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☆ Earnings season begins with markets lower than three months ago, but expectations are higher
▼ + stars: | 2023-10-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Q3 S & P 500 earnings: Trending higher July 1: $55.76 Today: $55.78 Source: LSEG Q4 S & P 500 earnings: Trending higher July 1: $57.58 Today: $58.14 Source: LSEG The fact that the third quarter estimate of $55.78 is slightly below the third quarter of last year ($56.02) is not important; what matters is the trend in earnings. For Q3 2023, 76 S & P 500 companies have issued negative EPS guidance and 42 S & P 500 companies have issued positive EPS guidance, according to John Butters, senior earnings analyst at FactSet. "The earnings outlook for the S & P 500 for the third quarter is less negative relative to recent quarters," Butters told clients. "The percentage of companies issuing negative earnings guidance is equal to the 10-year average." Here's what stands out: The average earnings growth was 10.6%; the average revenue growth was 4.2%.

Persons: —, John Butters, Butters, Nick Raich, It's, Chadha Organizations: FactSet, Companies, FedEx, Oracle, Darden, Costco, Pepsi, PepsiCo, Frito, Barclays, JPMorgan, Deutsche Bank Locations: America, AutoZone, United States, Mexico, Russia, Canada, China, South Africa, Japan, abate

☆ Walmart in Mexico faces anti-trust panel for alleged monopolistic practices
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Walmart's logo is seen outside one of the stores ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. REUTERS/Kamil Krzaczynski//File Photo Acquire Licensing RightsCompanies Wal Mart de Mexico SAB de CV FollowMEXICO CITY, Oct 6 (Reuters) - Walmart's Mexico unit said on Friday it will face an anti-trust panel for "alleged relative monopolistic practices" related to supply and wholesale distribution of consumer goods. Walmart de Mexico said in a statement that Mexico's antitrust regulator, Cofece, had informed the company of opening a "quasi-jurisdictional process" following a 3-year investigation. Walmex is among the biggest retailers in Mexico, with 2,890 locations in the country. Reporting by Valentine Hilaire and Daina Solomon; editing by Stephen Eisenhammer and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Kamil Krzaczynski, Valentine Hilaire, Daina Solomon, Stephen Eisenhammer, Sandra Maler Organizations: REUTERS, Wal Mart de, SAB, Walmart, Thomson Locations: Chicago , Illinois, U.S, Mexico

☆ Clorox shares touch more than 5-year low on financial hit from cyber attack
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

Bottles of Clorox bleach are displayed for sale on the shelves of a Wal-Mart store in Rogers, Arkansas, June 4, 2009. Shares in Clorox last traded at $121.16 after earlier hitting a low of $119.56 and were eying their biggest one-day percentage loss since Feb. 2022. After this, Evercore ISI slashed its Clorox price target to $120 from $160 and Raymond James downgraded it to 'market perform' from 'outperform'. Bank of America cut its price target to $120 from $145 while Deutsche Bank dropped its target to $136 from $155. But, Evercore ISI analyst Javier Escalante who rates Clorox 'underperform,' voiced concerns about how long the company took to work out the financial impact.

Persons: Jessica Rinaldi, Raymond James, Anna Lizzul, Lizzul, Clorox, Javier Escalante, Escalante, Sinéad Carew, Andrew Heavens Organizations: REUTERS, ISI, Bank of America, Deutsche Bank, Thomson Locations: Rogers , Arkansas, Clorox

☆ Clorox, reeling from cyberattack, expects quarterly loss
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Bottles of Clorox bleach are displayed for sale on the shelves of a Wal-Mart store in Rogers, Arkansas, June 4, 2009. "The company expects to experience ongoing, but lessening, operational impacts in the second quarter as it makes progress in returning to normalized operations," it said in a statement. A Clorox spokesperson said the company had informed law enforcement about the attack but had no further comment. The company expects a loss per share of between 35 cents and 75 cents in the quarter ended on Sept. 30, and for net sales to fall by 23% to 28% from a year earlier. "The impact from the cybersecurity attack more than offset the benefits of pricing, cost savings and supply chain optimization," Clorox said.

Persons: Jessica Rinaldi, Clorox, Savyata Mishra, Zeba Siddiqui, Shilpi Majumdar, Tom Hogue Organizations: REUTERS, cyberattacks, MGM Resorts International, Caesars Entertainment, Reuters, MGM, Caesars, Bloomberg, FBI, Thomson Locations: Rogers , Arkansas, U.S, Oakland , California, Bengaluru, San Francisco

After the coup, the United States paused certain foreign assistance programs for Niger and military training has been on hold. "The leaders of this attempted coup are putting Niger's security at risk, creating a potential vacuum that terrorist groups or other malign groups may exploit," the official said. The United States has been pressing for a diplomatic resolution of the crisis that erupted on July 26 when Niger military officers seized power, deposed President Mohamed Bazoum and placed him under house arrest. Military juntas have come to power through coups in Mali and Burkina Faso - both neighbors of Niger - in recent years. But so far, Paris has rejected calls by the coup leaders to withdraw their 1,500 troops.

Persons: Joe Biden, Mohamed Bazoum, Kathleen FitzGibbon, Nusrat al, Idrees Ali, Phil Stewart, Jonathan Oatis, Rosalba O'Brien Organizations: Pentagon, Reuters, American, Air Base, Islamic State, Troops, United, Niger, Thomson Locations: Niger, U.S, Niamey, Agadez, West, al Qaeda, United, Washington, United States, State, Mali, Burkina Faso, France, Paris

☆ A Dodge Charger is 60 times more likely to be stolen than any other vehicle in the US. It's now taken the most-stolen crown from Hyundai and Kia.
▼ + stars: | 2023-09-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Hellcats from 2020 to 2022 are 60 times more likely to be stolen than other cars, data shows. Kia and Hyundai owners were previously plagued by theft issues thanks to a TikTok trend. The Hyundai Elantra is among the models affected by thefts sparked by the "Kia Boyz" TikTok trend, the automaker announced. Sjoerd van der Wal/Getty ImagesThe trend was popularized by the "Kia Boyz," who posted stealing the certain Kia and Hyundai models using a screwdriver and USB cord. Affected drivers included owners of certain Kia models made between 2011 and 2021 and certain Hyundai models from 2016 to 2021.

Persons: Raymond Boyd, HLDI, Matt Moore, Dodge, it's Kia, Kia Sportage, Sjoerd van Organizations: SRT Hellcat, Kia, Hyundai, Data, Stellantis, Hellcats, Wal, Getty Locations: Stellantis North America

☆ Here are Friday's biggest analyst calls: Nvidia, Imax, Ulta, Netflix, Alphabet, Microsoft, Chewy & more
▼ + stars: | 2023-08-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Barclays upgrades Grab Holdings to overweight from equal weight Barclays upgraded the Asian ride-hailing and food delivery company after its earnings report earlier this week. " Morgan Stanley upgrades Abercrombie & Fitch to equal weight from underweight Morgan Stanley upgraded the stock after its earnings report on Thursday. Needham reiterates Nvidia as buy After a transfer in analyst coverage, Needham said it's standing by its buy rating on the stock. " Barclays reiterates Ulta as overweight Barclays said Ulta is "best-in-class" after its earnings report on Thursday. Benchmark reiterates Imax as buy Benchmark said it's standing by its buy rating on Imax despite a report of a delay in film releases.

Persons: Baird, Jefferies, Ferrari, Morgan Stanley, Fitch, Piper Sandler, Piper, Needham, it's, Goldman Sachs, Goldman, Ulta, Oppenheimer Organizations: Google, Ferrari, Barclays, JPMorgan, Abercrombie, Citi, Marvel, Western Alliance, Nvidia, NVIDIA, Netflix, Occidental Petroleum, Microsoft, TAM Locations: Southeast Asia, Hollywood, NFLX

☆ This regional bank stock can rally more than 20%, Piper Sandler says
▼ + stars: | 2023-08-25 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Investors should pick up shares of sold-off Western Alliance Bancorp , according to Piper Sandler. Analyst Matthew Clark initiated coverage of the bank stock at overweight with a $60 price target. Clark's price target signals shares could rally 21.9% over the next year. He said Western Alliance has focused on holistic and deep relationships. Western Alliance shares have fallen more than 17% this year.

Persons: Piper Sandler, Matthew Clark, Clark, Michael Bloom Organizations: Western Alliance Bancorp, Western, Western Alliance, WAL

☆ Why stock investors are suddenly so scared
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means that if China’s economy slows down, global economic growth slows down. “When global economic growth slows down, that tends to be negative US equities. But a string of strong economic data has challenged those notions. Russia’s invasion of Ukraine continues to stoke fears of rising commodity prices, global economic instability and uncertainty around security. It’s been chock full of economic data and big corporate reports.

Persons: That’s, Lehman, ”, Alex Etra, Bond, Jamie Dimon, JPMorgan Chase, hasn’t, Banks, Michael Burry, Fitch, It’s Organizations: New, New York CNN, Nasdaq, Dow, CNN, country’s National Bureau of Statistics, Apple, Intel, Starbucks, Nike, Federal, Federal Reserve, Atlanta Fed, JPMorgan, CNBC, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Bank Locations: New York, China, Ukraine, Beijing, stoke, Huntington

☆ Three ways Walmart and Target are diverging as consumers watch their wallets
▼ + stars: | 2023-08-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Target followed that pattern in the second quarter. E-commerce sales rose 24% for Walmart U.S. in the second quarter. Both retailers pointed to curbside pickup as a major driver of online sales — a key differentiator from competitor Amazon. Walmart chalked up online sales gains to store pickup and delivery, as well as more advertising revenue. Sales of frequency categories, such as food and beauty items, weren't enough to offset weaker discretionary sales at the retailer.

Persons: Rainey, Christina Hennington, That's, Target's Hennington, Taylor Swift, Stanley tumblers, Chip, Joanna Gaines Organizations: Wal, Rogers, Getty, Walmart, Walmart U.S, Amazon Locations: Rogers , Arkansas, Tenleytown, Washington, DC

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ Michael Burry, of ‘Big Short’ fame, just bet $1.6 billion on a stock market crash
▼ + stars: | 2023-08-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, has bet more than $1.6 billion on a Wall Street crash. Burry is making his bearish bets against the S&P 500 and Nasdaq 100, according to Security Exchange Commission filings released Monday. Burry is using more than 90% of his portfolio to bet on a market downturn, according to the filings. The S&P 500 and Nasdaq 100 have both notched big gains so far this year. While one big payoff doesn’t guarantee future returns, Burry does have a strong investment record.

Persons: New York CNN — Michael Burry, Burry, bearish, “, ”, Michael Lewis, Christian Bale, JPMorgan Chase, Michael Burry’s, Scion’s Organizations: New, New York CNN, Nasdaq, Security Exchange, Scion Asset Management, First Republic Bank, Huntington Bank, Western Alliance, JPMorgan, JD.com, Scion, Expedia, MGM Resorts, MGM, CVS, CNN, Warner Bros ., Traders Locations: New York, China, Huntington

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

☆ U.S. bank stocks fall on Fitch downgrade warning, tougher oversight worries
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. The warning followed rival Moody's downgrading 10 mid-sized lenders earlier this month, citing funding risks and weaker profitability. Among the mid-sized lenders, Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) fell 8.4% and 1.6%, respectively. The S&P 500 banks index (.SPXBK) was down 2.1%, hitting its lowest in a month. Separately, Discover Financial Services (DFS.N) shares fell 8.3% to $94.10, a day after its CEO stepped down.

Persons: Andrew Kelly, Banks, Wells, JPMorgan Chase, Goldman, Morgan Stanley, MS.N, Michael Burry's, Niket, Arun Koyyur Organizations: Financial, of, REUTERS, CNBC, Federal Deposit Insurance Corp, Bank of America, JPMorgan, Goldman Sachs, Citigroup, Western Alliance Bancorp, PacWest Bancorp, Michael Burry's Scion Asset Management, Comerica, Discover Financial Services, Thomson Locations: of Manhattan , New York City, U.S, Bengaluru

REUTERS/Adrees LatifNEW YORK, Aug 14 (Reuters) - Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015. The S&P 500 (.SPX) is up roughly 17% for the year to date while the Nasdaq 100 (.IXIC) is up nearly 39% over the same period. Burry, who frequently turns over his portfolio, drew wide attention last August when he dumped all of his long positions and bought a stake in prison company Geo Group Inc (GEO.N).

Persons: Adrees Latif, Michael Burry, Michael Lewis, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nasdaq, REUTERS, YORK, Scion Asset Management, U.S, Nvidia, HK, Alibaba Group Holdings, Western Alliance Bancorp, First Republic Bank, RealReal Inc, Warner Bros ., Warner Brothers, Scion, Management, Geo Group Inc, Thomson Locations: Square, Midtown New York, New York

☆ Opinion | The Wagner Group Is Always Ready for a Coup
▼ + stars: | 2023-08-11 | by ( Colin P. Clarke | ) www.nytimes.com time to read: +3 min

But the nation’s successive elected governments were at least willing to cooperate with Washington, allowing the U.S. military to conduct regional counterterrorism activities. Washington has stopped short of calling the crisis a coup — a move that would require the United States to halt security and economic assistance. Wagner will be ready. Their operations have frequently resulted in the deaths of civilians, with credible accusations of sexual violence, torture and extrajudicial killings. Within days of Wagner’s aborted advance on Moscow, Russia’s foreign minister, Sergei Lavrov, said that Wagner’s African footprint would remain.

Persons: Jama’at Nusrat al, Barkhane, jihadists, Wagner, —, Al Qaeda, Bazoum, Prigozhin’s, Wagner’s, Sergei Lavrov, Prigozhin, Putin Organizations: U.S, United, Nigerien, Islamic, West, Central African, Kremlin Locations: Sahel, Africa, Islamic State, Greater Sahara, Haram, Islam, Niger, Washington, United States, America, Mali, Libya, Central African Republic, Sudan, Moscow, St . Petersburg

"Our drone base in Niger is extremely important in countering terrorism in the region," one of the U.S. officials said. FOREIGN ASSISTANCEThe Biden administration has not formally labeled the military takeover in Niger a coup, a designation that would limit what security assistance Washington can provide the country. The U.S. drone base has grown in importance due to a lack of Western security partners in the region. The drone base, known as airbase 201, was built near Agadez in central Niger at a cost of more than $100 million. Wagner's chief, Yevgeny Prigozhin, has welcomed the coup in Niger and said his forces were available to restore order.

Persons: Abdourahmane Tiani, Balima, Mohamed Bazoum, Russia's Wagner, Biden, Antony Blinken, Nusrat al, Cameron Hudson, Hudson, Terence McCulley, WAGNER, Yevgeny Prigozhin, Wagner, Idrees Ali, Daphne Psaledakis, Simon Lewis, Michelle Nichols, Don Durfee, Deepa Babington Organizations: REUTERS, Nigerien, Islamic State, Al, West African, Center for Strategic, International Studies, United States Institute of Peace, Wagner Group, ., U.S, Thomson Locations: Niger, Niamey, United States, Sahel, Al Qaeda, France, Africa, insurgencies, Russia, China, Washington, U.S, Mali, Burkina Faso, Agadez, State, Nigeria, Ivory Coast, Niger's, Nigerien

☆ JPMorgan sees 'material upside' for this once-troubled regional bank
▼ + stars: | 2023-07-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Western Alliance has put the spring's regional banking crisis in the rearview mirror and will be able to sustain its recent rally, according to JPMorgan. Shares of the bank rose more than 7% on Wednesday after the report was released. WAL 5D mountain Shares of Western Alliance rose sharply on Wednesday. But even with that rally, the stock is still down about 37% from where it ended February, before the regional banking crisis. The firm's new price target represents upside of nearly 30% from where Western Alliance's shares closed on Wednesday.

Persons: Steven Alexopoulos, Alexopoulos, FactSet's, — CNBC's Michael Bloom Organizations: Western Alliance, JPMorgan, Western Locations: Republic

☆ These companies reporting next week have a history of beating earnings estimates
▼ + stars: | 2023-07-14 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

The new corporate earnings season revs up next week, and some stocks could do well on the back of their reports. The regional bank has beat earnings expectations in 70% of its past reports and typically advances 1.7% on the back of a report. Blackstone Investment firm Blackstone also made the list, with the company beating expectations 70% and 79% of the time for earnings and revenue, respectively. Horton , which is also set to report Thursday, has beat earnings expectations 76% of the time and sales forecasts 70%. The company, which reports Thursday after the bell, has beat earnings and sales expectations 87% and 83% of the time, respectively.

Persons: revs, Morgan Stanley, Goldman Sachs, they've, Wells, Jared Shaw, WAL, Blackstone, D.R, Horton D.R, — CNBC's Michael Bloom, Fred Imbert Organizations: Bank of America, Netflix, United, Investors, CNBC Pro, Investment, Western Alliance, Western Alliance Bancorp, Regional Banking, Blackstone Investment, Truland Locations: Horton, Friday's

☆ Wall Street analysts think these 5 bank stocks will do well in the second half
▼ + stars: | 2023-07-02 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

All 23 banks that the Federal Reserve subjects to its annual stress test passed the key evaluation after the market closed on Wednesday. Nonetheless, the stress test helped lift major banks stocks, including Wells Fargo and JPMorgan Chase , on Thursday. Phoenix-based Western Alliance , meanwhile, is 58% below its 52-week high. WAL YTD mountain Western Alliance stock has slipped more than 38% so far this year. Wells Fargo stock has gained almost 3.5% in 2023 after climbing 3.4% on Thursday following the Fed's stress test.

Persons: Wells, JPMorgan Chase, Goldman Sachs, Goldman, David Solomon, FactSet Organizations: Federal Reserve, Silicon Valley Bank, Signature Bank, First, KBW Bank, PacWest Bancorp, Western Alliance Bancorp, JPMorgan, CNBC Pro, KBW Bank ETF, Goldman, Western Alliance, Western, Wells, San Locations: U.S, Silicon, GreenSky, Phoenix, Wells Fargo, San Francisco

☆ Here are Wednesday's biggest analyst calls: Delta, Netflix, Pinterest, Nvidia, Pepsi, Deere, Nike and more
▼ + stars: | 2023-06-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Snowflake as buy Goldman said it's standing by its buy rating after the company's investor day. JPMorgan reiterates Pepsi as overweight JPMorgan said Pepsi is a "safe haven" heading into earnings in July. Wells Fargo upgrades Pinterest to overweight from equal weight Wells Fargo said it sees "above-consensus revenue growth" for Pinterest. Deutsche Bank downgrades Walgreens to hold from buy Deutsche Bank downgraded the stock after its disappointing earnings results earlier this week. Deutsche Bank initiates Western Alliance as hold Deutsche Bank said the regional bank's "funding pressures persist."

Persons: Goldman Sachs, Goldman, Snowflake, it's, Wells, Wells Fargo, Daiwa downgrades Uber, EBITDA, Deere, Canaccord, Oppenheimer, Morgan Stanley, CarMax, Needham, CFRA, KeyBanc Organizations: Nvidia, JPMorgan, Pepsi, Nike, Netflix, Deutsche Bank, Walgreens, RBC, Western Alliance, KMX, Delta, Barclays, Bank of America, Old Dominion, of America, Dominion, ZoomInfo Technologies, Lincoln, EV Locations: China, NVDA, Canada, Old

☆ Countries back weakened EU nature law, seek more biodiversity funding
▼ + stars: | 2023-06-20 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Germany, Lithuania and Romania were among countries that had raised concerns over funding. POLITICAL PUSHBACKEU climate chief Frans Timmermans told reporters he was not worried by countries' tweaks to make the law more flexible. But he criticised lawmakers in the European Parliament who are trying to block the law and are refusing to negotiate. EU countries and the European Parliament must both approve the final bill. A motion by EU lawmakers to reject the entire proposal last week failed by a razor-thin margin, ahead of a full EU Parliament vote in July.

Persons: Eamon Ryan, Christianne van der Wal, Frans Timmermans, Timmermans, Kate Abnett, Jonathan Oatis, Gareth Jones Organizations: Sierra, EU, Union, European Commission, Reuters, EU Parliament's, Thomson Locations: Andalusia, Nieves, Brussels, LUXEMBOURG, Germany, Lithuania, Romania, Ireland, Netherlands

☆ Retailers are preparing for a discount heavy, down holiday season: CNBC survey
▼ + stars: | 2023-06-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Many retailers are still drawing down inventories now as peak season for orders begins. Based on the concerns about cutbacks by consumers, 77% of all items being ordered this holiday season are middle-price point items, including jackets. Traditionally, retail sector orders for peak season items are placed in late winter, or early spring. Trucking, ground, rail profit hits For ground logistical firms, rail companies, and short-haul trucking, moving holiday products during peak season is a lucrative and critical time of year for making money. The largest subgroup of survey respondents who predict placing higher freight orders (42%) pegged the increase in a range of 6%-10%.

Persons: Patrick T, Cleary, Stephen Lamar, Jon Gold Organizations: Fallon, Bloomberg, Getty, CNBC Supply Chain Survey, Target, Walmart, CNBC, American Apparel & Footwear Association, American Footwear and Apparel Association, National Retail Federation, Council of Supply Chain Management, United National Consumer Suppliers, CNBC Fed Survey, Wall Street, Survey, Retailers, Chain, Labor Locations: West Coast, West

REUTERS/Caitlin OchsJune 13 (Reuters) - Shares of U.S. banks rose on Tuesday after inflation data backed the view that the Federal Reserve will keep interest rates unchanged on Wednesday while leaving the door open for more hikes later that will further boost interest income. The data lifted the S&P 500 Banks Index (.SPXBK) 1.5%, while the KBW Regional Banking Index (.KRX) gained about 1.6%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. On Tuesday, Wells Fargo CFO Mike Santomassimo said the lender expected an upside to interest income this year going ahead. Missing the rally were shares of Zions Bancorporation (ZION.O) after executives said at a conference that interest income at the regional lender was trending toward.

Persons: Caitlin Ochs, Wells, Mike Santomassimo, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Organizations: JPMorgan Chase Bank, REUTERS, Federal Reserve, Banks, JPMorgan, Citigroup, Bank of America, PacWest Bancorp, Western Alliance, Comerica, U.S . Bancorp, Thomson Locations: New York City, U.S, KBW, Monday's, Wells Fargo, Bengaluru

[1/3] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. The S&P 500 Banks Index (.SPXBK) rose 1.14%, while the KBW Regional Banking Index (.KRX) gained about 2%. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 1% and 2%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. Zions Bancorporation (ZION.O) shares fell 0.56% after its executives forecasted a slowdown in net interest income.

Persons: JP Morgan, Wells, Mike Santomassimo, Jack Janasiewicz, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Kalluvila, Lisa Shumaker Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, Labor Department, Traders, Natixis Investment, Banks, JPMorgan, Citigroup, Bank of America, Comerica Inc, Comerica, Bancorp, Western Alliance, U.S . Bancorp, National Bancorp, Thomson Locations: U.S, Wells, KBW, Monday's, Wells Fargo, Bengaluru

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