How well is the American consumer holding up against sky-high inflation? It depends on whom you ask. Four major retailers — Walmart, Target, Home Depot and Lowe’s — reported quarterly financial results this week, and they each offered a different perspective on where and how people are spending their money. Walmart said some of its
In this article BBWI Sale signs inside the Bath and Body Works store in Edmonton. On Thursday, January 6, 2022, in Edmonton, Alberta, Canada. Artur Widak | Nurphoto | Getty Images Bath & Body Works shares fell in after-hours trading Wednesday after the retailer cut its profit outlook for the year, in part due to
Traders work on the floor of the New York Stock Exchange (NYSE) on May 18, 2022 in New York City. Spencer Platt | Getty Images Stock futures dipped in overnight trading Wednesday after the Dow Jones Industrial Average experienced its biggest one-day drop since 2020. Futures on the Dow Jones Industrial Average shed about 35
Gabe Plotkin, chief investment officer and portfolio manager of Melvin Capital Management LP, speaks during the Sohn Investment Conference in New York, May 6, 2019. Alex Flynn | Bloomberg | Getty Images Melvin Capital Management, the hedge fund burned by the GameStop mania, said it will unwind its funds and return cash to investors as
Eakgrunge | Istock | Getty Images Many people who have dialed the Social Security Administration’s toll-free number during the Covid-19 pandemic have faced long wait times. In an effort to alleviate the customer service issues, Congress this week held a hearing to identify ways in fix the problems. The issues are something leaders on both
Last month the European Union (EU) gave the final green light to update the EU Value-added Tax (VAT) Directive and broaden the list of goods and services to which two reduced VAT rates can be applied while allowing for a reduced VAT rate below 5 percent for the first time. Prior to the COVID-19 pandemic,
A sign of a home for sale is pictured in Alhambra, California on May 4, 2022. Frederic J. Brown | AFP | Getty Images Mortgage rates actually fell slightly last week, but the damage has already been done to housing affordability. Both refinance and purchase loan demand dropped, pulling total mortgage application volume down 11%
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In this article TGT Target on Wednesday reported quarterly earnings that fell far short of Wall Street’s expectations, as the retailer coped with pricey freight costs, higher markdowns and lower-than-expected sales of discretionary items from TVs to bicycles. Shares fell about 22% in premarket trading. Here’s what Target reported for the fiscal first quarter ended
In this article LOW A customer pushes a shopping cart towards the entrance of a Lowe’s store in Concord, California, on Tuesday, Feb. 23, 2021. David Paul Morris | Bloomberg | Getty Images Lowe’s on Wednesday missed Wall Street’s sales expectations for the first quarter, as cooler spring weather hurt demand for supplies for outdoor
In this article SQ Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018. Anushree Fadnavis | Reuters Block executives no longer want the firm to be seen as a payments pure play. The San Francisco-based company held its first investor
Apple CEO Tim Cook has some career advice for recent college graduates — and it’s not about out-working competitors. Instead, it’s about making a career — and a life — out of what drives you. At Gallaudet University’s commencement ceremony in Washington D.C. on Friday, Cook said he thinks young people can lead meaningful careers
Gary Gensler, Chair of the U.S. Securities and Exchange Commission, takes his seat before the start of the Senate Banking, Housing, and Urban Affairs Committee hearing on Oversight of the U.S. Securities and Exchange Commission on Tuesday, Sept. 14, 2021. Bill Clark | CQ-Roll Call, Inc. | Getty Images SEC Chair Gary Gensler is testifying
NicolasMcComber | E+ | Getty Images Whether you’re new to investing or have been in the market for years, you may feel a little bit like you are lost at sea looking for a safe harbor. Investors are contending with a confluence of market forces such as inflation, interest rates increasing, and the Russia/Ukraine conflict.
Sod Tatong | Moment | Getty Images Scammers are exploiting a nationwide baby formula shortage, tricking consumers into paying hefty prices through fraudulent online stores, the Federal Trade Commission said Wednesday. The con artists lure “desperate parents and caregivers” via fake websites or social media profiles with images and logos of recognizable formula brands, according
Justin Ellen found himself at a difficult crossroad when he was 17 — should he pursue his passion for baking full-time, or go to college to further his education? At that time, the youngest contestant of Netflix’s popular baking show was making custom cakes from home as a side-hustle, while also juggling with school. He
Americans are more stressed about money than they’ve ever been, according to the American Psychological Association’s latest Stress In America Survey. “Eighty-seven percent of Americans said that inflation and the rising costs of everyday goods is what’s driving their stress,” said Vaile Wright, senior director of health care innovation at the American Psychological Association. More
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In this article SAVE ULCC A Frontier Airlines airplane taxis past a Spirit Airlines aircraft at Indianapolis International Airport in Indianapolis, Indiana, on Monday, Feb. 7, 2022. Luke Sharrett | Bloomberg | Getty Images The union that represents flight attendants at Spirit Airlines and Frontier Airlines on Tuesday backed the carriers’ planned merger, clearing a
In this article KKR NUE In the otherwise-sleepy town of Arthur, Illinois, this week brought a life-changing surprise for hundreds of workers at locally based garage-door maker, C.H.I. Overhead Doors. C.H.I.’s private equity owner, KKR, is selling the company to steel manufacturer Nucor in a $3 billion deal. The sale marks one of KKR’s largest