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Keyword: stockmarket

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  • Target profit plunges 90% as inflation-weary shoppers pull back

    08/17/2022 12:49:03 PM PDT · by EBH · 33 replies
    WRAL ^ | 8/17/22 | Chris Isidore, CNN Business
    CNN — Target reported profit plunged 90% in the second quarter, falling far short of expectations, as inflation-weary customers pulled back on spending on nonessential items. Retailers, including Target, have been forced to cut prices on general merchandise, such as clothing, electronics and home goods, because of excess inventory of goods. Consumers had to shift more of their spending to higher priced food and gasoline. But Target reported that its price cuts did little good: It ended the quarter with 1.5% more inventory than it had three months earlier and 36% more than it had a year ago. The company...
  • Walmart sales get boost from higher income shoppers as inflation rages

    08/17/2022 12:55:10 PM PDT · by EBH · 33 replies
    New York Post ^ | 8/16/22
    Higher income shoppers turned to Walmart looking to cut costs on groceries amid surging inflation, helping to boost sales at the nation’s largest retailer during the second quarter. Those rising prices also led customers to cut back on non-necessary items, however, and that weighed on profits as Walmart was forced to cut prices and clear inventory. “We’re pleased to see more customers choosing Walmart during this inflationary period,” said CEO Doug McMillon. “The actions we’ve taken to improve inventory levels in the US, along with a heavier mix of sales in grocery put pressure on profit margin.” Walmart still beat...
  • Walmart cancels billions of dollars in orders to right-size inventory levels

    08/17/2022 1:09:57 PM PDT · by EBH · 69 replies
    Freight Waves ^ | 8/16/22 | Mark Solomon
    Walmart Inc. said Tuesday that it has canceled billions of dollars in orders as part of a continued effort to align inventory levels with projected demand and to reduce its exposure to certain products that have fallen out of favor with budget-conscious consumers. The nation’s largest retailer (NYSE: WMT) said its U.S. division reported a 26% increase in fiscal second-quarter 2023 inventory levels compared with the same period in fiscal 2022. This was a 750-basis-point improvement over a nightmarish fiscal 2023 first quarter when Walmart got blindsided by a combination of rapidly rising costs and a mix of higher-end inventory...
  • Target profit plunges nearly 90% after heavy discounts to clear inventory

    08/17/2022 7:39:48 AM PDT · by Red Badger · 54 replies
    KSAT ^ | Aug. 16, 2022 | Anne D’Innocenzio
    <p>NEW YORK – Target reported solid sales for the fiscal second quarter but its profit plunged nearly 90% after it was forced to slash prices to clear unwanted inventories of clothing, home goods and electronics.</p><p>In early June, Target warned that it was canceling orders from suppliers and aggressively cutting prices because of a pronounced spending shift by Americans as the pandemic eased.</p>
  • How Warren Buffett's Berkshire Hathaway Lost Nearly $44 Billion In Q2 of 2022

    08/17/2022 8:03:06 AM PDT · by SeekAndFind · 14 replies
    Investing Daily via the Motley Fool ^ | 08/17/2022 | Keith Speights
    Imagine a stack of $1 bills that reaches nearly 3,000 miles into the sky. That’s how high $44 billion would be. And it’s a pretty good picture of how much money Warren Buffett’s Berkshire Hathaway (BRK.A 1.35%) (BRK.B 1.26%) lost in the second quarter of 2022.How did one of the biggest companies on the planet led by one of the most successful investors of all time lose that much money? It was surprisingly easy to do.Only on paperLet’s first be clear on one important point: Berkshire’s loss was only on paper. The company’s businesses generated Q2 revenue of nearly $76.2...
  • Here Is What Warren Buffett, The Oracle of Omaha, Bought And Sold In Q2 of 2022

    08/15/2022 8:58:36 PM PDT · by SeekAndFind · 6 replies
    Nation and State ^ | 08/15/2022 | Tyler Durden
    Ahead of this quarter’s 13F filing from Warren Buffett’s Berkshire Hathaway, we already knew it was going to be far less exciting than the last one we got. As the company recently reported, Berskhire racked up $3.8 billion in net stock purchases in the second quarter, far short of the $41 billion it bought up in the first quarter of this year (it also spent far less on stock buybacks during Q2).Additionally, some of the positions that aren't being disclosed today include the company’s stake in Occidental Petroleum, even though we already are aware of these thanks to recent filings....
  • Gas Prices Fall Below $4 a Gallon. Is the Worst Over?

    08/12/2022 9:58:30 PM PDT · by SeekAndFind · 77 replies
    Daily Trade Alert ^ | 08/12/2022 | by Emma Newbery, The Motley Fool
    Average gas prices fell below the all important psychological mark of $4 a gallon today, according to AAA. Prices have fallen for 58 days in a row now, giving consumers some much needed breathing room.“Americans today will spend nearly $400 million less on gasoline than they did in mid-June,” said a GasBuddy blog early this week. The GasBuddy app helps customers find the lowest-cost pumps near them. Gas prices peaked at over $5 in mid-June, with customers in some parts of the country paying as much as $6.43 per gallon.Why are gas prices falling? Gas prices are the lowest they’ve...
  • Have the markets bottomed, and is it safe to buy? Experts weigh in

    08/08/2022 8:26:58 AM PDT · by millenial4freedom · 37 replies
    AOL ^ | 08/07/2022 | Innes Ferre
    A recession? Don’t tell that to the stock market. The major averages ended positive for the week. That came after the best month for the S&P 500 (^GSPC) since November 2020. Granted, the Nasdaq Composite (^IXIC) is still 20% down year-to-date, and the S&P 500 is 13% in the red. But the recent rally in the markets has some investors wondering if we're watching a turning point, and if it's safe to buy. In continuation of our series “What to do in a bear market,” Yahoo Finance asked the experts.
  • Zuck Misses Big: Facebook Reports First Ever Drop in Revenue

    07/29/2022 10:24:36 AM PDT · by Macky Cracklins · 20 replies
    Breitbart ^ | 07.29.2022 | Lucas Nolan
    Facebook has reported its first-ever revenue miss and continued poor earnings, with forecasts expecting a second straight quarter of declining sales. The social media Masters of the Universe missed analysts’ estimates for both revenue and earnings. CNBC reports that Facebook (now known as Meta) recently reported a worse-than-expected drop in revenue, missed on earnings, and gave a weak forecast for the future. Further poor performance could see a second consecutive decline in year-over-year sales. Facebook shares fell by 5.65 percent in intraday trading on Thursday.
  • Nasdaq has biggest one-day jump since 2020 after Fed rate hike, Powell comments

    07/27/2022 1:54:37 PM PDT · by John W · 22 replies
    Reuters ^ | July 27, 2022 | Caroline Valetkevitch
    NEW YORK (Reuters) - U.S. stocks rallied on Wednesday and the Nasdaq posted its biggest daily percentage gain since April 2020 as the Federal Reserve raised interest rates as expected and comments by Fed Chairman Jerome Powell reassured investors. In addition, upbeat quarterly reports from Microsoft Corp and Alphabet Inc provided further encouragement about about the earnings season. The S&P 500 closed at its highest level since June 8. The Fed raised the benchmark overnight interest rate by three-quarters of a percentage point. The move came on top of a 75 basis points hike last month and smaller moves in...
  • Meta earnings miss expectations, net income plummets 36%

    07/27/2022 2:12:06 PM PDT · by Houserino · 36 replies
    Yahoo ^ | 7/27/2022 | Daniel Howley
    Facebook parent company Meta (META) reported its Q2 2022 earnings after the closing bell on Wednesday, falling shy of analysts' expectations, and missing by a wide margin on its Q3 revenue forecasts. The quarter also marked the first year-over-year revenue decline for the social media company. Net income also fell 36% year-over-year. Here are the most important numbers from the report versus what analysts were expecting, as compiled by Bloomberg. Revenue: $28.8 billion versus $28.9 billion expected Earnings per share: $2.46 versus $2.54 expected Facebook daily active users: 1.97 billion versus 1.95 billion expected
  • Walmart warning sends stock price plunging, renews retail worries

    07/25/2022 5:37:31 PM PDT · by Hojczyk · 38 replies
    yahoo Finance ^ | July 25,2022 | Brian Sozzi
    Walmart just gave all the recession mongers on Wall Street a huge adrenaline shot in the collective arm. The world's largest retailer slashed its second quarter and full-year profit outlooks late Monday owing to rampant inflation and a consumer retrenchment. Here's where Walmart stands compared to its guidance offered in mid-May: Second Quarter Net sales Growth: +7.5% (+5% previously) Second Quarter Operating Income: -13% to -14% (flat to up slightly) Second Quarter EPS: -8% to -9% (flat to up slightly) Full Year EPS: -11% to -13% (-1%) Walmart shares plunged 9% in after-hours trading. “The increasing levels of food and...
  • Biden Calls On The Economy To Stop Being Bad

    07/19/2022 12:24:16 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Babylon Bee ^ | July 18, 2022 | The Babylon Bee
    WASHINGTON, D.C. — In a bold move this morning to address the nation's financial woes, President Biden has officially called on the American economy to stop being bad. "Come on, economy!" said an impassioned President Biden. "Make everything cheaper! Give everyone more money! I hereby demand you stop being atrocious! Do it. Do it now!" Pundits immediately lauded President Biden's brilliant plan, with MSNBC heralding it as the most transformative economic initiative since the New Deal. "Biden simply asking the economy to be better is nothing short of genius," said Rachel Maddow. "Economists are out there playing checkers, and Joe...
  • Futures Open Down Hard, S&P Nears Bear Market (Again)

    06/12/2022 5:08:26 PM PDT · by dynachrome · 18 replies
    Zubu Brothers ^ | 6-13-22 | Zubu Brothers
    US equity futures have opened down hard in quiet Sunday night trading with Nasdaq the hardest hit, down 1.5%. This move leaves the S&P down over 6% in the last 3 days… …and once again nearing the ‘bear market’ Maginot Line…
  • Dow futures fall more than 400 points as traders weigh potential for big rate hikes

    07/14/2022 4:15:57 AM PDT · by John W · 9 replies
    CNBC ^ | July 14, 2022 | Carmen Reinicke
    Stock futures fell Thursday as traders assess the possibility of even tighter U.S. monetary policy on the back of a hot inflation report. Traders also pored over key quarterly results. Dow Jones Industrial Average futures shed 437 points, or 1.4%. S&P 500 futures were 1.4% lower, and Nasdaq 100 futures lost 1%. Futures added to their losses after JPMorgan Chase reported quarterly earnings that missed analyst expectations. The stock fell more than 4% in premarket trading. Morgan Stanley is also set to report Thursday. The consumer price index rose 9.1% on the year in June, higher than a Dow Jones...
  • Stock Market Loses and Rertirement Benefits

    07/08/2022 1:20:10 PM PDT · by Wuli · 66 replies
    July 8, 2022 | Wuli
    Stock market values have collapsed 20% this year compared to last. Many 401K and defined contribution pension plans have retirement benefits, or some portion, pegged to stock values. When those plans start registering their stock losses, there will be some decline in pension benefits for some segment of retireees. As that takes place that demographic will make adjustments including reduced spending in some areas. While that will be somewhat deflationary, it will also support an advancing recession. Together that could complicate some expected additional Fed Reserve rate increase(s). Its all a hot mess. In 2009, my Pension benefit lost $400+...
  • S&P 500 Posts Worst First Half Rout Since 1970 As 10Y Treasury Yield Tanks 14 Basis Points (Biden Approval Drops To 38.3% On Rising Inflation, Gasoline Prices)

    07/01/2022 6:43:14 AM PDT · by Browns Ultra Fan · 18 replies
    Confounded Interest ^ | 07/01/2022 | Anthony B. Sanders
    Run runaway! For safety to Treasuries. A “recession shock” begins for markets following the worst first-half for the S&P 500 in more than 50 years. And investors are running to Treasuries for safety as US Treasury 10-year yields tank 14 basis points. Biden’s approval rating has collapse with inflation and rising gasoline prices. Note that Biden’s approval rating dropped below 50 in mid-August 2021, long before the Russian invasion of Ukraine in late February 2022. Gasoline prices had risen 49% since Biden’s inauguration as President, but before the Russian invasion of Ukraine.
  • US STOCKS-S&P 500 wobbles to the end of its worst first-half since 1970

    06/30/2022 12:23:51 PM PDT · by RomanSoldier19 · 8 replies ^ | 6/30/2022 | Stephen Culp Reuters
    NEW YORK, June 30 (Reuters) - Wall Street slid into the finish line of a dismal month and quarter on Thursday as a continued sell-off put a grim punctuation mark at the close of the S&P 500's worst first-half in more than half a century. All three major U.S. stock indexes were down but off session lows on the last day of the month and the second quarter, putting S&P 500 has set a course for its steepest first-half percentage drop since at least 1970. The Nasdaq was on its way to its worst-ever first-half performance, while the Dow appeared...
  • ‘They’ll chicken out’: Fund legend Rick Rule says the Fed won’t keep hiking rates aggressively to prevent ‘amazing damage.’

    06/30/2022 11:03:34 AM PDT · by lasereye · 30 replies
    Yahoo Finance ^ | June 28, 2022 | Jing Pan
    The Fed is raising interest rates aggressively in an attempt to tame raging inflation. But according to legendary investor Rick Rule — former president and CEO of investment fund Sprott U.S. Holdings — things may not go as planned for America’s central bank. “I think they’ll chicken out,” he told Stansberry Research earlier this month. “If we had a period of real interest rates it would certainly cure inflation, but it wouldn't cure inflation until it did amazing damage to various balance sheets.” This isn't the first time Rule has voiced concern about the economy’s ability to handle substantially higher...
  • Wall St tumbles as weak consumer confidence stokes growth worries

    06/28/2022 11:19:08 AM PDT · by John W · 30 replies
    Reuters ^ | June 28, 20220 | Shreyashi Sanyal and Amruta Khandekar
    (Reuters) - Wall Street’s main indexes tumbled in midday trading on Tuesday as a sharp drop in consumer confidence brought to the fore growth risks from rising inflation. The Dow Jones Industrial Average and the S&P 500 shed the initial gains from a rise in bank shares as the latest batch of economic data raised doubts on the U.S. economy’s resilience to withstand hefty interest rate hikes from the Federal Reserve. The consumer confidence index dropped 4.5 points to a reading of 98.7 in June, a Conference Board survey showed, as consumers anticipated economic growth would weaken significantly in the...