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☆ US pharmacy chains gear up to administer updated COVID shots
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsSept 13 (Reuters) - Drugstore chains CVS Health (CVS.N) and Walgreens Boots Alliance (WBA.O) said on Wednesday that updated COVID-19 vaccines would be available at their stores as soon as this week. The U.S. Centers for Disease Control and Prevention (CDC) director on Tuesday signed off on broad use of updated COVID-19 vaccines, arming a push to align the next round of shots more closely with the circulating variant of the virus, much like annual flu shots are designed. The U.S. Food and Drug Administration has approved an updated vaccine made by Pfizer (PFE.N) and its German partner BioNTech (22UAy.DE) as well as one by Moderna (MRNA.O) for people ages 12 and above. The agency has also authorized the shots for emergency use in children ages 6 months through 11 years. Walgreens said it would start taking appointments for the updated vaccines from Monday, but could begin earlier appointments as stores receive vaccines this week.

Persons: Luis S, Solano, Victor Walchirk, Kamil Krzaczynski, BioNTech, Christy Santhosh, Devika Organizations: Pfizer, Victor, REUTERS, Walgreens Boots Alliance, U.S . Centers for Disease Control, Prevention, U.S . Food, Drug Administration, Moderna, Walgreens, Rite, CVS, Retail, Walmart, Thomson Locations: Evanston , Illinois, U.S, Bengaluru

Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. Of that, QIA last month announced a $1 billion investment and KKR & Co (KKR.N) this week $250 million. Reliance sold a 10.09% stake in its retail unit in 2020, valuing it at 4.68 trillion rupees ($56.4 billion). When ADIA invested in Reliance Retail in 2020, it said it was part of its strategy of targeting market leading businesses in Asia linked to the region's consumption-driven growth. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Singapore's GIC, Mukesh Ambani, QIA, ADIA, PIF, Marks, Spencer, Ambani, Sriram, Aditya Kalra, Yantoultra Ngui, Alexander Smith Organizations: Reliance, Asia's, Reuters, KKR, Co, Abu Dhabi Investment Authority, Saudi Arabia's Public Investment Fund, Reliance Industries, Reliance Retail, Unilever, Thomson Locations: MUMBAI, DELHI, DUBAI, Singapore, Abu Dhabi, Saudi Arabia, GIC, Asia

Flexport CEO Ryan Petersen takes part at the panel discussion "Trade: Now what?" Revolution connects more than 20 Flexport services including freight services, supply chain financing, customs paperwork and product storage, fulfillment and replenishment in a single place. Petersen credited Clark with creating the products for Flexport, but said the company lost focus on customers and expenses during his year as CEO. Flexport released several of Clark's hires but said Parisa Sadrzadeh, who helped build Amazon's delivery network, remains at Flexport overseeing small business products. Flexport bought Shopify's logistics business, including e-commerce fulfillment provider Deliverr, earlier this year.

Persons: Ryan Petersen, Arnd, Sellers, Petersen, Dave Clark, Clark, Flexport, Parisa Sadrzadeh, Shopify, Lisa Baertlein, Lincoln Organizations: REUTERS, Logistics, Walmart, HK, Thomson Locations: Davos, Switzerland, San Francisco, China, Flexport, Los Angeles

The private equity firm's follow-on investment translates into an additional equity stake of 0.25% in Reliance Retail on a fully-diluted basis, taking KKR's total equity stake in the Indian company to 1.42%, the retailer said in a statement on Monday. That year, KKR had invested 55.5 billion rupees ($669.65 million) in Reliance Retail. Morgan Stanley acted as financial adviser to Reliance Retail. Ambani said in 2019 that the group planned to list the retail business in five years. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Maggi, Niharika Kulkarni, Mukesh Ambani's, Jimmy Choo, Spencer, Pret, Ambani, Morgan Stanley, Aditya Kalra, Toby Chopra, Tomasz Janowski, Deepa Babington Organizations: REUTERS, KKR, Co Inc, Retail Ventures, Reliance, Reliance Retail, Saudi Public Investment Fund, General Atlantic, United Arab, Asian, IV, Reuters, Qatar Investment Authority, Unilever, Thomson Locations: Mumbai, India, DELHI, United Arab Emirates

☆ Top Wall Street analysts select these dividend stocks to enhance returns
▼ + stars: | 2023-09-10 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

To that effect, here are five attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. The analyst increased his price target for Verizon stock by $1 to $40, while maintaining AT&T's price target at $17. Also, he expects the prospects for improved free cash flow to lower net debt leverage and support the dividend payments. That said, with expectations of higher cash flow generation, Crum said that "the company should have more flexibility around growing its dividend going forward." (See Hasbro Stock Chart on TipRanks)Dell TechnologiesNext up is Dell (DELL), a maker of IT hardware and infrastructure technology, which rallied after its fiscal second-quarter results far exceeded Wall Street's estimates.

Persons: Hans Vestberg, Brendan McDermid, Wall, Michael Rollins, Rollins, MDT, Rick Wise, Geoff Martha, Wise, Drew Crum, Crum, TipRanks, Amit Daryanani, Daryanani, Dell Organizations: DELL, Verizon, New York Stock Exchange, Analysts, Verizon Communications, Citi, AT, Verizon Hedge, Hasbro, Dell Technologies, Dell, TipRanks, GPU, Walmart, &' $ Locations: New York, U.S

☆ Walmart to explore buying majority stake in ChenMed, Bloomberg reports
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: 1 min

A shopper is seen without a mask after leaving a Walmart store in Bradford, Pennsylvania, U.S. July 20, 2020. REUTERS/Brendan McDermid Acquire Licensing RightsSept 8 (Reuters) - Walmart Inc (WMT.N) is exploring buying a majority stake in ChenMed, a closely held operator of primary care clinics for seniors, Bloomberg News reported on Friday. The companies are in talks for a deal that would value ChenMed at several billion dollars, Bloomberg reported, citing people familiar with the matter. A deal could still be weeks away, the report said, adding that the terms are not finalized and talks could still fall apart. Walmart and ChenMed did not immediately respond to Reuters requests for comment.

Persons: Brendan McDermid, ChenMed, Nilutpal, Will Dunham Organizations: Walmart, REUTERS, Walmart Inc, Bloomberg, Thomson Locations: Bradford , Pennsylvania, U.S, ChenMed, Bengaluru

☆ Kroger settles opioid case, posts net loss on related charge
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Kroger logo is displayed in this illustration taken September 5, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsSept 8 (Reuters) - Kroger (KR.N) reported a quarterly net loss on Friday as the U.S. retailer took a $1.4 billion charge related to a nationwide opioid settlement, sending its shares down as much as 3% in premarket trading. Shares of the supermarket chain, which is merging with smaller rival Albertsons (ACI.N) in a $25-billion deal, were down 1.8% in premarket trade, after its quarterly same-store sales missed market expectations. The Cincinnati, Ohio-based company posted a 1% rise in same-store sales for the second quarter. Reporting by Juveria Tabassum and Savyata Mishra; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Juveria Tabassum, Savyata Mishra, Pooja Desai Organizations: Kroger, REUTERS, Albertsons, Walmart, Thomson Locations: U.S, Cincinnati , Ohio

☆ How much are retailers losing to shrink and theft? In many cases, it's not the main drag on profits
▼ + stars: | 2023-09-08 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

During second-quarter earnings reports in August and September, nearly two dozen retailers said shrink has continued to weigh on profits. During its second quarter earnings call with analysts, the company said shrink was in line with the year-ago period. Over the last few quarters, more and more retailers have called out shrink as a drain on profits and blamed theft for those losses. Others that loosely blame shrink and theft for plummeting profits without providing much more explanation may be trying to obfuscate internal issues, said Lapinsky. Contrary to other retailers, shrink was the largest drag on Ulta's earnings during fiscal 2022, according to a securities filing.

Persons: Lindsey Nicholson, Dick's, Ulta, Sonia Lapinsky, AlixPartners, that's what's, Macy's, CNBC's Courtney Reagan, Jeff Gennette, Gennette, TJX, John Klinger Organizations: Walgreens, Universal, Getty, CNBC, Target, Dick's Sporting Goods, Walmart, Lowe's Locations: Queens , New York

☆ Walmart changes starting pay structure for entry-level store workers
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kamil Krzaczynski Acquire Licensing RightsCompanies Walmart Inc FollowSept 7 (Reuters) - Walmart (WMT.N) is changing the hourly starting wage structure for entry-level store workers, as companies seek to reduce costs in a slowing job market. Deli, auto center and bakery workers will continue to receive higher starting wages as they are higher-skilled roles, she added. The Wall Street Journal, which was the first to report the wage structure changes that went into effect in mid-July, said the changes mean paying some new store workers less than it would have three months ago, citing documents seen by the Journal and store workers. Walmart pays its employees different starting wages based on where the store is based. The new wage structure will not change Walmart's minimum hourly wage of $14 or result in any pay cuts for existing employees, the spokesperson said.

Persons: Kamil Krzaczynski, Anne Hatfield, Hatfield, Walmart's, Ananya Mariam Rajesh, Siddharth Cavale, Maju Samuel, Frances Kerry Organizations: REUTERS, Walmart, Street, Journal, Midwest, Reuters, Thomson Locations: Chicago , Illinois, U.S, United States, Bengaluru, New York

A shopper looks at displayed food at a supermarket ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 22, 2022. "It feels like our consumers are asking for sustainability but they are not looking to compromise on price or quality." Scope 1 refers to a company's direct emissions, Scope 2 to indirect emissions from purchased energy while Scope 3 refers to all other indirect emissions, for example from a company's third-party suppliers. A joint study by consultant McKinsey and data firm NielsenIQ earlier this year found that 78% of U.S. consumers say a sustainable lifestyle is important to them. "We will go our own course as a company, but we have to communicate (with shoppers)."

Persons: Jim Vondruska, Clark, Oriol Margo, Kimberly, Frans Muller, Ahold, Albert Heijn, Richa Naidu, Elaine Hardcastle Organizations: REUTERS, Consumer, Shareholders, Nestle, Walmart, Reuters IMPACT, McKinsey, Thomson Locations: Chicago , Illinois, U.S, Kimberly, London, Netherlands, United States

Its shares had lost almost half their value in the last 12 months prior to news of its exploring a sale. The Irvine, California-based company is being advised by investment bank Qatalyst Partners on its discussions with potential acquirers, which include private equity firms, the sources said. Alteryx shares ended trading on Wednesday up 14% on the news at $34.58. In recent years, Alteryx has transitioned to a subscription-focused business model as part of a strategy to tap into growing demand for data analytics services. In its most recent quarter, Alteryx posted a net loss of $120 million due to higher sales and marketing expenses.

Persons: Alteryx, Dean Stoecker, Qatalyst, Milana Vinn, Nick Zieminski, Stephen Coates Organizations: Alteryx, Microsoft Corp, Oracle Corp, Qatalyst Partners, Insight Partners, Cola, Vodafone Plc, Walmart Inc, Ford Motor Company, North America, Thomson Locations: Irvine , California, Alteryx, New York

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Disney, Walmart, Lowe's, Alphabet and more
▼ + stars: | 2023-09-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

TD Cowen upgrades Domino's to outperform from market perform TD said in its upgrade of the stock that it sees upside to same-store sales. Bernstein reiterates Apple as market perform Bernstein said similarities exist between IBM 10 years ago and Apple today. Morgan Stanley reiterates Walmart as overweight Morgan Stanley sees an attractive risk/reward for Walmart shares. RBC upgrades American Express to outperform from sector perform RBC said the credit card company is "best positioned" to outperform. Jefferies reiterates Alphabet as buy The firm is more bullish on Alphabet shares after the company's recent Google Cloud event.

Persons: TD Cowen, Woodward, Uber, Cantor Fitzgerald, Wells, Bernstein, Morgan Stanley, Goldman Sachs, Lamb Weston, Stryker, Baird, Wolfe, Stifel, Jefferies, GOOGL's, We've Organizations: DIS, Media, Apple, IBM, Walmart, Bank of America, of America, Citi, Technologies, UBS, RBC, Dine Brands, Susquehanna, Barclays, Oracle, Vail Resorts, MTN, Google, Nvidia Locations: U.S, North America

☆ What's open and closed on Labor Day, September 4 holiday
▼ + stars: | 2023-09-03 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Labor Day is here, which means summer is winding down and schools are reopening. The first Monday in September also commemorates the American labor movement and contributions workers have made to the US economy. But if you have errands to run, here are the businesses and institutions that will be open and closed on Monday, September 4. Kena Betancur/VIEWpress/Corbis/Getty ImagesMost Walgreens and CVS (CVS) stores will be open during normal hours as well. CVS (CVS) said to call ahead to local stores as some pharmacy hours may be reduced, and other locations could be closed.

Persons: Kena Organizations: New, New York CNN, Labor, Walmart, Kroger, KR, Costco, Walgreens, CVS, United States Postal Service, FedEx, FedEx Office, Banks Labor, NASDAQ, New York Stock Exchange, Government Federal Locations: New York, Teterboro , New Jersey, State

☆ Back-to-school US spending set to hit record high in 2023
▼ + stars: | 2023-09-01 | by ( Kailyn Rhone | ) www.reuters.com time to read: +4 min

The National Retail Federation, a retail trade group, predicts spending will surpass $135 billion, an increase of more than $24 billion from last year. “The larger the school, the more they are needed,” said Leslie Sparacello, a school superintendent in Austin, Texas, whose former school required clear backpacks. Clear backpacks available on Amazon.com's (AMZN.O) marketplace are priced starting at $9.97, according to its website. A spokesperson said Walmart has recorded an increase in demand for clear backpacks in the last two back-to-school seasons, specifically in Texas, Florida and Mississipi. The company has a separate section for clear backpacks under its backpack category starting at $4.89.

Persons: Mike Blake, jean, ”, Chip West, Melissa Cohen, Polo Ralph Lauren, Nikki Mcneri, Mcneri, Leslie Sparacello, Calvin McDonald, West, Matthew Bilunas, Josie Kao Organizations: REUTERS, National Retail Federation, MBC Consulting, Walmart, Kailyn Rhone, Thomson Locations: Encinitas , California, U.S, Georgia, jorts, Austin , Texas, Canada, Texas , Florida

That implies a potential $2.5 billion investment will be equivalent to a 2.5% stake in the company. "Several marquee global strategic and financial investors have shown strong interest in Reliance Retail. Ambani said in 2019 that the group planned to list the retail business in five years. Reliance Retail has more than 18,000 retail outlets, but also a growing e-commerce operation where it competes with the likes of Amazon (AMZN.O) and Walmart's (WMT.N) Flipkart. Reliance Retail reported a consolidated net profit of 91.81 billion Indian rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Ambani, Mukesh Ambani's, Reliance, Morgan Stanley, QIA, Ambani's, Isha Ambani, Aditya Kalra, Scott Murdoch, Sriram, Munsif Vengattil, Susan Fenton Organizations: Retail Ventures, Reuters, Qatar Investment Authority, India's, Burberry, Reliance, Reliance Retail, KKR, Saudi Public Investment Fund, General Atlantic, United Arab, Unilever, Thomson Locations: SYDNEY, Qatar, U.S, China, United Arab Emirates, New Delhi, Sydney, Mumbai

☆ The divide between retail's winners and losers will be stark this back-to-school season
▼ + stars: | 2023-09-01 | by ( Pia Singh | ) www.cnbc.com time to read: +7 min

Back-to-school spending is expected to reach a record-high of $41.5 billion, according to the National Retail Federation's annual survey . The trends suggest certain retailers will fare better than others, with analysts favoring these stocks for back-to-school. According to a Stifel survey, retro basketball styles from Nike were the most popular choice for back-to-school this year. "These retailers have invested significantly in their private label assortments in recent years and continue to grow penetration," Jefferies analysts wrote in an Aug. 28 note. That could be a warning sign for the holidays as many investors look to back-to-school sales to set the tone for the winter season.

Persons: Morgan Stanley, Jefferies, Doug McMillon, Amazon's, Homegoods, Abercrombie —, Abercrombie, Locker, Stifel Organizations: National, Jefferies, Walmart, Target, Costco, Dollar, Ikea, P, Abercrombie, Fitch, American Eagle Outfitters, Barn Holdings, Nordstrom, Nike, FactSet Locations: U.S, Hollister, Thursday's, Banana

☆ Dollar General shares sink on second annual forecast cut, disappointing investors
▼ + stars: | 2023-08-31 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Dollar General shopping carts are seen outside a store in Mount Rainier, Maryland, U.S., June 1, 2021. The Goodlettsville, Tennessee-based retailer has fallen short of the average analyst forecast for four straight quarters, and on Thursday cut its annual profit and sales targets for the second time this year. The quarter "marks the fourth consecutive guide down for Dollar General, which admittedly creates further uncertainty if we are hitting the bottom yet," said Raymond James analyst Bobby Griffin. "While we expect traffic trends to improve, we do not expect positive traffic until the fourth quarter," CFO Kelly Dilts said. To better compete with rival Dollar Tree and bigger grocer Walmart (WMT.N), Dollar General has been investing to keep prices low for its everyday staples, improve merchandise mix and increase wages.

Persons: Erin Scott, Raymond James, Bobby Griffin, Kelly Dilts, Savyata Mishra, Pooja Desai Organizations: REUTERS, Dollar, Walmart, Thomson Locations: Mount Rainier , Maryland, U.S, , Tennessee, Bengaluru

☆ Plug Power settles with SEC, wins dismissal of lawsuit
▼ + stars: | 2023-08-30 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

The SEC said Plug Power raised more than $5 billion from investors despite the shortcomings. Plug Power did not admit or deny wrongdoing in agreeing to settle. In a related development, U.S. District Judge Edgardo Ramos in Manhattan on Tuesday night dismissed a lawsuit accusing Plug Power of defrauding shareholders, including over a transaction with Amazon.com (AMZN.O), one of its largest customers. Plug Power provides fuel cells for electrically powered forklifts used by companies such as Amazon and Walmart (WMT.N). Plug Power did not immediately respond to requests for comment.

Persons: Jim Bourg, Latham, financials, Edgardo Ramos, Jonathan Stempel, Jonathan Oatis Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, U.S, Securities, District, Walmart, Thomson Locations: Washington, Latham , New York, U.S, Manhattan, New York

☆ Exclusive: Walmart cuts pharmacist pay, hours while workload piles up
▼ + stars: | 2023-08-29 | by ( Siddharth Cavale | ) www.reuters.com time to read: +5 min

Walmart also has agreed to pay $3.1 billion as its share of an opioid-related legal settlement, which is adding to its legal costs this year. For example, a pharmacist could go from an 80-hour, two-week pay period to one lasting 64 or 72 hours, said the source, who attended the meeting and spoke on condition of anonymity. On average, the Bentonville, Arkansas-based retail chain pays its pharmacists more than $140,000 a year, excluding bonuses and incentives, according to Walmart. Earlier this year, Walmart scaled back the operating hours of its pharmacies by two hours at more than 4,500 U.S. stores, amid a shortage of pharmacists and pharmacy technicians that began during the pandemic. SHORTAGE OF PHARMACY TECHNICIANSThe underlying reason that chain drug stores like Walmart are scaling back pharmacists' hours is a shortage of pharmacy technicians, Hogue said.

Persons: haven't, Davey Lavergne, Marilee McInnis, Michael Hogue, Hogue, Siddharth Cavale, Jonathan Oatis, Andy Sullivan Organizations: Walmart, Reuters, Dow Jones Industrial, Health, Wellness, American Pharmacists Association, Pharmacy Workforce Center, Pharmacy, Thomson Locations: Arkansas , Tennessee , Missouri , Alabama, Georgia, Florida, Louisiana, Bentonville , Arkansas, Washington, New York

☆ A mixed picture for retailers as bargain-hunting shoppers pick their spots
▼ + stars: | 2023-08-29 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

A sale sign greets shoppers at a retail store in Carlsbad, California, U.S., May 25, 2023. Sephora "performed exceptionally well" with strength in North America in the first half of the year, the beauty retailer's owner LVMH (LVMH.PA) said last month. Retailers have also flagged the impact from Americans prioritizing experiences like movies, vacations and concerts over discretionary purchases. Tempered forecasts from sportswear retailers Foot Locker (FL.N) and Dick's Sporting Goods (DKS.N) also added to the mixed picture, with Dick's also citing an increase in organized retail crime and theft at stores. Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Edward Jones, Brian Yarbrough, LVMH, Yarbrough, Dick's, Corie Barry, Liza Amlani, We've, Christina Hennington, Deborah Sophia, Sriraj Organizations: REUTERS, Ross Stores, Walmart, Dick's Sporting, Electronics, U.S . Labor Department, Thomson Locations: Carlsbad , California, U.S, North America, Bengaluru

☆ EV startup Canoo names board member Greg Ethridge as CFO
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

Companies Canoo Inc FollowWalmart Inc FollowAug 28 (Reuters) - Electric-vehicle startup Canoo (GOEV.O) on Monday named board member Greg Ethridge as its chief financial officer, succeeding Ken Manget. The company, whose shares have fallen 57% so far this year, said this move was effective immediately. Ethridge has agreed to resign from Canoo's board of directors, a position he has held since 2020, by the end of the year. Canoo has contracts with the U.S. Defense Department for supply of advanced battery packs, Walmart (WMT.N) and National Aeronautics and Space Administration (NASA) for supplying electric vehicles. Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Greg Ethridge, Ken Manget, Ethridge, Manget, Canoo, Jaspreet Singh, Shilpi Majumdar Organizations: Walmart, U.S . Defense Department, National Aeronautics and Space Administration, NASA, Thomson Locations: Bengaluru

☆ Here are Monday's biggest analyst calls: Tesla, Netflix, Disney, Amazon, Alphabet, Nike, Costco & more
▼ + stars: | 2023-08-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

UBS reiterates Netflix as buy UBS said it's standing by its buy rating on shares of the streaming giant. Morgan Stanley reiterates Ambarella as overweight Morgan Stanley said it's bullish on shares of the semiconductor company heading into earnings this week. " UBS reiterates Disney as buy UBS said it's standing by its buy rating on shares of the entertainment giant. Morgan Stanley downgrades CrowdStrike to equal weight from overweight Morgan Stanley said it's cautious heading into earnings later this week. Morgan Stanley names LifeStance Health Group a top pick Morgan Stanley said shares of the behavioral health company are compelling.

Persons: Tesla, Canaccord, it's bullish, it's, Morgan Stanley, Ambarella, JMP, Piper Sandler, Piper, Bernstein, L3Harris, Evercore, Jefferies, Morgan Stanley downgrades CrowdStrike, Zimmer, BTIG, Wells, Dwight, Truist, Wolfe, Stifel, defensives Organizations: UBS, Netflix, Disney, Pagaya Technologies, MCW, OW, JetBlue, " Bank of America, Bank of America, Akero Therapeutics, RBC, Tetra Tech, Tech, Amazon, LifeStance Health, Mobility, UGI Corporation, TAM, Nike, NIKE, Endeavor Group, Media, Entertainment, Costco, AutoZone, Walmart Locations: China, Underperform, ORLY

☆ Canada probing Walmart, Hugo Boss over allegations of forced labor in supply chains
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mario Anzuoni//File Photo Acquire Licensing RightsOTTAWA, Aug 24 (Reuters) - Canada's corporate ethics watchdog on Thursday announced investigations into the Canadian units of Walmart (WMT.N) and Hugo Boss (BOSSn.DE) to probe allegations of Uyghur forced labor in the companies' supply chains and operations. The Canadian Ombudsperson for Responsible Enterprise (CORE) said it had published an initial assessment report after complaints filed by a coalition of 28 civil society organizations in June 2022. CORE will also investigate the Canadian unit of fashion firm Diesel, which is owned by Italy's OTB (OTB.L). In March, a U.N. committee said it was concerned about China's treatment of its Muslim minority, including the use of forced labor against Uyghurs. CORE was launched in 2019 to monitor and investigate human rights abuses, mainly by Canadian garment, mining and oil and gas companies operating abroad.

Persons: Mario Anzuoni, Hugo Boss, Italy's OTB, Ralph Lauren, RL.N, Sheri Meyerhoffer, CORE's Ombudsperson, David Ljunggren, Jonathan Oatis Organizations: Walmart, REUTERS, Rights OTTAWA, Responsible Enterprise, Diesel, Nike Canada, CORE, Thomson Locations: Rosemead , California, U.S, China

A Home Depot store is shown in the Little Havana neighborhood in Miami, Florida, September 18, 2015. "Mega-retailers are returning to 'just-in-time' inventory strategies, killing the 'just in case' promise of the pandemic's supply chain snarl," said Susquehanna analyst Bascome Majors. During the second quarter, the Big 4 retailers combined reduced inventories by 4%, the largest quarter-over-quarter drawdown since 2015, Majors said in a client note. No longer swimming in unsold merchandise puts them in a better position to bring in new seasonal goods for the all-important peak holiday season. Despite enthusiasm for new seasonal products, retailers remain cautious.

Persons: Joe Skipper, Bascome Majors, Majors, Susquehanna's Majors, Lisa Baertlein, Bill Berkrot Organizations: REUTERS, Susquehanna, Walmart, Big, Thomson Locations: Little Havana, Miami , Florida, U.S, United States, splurging, Los Angeles

☆ Will Macy’s, Nordstrom merchandise overhauls lure shoppers?
▼ + stars: | 2023-08-21 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

In an effort to boost sales, Macy's - which reports second-quarter results on Tuesday - has focused on revamping its private brands, including its new On 34th label launched in July. Analysts expect Macy's to post a 87% slide in second-quarter profit, dragged down by heavy discounting to clear spring and early summer merchandise, according to Refinitiv. Thirteen percent answered Walmart and 9% answered Amazon, compared to 5.8% for Macy's and 3.3% for Nordstrom. Nordstrom so far has disclosed few specifics about the new merchandise intended to revive the Rack, including the brands and categories it plans to prioritize. On Monday, Rack’s website was advertising brands including Kate Spade, Adidas, Steve Madden and Cole Haan.

Persons: Andrew Kelly, Nordstrom, Erik Nordstrom, Macy's, Nordstrom's, Prosper, Macy’s, Kathy Gersch, ”, Kate Spade, Steve Madden, Cole Haan, Katherine Masters, Granth Vanaik, Savyata Mishra, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Nordstrom, U.S ., Target, Walmart, Nordstrom . Consulting, Deloitte, Private, Kotter, Adidas, Thomson Locations: Manhattan , New York City, U.S, New York, Bengaluru

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