom, It's, it's, Morningstar, David Swartz, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Nordstrom, Thomson Locations: Bengaluru

☆ Target pulls some Pride collection items after threats to employees
▼ + stars: | 2023-05-24 | by ( Phil Helsel | ) www.cnbc.com time to read: +3 min

Mega retailer Target is pulling some of its merchandise that celebrates Pride month after threats to employees, the company said Tuesday. "Since introducing this year's collection, we've experienced threats impacting our team members' sense of safety and wellbeing while at work," a Target spokesperson said in a statement. Target did not say which items were being removed or immediately provide more details about the threats. The Target spokesperson did not answer whether those bathing suits were among the products in question. The retailer said that it has offered products to go along with Pride month for more than a decade.

Persons: Bud Light, Dylan, Mulvaney, Joe Biden Organizations: Target Corp, Mega, Target, Associated Press, Pride, Anheuser, Busch Locations: Chicago , Illinois, Chicago

☆ The Target of Runaway Theft
▼ + stars: | 2023-05-22 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's worst and best from Kim Strassel, Bill McGurn and Dan Henninger. Images: Reuters/AFP/Getty Images Composite: Mark KellyAmerica’s turn toward lawlessness is nowhere more evident than at retail stores, where these days even toothpaste is often under lock and key. Now Brian Cornell , the CEO of Target Corp., has put a number on the cost of “inventory shrinkage,” which is mostly theft: $500 million in lower profits this year.

☆ Wall St slips on debt ceiling uncertainty
▼ + stars: | 2023-05-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. For the week, the Dow gained 0.38%, the S&P 500 climbed 1.65% and the Nasdaq advanced 3.04%. The S&P 500 and Nasdaq notched their biggest weekly percentage gains since the final week of March. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 79 new highs and 87 new lows.

☆ Foot Locker slumps as weak demand, heavy discounts drive annual outlook cut
▼ + stars: | 2023-05-19 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Foot Locker Inc's (FL.N) shares closed down 27% on Friday as the footwear retailer cut its annual sales and profit forecasts amid a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. The company also missed analysts' estimates for first-quarter results and named former Kohl's Corp (KSS.N) executive Mike Baughn as its new finance chief, effective June 12. Foot Locker doubled down on discounts to drive demand, which coupled with an increase in theft-related inventory losses led to a 400-basis point hit to the company's quarterly gross margins. Foot Locker now expects full-year comparable sales to fall between 7.5% and 9.0%. The company also forecast annual adjusted per-share earnings between $2.00 and $2.25, compared with its previous outlook of $3.35 to $3.65.

☆ Wall St retreats on debt ceiling jitters
▼ + stars: | 2023-05-19 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. The S&P 500 and Nasdaq were poised for their biggest weekly percentage gains since the final week of March. The warning weighed on Dow component Nike Inc (NKE.N), which lost 4.11%, while Under Armour Inc (UAA.N) fell 4.53%. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 72 new highs and 69 new lows.

☆ Foot Locker slumps as weak demand, heavy discounts drive annual forecast cut
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Shares of Foot Locker Inc (FL.N) plunged 25% premarket on Friday, after the footwear retailer cut its annual sales and profit forecasts reeling under a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. This dented sales at a wide range of companies, including big-box retailer Target Corp (TGT.N) and home improvement chain Home Depot (HD.N). Foot Locker doubled down on promotions and markdowns to drive demand at its stores, which, coupled with a rise in theft-related inventory "shrink", dealt a 400-basis-point hit to its quarterly gross margin. It also expects adjusted earnings of between $2.00 to $2.25 per share, much lower than the $3.35-$3.65 range estimated previously. Excluding items, Foot Locker earned 70 cents per share, which was also below estimates of 81 cents per share.

☆ Tech pushes Nasdaq higher, dollar climbs on solid data, debt ceiling progress
▼ + stars: | 2023-05-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Investors were closely monitoring the debt ceiling negotiations in Washington for signs that Democrats and Republicans might be inching closer to a deal. Optimism about debt ceiling talks ebbed and flowed, with hopes for a deal that avoids a catastrophic default. European stocks closed higher and the German DAX rose to its highest level since January 2022 on optimism about the U.S. debt ceiling talks. The greenback extended its ascent against a basket of world currencies, reaching a seven-week high, powered by the economic data and debt ceiling hopes. Gold moved in opposition to the dollar, with the precious metal losing some luster as the economic data lowered the likelihood of a Fed rate cut before year-end.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc's (CSCO.O) shares fell 4.3% in premarket trading after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 1.7% after the retailer raised its annual sales and profit targets, befitting from inflation-wary consumers trading down to cheaper groceries. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were up 15 points, or 0.11%. Bath & Body Works Inc (BBWI.N) gained 13% after the beauty and skincare firm raised its annual profit forecast. Japan's Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in the country.

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