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☆ Costco is taking a page out of Netflix's playbook and cracking down on shared membership cards. Wall Street is thrilled.
▼ + stars: | 2023-06-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Costco is cracking down on shoppers that borrow a friend of family's membership card at checkout. Netflix stock has jumped more than 20% since its password sharing crackdown began in the US in late-May. "Our membership policy states that our membership cards are not transferable and since expanding our self-service checkout, we've noticed that non-member shoppers have been using membership cards that do not belong to them," Costco said in a statement. This strategic move allows Costco to increase its membership revenue without necessarily raising its annual membership fee," Sundaram said. So far, Wall Street is receptive of Costco's recent crackdown, with the stock up about 2% since the policy crackdown was revealed on Tuesday.

Persons: —, Costco, Arun Sundaram, Sundaram Organizations: Costco, Netflix, Service, Research

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

Shares of the retailer, which had consistently raised its outlook over the past two years, fell 4.5% to $45.07 after the dull forecast. Last month, rival Walmart raised its annual forecasts as more Americans shopped for its lower-priced groceries and other essentials. However, Kroger's gross margins rose 21 basis points, compared to a fall a year earlier, benefiting from lower supply chain costs as well as its efforts to source some products closer to its distribution centers. It also profited from shoppers - including higher-income consumers looking for more economical options amid persistent inflation - preferring its store-label brands to pricier national brands. Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Joseph Feldman, Kroger, Rodney McMullen, Kroger's McMullen, Arun Sundaram, Granth, Shinjini Organizations: Kroger, Investors, Walmart, Albertsons, CFRA, Thomson Locations: Bengaluru

☆ Analysis: Why Walmart's new bet on fashion brands, home decor threatens specialty chains
▼ + stars: | 2023-06-15 | by ( Siddharth Cavale | ) www.reuters.com time to read: +5 min

She told Walmart investors its strategy is to "democratize fashion" or convert the company's core, price-conscious shoppers into style-conscious shoppers. It would probably be the rest of the market that should be worried," he said pointing to apparel retailers such as Carhartt. Walmart accounts for 4.6% of the $560.4 billion U.S. apparel market, followed by TJX, Target and Ross at 4.4%, 4.1% and 2.8%, respectively, according to GlobalData. Bankrupt Bed Bath and Beyond was a leader in the home decor and furnishing industry along with furniture chains Ikea and Wayfair. In 2005, Walmart's Metro 7 fashion brand tanked and later designer lines with Max Azria and Norma Kamali also withered.

Persons: Walmart Supercenters, Drew Barrymore, Sofia Vergara, Denise Incandela, George, Ralph Lauren, Rosenblum, Privately, Refinitiv, TJX, Ross, Brandon Maxwell, Clea Shearer, Joanna Teplin, fryer, Sofia Jeans, Vergara, Arun Sundaram, Sundaram, Max Azria, Norma Kamali, Siddharth Cavale, Vanessa O'Connell, David Gregorio Our Organizations: Walmart, Reebok, Saks, Tilly's Inc, Abercrombie, Fitch, Bravo, Netflix, Bed, Amazon.com, Walmart's Metro, Thomson Locations: Bath, U.S, Bed Bath, Walmart's, New York

June 7 (Reuters) - Campbell Soup (CPB.N) shares dropped as much as 9% on Wednesday, after the company disappointed investors by maintaining its full-year forecasts for sales and profit despite beating quarterly earnings. The move helped Campbell Soup post a 5% rise in quarterly sales, although its margins slipped to 30% from 31.2%. Campbell expects annual net sales to grow between 8.5% and 10%, compared with analysts' estimates for a rise of 9.5%, according to Refinitiv IBES data. It forecast adjusted profit of $2.95 to $3 per share, versus estimates of $3.01. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Devika Syamnath and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Campbell, Kraft Heinz, Arun Sundaram, Sundaram, Mark Clouse, Ananya Mariam Rajesh, Devika Syamnath, Anil D'Silva Organizations: Kellogg, Investors, Thomson Locations: Russia, Ukraine, Bengaluru

☆ U.S. consumer outlook dims as upscale retailers, discounters slash forecasts
▼ + stars: | 2023-06-01 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Broadly, U.S. consumer spending trends showed resilience in the face of high inflation, but big-ticket purchases suffered. Upscale retailer Macy's said the U.S. consumer pulled back more than anticipated and slashed its annual sales and profit forecasts for the year. Macy's and lingerie brand Victoria's Secret & Co (VSCO.N) are resorting to more discounts to clear out excess inventory. "Our business in North America became increasingly more challenging," Victoria's Secret CEO Martin Waters said during a post earnings call on Thursday. The pinch from slowing consumer spending was not just limited to high-end retailers.

Persons: Macy's, Hogan, Martin Waters, they're, Nordstrom, Peter Nordstrom, Dr Martens, Arun Sundaram, Aishwarya Venugopal, Savyata Mishra, Shinjini Organizations: U.S, Goods, Riley, Nordstrom Inc, Discount, CFRA Research, Thomson Locations: U.S, North America, United States, Bengaluru

David Solomon has been Goldman Sachs' CEO for over four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. Solomon said there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." Meanwhile, Solomon's expensive foray into consumer banking raised the ire of some longtime Goldman partners, as Insider has previously reported. The fresh faces among the Goldman Sachs executives who took the stage at the bank's investor day highlight the leadership changes under Solomon.

May 8 (Reuters) - Tyson Foods Inc (TSN.N) posted a surprise second-quarter loss and cut its full-year revenue forecast on Monday as prices for its beef and pork have declined, sending the U.S. meatpacker's shares tumbling 9% before the bell. CEO Donnie King, who is seeking to cut costs, said meat markets are challenging and Tyson is focused on improving profit margins. The company lowered its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Average sales prices of beef and pork fell 5.4% and 10.3%, respectively, in the quarter ending April 1. Sales volumes in Tyson's beef segment also fell 3%, leaving the unit's overall sales down 8.3% at $4.62 billion.

☆ Analysis: Icahn's mark-up of meat packager extraordinary but possible, experts say
▼ + stars: | 2023-05-05 | by ( Koh Gui Qing | ) www.reuters.com time to read: +4 min

Hindenburg said Icahn Enterprises LP (IEP) (IEP.O) valued a meat packing company in which it owns a 90% stake three times over its market value. IEP cited "the lack of material trading volume" in Viskase's stock as grounds for the valuation mark-up in the filing. Viskase's shares are traded in the over-the-counter market rather than a major exchange such as Nasdaq or the New York Stock Exchange. On Thursday, IEP said after the stock market closed that it would preserve its dividend at $2 per unit for the first quarter. IEP's stock rose 10% in afterhours trading on the announcement.

☆ Edward Burtynsky Views the Effects of Globalism From Above
▼ + stars: | 2023-05-05 | by ( Erica Ackerberg | ) www.nytimes.com time to read: 1 min

Kenyan residents sort scraps at the Dandora Landfill in Nairobi. Among the world’s largest recycling dumps, Dandora receives about 2,000 tons of industrial, agricultural, medical and commercial waste per day. Credit... Edward Burtynsky/Sundaram Tagore Gallery and Howard Greenberg Gallery, New York all rights reserved

☆ Amazon's cloud warning rattles investors
▼ + stars: | 2023-04-28 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Growth in Amazon.com Inc's (AMZN.O) lucrative cloud business is slowing and investors are worried. Shares fell 4% on Friday as Amazon's cloud business slowed in April after posting its weakest quarterly growth since the company began breaking out the unit's sales in 2015. The results are in contrast to those of Microsoft Corp's (MSFT.O) Azure cloud business, which grew at 27%. Still, analysts were largely upbeat about Amazon's cloud prospects, with about 17 raising their price targets on the stock, compared with the 10 that lowered their view. "Amazon is the clear market share leader in cloud computing and they will remain that way," Sundaram said.

☆ Banking turmoil was not a crisis but 'the downside risks are real,' IIF boss warns
▼ + stars: | 2023-04-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Tim Adams Anjali Sundaram | CNBCThe banking sector turmoil that led to the collapse of several lenders was not a systemic crisis and has now subsided, according to Tim Adams, CEO of the Institute of International Finance. Speaking to CNBC on the sidelines of the International Monetary Fund Spring Meetings in Washington D.C. on Tuesday, Adams said the March chaos was a "period of market turmoil or turbulence," but dismissed the notion that it was a "crisis." The IIF is a global trade body for the financial services industry, with around 400 members in more than 60 countries. Adams said the primary concern among members was the downside risk to growth, particularly in advanced economies. The IMF on Tuesday lowered its five-year global growth forecast to around 3%, marking the lowest medium-term forecast in an IMF World Economic Outlook report since 1990.

☆ Gen Z is the biggest beneficiary of workplace nepotism despite calling it out, study finds
▼ + stars: | 2023-04-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

More than two-thirds of Gen Z have used nepotism to land a job offer, a new study found. They survey of 2,000 workers found 42% said they'd won a role or job offer through nepotism. Even if they disapprove of nepotism, three-quarters of Gen Z workers said they would still use it. Almost half the Gen Z employees that have used nepotism to land a role ended up with a junior title, and a quarter were unemployed beforehand. That was causing Gen Z to devise creative solutions due to these unrealistic expectations, per Fortune.

☆ Tyson Foods to shut two US chicken plants with nearly 1,700 workers
▼ + stars: | 2023-03-14 | by ( Tom Polansek | ) www.reuters.com time to read: +3 min

CHICAGO, March 14 (Reuters) - Tyson Foods Inc (TSN.N) will close two U.S. chicken plants with almost 1,700 employees on May 12, the company said on Tuesday. Tyson will shut a plant in Glen Allen, Virginia, with 692 employees and a plant in Van Buren, Arkansas, with 969 employees, according to a statement. "The current scale and inability to economically improve operations has led to the difficult decision to close the facilities," Tyson said. Shuttering plants is difficult but justified as Tyson seeks to improve performance, said Arun Sundaram, senior equity analyst at CFRA Research. Tyson had about 124,000 U.S. employees as of Oct. 1, including 118,000 workers at non-corporate sites like meat plants, regulatory filings show.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

NEW YORK, Feb 28 (Reuters) - Retailers have a new sweet spot: products that cost $3 to $5. Target said on Tuesday that it would be stocking its shelves with more products priced under $10 as the retailer tries to appeal to more cost-conscious consumers dealing with once-in-a-generation inflation. This comes a little more than a year after dollar store chain Dollar Tree (DLTR.O) said it would launch more discretionary products including seasonal items and apparel priced between the $3 and $5. Many, including high-income households, are buying more store-label brands as budgets stretch in the face of higher interest rates. Target said it plans to launch or expand more than 10 owned brands, adding thousands of new products.

☆ Can't figure out this economy? Walmart, Home Depot are having trouble, too
▼ + stars: | 2023-02-26 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

Joe Raedle | Getty Images News | Getty ImagesIf you think the economy is confusing right now, consider how baffling it must look to Home Depot and Walmart. Home Depot said consumer spending is holding up, but that it expects a flat sales-growth year overall, with declining profits. Friday's PCE showed consumer spending rose more than expected as prices increased, jumping 1.8% for the month compared to the estimate of 1.4%. It wasn't a good week for the retail sector or consumer stocks, either. "The outlook for sustained consumer spending growth remains," wrote consumer analyst Jason English.

☆ Beyond Meat's upbeat 2023 revenue forecast, cost controls lift shares
▼ + stars: | 2023-02-23 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Beyond Meat Inc (BYND.O) on Thursday forecast annual revenue slightly above estimates and doubled down on cost controls at a time when persistently high inflation was slowing demand for its faux meat products, sending its shares up over 13% after the bell. The company's net revenue fell 21% to $79.9 million in the quarter ended Dec. 31 from a year earlier, but still beat analysts expectations of $75.7 million. Net loss for Beyond Meat narrowed to $66.9 million, or $1.05 per share, in the fourth quarter. In October, Beyond Meat had said it was targeting cash flow positive operations within the second half of 2023. Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Pandemic-favorite Etsy beats revenue estimates on demand for bags, gifts
▼ + stars: | 2023-02-22 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - Etsy Inc (ETSY.O) on Wednesday beat estimates for quarterly revenue on steady demand for bags, party products and personalized gifts on its online marketplace, sending the company's shares up more than 5% in extended trading. "Shoppers are coming to us more frequently and spending more with Etsy," said Chief Executive Officer Joshua Silverman on a post-earnings call, adding the company is continuing to build the "Etsy habit." Net revenue in the quarter ended Dec. 31 jumped 12.6% to $807.2 million for Etsy, compared with analysts' expectation of $751.8 million, according to Refinitiv. For the current quarter ending March, Etsy expects GMS to be in the range of $2.95 billion to $3.15 billion. The company forecast revenue between $600 million and $640 million for the January-March period, compared with analysts' expectation of $621.6 million.

☆ Walmart sees lower 2023 performance in time of economic uncertainty
▼ + stars: | 2023-02-21 | by ( Siddharth Cavale | ) www.reuters.com time to read: +5 min

"There's still a lot of trepidation and uncertainty with the economic outlook. "So, that makes us cautious on the economic outlook because we simply don't know what we don't know." Home Depot (HD.N) also forecast weaker-than-expected annual profits on Tuesday as soaring prices hit demand for home-improvement products. They want the allure of savings and Walmart provides that," said McNew, whose firm holds about 350,000 Walmart shares. Walmart signs are displayed inside a Walmart store in Mexico City, Mexico March 28, 2019.

☆ Warren Buffett is missing out on this year’s market comeback
▼ + stars: | 2023-02-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

But the Oracle of Omaha has missed out on this year’s stock market rally. Buffett, in fact, has promoted that idea to investors many times, arguing that most individual stock pickers will not be able to beat the market. And to his credit, that usually pays dividends: Berkshire stock was up 3% last year in a down market. “High rates of inflation create a tax on capital that makes much corporate investment unwise,” Buffett said in his 1980 shareholder letter to Berkshire investors. Investors will get several more clues about consumer spending this week when several top retailers report earnings.

In this article LUV Follow your favorite stocks CREATE FREE ACCOUNTGenaro Molina | Los Angeles Times | Getty ImagesWill the majority of travelers forgive Southwest Airlines and start buying tickets on the major U.S. air carrier again? Southwest Airlines accepted the blame for its technological meltdown during the holidays, and it has committed over $1 billion to fixing it. He pointed to $29 fare sales, "something I haven't seen Southwest offer in a long time," he said. The Southwest spokeswoman said the airline has a long history of innovation and pioneering technology in the airline industry. BALTIMORE, MD - DEC 27: Hundreds of passengers wait in line to handle their baggage claim issues with Southwest Airlines at Baltimore/Washington International Thurgood Marshall Airport in Baltimore, Maryland on December 27, 2022.

☆ How Gen Z Is Rewriting the Job Rulebook on 'Résumé Gaps', Career Breaks
▼ + stars: | 2023-01-03 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +11 min

Most people are familiar with the scourge of the résumé gap. Young entrants to the workforce are leading a new conversation about the workplace, and the long-scorned résumé gap is no exception. Instead of viewing it as a negative, many Gen Zers are arguing that career breaks are positive and forcing employers to reconsider their preconceived notions about the résumé gap. The pesky résumé gapWhile job candidates have papered over résumé gaps for years, taking a break during the long march of a career is not uncommon. For those looking at working well into their 70s, a career gap, or two, simply makes sense.

☆ Snacking is one of the fastest growing grocery categories, reports CFRA's Arun Sundaram
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnacking is one of the fastest growing grocery categories, reports CFRA's Arun SundaramArun Sundaram from CFRA, joins 'Closing Bell' to discuss the reasons behind his General Mills downgrade, CFRA's top pick for packaged food in 2023 and deterioration in the pet food sales segment profit margins.

☆ Amazon's business model struggles in an inflationary and recessionary environment, says BNP's Slowinski
▼ + stars: | 2022-12-07 | 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 EmailAmazon's business model struggles in an inflationary and recessionary environment, says BNP's SlowinskiStefan Slowinski, BNP Paribas analyst, and Arun Sundaram, CFRA analyst, join 'The Exchange' to debate the bear and bull case for trading Amazon stock.

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