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☆ Amazon targets Aldi with a new lineup of ‘no-frills’ groceries
▼ + stars: | 2024-09-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

Amazon is rolling out a new “no-frills” private label brand called Amazon Saver, with most items priced at less than $5 and that include an array of household staples and pantry items such as cookies and crackers and perishable items like sliced turkey and ham. Shoppers at its roughly 50 Amazon Fresh stores and online are getting price cuts on more than 3,000 items. Typically, Prime members get a 10% discount, but now they can get up to 50% off eight to 15 grocery items that change weekly, including fresh produce and meats. And more than 1,200 rotating grocery items from popular brands will be discounted 25%. Prime members will also get an additional 10% off its new lineup of Saver products.

Persons: ”, Neil Saunders, ” Saunders, Sarah Wyeth Organizations: New, New York CNN, Target’s, Amazon, Walmart, Target, Aldi, GlobalData, “, CNN, Shoppers Locations: New York, Aldi

☆ The Hard-Partying Lawyers Who Get Negligent Companies to Pay Billions
▼ + stars: | 2024-09-05 | by ( Jack Newsham | ) www.businessinsider.com time to read: +23 min

In 2023, mass-tort lawyers spent $152 million on TV ads and millions more on social media. The data provider X Ante estimated that in 2023, mass-tort lawyers spent $152 million on TV ads and millions more on social media. The decades that followed mass torts' onset on the national stage showed the big risks and big rewards of mass torts. AdvertisementIn a class action, a settlement is public, and the judge has to approve the lawyers' fees. But others are confident that indebted mass-tort lawyers can bounce back from a few bad bets.

Persons: Mike Papantonio, Pap, Johnson, Paul Cody, Bayer, Chris Seeger, audibles, Budd, Ness Motley, Motley Rice, South Carolina —, doling, Seeger, Wyeth, Phil Federico, Paul Hanly who'd, Federico, Lejeune, who've, Camp Lejeune, mack, Curt Miner, I've, Don Worley, Worley, —, Daniel A, Mark Lanier, wouldn't, Elizabeth Chamblee Burch, Burch, Ellen Relkin, Merck, Vioxx, There's, Lucian Pera, Keller Postman, Jeremy Troxel, Keller, Troxel, Michael McDonald, Warren Postman, Postman, Kelsey Vlamis, Jack Newsham Organizations: Wynn, Vegas, Camp Lejeune, pharma, Supreme, X, Pfizer, Defense, Marines, Veterans, Foreign, US Marine Corps, Johnson, University of Georgia, Business, Intuit, Rihanna, Morning Investments, Fortress Investment, Gramercy Funds, Deepwater, Investments Locations: Camp, Texas, South Carolina, Baltimore, North Carolina, Camp Lejeune, America, Beverly Hills , California, nonbanks

☆ Walgreens is cutting prices on 1,500 items, joining Target, Walmart and Amazon
▼ + stars: | 2024-05-29 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Walgreens is joining other retailers in cutting prices across the board, from snacks to toiletries and even Squishmallows, in an effort to lure back inflation-weary shoppers turned off by high prices. Prices are dropping immediately on more than 1,500 items online and at its stores, which include both name and store brands, Walgreens announced Wednesday. In the past few weeks, competitors including Target, Walmart and Amazon slashed prices on thousands of household goods to rev up consumer spending. “Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials,” said Tracey D. Brown, Walgreens’ retail president and chief customer officer, in a release. Meanwhile, a host of other retailers report earnings Thursday, including Dollar General and Costco.

Persons: ”, Tracey D, Brown, “, we’ve, Alliance’s, isn’t, Sarah Wyeth, “ There’s, ” Wyeth, Parija Kavilanz Organizations: New, New York CNN, Walgreens, Target, Walmart, Dollar, Costco, Shoppers Locations: New York

☆ Amazon is slashing prices on 4,000 grocery items, joining Target and Walmart
▼ + stars: | 2024-05-24 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Amazon Fresh has joined the growing ranks of retailers that are cutting prices. It is discounting thousands of grocery items in a bid to entice price-conscious shoppers to add a little bit more to their shopping carts. In the game of chicken between stores and shoppers, it’s the stores that finally appear to be yielding. For Prime members, Amazon Fresh is stacking more savings by offering a 10% discount on hundreds of online grocery items. Last week, Walmart (WMT) said it has rolled back prices on nearly 7,000 items in its stores, saying it was seeing deflation on some key grocery items.

Persons: Sarah Wyeth, “ There’s, ” Wyeth, ” Claire Peters Organizations: New, New York CNN, Target, Walmart, Shoppers, CNN, Savings, Amazon, Aldi Locations: New York, United States

☆ Target is cutting prices on up to 5,000 items to lure back inflation-wary shoppers
▼ + stars: | 2024-05-20 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Target has slashed prices on more than 1,500 popular items beginning immediately, ranging from butter to laundry detergent, as the retailer attempts to attract inflation-wary shoppers turned off by high prices. Prices have dropped effective Monday, with “thousands more price cuts” — amounting to 5,000 items — being reduced over the summer, the retailer announced. Retail sales growth has taken a hit because of high prices: Last month, retail sales were unchanged from March, when spending increased by a downwardly revised 0.6%, the Commerce Department recently reported. By comparison, a year ago, retail sales surged by 3%. In response, Target recently created a new house brand called Dealworthy to take on dollar stores and Walmart.

Persons: Sarah Wyeth Organizations: New, New York CNN — Target, Ikea, Aldi, Shoppers, CNN, Commerce Department, Target, Walmart Locations: New York

☆ Americans have spent their savings. Economists worry about what comes next
▼ + stars: | 2024-05-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But now that extra spending money is gone, economists are concerned about what comes next. That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report. Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. “A continuing strong labor market could help consumers maintain spending patterns similar to those observed recently, even without pandemic-era savings,” they wrote. What comes next: Disney, Airbnb, Uber, Anheuser-Busch, Tapestry and Dillards all report later this week — investors will look for any comments about how consumer spending, or lack thereof, is altering revenue forecasts for 2024.

Persons: Hamza Abdelrahman, Luiz Edgard Oliveira, ”, Austan Goolsbee, ’ ”, Fitch, Sarah Wyeth, Chris Kempczinski, Abdelrahman, Airbnb, Warren Buffett, Berkshire Hathaway, Greg Abel, Buffett, “, Abel, isn’t, Boeing “, Scott Stocker, Read Organizations: CNN Business, Bell, New York CNN, San Francisco Federal Reserve, Chicago Federal, Society for, ”, Shoppers, Tyson Foods, “, Disney, Anheuser, Busch, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, FAA, Boeing, Federal Aviation Administration, CNN Locations: New York, United States, Omaha , Nebraska, Omaha, scamming

☆ Retailers jacked up prices and squeezed consumers. They might have just blinked
▼ + stars: | 2024-05-05 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +7 min

“There’s just less dollars for consumers to spend.”The challenge for retailers now is to shake consumers out of that frugal mindset. Retail spending has increased in seven of the past 10 months through March. “If you want to convince consumers to spend you have to give them a reason to do so. Lower prices are a clear opportunity to drive people into the store or online.”It’s a lever that Walmart, he said, has pulled forever. Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices.

Persons: Sarah Wyeth, ”, Chad Lusk, Alvarez, ” Wyeth, “ There’s, they’re, Zak Stambor, Stambor, Joe Raedle, ” Stambor, “, ” Jesper Brodin, ” Brodin, ” Michaels, ” Ashley Buchanan, Michaels, Lars Daniel Ervér, Frida, Chuck, – CNN’s Bryan Mena Organizations: New, New York CNN —, Ikea, Shoppers, “ Retailers, CNN, Walmart, Ingka, “, Cheese, Stambor Locations: New York, Hallandale Beach , Florida

☆ Linda Bean, an L.L. Bean Heir and a Conservative Donor, Dies at 82
▼ + stars: | 2024-03-28 | by ( Trip Gabriel | ) www.nytimes.com time to read: +1 min

Linda Bean, an heir to the Maine outdoor retailer L.L. Bean who created a company of her own to market other famous Maine products, chiefly lobster rolls and seaside rentals, and who was an outspoken conservative in a state with a tradition of favoring political independents, died on Saturday. She was 82. An obituary, which did not cite a cause or say where she died, was posted by the funeral home handling her burial. Ms. Bean was a granddaughter of Leon Leonwood Bean, the purveyor of rubber-soled duck boots and plaid flannel shirts that crossed over from hunters to preppies, fueling the company’s growth into a national catalog behemoth and one of Maine’s largest employers.

Persons: Linda Bean, Bean, Leon Leonwood Bean, Donald J, Wyeth Organizations: Trump Locations: Maine

☆ Nestlé is closing an infant formula factory as China’s birth rate plunges
▼ + stars: | 2023-10-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Nestlé plans to close a plant in Ireland that makes baby formula, citing a sharp drop in China’s birth rate, in a fresh example of the far-reaching implications of China’s demographic crisis. The world’s largest food company said Wednesday that it would shut its Wyeth Nutrition infant formula factory in Askeaton, a town in Ireland, by the first quarter of 2026 unless a buyer could be found. The plant makes infant formula products exclusively for export to markets in Asia. “[Sales] growth was driven by pricing as we continued to navigate historic inflation levels,” CEO Mark Schneider said in a statement. Separately, Nestlé said it had temporarily shut a factory in Israel as a “precaution” but that the plant was now operating again.

Persons: London CNN —, ” Nestlé, Nestlé, Mark Schneider Organizations: London CNN Locations: Ireland, Askeaton, Asia, China, Switzerland, Israel

☆ A $4 Thrift Store Find That Could Sell for $250,000
▼ + stars: | 2023-09-18 | by ( Matt Stevens | More About Matt Stevens | ) www.nytimes.com time to read: +1 min

You can walk out of the Savers in Manchester, N.H., with a shirt for as little as $4.99. Framed artworks too big for shelves lean invitingly against one of the walls. The thrift store’s manager says that shopping there is like a personal treasure hunt, which was certainly the case for one woman who made the find of a lifetime in 2017. Two women in the image appeared to be in a standoff, the elder displaying stern disapproval. The shopper was taken by the painting — Who were the women?

Persons: Wyeth, ” “ Robin Hood ”, “ Robinson Locations: Manchester, N.H, American

☆ Painting bought at thrift store for $4 could fetch $250,000 at auction
▼ + stars: | 2023-08-30 | by ( Oscar Holland | Carlie Porterfield | ) edition.cnn.com time to read: +3 min

Her joke was no laughing matter, and the painting is now estimated to fetch as much as $250,000 at auction in September. According to specialists at Bonhams Skinner auction house, the seller unknowingly purchased the work at a Savers thrift store in Manchester, New Hampshire, while searching for frames to reuse. The Wyeth painting had been stashed against a wall along with mostly damaged posters and prints, according to the auction house. Bonhams Skinner auction house expects the painting to fetch between $150,000 and $250,000 at September's auction. Auction house specialists believe the publishing company Little, Brown and Company may have passed the work along to an editor or to the author’s estate.

Persons: Wyeth, Skinner, Bonhams Skinner, Lauren Lewis, Andrew Wyeth, Jamie Wyeth, Lewis, ” Lewis, CNN Wyeth, Helen Hunt, Ramona, ”, Brown, Paul Allen’s, Andrew Wyeth’s Organizations: The Art, CNN, Boston Globe, Globe, Microsoft, Christie’s Locations: Maine, Manchester , New Hampshire, N.C, York

☆ First They Appeased Poseidon. Then They Ate Lobster.
▼ + stars: | 2023-08-23 | by ( Jessica Battilana | ) www.nytimes.com time to read: +1 min

Dreamers, artists and doers have long been drawn to the Maine coast; the author E.B. White wrote his 1952 children’s classic “Charlotte’s Web” on a saltwater farm in Brooklin, and the painter Andrew Wyeth made his famous work “Christina’s World” (1948) in Cushing, some 80 miles southwest. Among a newer generation are Jay and Alison Carroll, the couple behind Wonder Valley, a line of olive oils, skin-care products and home goods, who’ve made a home for themselves on Bailey Island, a rocky spit of land in Casco Bay an hour’s drive from Portland, where Jay grew up. After purchasing the property (which they refer to as B.I.B.S., short for “Bailey Island Beach Shack”) at a foreclosure auction in 2020, the pair, who also own El Rey Court, a boutique hotel in Santa Fe, N.M., and the newer Waymore’s Guest House and Casual Club, in Nashville, set about renovating the small, shingled cove-side cottage. But before work on the interior was finished, they prioritized some coastal Maine essentials: buying a boat and, with the help of a neighbor, building a wood-burning oven in the backyard.

Persons: E.B, White, Andrew Wyeth, Jay, Alison Carroll, who’ve, “ Organizations: El, Court, Casual Locations: Maine, Brooklin, Cushing, Bailey, Casco Bay, Portland, “ Bailey, Santa Fe, Nashville

☆ What investors need to know about weight loss medicines and suicide risk
▼ + stars: | 2023-07-16 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +7 min

Investors would be forgiven if talk of a potential suicide risk associated with a new class of diabetes and weight loss drugs led to skittishness last week. Prior attempts to treat overweight or obese patients with medications were often plagued with side effects and drug recalls. The first is that most obesity drugs, including GLP-1s, are "centrally acting," which means they work on a patient's brain. The second is that prior obesity drugs have been withdrawn because of high rates of psychiatric disorders, he said, citing Sanofi's Acomplia as one of the more recent examples. This was not the case for the GLP-1 medications.

Persons: skittishness, Eli Lilly's Trulicity, Lilly's, Wolfe, Tim Anderson, Anderson, Sanofi's Acomplia, Eli Lilly, Wolfe's Anderson, Colin Bristow, Lilly, LLY's, Peter Verdult, Wegovy, Verdult, Bristow, Emmanuel Papadakis, Papadakis, — CNBC's Michael Bloom Organizations: Nordisk's Ozempic, Wall Street, European Medicines Agency, EMA, Wolfe Research, FDA, UBS, Citi, Novo Nordisk, Deutsche Bank, Prevention Locations: United States, U.S

☆ A son died, his parents tried to sue. How U.S. courts protect Big Pharma
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +26 min

His parents soon started exploring a lawsuit against Merck, the developer of the blockbuster asthma and allergy drug, Singulair, along with the manufacturer of the generic version their son took. That meant Merck had written the warning label, with federal approval, on the generic version of Singulair that Nicholas England took. But his parents couldn’t sue Merck, either, because their son had never taken its name-brand version of Singulair. The generic drug manufacturer that made the pills England took, Teva Pharmaceuticals, did not respond to inquiries. Since Merck’s patent on Singulair expired in 2012, major generic drug manufacturers have sold millions of prescriptions under the drug’s scientific name, montelukast.

Persons: Nicholas England, Nicholas, Merck, ”, Jennifer England, Nicholas’s, ” Merck, Organon, “, George W, Bush, Daniel Troy, Troy, Medtronic, Nicholas England’s, Adam Zimmerman, ” Zimmerman, Jay Lefkowitz, Ellis, shouldn’t, Bayer, drugmaker Wyeth, Phenegran, Jan Gilpin’s, mumbling, ” Gilpin, ” “, hadn’t, Singulair, Gilpin, Stephane Bissonnette, suicidality, Dr, Judith Kramer, Duke, Robert England, Robert said, Kim Beck Organizations: Merck, U.S, Teva Pharmaceuticals, Reuters, U.S . Food, Drug Administration, FDA, Big, Corporate America, Corporations, Administration, ”, New, University of Southern California’s Gould School of Law, Norfolk, Union Pacific, Federal Railroad Safety, Pacific, GlaxoSmithKline, Monsanto, Bayer, Parent Locations: Virginia, England, U.S, New York, Kirkland, East Palestine , Ohio, Louisiana, Atlanta, Vermont, Wise , Virginia, Wisconsin

☆ The $11.8 billion mistake that led to Bed, Bath & Beyond’s demise
▼ + stars: | 2023-04-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Bed, Bath & Beyond made plenty of mistakes that led to this week’s bankruptcy filing. “The company’s stewardship of their capital failed,” said Declan Gargan, retail director and credit analyst who follows Bed, Bath & Beyond for S&P Global Ratings. Across Corporate America, share repurchases reached a record $936 billion, according to S&P Dow Jones Indices, up from $882 billion in 2021. In fact the Bed, Bath & Beyond share repurchases were not enough to stop activist investors from pushing out top management of the company in 2019. President Joe Biden, a frequent critic of share repurchases, included a 1% tax on share repurchases in the Inflation Reduction Act passed by Democrats in Congress last year.

Organizations: & $

☆ Paul Allen's art collection hauls in record $1.5 bln at auction
▼ + stars: | 2022-11-10 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

The total represented the highest amount ever collected at a single art auction, according to the auction house, Christie's in New York. Among the priciest works sold was Pointillist pioneer Georges Seurat's Les Poseuses, Ensemble (Petite version), an 1888 oil on canvas depicting three nude women. Cezanne's "La Montagne Sainte-Victoire", a colorful landscape painted from 1888-1890, sold for $137.8 million, another record. And a Gustav Klimt 1903 painting, "Birch Forest," set the high mark for a Klimt work, selling for $104.6 million. Additional pieces from Allen's collection will be offered at auction on Thursday.

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