Americans Are in a Sour Mood, But it Didn’t Dampen their Spending: Splurging at Retailers, Especially Some Retailers

Retail Therapy at Bars & Restaurants, Cannabis Stores, and Ecommerce? Other retailers not so lucky. By Wolf Richter for WOLF STREET. Retail sales jumped 0.9% in April from March, after having jumped 1.4% in March from February, to $ 678 billion, and were up 8.2% from a year ago, seasonally adjusted, the Commerce Department reported … Read more

Dow Jones Futures Fall After Target Triggers Sell-Off; Market Rally Has 90% Chance Of Doing This

Dow Jones futures fell overnight, along with S&P 500 futures and Nasdaq futures, amid weak revenue and guidance from Cisco Systems. The stock market rally sold off hard Wednesday, as a big Target (TGT) earnings miss raised major concerns about retailers, related sectors and the broader economy amid hot inflation and weakening demand. X Wednesday’s … Read more

Virginia pension fund invested in global firm that now faces federal fraud charges

NEW YORK, NY (WRIC) – Allianz Global Investors, a multinational investment firm based in Germany, is facing federal fraud charges – and the announcement comes just over two months after the Virginia Retirement System closed its account with the company. The charges are spread across three cases currently being prosecuted in the Federal District Court … Read more

‘We did not have a plan for a country to shut down’ – Cisco stock plunges more than 15% as China lockdown affects supply and outlook

Cisco Systems Inc. shares plunged in the extended session Wednesday after the tech bellwether’s revenue forecast came up more than $ 1 billion short of Wall Street expectations, which executives blamed on COVID shutdowns in China. Cisco CSCO, -4.43% shares dropped more than 15% after hours, following a 4.4% decline in the regular session to … Read more

Hasbro slams activist investor’s proposed board directors amid proxy battle

Game maker Hasbro. Justin Sullivan | Getty Images Hasbro is going on the offensive against an activist investor wants to add new members to the company’s board and spin off the lucrative unit that includes Dungeons & Dragons. On Wednesday, the toymaker issued a letter to shareholders detailing why its current slate of board nominees … Read more

Target trouble, mortgage demand hit, gas hits $ 6 in CA.

The recession is ‘here,’ expert warns Kingsview Asset Management CIO Scott Martin discusses the markets and the economy. Investment expert warns US in ‘largest bubble of our lifetime’ Eddie Ghabour, the co-founder of Key Advisors Group LLC, warns the Fed is ‘going to suck liquidity out of the system’ and the bubble ‘is going to … Read more

What Walmart, Target, Home Depot and Lowe’s tell us about the economy

Compilation of Target, Walmart, Lowe’s and Home Depot stores. Reuters 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 … Read more

FDA authorizes a coronavirus vaccine booster shot for children as young as 5

Placeholder while article actions load Federal regulators authorized a coronavirus booster shot Tuesday for school-age children, a key step toward making a third shot of the Pfizer-BioNTech vaccine available to 5-to-11-year-olds as cases rise nationally. The Food and Drug Administration cleared the booster for use at least five months after children are fully vaccinated with … Read more