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Dollar General bets on old boss’s old magic
  + stars: | 2023-10-13 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Oct 13 (Reuters Breakingviews) - Dollar General (DG.N) is reaching back to happier days. In that time, shares plummeted 60%, compared to rival Dollar Tree’s (DLTR.O) gentler decline of roughly a fifth. Meanwhile, Dollar General has repeatedly missed analyst expectations as net profit margin fell from nearly 7% to estimates of 3% for this quarter, according to LSEG. Under his previous stint from 2015 until 2022, shares returned an annualized 19%, beating Dollar Tree, Walmart (WMT.N) and Big Lots (BIG.N). Dollar General faces plenty of challenges shared by all retailers, from rising wages to shifting consumer spending.
Persons: Todd Vasos, Jeff Owen, Vasos, Walt Disney, Bob Iger, Howard Schultz, outperforming, doesn’t, Jennifer Saba, Larry Fink, Uncle Sam, Jonathan Guilford, Sharon Lam Organizations: Reuters, Walmart, Walt, Starbucks, X, Infosys, Thomson Locations: Europe
Shares closed nearly 30% higher on Rivian’s first day of trading. Investors’ money wasn’t tied to making loan payments as much, so they could invest more in the stock market. All in all, the US IPO market fell 94.8% to $8 billion in 2022, a 32-year low. Fast forward to 2023Even though the Fed continued to raise interest rates, the stock market started to get out of its slump, and suddenly the IPO market came out of hibernation. Sometimes companies even purposefully set their IPO prices low so investors get super excited and rush to buy shares, boosting the prices up.
Persons: CNN Business ’, They’ve, Paul La Monica, Bumble, wasn’t, Jerome Powell et, Ferris, shindig, Birkenstock, you’re, Nightcap Organizations: CNN Business, CNN, Federal Reserve, Treasury
Members of the Writers Guild of America and the Screen Actors Guild walk a picket line on Day 1 outside NBC Universal in New York City on July 14, 2023. Forget about a Hollywood ending for actors and studios — for now. After just under two weeks, negotiations between the Screen Actors Guild-American Federation of Television and Radio Artists and the Alliance of Motion Picture and Television Producers broke down Wednesday night. It appears that wages and artificial intelligence protections remain sticking points between actors and studios. With the dissolution of talks, the strike will rage on, disrupting marketing campaigns and preventing production from commencing on a significant portion of Hollywood's film and television projects.
Persons: Jimmy Fallon, Jimmy Kimmel, Seth Meyers, Stephen Colbert, John Oliver Organizations: Writers Guild of America, Screen, NBC Universal, , American Federation of Television, Radio Artists, Alliance, Television Producers, SAG, WGA Locations: New York City
Hedge fund investor Dan Niles sees a buying opportunity in small-cap and consumer staples stocks right now. The Russell 2000 , the barometer for small-cap stocks, is now up about 1% in 2023. .RUT YTD mountain Russell 2000 year to date He is also in consumer staples stocks, which gives him a little bit of defense as well, he said. The fourth-largest weighting in Satori Fund's consumer staples basket is PepsiCo , Niles said. Niles' tech picks Meanwhile, Niles sees an uphill battle for big tech.
Persons: Dan Niles, Russell, Niles Organizations: PepsiCo, Pepsi, Microsoft, Nvidia, Apple Locations: Israel, U.S
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Persons: Dow Jones
Its revenue was $95.7 million in 2018 according to its S-1 filing, has projected revenue of $2.6 billion by the end of this year, and has said it aims to hit $10 billion in revenue by 2029. But as the data giant zeroes in on connecting with developers across industries, Persson has also expanded Snowflake's outreach, for instance, with a YouTube channel for developers , established eight months ago. Closing larger deals will be a major factor if Snowflake hits its ambitious $10 billion revenue goal. Snowflake plans to get 1,400 customers spending more than $1 million by 2029, company CFO Michael Scarpelli said during an investor event last year. "A lot of companies get stuck at $100 million," Persson said.
Persons: Denise Persson, Persson, There's, Salesforce, Gregg Moskowitz, Snowflake, Michael Scarpelli, Moskowitz Organizations: Amazon, LinkedIn, Companies Locations: Silicon Valley, Snowflake, New York, Mumbai, Stockholm
After September lived up to its reputation as the worst month of the year, bulls are hopeful earnings will prove a welcome distraction for a stock market mired in weak seasonal trends and rising interest rates. "Net net, the earnings estimates for these early reporters are going up, and that is a positive sign for earnings season," Earnings Scout founder and CEO Nick Raich from told me. Valuations are coming down but are still high The forward multiple for the S & P 500 (Q4 2023, and Q1-Q3 for 2024) is 17.9. For example, industrials have seen a significant decline in earnings estimates due to very large estimate declines for Boeing. Bulls hopeful earnings will prove a welcome distraction The expectations for rising earnings has many hopeful that it will help get stocks out of their recent rut due to rising interest rates.
Persons: Nick Raich, John Butters, Nicholas Colas, Raich Organizations: JPMorgan, FedEx, Oracle, Darden, Costco, Pepsi, General Motors, Ford, Netflix, NVIDIA, Apple, Intel, Boeing, Southwest Airlines, American Airlines, United Parcel Service Locations: AutoZone, Horton
The next full moon will be a harvest moon, rising on September 29. AdvertisementAdvertisementSeptember: harvest moon, "corn moon," "barley moon"Amish people harvest corn in Maryland. A harvest moon sometimes occurs in October (the moon doesn't follow the Gregorian calendar), but it's always the full moon closest to the autumnal equinox. The next worm moon: March 25, 2024April: "pink moon," "sprouting grass moon," "egg moon," "fish moon"Wildflowers along the California coastline in Big Sur at sunset. AdvertisementAdvertisementThe next seasonal blue moon: August 19, 2024The next monthly blue moon: August 19, 2024
Persons: It's, , Patrick Hartigan, Mark Wilson, it's, Shamil Zhumatov, Eddie Keog, what's, Jeff R Clow, Andy ClarkREUTERS, John Moore, Mike Segar, Charlie Baker, Brian Snyder, that's, Mike Blake, Toby Talbot, Mead, Toby Melville Deer, Matt Balazik, Steve Helber, Champlain, Paul Hanna Supermoons, Andrew Lichtenstein Organizations: Service, Rice University, Reuters, North, Getty, Beavers, REUTERS, Former, NASA, AP, Astronomical Union Locations: Maryland, Moscow, Russia, North America, Europe, New England, Superior, Colonial, Stokenchurch, England, Lake Louise , Alberta, Irvington , New York, Former Massachusetts, Hollis Hill, Fitchburg , Massachusetts, Algonquin, California, Big Sur, Calais , Vermont, Richmond Park, London, Britain, Alaska, James, Charles City , Virginia
Whether that's just simply relative PE or our more complicated relative valuation model," DeSanctis said. Still, he added that small caps have struggled to escape the headwinds from the regional banking crisis earlier in the year. How to play small caps There's one sector both Wolfe's Ginsberg and DeSanctis like when it comes to small caps: energy. He added that small caps in the cyclicals market have traded under 13 times earnings — and better than secular growth names. "I think a lot of stuff has already been priced into small cap stocks," said DeSanctis.
Persons: Russell, BTIG, Wolfe, Rob Ginsberg, Ginsberg, We're, Jefferies, Steven DeSanctis, that's, DeSanctis, Wolfe's Ginsberg, Michael Bloom Organizations: Nasdaq, Wolfe Research, Energy
Robinhood is laying off more employees and reorganizing teams as part of a new focus on credit cards as the company tries to mitigate a shrinking user base, insiders say. In June, Robinhood announced plans to acquire no-fee credit card startup X1 for $95 million. Credit cards are much higher-margin products than stock-trading and generally less exposed to volatile markets. X1 and Robinhood's future in credit cards were the focus of the company's last all-employee meeting, the person said. The layoff was widely reported, but audio of an all-hands meeting reviewed by Insider recently showed ongoing cuts have been deeper .
Persons: Robinhood, we've, Vlad Tenev, Tenev Organizations: Robinhood, JPMorgan, Menlo, Say Technologies, TechCrunch Locations: , California
Miami-based ETF sponsor Defiance ETFs LLC launched the Defiance Nasdaq-100 Enhanced Option Income ETF on Thursday, the first ETF to use daily options income generation, the ETF sponsor said in a press release. The ETF seeks to tap into the dual popularity of short-dated options contracts and the heightened interest in ETFs that seek to generate income through a combination of selling options and investing in U.S. large cap stocks. Investors have also flocked to ETFs that look to generate income and reduce portfolio volatility by selling options against stocks. One such ETF - the JPMorgan Equity Premium Income ETF (JEPI.P) - has grown its assets to about $29.5 billion from about $12.4 billion a year ago. Defiance ETFs is set to launch two other ETFs - the Defiance S&P 500 Enhanced Options Income ETF and Defiance R2000 Enhanced Options Income ETF , which will employ a similar strategy with exposure to the S&P 500 (.SPX) and the Russell 2000 Indexes (.RUT), respectively.
Persons: Sylvia Jablonski, QQQY, Lois Gregson, Gregson, Russell, Seth Golden, Golden, Saqib Iqbal Ahmed, Richard Chang, Ira Iosebashvili, Daniel Wallis Organizations: Defiance, Investors, JPMorgan, FactSet Research Systems, Finom, Thomson Locations: Miami
I’VE ALWAYS hated dress shoes and, while it lasted, the professional obligation to submit to their sadism. Like many men, I used the pandemic to banish those Italian-leather C-clamps from my closet—and wear nothing but considerate sneakers. But once my office life in Manhattan resumed, that day-in-day-out sneaker rut began to feel schlubbly. I craved more formality. I did not crave pain.
Persons: I’VE Locations: Manhattan
What China’s new smartphone means for Wall Street
  + stars: | 2023-09-11 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +9 min
Huawei’s feat could mean that Chinese technology has been progressing much faster than previously thought. Before the Bell spoke to Zino about what’s happening and what it means for Wall Street. Huawei’s new smartphone uses an internally developed, very powerful chip that’s manufactured by the Semiconductor Manufacturing International Corporation (SMIC), a partially state-owned Chinese semiconductor foundry. In the long term, this is probably a good thing for the leading semiconductor companies like Nvidia (NVDA) and Qualcomm (QCOM). Furniture companies are in a rutPeople aren’t buying furniture like they used to, reports my colleague Samantha Delouya.
Persons: there’s, Mike Gallagher, Michael McCaul, Angelo Zino, Bell, There’s, they’ve, They’ve, it’s, Anna Cooban, Samantha Delouya, Hooker, , ” Williams, Laura Alber Organizations: CNN Business, Bell, New York CNN —, Huawei, House, Skyworks, Materials, Semiconductor Manufacturing International Corporation, Nvidia, Qualcomm, Intel, Federal Reserve, West Elm Locations: New York, China, Taiwan, Korea, United States, Asia, Saudi Arabia, Europe, Virginia, Wayfair, Williams, Sonoma
CNN —People aren’t buying furniture like they used to. Last week, a pair of furniture retailers said they are experiencing a massive sales slump compared to last year. On Friday, shares of RH (RH) fell 16%, while Hooker Furnishings (HOFT) dropped 17%. The two companies are the latest in a growing list of furniture retailers seeing a slowdown after years of growth fueled by pandemic-era stay-at-home trends. Wayfair, an online furniture seller, saw its second-quarter revenue decline 3.4%, and La-Z-Boy, a furniture manufacturer, reported a 20% drop in sales in August.
Persons: Hooker, David L, Ryan, ” Williams, Laura Alber, Brad Thomas, ” Thomas, , Gary Friedman, Thomas, Bob Williams, Chris Moye, ” Hooker, Jeremy Hoff, Organizations: CNN, West Elm, Boston Globe, KeyBanc, Home, Target, Mortgage, Association Locations: Virginia, Wayfair, Williams, Sonoma, Lynnfield
REUTERS/Brendan McDermid Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Rising U.S. business bankruptcies may raise a red flag in what otherwise appears like an economy now impervious to rising interest rates. Commenting on the numbers, insolvency research organisation ABI blamed elevated interest rates, price inflation and a resumption of student loan payments as just some of the headwinds causing stress. That partly mirrors some of built-in household resilience to rising rates related to long-term fixed-rate borrowings and still-high cash savings that now earn significantly higher rates of interest now too. And that 10% - accounting for more than 60% of index market cap - had seen no rise in net interest payments so far in the Fed campaign. But creeping insolvencies among the smaller firms - many of whom have been dubbed 'zombies' for years due to their survival solely on low interest rates - may be a better reflection of what's starting to happen at the coalface of the economy.
Persons: Brendan McDermid, Albert Edwards, Edwards, Andrew Lapthorne, Russell, NFIB, Mike Dolan, Josie Kao Organizations: New York Stock Exchange, REUTERS, Yellow Corp, P Global Market Intelligence, Reuters, Societe Generale, Fed, National Federation of Independent Business, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, midyear
Germany’s Economic Rut Gets Deeper
  + stars: | 2023-09-07 | by ( Paul Hannon | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
“We were very fully making a ’70s movie,” Payne says, recently speaking by phone from his desk in Omaha, Nebraska. Payne, 62, shot “The Holdovers,” set at a New England boarding school, largely with filmmaking equipment and camera lenses from that period. “We were trying to play the exercise of: We are in 1970 making this movie,” he says. I told (screenwriter) David Hemingson: ‘We’re writing for Paul Giamatti. But as long-term and ’70s-oriented as making “The Holdovers” was, it struck Payne as a contemporary story, too.
Persons: Alexander Payne, ” Payne, Payne, , he’s, , Paul Giamatti, Giamatti, Paul Hunham, Hunham, Payne pares, Angus, Dominic Sessa, Mary, Da’Vine Joy Randolph, Barton, , David Hemingson, That’s, aspersions, Randolph, Cessa, hadn’t, , Dominic, ” Cessa, you’d, He’s, ” Payne’s, Marcel Pagnol, “ Trump, Nixon, Marx, Jake Coyle Organizations: curmudgeonly Barton Academy, Deerfield Academy, Jesuit, Twitter Locations: Omaha , Nebraska, New England, Hunham, Vietnam, jostle, Western Massachusetts, New York, “ Nebraska
The downturn in the US housing market isn't ending anytime soon, Fannie Mae warned. That's because mortgage rates are set to stay elevated if the US avoids a recession. The government-sponsored mortgage giant highlighted the stagnant US housing market, with existing home sales down 18.9% year per-year in June, according to Fannie Mae's estimate. That slowdown has largely been spurred by high mortgage rates, which have pushed buyers and sellers out of the market. AdvertisementAdvertisementExperts say housing conditions are unlikely to improve until mortgage rates dial back to the 5% range.
Persons: Fannie Mae, Fannie Mae's Organizations: Service, Mortgage News Locations: Wall, Silicon
Rangers host Angels, try for another home sweep
  + stars: | 2023-08-16 | by ( Field Level Media | ) www.reuters.com   time to read: +3 min
August 16 - The Texas Rangers will try for their fifth three-game sweep at home since the All-Star break when they host the Los Angeles Angels on Wednesday night in Arlington, Texas. The Angels, meanwhile, have gone 3-11 this month to fall three games under .500 for the first time this season. Detmers (2-9, 5.27 ERA) found his rhythm in June, allowing seven runs in a five-start span, but then things went south. Overall, he's 1-2 in seven career starts against the Rangers with a 4.75 ERA. Gray is 2-0 in three career starts against the Angels with a 4.19 ERA.
Persons: Marcus Semien, Corey Seager, We're, Seager, Randal Grichuk, Phil Nevin, Reid Detmers, Nevin, that's, Detmers, Jon Gray, Gray, I've, Mitch Garver Organizations: Texas Rangers, Los Angeles Angels, Angels, Houston Astros, Rangers, San Francisco Giants, Giants, Thomson Locations: Arlington , Texas . Texas, Los Angeles, Texas, Anaheim
It's the costliest time to borrow money as interest rates now stand at 5.5%. Commercial real estate has been particularly damaged by the Fed's rate-hiking campaign. Defaults on commercial real estate loans have hit their highest levels since December 2021. The combination of workers unwilling to return to the office, coupled with the highest interest rates in 22 years, has spelled misery for the sector over the last 18 months. Commercial real estate has been particularly troubled by the Fed's aggressive hiking campaign, which has pushed up interest rates sharply since spring 2022.
Persons: Trepp, Kiran Raichura, we've, it's Organizations: Service, Capital Economics Locations: Wall, Silicon, delinquencies
REUTERS/Kai Pfaffenbach/File PhotoFRANKFURT, July 27 (Reuters) - New construction plunged in Germany during the first half of the year, data on Thursday showed, the latest sign of stress in the property market of Europe's largest economy. The data underscore a steep rut that dominates the nation's real-estate sector in its worst crisis in decades. "There's strong caution in project development," said Sven Carstensen, chief executive of Bulwiengesa. The nation's property industry will ask the government for multi-billion euro support at a meeting with Chancellor Olaf Scholz in September, Reuters reported last week. "The situation is dramatic," said Jan-Marco Luczak, a parliamentarian who has pushed for a property tax cut demanded by industry.
Persons: Kai Pfaffenbach, Sven Carstensen, Chancellor Olaf Scholz, Marco Luczak, Marcus Gwechenberger, Bulwiengesa, Florian Schwalm, EY, Karim Rochdi, Tom Sims, Hugh Lawson Organizations: REUTERS, Bulwiengesa, Reuters, European Central Bank, Thomson Locations: Frankfurt, Germany, FRANKFURT, Frankfurt's
LONDON, July 26 (Reuters) - Even as fears of a 2023 U.S. recession recede and stock market bears concede defeat, there's scant sign of party mode. After wild swings of output, prices, employment, liquidity and interest rates, firm convictions about the precise onset of "technical" recessions - or even previously reliable gauges of bull and bear markets - have all become a bit suspect. Whether on a domestic or global scale, aggregate views of the economy, or stock market, right now are likely misleading. A bull to bear market and back again in little over 18 months - or so it seems. SP 500 2023 YTD THROUGH JULY 21BLUNTEDChief among the puzzles is the variable impact of sharply higher interest rates on both households and firms.
Persons: Morgan Stanley's, Mike Wilson, Wilson, Morgan Stanley, Andrew Lapthorne, Russell, Mike Dolan Organizations: Reuters Graphics, Barclays, International Monetary Fund, Tuesday, eventual, San Francisco Federal Reserve, Generale, Fed, Reuters, Twitter, Thomson Locations: U.S, midyear
CNN —The Women’s World Cup enters its fourth day of fixtures with some of the tournament heavyweights kicking off their campaigns. Sweden takes on South Africa, Women’s World Cup debutant Portugal faces the Netherlands and France plays Jamaica in an action-packed day. In the 2019 Women’s World Cup, Sweden finished third after an impressive tournament, defeating England in the third-place playoff. Banyana Banyana made its Women’s World Cup debut in 2019, losing all three of its group stage games, but will be buoyed by its form since. In 2022, South Africa won the Women’s Africa Cup of Nations for the first time in the nation’s history.
Persons: Gerrit Van Cologne, Kosovare Asllani, Banyana Banyana, Kosovare, Molly Darlington, Vivianne, Lieke Martens, Miedema, Leah Williamson, Andrew Couldridge, Wendie Renard, Corinne Diacre, Eugénie Le Sommer, Hervé Renard, , Bunny ” Shaw, Shaw, Read, Bob Marley Organizations: CNN, Portugal, FOX Sports, Telemundo, Seven Network, Optus Sport, BBC, ITV, FIFA, South Africa, Getty, South, Sweden, England, Africa, of Nations, Reuters, Portugal Portugal, Arsenal, Jamaica France, Olympique Lyonnais Féminin, French, Super League, Manchester City Locations: Sweden, South Africa, Netherlands, France, Jamaica, Australia, United Kingdom, South, Portugal, South Africa Sweden, Africa, Reuters Netherlands, Reuters France, England
A mid-term by-election to replace Johnson is taking place on Thursday, alongside two other by-elections to replace MPs elsewhere in the country. Boris Johnson is seen on a walkabout in Uxbridge in 2020, during his time as prime minister. Inside, the owner told CNN: "They're all the same ... Johnson’s company ran the first major opinion poll ahead of the Uxbridge by-election, which found a solid but assailable eight-point lead for Labour. Labour leader Sir Keir Starmer (far right) and Shadow chancellor Rachel Reeves (right) on a campaign visit with Danny Beales, the local Labour candidate (back center).
Persons: Mike Okoli, , Okoli, Boris Johnson –, Johnson, , ” Okoli, Rob Picheta, CNN Johnson, Manoj Supeda, I’ve, hasn’t, , ’ He’s, Supeda, Johnson’s, ” Supeda, “ It’s, ” Manoj Supeda, Tony Blair, Labour's, Brexit, CNN Okoli, he’s, “ I’ve, Sonia Caetano, Boris Johnson, Stefan Rousseau, there’s, ” Caetano, Danny Beales, We've, Caetano, Keir Starmer, Steve Reed, Piers Corbyn, Jeremy Corbyn, Steve Tuckwell, ” Tuckwell, Reed, ” Reed, They’re, Mick, Starmer, “ We’re, we’re, ” James Johnson, Theresa May’s, Sir Keir Starmer, Rachel Reeves, ” Tracy Peabody Organizations: United Kingdom CNN, European Union, CNN, Labour Party –, Tories, Labour, Conservatives, Britain, Uxbridge, Beales, London’s Labour, Conservative, Hillingdon Hospital, CNN ‘ Labour, , Press Association Locations: Uxbridge, United Kingdom, Nigeria, Caribbean, London, South Ruislip, Britain, , Okoli, Portuguese, Yiewsley, Portugal, Covid, Ukraine, Hillingdon, Ruislip Manor
Second-biggest token Ether had its best session since March and Ripple , which a U.S. judge ruled could be legally sold on public crypto exchanges, soared 73%. "The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. He said further cases would probably shed more light on how courts will treat private crypto offerings. The world's biggest asset manager, BlackRock (BLK.N), filed to launch a bitcoin exchange traded fund last month and earlier in July exchange operator Cboe (CBOE.Z) refreshed its filing for a similar fund to be run by asset manager Fidelity. "For the first time in a while, it's been consistently positive news coming though and that means you've got momentum."
Persons: Bitcoin, Matthew Dibb, Justin d'Anethan, Greg Moritz, FTX, Sam Bankman, Alex Mashinsky, We'd, Chris Weston, it's, Vidya Ranganathan, Simon Cameron, Moore Organizations: Capital, BlackRock, Fidelity, Investors, Solana, Commodity Futures, Commission, Tab, Traders, U.S, SEC, Thomson Locations: SINGAPORE, U.S, Asia, Keyrock, Hong Kong, reining, China, noncomplicance, Melbourne, Singapore
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