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☆ Deflation could be coming this holiday season, Walmart CEO says
▼ + stars: | 2023-11-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Barbie dolls (R) are displayed for sale ahead of Black Friday at a Walmart Supercenter on November 14, 2023 in Burbank, California. Shoppers may get an early present this holiday season: falling prices in many gift-giving categories. On Thursday, Walmart CEO Doug McMillon said deflation could be coming as general merchandise and key grocery items, such as eggs, chicken and seafood get cheaper. Across most categories, Americans are still spending more on the same items, according to the latest CPI numbers. Walmart's McMillon said some stubborn food prices continue to be a concern.

Persons: Barbie, Doug McMillon, it's, Richard McPhail, John David Rainey, Rainey, Walmart's McMillon Organizations: Walmart, Shoppers, Labor Department, CPI, Home, American Farm Bureau Federation, Wall, CNBC Locations: Burbank , California, U.S

Macy's third-quarter sales declined with consumers cautious about spending, but sales and profit both topped Wall Street expectations. The department store also raised the top end of its full-year revenue and adjusted profit forecasts. Overall sales fell 7% to $4.86 billion, with sales at traditional stores and online sales both down 7%. “We delivered better-than-expected top and bottom line third quarter results and are entering the holiday period in a healthy inventory position,” Chairman and CEO Jeff Gennette said in a prepared statement. Also on Thursday, Walmart posted better-than-expected third-quarter results as its low prices attract shoppers looking for deals in a tough economic environment.

Persons: Jeff Gennette Organizations: Zacks Investment Research, Walmart, Target, Inc

TOKYO (AP) — Asian shares surged higher on Wednesday, cheered by a rally on Wall Street that was one of the best days of the year following a surprisingly encouraging report on inflation. “Accordingly, we expect GDP growth to slow from 1.7% this year to 0.5% in 2024,” he said in a commentary. Tuesday on Wall Street, the S&P 500 jumped 1.9% for its best day since April and hit a two-month high, closing at 4,495.70. On Wall Street, real-estate stocks and others beaten down particularly hard by higher rates soared to some of the market's biggest gains. Elsewhere on Wall Street, Home Depot rallied 5.4% after reporting stronger profit for the latest quarter than analysts expected.

Persons: Marcel Thieliant, ”, Hong, Seng, Australia's, Korea's Kospi, Russell, Brent Organizations: TOKYO, Nikkei, Capital Economics, Shanghai, Dow Jones Industrial, Nasdaq, Federal, Technology, Amazon, Nvidia, Treasury, U.S ., Alexandria Real, Bank, Zions Bancorp, Comerica, Valley Bank, Home Depot, New York Mercantile Exchange, U.S Locations: Alexandria, REITs, Wall

☆ Alstom takes the direct route to lower credibility
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes Acquire Licensing RightsLONDON, Nov 15 (Reuters Breakingviews) - Alstom’s (ALSO.PA) problems are piling up. Alstom’s headaches, which include an inventory build-up, project delays and an order slowdown, haven’t materially changed. But to retain its investment grade credit rating the group needs to slash net debt that has jumped 50% to 3.4 billion euros since March. But as Denmark’s Orsted (ORSTED.CO) has found, the only thing investors dislike more than operational upheaval is a message that constantly changes. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gonzalo Fuentes, Henri Poupart, Lafarge, George Hay, taints, Lisa Jucca, Oliver Taslic Organizations: Alstom, REUTERS, Reuters, Caisse, X, Thomson Locations: Saint, Ouen, Paris, France

☆ Morning Bid: Inflation on the ropes, shutdown averted
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Much like then, the sheer scale of the yield swoon has stoked bond volatility gauges (.MOVE) too. What's more, a quarter point rate cut by May is now 80% priced and 100bps of easing through 2024 is now baked in. U.S. corporate news stays on retail later as Target reports earnings, following a beat by Home Depot on Tuesday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Xi Jinping's, Joe Biden, Russell, Austan Goolsbee, Berkshire Hathaway, Warren Buffett, Michael Barr, Thomas Barkin, Jonathan Haskel, Xi Jinping, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Wall, Chicago Fed, Bank of America, Home Depot, Berkshire, General Motors, Procter, Gamble, Richmond Fed, Bank of England, APEC, Cisco Systems, Palo Alto Networks, Reuters, NFIB, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, Wall, UK's, York, San Francisco

Retail sales fell 0.1% last month after jumping a strong 0.9% in September, according to a report released Wednesday by the Commerce Department. Excluding sales of gas and autos, retail sales ticked up 0.1%. “The October retail sales report was stronger than expectations, but confirmed a slowdown in consumption,” Ellen Zentner, chief U.S. economist at Morgan Stanley, wrote in a note to clients. Restaurants and bars reported a 0.3% sales increase, though that was much lower than September's 1.6% gain. The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging.

Persons: “, ” Ellen Zentner, Morgan Stanley Organizations: Commerce Department, Consumer, Walmart, Target, Federal Reserve, National Retail Federation Locations: U.S, Europe, United States

☆ Home Depot Looks to Pros for Shelter
▼ + stars: | 2023-11-14 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Home Depot had a fourth consecutive quarter of comparable-store sales declines. Photo: Joe Buglewicz/Bloomberg NewsHome Depot is turning to the pros. That marks the fourth consecutive quarter of comparable-store declines after some heady growth during the pandemic years, when Americans suddenly found themselves more homebound than they ever have been. Net income fell 12%, which was better than the 15% decline analysts expected. Home Depot shares jumped 6.6% Tuesday morning.

Persons: Joe Buglewicz Organizations: Bloomberg, Street, Alpha, Home Depot Locations: U.S

☆ CPI Report Live: Inflation Cooled to 3.2% in October; Dow Jumps 500 Points
▼ + stars: | 2023-11-14 | by ( ) www.wsj.com time to read: +1 min

Stocks and government bonds are soaring after the CPI report showed inflation cooled more than expected to 3.2% in October from a year ago. Treasurys are on track for one of their biggest one-day rallies of the year, while many traders are ramping up bets on rate cuts. Stocks jumped. The two-year yield is on track for its biggest one-day decline since May. Gains in the stock market were broad.

Persons: Stocks Organizations: Federal Reserve, Tech, Nasdaq, Dow Jones, Treasury, Nvidia Locations: Asia, Hong Kong, Tokyo, Europe

☆ Home Depot's comps will continue to moderate within its year of efficiency, says Nimrit Kang
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome Depot's comps will continue to moderate within its year of efficiency, says Nimrit KangNimrit Kang, Chief Investment Officer and Senior Portfolio Manager at NorthStar Asset Management, discusses her expectations for Home Depot's earnings report.

Persons: Nimrit Kang Nimrit Kang Organizations: NorthStar Asset Management

☆ Home Depot has considerable amount of upside at other side of business cycle, says UBS' Lasser
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome Depot has considerable amount of upside at other side of business cycle, says UBS' LasserMichael Lasser, UBS retail analyst, joins 'Squawk on the Street' to discuss his take on Home Depot's Q3 earnings results, whether the company is beating estimates due to lowered guidance, and more.

Persons: Michael Lasser Organizations: UBS

Home Depot sales continue to slide as Americans wrestle with persistent inflation and it narrowed its outlook for the year. But the nation's biggest home improvement retailer topped expectations for the quarter. Political Cartoons View All 1244 ImagesHome Depot earned $3.81 billion, or $3.81 per share, in the quarter. Home Depot now expects a earnings per share to decline between 9% and 11% in 2023 and same store sales to fall 3% to 4%. The company previously anticipated an earnings per share drop between 7% and 13% and a same-store sales decline of 2% to 5%.

Persons: Ted Decker Organizations: Home Depot Inc, Zacks Investment Research, Atlanta - Locations: U.S, Atlanta

☆ Home Depot leans on small projects to top estimates as big-ticket spending wobbles
▼ + stars: | 2023-11-14 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Americans have put big renovations and discretionary home-improvement projects on the back burner as they battle sticky inflation, higher interest rates and lingering caution around the economy. "We see great (customer) engagement... with smaller projects," CEO Ted Decker said on an earnings call. Per-share profit of $3.81 topped estimates of $3.76. "With continued pressure in certain big-ticket discretionary categories and a trend to smaller projects, HD took the conservative approach – which we agree with," Evercore analyst Greg Melich said. It now expects annual per-share profit to fall 9% to 11%, compared with a 7% to 13% slump estimated previously.

Persons: Lucy Nicholson, Ted Decker, Sarah Henry, Henry, Greg Melich, Deborah Sophia, Sriraj Organizations: REUTERS, U.S, Logan Capital Management, Home Depot, Thomson Locations: Los Angeles , California, Bengaluru

☆ Stocks making the biggest moves midday: Home Depot, Fisker, SolarEdge and more
▼ + stars: | 2023-11-14 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Azenta — The life science stock jumped 13% on Tuesday, a day after the company delivered its fiscal fourth-quarter report. Home Depot — Shares of the home improvement retailer jumped 6% after the company posted third-quarter earnings and revenue that beat expectations. Enphase Energy , Solar Edge , First Solar – The solar power stocks surged on Tuesday, with Enphase adding nearly 14%. Solar companies and tech stocks are sensitive to interest rates, and fare well when bond yields decline. Adobe — The software stock climbed nearly 2% in midday trading.

Persons: FactSet, Matthew Shattock, Fisker, — CNBC's Pia Singh, Alex Harring, Michelle Fox, John Rosevear, Darla Mercado Organizations: Enphase, Solar, V.F, Corp, Amazon Web Services, Therapeutics, Federal, Deutsche Bank, EV, Adobe

☆ Stocks making the biggest moves premarket: Fisker, Kraft Heinz, Home Depot and more
▼ + stars: | 2023-11-14 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Fisker — The electric vehicle startup company plummeted more than 18% after missing on third-quarter earnings forecasts and reporting light vehicle deliveries. The company noted that the pace of vehicle deliveries accelerated near the end of the quarter, however. Kraft Heinz — The food and beverage giant added 1.6% in premarket trading after Bernstein upgraded the stock to outperform from market perform. Home Depot — The home improvement retail stock gained nearly 1% after the company posted third-quarter earnings and revenue that beat expectations. Take-Two Interactive Software — The video game company added 2.2% on the back of an upgrade from Deutsche Bank.

Persons: Kraft Heinz, Bernstein, —, Jesse Pound, Brian Evans, Michelle Fox Theobald Organizations: Therapeutics, Deutsche Bank Locations: U.S

☆ Home Depot says the worst of inflation is over — that could be good news for retailers and shoppers
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Even as Home Depot forecast sales declines, the retailer had good news for investors and consumers on Tuesday. Home Depot kicked off a much-anticipated week of retail earnings that includes other household names, such as Walmart , Target and Macy's . In the short term, cooling inflation reduces sales numbers for retailers, including Home Depot. At Home Depot, McPhail has described 2023 as "a year of moderation" after the boom in home improvement during the Covid pandemic. Yet some factors that drive inflation are beyond retailers' control and influence consumers' decisions, too.

Persons: Richard McPhail, Michael Baker, Davidson, McPhail, Billy Bastek, Ted Decker, it's, doesn't Organizations: Dow Jones, Depot, Walmart, Target, Home, Federal Reserve, D.A, CNBC PRO

☆ Home Depot earnings beat, but retailer offers a tepid outlook as sales slide
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot 's quarterly sales declined 3% from the year-ago period, but topped Wall Street's expectations as customers chipped away at more modest projects and home repairs. Home Depot expects earnings per share to slide by 9% to 11%, compared with prior guidance of a 7% to 13% drop. Revenue fell from $38.87 billion in the year-ago period. Customer transactions fell to 399.8 million from 409.8 million in the year-ago period. Over the past year, the company missed quarterly sales expectations twice, which has caused its stock performance to slide.

Persons: Richard McPhail, McPhail, They're, —, Robert Hum Organizations: CNBC, LSEG, Revenue, Home Depot

☆ Softer inflation could hide a hard landing
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 14 (Reuters Breakingviews) - The U.S. economy is coming in for landing. Inflation is easing even as growth looks strong, but Americans are bracing for new financial pain. The year-over-year rate of price increases stood at 3.2% in October, barely above the Federal Reserve’s goal, the Bureau of Labor Statistics said Tuesday. Inflation expectations rose to 4.2% in October from 3.2% the month prior, according to the University of Michigan. Even as McDonald’s (MCD.N) beat profit estimates on Oct. 30, boss Christopher Kempczinski flagged that lower-income consumers are pulling back.

Persons: aren’t, Christopher Kempczinski, Ben Winck, taints, Cameron, Jonathan Guilford, Oliver Taslic Organizations: Reuters, Federal, of Labor Statistics, CME Group, University of Michigan, X, Thomson Locations: U.S

☆ Home Depot Stock Rises After Sales, Earnings Fall but Top Analyst Estimates
▼ + stars: | 2023-11-14 | by ( ) www.wsj.com time to read: 1 min

Same-store sales, which adjust for store openings and closings, fell 3.1% during the quarter but didn’t decrease as much as analysts expected. The Atlanta-based company logged 2.4% fewer transactions during the quarter, and the average size of those tickets edged lower as well.

Locations: Atlanta

☆ Home Depot earnings, sales fall but beats forecast
▼ + stars: | 2023-11-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN —Home Depot reported slower earnings on weaker sales, although it still was able to beat Wall Street analysts’ forecasts. Consumers aren’t spending on home improvement projects the way they were during the pandemic. But the company said it is still seeing some strength in smaller improvement jobs, which represent a key part of its business. “We saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories,” said CEO Ted Decker. Revenue slipped 3% to $37.7 billion, which was slightly better than the forecast of $37.6 billion.

Persons: “, ”, Ted Decker, Refinitiv Organizations: New, New York CNN, Wall, Revenue Locations: New York

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. "This is what the Fed was looking for, slowing inflation, slowing labor market and the economy's holding up at the same time." Following the data, traders erased bets the Fed will raise borrowing costs any further and piled into bets on rate cuts starting by May. U.S. Treasury yields dropped, with the two-year yield , which best reflects short-term interest rate expectations, sliding to two-week lows. Advancing issues outnumbered decliners by a 13.89-to-1 ratio on the NYSE and by a 5.44-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Thomas Hayes, Russell, Jerome Powell, Michael Barr, Loretta Mester, Austan Goolsbee, Mike Johnson, Sruthi Shankar, Amruta, Ankika Biswas, Shinjini Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Reuters, May, U.S, Treasury, Nvidia, Banking Committee, Cleveland Fed, Chicago Fed, U.S . House, Dow Jones, Inc, NYSE, Thomson Locations: New York City, U.S, New York, United States, Bengaluru

☆ Inside David Solomon's evolution of Goldman Sachs
▼ + stars: | 2023-11-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at a fascinating deep dive into the state of Goldman Sachs, including an interview with CEO David Solomon. The big storyLong live GoldmanJon Krause for InsiderDid Goldman Sachs need to die to survive? The prestigious Wall Street bank has drawn plenty of bad headlines over the past few years, often focused on CEO David Solomon. AdvertisementMichael Kovac/Getty ImagesMcLean's story provides a fascinating look at not just Goldman Sachs' evolution but Wall Street's. Goldman COO John Waldron told McLean it's a "big, big issue" at the bank.

Persons: —, we've, it's, Goldman Sachs, David Solomon, What's, Goldman Jon Krause, Solomon, Bethany McLean, McLean, he's, hasn't, Michael Kovac, Banks, Goldman, John Waldron, McLean it's, wouldn't Goldman, Jerome Powell, Carlos Barria, Mark Zuckerberg, Jeff Bottari, Mark, TikTok, Ian Grandjean, Chatbots, Frederick Banting, Travis Barker, King Charles III, Yuna, Condoleezza Rice, Claude Monet, Ina, Terri Peters, Ina Garten, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Business, Enron, Brookings Institution, UBS, Moody's, Facebook, Google, Meta, Apple Locations: Washington, Roman, New York City, San Diego, London, New York

☆ DIY retailer Kingfisher launches AI-powered customer assistant
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 14 (Reuters) - Home improvements retailer Kingfisher (KGF.L), home to the B&Q and Castorama brands, has launched what it says is the sector's first artificial intelligence-powered assistant to support customers with do-it-yourself (DIY) projects. Seeking cost savings and revenue gains, more retailers are using AI to boost personalised shopping experiences for consumers. FTSE 100 group Kingfisher said on Tuesday the virtual assistant would answer customers' DIY queries online and provide step-by-step advice on a range of home improvement projects, as well as product recommendations. As well as conversing with customers via text chat, the assistant will soon be able analyse photos to perform visual searches and answer visual queries. Kingfisher said the virtual assistant, which can operate in multiple languages, is initially launching on the website and app of its Castorama France unit.

Persons: Kingfisher, Brico, Tom Betts, James Davey, Mark Potter Organizations: Kingfisher, FTSE, Thomson Locations: France, Britain

☆ Dow soars over 500 points as new data shows inflation continues to cool
▼ + stars: | 2023-11-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Stocks climbed on Tuesday as Wall Street cheered the inflation cooldown in the latest economic data for October. The Consumer Price Index rose 3.2% for the 12 months ended in October. That’s down from 3.7% the prior month, according to fresh data from the Bureau of Labor Statistics. That brings the annual increase to 4%, the lowest annual increase since September 2021. The October Producer Price index, retail sales and building permits and housing starts data are also slated for release this week.

Persons: Stocks, That’s, Price, “, ”, Brad Conger, Callaghan Organizations: New, New York CNN, Dow, Nasdaq, Bureau of Labor Statistics, CPI, Treasury, Federal Reserve, Traders, Co, “, Moody’s, Home Depot, Wall Locations: New York

☆ Morning Bid: Murky US inflation picture
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +6 min

According to consensus forecasts at least, U.S. headline inflation is expected to have retreated sharply again in October back toward midyear lows around 3.3%. But underlying 'core' inflation is expected to stay stickier at an unchanged annual rate of 4.1% last month and still more than twice the Fed's target. But the Fed may want to hang tough long enough into a slowing economy to ensure that inflation is squeezed back to its 2% goal. And perhaps the negative tilt on October core inflation going into today's release leaves more room for a positive surprise. The International Energy Agency on Tuesday raised its oil demand growth forecasts for this year and next despite the weakening economic picture.

Persons: Lucas Jackson, Mike Dolan, Goldman Sachs, Xi Jinping, Joe Biden, Biden, Xi, Shunichi Suzuki, Philip Jefferson, Loretta Mester, Austan Goolsbee, Michael Barr, Huw Pill, Christina Fincher Organizations: New York Stock Exchange, REUTERS, New, Bank of America's, Treasury, International Energy Agency, U.S, Economic Cooperation, Reuters, Bank of Japan, Japan's Finance, Home, Federal, Cleveland Fed, Chicago Fed, Banking, Housing, Urban Affairs, Bank of England, Thomson Locations: New York, U.S, California, San Francisco, Asia, China, Japan, Teck, United States

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

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