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While the Fed uses a whole dashboard of indicators to measure inflation, the PCE index is its go-to data point and its sole forecasting tool when members release their quarterly projections. Policymakers especially hone in on the core PCE measure, which excludes food and energy, when making interest rate decisions. "To me, it's going to be just one more piece of evidence to confirm that the Fed is seeing sustainable inflation readings at a sustainable pace," said Beth Ann Bovino, chief economist at U.S. Bank. Any slight upticks are "really just base-effect kinds of things that aren't going to change the Fed's view." Fed officials aren't declaring victory over inflation yet, though recent statements indicate a more positive outlook.
Persons: Dow Jones, Beth Ann Bovino, aren't Organizations: Federal, Commerce Department, Fed, Labor, Dow, U.S . Bank
Dollar General shares tumbled Thursday after the discount retailer slashed its sales and profit guidance for the full year, suggesting its lower-income customers are struggling in this economy. Shares of the retailer, which caters to more rural areas, tumbled 25% after the earnings report. The company now expects fiscal 2024 same-store sales to be up 1.0% to 1.6%, lower than its prior outlook for a 2% to 2.7% increase. Dollar General has said that it needs to improve its stores and how it handles inventory to curb losses. Competitor Dollar Tree was falling in sympathy, off by more than 7% in early trading.
Persons: Todd Vasos Organizations: LSEG
Sharawn Tipton is the chief people and culture officer at LiveRamp, a data-collaboration software-as-a-service company, overseeing human resources and culture across 1,400 employees globally. Instead of telling our team members not to use ChatGPT and putting all this governance around it, we want to hear how they are thinking about using it. We need to be open and honest with our team members about what this means for them. We need to be future-focused and bring team members along on that journey. What are the synergies there, and how do we utilize that to bring out the very best in our team members?
Persons: Sharawn Tipton, , I've, Tipton, we've, We're, we're Organizations: Service, BI, Group, National Society of Black Engineers, Women Locations: Oakland , California, LiveRamp
American Eagle missed Wall Street's sales targets for a second quarter in a row on Thursday, but profit grew by nearly 60% thanks in part to lower product costs. During the quarter, American Eagle's intimates line Aerie saw revenue grow 9% while its namesake brand grew by 8%. The gross margin expansion was led by "favorable product costs," indicating American Eagle spent less to make its assortment during the quarter. During the quarter, American Eagle made some strides in achieving that goal. It posted operating income of $101 million, an increase of 55%, while its operating margin grew 2.4 percentage points to 7.8%.
Persons: Mike Mathias, I've, Jay Schottenstein, Matthias, Jennifer Foyle, Foyle Organizations: Eagle, LSEG, Finance, CNBC, Federal Reserve, Labor, American Eagle Locations: Northeast
An Ulta Beauty store in New York, US, on Monday, Aug. 19, 2024. Ulta Beauty shares sank 7% in extended trading Thursday as the company fell short of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period. The company now forecasts full-year same-store sales in a range of flat to 2% down, compared with prior guidance of 2% to 3% growth. Earlier this month, Warren Buffet's Berkshire Hathaway disclosed a $266 million stake in the beauty retailer, sending Ulta shares surging. Clarification: This story has been updated to clarify that Ulta Beauty forecast full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.
Persons: Dave Kimbell, Kimbell, Paula Oyibo, Ulta, Warren Buffet's Berkshire Hathaway Organizations: LSEG Locations: New York
The basic problem: It's unclear how these free services could support new, Hollywood-style programming even if they wanted to. Now, with YouTube making the jump to TV screens and "free, ad-supported TV" (FAST) services having a moment, where does that leave Hollywood? Tech and legacy media will battle over free TV in the coming monthsLooking ahead, the major players already ahead in free TV will likely continue to gain share. Free streaming may seem like a way for Hollywood to claw back viewers. If not, it's hard to say what winning in the battle for free TV will actually get them.
Persons: Prognosticators, YouTuber Jamie Clement, Tubi's, Sarah Lee, Evan Shapiro, There's, Jenn Vaux, it's, Max, Peacock, Roku, It's, Tubi, Adam Lewinson, WBD, Laura Florence, Horowitz Organizations: Netflix, Business, YouTube, Hollywood, Disney, Hulu, Warner, Comcast, FX Networks, Parks Associates, Nielsen, Media, Fox, ABC News, NFL, FAST, Horowitz Research, Hub Entertainment Research, Tech, Fire TV, Paramount, Pluto, SVP, Global, Fremantle, JPMorgan, CNBC Locations: Hollywood, Fremantle
Best Buy 's quarterly beat and guidance raise on Thursday was good for a 15% pop in the stock as investors rewarded better execution and the promise of wider adoption of AI devices and lower interest rates. BBY YTD mountain Best Buy YTD Thursday's advance sent Club stock Best Buy back above $100 and above our price target of $95. On the call, Best Buy CEO Corie Barry, said that growth in tablets, computing, and services, was more than offset by declines in appliances, home theater, and gaming. Best Buy Why we own : We took a position in Best Buy because we believe it will prove to be a go-to destination for consumers looking to upgrade hardware, much of which was purchased during Covid, to new AI-powered devices. Microsoft PCs on display at a Best Buy store in Secaucus, N.J. Melissa Repko | CNBC
Persons: there's, Corie Barry, comps, we're, Barry, Jim Cramer's, Jim Cramer, Jim, Melissa Repko Organizations: Revenue, LSEG, Home, Computer, Target, Walmart, Amazon, Costco, Management, Mobile, Microsoft, Geek, CNBC Locations: Lowe's, Williams, Sonoma, Secaucus, N.J
Slowing rate of change in earnings growth There are two important trends to follow in earnings. In the case of Nvidia, earnings are continuing to increase, but the rate of change is decelerating. This earnings report will likely be the final time in this stretch that Nvidia will see triple-digit earnings growth. But the impact has been shrinking – just as the overall Mag 7 impact has been diminishing with second quarter earnings growth broadening out. Last season (Q1), Nvidia was responsible for a little more than one-third of the S & P 500's 8% earnings growth.
Persons: ChatGPT, It's, Wall, Jensen, Josh Brown, Christopher Rolland, I've, you've, Lori Calvasina, it's, Matt Bryson, Nvdia's, Huang, Stifel, Blackwell, Mark Lipacis, NVDA, Hopper, Angelo Zino, Dan Ives, Ives, Brown Organizations: Nvidia, Jensen Huang's, Ritholtz Wealth Management, CNBC, RBC Capital Markets, Microsoft, Meta, Analysts, Nvdia's Blackwell, Blackwell Locations: Susquehanna, Wedbush
Various indicators are pointing to a labor market that, if not in outright deterioration, is at least slowing. "Declines of this magnitude tend to occur when the economy is heading into recession and when the unemployment rate is on the ascent," he said. The unemployment rate almost always either heads up or down, with little evidence of extended plateaus. The current momentum is up, though the consensus estimate for August is that the unemployment rate will tick down to 4.2%, according to FactSet. "When you talk to firms ... it doesn't look like the labor market is not healthy," former Cleveland Fed President Loretta Mester said Tuesday on CNBC.
Persons: Troy Ludtka, Jerome Powell, Beth Ann Bovino, Mary Daly, Nonfarm, Nikko, Loretta Mester, hasn't Organizations: Federal, Nikko Securities, Conference Board, Board, Labor Department, San Francisco Fed, Bloomberg News, Cleveland Fed, CNBC Locations: U.S
Meta said it's shutting down its augmented-reality studio Spark early next year. The feature allows AR developers to make custom effects for apps like Instagram and Facebook. AR effects have become a mainstay of the short-video era, driving trends on TikTok and Snapchat. AdvertisementMeta is shutting down its augmented-reality studio, Spark, a feature that allowed AR developers and brands to make custom effects for Instagram and Facebook. The company will continue to make its own AR Effects available to users, but will remove filters created by third-party developers, it said.
Persons: Meta, Organizations: Facebook, Service, Business
Let's make a dealThere's no one way to get promoted in venture capital. Amanda "Robby" Robson became a partner at Cowboy Ventures at 29 years old, making her the youngest partner in the firm's history. Network your way to a promotionFundraising for venture firms has become increasingly competitive, with dollars concentrated into fewer legacy funds. Firms might be faster to hire or promote young investors who land deals in the desired category. The next day, the fund promoted him to senior associate and Brenner made it LinkedIn-official.
Persons: , Dan Miller, Abigail Johnson, Michael Larsen, It's, Clara Brenner, Larsen, Amanda, Robby, Robson, Jill Chase, Chase, Miller, " Miller, Johnson, Jenieri Cyrus, Julie Lein, Brenner, Cyrus Organizations: Service, Business, True, Sapphire Ventures, Cambridge Associates, Urban Innovation Fund, Investors, Google, Cowboy Ventures, TechCrunch, intel, Urban, Northwestern Kellogg, LinkedIn Locations: Northwestern
An uptick in sausage demand can offer the latest sign of consumers tightening their belts as they continue grappling with high prices. There has been "modest growth" in the dinner sausage category for one producer, according to the Dallas Federal Reserve's Texas Manufacturing Outlook Survey released Monday. "This category tends to grow when the economy weakens," the respondent said, according to edited comments included in the Dallas Fed's report. That is because "sausage is a good protein substitute for higher-priced proteins and can 'stretch' consumers' food budgets." This anecdote pointed out by eagle-eyed Bespoke Investment Group on social media site X comes as grocery prices remain top of mind for consumers.
Persons: Fred Meyer Organizations: Dallas Federal, Texas Manufacturing, Dallas Locations: Kroger, Palmer , Alaska, An
Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances. In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound. Meanwhile, states that legalized sports betting saw their residents’ aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling.
Persons: , Scott Baker, Charles Schwab, Baker, “ It’s, ” Baker, “ Rather, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee, ” Candee Organizations: Northwestern University’s Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA’s Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S
Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors' finances. Meanwhile, states that legalized sports betting saw their residents' aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling. Yet there is likely a limit to how much the platforms will seek to restrict their own activities.
Persons: Scott Baker, Charles Schwab, Baker, It's, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee Organizations: Northwestern University's Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA's Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S
The other stocks include: Ralph Lauren, Yeti, Goldman Sachs, and GE Aerospace. "We rate YETI shares Buy as we expect continued momentum supported by new product categories & international expansion," he said. Ralph Lauren "A hit down the fairway," analyst Christopher Nardone titled his recent recap of Ralph Lauren earnings. Meanwhile, Ralph Lauren shares are up 20% this year with plenty more room to run. ... We rate YETI shares Buy as we expect continued momentum supported by new product categories & international expansion.
Persons: Ralph Lauren, Goldman Sachs, Alexander Perry, Perry, Christopher Nardone, Nardone, Ebrahim Poonawala, Goldman, Poonawala Organizations: of America, Nvidia, GE Aerospace, U.S, Goldman, Bank of America, GE, Investment Locations: Europe, China, N.A, North America, N.A .
It’s never been harder to be Mister Softee
  + stars: | 2024-08-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +7 min
Once, there were more than 2,000 Mister Softee trucks in 38 states during the company’s peak in the 1960s. Now, there are only around 630 Mister Softee trucks looping around neighborhoods and parks in 21 states. A Mister Softee truck during a spring training baseball game in Goodyear, Arizona, in 2013. A freshly made cup of Mister Softee ice cream is displayed during a bicycle safety event held in Evesham Township, New Jersey, in 2024. As goes the nation, so goes Mister SofteeThe Mister Softee business is a window into changes in neighborhoods, family sizes and children’s habits.
Persons: New York CNN — It’s, Softee, ” Mike Conway, Mister Softee, Mister, James, William Conway, John Sleezer, ” William Conway, Carlos Vazquez, Alexi Rosenfeld, Vazquez, , , Chris Lachall, Graeme Pitkethly, Conway, They’re, ” Carlos Vazquez Organizations: New, New York CNN, Mister, CNN, Kansas City Star, Tribune, Service, Getty, USA, Unilever, Census Bureau Locations: New York, Runnemede , New Jersey, Philadelphia, United States, Goodyear , Arizona, New York City, Van Leeuwen, Maine, California, Evesham Township , New Jersey, Europe
The Summary Despite high ocean temperatures, hurricane season has hit a lull. The Gulf of Mexico is blazing hot, but hurricane season — temporarily, at least — has hit a lull, a surprise to researchers who see plenty of ingredients brewing in the Atlantic but no storms on the radar. Hurricane season begins June 1 and ends Nov. 30. Hurricane scientists predicted a record hurricane season this year, and it got off to a record-setting start when Hurricane Beryl became the first Category 4 storm to form in the Atlantic Ocean in June. The unofficial peak of hurricane season is Sept. 10.
Persons: , , , Philip Klotzbach, ” Klotzbach, Hurricane Beryl, it’s, Steve Bowen, Gallagher, unquote, ” Bowen, “ We’ve, we’re Organizations: National Hurricane Center, Colorado State University, University of Miami, University of Maine’s, Gallagher Re Locations: Gulf, Mexico, University of Miami ., Gulf of Mexico, West Africa
new video loaded: How Democrats Honed Their Attack on TrumpBy Maggie Haberman, Claire Hogan, Alexandra Ostasiewicz and Rebecca Suner • August 23, 2024How Democrats Honed Their Attack on TrumpRecent episodes in Latest VideoWhether it’s reporting on conflicts abroad and political divisions at home, or covering the latest style trends and scientific developments, Times Video journalists provide a revealing and unforgettable view of the world. Whether it’s reporting on conflicts abroad and political divisions at home, or covering the latest style trends and scientific developments, Times Video journalists provide a revealing and unforgettable view of the world.
Persons: Maggie Haberman, Claire Hogan, Alexandra Ostasiewicz, Rebecca Suner • Organizations: Trump, Times Video
Donald Trump calls for mass deportations during a visit to the southern border. Harris spoke about her upbringing in San Francisco and her “unlikely journey” to becoming a prosecutor, senator and vice president. Anti-Trump sentiment was also a unifying theme this week, with both progressive and conservative speakers warning of the consequences if former President Donald Trump wins in November. Harris hammered the point in her speech, telling the crowd: "In many ways Donald Trump is an unserious man, but the consequences of putting Donald Trump back in the White House are extremely serious." Trump made the comments in an interview with NBC News during a visit yesterday to the U.S-Mexico border in Arizona.
Persons: Kamala Harris, Donald Trump, Harris, , Read, Joe Biden, Trump, , ” Trump, Greg Abbott, Abbott, Sherry Yates Young, Donald Trump’s, Joe Biden’s, Domenick Fini, Ben Affleck, Jennifer Lopez’s, Lopez, — Daysia Tolentino, Elizabeth Robinson Organizations: DNC, Democratic, Democratic National Convention, Indian, Convention, Trump, noncitizens, NBC News, Texas Gov, Republican National Convention, Republican National Committee, NBC Locations: America, San Francisco, Gaza, Chicago, U.S, Mexico, Arizona, Utah
I've lived in the Bay Area, New York, and the UK while building and scaling Zyper. But if you want to be laser-focused without distractions, you can't beat the Bay Area. Particularly in the Valley, there's a propensity for very quickly backing "zero-to-one ideas" and creating something entirely new. Silicon Valley is special, and I plan to stayI moved Zyper to San Francisco right before the pandemic hit. AdvertisementThere are other emerging markets, like Korea, Brazil, and China, but I think there's something very special about the ecosystem and history of Silicon Valley.
Persons: , Amber Atherton, I've, Zyper, Y Combinator, Y, it's, Michael Seibel, Everyone's, London's, There's, overregulate Organizations: Service, Business, Patron, Nvidia Locations: San Francisco, London, New York, Palo Alto, Bay, California, Zyper, Mountain View, Hong Kong, England, American, Delaware, . New York, York, Europe, Silicon Valley, Miami, Austin, Silicon, Korea, Brazil, China
Read previewBrands are increasingly relying on influencers and social media to boost sales. The next highest category was paid social media, at 26%, trailed by email and search-engine marketing. TikTok has placed big bets on social shopping, with its viral Shop feature growing steadily in the US. As for the most impactful marketing trends over the next year, 41% of US merchants said influencer or creator marketing would be the most important. Following that, 35% said customer data to create targeted and personalized marketing messages.
Persons: , Shopify, TikTok Organizations: Service, Business, Social, YouTube Locations: Japan
Comparable store sales, a key measure for the restaurant industry, were down 14% in its most recent quarter. Sales slumpStarbucks' comparable store sales in China have been incredibly volatile over the past five years. But in recent months, they've been hit by cautious consumer spending and increased competition, then-CEO Laxman Narasimhan told investors in July. Luckin Coffee, Starbucks' biggest rival in China, has nearly three times as many stores as Starbucks in the country after monumental unit growth. "We're not interested in entering the price war," Starbucks China CEO Belinda Wong told investors in January.
Persons: , Brian Niccol, they've, Laxman Narasimhan, Narasimhan, Sherri, Kearney, Luckin, McCafe, KFC's, Dave Xie, Oliver Wyman, Xie, latte, We're, Belinda Wong, Wong, it's, Brian Yarbrough, Edward Jones, Liu Ying Organizations: Service, Starbucks, Business, Bank of America, Bloomberg, Publishing, Getty, Reuters Locations: China, Beijing, Shanghai, Seattle, Luckin, Cotti, Xinhua
Citigroup opened a negative catalyst watch on Ulta Beauty and lowered its price target to $375 in anticipation of an earnings miss next week. Club holding TJX Companies ' quarterly results topped expectations earlier this week, and it also lifted its guidance. Uber has a similar partnership with Club holding Alphabet 's Waymo in Phoenix. 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.
Persons: Jerome Powell's, Jackson, Piper Sandler, Chewy, Wynn, Locker, Mary Dillon, Uber, Wells, Jim Cramer's, Jim Cramer, Jim Organizations: Federal, Nasdaq, Dow, Citigroup, UBS, Las Vegas Sands, Wynn Resorts, Ross, TJX Companies, Burlington Stores, Nike, Piper, Cruise, Club, BJ's Wholesale, Jim Cramer's Charitable, CNBC Locations: Macau, Las Vegas, Cava, Wells Fargo, Phoenix
JPMorgan downgrades Peloton to neutral from overweight "Following Thursday's +35% appreciation (vs. SPX -1%) we are moving from Overweight to Neutral rated as PTON's return to growth in CF Subs & Revenue remains challenging, & visibility is limited given secular & macro pressures." Wells Fargo reiterates Burlington Stores as top pick "We reiterate BURL as our "Top Pick" and see a highly visible growth/margin bull case unfolding in real time. The combination of 1) comp acceleration and 2) margin unlocks should be powerful, and we raise 2Q/FY numbers above Street. Wells Fargo upgrades BJ's Wholesale Club to overweight from equal weight "Margin investment is the right strategic shift despite n/t pain, and supplements robust member gains. Valuation is tricky, but comp ramp/return to algo in '25 point to upside."
Persons: Piper Sandler, Warby Parker, Uber, Nomura, Wells, BURL, Goldman Sachs, Bill.com, Guggenheim Organizations: Nvidia, RBC, Westlake, JPMorgan, CF Subs, Revenue, Bank of America, Waymo, Tesla, Burlington Stores, Wholesale
Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. They assessed participants' flexibility, based on a range of motion through the ankles, hips, knees, shoulders, torso, wrists, and elbows. AdvertisementWomen were 35% more flexible, on average, than men, according to this study (and tend to live longer, too, per CDC data). A caveat is that this study was observational, meaning more research is needed to see if improving flexibility can help people live longer. The best exercises to improve flexibilityMore research could also help determine which exercises are best for improving flexibility, and longevity.
Persons: , Araújo, There's, Claudio Gil S Organizations: Service, Scandinavian, of Medicine & Science, Business, Stanford, Exercise Locations: Rio de Janeiro
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