Live News Updates: Target profits fall on price cuts, efforts to clear inventory
© AP Target said it was “cautiously planning” for the rest of the year after the US retailer’s efforts to offer discounts to customers and move inventory led to a bigger-than-expected drop in second-quarter profit . The company spooked investors in June when it announced its second profit warning in less than a month and said it would have to cancel orders and offer more discounts to shoppers hit by high inflation. Target cut its second-quarter operating margin forecast to 2% from 5.3%. On Wednesday, it reported an even weaker margin of 1.2 percent as it worked to reduce excess…
Read More »Trump Org. CFO to plead guilty, testify against the company
NEW YORK (AP) — Donald Trump’s chief financial officer is expected to plead guilty to tax violations Thursday in a deal that would require him to testify about wrongful business practices at the former president’s company, two people familiar with the matter said of the matter to The Associated Press. Allen Weisselberg is accused of receiving more than $1.7 million in off-the-books compensation from the Trump Organization over several years, including untaxed benefits such as rent, car payments and school tuition. The plea deal would require Weisselberg to speak in court Thursday about the company’s role in the alleged compensation…
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Are airline seats too small? The FAA may change that
Financial expert Jeff Macke once said of airlines, “The more agony you put yourself through, the more profit they make.” It’s no secret that airlines have been “optimizing profits” for some time now, with charges for everything from checking bags to being able to have an assigned seat. In addition to the extra charges, airlines have tried to cram more people into planes, and that has meant reducing seat width and “pitch,” the term used for the distance between passengers and the seats in front of them , also known as legroom. . But there may be relief for weary…
Read More »Shares of Bed Bath & Beyond fall after investor Ryan Cohen revealed an intention to sell the stake
Shares of Bed Bath & Beyond fell in extended trading on Wednesday after activist investor Ryan Cohen said in a filing that he intends to sell his entire stake in the retailer through his firm RC Ventures. Seconds a Form 144 that was filed with the Securities and Exchange CommissionRC Ventures proposed to sell 9.45 million shares of the company, which is the total amount contained in Bed Bath. A Form 144 acts as an official notice of a proposed security sale. The total purchase price for the 7.78 million shares directly owned by RC Ventures is approximately $119.4 million,…
Read More »Does your state offer paychecks, incentives or hero discounts?
Americans in some parts of the country are getting extra cash to help offset still-boiling inflation, with at least 21 states and one city offering financial relief to residents struggling with higher food, gas and rent. Although consumer prices cooled slightly in July, they still rose 8.5% last month from a year ago, close to a four-decade high and more than quadrupling the Federal Reserve’s 2% target. Here’s what mayors, governors and state lawmakers are offering to help taxpayers in their cities and states. Alaska Alaskans can expect payments of $3,200 per person to begin hitting bank accounts on Sept….
Read More »Deutsche Bank is raising pay for junior bankers again to keep pace with rivals
Deutsche Bank will raise the starting salaries of its junior bankers to $110,000, bringing them in line with larger rivals that have raised pay at least twice in the past year. The German lender will roll out salary increases for analysts in October, according to people familiar with the matter. Salaries in the first year will increase from $100,000 to $110,000 and in the second year from $105,000 to $125,000. The increase applies to staff in Deutsche’s corporate finance unit, but not in its markets business. Deutsche’s move makes it the latest major investment bank to raise analyst pay for…
Read More »4 Takeaways from Wednesday’s Investment Club ‘Morning Meeting’
Every weekday, the CNBC Investing Club with Jim Cramer does a live “morning session” at 10:20am ET. Here’s a recap of Wednesday’s key moments: We’re cautiously watching bond yields. The meme craze could be a sign of froth on the Nasdaq. We’ve cut two Club stocks: DHR, LIN Costco remains top retail stock 1 We’re cautiously watching bond yields Bond yields are starting to rise again, with 2-year Treasuries above 3.35% on Wednesday , marking its highest level since the stock market’s recent bottom in mid-June. The benchmark 10-year Treasury yield rose to more than 2.9%. Higher bond yields, which…
Read More »Planet announces the date of the financial results of the second quarter of the financial year 2023 and the Day of the Investor
SAN FRANCISCO–(BUSINESS THREAD)–Planet Labs PBC (NYSE: PL), a leading provider of daily Earth data and insights, today announced that it plans to release its fiscal second quarter 2023 financial results for the quarter ended July 31 2022, after the market closes on Monday, September 12, 2022. Planet’s management will host a conference call to discuss financial results and business outlook at 5:00 pm ET / 2:00 pm PT on the same day. Planet invites you to listen to the conference call, which will be streamed live on Planet’s Investor Relations website (www.planet.com/investors). The webcast will be archived on this website…
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