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☆ High menu prices lift food bills
▼ + stars: | 2023-11-14 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

In the 12 months through October, higher restaurant prices drove food prices above overall inflation, even as grocery prices were relatively low. For the year, grocery prices rose 2.1%, according to Consumer Price Index data released Tuesday by the Bureau of Labor Statistics. But menu prices were up 5.4%, driven largely by a 6.2% rise at limited-service restaurants, which include fast food and fast casual spots. Many fast food and fast casual places say they’ve seen some benefit from customers trading down from pricier options. Grocery prices rose 0.3% and menu prices rose 0.4% in that period.

Persons: Anthony Behar, McDonald’s, Liu Guanguan, Rice Organizations: New, New York CNN, Bureau of Labor Statistics, BLS, McDonald's, AP, China News Service Locations: New York, California

☆ Home Depot earnings beat, but retailer offers a tepid outlook as sales slide
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot 's quarterly sales declined 3% from the year-ago period, but topped Wall Street's expectations as customers chipped away at more modest projects and home repairs. Home Depot expects earnings per share to slide by 9% to 11%, compared with prior guidance of a 7% to 13% drop. Revenue fell from $38.87 billion in the year-ago period. Customer transactions fell to 399.8 million from 409.8 million in the year-ago period. Over the past year, the company missed quarterly sales expectations twice, which has caused its stock performance to slide.

Persons: Richard McPhail, McPhail, They're, —, Robert Hum Organizations: CNBC, LSEG, Revenue, Home Depot

☆ Stock market winners and losers are already emerging from the next extreme weather cycle
▼ + stars: | 2023-11-14 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

The market is beginning to price in the effect of the new El Niño weather pattern, Morgan Stanley said. Mentions of "El Niño" in earnings conference calls have also been on the rise. That's because the upcoming El Niño phenomenon has come into clearer focus, allowing Wall Street to predict who the top winners and losers could be. "Extreme weather events are broadening and strengthening," Morgan Stanley analysts led by Javier Martinez de Olcoz wrote in a note issued Tuesday. On the flip side, insurance stocks as well as Brazilian sugar and ethanol producers trading way higher.

Persons: Morgan Stanley, It's, —, Javier Martinez de Olcoz, El Niño, Mor, Niño Organizations: Service, El, El Niño Bloomberg Locations: Panama, El, America, Southern California, United States, Australia

☆ Home Depot says the worst of inflation is over — that could be good news for retailers and shoppers
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Even as Home Depot forecast sales declines, the retailer had good news for investors and consumers on Tuesday. Home Depot kicked off a much-anticipated week of retail earnings that includes other household names, such as Walmart , Target and Macy's . In the short term, cooling inflation reduces sales numbers for retailers, including Home Depot. At Home Depot, McPhail has described 2023 as "a year of moderation" after the boom in home improvement during the Covid pandemic. Yet some factors that drive inflation are beyond retailers' control and influence consumers' decisions, too.

Persons: Richard McPhail, Michael Baker, Davidson, McPhail, Billy Bastek, Ted Decker, it's, doesn't Organizations: Dow Jones, Depot, Walmart, Target, Home, Federal Reserve, D.A, CNBC PRO

☆ ‘The Climate’s No Good’: The Hunt for White Truffles Gets Pricier
▼ + stars: | 2023-11-11 | by ( Bernhard Warner | More About Bernhard Warner | ) www.nytimes.com time to read: +1 min

For nearly three hours, their olfactory senses were on high alert for white truffles, a delicacy with soaring prices, in large part because they are under extreme threat by climate change. Gram for gram, the white truffle is one of the most expensive foods on the planet. In Italy, fresh white truffles run as high as 4,500 euros per kilogram (or nearly $2,200 per pound), according to Coldiretti, Italy’s biggest agricultural trade group. Last year, at an auction in Alba, Italy, a one-and-a-half-pound specimen fetched a record price of €184,000 (nearly $200,000). Supply constraints notwithstanding, bidders are set to converge on Alba, Italy’s truffle capital, on Sunday to do it all over again.

Persons: Primo, Scilla Locations: Amandola, Italy, Coldiretti, San Francisco, Trufflephiles, London, Dubai, Alba, Italy’s

☆ I drove BMW's $68,000 Tesla rival. Here are 4 pros and 2 cons before you buy.
▼ + stars: | 2023-11-04 | by ( Tim Levin | ) www.businessinsider.com time to read: +1 min

I drove the i4, BMW's new Tesla rival. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . For buyers desiring an EV that's a bit more conventional than what's on offer from the flashiest startups, there's the BMW i4. AdvertisementAdvertisement(For context, BMW lent me a $68,000 i4 eDrive40 with a generous list of optional features.

Persons: —, that's Organizations: Service, BMW i4, BMW

☆ The Japanese yen's plunge forces Tokyo to pull back on biggest defense build-up since World War II as US weapons get pricier
▼ + stars: | 2023-11-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

A 10% drop in the yen since December has forced Japan to scale back defense spending, Reuters reported. The currency's decline has boosted the cost of US-made weapons that Japan plans to procure. In response, Japan is prioritizing frontline weapons and spending less on support systems. AdvertisementAdvertisementJapan is scaling back plans for its largest military build-up since World War II, after weakness in the yen raised the cost of US-made defense equipment, sources told Reuters. In response, Japan is prioritizing outlays on US-made frontline weapons that would be key in any conflict with China, sources told Reuters.

Persons: — Organizations: Reuters, Service, Industries, Federal Reserve, Bank of Japan, Deutsche Bank Locations: Japan, China

☆ Bezos makes third losing bet on real estate
▼ + stars: | 2023-11-03 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

It’s not the only questionable real estate decision Bezos has made in the past several years. He announced in a Thursday Instagram post that he will move to Miami, leaving the Washington city where he founded Amazon in 1994. Bezos grew up in the south-Florida city in the early 1980s, and he will return to a two-mansion compound worth some $147 million, according to Bloomberg. Miami-based real estate had a renaissance during the pandemic as people sought warmer climates where they could be outside. Still, the founder is no stranger to real estate bets that don’t always make financial sense.

Persons: Jeff Bezos, It’s, Bezos, Ken Griffin, David Tepper, lockdowns, That’ll, don’t, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Amazon, Bloomberg, U.S . Federal Housing Finance Agency, Reuters Graphics Reuters, Dade, University of Miami, Homes, Climate, U.S . Federal Aviation Administration, Shepard, Thomson Locations: Miami, Seattle, Florida, Washington, Bezos, Indian, Arlington , Virginia, Arlington, Cape Canaveral

☆ The No. 1 work perk that would get people to return to the office more often
▼ + stars: | 2023-11-02 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

If bosses want workers in the office more often, they'll need to start paying up to cover commuting costs, employees say. Workers who currently split their time between home and the office say the No. 1 work perk that would get them to return in-person more often is their company covering commuting costs (38%). Meanwhile, roughly 1 in 4 workers also say an office dress code is hampering their return. It's undoubtedly "wildly more expensive" to work from the office today than it was pre-pandemic overall, says Frank Weishaupt, CEO of Owl Labs.

Persons: they'd, Frank Weishaupt, it's Organizations: Workers, Owl Labs, Bureau of Labor Statistics

☆ Starbucks beats on the top and bottom line as customers buy up pricier drinks
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStarbucks beats on the top and bottom line as customers buy up pricier drinksCNBC's Andrew Ross Sorkin reports on the company's quarterly earnings results.

Persons: Andrew Ross Sorkin

☆ Starbucks stock rises 6% as U.S. customers buy into pricier drinks
▼ + stars: | 2023-11-02 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

The company's same-store sales rose 8%, fueled by higher average checks and a 3% increase in customer traffic to its cafes. Analysts surveyed by StreetAccount were expecting same-store sales growth of 6.8%, but the company's domestic locations outperformed. And in China, Starbucks' second-largest market, same-store sales rose 5%. Looking to fiscal 2024, Starbucks expects same-store sales growth of 5% to 7%, down from its long-term forecast of 7% to 9% same-store sales growth. Starbucks projects that China will report same-store sales growth of 4% to 6% during the last three quarters of the fiscal year.

Persons: StreetAccount, Laxman Narasimhan, we're, Narasimhan, Rachel Ruggeri, Ruggeri Organizations: Starbucks, LSEG Locations: New York, North America, China, Its U.S, New York City

☆ Taco Bell is gaining ground as people look to save on food
▼ + stars: | 2023-11-01 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

Taco Bell hasn't been hurt by customers trading down. Bing Guan/Bloomberg/Getty ImagesAt Taco Bell, customers can buy a combo meal, including a fountain drink, burrito, taco and cinnamon twists for dessert, for about $5. Taco Bell’s website shows a cheesy bean and rice burrito; spicy potato soft taco; and cheesy roll-up available for $1 each. And in the third quarter, customers didn’t only go for the cheapest items, helping keep the Taco Bell’s margins high. Taco Bell is also benefiting from people searching for less expensive food options, Gibbs said.

Persons: it’s, Taco Bell, ”, David Gibbs, Bing Guan, Gibbs, Michael Skipworth, Ian Borden, “ We’ve, Chris Kempczinski, ” Kempczinski, Denny’s, Robert Verostek Organizations: New, New York CNN, Taco Bell, Yum Brands, KFC, Taco Bell’s, Bloomberg, Getty, Bell, Bell’s, Taco Locations: New York, Bell’s, McDonald’s

☆ Here’s how Taylor Swift, consumer spending and this puzzling labor market fit together
▼ + stars: | 2023-10-31 | by ( Karen Firestone | ) www.cnbc.com time to read: +5 min

On several occasions, I would walk into Macy's and buy a tube of lipstick, which was something I found comforting. Considering that every lipstick I own, which is not a small number, is basically the same color, I also found that strange. For instance, rather than purchasing a new $400 dress, they might choose to buy a $35 tube of Lancôme lipstick. Let's look at the top-grossing concert tours in the U.S. this year. Taylor Swift, Beyoncé, and Ed Sheeran have collectively sold $1.48 billion in ticket sales through August 2023, or $2.22 billion on an annualized basis, according to estimates from Forbes .

Persons: Taylor Swift, Ed Sheeran, Elton John, Jessica Reif Ehrlich, Karen Firestone Organizations: Forbes, Bank of America, U.S . Census, National Association of Realtors, Asset Management Locations: Boston, U.S, Pollster

☆ VF Corp withdraws annual forecasts on slowing demand for higher-priced apparel
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: +2 min

VF Corp withdrew its full-year revenue and profit forecasts on Monday, with demand for its higher-priced apparel and footwear easing as customers turn more cost conscious, especially in the United States. Shares were down 4% in extended trading after VF Corp also reported a lower-than-expected second-quarter profit. Sales in Americas, its biggest market, fell 11% in the reported quarter, but rose 8% in Greater China helped by a rebound in demand after the COVID-19 pandemic. The company posted quarterly adjusted earnings per share of 63 cents, below analysts' expectations of a profit of 65 cents. Its second-quarter revenue fell 2% to $3.03 billion in the quarter ended September, compared with analysts' estimate of $3 billion, according to LSEG data.

Persons: Macy's Organizations: Corp, Vans, VF Corp, Capital, Partners Asset Management Locations: United States, Americas, Greater China

☆ A 27-year-old real-estate investor making up to $15,000 a month in revenue explains how to snag a multi-unit rental property below $200,000
▼ + stars: | 2023-10-28 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

A sweet spotBerman said his bank preapproved him for a $275,000 mortgage, so he had a budget to stay within. He reviewed active property listings on Apartments.com and Zillow to see the rental rates and what was successfully rented in the previous 30 days. That's less than half the amount and a much more manageable payment, Berman noted. On the pricier property, your overall interest payments amount to about $538,000 versus $250,000 on the cheaper property. You end up with a larger mortgage payment, he said.

Persons: Cody Berman, Berman, Price, It's Locations: Massachusetts, Connecticut, Rhode, Windham County , Connecticut

☆ Rise in Sugar and Cocoa Costs Makes Halloween Candy Pricier
▼ + stars: | 2023-10-27 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Low rainfall in places like Mexico, India and Ivory Coast could lead to lighter sacks of candy for trick-or-treaters this Halloween, as disappointing sugar and cocoa harvests have pushed up candy prices. The price of candy is up 7.5 percent from last year and 20 percent from 2021, according to the latest data from the Bureau of Labor Statistics. That is a steeper climb than inflation overall, and has been driven by a spike in the prices of crucial ingredients like sugar and cocoa, which are the highest they’ve been in global wholesale markets in decades. That’s because of poor harvests stemming from hot, dry weather and the high cost of fertilizer, among other factors. Sugar cane, which is processed into sugar, and cocoa, a key ingredient in chocolate, are especially sensitive to periods of low rainfall in the tropical regions where those crops grow, like parts of Asia, Central America and West Africa.

Organizations: Bureau of Labor Statistics Locations: Mexico, India, Ivory Coast, Asia, Central America, West Africa

☆ Hershey tops quarterly estimates boosted by higher candy prices
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hershey's chocolates are pictured for sale on a store shelf in the Manhattan borough of New York City, New York, U.S. July 19, 2017. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsOct 26 (Reuters) - Hershey (HSY.N) beat Wall Street expectations for quarterly sales and profit on Thursday, riding on benefits from higher prices of its chocolates and candies at a time when demand has slowed. Overall organic prices rose by 9.8% in the third quarter, while organic volumes increased by only 0.9%. Hershey's net sales rose to $3.03 billion in the quarter ended Oct. 1 from $2.73 billion a year earlier. The company also reaffirmed its annual profit forecast of $9.46 to $9.54 per share and sales expectations for an 8% rise.

Persons: Carlo Allegri, Hershey, Michele Buck, Ananya Mariam Rajesh, Milla Nissi Organizations: REUTERS, Hershey, Thomson Locations: Manhattan, New York City , New York, U.S, Russia, Ukraine, Bengaluru

☆ T-Mobile Scraps Plan to Push Some Wireless Customers to Pricier Services
▼ + stars: | 2023-10-25 | by ( Drew Fitzgerald | ) www.wsj.com time to read: 1 min

T-Mobile has had a freer hand to adjust its wireless plans since many of the state and federal agreements tied to its Sprint takeover expired earlier this year. Photo: Yuki Iwamura/Bloomberg NewsT-Mobile US said it is scrapping a program that would have forced some customers into more expensive wireless plans, citing customer blowback. Details of the planned upgrades surfaced on Reddit earlier this month after T-Mobile started training its support staff to respond to the program. Executives planned to shift customers on some older plans to newer tiers with more features that generally cost $5 to $10 more per line unless they opted out of the change by contacting the company.

Persons: Yuki Iwamura Organizations: Mobile, Sprint, Bloomberg

☆ Beef prices are at record highs — how much pricier will your steak get?
▼ + stars: | 2023-10-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Retail beef prices in the U.S. are at record highs, pushing up prices of beef-based products from burgers to steaks and steak tartare. Retail beef prices are currently hovering around record levels of about $8 per pound, according to data from the United States Department of Agriculture (USDA). "All consumers will be paying more for all beef products for several more years," Wells Fargo's Chief Agricultural Economist Michael Swanson told CNBC via email. "As cattlemen retain cows to rebuild the herd, there is a much lower supply of cattle to provide beef," Swanson said. With elevated cow slaughter, has come tighter cattle supplies, and an expectation that domestic cattle supplies will remain tight into the future.

Persons: That's, Wells, Michael Swanson, Swanson, Brandon Bell, Brian Earnest, Adam Speck, Speck Organizations: Portland Press Herald, Getty, CNBC, United States Department of Agriculture, USDA, Gro Locations: U.S, Texas, Kansas, Quemado , Texas, Gro Intelligence's

☆ Inflation is cooling, but the price hikes aren’t done
▼ + stars: | 2023-10-25 | by ( Lucy Bayly | Alicia Wallace | ) edition.cnn.com time to read: +8 min

Inflation in the United States has unquestionably cooled after hitting 40-year highs last year. Other key inflation gauges, the more comprehensive Personal Consumption Expenditures price index and the wholesale-focused Producer Price Index, have moderated as well. A spike in gas prices and other components such as persistently high shelter costs have kept inflation elevated. The locally owned Walnut Group restaurant company closed its venerable Mediterranean Restaurant (fondly called The Med), the French bistro Brasserie Ten Ten and the newer Italian entrant Via Perla. Courtesy Tim Romano PhotographyAlthough Brasserie Ten Ten had a nearly two-decade run before its closure, it was like starting a brand new restaurant, Hessel said.

Persons: Marlon Pando, White Lotus, Tony Hessel, he’s, Jerome Powell, Brandon Bell, —, ”, Lydia Boussour, United States —, Pando, “, Price, Frederic J . Brown, Mark Zandi, Chase Castor, hadn’t, Holly Wade, Peggy Romano, Romano, Brasserie, Tim Romano, Hessel, ” Hessel, you’ve, it’s Organizations: Minneapolis CNN —, Disney, Mexican Grill, White, Getty, Moody’s, National Federation of Independent, Washington Post, NFIB Research, shocker, Walnut Group, Via Perla Locations: Minneapolis, New Jersey, Boulder , Colorado, United States, Mexican, Austin , Texas, Alhambra , California, AFP, Marion , Kansas, —, Walnut

☆ Halloween chocolate is pricier this year as El Niño hits cacao bean crop
▼ + stars: | 2023-10-23 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

"There is not much room for error, which makes cocoa especially vulnerable to climate change," said Branch. Coupled with an already-pressured sugar market, the cocoa shortage has spooked major chocolate makers, sending prices of classic candies higher this Halloween season. Specialty chocolatiers have so far been immune to the elevated cocoa prices. Greg D'Alesandre, who leads chocolate sourcing for specialty brand Dandelion Chocolate, said its prices are protected from industry-wide volatility because the company pays a premium for high-end cocoa suppliers. A bad cocoa-growing season makes Halloween chocolate not only more expensive, but sometimes, it also makes it smaller.

Persons: David Branch, Candy, Mars, Greg D'Alesandre, D'Alesandre Organizations: Washington , D.C, Wells, Food Institute, National Retail Federation, CNBC, Dandelion Locations: Washington ,, Cocoa, West Africa, Ivory Coast, Ghana, Cameroon, Nigeria

"When the 10-year yield goes up, it will have a knock-on effect for almost everything," according to Brett House, economics professor at Columbia Business School. There are many factors driving the recent spike in Treasury yields, economists said. Most of the recent jump in Treasury yields is due to a so-called term premium, said Andrew Hunter, deputy chief U.S. economist at Capital Economics. Student loans could get pricierThere is also a correlation between Treasury yields and student loans. The government sets the annual rates on those loans once a year, based on the 10-year Treasury.

Persons: Jerome Powell, Mark Hamrick, Brett House, Andrew Hunter, Hunter, Tony Dwyer, Canaccord Genuity, Freddie Mac, Eugenio Aleman, Raymond James Organizations: Federal, Stock, Fed, Columbia Business School, Treasury, Capital Economics Locations: U.S

"When the 10-year yield goes up, it will have a knock-on effect for almost everything," according to Columbia Business School economics professor Brett House. Why Treasury yields have jumpedA bond's yield is the total annual return investors get from bond payments. There are many factors driving the recent spike in Treasury yields, economists said. Student loans could get pricierThere is also a correlation between Treasury yields and student loans. The government sets the annual rates on those loans once a year, based on the 10-year Treasury.

Persons: Jerome Powell, Mark Hamrick, Brett House, Andrew Hunter, Hunter, Freddie Mac, Eugenio Aleman, Raymond James Organizations: Treasury, Columbia Business School, Fed, Capital Economics Locations: U.S

☆ Alaska Air cuts profit view as rising labor costs cast shadow
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

File photo: An Alaska Airlines Boeing 737-900ER airplane prepares to land at Vancouver's international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms/File photo Acquire Licensing RightsOct 19 (Reuters) - Alaska Air Group (ALK.N) cut its full-year profit outlook on Thursday on rising labor expenses, as airlines draw up costly contracts to retain employees. Alaska Air forecast full-year profit between $4.25 and $4.75 per share, lower than its prior expectation of $5.50 to $7.50. The airline also trimmed its annual revenue growth forecast to between 7% and 8%, from a range of 8% to 10% expected previously. Excluding items, Alaska Air reported quarterly profit of $1.83 per share, missing analysts' average estimate of $1.87, according to LSEG data.

Persons: Ben Nelms, Mehr Bedi, Pooja Desai Organizations: Alaska Airlines Boeing, REUTERS, Alaska Air Group, Major U.S, Washington State, Alaska Air, Thomson Locations: Richmond , British Columbia, Canada, airfare, Alaska, Bengaluru

☆ Kohl’s holiday look previews the retailer’s plans to snap out of sales slump
▼ + stars: | 2023-10-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

Melissa Repko | CNBCAs shoppers head to Kohl's stores this holiday season, they will see gift ideas, Christmas ornaments and a potential glimpse of the retailer's future. Kohl's has leaned in by opening more Sephora shops inside of its stores. It'll be a bigger part of this holiday season. A year ago, roughly half of Kohl's stores had a Sephora shop. Pet merchandise is getting more square footage at Kohl's stores.

Persons: Merchant Nick Jones, Melissa Repko, Tom Kingsbury, Michelle Gass, Levi Strauss, Kohl's, Kingsbury, Christie Raymond, Covid, Raymond said, splurge, It'll, Raymond, Sephora, it's, Nick Jones, It's, Jones, Fido Organizations: CNBC, Burlington Stores, Franchise Group, Kohl's, Marks, ASDA, Walmart, Bed Locations: Ramsey , New Jersey, Kohl's

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