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☆ Walmart will offer pet telehealth in latest bid to compete with Amazon
▼ + stars: | 2023-05-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

Patrick T. Fallon | Bloomberg | Getty ImagesWalmart is jumping into the burgeoning pet telehealth market. Unlimited access to veterinary telehealth via video or text will be available to Walmart+ subscribers beginning on Tuesday, when Walmart is expected to announce the partnership publicly. Walmart's expansion into pet telehealth signals the largest U.S. retailer is ready to grow its share of the market. Traditional pet-only retailers like Chewy and Petco have already been investing in pet health care to better compete with big-box stores. Others have argued pet telehealth helps bridge the access to care as pet owners contend with a nationwide veterinary shortage and swaths of pet health deserts across rural America.

☆ Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
▼ + stars: | 2023-05-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.

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.

☆ Walmart lifts annual sales, profit view on resilient consumer spending
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Walmart Inc (WMT.N) raised its annual sales and profit targets on Thursday as the retail behemoth drew from price-conscious shoppers trading down to cheaper groceries, easing worries of softening consumer spending due to inflation. Shares of the top U.S. retailer rose about 2.6% as it also reported better-than-expected results for the first quarter. The strong results are a stark contrast to smaller rival Target's bleak second-quarter forecast, which it blamed on weak consumer demand. Walmart forecast second-quarter results above expectations. "We leveraged expenses, expanded operating margin, and grew profit ahead of sales," CEO Doug McMillon said.

☆ 'It's not people shoplifting': Why retail is focused on organized crime
▼ + stars: | 2023-05-18 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +4 min

watch nowIt's been hard to get an exact read on the rise in retail theft. But this quarter's batch of retail earnings have brought the theft issue to the forefront again. Target said organized retail crime will reach $500 million more in stolen and lost merchandise this year compared with a year ago. The National Retail Federation says organized retail crime is the main reason for retail "shrink" — a mismatch between actual inventory and what is on the books — which reached $94.5 billion in 2021, an increase of almost $4 billion year over year. But shoplifting is a big part of organized crime.

☆ Jim Cramer on Walmart Q1 earnings: Just an excellent quarter
▼ + stars: | 2023-05-18 | 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 EmailJim Cramer on Walmart Q1 earnings: Just an excellent quarterCNBC’s Carl Quintanilla, Jim Cramer and David Faber react to Walmart's quarterly earnings results, which topped Wall Street estimates.

☆ Amazon's 100 drone deliveries puts Prime Air far behind Alphabet's Wing and Walmart partner Zipline
▼ + stars: | 2023-05-18 | by ( Katie Tarasov | ) www.cnbc.com time to read: +14 min

Wing CEO Adam Woodworth shows the Alphabet company's delivery drone to CNBC's Katie Tarasov on April 25, 2023, in Hollister, California. Walmart said it made more than 6,000 drone deliveries across seven states in 2022 with DroneUp, Zipline and a third partner, Flytrex. Amazon's VP of Prime Air David Carbon showcased the current MK27-2 drone in Westborough, Massachusetts, on Nov. 10, 2022. Prime Air drones, along with most other delivery drones, operate with a number of federal exemptions that greatly restrict where and how they can fly. Prime Air drones are not expected to exceed 58 decibels, according to an FAA assessment, about the noise level of an outdoor air conditioning unit.

☆ Here's why retailers are staying upbeat about the year despite cautious views on this quarter
▼ + stars: | 2023-05-18 | by ( Robert Hum | ) www.cnbc.com time to read: +3 min

Retailers continue to post better-than-expected earnings in the latest quarter – with Walmart , Bath & Body Works and Canada Goose topping estimates. Bath & Body Works' guidance is lacking , too, at 27 cents to 32 cents per share after adjustments versus the 32 cents estimate. Bath & Body Works also raised its earnings guidance and reaffirmed its full-year forecast. Bath & Body Works highlighted better merchandise margin and benefits from cost savings initiatives. BBWI YTD mountain Bath & Body Works shares soared more than 7% after its earnings report.

☆ DCLA's Sarat Sethi on Walmart Q1 earnings: Consumers are spending more on groceries and necessities
▼ + stars: | 2023-05-18 | 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 EmailDCLA's Sarat Sethi on Walmart Q1 earnings: Consumers are spending more on groceries and necessitiesSarat Sethi, DCLA managing partner and portfolio manager, joins 'Squawk Box' to discuss Walmart's Q1 earnings, which beat Wall Street estimates, and the retail sector at large.

☆ Inflation brought higher-income customers to Walmart, and the retailer's determined to keep them coming back
▼ + stars: | 2023-05-18 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Walmart prides itself on offering "everyday low prices" no matter the economic environment. Executives said in a recent earnings call that they want to retain shoppers through convenience. This isn't the first time Walmart, which prides itself on "everyday low prices," has talked about the importance of higher-income shoppers to its bottom line. But the brand's low prices and penchant for discounting — or in Walmart parlance, rollbacks — have also historically attracted lower-income shoppers. Yet, as food inflation remains "stubborn," per McMillon, higher-income shoppers looking to save a few bucks have stuck with the Bentonville, Arkansas-based retail giant.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc (CSCO.O) slipped 1.7% after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 2.8% after the retailer raised its annual sales and profit targets, benefiting from inflation-wary consumers trading down to cheaper groceries. And you got a little follow through from the optimism around getting a (debt ceiling) deal done," said Thomas Hayes, chairman at Great Hill Capital LLC. Bath & Body Works Inc (BBWI.N) gained 8.7% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.

☆ Walmart is winning back online shoppers with 3 key strategies
▼ + stars: | 2023-05-18 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Walmart's US e-commerce sales grew 27% year-over-year in the first quarter of 2023. Throughout 2020, Walmart US e-commerce sales soared, as customers hunkered down at home and bought more groceries and general merchandise on walmart.com and through the Walmart app. For the second quarter of 2020, Walmart reported 97% year-over-year e-commerce growth. The following years, Walmart e-commerce growth naturally dropped as more shoppers returned to stores. What do you think of Walmart's e-commerce operations?

Wall Street's main indexes climbed to session highs by early afternoon trading as shares of Tesla Inc (TSLA.O) extended gains to rise 3.9% after its annual shareholder meeting on Tuesday. U.S. regional banks rose, led by a 14.0% rise in Western Alliance Bancorp (WAL.N) as the lender's deposit growth exceeded $2 billion and brokerage Bank of America Global Research resumed coverage of the bank with a "buy" rating. The KBW Regional Banking Index (.KRX) jumped 5.4% after losing 1.8% in the previous session, while S&P 500 banks (.SPXBK) added 3.4%. The S&P 500 retail index (.SPXRT) rose 1.3%. The S&P index recorded 12 new 52-week highs and 14 new lows, while the Nasdaq recorded 46 new highs and 99 new lows.

Discretionary products account for a major portion of the company's merchandise and it has been looking to increase the share of household essentials as sticky inflation and higher interest rates weigh on consumers' spending decisions. "American consumers continue to face difficult trade-off decisions as they juggle the wants and needs of their families ... The fear of a looming recession weighs heavily on many American families," Senior Target executive Christina Hennington said on a post-earnings call. Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter and forecast comparable sales to decline in the low-single digits. Target executives used the word "cautious" at least 13 times during the hour-long earnings call.

Shares of U.S. regional banks rose, led by a 12.6% rise in Western Alliance Bancorp (WAL.N) as the lender's deposit growth exceeded $2 billion and brokerage Bank of America Global Research resumed coverage of the bank with a "buy" rating. The KBW Regional Banking Index (.KRX) rose 3.1% after losing 1.8% in the previous session, while S&P 500 banks (.SPXBK) added 2.4%. "Cautious optimism expressed from both President Biden and Speaker (Kevin) McCarthy about the progress of the debt talks has made people feel a little bit better," said Michael James, managing director of equity trading at Wedbush Securities. Retailers Target Corp(TGT.N) and TJX Companies Inc (TJX.N) forecast current-quarter profit below expectations despite beating estimates for the first quarter. Advancing issues outnumbered decliners by a 2.69-to-1 ratio on the NYSE and by a 1.39-to-1 ratio on the Nasdaq.

Shares of U.S. regional banks rose, led by a 11.6% premarket rise in Western Alliance Bancorp (WAL.N) as the lender's deposit growth exceeded $2 billion and brokerage Bank of America Global Research resumed coverage of the bank with a "buy" rating. U.S. President Joe Biden will continue talks with congressional leaders on the debt ceiling later this week, the White House said one day after an hour-long meeting seen as productive. "Cautious optimism expressed from both President (Joe) Biden and Speaker (Kevin) McCarthy about the progress of the debt talks has made people feel a little bit better," said Michael James, managing director of equity trading at Wedbush Securities. Target Corp(TGT.N) edged 0.4% higher in choppy trading after the retailer beat first-quarter profit expectations but forecast current-quarter profit below expectations. ET, Dow e-minis were up 129 points, or 0.39%, S&P 500 e-minis were up 13 points, or 0.32%, and Nasdaq 100 e-minis were up 18.5 points, or 0.14%.

☆ Target forecasts gloomy second-quarter as consumers turn cautious
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter. It forecast comparable sales to decline in the low-single digits, compared to estimates of a 0.25% rise, according to Refinitiv data. The company also said theft and organized crime could reduce this year's profitability by more than $500 million compared to 2022. The pressure in discretionary categories outweighed strong growth seen in its everyday essential businesses, Chief Financial Officer Michael Fiddelke said. "We are confident that the economy and consumer will stabilize overtime and will once again benefit from growth in that (discretionary) portion."

☆ Elon Musk's super-app ambitions took an interesting turn with his first acquisition at Twitter
▼ + stars: | 2023-05-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The move speaks to a broader strategy Musk has hinted at of creating a US super app. While extremely popular in Asia, super apps haven't caught on in the US. There are multiple forces working against the success of a super app in the US, let alone one run by someone as polarizing as Musk. When I think of super apps, my mind goes toward pursuing users' wallets. And here's why industry experts remain unconvinced about Elon Musk's plans to turn Twitter into a super app.

☆ Stock futures are little changed as traders hope for a debt ceiling deal: Live updates
▼ + stars: | 2023-05-17 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were flat on Wednesday night as Wall Street hoped that the debt ceiling crisis would soon see a resolution. Futures linked to the S&P 500 and Nasdaq 100 futures declined by 0.05% and 0.02%, respectively. Investors' sentiment seemed to rise after Washington leaders indicated that they are moving forward on debt ceiling talks. Meanwhile, Wells Fargo's head of equity strategy Chris Harvey was skeptical that progress has been made in Washington on the debt ceiling talks. We think people are getting too excited about the debt ceiling in the short term.

☆ Walmart investors eye margins amid grocery focus
▼ + stars: | 2023-05-16 | by ( Siddharth Cavale | ) www.reuters.com time to read: +3 min

Home improvement chain Home Depot (HD.N) cut its annual forecast on Tuesday, indicating weakness for retailers who sell discretionary merchandise. Yet many shoppers have turned to Walmart for its low-priced basics such as toilet paper, milk, green beans and eggs. Investors such as Charles Sizemore, chief investment officer of Sizemore Capital Management, are looking for any specific hit to Walmart's so called gross profit margin. David Klink, senior equity analyst at Huntington Private Bank, which holds $77 million in Walmart shares, said that if Walmart can re-affirm its margin targets, "that would be very well appreciated by investors." Analysts on average are expecting the retailer to post first quarter margins of 3.7%, according to UBS.

☆ What Home Depot's poor outlook means for the stock market and economy
▼ + stars: | 2023-05-16 | by ( Robert Hum | ) www.cnbc.com time to read: +1 min

Photographer:Just an awful earnings report from the stock market's most important retailer on Tuesday: Home Depot. Bottom line – the broader-market implications of Tuesday morning's post-earnings stock move for Home Depot are going to be significant. And don't expect much improvement from the home improvement retailer any time soon. That's worth about 100 points on the Dow Jones Industrial Average and should take a bite out of the S&P 500 too. Remember, it's the most impactful retailer in the price-weighted Dow – having almost double the weight of Walmart (since it is almost double the price).

☆ Why Home Depot's weak outlook could be a warning sign for Target earnings
▼ + stars: | 2023-05-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Robyn Beck | AFP | Getty ImagesHome Depot and Target may sell very different kinds of merchandise. But the home improvement retailer's slashed forecast could be seen as a warning sign for the cheap chic retailer. On the other hand, Target, Walmart and other retailers that report in the coming weeks draw from a more representative pool of Americans. Discretionary spending fell year over year in the U.S., according to data from Circana, a market researcher formerly known as The NPD Group and IRI. Plus, Home Depot has some sector-specific advantages — even as mortgage rates rise — that could insulate it from some of the effects of lower discretionary spending.

☆ Here's what Jim Cramer expects from key consumer earnings next week
▼ + stars: | 2023-05-12 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Investors should "steel" themselves for a potentially challenging week ahead, with a number of earnings reports that could serve as indicators for the broader economy, CNBC's Jim Cramer said Friday. Key numbers on retail sales come out Tuesday alongside earnings from Home Depot while Target reports earnings the following day. Those reports will be helpful in parsing the state of the economy, Cramer said, especially the retail data on Tuesday that might show "some real cracks in consumer spending." Cramer thinks Walmart's subscription service, Walmart+, has been "gaining momentum." The debt crisis is looming and until lawmakers find a solution, Cramer warned that investors should move with caution.

☆ Why CEOs are changing directions faster than ever
▼ + stars: | 2023-05-11 | by ( Rebecca Knight | Tim Paradis | ) www.businessinsider.com time to read: +8 min

CEOs are changing their corporate strategies more frequently for many reasons. Some CEOs didn't do the necessary medium- and long-term planning when they made their original decisions, and now they're being forced to backtrack. A new, lightning-fast pace of businessThe rapidly changing business environment makes one thing clear: For CEOs, the day-to-day marathon of running a company feels much more like a sprint. The average compensation in 2021 for CEOs of the top US companies was 399 times that of the average worker. Changing a strategy is one thing, but how a CEO communicates that change is another — particularly because these pivots are likely to happen more frequently.

☆ AI lending firm Upstart jumps as $2 bln funding news squeezes bears
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Shares of highly shorted Upstart Holdings (UPST.O) jumped 32% in premarket trading on Wednesday, squeezing out bearish investors, after the artificial intelligence-driven lending marketplace secured an additional $2 billion in funding. "(The) committed funding agreements are a concrete step towards stabilizing Upstart's business," said James Faucette, analyst at Morgan Stanley, raising its price target on the stock to $13 from $10. At current levels, short sellers stand to lose about $122 million, according to analytics firm Ortex. When there is a rush of demand from short sellers looking to exit bearish bets due to a rise in a stock's price, it pushes prices even higher, resulting in a short squeeze. The company's net loss per share, excluding items, was 47 cents, beating analysts' estimates of 81 cents loss per share, according to Refinitiv.

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