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☆ 1 in every 13 bridges in America is in ‘poor’ condition. Thousands could collapse from a collision
▼ + stars: | 2024-03-30 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

A container ship colliding into the Francis Scott Key Bridge in Baltimore is drawing attention to potential vulnerabilities among some of America’s more than 600,000 bridges. The Key Bridge stood for 47 years, and in that time it never received the sort of jolt that anyone could have thought would bring it down. Extreme weather events, increasingly heavy trucks and collisions from larger container ships pose significant risks to US bridges, engineers and other infrastructure experts say. The Key Bridge was “fracture critical,” the National Transportation Safety Board said Wednesday. To minimize the potential of ships bringing down bridges, bridges need to be built with what are known as redundancies— protections around bridges’ danger points.

Persons: Francis Scott Key, Dali, Ananth Prasad, Prasad, ”, Jessie Yeung, Curt Devine, Casey Tolan, Isabelle Chapman Organizations: American Society of Civil Engineers, Congressional Research Service, National Transportation Safety, World Association, Transport Infrastructure, Florida Transportation Builders ’ Association, CNN Locations: Baltimore, America, United States, China, Argentina, Florida

☆ The home insurance market is crumbling. These owners are paying the price
▼ + stars: | 2024-03-29 | by ( Nathaniel Meyersohn | Anna Bahney | ) edition.cnn.com time to read: +9 min

Courtesy Victoria ZangaraIn the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem. There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association. Jim Watson/AFP/Getty ImagesHomeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.

Persons: Alfredo Herrera, Herrera, Zangara, “, ”, ” Herrera, policyholders, Mark Friedlander, Neil Fernandes, Fernandes, David Swanson, Matthew Carletti, Jim Watson, Diana Troxell, Diana Wright Troxell, Bruce, ” CNN’s Ella Nilsen Organizations: New, New York CNN, Louisiana Citizens, ”, National Oceanic, Atmospheric Administration, Louisiana State University, Insurance Information Institute, Farmers Insurance, Farmers, AAA, CNN, Firefighters, Reuters, State, Citizens Property Insurance, JMP Securities, Getty, Homeowners, Consumer Federation of America, CFA, Social Security, Foremost Insurance, California FAIR, FAIR Locations: New York, New Orleans, City, Louisiana, New Orleans , Louisiana, America, United States, Santa Clarita , California, California, Florida, Sycamore, Whittier , California, AFP, Cottonwood , California, ‘

☆ Who ends up holding the bag for the Baltimore bridge collapse?
▼ + stars: | 2024-03-28 | by ( Catherine Thorbecke | Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Marine insurance companies will be on the hook for much of the costs. These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer. The potential cost of insurance claims from the bridge collapse could be between $1 billion and $3 billion, analysts at Barclays wrote in a note Wednesday. “But other than that, the economic impact of what has happened will be enormous, but not recoverable from the ship,” Davies said. Maryland lawmakers, meanwhile, are drafting an emergency bill to provide income replacement for Port of Baltimore workers impacted by the bridge collapse.

Persons: Baltimore’s Francis Scott Key, ”, John Miklus, Dali, Brendan Holmes, Miklus, Loretta Worters, Worters, Martin Davies, ” Davies, Joe Biden, Francis Scott Key, it’s, ” Biden, Scott Olson, Davies, Bill Ferguson Organizations: New, New York CNN, American Institute of Marine Underwriters, “, Barclays, Grace Ocean, Britannia, Indemnity, International Group, International, CNN, Insurance, Costa, Maritime Law Center, Tulane University, “ Maersk, Federal Highway Administration, Infrastructure Investment, Jobs, Biden, . Workers, Robins, Repair, Port, Maryland Locations: New York, Singapore, Costa Concordia, Italy, Danish, Baltimore , Maryland, Maryland, Baltimore

☆ What Home Depot’s $18 billion deal says about its strategy
▼ + stars: | 2024-03-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls. SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods. Home Depot in recent years has purchased other businesses targeting professionals who undertake both complex and simple housing projects. Home Depot’s push for pro customers comes as its DIY customers have slowed their spending. Home Depot expects the SRS acquisition, accomplished through a mix of cash and debt, to be completed by the end of the year, but it could face regulatory hurdles.

Persons: Billy Bastek, Lina Khan Organizations: New, New York CNN, Home Depot, Home, Depot, Federal Trade, Meta, Microsoft, Kroger Locations: New York

☆ Why Costco’s hot dog is still $1.50 when everything has gotten so expensive
▼ + stars: | 2024-03-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

If Costco’s hot dog deal kept pace with inflation, it would be three times as expensive today — nearly $4.50. ‘If you raise the effing hot dog, I will kill you’Costco’s hot dog defied inflation from the very start. Costco’s hot dog offering was born in the company’s early days. Realizing the importance of the low-priced hot dog, the chain brought production in-house and switched to its own Kirkland Signature brand. Jim Sinegal, Costco’s co-founder, once told the company’s former CEO Craig Jelinek, “If you raise the effing hot dog, I will kill you.

Persons: ”, Scott Mushkin, Richard Galanti, Gus Faucher, Kirkland, Jim Sinegal, Costco’s, Craig Jelinek, “, ” Sinegal Organizations: New, New York CNN, Costco, Bureau of Labor Statistics, R5, Federal Reserve, PNC Financial Services, Seattle Times Locations: New York, Portland , Oregon

☆ Why Nike wants to make Air Force 1 sneakers harder to find
▼ + stars: | 2024-03-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —Nike Air Force 1 and Nike Pegasus sneakers are everywhere. The Air Force 1 and Pegasus are staples of Nike’s sneaker lineup, and some of Nike’s oldest sneaker lines. The Air Force 1’s are known for their all-white design, while the Pegasus have large Nike swooshes on their mid-sole. “We are pulling back supply of classics such as the Air Force 1, and we’re reducing supply of Pegasus.”Nike’s moves could also make it harder for consumers to find traditional white Air Force 1 sneakers and Pegasus versions at shoe stores. Sneaker collectors focus on limited-edition and special collaboration lines — not mass market lines like Air Force 1, he said.

Persons: Matthew Friend, “, ”, Christopher Burns, Burns, Nike, Randal Konik, Joe Biden, Locker Organizations: New, New York CNN, Nike Air Force, Nike Pegasus, Nike, Air Force, Pegasus, Arch USA, Jefferies, Consumer, White, Dick’s Sporting Goods Locations: New York, French

☆ Why your doctor’s office is spamming you with appointment reminders
▼ + stars: | 2024-03-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

Prepare to be hounded with appointment reminders by phone. But now, medical practices are flooding patients with reminders of upcoming appointments — and warnings of cancellation penalties. The financial pressure for medical practices to keep patients from ghosting them is a major factor. But the notifications are getting worse because new software systems enabled medical providers to send automated messages to patients. The more reminders providers send, Kharraz said, the more patients tune them out.

Persons: ”, Oliver Kharraz, ” ZocDoc, Kharraz, “, Ron Holder, “ We’ve, Emily Kagan Trenchard, Northwell, ZocDoc Organizations: New, New York CNN, Medical Group Management Locations: New York

☆ 1,000 dollar stores are closing. These cities have revolted against them for years
▼ + stars: | 2024-03-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

But critics of Family Dollar and other dollar store chains’ business practices like Hall-Harper say the closures highlight the risks of communities relying too heavily on dollar store chains. Hall-Harper has led Tulsa’s effort to restrict the growth of the three major dollar store chains — Family Dollar, Dollar Tree and Dollar General — in the predominately Black area of North Tulsa. Dollar General said it regularly hears from communities and customers asking it to bring a Dollar General store to their hometown. Backlash to dollar storesDollar General, Dollar Tree and Family Dollar have spread rapidly since the Great Recession, opening more than 15,000 small stores. US regulators reached a settlement last year with Dollar Tree over hazardous conditions in Dollar Tree and Family Dollar stores.

Persons: Vanessa Hall, Harper, “ I’ve, —, ”, Dollar, Critics, Blaine Griffin, Meijer, Stacy Mitchell, ” Mitchell Organizations: New, New York CNN, CNN, Dollar, Tulsa, Institute of Local, Chicago City, University of Toronto, UCLA, United States, Local, Research, University of Georgia, Cleveland City, Walmart, Target, Agriculture Department, Institute for Local, Federal Trade Commission, FTC, Kroger, Albertsons Locations: New York, Tulsa , Oklahoma, North Tulsa, Tulsa, Tulsa ; Cleveland ; New Orleans, Birmingham , Alabama, Fort Worth , Texas, Akron , Ohio, United, Cleveland, Chicago, Baltimore

☆ Dollar General will remove self-checkout from 300 stores to prevent shoplifting
▼ + stars: | 2024-03-14 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

The company is pulling out self-checkout stands in 300 stores that have the highest levels of shoplifting and merchandise losses. In 9,000 other stores, Dollar General is converting some or all of its self-checkout registers to regular checkout with cashiers. And in another 4,500 or so stores, Dollar General is limiting self-checkout to purchases of five items or less. Vasos said Dollar General made the decision after using artificial intelligence to analyze hundreds of thousands of purchases at self-checkout. Like other retailers, Dollar General bet self-checkout would reduce its labor costs and speed up checkout for customers.

Persons: Todd Vasos, Vasos, ShopRite Organizations: New, New York CNN —, Walmart, Target, cashiers Locations: New York, United States, Britain, British, New Mexico, Delaware

☆ Family Dollar and Dollar Tree will close 1,000 stores
▼ + stars: | 2024-03-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

Dollar Tree, which owns Family Dollar, also said it will close 30 stores as leases expire. Dollar Tree bought Family Dollar in 2015 for $8.5 billion. But Dollar Tree has struggled to integrate Family Dollar. Family Dollar stores were in poor condition when Dollar Tree acquired the business in 2015, analysts say. Although Family Dollar has renovated thousands of stores in recent years, many stores under both banners are still poorly maintained.

Organizations: CNN, Dollar, Walmart, Justice Department

☆ Multiple Taco Bell locations in Oakland have closed dining rooms because of crime concerns
▼ + stars: | 2024-03-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Multiple Taco Bell locations in Oakland have closed their dining rooms because of safety concerns in the California city, which has been struggling with rising crime affecting businesses both big and small. Diversified Restaurant Group owns about 300 Taco Bell and Arby’s locations, predominately in the western US. At least four Taco Bell locations in Oakland have closed their dining rooms, however the drive-thru remains operational. CNN affiliate KPIX-TV visited a Taco Bell location that has been robbed four times in the past four months, finding signs notifying customers of the closure. One Oakland location still has their dining room open but has gone cashless to discourage robberies, KPIX-TV reported.

Persons: Taco Bell, Taco, Gavin Newsom, – CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, Bell, Group, Restaurant Group, Taco Bell, Taco Bell’s, CNN, Oakland, San, Criminal, Patrol Locations: New York, Oakland, California, Cane’s, San Francisco Chronicle

☆ Costco sold out of $2,000 gold bars. Now, it’s selling silver coins
▼ + stars: | 2024-03-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Costco recently started selling silver coins for the first time, finance chief Richard Galanti told CNN. Costco is trying to replicate its recent success with gold bars. It began selling $2,000 gold bars online in September and sold more than $100 million worth of the bars last quarter. After all, not many people are actually stashing away gold bars in their homes. We constantly buy that stuff and intentionally run out of it from time to time.”Costco is also selling precious metals as they become more valuable.

Persons: Richard Galanti, King Charles III, “, ”, Galanti Organizations: New, New York CNN, Costco, CNN, Federal Reserve, Treasury Locations: New York

☆ Target predicts a weak 2024 as shoppers focus on necessities
▼ + stars: | 2024-03-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: 1 min

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☆ Why checked bag fees are at record highs
▼ + stars: | 2024-03-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Checked bag fees are hitting record highs as airlines up the ante. So an airline can save $75 million in tax fees off its $1 billion revenue in domestic checked-bag fees. The introduction of bag fees was also a response to the rise of low-price carriers like Spirit in the United States and Ryanair in Europe. But airlines kept the bag fees in place and even raised them in an effort to make up for the lost revenue from change fees. Bag fees have been a political punching bag.

Persons: they’ve, Gary Leff, ”, Henry Harteveldt, Blaise Waguespack, Sen, Mary Landrieu, ” Leff, Pete Buttigieg, Leff, “ Organizations: New, New York CNN, United Airlines, American Airlines, JetBlue, Alaska Airlines, Airlines, Department of Transportation, Delta SkyMiles American Express, Airlines ’, “ Airlines, Atmosphere Research, Embry, Riddle Aeronautical University, Ryanair, The Transportation Department Locations: New York, Denver, Dallas, Daytona Beach , Florida, United States, Europe

☆ Ozempic is coming for gyms. Here’s how they’re responding
▼ + stars: | 2024-03-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —America’s gyms are adjusting their strategies as more of their members take weight loss drugs. JPMorgan researchers estimate that 30 million people may be taking GLP-1 drugs by 2030, or around 9% of the US population. For now, GLP-1 medications are prohibitively expensive for most Americans, costing about $1,000 or more a month. (Ozempic has not been approved for weight loss by regulators, though Wegovy, a similar drug, has.) 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.

Persons: ”, Simeon Siegel, Bahram Akradi, “, Amanda Edwards, ” Siegel, Rick Caro, Jaap Arriens, WeightWatchers Organizations: New, New York CNN, Boomers, JPMorgan, Fitness, BMO Capital Markets, Management, Industries Locations: New York, Ozempic, Barre, Southern California

☆ Blocking Kroger’s mega-merger with Albertsons won’t save your local grocery store
▼ + stars: | 2024-02-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

High grocery prices helped scuttle the dealInflation at the grocery store loomed over the proposed merger. Over the past four years, grocery prices have risen significantly,” the FTC said in its lawsuit. Kroger had committed to invest $500 million in lower prices and $1.3 billion to improve Albertsons’ stores if the merger cleared. Yet consolidation in the grocery sector is growing, and small grocery stores are struggling. Traditional grocery stores have also lost ground to Walmart, Costco, dollar stores and online retailers during that span.

Persons: it’s, Kroger, Ash, “, ” Greg Ferrara, Joe Biden, Lina Khan, Khan, Marc Perrone, ” Sen, Elizabeth Warren, ” Joe Feldman Organizations: New, New York CNN, Kroger, Albertsons ’, Albertsons, Walmart, FTC, Bureau of Labor Statistics, Albertsons Cos, Safeway, Bloomberg, Getty, Agriculture Department, Costco, Independent, National Grocers Association, Meta, Microsoft, Unions, Democrats, Food, Commercial Workers ’, ”, Top Democratic, Twitter, Aldi, Activision, Telsey Advisory Locations: New York, Scottsdale , Arizona

☆ Macy’s is closing 150 stores
▼ + stars: | 2024-02-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: 1 min

☆ Family Dollar to pay nearly $42 million in connection with rodent-infested warehouse
▼ + stars: | 2024-02-27 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Family Dollar Stores was hit with a record fine for violating product safety standards after selling items that were stocked in a rat-infested warehouse filled with live, dead and decaying rodents. The retailer, a subsidiary of Dollar Tree was fined $41.6 million, “the largest-ever monetary criminal penalty in a food safety case,” the Justice Department said in a statement Monday. Family Dollar and Dollar Tree will also be under robust corporate compliance and reporting requirements for the next three years, according to the DOJ. The agency said at the time that Family Dollar has been aware of the rodent problem since at least January 2020. The DOJ said Family Dollar, which has more than 8,000 stores nationwide, pleaded guilty to one misdemeanor count of causing FDA-regulated products to become adulterated while being held under insanitary conditions.

Persons: ” Benjamin Mizer, exterminators, Rick Dreiling, “, Dreiling, – CNN’s Nathaniel Meyersohn, Rebekah Riess Organizations: New, New York CNN, Justice Department, DOJ, The, Food and Drug Administration, FDA, Dollar Tree’s Locations: New York, Arkansas

☆ Kellogg’s CEO faces backlash for saying people should eat cereal for dinner to save money
▼ + stars: | 2024-02-26 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

In an interview with CNBC last week, WK Kellogg CEO Pilnick said the company was advertising cereal for dinner to consumers looking for more affordable options. CNBC host Carl Quintanilla asked Pilnick if encouraging weary customers to eat cereal for dinner could “land the wrong way.”Pilnick thought the opposite. Cereal prices alone increased 28% since January of 2020, according to the Bureau of Labor Statistics. Food brands under fireDespite the CEO’s assurances, Kellogg’s advertisement and Pilnick’s comments have led to a backlash on social media. They note that boxes of popular cereals now cost more than $7 and cereal is not an adequate substitution for a full dinner.

Persons: New York CNN —, Gary Pilnick’s, WK Kellogg, Pilnick, Bran, ” Pilnick, hasn’t, Carl Quintanilla, Kellogg, TikTok, CorporateGreed ”, McDonald’s Organizations: New, New York CNN, CNBC, Wall Street, US Agriculture Department Food, Bureau of Labor Statistics Locations: New York, Darien , Connecticut

☆ US government sues to block largest supermarket merger in history
▼ + stars: | 2024-02-26 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —The Federal Trade Commission on Monday sued to block the $25 billion deal between Kroger and Albertsons, alleging the largest supermarket merger in US history would lead to higher prices for consumers. The merger, announced in 2022, sought to combine the fifth and tenth largest retailers in the country. “This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years. With the FTC’s blessing, Haggen, a small supermarket chain in the Northwest with just 18 locations, bought 146 of the former Albertsons and Safeway stores. She criticized the FTC’s handling of Albertsons’ deal with Safeway, pointing to it as a prime example of the limitations of divestitures.

Persons: Harris Teeter, Fred Meyer, Kroger, Rodney McMullen, Henry Liu, Piggly, Khan, Lina Khan, Haggen, ” Khan, “ Organizations: New, New York CNN, Federal Trade Commission, Kroger, Albertsons, Safeway, Vons, Bureau of Labor Statistics, FTC, Walmart, Amazon, Costco, Competition, S Wholesale Grocers, Democrats, Republicans, Capitol Locations: New York, United States, Aldi, FTC’s, Northwest

☆ Gen Z and Millennials reinvent book clubs: Even Dua Lipa has one
▼ + stars: | 2024-02-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —From Dua Lipa to “silent” book clubs, Millennials and Gen Z are joining book clubs as a way to socialize. Many of these book clubs are not the stodgy ones of old, however, featuring wine and crackers in a host’s living room. Themed book club events, such as queer book clubs, saw an 82% increase in attendance in 2023, according to Eventbrite, while attendance at silent book clubs increased 23%. Phelan M. Ebenhack via APEventbrite is also seeing growth in romance book clubs, dating event book clubs and evening book club running groups, such as Read & Run Chicago. Gen Z favorite Dua Lipa has a book club.

Persons: BookTok, ”, Teri Coan, Phelan M, Ebenhack, “, Ashley Petty, “ It’s, Khaled Hosseini, Sarah J, Maas, Leigh Bardugo, Colleen Hoover, Noble, Samir Hussein, ” Coan, Gen, ” Barnes Organizations: New, New York CNN, Millennials, AP Eventbrite, Chicago, Afghan, Barnes, American Booksellers Association, Amazon Locations: New York, Dua Lipa, United States, Decatur , Illinois, Lipa, American

☆ Why the new Major League Baseball jerseys have players and fans furious
▼ + stars: | 2024-02-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

New York CNN —Major League Baseball players will be wearing new jerseys this season. Some players have complained that there are fewer tailored options available for pants, and the players’ union has reportedly raised criticism of the jerseys to Nike and MLB. (The Major League Baseball Players’ Association did not respond to CNN’s request for comment.) Teams retire their most important players’ jersey numbers. “This is joining that narrative.”Some NHL fans, like baseball fans, are worried about Fanatics’ deal with the NHL to produce authentic jerseys players wear in games because of concerns about quality, limited selection and prices.

Persons: Sam Navarro, ”, cringe, Stephen Andon, ” Andon, “, Nike, ” Jason Heyward, Rob Manfred, They’re, what’s, Paul Lukas, Billie Weiss, ” Lukas, ’, Andon Organizations: New, New York CNN — Major League Baseball, Nike, MLB, Louis Cardinals, Philadelphia Phillies, Mariners, USA, Reuters, Baltimore Orioles, Major League Baseball Players ’, Montclair State University, Los Angeles Dodgers, NFL, NBA, NHL, Topps, Mitchell, Sports, Uni Watch, Boston Red Sox, Adidas, Reebok, CNN Locations: New York, New St

☆ The barbarians have arrived at Macy’s gate
▼ + stars: | 2024-02-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Macy’s rejected an unsolicited $6 billion bid from an activist investor to take the famed department store private last month. Now, the activist group is taking another shot at Macy’s, launching a proxy fight to take control of the board. Last month, Macy’s announced it was laying off about 3.5% of its workforce, or roughly 2,350 employees. Macy’s said Tuesday it will evaluate Arkhouse’s proposed board candidates, but criticized Arkhouse and another activist investor, Brigade, in a statement. Arkhouse did not publicly disclose its plans for Macy’s, but analysts believed it would sell off Macy’s valuable real estate and perhaps take other actions, such as spinning off its e-commerce business.

Persons: New York CNN — Macy’s, Macy’s, Arkhouse’s, Arkhouse, “ Arkhouse, ” Macy’s, Macy’s “ Organizations: New, New York CNN, Arkhouse Management, Brigade Locations: New York

☆ Home Depot forecasts a weak 2024
▼ + stars: | 2024-02-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN —Home Depot, a bellwether of the housing market and US economy, said sales dropped over the winter and it’s a expecting a slow 2024. Sales at stores open for at least one year fell 3.5% last quarter, and Home Depot projects that sales will continue to decline 1% in 2024. “2023 was a year of moderation,” Home Depot CEO Ted Decker said in a news release Tuesday. Demand for home improvement has fallen due to high mortgage rates and a slowdown in new home construction. “One of the main issues [for Home Depot] continues to be a very sluggish housing market,” Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Tuesday.

Persons: Ted Decker, ” Neil Saunders Organizations: New, New York CNN, Depot, GlobalData Locations: New York

☆ Why Walmart is buying Vizio
▼ + stars: | 2024-02-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Walmart announced Tuesday that it’s buying TV maker Vizio for $2.3 billion to shore up its advertising business and create a more potent rival to Amazon’s booming ad business. The deal would give Walmart more ways to offer ads through Vizio televisions, as well as create entertainment options exclusively for customers with Vizio TVs. “We also believe it enables a profitable advertising business that is rapidly scaling,” Walmart US chief revenue officer Seth Dallaire said in a news release Tuesday. Walmart wants to move into the lucrative advertising space to supplement its low-margin retail business. Its advertising business reached $3.4 billion last year, but makes up less than 1% of its total sales.

Persons: Seth Dallaire, Roku Organizations: New, New York CNN, Walmart, Smart, Kroger, Target, Google, Facebook Locations: New York, America

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