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☆ It looks like remote workers are getting the boot once again
▼ + stars: | 2024-01-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

A bunch of executives at e-commerce firm Wayfair singled out remote workers as the ones who were more likely to have been laid off in a fresh round of cuts, The Wall Street Journal. The targeting of remote workers will come as little surprise for many, given the ugly battle that's been raging over remote work in recent months. Some bosses such as Elon Musk have disparaged remote workers as lazy members of the "laptop classes living in la la land," and called out the practice as "morally wrong." However, the Wayfair layoffs are a reminder that remote workers are in grave danger if their managers don't believe they're putting in the hours away from the office. Many remote workers will be feeling more vulnerable than ever.

Persons: —, Wayfair, Niraj Shah, Shah, Elon Musk, Goldman Sachs, David Solomon, Ken Griffin Organizations: Service, Street, Business, Elon, Meta, Google, eBay, Billionaire, Citadel Locations: la la

☆ Employers and workers are at odds over work-life balance — here's who is winning
▼ + stars: | 2024-01-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

At the end of last year, Wayfair CEO Niraj Shah had a clear message for workers heading into 2024: "Winning takes hard work." "There is not a lot of history of laziness being rewarded with success," Shah wrote. "In his note, Niraj was reinforcing some of the values that have contributed to Wayfair's success, including questioning the status quo, being cost-efficient and working hard together to drive results." However, employees now have other priorities, new research shows, and more time at the office is not one of them. Employees are more likely to consider work-life balance, flexible hours and mental health support as more important, the report found.

Persons: Niraj Shah, Shah, Niraj Organizations: Business, Finance

☆ Stocks making the biggest moves premarket: Spirit Airlines, Nvidia, Wayfair and more
▼ + stars: | 2024-01-19 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

This is Wayfair's third restructuring since 2022 and is expected to save the company about $280 million. Hertz — Hertz shed 2.8% on a Jefferies price target cut and downgrade to hold from buy. AMD added 1.6%, after reaching its highest-ever closing price on Thursday amid increased investor interest in the second-largest standalone GPU maker. DraftKings — Shares of the sports betting company rose more than 1% after Stifel upgraded DraftKings to buy from hold. J.B. Hunt Transport Services – Shares rose more than 3% after the company posted mixed quarterly results.

Persons: Hertz, Wells, Stifel, J.B, J.B . Hunt, Macheel, Samantha Subin, Jesse Pound Organizations: Jefferies, EV, Spirit Airlines, JetBlue, Texas, UBS, Nvidia, AMD, ESPN Bet, Hunt Transport, LSEG

Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce. Wayfair announced its latest job cuts Friday. Political Cartoons View All 253 ImagesFriday’s job cuts are expected to bring annualized cost savings of more than $280 million, Wayfair said. The Wall Street Journal first reported on Macy's layoffs and planned store closures Thursday, citing an internal memo and people familiar with the situation. Job cuts have taken a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years.

Persons: Niraj Shah, ”, Wayfair, Macy's Organizations: —, Wayfair, Associated Press, New, Macy's Inc, Street Journal, Google, Hasbro, LinkedIn Locations: New York, Arlington , Virginia, Ballston, Leandro , California, Lihue, Hawaii, Simi Valley , California, Simi Valley, Tallahassee , Florida

☆ Wayfair lays off 13% of its workforce weeks after telling employees to work harder
▼ + stars: | 2024-01-19 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns. “I believe we need to stay focused as a company on what committed small teams can accomplish,” Shah wrote Friday. All workers will receive an email Friday about their future with the company and severance will be offered to those affected. Late last year, Wayfair’s Shah garnered attention for his blunt year-end letter to his employees telling them to blend work and life together. Shah also encouraged Wayfair employees to think of the company money they spend as their own and negotiate prices.

Persons: New York CNN —, Niraj Shah, Wayfair “, Shah, “, ” Shah, Wayfair, Wayfair’s Shah, ”, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN Locations: New York, Boston

☆ Stocks making the biggest moves midday: Wayfair, iRobot, Spirit Airlines, Celsius and more
▼ + stars: | 2024-01-19 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

This is Wayfair's third restructuring since summer 2022, and it is expected to save the company about $280 million. The bank said Hertz's short-term profitability would be hampered by electric vehicle repair costs, rising operating expenses and vehicle depreciation. Spirit Airlines — Shares surged more than 20% after the budget airline raised its fourth-quarter forecast . Schlumberger reported adjusted earnings of 86 cents per share on $8.99 billion of revenue, higher than the 84 cents per share on $8.95 billion of revenue expected by analysts surveyed by LSEG. Celsius Holdings — Shares of the drink company slid more than 10% following a downgrade to neutral from buy at Bank of America.

Persons: Hertz, Wells Fargo, bullishness, Goldman Sachs, — CNBC's Michelle Fox, Alexander Harring, Tanaya Macheel, Jesse Pound, Pia Singh, Samantha Subin Organizations: Jefferies, Spirit Airlines —, Spirit Airlines, iRobot, Amazon, Street, European Union, Texas, UBS, Nvidia, Semiconductor, Devices, Travelers Companies, LSEG, Schlumberger, Broadcom, Bank of America, State Locations: European

☆ Wayfair to lay off 13% of workforce, impacting 1,650 employees
▼ + stars: | 2024-01-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Wayfair is cutting 13% of its global workforce as the digital home goods retailer looks to trim down its structure, cut out layers of management and reduce costs, it announced Friday. The company plans to lay off around 1,650 employees, including 19% of its corporate team, with a focus on people in management and leadership positions, the company said. The restructuring – the third Wayfair has implemented since summer 2022 – is expected to save the company about $280 million, it said. The layoffs come after Hasbro , Etsy and Macy's all announced cuts to their workforces as retailers contend with slowing demand and an uncertain economy. As a result, Wayfair has needed to make cuts to ensure its staffing levels are proportionate to how much business it's doing.

Persons: –, Niraj Shah, Macy's, Wayfair Organizations: New York Stock Exchange, Hasbro, Etsy

☆ Wayfair is slashing 1,650 jobs just weeks after the CEO said it was profitable again
▼ + stars: | 2024-01-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWayfair said Friday it's cutting 1,650 jobs, with many corporate staff in the firing line. "I truly regret the impact this will have on you," Shah told staff in an email on Friday announcing the layoffs. Wayfair appears to have had about 12,700 staff before the most recent round of layoffs. Were you laid off by Wayfair or are you concerned about the cuts?

Persons: —, Wayfair, Niraj Shah, Shah, they've Organizations: Service, Business

☆ Read the email Wayfair's CEO sent to staff announcing that it's laying off 13% of its workforce
▼ + stars: | 2024-01-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +10 min

Wayfair said on Friday that it was cutting 13% of its global workforce, or around 1,650 workers. This came only weeks after CEO Niraj Shah sent a companywide email saying Wayfair was "back to winning" but also warning that staff should be careful with its money. AdvertisementNorth American staff would receive an email shortly letting them know whether their roles had been affected, while laid-off staff in Europe had already begun discussions with HR about the next steps, Shah said. Read the full email Shah sent to Wayfair staff below. First, I want to be clear that there are many things at the company that are going well.

Persons: Wayfair, Niraj Shah, Shah, we've, you'll, Covid, – Organizations: Talent, Covid Locations: Europe, North America, Wayfair

Fourth-quarter earnings season is kicking off with a mix of good and bad news. Without those six stocks, the rest of the S & P is expected to see earnings fall 6%. There's a lot riding on earnings in 2024 For the S & P 500 to increase in 2024, earnings need to expand. But with the S & P 500 up over 20% last year, the forward earnings multiple is roughly 19.6, in the very pricey range. We need higher revenues The biggest risk to higher earnings is lower revenue growth.

Persons: Savita Subramanian, General Mills, Mobileye, Nick Raich, Adam Crisafulli, BofA's Subramanian, Deutsche, Binky, Sam Stovall Organizations: Pfizer, Merck, Moderna, Bank of America, Nvidia, Microsoft, Apple, Nike, FedEx, General, Darden, Constellation Brands, Technology, Samsung Electronics, Vital, Deutsche Bank's Locations: Wayfair, Conagra

☆ The S&P 500 could close at record on final trading day - that is a very rare market event
▼ + stars: | 2023-12-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

What little suspense is left in the year revolves around whether the S & P 500 can close at a historic high. Closing the year at a historic high is a fairly rare event — it's only happened eight times since 1926, and only four times since 1963, according to S & P Global: 2020, 2013, 1999, 1991, 1963, 1958, 1954, 1928. So far, the S & P is up 0.9% in these first four of the seven days. The S & P internals are almost the opposite of where they were a year ago. S & P 500: overbought and expensive: Relative Strength Indicator (RSI): 72 (overbought) % stocks over 50-day- moving average: 89% (high, overbought) Forward earnings P/E: 19.6 (expensive) Earnings growth: 11% (high) Markets are positioned very bullish.

Persons: Santa Claus, Ingersoll Rand, Parker, Eaton, General Mills, Hendrik Bessembinder, It's Organizations: Mastercard, Capital, American Express, Union Pacific, General, Nike, FedEx, Global, CFA, U.S Locations: Santa, Eaton, Hannifin, Wayfair, United States

☆ A look back at a remarkable stock market year, and what should worry investors into 2024
▼ + stars: | 2023-12-28 | by ( Bob Pisani | ) www.cnbc.com time to read: +10 min

A few days ago, S & P noted that the S & P 500 total return of 25.85% would only be up 9.49% ex the Magnificent 7. If you own the S & P 500 long-term, you are participating in those gains. The S & P is up 1,200 points (25%) since then and is knocking on the door of an historic high. The S & P 500 is overbought and expensive on most metrics. The S & P 500 up almost 25% in a year is the kind of problem a lot of people would be happy to have.

Persons: Russell, YTD, General Mills, it's, Staples, Campbell, Mills Organizations: AMD, Arista Networks, Apple, Meta, Nvidia, Nasdaq, Nike, FedEx, General, NextEra, Utilities, Treasuries Locations: Russia, Ukraine, Israel, Wayfair, Devon, Chevron

This year, 59% retailers offer so-called "returnless" or "keep it" policies for unwanted products whose returns costs exceed their value, according to returns services firm goTRG, which surveyed 500 executives at 21 major retailers, including Walmart (WMT.N) and Amazon.com (AMZN.O). That information is "not something that retailers want out there" due to worries the policies could be abused by shoppers, he said. The firm helps retailers manage returns, which typically rise after pre-Christmas sales like Black Friday and Cyber Monday and continue beyond Christmas. The typical return costs retailers about $30. "You just can't afford to ignore it," she said of returns costs.

Persons: Shannon Stapleton, Sender Shamiss, Shamiss, Amena Ali, Ali, Gabrielle Richards, Pamela Peters, Peters, Lisa Baertlein, Arriana McLymore, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, ANGELES, Black, Walmart, Super Bowl, Reuters, eBay, Appriss Retail, National Retail Federation, Amazon.com, Thomson Locations: Macy’s, Roosevelt, Garden City , New York, U.S, Los Angeles, New York

☆ The holiday trade in Amazon stock may already be over, history shows
▼ + stars: | 2023-11-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Investors looking to cash in on the holiday trade may have missed the boat on Amazon , according to Bank of America. While Amazon tends to outperform retail stocks on Cyber Monday, history shows that the e-commerce giant typically lags the market between the popular online shopping day and Christmas, the bank's trading desk noted. Since 2016, Amazon's lagged the market during this period every single year, underperforming the SPDR S & P 500 ETF Trust (SPY) by the widest margin — 6% — in 2022, data shows. Year to date, the stock's rallied more than 75%. AMZN YTD mountain Amazon's year-to-date performance This Cyber Monday, Amazon outperformed the SPDR S & P Retail ETF by 1.3%.

Persons: Amazon's, — CNBC's Michael Bloom Organizations: Bank of America, Trust, Amazon, P

☆ E-commerce stocks rally after Black Friday shoppers spend record online
▼ + stars: | 2023-11-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Shoppers turned out in full force on Thanksgiving and over the Black Friday weekend, largely shunning physical stores for the comfort of clicking "buy online" from their couches. Black Friday online spending reached a record $9.8 billion in the U.S., up 7.5% from a year earlier, according to Adobe Analytics. Online sales on Cyber Weekend, the days between Black Friday and Cyber Monday, surged 7.7% to $10.3 billion. Cyber Monday sales are expected to reach up to $12.4 billion, making it the biggest U.S. online shopping day of the year, according to Adobe. A plastic rice washing bowl, listed as one of the top-selling Cyber Week items, is discounted 68% to $1.89 with free shipping.

Persons: Shoppers, Wayfair, Afterpay, Klarna, Sebastian Siemiatkowski, Siemiatkowski Organizations: Adobe Analytics, Black, Adobe, National Retail Federation, CNBC PRO Locations: U.S

☆ This $70,000 backyard amenity isn't even for you — it's for your cat
▼ + stars: | 2023-11-26 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Alan Breslauer launched Custom Catios in 2017 after building his first cat enclosure in the early 2000s. Alan Breslauer, owner of Southern California-based Custom Catios , is one of them. AdvertisementOne of Breslauer's custom catios. "When we put everything in there, like climbing poles, hiding boxes, cat ladders, cat steps, spiral staircases, floating steps, loft ladders, we call that 'Cat Disneyland,'" he said. A custom catio in Long Beach, California.

Persons: Alan Breslauer, Breslauer, he's, —, — they're, Santos, Herbie, Trey —, catios, homebuilders Organizations: Service, West Coast, Business Locations: Southern California, Los Angeles, West, Instagram, Lakewood , California, Vegas, Long Beach , California, LA

Whether you're after affordable furniture finds or looking to go custom, there is something for everybody among the best Black Friday furniture deals. If you're buying on a budget, an excellent place to source trendy furniture is Wayfair with Black Friday savings up to 80%. To ensure you don't miss any early Black Friday furniture deals, check back as we update this article with more promotions. For other discounts, keep up with the best Black Friday deals to find all the must-have sales for products in other departments, from kitchenware to the best mattresses, and tech deals too. The best Black Friday furniture salesBlack Friday living room furniture dealsBlack Friday bedroom furniture dealsBlack Friday dining room furniture dealsBlack Friday home office furniture dealsBlack Friday rug deals

Persons: We're, Lauren Savoie Organizations: Black Locations: kitchenware

☆ 180 Best Black Friday Deals 2023
▼ + stars: | 2023-11-22 | by ( Bellamy Richardson | ) www.wsj.com time to read: +6 min

Our list of the best deals live now features products we’ve tested or otherwise recommended. Plus, check out great deals on products that made our lists of the best wireless earbuds and best portable speakers. For even more apparel discounts, check out our list of the best Black Friday clothing and shoe deals. For more great electronics buys, see our best Black Friday tech and Apple deals. For more great deals on fitness trackers, exercise apparel and more, check out our list of the best Black Friday fitness deals.

Persons: Bellamy Richardson It’s, you’ve, Salomon, don’t, Neocutis Organizations: Black, Dyson, Cozy, Tech, Apple, Skinstore Locations: Wayfair, Brooklinen

☆ 174 Best Black Friday Deals 2023
▼ + stars: | 2023-11-22 | by ( Bellamy Richardson | ) www.wsj.com time to read: +6 min

Our list of the best deals live now features products we’ve tested or otherwise recommended. For even more apparel discounts, check out our list of the best Black Friday clothing and shoe deals. Make sure to check out our list of the best vacuum deals this Black Friday for more savings. For more great electronics buys, see our best Black Friday tech and Apple deals. For more great deals on fitness trackers, exercise apparel and more, check out our list of the best Black Friday fitness deals.

Persons: Bellamy Richardson It’s, you’ve, Salomon, don’t, Neocutis Organizations: Black, Dyson, Cozy, Tech, Apple, Skinstore Locations: Brooklinen

☆ Want to pick a winning retail stock this holiday season? Watch for discounts and deflation
▼ + stars: | 2023-11-22 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +9 min

However, he added, they remain more upbeat compared with last holiday season and should spend more on gifts this year. According to FactSet, analysts anticipate there could be upside of more than 20% ahead, based on average price targets. The e-commerce giant is JPMorgan analyst Doug Anmuth's top pick for the holiday season. "We project US e-comm penetration at 23.4% of adj retail sales this holiday season, +90bps above the 22.5% in 2022," he said. "We think beauty has the potential to be a relevant gifting solution for cash-strapped consumers during the upcoming Holiday season," he said.

Persons: Chad Lusk, Alvarez, Lusk, Martis, LSEG, Inna Kuznetsova, Doug Anmuth's, Doug McMillon, Krisztina Katai, Katai, Michael Lasser, Ulta, Lasser, ToolsGroup's Kuznetsova, Marsal's Lusk, Michael Bloom Organizations: Shoppers, CNBC, Walmart, Target, Retailers, Centric Market Intelligence, Amazon, LSEG, JPMorgan, Deutsche Bank, Costco, UBS, Fed, Black Locations: Lusk, Ulta, Wayfair, Williams, Sonoma

☆ Here are Thursday's biggest analyst calls: Nvidia, Amazon, Target, DoorDash, Intel, Plug Power & more
▼ + stars: | 2023-11-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Roblox as buy Bank of America said the stock is becoming "more investable." Deutsche Bank initiates Wayfair as buy Deutsche said in its initiation of the stock that it's a "pure-play e-commerce leader." Deutsche Bank initiates DoorDash as buy Deutsche said in its initiation of the company that it has "superior unit economics." Bank of America initiates Gen Digital as buy Bank of America said it likes the cyber safety vendor. Goldman Sachs reiterates Amazon as buy Goldman said it sees an "underappreciated secular growth opportunity" for Amazon shares into next year. "

Persons: it's, Goldman Sachs, Goldman, 1QFY, Roblox, Price, Stifel, Baird, Catalent, 1HCY24, Piper Sandler, Piper, Philip Morris, Guggenheim, Wells, TD Cowen downgrades Organizations: UBS, Nvidia, Qs, Networks, Palo Alto Networks, 1QFY billings, billings, Bank of America, Products, Deutsche Bank, Deutsche, HSBC downgrades Altice, HSBC, Goodyear Tire, Goodyear, " Bank of America, ITT, of America, Aerospace & Defense, Digital, JPMorgan, Entertainment, Mizuho, Intel, AMD, Amazon, Citi, EV, TD Cowen downgrades Target Locations: HSBC downgrades Altice USA, China

But although the year's biggest shopping holiday is still a few weeks away, retailers are already offering deals on dozens of popular items. If you're aiming to save money on holiday shopping, now is a great time to get started. As Black Friday 2023 approaches, we'll be updating this article every week with new early deals. Check back regularly for new discounts, and hop over to our central Black Friday deals roundup for even more sales. The best early Black Friday deals this weekFor more Black Friday discounts, be sure to check out our related deal roundups packed with all of the latest sales you can shop right now:

Persons: Anker, We're Organizations: Apple

☆ Stocks making the biggest moves premarket: AMD, WeWork, Wayfair, Humana and more
▼ + stars: | 2023-11-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Advanced Micro Devices — The chipmaker dipped more than 1% after issuing softer-than-expected revenue guidance for the fourth quarter. Match Group — The dating service platforms owner shed 8.3% on weaker-than-estimated revenue guidance for the fourth quarter. Wayfair — The online furniture retailer tumbled 12% after third quarter revenue missed analyst expectations. Yum reported $2.91 billion in revenue, while analysts had expected $3.06 billion in revenue, according to estimates from LSEG. Caesars Entertainment – The gaming stock rose 5% before the bell after topping Wall Street's third-quarter earnings expectations.

Persons: General Motors, Wayfair, Goldman Sachs, ZoomInfo, FactSet, Estee Lauder, —, Kraft Heinz, Paycom, Fred Imbert, Alex Harring, Jesse Pound, Samantha Subin, Sarah Min Organizations: Street Journal, Ford, General, Barclays, CVS, Technologies, Humana, Kraft Heinz, FactSet, Yum China, —, Caesars Entertainment, LSEG Locations: Aetna, China, LSEG

☆ Wayfair losses narrow but sales come in short of expectations as demand remains tepid
▼ + stars: | 2023-11-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Wayfair is inching closer to profitability, but its third-quarter results still fell short of revenue expectations as the home market continues to be under pressure. Excluding one-time items, Wayfair reported an adjusted loss of 13 cents per share. Wayfair has been focusing on cost discipline to drive profitability and protect its margins as demand remains tepid across the home goods sector and other consumer discretionary categories. That discipline led Wayfair to see adjusted earnings before interest, tax, depreciation and amortization of $100 million, compared to the $55 million analysts had expected, according to StreetAccount. During the quarter, those costs came down to $596 million, compared to $656 million in the year ago period.

Persons: Wayfair, it's, who've, Niraj Shah Organizations: New York Stock Exchange, LSEG Locations: U.S

☆ How the Fed is using its multi-trillion-dollar balance sheet to fight inflation
▼ + stars: | 2023-10-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —The Fed’s fight against inflation is about to enter a new phase, but the central bank’s enormous balance sheet will continue to play a key role. The Fed also manages a multi-trillion-dollar balance sheet that accounts for trillions in government securities and lists how much currency is in circulation. For over a year now, the Fed has been steadily shrinking its balance sheet to help cool the economy. The Fed’s balance sheet is currently at around $7.9 trillion, down from its peak of $9 trillion in early 2022 right before the runoff. They also see alternative scenarios for the end of the balance sheet runoff if there isn’t a recession.

Persons: that’s, Lael Brainard, What’s, Wells, Jerome Powell, JPMorgan Chase’s Jamie Dimon, Jamie Dimon, Krystal Hur, Dimon —, Mr, Dimon, JPMorgan Chase, what’s, Estee Lauder, Kraft Heinz, Yum, Bausch, Eli Lilly, Molson Organizations: CNN Business, Bell, DC CNN, Congress, Fed, Wall Street, JPMorgan, JPMorgan Chase, CNN, HSBC, McDonald’s, China’s National Bureau of Statistics, Bank of Japan, Pfizer, Caterpillar, Marathon Petroleum, Sirius XM, Anheuser, Busch, BP, Chesapeake Energy, US Labor Department, Global, Board, CVS, GSK, Humana, Reuters, Apollo Global Management, Brands, Garmin, Cruise Line Holdings, Qualcomm, Airbnb, PayPal, MetLife, Aflac, AIG, Allstate, Prudential, P Global, Institute for Supply Management, Federal Reserve, ConocoPhillips, Starbucks, Duke Energy, Shopify, Ferrari, Marriott International, Moderna, Fox, Molson Coors, Hyatt, Apple, Motorola, Bank of England, Dominion Energy, Gartner, Restaurant Brands Locations: Washington, Treasuries, China’s, Mondelez, DoorDash, Avis, Shell, Cigna

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