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☆ Your bank is about to reveal key information about the US economy’s health
▼ + stars: | 2024-07-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Dave Sekera, chief US market strategist at Morningstar, says that he’s watching for insights on banks’ delinquency rates. Consumers have increasingly fallen behind on or missed payments in recent months as they get squeezed by high interest rates. But banks could see higher losses compared to 2023 if the economy were to experience a downturn, the Fed warned. Investors are wagering that the central bank will begin easing rates as soon as September, according to the CME FedWatch Tool. “The worst outcome for all of us is what you call stagflation: higher rates and recession,” Dimon said in an interview with CNBC.

Persons: Wells Fargo, Goldman Sachs, Dave Sekera, Stocks, JPMorgan Chase, Jamie Dimon, Dimon, Matt Egan, it’s, ”, Joe Brusuelas, Mark Zandi, ” Zandi, “, Jerome Powell, Erika Tulfo, “ It’s, Neil Saunders, Abrigo, Gen Organizations: CNN Business, Bell, New York CNN, United, United States ’, JPMorgan Chase, Citigroup, Bank of America, Morningstar, Federal Reserve Bank of New, Fed, Federal Deposit Insurance Corporation, JPMorgan, CNBC, Federal, RSM, “, Moody’s, CNN, GlobalData, Apple Locations: New York, United States, Federal Reserve Bank of New York, China

☆ Target will stop accepting this old-school form of payment
▼ + stars: | 2024-07-10 | by ( Erika Tulfo | ) edition.cnn.com time to read: +1 min

CNN —Target will stop accepting personal checks from customers starting July 15, the latest retailer to stop taking the increasingly rare form of payment and to try to make checkout less cumbersome for shoppers. “It’s hardly surprising Target has decided to stop accepting them,” said Neil Saunders, retail analyst at GlobalData. Around 61% of Americans are still writing checks, according to a 2024 report by Abrigo, a financial software solutions company. It also found that younger consumers, including Gen Z and Millennials, self reported writing more checks than older consumers from Gen X. The decision to stop accepting personal checks comes as the latest move in a series of changes to the retailer’s checkout experience.

Persons: “ It’s, ”, Neil Saunders, Abrigo, Gen Organizations: CNN, GlobalData, Apple, Target

☆ Stock market today: US stocks close at record highs after dovish June jobs report
▼ + stars: | 2024-07-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The June jobs report showed 206,000 jobs added to the economy, slightly above estimates. "To us, the message is the labor market is slowing," Fundstrat's Tom Lee said of the June jobs report. AdvertisementUS stocks closed at fresh record highs on Friday after a dovish June jobs report. Both indexes finished the week at record highs, while the Dow Jones Industrial Average has yet to hit its record high reached in May. AdvertisementThe April jobs report was also revised lower to 108,000 jobs added that month, down from the initial reading of 165,000.

Persons: Tom Lee, —, Steven Blitz, Lombard, JPMorgan's David Kelly Organizations: Service, Nasdaq, Dow Jones, Federal Reserve, Fed, GlobalData

☆ Saks Fifth Avenue is buying Neiman Marcus with Amazon’s help
▼ + stars: | 2024-07-05 | by ( Nathaniel Meyersohn | Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Saks Fifth Avenue and Neiman Marcus are merging to create a luxury department store empire. “We’re thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman,” said HBC CEO Richard Baker in a release. Saks has 39 stores, while Neiman Marcus, which filed for bankruptcy in 2020, has 36 stores. Neiman Marcus also owns Bergdorf Goodman. Both of them will report to Baker, who becomes the executive chairman of Saks Global.

Persons: New York CNN —, Neiman Marcus, Bergdorf Goodman, “ We’re, ”, Richard Baker, Marc Metrick, Ian Putnam, Baker, Louis Vuitton, Michael Kors, ” Neil Saunders, “, Amazon, Saunders Organizations: New, New York CNN, New York CNN — Saks Fifth, Saks, HBC, Saks Fifth, Saks Global, HBC Properties, Canadian, Brands, Neiman, Capri, GlobalData, Federal Trade Commission, FTC Locations: New York, Hudson’s, Glendale , California, Columbus , Ohio

☆ Peloton staved off the cash crunch that threatened its business. Where does it go now?
▼ + stars: | 2024-07-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

Before the refinancing, Peloton would have needed to pay around $800 million toward its debt by November 2025. Now that it has refinanced, Peloton has eased investor concerns about liquidity and has the breathing room it needs to try to turn around its business. Peloton faces risks aheadWhile the refinance may have bought Peloton some time, it's far from a panacea. Under the terms, Peloton will now be spending about $133 million annually in interest, up from around $89 million previously. As of the end of March, Peloton had about 6.6 million members — woefully behind that long-term target.

Persons: Michael Nagle, JP Morgan, Goldman Sachs, hasn't, Liz Coddington, Coddington, Evan DuFaux, Soros didn't, Neil Saunders, Barry McCarthy's, Karen Boone, Chris Bruzzo, Scott Stuart, Simeon Siegel, Siegel, John Foley, McCarthy, —, McCarthy – Organizations: Interactive, Bloomberg, Getty, CNBC, Soros Fund Management, Silver Point, GlobalData, Netflix, Turnaround Management Association, BMO Capital Markets, Spotify Locations: New York

☆ Cup Noodles wants to rethink the way you eat ramen with new s’mores flavor
▼ + stars: | 2024-07-01 | by ( Erika Tulfo | ) edition.cnn.com time to read: +3 min

Cup Noodles is trying to change that — with a new s’mores-flavored instant ramen. While this marks Cup Noodles’ first foray into dessert territory, the noodle maker is no stranger to non-traditional ramen pairings. “Cup Noodles Campfire S’mores” is the latest in a series of seasonal flavors aimed at shaking up how consumers perceive the brand. Despite the saturated s’mores market, Saunders sees Cup Noodles as occupying a unique position that could get people talking because of ramen’s association with traditionally savory flavors. Stanton says younger buyers tend to be more playful with their tastes, adding that the s’mores flavor appeals to the connection between food and childhood memories.

Persons: Noodles, graham, ’, Nissin, Neil Saunders, It’s, ” Saunders, Priscila Stanton, ”, “, there’s, Saunders, ” Nissin, Gen Z, Stanton, Saunders doesn’t Organizations: CNN, Walmart, Nissin, USA Locations: ”

☆ Why your local pharmacy may be closing
▼ + stars: | 2024-06-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Read previewThursday's news that Walgreens will close a "significant" number of underperforming stores threw a spotlight on struggles facing the retail pharmacy industry. Related storiesIn short, regardless of which national pharmacy brand you pick, there's a fair chance the location in your neighborhood could close, if it hasn't already. For starters, retail pharmacies make money in two key ways: by dispensing prescription medication and ancillary medical services, and by selling an assortment of merchandise in their "front of house" retail stores. But even if things were going well for Walgreens, Wentworth suggested there would likely still be quite a few closures. "I think most of us knew — when I was in the PBM [pharmacy benefit management] business — I knew that retail pharmacy was largely overbuilt for where the future was going to be."

Persons: —, Tim Wentworth, Wentworth, Manmohan Mahajan, execs, Neil Saunders Organizations: Service, Walgreens, Business, CVS

☆ Walgreens will close a ‘significant’ number of its 8,600 US locations
▼ + stars: | 2024-06-27 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business. The company didn’t announce a specific number of store closures, but it said Thursday that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program. The closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft, Wentworth told the Journal. Major drugstore chains, including CVS (CVS) and Rite Aid, have struggled in recent years because of declining profits from filling prescriptions. Wentworth told the Journal it’s losing money on filling those prescriptions.

Persons: Tim Wentworth, Wentworth, “, ” Wentworth, ” Neil Saunders, GlobalData, ” Saunders, drugstores, hasn’t, – CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, Walgreens, Wall Street Journal, Journal, Walgreens ’, CVS, Rite, Amazon, Target, Rite Aid Locations: New York, United States, America, drugstores, VillageMD

☆ Volkswagen's deal with Rivian is positive, but rewards will not be felt for years: analyst
▼ + stars: | 2024-06-26 | 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 EmailVolkswagen's deal with Rivian is positive, but rewards will not be felt for years: analystCyrus Mewawalla, head of thematic intelligence at GlobalData, says Volkswagen's partnership with Rivian is a step in the right direction, but it will take a long time to pull off.

Persons: Rivian, Cyrus Mewawalla Organizations: Rivian

☆ Rivian investment a ‘catch-up move’ for Volkswagen that could take years to pay off, advisory firm says
▼ + stars: | 2024-06-26 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Volkswagen's $5 billion investment in electrical vehicle startup Rivian is a "catch-up move" for the German automaker, but could take years to pay off, according to Cyrus Mewawalla, head of thematic intelligence at GlobalData. Volkswagen and Rivian on Tuesday announced that the German auto maker would invest as much as $5 billion in Rivian in the coming years following an initial $1 billion investment. Rivian shares were up 42% in premarket trading on Wednesday. "Volkswagen has fallen behind in two areas, on electric vehicles themselves, but also on autonomous driving and other software within the car. The investment will therefore help Volkswagen in these areas, but the firm is notably behind in the electric vehicle space, he added.

Persons: Cyrus Mewawalla, Mewawalla, CNBC's Organizations: Volkswagen Locations: Rivian, Europe, London

☆ The Fed's first rate cut could come next month if the labor market slows
▼ + stars: | 2024-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The Federal Reserve may cut interest rates in July to prevent a recession. Markets are only pricing in a 10% chance of an interest rate cut in July, according to the CME FedWatch Tool. AdvertisementMarkets may think it's a long-shot, but the Federal Reserve could make its first interest rate cut in July as recessionary cracks start to form in the economy. According to the CME FedWatch Tool, markets are only pricing in a 10% chance of an interest rate cut at the July policy meeting, with most market participants expecting the first interest rate cut to happen in either September of November. And with recent data showing cracks forming in the housing and labor markets, that means a rate cut will happen sooner than most expect.

Persons: —, Steven Blitz, Jerome Powell, Powell, Neel Kashkari Organizations: Service, Federal Reserve, GlobalData, Fed

☆ Stock market today: US stocks edge lower as AI-fueled tech rally stalls
▼ + stars: | 2024-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +1 min

US stocks moved slightly lower on Friday following a sharp reversal in tech stocks on Thursday. AdvertisementThe AI-fueled tech rally showed signs of exhaustion, with the stalwart Nvidia experiencing a near 7% swing in Thursday's trading session, rising as much as 3% before it finished the day lower by 3.5%. Other AI tech darlings saw sharp reversals and moved lower on Thursday, with those losses spilling over into Friday's trading session. There is rising inventory and a perceived drop in traffic that is recessionary in its level," GlobalData TS Lombard said on Thursday. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:AdvertisementHere's what else is going on today:In commodities, bonds, and crypto:

Persons: GlobalData, Lombard Organizations: Nvidia, Dell, Broadcom, Micro, Federal Reserve Locations: Here's

☆ Netflix houses: Experiential venues to open in King of Prussia and Dallas
▼ + stars: | 2024-06-18 | by ( Erika Tulfo | ) edition.cnn.com time to read: +3 min

The ‘experiential’ complexes, called Netflix Houses, will include elaborate events, themed gift shops and restaurants. In a repurposing of empty retail space, the houses will occupy former department store locations at Dallas Galleria and King of Prussia Mall (near Philadelphia). Shonda Rhimes, Golda Rosheuvel and cast members visit The Queen’s Ball: A Bridgerton Experience in New York on April 30, 2023. For years (the show launched in 2020) the “Queen’s Ball” has been staged in various cities two or three times daily. “Netflix House represents the next generation of our distinctive offerings,” said Netflix Chief Marketing Officer Marian Lee, in a statement.

Persons: of, ”, Neil Saunders, São Paulo, “, Saunders, Shonda Rhimes, Golda Rosheuvel, Ilya S, Netflix TikTok, Carrie Berk, influencers, Marian Lee, ” Berk Organizations: CNN, Netflix, Dallas Galleria, GlobalData, “ Disney, Netflix House Locations: of Prussia, Philadelphia, Kuala Lumpur, Malaysia, Toronto, Canada, Brazil, New York, Queen

☆ Five Below has had a rough year so far. Here's why
▼ + stars: | 2024-06-14 | by ( Ryan Baker | ) www.cnbc.com time to read: +1 min

"It's been one of the success stories of U.S. retail over the past five or so years," said Neil Saunders, managing director of GlobalData Retail. Analysts attribute much of the company's success to its ability to stay on trend and offer value to the consumer. Despite an impressive few years of growth, things have taken a turn for the worse in 2024. "You're paying a premium to get the growth that they're providing you," said Joe Feldman, senior managing director of Telsey Advisory Group. "But that premium, when things don't go your way, like the shrink issue, it can hurt you.

Persons: It's, Neil Saunders, Joe Feldman Organizations: GlobalData Retail, Telsey Advisory

☆ Shoppers are hyper-focused on ‘value.’ That doesn’t mean buying the cheapest option
▼ + stars: | 2024-06-06 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +5 min

Bargain retailers like Walmart and Costco have benefitted, as shown by the retailing industry’s recent slew of first-quarter earnings releases. Sales at its stores open at least a year increased 3.8% in the quarter from the same time last year. Which means that Americans are still spending, but selectively, and that “value shopping” means different things to different people. “A sizable segment of them are focused on value, however, that doesn’t directly correlate to a low price. Shoppers are willing to spend if they see value in an on-trend, well-made dress from Abercrombie – or a healthy salad from Sweetgreen.”

Persons: They’ve, What’s, ”, Neil Saunders, ” Saunders, Fitch, Stephanie Keith, Lilly Pulitzer, Laura Alber, Anne Hathaway, Della Patria, Elisabetta Villa, Richard Dickson, Zak Stambor, eMarketer, ” Stambor, “, Abercrombie – Organizations: New, New York CNN, Walmart, Costco, GlobalData, CNN, Abercrombie, Bloomberg, Getty, Hollister, Sonoma, Navy, Banana, “, Shoppers Locations: New York, Sonoma, Elm, Williams, Rome, Italy, Europe, Banana Republic

☆ Nvidia's Jensen Huang receives a rockstar reception in Taiwan amid a record high stock market
▼ + stars: | 2024-05-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewNvidia cofounder and CEO Jensen Huang is in Taiwan this week, where he's getting rockstar reception and boosting the stock market. The drills started on Thursday, but Taiwan's stock market was little changed over the period. "In this case, the AI equity theme, physical investment in AI, and the wider upturn in electronic component demand are driving robust Taiwanese growth and the strong stock market performance," wrote Green. He added that an outright invasion of Taiwan by China is "very unlikely" due to high military and economic risk. "If the macro backdrop is positive and China remains far from achieving 'fortress-like' economic conditions, future sell-offs may offer attractive buying opportunities," Green wrote.

Persons: —, Jensen Huang, Huang, Li Xi, Morris Chang, Lisa Su —, Pat Gelsinger, Cristiano Amon, Rene Haas, Rory Green, It's, Green Organizations: Service, China's People's Liberation Army, Business, Local, rockstar, Asus, AMD, Qualcomm, Semiconductor, PLA, Investors, Philadelphia Stock Exchange, Nvidia Locations: Taiwan, China, Beijing, TSMC, Taipei, Taiwan's, GlobalData.TS, Ukraine, Russia

☆ How Ace Hardware, America’s neighborhood hardware store for 100 years, is beating its big-box rivals
▼ + stars: | 2024-05-24 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +10 min

A majority of Ace Hardware stores are located in neighborhoods. Courtesy Ace HardwareBarker is owner and operator of five Breed & Co Ace Hardware locations in the Austin, Texas, area. We count on people coming in everyday to buy a gift item from us.”This hybrid hardware-home goods-curio model is setting Ace Hardware stores apart. “They are essentially shareholders, they own the brand and the company,” said Kim Lefko, chief marketing officer of Ace Hardware. It just launched its first Ace-branded food product, a line of BBQ sauces, and a collection of Ace Hardware vintage-inspired clothing.

Persons: New York CNN — Mahin Barker, ”, Sherwin Williams, ” Neil Saunders, Hardware’s, today’s, Michael Brown, It’s, “, Barker, ” Barker, we’ve, ” Brown, “ We’ve, Kim Lefko, Lefko, John Madden, Pat Summerall, Michael Wynn, Vera Bradley, ” Wynn, Wynn Organizations: New, New York CNN, Home Depot, Hardware, Ace Hardware, Globaldata, “, NFL, Acon Investments, Sunshine Locations: New York, West Lake Hills, Austin , Texas, Brook , Illinois, Placer, remodels, Lake Hills, Chicago, Southern Florida, Florida

☆ This up-and-coming cancer treatment could be a $25 billion market opportunity — it's already a hotbed for M&A
▼ + stars: | 2024-05-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

RBC Capital Markets sees a $25 billion market opportunity for the space. The average analyst rating is hold, with 8% upside to the average analyst price target, according to FactSet. Eli Lilly has an average analyst rating of overweight and 8.3% upside to the average analyst price target, according to FactSet. Stock Chart Icon Stock chart icon AstraZeneca's one-year performanceAstraZeneca shares have an average analyst rating of overweight and nearly 6% upside to the average analyst price target, according to FactSet. Stock Chart Icon Stock chart icon Bristol-Myers Squibb's one-year performance

Persons: It's, Gregory Renza, Renza, Oppenheimer, Jeff Jones, Piper Sandler, Edward Tenthoff, Eli Lilly, Dan Lyons, Janus Henderson, Myers Squibb, William Blair, Matt Phipps, Jefferies, Andrew Tsai, They've, Janus Henderson's Lyons, Jones, Piper Sandler's Tenthoff, Myers Organizations: pharma, RBC Capital Markets, TRT, Novartis, Mariana Oncology, Janus, Janus Henderson Investors, Bristol, RayzeBio, Karuna Therapeutics, AstraZeneca, Fusion Pharmaceuticals, GlobalData's Pharma Intelligence, Pluvicto Locations: Mariana, Bristol

☆ Nestlé is releasing a lineup of frozen food for people on Ozempic and other GLP-1 drugs
▼ + stars: | 2024-05-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Nestlé, the maker of frozen food brands like Stouffer’s and DiGiorno, is slimming down with a new line of meals for people taking GLP-1 drugs, such as Ozempic, for weight loss. However, a recent study on Wagovy significantly reduced heart risk in addition to helping with weight loss. An example of Vital Pursuit food. It also made a $100 million-plus deal to buy Sequence, a telehealth business that offers virtual prescriptions to patients for these weight loss drugs where appropriate. Food companies, like Nestlé, are also bracing for GLP-1 consumers to buy fewer sugary snacks and drinks.

Persons: New York CNN — Nestlé, It’s, Morgan, Steve Presley, Neil Saunders, Nestlé, it’s “, Saunders, ”, “ Nestlé, Sesame, WeightWatchers, ” Saunders, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, North, GlobalData, Lean, CNN, Companies, Costco, Equinox Locations: New York

☆ India's election will be much closer than expected, says economist
▼ + stars: | 2024-05-21 | 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 EmailIndia's election will be much closer than expected, says economistShumita Deveshwar, chief India economist at GlobalData.TSLombard, says the feeling on the ground in India shows a tighter election race than opinion polls have suggested.

Persons: Shumita Deveshwar Locations: India

☆ Walmart’s business surges as shoppers hunt for low prices
▼ + stars: | 2024-05-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Businesses from McDonald’s to Home Depot are struggling to attract financially strapped shoppers. Walmart said Thursday that sales at stores open at least a year increased 3.8% during its latest quarter from the same time last year. The company raised its sales and profit guidance for the year, a sign it expects growth to continue. Groceries account for more than half of Walmart’s sales, and Walmart has benefited from its pricing advantage with prices around 25% lower than traditional supermarkets, according to analysts at Evercore IRI. Retail sales have slipped overall in recent months.

Persons: ” Neil Saunders, “ Walmart’s, “, ”, Ian Borden Organizations: New, New York CNN, McDonald’s, Walmart, Evercore IRI, GlobalData, “ Locations: New York, United States

☆ Target is dialing back on Pride merchandise after right-wing backlash
▼ + stars: | 2024-05-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Target is limiting the number of stores that will sell LGBTQ-themed merchandise for Pride Month in June following a boycott from right-wing activists last year that took a toll on the brand’s bottom line. About half of its 2,000 stores will sell the Pride collection, according to Bloomberg, which first reported the news. The changes are a “sensible approach,” Neil Saunders, managing director of retail for GlobalData, told CNN. Pride problemsLast year, Target pulled Pride merchandise from some stores after the company and its employees became the focus of a “volatile” anti-LGBTQ campaign, which included threats against its store workers. A Target executive said on the earnings call that there was a “strong reaction” to Pride merchandise and the reaction was a “signal for us to pause, adapt and learn.”–CNN’s Nathaniel Meyersohn contributed to this report.

Persons: Target, it’s “, ” Neil Saunders, “, ”, ” –, Nathaniel Meyersohn Organizations: New, New York CNN, Pride Month, Bloomberg, CNN, Pride, Target, GlobalData, Wall Street Journal, Republican Locations: New York, Minneapolis

☆ Rue21, a mall staple, files for bankruptcy and will close all of its stores
▼ + stars: | 2024-05-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks. The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around. Its stores, which are located in 45 US states, will close within the next 4 to 6 weeks and “going out of business” sales are beginning soon. Express filed for bankruptcy last month and announced it was closing about 100 stores. 99 Cents Only Stores, a discount chain, also said in April it was going out of business.

Persons: New York CNN —, Michele Pascoe, Rue21, ” Pascoe, “, Neil Saunders, ”, Rue21 didn’t, Joann Organizations: New, New York CNN, GlobalData, CNN Locations: New York, Pittsburgh, ”

☆ The Fed likely won't cut rates until after a recession strikes, research firm says
▼ + stars: | 2024-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The Fed likely won't cut interest rates until after a recession arrives, according to GlobalData TS Lombard. The research firm said Fed Chair Powell is likely to fall into the trap of being reactionary when it comes to rate decisions. AdvertisementThe Federal Reserve is making a big mistake by not cutting interest rates right now, according to GlobalData TS Lombard chief US economist Steven Blitz. And if inflation sees a sharp rebound to 5%, "they obviously hike" interest rates, Blitz said. AdvertisementAll-in, according to Blitz, it means that interest rates could stay at current levels for longer-than-expected, especially since it appears there will be no recession this year.

Persons: Powell, Steven Blitz, Jerome Powell, Blitz, Jeremy Siegel Organizations: Fed, GlobalData, Lombard, Federal Reserve

☆ Express files for bankruptcy; closing more than 100 stores
▼ + stars: | 2024-04-22 | by ( Parija Bhatnagar | ) edition.cnn.com time to read: +2 min

New York CNN —Trendy fashion retailer Express Inc. has filed for bankruptcy after consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited. The retailer filed with the bankruptcy court in Delaware and said it also plans to shutter several stores as part of the process. The company operates Express, Express factory outlets, Bonobos and UpWest stores under its corporate umbrella and said in a release Monday that it plans to close 95 Express locations (it operates more than 500 in the US) and all UpWest locations with closing sales at those stores set to begin on April 23. “With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Neil Saunders, managing director of GlobalData, said in a note Monday. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.

Persons: “, Neil Saunders, GlobalData, ”, Saunders, ” Stewart Glendinning, “ WHP, ” Glendinning Organizations: New, New York CNN, Express Inc, Express, WHP Global Locations: New York, Delaware

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