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REUTERS/Mike Segar/File Photo Acquire Licensing RightsDec 1 (Reuters) - Retailers like Amazon.com and Foot Locker are signaling optimism for holiday season sales after stronger-than-expected figures during Black Friday and Cyber Monday, as heavy discounts lured budget-strained customers on the peak U.S. shopping days. Early estimates on holiday shopping have been encouraging to some investors after retailers sounded cautious notes in the lead-up to the season. "We know we're buying for wallet share with a value-conscious consumer this holiday season. Deep discounts have been a key feature heading into this year's holiday shopping season and holiday discounts could get even bigger in December, according to some retail executives. Kohl's (KSS.N) CEO Tom Kingsbury said last week the company was "coming out on holiday very aggressively in terms of promotions."

Persons: Mike Segar, Jimmy Lee, we've, Mary Dillon, Tom Kingsbury, Cos, Jason Benowitz, Deborah Sophia, Juby Babu, Pooja Desai Organizations: REUTERS, Adobe Analytics, National Retail Federation, Wealth Consulting, Amazon, Black, BofA, Walmart, Abercrombie, Fitch, American Eagle Outfitters, Roosevelt, Thomson Locations: Robbinsville , New Jersey, U.S, Bengaluru

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

LSEG Workspace, a financial news and data platform, calculated inventory turnover ratios of 30 major U.S. retailers for Reuters. "I am relatively pessimistic about the holiday season," said Gerald Storch, retail consultant and former Target vice chairman and ex-CEO of Hudson's Bay. Department stores' holiday season is "likely not going to be that strong," said David Swartz, a Morningstar analyst. Reuters Graphics Reuters GraphicsTo be sure, inventory turnover is not the only metric Wall Street investors use to judge retailers' inventory levels. Some are already slashing prices and dangling discounts to clear excess inventory before Black Friday, the start of holiday shopping season.

Persons: King, King of Prussia, Sarah Silbiger, Gerald Storch, Jeff Bornino, David Swartz, Ulta, pare, Jason Benowitz, Joseph Feldman, Jane Hali, Nordstrom, Brian Mulberry, Savyata Mishra, Ananya Mariam Rajesh, Richa Naidu, Siddharth Cavale, Aishwarya Venugopal, Rod Nickel Organizations: REUTERS, Dollar, Walmart, Reuters, North America, Kroger, Department, Morningstar, TJX Companies, Dick's Sporting, Reuters Graphics Reuters, Roosevelt, Telsey Advisory, Research, Associates, Nordstrom, Zacks Investment Management, Thomson Locations: King of, King, King of Prussia , Pennsylvania, U.S, Hudson's, North

Roughly half of the S&P 500 (.SPX) companies have reported results thus far, with more than 77% exceeding results. But of that group, consumer discretionary companies have been the biggest surprise, on average exceeding earnings-per-share estimates by 19%, according to LSEG I/B/E/S data. A 4.9% rise in U.S. gross domestic product in the third quarter further highlights the health of the consumer. Including Monday's gains, the S&P 500 consumer discretionary index (.SPLRCD) is up nearly 19% this year, far outperforming the broader S&P 500, which is up nearly 8%. Reuters GraphicsAmong the other consumer discretionary names that have surpassed expectations are Amazon (AMZN.O), Hilton Worldwide Holdings (HLT.N) and Royal Caribbean (RCL.N).

Persons: LSEG, Jason Benowitz, Roosevelt, McDonald's, Brian Mulberry, Gerald Pascarelli, Aishwarya Venugopal, Ananya Mariam Rajesh, Anil D'Silva Organizations: Reuters Graphics, Hilton Worldwide Holdings, Royal, Zacks Investment Management, Thomson Locations: U.S, Royal Caribbean, Bengaluru

☆ P&G tops profit estimates on pricing boost, resilient demand
▼ + stars: | 2023-10-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Timothy Aeppel/File photo Acquire Licensing RightsOct 18 (Reuters) - Procter & Gamble (PG.N) topped market expectations for quarterly sales and profit on Wednesday, benefiting from higher prices as well as steady demand for its personal care products and cleaning supplies. While P&G's moves to consistently raise prices over the past several months have dented sales volumes with some cost-conscious shoppers turning to cheaper alternatives, the benefits from higher prices have helped bolster its profits. Gross margin improved 460 basis points to 52% in the quarter ended Sept. 30 and the company kept its annual profit outlook despite expectations for a $1 billion after-tax impact from unfavorable foreign exchange rates. P&G now expects sales growth to be in the range of 2%-4% for fiscal 2024, compared to its prior estimate of a 3%-4% rise, owing to currency fluctuations. Per-share profit of $1.83 per share also beat expectations of $1.72.

Persons: Timothy Aeppel, Andre Schulten, they're, Jason Benowitz, Deborah Sophia Organizations: Procter, REUTERS, Procter & Gamble, Gillette, Roosevelt, Thomson Locations: Tabler Station, West Virginia, U.S, Bengaluru

☆ Reactions: Media mogul Rupert Murdoch steps down as chairman of Fox, News Corp
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States. His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. His son Lachlan Murdoch is seasoned and capable of running the business, but of course there's no replacement for someone like the chairman, Rupert Murdoch, who founded the company and built it over decades." "The media world is unrecognisable from the one he stepped into seventy years ago and the decision to scrap plans to reunite his empire must have smarted."

Persons: Rupert Murdoch, Lachlan Murdoch, Murdoch, BRIAN WIESER, Lachlan, MICHAEL ASHLEY SCHULMAN, Smartmatic, Rupert Murdoch's, JASON BENOWITZ, I'm, DANNI HEWSON, AJ BELL, he's, Mary Berry, he'll, RILEY, THOMAS HAYES, Wise, MATTHEW TUTTLE, ED MOYA, Aditya Soni, Samrhitha, Mayur, Ananya Mariam Rajesh, Arun Koyyur Organizations: Media, Fox Corp, News Corp, Fox, MADISON, WALL'S, Dominion, HOGAN, TUTTLE, MSNBC, Thomson Locations: Australia, United States, Bengaluru

☆ Vietnam's EV firm skids for third straight US stock session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $45 million worth of its shares had been traded by late morning, compared with $29 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. "Founder Pham Nhat Vuong brought a portion of VinFast to the public markets because he may seek to further monetize his stake over time. That may be a material overhang for VinFast shares for some time to come," Benowitz said.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur, Matthew Lewis Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Bengaluru, Oakland, California

☆ Vietnam's EV firm skids for third session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The loss-making company was last valued at $32.4 billion, compared to $85 billion in its Wall Street debut on Tuesday. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $28 million worth of its shares had been traded by late morning, compared to $13 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. That may be a material overhang for VinFast shares for some time to come," Benowitz said. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) closed down 7% in Ho Chi Minh trading.

Persons: Mike Blake, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Ho Chi, Bengaluru

REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsNEW YORK, Aug 17 (Reuters) - Resilient U.S. consumer spending drove Walmart's (WMT.N) better-than-expected second-quarter results and forecast hike but its international business on Thursday posted its best quarterly performance in several years. The retail behemoth's international business, which spans 19 countries, posted a 13.3% jump in sales during the second quarter, its strongest result since at least 2016, Refinitiv data shows. The unit posted $27.6 billion in sales, or 17% of the company's quarterly revenue, beating market estimates of $26.12 billion. In India, Walmart's majority-owned business Flipkart posted double-digit sales growth and PhonePe processed more than 5 billion transactions in a single month, Walmart said. "Walmart's international business continues to perform well.

Persons: Mario Anzuoni, Walmart's, Doug McMillon, Flipkart, Judith McKenna, McKenna, Kathryn McLay, Jason Benowitz, Siddharth Cavale, Aishwarya Venugopal, Vanessa O'Connell, Mark Porter Organizations: Walmart, REUTERS, Reuters Graphics, Unilever, Caterpillar, Sam's, Walmart International, Walmart's Sam's, Thomson Locations: Rosemead , California, U.S, Canada, United States, Mexico, India, China, New York, Bengaluru

☆ First Republic seeks new ways to escape unrealized losses
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

March 21 (Reuters) - First Republic Bank's (FRC.N) efforts to secure a capital infusion continued without success on Tuesday, as the troubled regional lender started to plan for the possibility it may need to downsize or get a government backstop. Bloomberg News reported U.S. officials and Wall Street leaders seeking to aid First Republic were exploring the possibility of government backing that would help overcome the issue of the bank's unrealized losses. JPMorgan is advising First Republic on its options to raise capital from investors, a source familiar with the situation previously said. "There are a number of factors lifting the (financial) stocks, including the comments by Yellen. "We believe First Republic remains in crisis," said Jason Benowitz, senior portfolio manager at CI Roosevelt.

☆ First Republic slumps after report of potential government backing in deal
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +5 min

March 21 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 14% in extended trade on Tuesday following a report that a potential deal for the troubled bank could rely on government backing to encourage buyers. Potential government backing in a deal to save First National could involve conditions at the expense of the bank's shareholders, said Dennis Dick, a trader at Triple D Trading in Ontario, Canada. While a sale of the entire bank remains possible, First Republic is currently focused on raising capital, the third source said. First Republic's shares had surged as much as 60% on Tuesday before closing up 30%, but even so First Republic's stock has lost over 80% in value in the past two weeks. JPMorgan is advising First Republic on its options to raise capital from investors, a source familiar with the situation previously said.

☆ U.S. banks' CDS prices surge as contagion concern widens
▼ + stars: | 2023-03-15 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +3 min

March 15 (Reuters) - A jump in the cost for Wall Street banks to insure bonds against default on Wednesday was another worrisome indicator of credit stress for investors amid the crisis at Credit Suisse and at U.S. regional banks. Swiss bank Credit Suisse (CSGN.S) fell to a record low on Wednesday. Five-year credit default swaps for the flagship Swiss bank hit a new record high. Credit default swaps on Credit Suisse also inverted on Wednesday with the two-year rising above the five-year, and both hit a new 52-week high, according to data from Ortex. Some analysts believe that the larger banks are resilient and are more worried about the smaller and mid-sized banks.

SummarySummary Companies Tech bank's troubles panic marketsFears spread over fallout from rising interest ratesBanks vulnerable as bond values dropLONDON, March 10 (Reuters) - For months, investors had shrugged off the threat of rising interest rates. In SVB's case, venture capital clients, unable to raise cash elsewhere, pulled money from the bank, forcing its hasty sale of bonds at a loss. In February, U.S. regulators said U.S. banks had unrealised losses of more than $620 billion on securities, underscoring the scale of the risks. Jason Benowitz, senior portfolio manager at CI Roosevelt, said SVB's risks were not unique with many banks sitting on such unrealised losses because rates have moved so rapidly. "The SVB situation is a reminder that many institutions are sitting on large unrealised losses," said AJ Bell investment research director Russ Mould.

☆ Bed Bath & Beyond brings meme stocks back in vogue to start 2023
▼ + stars: | 2023-01-13 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Bed Bath & Beyond Inc is in talks with potential lenders and the discussions are also exploring potential takeover bids, Bloomberg reported on Thursday. The U.S. consumer price inflation report on Thursday bolstered growing belief that inflation has peaked, helping revive the rally in highly-shorted meme stocks after rising interest rates dimmed the appeal for speculative trading last year. "The rally in risk assets has carried meme stocks in its wake," said Jason Benowitz, senior portfolio manager at CI Roosevelt, adding that a sharp slide in stocks in the final month of 2022 and strong seasonality for January are also at play. Bed Bath & Beyond shares eased about 5% in pre-market trading on Friday. Bed Bath & Beyond market value over the past 12 monthsReporting by Medha Singh in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Dec 22 (Reuters) - Scott Minerd, global chief investment officer at investment and advisory firm Guggenheim Partners and a prominent Wall Street bond investor, has died, his firm said on Thursday. During his 25-year stint with Guggenheim, Minerd became a prolific commentator on financial markets and was often quoted by the media. He will be greatly missed by all," Mark Walter, chief executive and a founder of Guggenheim Partners, said in the firm's statement. Guggenheim said it had implemented a succession plan, with Anne Walsh, managing partner and CIO of Guggenheim Partners Investment Management, assuming many of Minerd's responsibilities on an interim basis. Minerd was regarded in the past few years as one of the U.S. "bond kings," along with Jeffrey Gundlach, chief executive of DoubleLine, and Dan Ivascyn, chief investment officer of bond giant PIMCO.

☆ Best Buy forecasts smaller drop in sales ahead of holiday season
▼ + stars: | 2022-11-22 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Best Buy Co Inc (BBY.N) on Tuesday forecast a smaller drop in annual sales than it had previously estimated, saying it was confident that a ramp up in deals and discounts will bring in more inflation-weary customers during the holiday season. Best Buy expects full-year comparable sales to fall about 10%, compared with a previous forecast of a decrease of about 11%. "Best Buy may be better positioned for the holiday season than other retailers," said Jason Benowitz, senior portfolio manager at Roosevelt Investment Group. "We expect modest growth in consumer holiday spend this year and believe many companies hold too much inventory relative to demand, while Best Buy appears to have rightsized its holdings ahead of the season," Benowitz added. However, heavier discounts will take a toll on holiday-quarter profit margins, Best Buy warned.

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