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And it underscores frustrations with a tariff exclusion process launched during the first Trump administration that is often described as murky and messy. It’s not clear how or when those higher China tariffs will take effect – nor whether businesses will again have the opportunity to apply for exclusions. But what is clear is that the USTR’s tariff exclusion process during the first Trump administration raised significant concerns in Corporate America. The Trump transition did not provide details on what a tariff exclusion process will look like in the new administration. The researchers did not study tariff exclusions under the Biden administration.
Persons: Bobby Djavaheri, Djavaheri, ” Djavaheri, , Tom Madrecki, General Mills, Molson, Donald Trump, It’s, Trump, Brian Hughes, Vance, ” Hughes, USTR, , ” Relatedly, Jesus Salas, ” Salas, Salas, , “ It’s, Biden, Sam Michel, Michel, Veljko Fotak, hasn’t, ” Fotak, David French, ” Madrecki, “ We’re Organizations: New, New York CNN, Trump, United States Trade Representative, Consumer Brands Association, Molson Coors, Corporate America, Lawmakers, CNN, Commerce, Companies, Republican, Financial, Democratic, Lehigh University, SUNY Buffalo, Biden, National Retail Federation Locations: New York, China, Trump
Jungle Ventures on hot sectors and themes for the Asian VC scene
  + stars: | 2024-11-26 | 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 EmailJungle Ventures on hot sectors and themes for the Asian VC sceneAmit Anand of Jungle Ventures talks about trends he sees from Venture Capital investors and and founders in Asia. He notes that retail has surpassed FinTech in investments, and sees new sectors like blockchain, food and agri-tech, and health tech emerging. Amit also emphasizes the importance of responsible investing to build great companies, growing the VC ecosystem.
Persons: Amit Anand, Amit Organizations: Ventures, Jungle Ventures, Venture Capital Locations: Asia
Shoppers walk along 5th Avenue on Black Friday in New York, US, on Friday, Nov. 25, 2022. Bloomberg | Bloomberg | Getty ImagesRetailers hype Black Friday sales, and it works. According to WalletHub's 2024 Best Things to Buy on Black Friday report, 41% of items at major retailers offer no savings compared with their pre-Black Friday prices. What not to buy on Black FridayTypically, Black Friday is a great time to find rock-bottom prices on fall clothing — including flannels, denim, coats and accessories — as well as televisions and consumer electronics. In-store Black Friday spending is expected to grow by 7.3 per cent in the UK this year.
Persons: Andrea Woroch, PIRG, Etsy, Adam Davis, Davis, Lauren Beitelspacher, Lululemon, Woroch, Leon Neal Organizations: Bloomberg, Getty, National, Wells, Wells Fargo Retail Finance, Finance, Babson College, Nike, Day, Labor, Oxford Circus Locations: New York, R.J, Wells Fargo, Oxford
A handful of retail stocks stand to benefit more than others as the holiday shopping season gets underway in earnest on Black Friday, if history is any guide. Citigroup analyst Paul Lejuez also pointed to a encouraging consumer spending trends heading into Black Friday. "Overall, our survey paints a favorable picture for holiday spending," Lejeuz wrote late last week. Executives cited strong holiday shopping trends as a tailwind. The company's third-quarter earnings on Tuesday surpassed analyst estimates on the top and bottom line, while Abercrombie also raised its year-over-year sales guidance, signaling strong holiday shopping trends.
Persons: Goldman Sachs, Brooke Roach, Roach, Paul Lejuez, Lejeuz, Fitch, Abercrombie Organizations: Citigroup, CNBC Pro, P Retail, Body, Body Works, Abercrombie, Fitch Locations: Columbus , Ohio
Ashley Green learned that when she was 21 years old: Her mom died suddenly, leaving her with only one picture of them together. The lesson inspired her and her husband Kenny Green to start a clothing company, Kaans Designs, while she was on maternity leave in 2014. Kaans Designs sells matching sets of shirts and apparel made for families' "perfect photo op," according to the company's website. On "Shark Tank," the Greens asked the show's panel of investor judges for $75,000, in exchange for a 15% equity stake in Kaans Designs. Their small business is profitable, they said — making $44,000 last year — and it's appeared on Oprah Winfrey's "favorite things" list twice.
Persons: Ashley Green, Kenny Green, Ashley, Kenny, sweatshirt, it's, Oprah Winfrey's Organizations: Kaans, Greens, CNBC Locations: Fort Wayne , Indiana
U.S. President-elect Donald Trump at a viewing of a test-flight launch of the SpaceX Starship rocket in Brownsville, Texas, Nov. 19, 2024. Brandon Bell | Getty Images News | Getty ImagesAs Inauguration Day nears, investors are trying to unravel what booms or busts lay ahead under President-elect Donald Trump. Yet the energy sector climbed 22.9% under Biden as of Nov. 19, despite the administration's push for renewables and sustainability. As president, Trump is expected to embrace crypto more than any of his predecessors. When Biden won in 2020, there was a lot of panic about the outlook for energy, oil and gas.
Persons: Donald Trump, Brandon Bell, Jeremy Goldberg, Goldberg, Larry Adam, Raymond James, Trump, Adam, Biden, Monty Rakusen, John Murphy, Murphy, Callie Cox, Cox, Greg Iacurci Banks, Jamie Dimon, Andrew Harrer, Brian Spinelli, Halbert Hargrove, Spinelli, David Rea, Lorie Konish, Bill Varie, , — Greg Iacurci Crypto, Kevin Wurm, Matt Apkarian, Apkarian, Christina Lynn, there's, Lynn, — Lorie Konish, Cooper Neill, Joe Biden, Mike Cerasoli, Cerasoli, you'll, — Lorie, Images Trump, Robert F, Kennedy Jr, bode, David Weinstein, Weinstein, Chris Unger, Charles, Vivek Ramaswamy, Greg Iacurci, Thomas Barwick, Ted Decker, Decker, TJ Maxx, Lorraine Hutchinson, — Greg Iacurci, Donald J Organizations: SpaceX, Getty, Trump, Professional Advisory Services, Digitalvision, EV, Biden, Bank of America Securities, Ford, Ritholtz Wealth Management, U.S . Federal, JPMorgan Chase &, White, Bloomberg, CNBC, Salem Investment, Bank, — Greg Iacurci Crypto Republican, Reuters, bitcoin, Liberty Financial, Cerulli Associates, Mariner Wealth, — Lorie Konish Energy, Double Eagle Energy Holdings LLC, Eagle Global Advisors, Images, Department of Health, Human Services, RFK, U.S . Senate, Merck, Pfizer, Dana Investment, Affordable, Publicly, HCA Healthcare, UFC, Madison, Garden, Ufc, Medical, Charles River Laboratories, Food and Drug Administration, of Government, Retailers, Walmart, Marshalls, Google, Twitter, Trump National Golf Club, Washington Post Locations: Brownsville , Texas, California, U.S, Iran, Venezuela, Washington, Long Beach, Calif, Salem, Winston, Salem , North Carolina, Ritholtz, Nashville , Tennessee, cryptocurrency, Lynn, Midland , Texas, Houston, New York, China, North America, HomeGoods, Bedminster , NJ, Jabin
The apparel company issued strong holiday guidance on Tuesday after posting its sixth straight quarter of double-digit sales growth and another quarter of results that topped expectations. For the all-important holiday shopping quarter, Abercrombie is expecting sales growth of 5% to 7%, ahead of the 4.8% growth that analysts had expected, according to LSEG. That new outlook is higher than the 12.1% growth analysts had expected, according to LSEG. The Abercrombie and Hollister brands posted comparable sales growth of 11% and 21%, respectively. Horowitz noted the strong performances lapped growth of 26% for Abercrombie and 7% for Hollister last year.
Persons: Fitch isn't, Mike Jeffries, Abercrombie, Fran Horowitz, Horowitz, Hollister, it's, It's, Donald Trump's, , bullishness Organizations: Abercrombie, Fitch, LSEG, NFL, Hollister, Black, Dick's Locations: Manhattan, New York City, Americas
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAbercrombie & Fitch CEO on earnings beat, state of the consumer and impact of tariffsFran Horowitz, Abercrombie & Fitch Co. CEO, joins 'Money Movers' to discuss the company's q3 earnings, weather impact on retail sector and tariffs.
Persons: Fran Horowitz Organizations: Abercrombie, Fitch, Fitch Co
Jim Cramer rapid fires today's retail earnings
  + stars: | 2024-11-26 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Jim Cramer rapid fires today's retail earnings'Mad Money' host Jim Cramer looks at how today's slate of retail earnings performed.
Persons: Jim Cramer
The latest quarter's earnings and sales fell short of Wall Street analysts' estimates, and the CEO will step down in January. Some analysts had been hoping for weight loss up to 25% in the phase two trial. Zoom earned an adjusted $1.38 per share on $1.18 billion in revenue, against Street estimates of $1.31 in earnings per share and $1.16 billion in revenue. Novo Nordisk , Eli Lilly — The maker of diabetes and weight loss drugs rose between 2% and 5%. The Biden administration introduced a new rule allowing Medicare and Medicaid to the cost of weight loss treatments for Americans suffering from obesity .
Persons: Amgen, Morgan Stanley, Dana, Abercrombie, Bernstein, Donald Trump, Stellantis, Ford, Zoom, Eli Lilly —, Biden, CNBC's Hakyung Kim, Pia Singh, Samantha Subin, Jesse Pound Organizations: Street, HSBC, Franklin Resources, Western Asset Management, Dana Inc, Abercrombie, Fitch, LSEG, Royal Caribbean, Chrysler, General Motors, Energy, FactSet, Zoom Communications, Novo Nordisk Locations: LSEG ., Mexico, Canada
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Abercrombie & Fitch CEO Fran HorowitzFran Horowitz, Abercrombie & Fitch Co. CEO, joins 'Money Movers' to discuss the company's q3 earnings, weather impact on retail sector and tariffs.
Persons: Fran Horowitz Fran Horowitz Organizations: Abercrombie, Fitch, Fitch Co
Kohl's on Tuesday forecast a bigger drop in annual sales than previously expected, a sign the department-store chain is struggling to draw in shoppers as it navigates a CEO change ahead of a promotion-heavy holiday shopping season. "Our third-quarter results did not meet our expectations, as sales remained soft in our apparel and footwear businesses," Kingsbury said. The CEO's surprise departure comes as the company enters the critical holiday shopping period including Black Friday, one of the busiest times of the year for retailers and shoppers. It logged a decrease in comparable sales of 9.3% for the quarter ended Nov. 2, its eleventh consecutive quarter of decline. This is Kohl's third straight quarter with a lowered sales forecast.
Persons: Kingsbury, Kohl's, Tom Kingsbury, Ashley Buchanan, Cos Organizations: Walmart, Michaels Companies, LSEG Locations: Paxton, Harrisburg, Kohl's, Falls , Wisconsin
AdvertisementFormula 1 kicked off the trend in 2006 after allowing private equity firm CVC Capital Partners to purchase it. Then, in 2021, the NBA allowed private equity to own up to 20% of franchises. For example, the value of Major League Soccer (MLS) was up by 1,565%, or almost five times the index. "You've seen many large private equity firms participating in that space over the past five years or longer, and that certainly has seen significant valuation growth. Below is a table from JPMorgan's 2025 outlook report showing private equity funds planned investment themes.
Persons: David Tepper, Steve Cohen, Jay Serpe, Ted Yarbrough, Serpe, You've, JP Morgan, Yarbrough Organizations: Sports, Carolina Panthers, New York Mets, Capital Partners, NBA, JPMorgan Private Bank, Major League Soccer
AdvertisementTrump's second term may not bode well for Chinese fast-fashion brands in the US. Gen Z-favorite brands like Shein and Temu will likely be hit hard by such tariffs. Donald Trump's victory in the presidential election could spell trouble for Chinese fast-fashion brands, particularly Gen Z-favorite budget brands like Shein and Temu. While campaigning this year, Trump said he would impose tariffs of 60% or higher taxes on Chinese products. AdvertisementAnd while Shein has become synonymous with fast fashion produced in China, it's facing rising competition from Temu.
Persons: bode, Gen, Temu, Donald Trump's, Trump, Liu Pengyu, PDD, David Jacks, Jacks, Lei Chen, PDD's, Jeffrey Towson, Emily Pfeiffer, Forrester, Pfeiffer, Jacob Cooke, Vox, Shein, Biden Organizations: National Retail Federation, Singapore's Yale, NUS College, TechMoat Consulting, Towson, Amazon, Bloomberg Locations: China, Bangladesh, Morocco, Temu
Consumers are still in a tough place, says Cowen's Oliver Chen
  + stars: | 2024-11-26 | 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 EmailConsumers are still in a tough place, says Cowen's Oliver ChenOliver Chen, Cowen analyst, joins 'Squawk on the Street' to discuss retail earnings and outlook for the sector with the upcoming holiday season.
Persons: Cowen's Oliver Chen Oliver Chen, Cowen Organizations: Consumers
While economists say this holiday shopping season could ultimately be the most normal one (sales-wise) since before the pandemic, it’s also decked out with plenty of uncertainty. While it would set a new record as well (keep in mind, those figures aren’t adjusted for inflation), this holiday season might be a little more muted than last. A shortened holiday seasonA short shopping season, however, may force the hands of retailers who are looking to hold back on deep promotions. This year, there are 26 days between Thanksgiving and Christmas, marking the shortest holiday shopping season possible. Courtesy Dan MarshallMarshall remains quite optimistic that Mischief will enjoy yet another strong Black Friday, Small Business Saturday and, ultimately, holiday season.
Persons: It’s, it’s, , Neil Saunders, “ it’s, Frederic J . Brown, TJ Maxx, Scrooge ‘, Saunders, ” Franklin Bracken, Locker, Bing Guan, ” Bracken, Jeffrey Davidson, , ” Davidson, Shannon Grein, “ It’s, Seth Wenig, TransUnion, Charlie Wise, TransUnion’s, Wise, Brendan McDermid, Dan Marshall, Marshall, Dan Marshall Marshall, “ We’re, , they’ll Organizations: CNN, B Department, Jersey Shore, National Retail Federation, GlobalData, Getty, Walmart, Target, Goldman, Global Retailing Conference, Bloomberg, Black, University of Michigan, Reuters, November’s University of Michigan, University of Locations: Jersey, Las Vegas , Nevada, AFP, New York, New Jersey, Wells Fargo, Ramsey , New Jersey, Wells, New York City, Oxford, St, Paul , Minnesota
BBY YTD mountain Best Buy YTD These were not the results we wanted from Best Buy, but they are the numbers we had expected. Best Buy stock below $80 would push the dividend yield up to just under 5% — a nice payout for our patience. We still believe in the stock because Best Buy should benefit once mortgages drop and housing turnover picks up. Best Buy Why we own : We believe Best Buy will prove to be a go-to destination for consumers looking to upgrade hardware, much of which was purchased during Covid, to new AI-powered devices. In the Best Buy app, the company also launched the "Best Buy Gift Finder," an AI-powered gifting guide to help consumers find new products.
Persons: Jim Cramer, it's, Donald Trump, Jim, Corie Barry, Barry, Matthew Bilunas, Jim Cramer's, David Paul Morris Organizations: Revenue, LSEG, Target, Walmart, Amazon, Costco, Enterprise, Black, Microsoft, Meta, Management, CNBC, Bloomberg, Getty Locations: Tuesday's, Union City , California
Nordstrom on Tuesday beat Wall Street's quarterly sales expectations, as revenue grew about 4% year over year from shoppers buying clothing, shoes and activewear at both the company's namesake department store and its off-price chain. Compared with the second quarter, women's apparel, shoes and men's apparel sales in the fiscal third quarter also grew sequentially. Comparable sales increased 4% across Nordstrom's two brands, its namesake and its off-price chain, Nordstrom Rack. That easily topped analysts' expectations for 0.7% gains in comparable sales, according to StreetAccount. Nordstrom's sales growth, while modest, is notable at a time when sales of discretionary merchandise and the luxury category have been under pressure.
Persons: Nordstrom, Erik Nordstorm, we're, we'll, we've, Erik Nordstrom, Peter Nordstrom Organizations: LSEG, Nordstrom, Retailers, Walmart, El Puerto de Liverpool Locations: Chicago , Illinois, Seattle, Mexican, El Puerto
The off-mall department store’s current CEO Tom Kingsbury is stepping down effective Jan. 15. Michaels CEO Ashley Buchanan will take over the top job at Kohl’s as Kingsbury departs, after leading the crafting retailer since 2020. While Kohl’s off-mall physical format has insulated it a bit more than other department stores, it has had a difficult several years. Kingsbury took over as CEO after Michelle Gass left Kohl’s to become president and then eventual CEO of Levi Strauss. Kingsbury had been a member of the Kohl’s board since 2021.
Persons: Kohl’s, Tom Kingsbury, Michaels, Ashley Buchanan, Kingsbury, Buchanan, Kohl’s doesn’t, Kingsbury hasn’t, Michelle Gass, Levi Strauss Organizations: Walmart, Sam’s Club, Walmart U.S, Sam’s, Burlington Stores Locations: Kohl’s
NBC News is helping shoppers answer those questions by tracking the online prices of five popular gift items in major categories this season. Second, retailers change prices regularly, making unannounced price cuts on various items all the time. Take the AirPods and the Ninja coffee maker, for example: This past weekend, both hit their lowest online prices since NBC News began tracking them months ago. Overall spending is projected to increase by 7% to an average of $1,638 per shopper this holiday season, according to PwC. The company foresees holiday discounts roughly as deep as those on offer last year but a “much stronger reaction from the consumer,” according to Adobe lead digital analyst Vivek Pandya.
Persons: Ninja, we’ve, Trae Bodge, PwC, Vivek Pandya, , ” Pandya, Pandya Organizations: NBC, Consumer, Wired, Apple, Apple AirPods, Apparel, Reebok, Amazon, Target, Walmart, Amazon’s, NBC News, Keepa Reebok, Keepa, Adobe, Deloitte, Black Locations: Zappos
Macy’s on Monday said an employee responsible for managing accounting for small package deliveries concealed up to $154 million in expenses over the course of nearly three years. Macy's said it discovered the issue while preparing its financial report for the three-month period ending Nov. 2. The company said the employee, who was responsible for the accounting of small package delivery expenses, "intentionally made erroneous accounting accrual entries" to hide about $132 million to $154 million from the fourth quarter of 2021 through the most recently completed quarter. The independent investigation hasn't identified any other Macy's employee, the company said. The move will leave 350 Macy’s locations, as well as Bloomingdale’s and Bluemercury beauty and skin care stores, which the company said have been “outperformers” within the Macy’s portfolio.
Persons: Macy’s, didn't, Macy's, Tony Spring Organizations: Inc
Bird flu has been detected in a batch of raw milk sold in California stores and the state’s department of public health said Sunday that the public should not drink it. No one has become sick nor contracted the disease from this lot of raw milk, the California Department of Public Health (CDPH) noted. Raw FarmUnlike most milk sold in stores, raw milk has not been pasteurized, a process that includes heating to a high temperature to kill harmful germs and viruses. The CDPH said that drinking or inhaling raw milk with bird flu virus may lead to illness. Further, touching your eyes, nose or mouth with unwashed hands after touching raw milk with bird flu virus may also lead to infection.
Persons: it’s, Robert F, Kennedy Jr, Donald Trump, Gwyneth Paltrow Organizations: California Department of Public Health, Centers for Disease Control, Prevention, Department of Health, Human Services, Food, Raw, Santa Clara Public Health Laboratory, California Animal Health, Food Safety Laboratory, California Department of Food, Agriculture, RAW, CDFA, California State, NBC Locations: California, Fresno County
As EV sales slowed this year, major automakers had to reckon with their lofty goals and adjust for shifting customer bases. Toyota, which was once criticized for its slow adoption of EV technology, is now enjoying big increases in hybrid sales. That is elevating the brand's cache among green-car shoppers in general, with Toyota often at the top of brand considerations for EV shoppers today. The company has said that Ford's hybrid cars are converting more car buyers than any other segment. AdvertisementFord also announced plans in August to replace two electric three-row SUVs with hybrid models.
Persons: they're, Ford, Kelley, Donald Trump, Trump, Biden, Elon Musk, Trump's Organizations: EV, Automotive, Companies, Tesla, Toyota, Ford, JD Power, GM, North, P Global Mobility Locations: North American
India's antitrust body has turned down a request from Apple to put a hold on an investigation report which found the company breached competition laws, allowing the case to continue, an internal order from the regulator seen by Reuters showed. The CCI internal order showed that Apple alleged in November that the main complainant in the antitrust investigation—the Indian non-profit Together We Fight Society (TWFS)—had not complied with the directives to give an assurance that the old investigation reports had been destroyed. Apple asked the CCI "to take action against TWFS for non-compliance with its order" and "to withhold the revised" report, the CCI order, dated Nov. 13, seen by Reuters showed. "Apple's request to hold the investigation report in abeyance was deemed untenable," the CCI said in the order. The CCI's senior officials will review the investigation report and make a final ruling on the case.
Persons: Apple, , TWFS Organizations: Apple, Reuters, of India, Society Locations: Mumbai, India
Every four years, the holiday season is a little more challenging for retailers as consumers get distracted by the selection of the next U.S. president. Citigroup analyst Paul Lejuez expects consumers will spend an average of 13% more this holiday season based on the findings of the bank's consumer survey. "Consumer wallets remain constrained, macro/geopolitical uncertainty persists and the shorter holiday season (five fewer days and Christmas on a Wednesday)," will weigh on spending, analyst Christopher Horvers said. TGT 3M mountain Target shares over the past three months. Sensormatic Solutions, which tracks foot traffic at stores, is predicting that Black Friday will be the busiest shopping day this holiday season, but also expects a lot of last-minute shopping this year.
Persons: Paul Lejuez, Lejuez, Christopher Horvers, Horvers, Circana, they'll, Marshal Cohen, Cohen, Morgan Stanley, Alex Straton, it's, Straton Organizations: Citigroup, National Retail Federation, Target, Dick's Sporting Goods, Academy Sports, Walmart, Circana, Black, Morgan, Nike, Depot, Home Depot Locations: Minneapolis
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