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☆ Dick's Sporting Goods plunges 25% after it says retail-theft crime wave lowered profits
▼ + stars: | 2023-08-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Dick's Sporting Goods plunged 25% on Tuesday after the company revealed weak second-quarter earnings. The retailer said it saw a decline in profits due to increased shrinkage, which is code for retail theft. The mention of theft hurting its business was a first for Dick's Sporting Goods, and it took analysts by surprise. AdvertisementAdvertisementDick's Sporting Goods was a darling retail stock that has seen strong performance since the COVID-19 pandemic began in March 2020. Part of the strength in Dick's Sporting Goods stock in recent years was driven by an increase in business as consumers got out of their house and more active as the pandemic subsided.

Persons: Lauren Hobart, Lauren Hobard, Target, Ed Stack, Goldman Sachs, Kate McShane, Wells, Will Gaertner Organizations: Sporting Goods, Service, Walgreens, Target, Dick's Sporting Goods, Sporting, Goods Locations: Wall, Silicon

☆ This industrial gets an upgrade but is 'not managed the way I like,' Jim Cramer says
▼ + stars: | 2023-08-22 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. Watch Emerson Electric JPMorgan on Tuesday upgraded Emerson Electric (EMR) to overweight, or buy, form hold. Still, Jim Cramer said Tuesday that the company is "not managed the way I like it to be." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, it's, Emerson, Jim, We'll, Mary Dillon, Jim Cramer's Organizations: CNBC, Watch Emerson, Nasdaq, Treasury, West Texas, Watch Emerson Electric JPMorgan, Emerson, JPMorgan, National Instruments, Sporting, Club, Nvidia Locations: Danaher

☆ Dick's shares fall 20% as retailer slashes outlook over theft concerns
▼ + stars: | 2023-08-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Dick's now expects earnings of $11.33 to $12.13 per share for the year, compared to a previously issued guidance of $12.90 to $13.80. During the quarter, Dick's used promotions to offload inventory from the category. Overall, inventories were down about 5% in the quarter compared to the year ago period. While the quarter is a bit rough compared to Dick's usual reports, the retailer is still holding on to its pandemic-gains. Same store sales were up 1.8% in the quarter, compared to down 5.1% in the year ago period, and were driven by a 2.8% uptick in transactions.

Persons: Dick's, Lauren Hobart, Ed Stack, It's, We've, Stack, CNBC's Courtney Reagan Organizations: Sporting Goods, Refinitiv, CNBC

☆ Macy's, Dick's, and Lowe's are sounding alarms on US shoppers
▼ + stars: | 2023-08-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Macy's said US consumers have less cash to spend, and are choosing experiences over products. Dick's meanwhile reported an unexpected uptick in inventory shrink, presumably from theft. Macy's, Dick's Sporting Goods, and Lowe's each sounded alarm bells on Tuesday about the financial state of US shoppers, with each company reporting softening profit margins in key categories. Lowe's — like rival Home Depot last week — is seeing weaker demand from its DIY shoppers after a burst of home spending during the pandemic. In a press release, Dick's CEO Lauren Hobart called shrink "an increasingly serious issue impacting many retailers."

Persons: Macy's, Lowe's, Dick's, they're, Jeff Gennette, Lauren Hobart, Neil Saunders, Brian Cornell, John David Rainey Organizations: Service, Dick's Sporting Goods, CNBC, Total, Depot, Walmart Locations: Wall, Silicon

☆ Foot locker is a trading vehicle not a long term hold, Gradient Investment's Mariann Montagne
▼ + stars: | 2023-08-22 | 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 EmailFoot locker is a trading vehicle not a long term hold, Gradient Investment's Mariann MontagneMariann Montagne, Gradient Investment's portfolio management consultant, joins 'The Exchange' to discuss Dick's Sporting Goods signalling a pull back in apparel sales, Foot Locker's attempt to control inventory shrink, and Toll Brother's doubling value since hitting its lows in 2022.

Persons: Montagne Mariann, Foot Organizations: Dick's, Goods Locations: Montagne Mariann Montagne

☆ Stock futures are little changed as investors look ahead to next batch of corporate earnings: Live updates
▼ + stars: | 2023-08-22 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Stock futures are near flat Tuesday night as investors awaited on the latest crop of corporate earnings reports from well-known names including Nvidia . S&P 500 and Nasdaq 100 futures also each climbed 0.1%. The moves follow a mixed session on Wall Street. The S&P 500 and Dow slid around 0.3% and 0.5%, respectively. Of the more than 95% of S&P 500 companies that have delivered results, about four out of five have exceeded Wall Street expectations.

Persons: Foot, Kohl's, Fitch, Snowflake, Dow, Macy's, Lowe's, Rob Haworth, They'll, Jerome Powell Organizations: New York Stock Exchange, Stock, Nvidia, Dow Jones Industrial, Nasdaq, Urban Outfitters, Retail, Abercrombie, Dick's Sporting Goods, U.S . Bank Locations: what's, Jackson Hole , Wyoming

☆ Dick's CEO blames 'alarming' retail theft for a surprising profit drop: 'It's a problem for our entire country'
▼ + stars: | 2023-08-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

However, the number of incidents and the organized retail crime impact came in significantly higher than we anticipated," Gupta said. Gupta said inventory shrink accounted for one-third of the decline in merchandise profits. AdvertisementAdvertisementWhile theft is the largest contributor to inventory shrink, the figure also includes merchandise lost to damage or other errors. The National Retail Federation estimates that retail shrink cost retailers a combined $94.5 billion in 2021, up from $90.8 billion in 2020. AdvertisementAdvertisementEven with the higher rate of shrink, Gupta said the company is in better shape now than it was just a few years ago.

Persons: Lauren Hobart, Navdeep Gupta, Dick's, Gupta, Hobart Organizations: Sporting Goods, Service, Goods, National Retail Federation Locations: Wall, Silicon, Hobart

☆ Stocks making the biggest moves midday: Dick's Sporting Goods, Macy's, Charles Schwab and more
▼ + stars: | 2023-08-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Macy's said it expects adjusted earnings per share between $2.70 and $3.20, adding it sees comparable store sales falling between 6% and 7.5%. The company reported earnings of $4.56 per share, versus the $4.49 expected by analysts surveyed by Refinitiv. AppLovin – The marketing stock rose 1.5% to a 52-week high following a Jefferies upgrade to buy from hold. Zoom Video – Shares of the video communications platform lost about 2% even after the company posted better-than-expected second-quarter results. Aramark — The food service stock rose about 2%.

Persons: Dick's, Macy's, Lowe's, Charles Schwab —, Charles Schwab, AppLovin, Jefferies, Stephen Tusa, Emerson, AspenTech, Fabrinet, Seamus Grady, Aramark, —, Alex Harring, Yun Li, Hakyung Kim, Brian Evans, Michelle Fox, Sarah Min Organizations: Dick's, Goods, Revenue, Refinitiv . Revenue, Bloomberg, American Airlines –, American Airlines, Baidu, Microsoft, Activision, Activision PC, Jefferies, Emerson, JPMorgan, Garden, Bank of America, UBS Locations: Madison

☆ On tap next week: 2 housing reports and 2 Cub earnings releases. Here's what we're looking for
▼ + stars: | 2023-08-19 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

All three major U.S stock indices pulled back this week, as earnings season wound down and retail earnings painted a mixed picture of the state of the economy. Looking to next week, we'll be watching how shares of Club name Palo Alto Networks (PANW) open on Monday. With mortgage rates hitting the highest level in over two decades this week, affordability remains a major impediment for the housing market. Earnings : Club name Foot Locker (FL) reports quarterly results Wednesday before the opening bell, while Club holding Nvidia (NVDA) releases after the close that same day. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: we'll, Locker, Mary Dillon, Lowe's, Jim Cramer's, Jim Cramer, Jim, Kelter Davis Organizations: Nasdaq, Dow Jones, TJX, Walmart, Federal Reserve, U.S, Palo Alto Networks, Palo, Club, Nvidia, Lufax, Baidu, Dick's Sporting, Coty, COTY, Urban Outfitters, Parts, Devices, Sonoma, Body, Abercrombie, Fitch, Autodesk, TD Bank, Royal Bank of Canada, Marvell Technology, Intuit, Nordstrom, Jim Cramer's Charitable, CNBC, Shoppers, Bloomberg, Getty Locations: U.S, China, Friday's, Williams, Burlington, Chicago , Illinois

☆ The story behind Uline, the packaging powerhouse whose reclusive billionaire owners use their fortune to influence American politics
▼ + stars: | 2023-08-18 | by ( ) www.businessinsider.com time to read: +7 min

Every company has to start somewhere, and for Uline, that beginning was 1980 in the Illinois basement of Dick and Liz Uihlein. Dick Uihlein started Uline to sell a product called a carton sizer, "one of the neatest little tools I'd ever seen." Bit by bit, the Uihleins added more packing supplies to their selection and slashed delivery times to the minimum — a decade before Jeff Bezos launched Amazon. "It's weird to develop a love of corrugated boxes and shipping supplies, but I really enjoy it," Liz told the Milwaukee BizTimes in 2020. The Uihlein family as featured on the Uline website.

Persons: Uline, Liz, Dick Uihlein, Donald Trump, there's, Forbes, Uline wasn't, Dick, Liz Uihlein, Schlitz beer's, Jeff Bezos, Scott Walker, Ron Johnson, Elizabeth Uihlein, Jacob Peters, Paul Morigi, Ron DeSantis, ProPublica, it's, Ronald Reagan Organizations: Service, Stanford, National, Milwaukee BizTimes, White House, Politico, isn't, ProPublica Locations: North America, Wall, Silicon, Illinois, Chicago, Pleasant Prairie , Wisconsin, Wisconsin, Florida, Ohio

☆ Options traders position for gains heading into Kohl’s and Dick’s Sporting Goods earnings
▼ + stars: | 2023-08-18 | 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 EmailOptions traders position for gains heading into Kohl’s and Dick’s Sporting Goods earningsThe Options Action traders take a closer look at two retailers reporting earnings soon: Kohl's and Dick's Sport Goods.

Organizations: Dick’s Sporting Goods, Goods Locations: Kohl’s

☆ Here are Wednesday's biggest analyst calls: Amazon, Tesla, Nio, Nvidia, Roblox, Dick's and more
▼ + stars: | 2023-08-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Amazon as buy Goldman Sachs said the e-commerce giant remains a top idea at the firm. Jefferies reiterates Cava as buy Jefferies said it's sticking with its buy rating on shares of Cava after the Mediterranean restaurant's earnings report Tuesday. Jefferies reiterates Roblox as buy Jefferies said it's standing by its buy rating on Roblox but that it's lowering its price target to $38 per share from $50. "We reiterate our Buy rating on sequential improvement in product offerings and sales volume." Wedbush reiterates Dick's as outperform Wedbush said it's bullish on shares of Dick's heading into earnings next week.

Persons: Tesla, Bernstein, DINO, MGY, Goldman Sachs, Jefferies, Cava, Roblox, it's, Bud Light, Beer, KeyBanc, FTNT, Dr Pepper, Wells, Wells Fargo, Marqeta, Nio, Wedbush, Morgan Stanley, Getty Organizations: Street, Barclays, Mizuho, Chevron, North American, Citi downgrades, Citi, Deutsche Bank, Anheuser, Busch InBev, Nvidia, Network, Palo, UBS, GE HealthCare, Bank of America, Corp, News Corp, Getty Locations: MTDR, eCommerce, Cava, Singapore

That's down from 13% of Nike's women's team products which sold out during the same tournament in 2019, the data shows. For that reason, marketers must bear in mind the risk that the growing fanbase could see their support for women's soccer as disingenuous. To recognize the impact grassroots teams have in creating excitement about women's soccer, Adobe's ad also featured London-based community women's soccer clubs Peaches FC and Baesianz FC, said Sabina Strasser, Senior Director, Brand Experience EMEA at Adobe. Sporting goods retailer Fanatics has more than 475 U.S. women's team products for sale this year, up from about 175 in 2019, the company told Reuters. As of Monday, the generic Adidas Women's World Cup soccer ball was among its top sellers in FIFA World Cup Gear.

Persons: Sam Kerr, Carl Recine, Megan Rapinoe, Alex Morgan, Grace Geyoro, Martine Rose, Nike's, Jan Runau, Yvonne Henderson, Bob Dorfman, England's Lionesses, Mary Earps, Bjorn Gulden, Sabina Strasser, Amy Tennery, Sheila Dang, Kate Masters, Shri Navaratnam Organizations: Soccer, Nike FC, REUTERS, Adidas, misstep, U.S, Nike, FIFA, Sporting Goods, Women's, Asisat, United States Women’s, Pricing, In, Pinnacle Advertising, Germany's Bayern Munich women's, Peaches FC, Baesianz FC, Brand, EMEA, Adobe, Sporting, Reuters, U.S ., Thomson Locations: Sydney, Australia, AUCKLAND, New Zealand, DICK's, U.S, French, Barcelona, England, Sweden, Spain, Tuesday's, Germany, London, Auckland, Dallas , Texas, New York

☆ Here are Monday's biggest analyst calls: Nvidia, Boeing, Alphabet, Okta, Costco, Dick's, Tesla & more
▼ + stars: | 2023-08-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America reiterates Morgan Stanley as buy Bank of America said the investment bank is "best-in-class." "Initiate at Buy with a Street-high target price of USD72; we like Monster for its market positioning and growth opportunity." "While we turned more optimistic on MOS ahead of this year's crop season, we now see minor downside from current share price levels." Bank of America adds Boeing to the US1 list Bank of America added the stock to its top picks list. Bank of America reiterates Alphabet as buy Bank of America said it remains "constructive" on Alphabet's AI-driven ad products.

Persons: Goldman Sachs, Goldman, Parsons, Tesla, Evercore, Morgan Stanley, it's, JPMorgan, Dick's, Bernstein, Marriott, Telsey, Ulta, Eli Lilly, Stifel Organizations: Teledyne, Bank of America, underperform Bank of America, PSN, U.S, Infrastructure, EU, " Bank of America, Nvidia, HSBC, Barclays, Target, JPMorgan, Hilton, Sports, UBS, Walmart, Base, Costco, Mosaic, Boeing, Boeing Co, Northrop Grumman Corp, Citi, Urban Outfitters Locations: U.S, LLY

☆ 13 Hollywood production companies making brand films that streamers like Netflix and Apple want to buy
▼ + stars: | 2023-08-09 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

said Marc Gilbar, who runs the brand division at Imagine Entertainment. Some are also looking to brand films to offset some of the revenue they're losing in the dual Hollywood strikes. (Brand films are often unscripted and thus aren't governed by the Hollywood unions.) They also see brand work being a positive for below-the-line workers who are idled by the work stoppage. Led by EVP Kate Oppenheim, Tribeca Studios' projects have included "We Could be King" (ESPN2) for Dick's Sporting Goods and P&G's Queen Collective series (BET).

Persons: Ben Silverman, Issa Rae's Hoorae, Kevin Hart's Hartbeat, Julian Jacobs, we've, Marc Gilbar, Samuel L, Jackson, Emma Stone, Zac Ryder, Olivia Wilde, Laurene Powell Jobs, Caitlin McGinty, It's, James Gay, Rees, Paul Martin, Kevin Hart's, Hart, Hartbeat, Brian Price, Chase Sapphire, Procter, Reese Witherspoon, Zoe Fairbourn, Ron Howard, Brian Grazer's, Ron Howard's, Bryce Dallas Howard, Gilbar, Rocco DiSpirito, General Mills, Rupert Maconik's Saville, Werner Herzog, Barry Levinson, Sugar23, Oscar, Michael Sugar, Trevor Noah's, he's, Kennedy, Matt Rotondo helms, Sugar, Mike Beck, Alexa Conway, Trevor Noah, Kate Oppenheim, HBO Max, Paul McCartney, Mary McCartney Ventureland, Kerstin Emhoff, Paul Hunter, John Battsek, Stacy's Pita Chips, Will, Jada Pinkett, REI, Gargi Organizations: Hollywood, Brands, Mattel, Netflix, Apple, UTA, Imagine Entertainment, Producers, Adobe, IBM, Anonymous, HP, Afghan Girls National Soccer Team, Showtime, Pepsi Boardwalk Pictures, Relativity Media, Super, Pepsi, REI, Unilever, Marriott, Surf League, Major League Soccer, Sam's, Gamble, Weinstein Co, Hulu, Imagine, Paramount, Saville Productions, Disney, Time Studios, Procter & Gamble, Anheuser, Busch, InBev, CAA, Studios, MSNBC, ABC, NBC, Tribeca Studios, Dick's Sporting Goods, HBO, CNN, Mobile, Stacy's, Everest, Vice Studios, Westbrook Media, Meta, Logitech, Samsung Locations: Hollywood, Subway, Magnolia

☆ Beware of these possible blowups this earnings season, Wolfe Research warns
▼ + stars: | 2023-07-13 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

"Our quarterly earnings quality (EQ) score is an objective way to identify potential accounting related short ideas and as a risk tool to avoid potential blow-ups in the portfolio," Senyek said. CNBC pulled six stocks from the Wolfe list across a range of sectors. Rivian made the list with an earnings quality score of just 3. Shockwave Medical , meanwhile, fits on the Wolfe list due to issues pertaining to cash flow constraints and research and development amortization. In consumer staples, Dick's Sporting Goods is on the Wolfe list with a rating of 9 out of 100.

Persons: Wolfe, Chris Senyek, Senyek, Rivian, Morgan Stanley, Dick's, — CNBC's Michael Bloom Organizations: CNBC, FactSet, Shockwave, ShockWave, Centers, Medicare, Medicaid Services, Sporting Goods, Lucid

☆ Student-loan holders will soon have $300 less to spend each month. That could be bad news for Target and Dick's.
▼ + stars: | 2023-07-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Student loan payments are set to resume in October following a Supreme Court ruling last month. Analysts at Morgan Stanley project this will have a broad — but uneven — impact on major retailers. Retailers are already bracing for the shift, which analysts at Morgan Stanley project will affect nearly every company — some more than others. "Retailers with high exposure to student loan holders that sell into a discretionary category are likely most at risk, while retailers with low exposure to student loan holders are likely most insulated," the analysts note. In addition to Target, the analysis calls out Dick's Sporting Goods, Wayfair, and Williams-Sonoma as particularly vulnerable to this pullback in discretionary spending.

Persons: Morgan Stanley, Joe Biden's, O'Reilly, Jeffries Organizations: Service, Target, Walmart, Sporting Goods, Dollar, Tractor Supply Co Locations: forbearance, Wall, Silicon, Williams, Sonoma, Amazon

☆ Billions of dollars in spending expected to be lost to student loans. These retailers are at risk
▼ + stars: | 2023-06-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

With student loan payments set to resume this fall, borrowers are likely going to have to cut back spending — and that's bad news for some retailers. About 40 million Americans have a total of nearly $1.8 trillion in outstanding student loan debt. "We regard the incremental 'essential' nature of the debt payments as likely to reduce discretionary spending by an approximately equal amount." UBS expects the pullback in apparel spending to continue as Americans shift funds to student loan payments. In fact, its analysis of U.S. consumers with student loans shows the trend is even more pronounced among those with student debt.

Persons: Gabriella Carbone, Adrienne Yih, Grant, Christopher Horvers, Jay Sole, KeyBanc, Lots, Bradley Thomas, Horvers, — CNBC's Michael Bloom Organizations: U.S . Department of Education, Deutsche Bank, Barclays, JPMorgan Chase, Biden, JPMorgan, CNBC, UBS, Nike, American Eagle Outfitters, Urban, Sporting Goods Locations: Northeast

☆ Walmart gobbled up and spit out e-commerce brands like Bonobos and Moosejaw. Here's what happened to the retailer's jilted exes.
▼ + stars: | 2023-06-03 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Walmart has sold three digital companies — Moosejaw, Bonobos, and Eloquii — this year. In the past few months, Walmart announced it was selling outdoor recreation apparel and gear company Moosejaw, upscale e-commerce apparel company Bonobos, and plus-size clothing company Eloquii. Under Lore, despite big revenue growth, the Walmart e-commerce division incurred major losses, sometimes annually upwards of $1 billion. Here's a look at each of the companies Walmart has offloaded this year. Bonobos, founded in 2007, attracts young, urban customers with its slim-fitting pants, shirts, jackets, and suits.

Persons: Marc Lore, —, Lore, Doug McMillon, Eoin Comerford, Bebeto Matthews, Ben Tobin Organizations: Walmart, Service, Privacy, Lore's, Dick's Sporting Goods, Moosejaw Walmart, Bonobos Walmart, Bonobos, Bebeto Matthews Walmart, WHP Global, Express, FullBeauty Brands Locations: Arkansas, Bentonville , Arkansas, Michigan, Walmart's, New York

☆ Here are Thursday's biggest analyst calls: Target, Tesla, Toast, Chevron, Meta, Toll Brothers and more
▼ + stars: | 2023-06-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

JPMorgan downgrades Okta to neutral from overweight JPMorgan Chase said it sees too many macroeconomic pressures for the company. " JPMorgan downgrades Target to neutral from overweight JPMorgan Chase said in its downgrade of the stock it sees a "weakening" consumer. Bank of America initiates Toast as buy Bank of America said the restaurant tech company is "best in class." JPMorgan upgrades Domino's Pizza to overweight from neutral JPMorgan Chase said in its upgrade of Domino's that it's too cheap to ignore. Bank of America reiterates Dick's as buy Bank of America said it's bullish on the company's new store format.

Persons: Goldman Sachs, Goldman, Johnson, it's, Salesforce, JPMorgan downgrades, JPMorgan Chase, we've, Horton, PulteGroup, TOST, BorgWarner, Morgan Stanley, Tesla, XOM, Cowen, Phillips, Wedbush, Macquarie, Dick's, it's bullish, DKS Organizations: AAP, Barclays, JCI, RBC, Chevron, JPMorgan, JPMorgan downgrades Target, Deutsche Bank, " Bank of America, Bank of America, Restaurant Association, BorgWarner Deutsche Bank, Citi, Meta, ExxonMobil, UBS, CSX, Garden Entertainment, Knicks, Rangers, Networks Locations: Europe, New York

☆ Stock futures fall slightly as Wall Street focuses on tense debt ceiling negotiations
▼ + stars: | 2023-05-21 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Stock futures retreated slightly on Sunday evening as traders monitored the negotiations over the U.S. debt ceiling. Futures for the Dow Jones Industrial Average ticked down 63 points, or about 0.19%. S&P 500 futures dipped about 0.21%, and Nasdaq 100 futures also shed 0.14%. The Nasdaq Composite climbed 3.04%, while the S&P 500 gained 1.65%. On cyclically adjusted earnings, valuations argue for price returns of 5% per year for the S&P 500 over the next decade," Subramanian said in a note to clients.

With the end of another earnings season in sight, Wall Street's attention has turned to Washington and the debt ceiling deadline. Republican negotiators on Friday walked out of talks on raising the debt limit , abruptly ending a positive week of discussions that appeared to be leading toward a deal. Democrats and the White House have been pushing for a "clean" hike to the debt limit that would push the next deadline past the 2024 presidential election, while Republicans are pressing for spending cuts. Many investors believe this ongoing game of chicken over the debt limit is largely for show, since the U.S. has never defaulted on its debt obligations. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) and other congressional leaders in the Oval Office at the White House in Washington, U.S., May 9, 2023.

☆ 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.

☆ Stocks making the biggest moves midday: Foot Locker, Catalent, Occidental Petroleum & more
▼ + stars: | 2023-05-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading Friday. Foot Locker — The footwear retailer tanked 25.7% after it missed both top and bottom lines during the fiscal first-quarter. Disney — The media conglomerate fell nearly 2% in midday trading after Macquarie Research downgraded shares to neutral from outperform. Farfetch — The e-commerce company added 17.6% in midday trading after Farfetch reported a revenue beat for the first quarter. Western Alliance , PacWest — shares of the regional banks dipped more than 4% each, giving back some of their sharp gains from this week.

☆ Jim Cramer says 'brace yourself' for week ahead as lawmakers inch toward debt ceiling deal
▼ + stars: | 2023-05-19 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBCs Jim Cramer told investors on Friday to brace themselves for the week ahead as Washington teases a resolution to the debt ceiling crisis. "If we do we get a debt ceiling deal, it'll certainly move stocks higher, bringing tons of sidelined cash back into the market, even if it's earning more than 5%. Investors also should look out for Monday's Zoom earnings report, which is scheduled to be released after market close. Friday should finally bring a debt ceiling deal, according to Cramer. "Unlike 2011, where the debt limit was an obscure issue that snuck up on us, this year the debt ceiling debacle is well known and weighing down the entire country."

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