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☆ Price hikes and spending cooled last month, Fed’s preferred inflation gauge shows
▼ + stars: | 2023-11-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

The core PCE price index is at its lowest annual rate since April 2021, marking another step toward the Fed’s target of 2% inflation. When including gas and food prices, the overall PCE index was unchanged last month. Consumer expenditures increased 0.2% last month, a marked pullback from the 0.7% jump seen in September. When taking out inflation, however, the 0.2% real spending in October was down only slightly from September’s 0.3% gain. Holiday uncertaintyThe spending patterns last month align with the ongoing trend of people spending their money more on experiences.

Persons: Bharat Ramamurti, Kayla Bruun, Jill Renslow, Bruun, ” Ramamurti, ” Organizations: Minneapolis CNN, The Commerce Department, Federal Reserve, PCE, National Economic Council, CNN, Consumers, Morning, of, National Retail Federation Locations: Minneapolis, of America, Bloomington , Minnesota

☆ Martha Stewart defends Dolly Parton's Dallas Cowboys cheerleader uniform: 'You can dress any way you goddamn please'
▼ + stars: | 2023-11-30 | by ( Anneta Konstantinides | ) www.businessinsider.com time to read: +4 min

Dolly Parton wore a Dallas Cowboys cheerleader uniform during a recent Commanders and Cowboys game. AdvertisementDolly Parton made headlines on Thanksgiving Day when she performed in a Dallas Cowboys cheerleader uniform at The Salvation Army's Red Kettle Kickoff Halftime Show. Parton performs during halftime in the game between the Washington Commanders and the Dallas Cowboys on November 23, 2023 in Arlington, Texas. Advertisement"If you look like Dolly Parton, you can dress any way you goddamn please, she's fabulous," she added. "I don't feel my age, I don't work my age, I don't think my age, and hopefully, I don't look my age!"

Persons: Dolly Parton, Parton, wasn't, Martha Stewart, Dolly's, —, Martha Stewart —, Dunkin, Richard Rodriguez, Stewart, Stewart doesn't, Lexie Moreland, Whoopi Goldberg, Parton's, Goldberg, DOLLY PARTON, Blue Ivy, Hostin, Stella Parton, Dolly, — Stella Parton, Parton hasn't, I've Organizations: Dallas Cowboys, Cowboys, Service, Twitter, Business, Washington, Getty Locations: Arlington , Texas, Parton's

☆ US consumer spending slows; labor market steadily easing
▼ + stars: | 2023-11-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Those hopes were reinforced by other data on Thursday showing the labor market gradually easing. Though wages remain elevated, the pace of increase has slowed from earlier in the year as the labor market eases. Personal consumptionINFLATION COOLINGInflation as measured by the personal consumption expenditures (PCE) price index was unchanged in October after rising 0.4% in September. Stripping out housing, the core PCE price index edged up 0.1% after gaining 0.3% in September. Still, the labor market is cooling in tandem with overall demand in the economy.

Persons: Sarah Silbiger, Jerome, Powell, Conrad DeQuadros, Nancy Vanden Houten, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: El Progreso Market, Washington , D.C, REUTERS, Brean, Commerce Department's, United Auto Workers, Treasury, Fed, Labor Department, Oxford Economics, Thomson Locations: Mount Pleasant, Washington ,, New York, outlays, U.S

☆ Inside the chaotic Thanksgiving-weekend collapse of homebuilder startup Veev that left employees shocked and worried about their jobs
▼ + stars: | 2023-11-30 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

But for workers of Lennar-backed homebuilder Veev, they were spent scrambling to determine if they would still have jobs come Monday. Speaking to the "Veev Family," he wrote: "Family will stay in touch and together forever, even if it is going to be only within our hearts." The company has about 250 employees, according to news site Calcalist. "We call it the Veev family," Haller said. On a very personal note, for me Amit Haller, Veev was my personal journey in the past 15 years, half of my professional career and about ⅓ of my entire life.

Persons: Amit Haller, Veev, Haller, doesn't, we're, homebuilder, Kleiner Perkins, Bond, Lennar, Linda Keala, Ami, Amit Organizations: Business, Dragonfly, Wall, Center, Real Estate, Technology Innovation, Employees, Dafna Locations: California, Tel Aviv, Hayward , California, Haller, Reali, @nicollsanddimes, .

☆ Fact Check: Video of man praying for Trump to replace Biden as US president is altered
▼ + stars: | 2023-11-30 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video clip showing a man in military uniform praying for U.S. President Joe Biden to be replaced by his predecessor Donald Trump while sharing the stage with Biden at an event in Norfolk, Virginia, has been flipped horizontally and contains an altered audio track. On Nov. 19 at an event dubbed “Friendsgiving,” Biden and first lady Jill Biden served Thanksgiving dinners to military personnel and their families at Naval Station Norfolk, Reuters reported. The chaplain’s full prayer can be viewed at 7:36-9:12 and makes no reference to Biden or Trump. The moment seen in the edited clip, originally shows the chaplain concluding his prayer (9:03) with the words, “Bless our fellowship. Original footage shows that a military chaplain did not pray to “get rid of” Biden and “bring back” Trump at a Friendsgiving event in November 2023.

Persons: Joe Biden, Donald Trump, Biden, “, ” Biden, Jill Biden, Donald J, Trump, ” Trump, Read Organizations: Naval, Reuters, Facebook, White House YouTube, Biden, Trump, Thomson Locations: Norfolk , Virginia, Norfolk

☆ We just got the clearest sign yet that grocery price increases are slowing down
▼ + stars: | 2023-11-30 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Food inflation is slowing down heading into 2024, according to the largest supermarket chain in the US. Executives at Kroger said they expect food inflation "in the low single-digits'" in the new year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Food inflation peaked over the last two years in June 2022, when federal data showed prices rising 9%. Walmart is also expecting relief from food inflation, CEO Doug McMillon said earlier this month.

Persons: —, Gary Millerchip, Kroger, Millerchip, Rodney McMullen, Doug McMillon Organizations: US, Kroger, Service, Bank of America, Walmart Locations: Nashville , Tennessee

☆ A year after ChatGPT’s release, the AI revolution is just beginning
▼ + stars: | 2023-11-30 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +11 min

Seemingly overnight, the user-friendly generative AI technology enraptured the globe. It also promised to revolutionize the future of white-collar work — so long as it didn’t cause an AI apocalypse in the process. ‘The world woke up to the AI revolution’And one year since ChatGPT’s public release, the fervor around AI is still at a fever pitch. And AI’s long-prophesied impacts to the labor market is also beginning to emerge, both inside and outside the tech industry. “Many, many, many jobs that are currently done by humans, AI will be able to do,” said Clune, the AI researcher at the University of British Columbia.

Persons: New York CNN —, Sam Altman, ChatGPT, ” Jeff Clune, hasn’t, ” Clune, ”, OpenAI’s, Jakub Porzycki, Suresh Venkatasubramanian, ” Venkatasubramanian, “ It’s, it’s, Venkatasubramanian, Clune, we’re, ChatGPT’s, OpenAI, David Paul Morris, “, CNN’s Kara Swisher, Altman, —, ” Altman Organizations: New, New York CNN, Big Tech, Tech, University of British, CNN, ChatGPT’s, Brown University, Economic Cooperation, Bloomberg, Getty, Microsoft — Locations: New York, University of British Columbia, Krakow, Poland, OpenAI, Asia, San Francisco , California

☆ Chinese celebrity chef vows to never cook egg fried rice again after nationalist backlash
▼ + stars: | 2023-11-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

However, by attacking mentions of egg fried rice by famous chefs and other online influencers, the nationalist users have inadvertently promoted the very rumor their government is trying to quash. Celebrity chef Wang Gang says he won't make egg fried rice again. But can it be a coincidence every single time?” a comment said of Wang’s egg fried rice videos. But some have also come to Wang’s defense, noting that the chef has posted egg fried rice in other months throughout the year. “Why don’t we clearly stipulate a complete ban on eating and making egg fried rice in November, or simply retire egg fried rice from Chinese cruisine all togther,” another supporter quipped.

Persons: –, ” Wang Gang, Wang’s, ”, Wang, Mao Zedong’s, Mao Anying, Mao Anying’s, Wang Gang, Chef Wang, Yang Di, Mao, Xi Jinping, Luo Changping, Xi, “, ‘, ” Wang, Hu Xijin, ” Hu Organizations: Hong Kong CNN, People’s Liberation Army, Chinese Academy, Communist Party, Weibo, telegraphs, Fried, Daily, Global Times Locations: Hong Kong, China, Weibo, American, North Korea, Nanchang, Yangzhou, Sichuan

☆ My husband and I spent Thanksgiving on a cruise ship with friends. It cost us $3,800, but we'd do it again for other major holidays.
▼ + stars: | 2023-11-30 | by ( Katrina Wilson | ) www.businessinsider.com time to read: +6 min

I spent Thanksgiving on a, eight-day Carnival Cruise with my husband and 12 of our friends. We booked an eight-day Carnival Cruise over the Thanksgiving holiday to celebrate our friends Tai and Darien's wedding anniversary. My husband and I spent about $3,800 to book the tripThe cruise cost $2,050 for the two of us. AdvertisementThe ship didn't satisfy our Thanksgiving cravings, but we still had nice mealsThe ship's Thanksgiving dinner, unfortunately, didn't tickle our fancy. But it felt good to lay in bed on the cruise and watch films I hadn't seen in years.

Persons: —, Tai, fanny, Katrina Wilson, à, Stevie Wonder, we're, Lawrence, Whitney, I'd Organizations: Service, gratuities Locations: Florida, formalwear

☆ I left New York to raise kids in Orlando. Not everyone here is Disney-obsessed, and it's less expensive than you'd think.
▼ + stars: | 2023-11-30 | by ( Jen Glantz | ) www.businessinsider.com time to read: +6 min

They moved into a bigger home, bought annual passes to Disney World, and enjoyed the warmer weather. I was born and raised in New York City but always knew I'd eventually move to Florida. I spent a lot of time vacationing there as a kid and my wife and I went to Disney World for our honeymoon. Plus, my wife and I wanted to start a family there because the cost of living in New York City was too high. Here's what it's like to work, play, and raise kids with Disney World in your backyard.

Persons: Mark Kaley, —, who's, I'd, We've, It's, I've Organizations: Disney, Service, Disney World, Universal Studios, Phillips Center, Performing Arts, Orlando City SC, Orlando Science Center, Otter Public Relations Locations: Orlando, Florida, New York, New York City, Epcot, SeaWorld, Winter, Dora

☆ All kids want for Christmas this year … Robux and gaming subscriptions
▼ + stars: | 2023-11-29 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN —Nicole Randol — a Missouri-based mother of two boys, ages 6 and 10 — recently posted a message on a popular Facebook parenting group about Robux, the virtual gaming currency for the platform Roblox: Target was having a 40%-off sale for Robux. “I expect it to be the most exciting thing they open [on Christmas],” Randol, who bought two $100 Robux cards, told CNN. Gaming subscriptions continue to gain popularity, too. “What’s changed, naturally, is the games that families are playing.”According to ESA, more than 212 million Americans play video games on a regular basis. Still, with the rise of subscriptions and gaming currency, what lands under the Christmas tree may be smaller in size than years before.

Persons: CNN — Nicole Randol —, —, ” Randol, Fortnite, trumping, ”, Christopher Byrne, Guy, “, ” Roblox, Robux, Michael Inouye, Cozy, Byrne, “ What’s, ” Byrne, Jim Silver, Bitzies, ” Bryne, Parija Kavilanz Organizations: CNN, Robux, Entertainment Software Association, Epic Games, PlayStation, Pro, Apple, ABI Research, National Retail Federation, ESA, Gaming Locations: Missouri

☆ White House puts corporate 'price gouging' front and center: 'We see American families hurting'
▼ + stars: | 2023-11-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Companies should pass those savings on to consumers," White House Press Secretary Karine Jean-Pierre told reporters aboard Air Force One, en route to Colorado. "That's why taking on price gouging has been part of the President's economic agenda." But drawing a direct line from corporate pricing practices to how voters feel about the economy could prove challenging for the Biden White House. "Whether it's junk fees, whether it's price gouging, whether it's calling out big pharma, whether it's calling out big oil, we're going to continue to do that," Jean-Pierre said Tuesday. "Because of the price gouging, we see American families hurting," she said.

Persons: Joe Biden, Joe Biden's, Karine Jean, Pierre, Biden, Jean Organizations: Warehouse Union, Pacific Maritime Association, White, Companies, House Press, Air Force, Black, Biden White, Consumers Locations: Washington ,, Colorado

The man charged with shooting three college students of Palestinian descent in Vermont last weekend was accused several years ago of harassing an ex-girlfriend in New York state, but no charges were ever filed, according to a police report. The woman said Eaton had driven his pickup truck by her home that evening and a second time while she was talking to the police officer. The officer told Eaton that the woman wanted absolutely no contact with him and he said he understood, according to police. Authorities say he shot and seriously wounded the three college students in Burlington on Saturday evening as they were walking near the University of Vermont. Eaton had moved to Vermont this summer from the Syracuse, New York, area, according to Burlington police.

Persons: Jason J, Eaton's, Eaton, Matthew Malinowski, Malinowski, Jeff Eller, he’d, Rania Ma’ayeh, ”, Ali Ahmad, Ma’ayeh, Michael Casey Organizations: The Associated Press, NBC News, Police, University of Vermont, Burlington police, Financial, Ramallah Friends School, West Bank, Brown University, Abdalhamid, Haverford College, Trinity College in, Associated Press Locations: Vermont, New York, Dewitt , New York, Syracuse, Eaton, Burlington, Syracuse , New York, California, Ramallah, Pennsylvania, Trinity College in Connecticut, Boston

Donations were up $20 million on Tuesday, a 0.6% increase over last year before adjusting for inflation, the nonprofit said. GivingTuesday makes its estimate by drawing on data from donor management software companies, donation platforms, payment processors and donor-advised funds. Political Cartoons View All 1273 ImagesIt's still too early to know whether end-of-year giving will pull charitable donations back up this year. “We absolutely lean into those traditional cycles of giving, which I feel like GivingTuesday really capitalizes on,” she said. GivingTuesday's estimates don't include gifts to mutual aid groups, donations to political organizations or gifts made directly to individuals, Rosenbaum said.

Persons: GivingTuesday, ”, Woodrow Rosenbaum, Rosenbaum, Elaine Kenig, “, Kenig, Naomi Thompson, ” Rosenbaum Organizations: —, “, ” Nonprofit, Vanguard Charitable, Lilly Endowment Inc, AP Locations: U.S, Maui, Northern Ireland

☆ Ron DeSantis is running a textbook Iowa caucuses campaign. Trump still seems like he's going to completely blow him out.
▼ + stars: | 2023-11-29 | by ( Brent D. Griffiths | John L. Dorman | ) www.businessinsider.com time to read: +6 min

Ron DeSantis, who is behind in Iowa, has received major endorsements in the state. Ron DeSantis has bet his political future on Iowa. The positive news came on the heels of Iowa Gov. ("Ron DeSantis and Nikki Haley have partisans. No recent nominee has failed to win Iowa, New Hampshire, South Carolina, or Nevada.

Persons: Ron DeSantis, Kim Reynolds, Bob Vander Plaats, —, Donald Trump's, DeSantis, Reynolds, Grassley, Trump, Nikki Haley, Donald Trump, Scott Olson, trashing Reynolds, Grant Wood, Ben Jacobs, Texas Sen, Ted Cruz, Pennsylvania Sen, Rick Santorum, Mike Huckabee, Sen, Bernie Sanders, Barack Obama, Ron Brownstein, Cruz, Santorum, Huckabee, what's, Ricky Bobby, it's Organizations: Florida Gov, Iowa Gov, Trump, GOP, Service, Republican, CBS, Iowa State University, Iowa GOP, DeSantis, Getty, rockstar, Arkansas Gov, Iowa Republicans, Iowa, Hawkeye State Locations: Florida, Iowa, VFW, Texas, Pennsylvania, North Dakota, New Hampshire, South Carolina, Nevada, Hawkeye

NEW YORK, Nov 29 (Reuters) - Shares of German sandal maker Birkenstock (BIRK.N) extended their gains on Wednesday, hitting the initial public offering price for the first time, following a buoyant holiday shopping season. The company's shares opened at $41 on Oct. 11 and have traded below the IPO price of $46 and dropped to as low as $35.83 just days after listing. The median price target of the 17 analysts covering Birkenstock is $47.21 and the current recommendation is "buy", according to LSEG data. Birkenstock is heavily shorted, with 5.71 million shares worth roughly $259 million having short interest, according to data and analytics firm Ortex. About 32.3 million shares were sold on the IPO.

Persons: Bernard Arnault, Louis Vuitton Moet Hennessy, Chibuike Oguh, Medha Singh, Lance Tupper, Lisa Shumaker Organizations: Birkenstock, Arm Holdings, U.S, Thomson Locations: Birkenstock, French, New York, Bengaluru

☆ Why Cramer thinks Foot Locker's surprising results are 'very encouraging'
▼ + stars: | 2023-11-29 | 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. "I go back and forth with Mary Dillon as CEO," Jim Cramer said Wednesday, noting the footwear retailer's string of disappointing quarters. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Mary Dillon, Jim Cramer's, Jim Organizations: CNBC, Commerce Department, Treasury, Organization of, Petroleum, . West Texas

☆ Google Maps changed colors and some people are upset, including a former designer
▼ + stars: | 2023-11-29 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +2 min

Google Maps' old look and new updated design are shown side by side. "It feels colder, less accurate and less human," former Google Maps designer Elizabeth Laraki wrote on X, formerly known as Twitter, last week. Her post also highlighted ways she believed Google Maps could clean up its user interface. Laraki also said that it felt "more similar to Apple Maps coloring than Google Maps coloring." "We're always thinking about how to make Google Maps more accurately reflect the real world.

Persons: Elizabeth Laraki, Laraki Organizations: Google, Parks, Twitter, CNBC, CNBC PRO

☆ US forces in Syria targeted in first attack since Thanksgiving
▼ + stars: | 2023-11-29 | by ( Haley Britzky | ) edition.cnn.com time to read: 1 min

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☆ Global growth to slow but avoid a hard landing -OECD
▼ + stars: | 2023-11-29 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth in advanced economies that make up the OECD's 38 members was seen headed for a soft landing, with the United States holding up better than expected so far. "Our central projections are for a soft landing, but that cannot be taken for granted," OECD chief economist Clare Lombardelli told a news conference. "Monetary policy needs careful calibration to bring inflation to targets while minimising the impact on growth. The OECD forecast U.S. growth would slow from 2.4% this year to 1.5% next year, revising up its estimates from September when it predicted U.S. growth of 2.2% in 2023 and 1.3% in 2024. Its growth was seen easing from 5.2% this year to 4.7% in 2024 - both marginally higher than expected in September - before slowing further in 2025 to 4.2%, the OECD forecast.

Persons: Vincent Alban, Clare Lombardelli, Lombardelli, Leigh Thomas, Christina Fincher, Catherine Evans Organizations: Shoppers, REUTERS, Rights, Organisation for Economic Cooperation, Development, OECD, Thomson Locations: Chicago , Illinois, U.S, Paris, United States, Germany, Japan

☆ Nashville hot chicken is everywhere, but it's still at the heart of its hometown's culture
▼ + stars: | 2023-11-29 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +7 min

Prince's Hot Chicken Courtesy: Prince's Hot ChickenNashville hot chicken had its humble beginnings nearly a century ago. At the same time, large fast-food companies such as KFC, Baja Fresh, Dave's Hot Chicken and more are increasingly featuring Nashville hot chicken on their menus. The Nashville hot chicken origin storyBut Nashville hot chicken isn't just a spicy new trend. Owner Andre Prince of Prince's Hot Chicken Courtesy: Prince's Hot ChickenThough the city has changed a lot since Thornton Prince's first hot chicken, Prince's has remained one of the city's classic treasures. 400 Degrees Hot Chicken Photo: Aqui HinesOne of those hot chicken enthusiasts is lifelong Nashville resident Aqui Hines, the owner and chef at 400 Degrees, a hot chicken restaurant in the city.

Persons: Thornton Prince, Semone Jeffries, Read, Prince's, Jeffries, Andre Prince, Thornton Prince's, Kara Nielsen, it's, Nielsen, Hines, Aqui Hines, she's, you've, Eric White, White, he's, It's, I'm, Mike Calia Organizations: KFC, Baja, Nashville, CNBC Locations: Tennessee, Technomic, Nashville, Black, Prince's, Florida, India, Canada, Germany, Manhattan

☆ Boomers seem to have traded in the child-raising village for traveling. Now millennial parents say they have no one to support them.
▼ + stars: | 2023-11-29 | by ( Julie Gerstein | Jane Ridley | ) www.businessinsider.com time to read: +11 min

Many millennial parents say they can't get the support they need from their parents. "If Mom and Dad ran out of town, we were at Grandma's," the 33-year-old told Business Insider. AdvertisementStill, many millennial children, including Dobson's own, would prefer time spent — and not necessarily money. Some millennial parents feel aloneThis distance from their parents, Cox said, is a part of other shifts that have made millennial parents feel more alone. What millennial parents really need is someone who can help relieve "the parenting pressure," Cox said, a trusted extra person who's available to pick up some of the slack.

Persons: Millennials, —, Kristjana Hillberg, Dad, Grandma wasn't, there's, Leslie Dobson, Ted Dobson, they've, Dobson, millennials Dobson, hasn't, he's, he'd, They've, It's, Daniel Cox, Cox, Nella Hanson, Hillberg, Roxanne, Kurt, Lily, we'd, Stone, Hanson, Norman, Boomers Organizations: Service, Business, Boomers, Bank of America, Federal Reserve, —, Isla Espiritu Santo, Survey Center, Google Locations: Los Angeles, California, Mexico, Costa Rica, Europe

☆ Wall Street is again making predictions for next year, but don't pay too much attention
▼ + stars: | 2023-11-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Not surprisingly, Wall Street tends to be a bullish group. Wall Street has a terrible track record All of this gets investor juices flowing. Wall Street strategists collectively have a terrible track record. As a result, you might be tempted to think you should pay no attention to Wall Street, or anybody else. If nothing else, the predictions of Wall Street strategists are a good starting point for all of us to think about the near future.

Persons: Lori Calvasina, America's Savita Subramanian, Morgan Stanley's Michael Wilson, Goldman Sachs, Morgan Stanley, Jeff Sommer, Sommer, Morgan Housel, I'm Organizations: Deutsche Bank, BMO Capital Markets, RBC Capital Markets, Bank, America's, Wall Street, of America, Barclays, UBS, Wealth, Wells, Wells Fargo Securities, Street, New York Times, Yardeni Research, Federal Reserve, Wall Locations: Wells Fargo, Russia, Ukraine, Israel

☆ Foot Locker shares rise as retailer posts earnings beat, gives more upbeat sales outlook
▼ + stars: | 2023-11-29 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

A Foot Locker store near the Times Square neighborhood of New York, US, on Monday, Nov. 13, 2023. Shares of Foot Locker rose on Wednesday after the company posted surprise earnings and sales beats and said it saw strong results over Thanksgiving weekend. Yet Foot Locker lowered the high end of its adjusted earnings guidance, dropping the range to $1.30 to $1.40 per share, down from the previous $1.30 to $1.50 per share. In the fiscal third quarter, Foot Locker reported net income of $28 million, or 30 cents per share, compared with $96 million, or $1.01 in the year-ago period. As of Tuesday's close, shares of Foot Locker had tumbled by about 37% this year.

Persons: Locker, Foot Locker Organizations: LSEG, Nike Locations: New York

The economy was even hotter in the third quarter than initially believed, according to an update Wednesday from the Bureau of Economic Analysis. Increased investment and government spending drove the higher estimate. in 3Q23, up from initial estimate of +4.9% … personal consumption revised lower while business investment revised higher,” Liz Ann Sonders, chief investment strategist at Charles Schwab, posted on social media. “Ultimately, excess savings accumulated during the pandemic helped boost consumer spending and delay the onset of recession,” BCA Research wrote on Wednesday. “However, the tailwind from excess savings is ebbing.

Persons: ann, Liz Ann Sonders, Charles Schwab, Consumers, Monday’s Organizations: Gross, BEA, “, Federal Reserve Bank, Atlanta’s, Research, San Francisco Fed, BCA, Federal Reserve, Fed Locations: 3Q23, U.S

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