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☆ Walmart and Home Depot fire off warnings about the American consumer
▼ + stars: | 2023-02-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Walmart and Home Depot warned that sales growth is likely to slow as shoppers look to save money. Between inflation, rising interest rates, layoffs, and other uncertainties, the stresses on household bank accounts are mounting, which could spell trouble as consumer spending represents roughly 70% of the US economy. "Prices are still high, and there is considerable pressure on the consumer," Walmart CFO John Rainey said. In Home Depot's case, CFO Richard McPhail told analysts: "We've assumed, like many economists, that we will see flat, real economic growth and consumer spending in 2023." We don't know what happens to consumer spending.

☆ Walmart and Home Depot are getting ready for a consumer slowdown
▼ + stars: | 2023-02-21 | by ( Melissa Repko | ) www.cnbc.com time to read: +1 min

If you want to know how this year may be for the retail industry, look no further than Walmart 's cautious outlook. At Walmart, that means shoppers are buying more necessities like groceries and lightbulbs rather than big-ticket items or discretionary items like electronics and home decor. At Home Depot, it could mean customers may delay a home project or opt for cheaper floor tiles or kitchen appliances. Home Depot Chief Financial Officer Richard McPhail said the higher prices of groceries and more are influencing customers' decisions. "We've seen an increasing degree of price sensitivity as the year's gone on, which is actually sort of what we predicted in the face of persistent inflation," McPhail told CNBC.

☆ 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.

☆ Walmart cautious on economy, forecasts annual earnings below estimates
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +3 min

Feb 21 (Reuters) - Walmart Inc (WMT.N) forecast full-year earnings below estimates on Tuesday, saying it was cautious about the economic outlook for 2023 and that consumers were likely to continue shopping for lower-priced items that could pressure its margins. "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." Walmart forecast fiscal 2024 earnings of $5.90 to $6.05 per share, compared with analysts' estimates of $6.50 per share, according to Refinitiv IBES data. Still, Walmart reported strong demand in the quarter ended Jan. 31, posting total revenue of $164.05 billion, a 7.3% increase from last year.

☆ Walmart will report holiday-quarter earnings before the bell — here's what to expect
▼ + stars: | 2023-02-21 | by ( Melissa Repko | ) www.cnbc.com time to read: +1 min

Customers exit a Walmart store on January 24, 2023 in Miami, Florida. Walmart announced that it is raising its minimum wage for store employees in early March, store employees will make between $14 and $19 an hour. Walmart will report its holiday-quarter earnings on Tuesday morning, as investors and economists try to gauge the health of the American consumer. Here's what analysts expect Walmart to report for the fiscal fourth quarter, according to Refinitiv consensus estimates:Earnings per share: $1.51 expectedRevenue: $159.72 billion expectedWalmart is expected to share its outlook for the year, too. Over the past two quarters, the company said about 75% of its market share gains in food came from households that make more than $100,000 a year.

☆ Walmart CEO Doug McMillon vows to keep private labels priced low to fight inflation
▼ + stars: | 2023-02-21 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Walmart CEO Doug McMillon wants to help bring inflationary prices down by keeping his company's own private brands priced low, telling CNBC's Jim Cramer Tuesday that the company is "not participating in a recession if there is one." "I think we have historically shown that we can bring prices down," said McMillon in a "Mad Money" interview. McMillon told Cramer he was confident that Walmart's lower-priced products could push other brands to bring down their own prices, even as Walmart and its peers face rising costs. "We believe branded manufacturers and all of our suppliers of all types will have to respond to that market in time." "It's hard to know exactly what the back half of the year will look like," said McMillon.

☆ The typical Home Depot customer is a 45-year-old white man with a college degree earning over $80,000
▼ + stars: | 2023-02-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Half of US shoppers are Home Depot customers, and the store has similar customer loyalty as Costco. The store's average customer is a middle-aged white man with a college degree earning over $80,000 per year. Numerator found that Home Depot's typical shopper is a middle-aged white man, who is married without children at home. About 3.3% of the typical shopper's overall spending takes place at Home Depot — about a third of what they spend at Walmart, where they spend the most of their shopping dollars. Home Depot carries between 30,000 and 40,000 different products, but the typical customer's favorite products to buy are building supplies, fasteners, paint (from Behr), and lawn and garden supplies (from Scotts).

☆ Jim Cramer's top 10 things to watch in the market Tuesday: Bond yields up so stocks drop to start week
▼ + stars: | 2023-02-21 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Club earnings this week include Palo Alto Networks (PANW), TJX Companies (TJX), Nvidia (NVDA), Pioneer Natural Resources (PXD) and Coterra Energy (CTRA) as well as Bausch Health (BHC). Deere (DE) price target raised to $398 per share from $364 at Bernstein, which keeps market perform (hold) rating. Mizuho likes the Twilio (TWLO) pivot and takes price target up to $90 per share from $75. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Walmart is picking up higher-income consumers, something to pay attention to, says Cowen's Chen
▼ + stars: | 2023-02-21 | 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 EmailWalmart is picking up higher-income consumers, something to pay attention to, says Cowen's ChenOliver Chen, Cowen senior retail analyst and managing director, joins 'Squawk Box' to discuss his thoughts about Walmart's quarterly earnings results, potential storm clouds in the retail sector, and more.

☆ Dow dives 697 points as bond yields jump on concerns the Fed will keep raising rates
▼ + stars: | 2023-02-21 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US stocks dropped Tuesday as investors fret that the Fed will keep rates elevated. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The index marked a second weekly loss last week, stung after regional Fed presidents Loretta Mester and James Bullard said more interest rate hikes may be needed to tame still-hot inflation. Minutes from the Fed's meeting in February are due Wednesday and the Fed's preferred inflation gauge, the PCE, is due Friday. Bank of America has also sounded the alarm on investors potentially wiping out the S&P 500's 2023 gain by early March.

☆ The most expensive home in the Caribbean just listed for $200 million – take a look inside
▼ + stars: | 2023-02-19 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

It's located on the small private island of Mustique, which lies in the southern Caribbean nation of St. Vincent and the Grenadines. Last year, Mustique's largest transaction was recorded at about $35 million, according to de Mallet Morgan. Here's a closer look at the most expensive home to ever hit the market in the Caribbean. The Bali Cottages house four more guest bedrooms and surround the estate's third swimming pool. De Mallet Morgan said the estate is currently operated by 18 staff.

REUTERS/Dado Ruvic/Illustration/File PhotoFeb 16 (Reuters) - Walmart Inc's (WMT.N) results on Tuesday will provide Wall Street with new details on what items American shoppers are buying as rising grocery prices squeeze their wallets. In December, Walmart CEO Doug McMillon said "we do not like" that some suppliers were hinting at raising prices further in 2023. He warned that Walmart would allocate space to private and tertiary brands if prices got too high. KitKat maker Nestle on Thursday said further price hikes were necessary to offset commodity costs. Still, Wall Street expects Walmart sales and revenue to rise in 2023 as its shipping and logistics costs moderate, even as labor expenses go up.

TOUGH TASK AHEADStanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021. On Wednesday, Barclays (BARC.L) reported a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022. StanChart also took a $308 million hit on its investment in China Bohai Bank (9668.HK), which it attributed to "industry challenges".

☆ The sneaky ways Instacart gets you to buy more stuff
▼ + stars: | 2023-02-16 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

'Dark patterns' push online shoppers to buy things in a way they normally would not. Dark patterns have become common online, especially on shopping websitesInstacart is far from alone in using dark patterns. While reviewing Walmart's website, Merchant Machine said it encountered a message that read: "Items in your cart are selling fast! California became the first state to ban dark patterns, with a law that took effect in March 2021. The Federal Trade Commission has also ordered some companies that use dark patterns to stop using them.

☆ Standard Chartered raises forecast, announces $1 billion share buyback after profit jumps 28%
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: +1 min

Standard Chartered raised a key performance metric and announced a new $1 billion share buyback on Thursday after posting a 28% rise in annual pretax profit as global interest rate hikes boosted its lending revenue. StanChart's performance, like that of global peers, was aided by aggressive central bank interest rate hikes aimed at combating inflation, which in turn allowed lenders to charge more after a decade of near-zero rates. The London-headquartered bank upgraded its performance forecast, saying it now expected to achieve a return on tangible equity — a key profitability metric — of 10% this year and 11% in 2024. The Asia, Africa and Middle East-focused bank reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021.

"Star Trek: Picard" is back for its third and final season. Stewart previously played the character on seven seasons of "Star Trek: The Next Generation" and in four theatrical Star Trek films. Check out the trailer for 'Picard' season 3In the third season, Picard reunites with many of his former crewmates from "The Next Generation," including characters played by Jonathan Frakes, Brent Spiner, LeVar Burton, Gates McFadden, Marina Sirtis, and Michael Dorn. How to watch 'Star Trek: Picard' season 3You can watch "Star Trek: Picard" season 3 exclusively on Paramount Plus. You can watch "Star Trek: Picard" for free if you sign up for a trial to Paramount Plus.

☆ Walmart's Mexico unit posts nearly 12% jump in Q4 net profit
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Feb 15 (Reuters) - Walmart's Mexico unit on Wednesday posted a nearly 12% annual jump in its fourth-quarter net profit, standing at 14.82 billion pesos ($759.65 million), boosted by strong same-store sales in both Mexico and Central America. Revenue for the company stood at 237.82 billion pesos for the quarter, up 11% from the prior October-December period. Same-store sales in the period grew 12.7% in Central America and 10.2% in Mexico, although the company's gross margin fell 20 basis points overall. The company's EBITDA in the quarter stood at 25.34 billion pesos, up 7.5% from last year's 23.56 billion. ($1 = 19.5089 Mexican pesos)Reporting by Valentine Hilaire and Marion Giraldo; Editing by Daina Beth Solomon and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Walmart is cracking down on its remote tech work, closing 3 offices, and forcing hundreds to choose whether to relocate or leave
▼ + stars: | 2023-02-14 | by ( Ben Tobin | ) www.businessinsider.com time to read: +3 min

Walmart is closing three tech hubs in the US, a company spokesman confirmed to Insider. The tech hubs are located in Carlsbad, California; Portland, Oregon; and Austin, Texas. Workers at those hubs will either have to relocate to a different hub or leave the company entirely. Walmart currently has 16 tech hubs that span across the globe, according to the company's website. Are you a Walmart employee who works in one of the three tech hubs that are set to close?

☆ Household budgets are shredded: These stocks will benefit as consumers trade down to store brands
▼ + stars: | 2023-02-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +12 min

Shoppers are largely creatures of habit, but after two years of rising prices, a broader shift to private label brands is underway. 'A tailwind' for private label That is good news for store brands, otherwise known as private label. Yet the biggest pure play on private label brands is Treehouse Foods , Chappell said. "That's where you're going to see them lean into store brands," said Mary Ellen Lynch, principal of IRI's center store solutions. Americans forced to trade down due to supply chain constraints found store brands they enjoyed, she said.

☆ Marc Lore co-founded Jet.com and ran e-commerce at Walmart. Now he's out to prove he can make the delivery of 'fast fine' restaurant food work in NYC.
▼ + stars: | 2023-02-14 | by ( Nancy Luna | ) www.businessinsider.com time to read: +6 min

Instead of using kitchen vans, Wonder is preparing chef-driven meals from a storefront. Lore, who cofounded the e-commerce site Jet.com and sold it to Walmart, had plans to expand Wonder to a fleet of 1,000 kitchen vans. Storefronts can offer consumers up to 30 food brands for delivery from one location, while the van model was limited to two menus per van. ClusterTruck, a Midwest ghost kitchen that controls everything from the food recipes to delivery, is another model similar to Wonder. Still, Lore sees the value of marketing Wonder's food brands on delivery apps.

☆ Wall Street trading firms aren't giving up on crypto just yet
▼ + stars: | 2023-02-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A bunch of high-profile Wall Street investors just piled into a startup that pledges to fix a major issue in the crypto industry. And while plenty of those bets blew up — the most spectacular of which was crypto exchange FTX — that hasn't stopped Wall Street. Click here to read more about a new crypto startup that's got backing from some of Wall Street's top trading firms. For a breakdown of all the key partnerships between Wall Street and cloud partners, check out our running list of more than 30 deals. Cheman Cheung left Wall Street after his father passed away to recover from a state of "mental chaos."

☆ Walmart to close three U.S. tech hubs, relocate staff
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Walmart Inc (WMT.N) will close three of its U.S. technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters on Monday. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart's director of global communications. The big-box retailer would close offices that housed technology staff in Austin, Texas, in Carlsbad, California and in Portland, Oregon, Munroe said. The operations would move to hubs including one in San Bruno, California or the company's headquarters in Bentonville, Arkansas, he said, citing a memo sent last week by Walmart's global technology head, Suresh Kumar. The company currently has 11 tech hubs in the U.S. and six abroad, according to its website.

☆ The artificial intelligence war has Wall Street in a frenzy over Google, Microsoft, and anything related to bots
▼ + stars: | 2023-02-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

In case you missed it, last week Microsoft held an event that had the buzz of a Steve Jobs iPhone launch. Google Bard VS OpenAI ChatGPT displayed on Mobile with Openai and Google logo on screen seen in this photo illustration. In this two-horse race, Google certainly didn't do itself any favors in bumbling its own AI demo last week. But the battle will ultimately come down to Microsoft and Google, according to venture capitalist Vinod Khosla. Record highs for the stock market are within reach this year, according to Fundstrat.

☆ Mark Cuban: Internet misinformation will only ‘get worse’ as ChatGPT and its competitors grow
▼ + stars: | 2023-02-12 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

Mark Cuban may be entertained by chatbots like Microsoft-backed ChatGPT and Google's upcoming Bard — but he isn't ready to trust them. Right now, misinformation tends to spread through social media platforms like Facebook or Twitter — and that's with some semblance of human guardrails in place, Cuban said. But so far, the technology isn't showing itself to be smarter than the average human. That's a problem, especially for large swaths of people who don't always fact check claims they see on the internet, Cuban said. Microsoft, for its part, acknowledges that the technology behind ChatGPT isn't perfect — even as it plans to incorporate it into an upcoming version of its search engine, Bing.

☆ Morgan Stanley's stock chief says a signal that flashed before the 2000, 2008, and 2020 market crashes is once again glaring red — and that big declines are still ahead for the S&P 500
▼ + stars: | 2023-02-11 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Forward earnings growth is now negative, Morgan Stanley's Mike Wilson points out. In a February 6 note to clients, Morgan Stanley's Chief US Equity Strategist Mike Wilson reiterated his call that the S&P 500 hasn't seen a bottom yet. Wilson highlights this pattern in the chart below, showing forward EPS growth (yellow line) alongside S&P 500 price action (blue line). "History shows price downside is in front of us, not behind us," the chart's title reads. Morgan StanleyWilson said in December that he sees the S&P 500 bottoming between 3,000-3,300 in the first quarter before recovering to 3,900 later this year.

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