ReportWire

Tag: clothing

  • Earnings have beaten Wall Street estimates by more than usual in 2nd quarter, but 3rd quarter isn’t looking great

    Earnings have beaten Wall Street estimates by more than usual in 2nd quarter, but 3rd quarter isn’t looking great

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    Online retail giant Amazon.com Inc.’s
    AMZN,
    +8.27%
    second-quarter results and third-quarter forecast sales last week were a bet that more consumers would start buying more things, but Wall Street’s expectations for the third quarter overall have only grown dimmer.

    With most of the 500 companies that make up the S&P 500 Index
    SPX
    already through the second-quarter earnings reporting season, slightly more than normal have reported per-share profit that beat Wall Street’s estimates, according to FactSet.

    For the third quarter though, analysts now expect a mere 0.2% increase in per-share profit growth overall, according to a FactSet report on Friday, or slightly lower than the 0.4% growth that was expected for the third quarter on June 30,

    And with some two months still left in the third quarter, and with that forecast likely to come down as the period progresses, Wall Street’s profit expectations are getting ever closer to turning negative.

    Wall Street analysts overall still expect a bigger rebound for the fourth quarter, the FactSet report said. And they expect 2023 overall to eke out a per-share profit gain of 0.8%.

    Worries of a U.S. recession emerging at some point during the back half of this year have started to fade at least a little after many economists fixated on the possibility earlier this year when the Federal Reserve was raising interest rates to combat a jump in inflation in 2022 . Some analysts now say savings fatigue could prompt more shoppers to splurge this year, after relentlessly tightening their budgets due to rising prices.

    Federal Reserve Chair Jerome Powell last month said policymakers at the central bank had also shucked off their worries of a downturn.

    See: Fed no longer foresees a U.S. recession — and other things we learned from Powell’s press conference

    “The staff now has a noticeable slowdown in growth starting later this year in the forecast. But given the resilience of the economy recently, they are no longer forecasting a recession,” he said last month.

    Not everyone is convinced that a downturn has vanished from the horizon though. Sheraz Mian, director of research at Zacks, told MarketWatch last month that more bearish analysts had kept pushing out their recession forecasts, after being defied by the actual, and more positive, economic data. Some economists continue to push out those forecasts.

    “We still expect a recession, but now we are looking for it to begin in Q1 2024 rather than Q3 2023,” Thomas Simons, U.S. economist at Jefferies, said in a research note on Friday.

    He said that interest rate hikes from the Federal Reserve were only just starting to affect customer behavior. Households were trying to rebuild their savings, after spending through whatever they had built up during the pandemic. Student-loan payments were returning, he said, and corporate margins were thinning.

    “Corporate profit margins are narrowing, and businesses will look to cut costs through layoffs,” he said.

    This week in earnings

    Among S&P 500 index companies, 34 report results during the week ahead, including one from the Dow Jones Industrial Average, according to FactSet.

    Results from Walt Disney Co.
    DIS,
    +0.95%
    will likely gobble up more media attention, but earnings from Paramount Global Inc
    PARA,
    +3.58%
    — which oversees CBS, Showtime, Comedy Central and other channels — will offer more detail about how studios are positioning themselves with Hollywood actors on strike. Lions Gate Entertainment Corp.
    LGF.A,
    -2.44%
    also reports.

    Results from Tyson Foods Inc.
    TSN,
    +0.34%
    will give investors and customers a brief look at the state of the grocery aisle where higher food prices over the past year have strained spending on other things. Beyond Meat Inc.
    BYND,
    -1.38%    ,
    which also reports during the week, will be hoping new product launches of plant-based meat-like alternatives can overtake analyst skepticism, amid competition with fake meat and real meat alike.

    Elsewhere, ride-hailing platform Lyft Inc.
    LYFT,
    -5.73%    ,
    online dating service Bumble Inc.
    BMBL,
    -3.86%
    and video-game maker Take-Two Interactive Software Inc.
    TTWO,
    -2.45%
    also report during the week. And Canadian pot producer Canopy Growth Corp.
    CGC,
    -3.47%
    will get another chance to pick up the pieces, after over-expanding and now trying to hold onto its cash.

    The call to put on your calendar

    Disney drama: One way or another, people on both coasts are mad at Disney
    DIS,
    +0.95%
    Chief Executive Bob Iger right now, as his company prepares to report quarterly results on Wednesday. Shares of Disney are down slightly this year. The company is currently fighting with Florida Gov. Ron DeSantis, who is trying to stamp out Disney World’s self-governing privileges after the company criticized the state’s restrictions on classroom discussion of gender identity. When Iger accused striking actors and writers in Hollywood of not being “realistic,” the actors and writers shot back, noting his hefty executive compensation plan.

    While the friction in Florida hasn’t hurt Disney’s parks attendance, the Hollywood shutdown has threatened Disney’s massive film and TV show operations, as Disney+ subscribers fall and investors more aggressively seek profits from studios’ streaming operations. Elsewhere, Rich Greenfield, an analyst at LightShed Partners, said “Pixar and Disney Animation have not had a breakout hit that impacted children’s play patterns and both Marvel and Lucasfilm feel increasingly tired from overuse.”

    The sense is growing that more time is needed for Iger to fix Disney’s problems. On Wednesday, analysts may get a deeper sense of how much more, with the chance of more drama between Disney and its home state and the writers and actors the company depends on.

    The number to watch

    UPS and the Teamsters deal: United Parcel Service Inc. reports quarterly results on Tuesday, as rank-and-file Teamsters vote on a tentative labor agreement struck with the package deliverer in an effort to avert a strike. The deal, if approved, would raise worker pay and give the economy and businesses a breather, after threats of strikes or work stoppages at the nation’s ports and railways were averted over the past year.

    Local Teamsters unions have voted overwhelmingly to at least endorse the agreement, between UPS
    UPS,
    -0.31%
    and the Teamsters union, which represents 340,000 UPS workers, but not everyone was happy with the deal. Some part-timers felt the Teamsters could have used their leverage to wrest more from UPS, following a profit windfall at the company. And investors have held out for more detail from UPS executives themselves on what the deal might mean for the bottom line and for shipping prices.

    Analysts will be dissecting the impact of the agreement as shipping demand lags, trucking company Yellow Corp.
    YELL,
    -0.83%
    reportedly shuts down and FedEx Corp.
    FDX,
    -0.20%
    tries to slash costs.

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  • China-Founded Rivals Ramp Up War for American Shoppers

    China-Founded Rivals Ramp Up War for American Shoppers

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    China-Founded Rivals Ramp Up War for American Shoppers

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  • Parenting 101: Get labelling for school now!

    Parenting 101: Get labelling for school now!

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    Want to enjoy the last few weeks of summer without worrying about back to school prep? Parents know that to have a smooth transition into school this September, they need to be adequately prepared.

    Get that school supply shopping out of the way and get labeling with the personalized identification solutions from Colle à moi. You, my fellow parents, are just a few clicks from everything you need to identify their kids’ school supplies and personal items. Their labels are waterproof, hyper-durable, and colourful, and there are sets for kids of all ages, from kindergarten to high school. There are iron-on labels for fabric and clothing and self-adhesive labels for hard surfaces, in a variety of formats and sizes, perfect for identifying school supplies, clothes, and lunch accessories. They won’t come off in the dishwasher, the microwave, the washing machine, or the dryer. There are more than 30 collections hand-drawn by founder Annie Nadeau to choose from. Order before August 10th and receive the labels before the bell rings on the first day of school.

    The brand also just announced its new line of clever products, including a personalized ruler that measures up to back to school. It’s available in two options (Unicorn Princess and Dinos).

    – JC

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  • Meta launches Threads, its app to rival Twitter, a day early

    Meta launches Threads, its app to rival Twitter, a day early

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    Meta Platforms Inc. launched Threads, its rival to Twitter, a day early Wednesday.

    “Let’s do this. Welcome to Threads,” Meta Chief Executive Mark Zuckerberg posted on the new app.

    The text-based app, a spinoff of Meta’s META Instagram, had been set to launch Thursday morning, but instead went live for users in the U.S. and more than 100 other…

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  • Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far

    Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far

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    Meta’s Twitter-rival Threads launches tomorrow: What we know so far

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  • Nike profit misses expectations, as ‘higher markdowns’ endure amid weaker demand

    Nike profit misses expectations, as ‘higher markdowns’ endure amid weaker demand

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    Nike Inc. on Thursday reported fourth-quarter profit that came up short of Wall Street’s expectations, with price cuts weighing on results amid weaker demand for sneakers and clothing.

    Nike
    NKE,
    +0.30%
    reported fourth-quarter net income of $1.03 billion, or 66 cents a share, down from $1.44 billion, or 90 cents a share, in the same quarter last year. Revenue rose 5% to $12.83 billion, compared with $12.23 billion in the prior-year quarter.

    Analysts polled by FactSet expected Nike to report adjusted earnings of 68 cents a share, on $12.58 billion in sales.

    Nike said gross margins slipped 140 basis points to 43.6%, dragged by “higher product input costs and elevated freight and logistics costs, higher markdowns and continued unfavorable changes in net foreign currency exchange rates.”

    Shares were up 0.3% after hours on Thursday.

    Heading into the earnings, Wall Street had questions about Nike’s stockpiles of unsold shoes and clothing, and what it might take to clear them, as consumers still find themselves stretching their budgets to buy more essential goods like groceries.

    Nike’s broader plans to sell more shoes and clothes directly — either through its own e-commerce platform or its own physical stores. But recent plans to start selling again in Macy’s Inc.
    M,
    +3.35%
    and Designer Brands Inc.’s
    DBI,
    +4.01%
    DSW shoe stores have raised questions over whether the athletic-gear maker is rethinking that strategy. Analysts were also focused on demand in China, whose re-opening from COVID-19 shutdowns remains in flux.

    Shares of Nike have risen 9.6% over the past 12 months. By comparison, the S&P 500 Index
    SPX,
    +0.45%
    has risen 15% over that period.

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  • Does Nike have too many sneakers? Its financial results could tell us whether shoes will get cheaper.

    Does Nike have too many sneakers? Its financial results could tell us whether shoes will get cheaper.

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    Are stores getting more desperate to sell sneakers? Fourth-quarter results from Nike Inc. on Thursday will probably provide part of the answer.

    Even as its some of its basketball shoes still put up double-digit sales gains — like those named after NBA icons LeBron James, Luka Doncic and Giannis Antetokounmpo — the athletic-gear maker, like its rivals, has faced weaker consumer demand overall. With customers forced to spend more money on necessities over the past year, they’ve had less to spend on new shoes.

    In March, Nike
    NKE,
    +0.19%
    executives said that the demand backdrop remained “promotional” — one in which anyone selling sneakers and clothing was cutting prices more aggressively to attract customers. But ahead of Thursday’s results, some analysts also wondered whether the stalling demand has forced bigger changes to the way management thinks about its broader turn away from retailers — a core piece of its sales strategy.

    Nike over recent years has embarked on a plan to rely less on shoe retailers for sales and more on sales made directly to customers through its own stores and online. But recently, it decided to start selling clothing again at Macy’s
    M,
    +3.58%
    and shoes again at DSW, the shoe-store chain run by Designer Brands Inc.
    DBI,
    +4.32%
    — this after ending partnerships with both retailers over the past two years.

    The return to traditional retail has raised questions about whether Nike is looking to more aggressively clear product it’s had trouble selling, and whether management is re-evaluating the company’s go-it-alone sales strategy overall.

    “The big question on our minds heading into [Nike’s] quarter is what is going on with the [direct-to-consumer] pivot?” Quo Vadis analyst John Zolidis said in a note on Monday. “Reopening Macy’s and DSW seems odd in context of previous dismissive statements about undifferentiated retail.”

    He continued: “Further, neither of these retailers has a customer that correlates strongly with [Nike’s] highest-value segments. The easiest explanation is that [Nike] overestimated the dollars it could recapture from closed wholesale accounts and now has too much inventory it needs to clear.”

    What to expect

    Earnings: Analysts polled by FactSet expect Nike to earn 68 cents a share, down from 90 cents in the same quarter a year ago. Contributors to Estimize — a crowdsourcing platform that gathers estimates from Wall Street analysts as well as buy-side analysts, fund managers, company executives, academics and others — expect earnings per share of 75 cents.

    Revenue: Analysts polled by FactSet expect $12.58 billion in sales for Nike. Forecasts from Estimize call for sales of $12.72 billion.

    Stock price: Nike’s stock is only up 1.3% over the past 12 months. Shares got hit in September, after company executives warned of further price-cutting from rivals due to weaker demand. The stock rebounded later but gave up some gains in May. The stock was up 2% on Monday.

    What analysts are saying

    Nike in March said demand for product sold at full pricing remained solid. Still, sneaker chain Foot Locker Inc.
    FL,
    +2.09%
    recently cut its outlook. Lots of Vans shoes are running at a discount, one analyst said last month, as the skater-centric brand competes with casual fare from the likes of Adidas
    ADS,
    +0.61%
    and others.

    Other analysts were also wondering about Nike’s return to Macy’s and DSW. But not everyone believed the move was a sign of deeper problems.

    “Investors are worried that this is a reversal in Nike’s shift from wholesale to [direct-to-consumer], but we don’t think the strategy is broken,” BofA analyst Lorraine Hutchinson said in a research note on Wednesday. “We expect to hear an explanation of these moves on the [conference] call rather than an about-face on its focus on reducing undifferentiated wholesale.”

    Still, the company faced concerns about sales abroad. Zolidis also said markets were increasingly worried about growth in China, whose recovery from pandemic lockdowns has stumbled.

    “Our recent conversations with companies in China suggest that trends are mixed,” Zolidis said. “The consumer is more value oriented, and job uncertainty is higher.”

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  • ‘Greedflation’ is replacing inflation as companies raise prices for bigger profits, report finds

    ‘Greedflation’ is replacing inflation as companies raise prices for bigger profits, report finds

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    That’s the practice by many S&P 500 food and consumer companies of raising prices to protect what a new report calls their “cushioned corporate profits,” and it has enabled them to boost margins through the current inflationary period.

    Companies including Kimberly-Clark Corp.
    KMB,
    -0.45%    ,
    PepsiCo Inc.
    PEP,
    -0.18%    ,
    General Mills Inc.
    GIS,
    -0.88%
    and Tyson Foods Inc.
    TSN,
    -0.36%
    have on recent earnings calls touted their ability to raise prices, earning tidy profits and rewarding their shareholders as they go, according to the report from Accountable.US, a liberal-leaning consumer-advocacy group.

    And they have signaled their intention to continue to take “price actions” even as the Federal Reserve has hiked interest rates an unprecedented 10 times in an effort to tame inflation.

    “Higher interest rates haven’t stopped S&P companies, especially in the big food industry, from raising consumer prices despite reporting billions in extra net earnings and over a trillion dollars in new giveaways to wealthy investors,” said Liz Zelnick, director of economic security and corporate power at Accountable.US.

    “Corporate greed is a stubborn thing and requires serious action from Congress. The Fed has not seen an adequate return on its investment in a policy that has already created fissures in the economy that could lead to recession. It’s just not worth it,” she said. 

    Now read: Skip, pause or hike? A guide to what is expected from the Fed on Wednesday.

    Accountable.US is not alone in calling out price hikes on essentials including food. Walmart Inc.
    WMT,
    +0.73%
    is also unhappy with packaged-food companies that have steadily raised prices in dry grocery and consumable goods, according to a recent report from research company CFRA.

    “Given Walmart’s enormous bargaining power over its suppliers, we expect the retail giant to push back on further price increases from its packaged-food suppliers,” he said. That is expected to hurt margins, especially if volume growth does not recover.

    For more, see: Inflation in goods from cereal to soup has given a boost to consumer food stocks. Can Walmart help bring prices, both food and stock, down?

    May inflation data released Tuesday found that food prices were up 0.2% from April, after remaining flat for the previous two months. Food prices are up 6.7% over the last year. The food-at-home index is up 5.8% over the last year, while the index for cereals and bakery products is up 10.7%.

    Food prices started to rise about two years ago, when supply-chain issues and higher fuel and commodity prices led companies to pass some of those costs on to customers.

    But companies appear determined to raise prices even more, despite a decline in shipping and gas costs. Gasoline was down 5.6% in May from April and fuel oil fell 7.7%, according to consumer-price-index figures.

    Also read: U.S. inflation slows again, CPI shows, and might keep Fed on sidelines

    Kimberly-Clark executives told analysts on its recent earnings call that the company is able to “rapidly implement broad pricing actions” and acknowledged that “pricing has continued to be a big driver behind our top-line growth.”

    The company’s first-quarter earnings topped expectations and it raised guidance for the full year. That’s after it raised prices by 10% for a second straight quarter, driving margins wider by 340 basis points.

    Shareholders were rewarded to the tune of $425 million during the quarter, the Accountable.US report notes.

    See also: Colgate-Palmolive’s stock pops after earnings beat as company raises prices by double-digit percentage

    PepsiCo Chief Executive Ramon Laguarta told analysts on that company’s recent earnings call that most of its price increases are behind it.

    However, he said, “obviously, there are some markets, highly inflationary markets around the world, where we might have to take additional pricing. If you think about Argentina, Turkey, Egypt — those kinds of markets where the currencies are suffering. But the majority of our pricing is already done,” he said, according to a FactSet transcript.

    PepsiCo’s 2022 earnings rose 16.9% to nearly $9 billion, and it spent more than $7.6 billion on stock buybacks and dividends, with the former up 1,313% from 2021.

    General Mills, meanwhile, bragged about “getting smart about how we look at pricing” on its recent call. The parent of brands including Cheerios, Nature Valley, Blue Buffalo pet products and Pillsbury raised its fiscal 2023 guidance in February.

    And Tyson executives touted the “significant pricing power of our portfolio with a year-over-year increase of 7.6%.” Tyson’s latest quarter included a surprise loss, as it was hit by weak demand for meat, along with plant closures and job cuts.

    For more, see: Tyson Foods stock slides after meat producer swings to surprise loss

    But Tyson had net income of over $3.2 billion in 2022, up from $3 billion in 2021, and it rewarded shareholders with $1.35 billion in buybacks and dividends.

    For Accountable.US, it’s more compelling evidence that the Fed’s rate-hike strategy “has failed to root out one of the main drivers of inflation and should give the [Federal Open Market Committee] pause before lifting rates again this week to the detriment of jobs and the economy.”

    The Consumer Staples Select Sector SPDR exchange-traded fund
    XLP,
    +0.36%
    has fallen 1.6% to date in 2023, while the SPDR S&P Retail ETF
    XRT,
    +1.89%
    has gained 4.6%. The S&P 500
    SPX,
    +0.62%
    has gained 13% in the same period.

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  • Parenting 101: Preparing for a summer vacation

    Parenting 101: Preparing for a summer vacation

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    A lot of us moms and dads are preparing for a family vacation, and the whole process of preparing for a big getaway can be daunting. First things first: make a list. You’ll want a packing list for carry-on stuff or the car ride (depending on your mode of transportation), a packing list for suitcases, and a shopping list. Having a list will help to ensure that you don’t forget anything. Some suggestions for your in-transit bag:

    – Chargers

    – Colouring books, crayons and other basic art supplies (stamp pads, stickers, and more)

    – Journals and blank paper

    – Fun books like Where’s Waldo, nature or learning books, or activity/art books – get loads of ideas for great kids’ reads, plus activities to go along with those books, in our Little Readers blog section.

    – Healthy snacks and water (from here or here)

    – Folder for travel docs, brochures, print-outs of reservations, etc.

    Try and stay organized as much as possible. Organization is key to a successful family vacation (especially road trips). Having an organized car, as well as well-planned-out luggage, will make the entire process all the smoother.

    Group “like” items together to make packing (and living out of a suitcase) all the easier. This means keeping toiletries together, swimming stuff (bathing suits, towels and pool toys), shoes and outdoor gear, medication, your jewellery and accessories, and so on. Smaller clear cases or bags work well for smaller items, while more durable reuseable bags like these are ideal for the bigger stuff.

    Use labels to keep everyone organized. That way, everyone knows where to get their clothes and other necessities, as well as where to put things like dirty clothes.

    Come up with a schedule for your travel days, and discuss it as a family so there are no unexpected surprises on the day of. If it’s going to be a longer day of travelling, consider having a few “markers” along the way where you’ll celebrate or do something fun/special/different (each hour of a car ride, or during a layover).

    Happy and safe travels!

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  • Unprepared Tim Cook Frantically Taping Battery To Pair Of Sunglasses For Apple Event

    Unprepared Tim Cook Frantically Taping Battery To Pair Of Sunglasses For Apple Event

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    CUPERTINO, CA—Muttering “Come on, come on” under his breath as he attempted to bind the two objects together, an unprepared Tim Cook was frantically taping a battery to a pair of sunglasses ahead of his keynote at the Apple Worldwide Developers Conference, sources confirmed Monday. “I’ll call them, uh, the all-new Apple Lookers—or no, how about the Apple Eye Mirrors?’ said the company’s CEO, who wiped a bead of sweat off his forehead and cried out ‘Just a minute!’ from behind stage as he struggled to tear off a piece of duct tape with his teeth. “Goddammit, why didn’t anyone tell me this thing was today? If they ask too many questions, I’ll tell them it’s a prototype. Too bad there’s not any time to paint them. I have some white-out in my desk that would have looked great. At press time, Cook was giving a demonstration of the device by putting the sunglasses on upside down and muttering ‘Beep boop’ out of the corner of his mouth.

    Panasonic Recalls 2 Million Microwaves That Got Dirty

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  • Parenting 101: Great kids’ looks for summer

    Parenting 101: Great kids’ looks for summer

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    Whether the kiddos are headed for a day by the water or running around the playground, Miles the Label has parents and kids ready for the summer heat.

    Not only are their looks fashionable but keep the kids comfortable during hot and sunny days. Their swimwear offers UPF50+ sun protection and day clothes made from breathable, eco-friendly materials including organic cotton, soft and stretchy jersey, lightweight linen, and 100% recycled polyester. These clothes were made for soaking up the sun and rolling in the grass.

    And the Miles the Label’s design philosophy is to make clothes that kids can actually play in and wear year after year or pass them down to their siblings/friends. Now that’s a trend us parents can get on board with! Check out their first-ever swimwear collection, as well as their summer capsules including À La Mode and Rink and Roll.

    – Jennifer Cox

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  • Conservatives Reveal Why They’re So Triggered By Pride Merchandise

    Conservatives Reveal Why They’re So Triggered By Pride Merchandise

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    “God, I don’t even know. I’m so angry, and I’m so tired of being angry. Maybe it’s that my father hit me, and never showed any compassion. Maybe it’s because I was taught to hate people different from me as if it were their fault that I deal with the things I deal with. Regardless, I’m blind with rage at these pride-branded Uno cards, and I’m not going to stop.

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  • U.S. stock futures see volatile trading on Fed and bank angst; Apple results loom

    U.S. stock futures see volatile trading on Fed and bank angst; Apple results loom

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    U.S. stock futures were inching higher Thursday as traders contemplated the latest Fed decision, more banking sector stress, and Apple’s impending results.

    How are stock-index futures trading
    • S&P 500 futures
      ES00,
      -0.10%
      rose 3 points, or 0.1%, to 4111

    • Dow Jones Industrial Average futures
      YM00,
      -0.08%
      added 6 points, or 0%, to 33498

    • Nasdaq 100 futures
      NQ00,
      +0.20%
      climbed 40 points, or 0.3%, to 13140

    On Wednesday, the Dow Jones Industrial Average
    DJIA,
    -0.80%
    fell 270 points, or 0.8%, to 33414, the S&P 500
    SPX,
    -0.70%
    declined 29 points, or 0.7%, to 4091, and the Nasdaq Composite
    COMP,
    -0.46%
    dropped 55 points, or 0.46%, to 12025.

    What’s driving markets

    Results from Apple
    AAPL,
    -0.65%    ,
    the market’s biggest company, which are due after the closing bell on Thursday, will move into sharper focus as the session progresses.

    But before that investors must contend with disappointment over the Federal Reserve’s policy stance and renewed fretting about the U.S. regional banking sector that have delivered volatile trading over the past 24 hours and left stock-index futures struggling to rally.

    The S&P 500 slid 0.7% on Wednesday after the Fed again raised interest rates and irked some traders by seeming equivocal on whether the implied pause in monetary tightening meant the cycle of rate hikes were at an end and cuts could come soon.

    “As widely expected, the Federal Reserve raised interest rates by a further 0.25%, which of itself was not market moving. Of rather more interest was the implication that the rate hiking cycle had now ended, even though the Fed remains poised to act again if necessary,” said Richard Hunter, head of markets at Interactive Investor.

    “At the same time, the Fed dampened expectations for any interest rate reductions in the immediate future, contrary to investor hopes that some kind of easing may follow before the end of the year, depending on the severity of any potential recession,” he added.

    Traders will also be keeping an eye out for any surprises when the European Central Bank delivers its policy decision at 2:15 p.m. Central European time (8:15 a.m. Eastern).

    Then, late on Wednesday, just hours after Fed Chair Jay Powell said that the banking sector was “sound and resilient” shares in PacWest Bancorp
    PACW,
    -1.98%
    plunged 50% in after-hours trading after reports the struggling regional bank’s executives were weighing a possible sale.

    Stock index futures dived further in response on fears of continued turmoil in the financial sector. But though they have managed to recover much of those secondary losses the febrile action signals a nervous market, analysts noted.

    “It looks like more trouble is brewing for the U.S. banking sector, on the contrary to what Powell said yesterday,” said Ipek Ozkardeskaya, senior analyst at Swissquote.

    Other company results due on Thursday include Moderna
    MRNA,
    -0.96%    ,
    Peloton
    PTON,
    +2.56%    ,
    Kellogg
    K,
    +0.49%    ,
    before the opening bell rings, followed by Lyft
    LYFT,
    +2.35%
    and Shopify
    SHOP,
    -1.09%
    after the close.

    U.S. economic updates set for release on Thursday include weekly initial jobless claims; first quarter productivity and unit labor costs; and the March trade deficit. All are due at 8:30 a.m. Eastern.

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  • Business Casual Attire for the Modern Workplace | Entrepreneur

    Business Casual Attire for the Modern Workplace | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Business casual attire, also called “smart casual,” has become increasingly popular in the modern workplace. It allows employees to dress in a more relaxed and comfortable manner while maintaining a professional appearance.

    Whether you’re scouring jobs online on sites like ZipRecruiter, you’re headed back to the office full time, or just ready to improve your professional wardrobe, looking professional can score you points on the job or at your next big interview.

    So, what exactly is business casual attire? It generally consists of a collared shirt, slacks or khakis, closed-toe shoes for men, a blouse, dress pants or a knee-length skirt for women. Jeans may be acceptable in some business casual environments, but it’s always best to check with your employer before wearing them.

    In addition to traditional business casual attire, there are a few other elements to consider when dressing for the modern workplace:

    Pay attention to fit. Clothing should be well-fitting and not too tight or too baggy. Similar to an interview situation, make sure your clothes are clean, pressed and in good condition. Try your outfits before heading into the office so you know how they fit you.

    Choose appropriate fabrics. Avoid clothing made of overly casual fabrics, such as denim or sweatshirt material. Opt for dressier fabrics like cotton, wool, or linen.

    Accessorize wisely. Keep accessories simple and professional. Avoid overly flashy or bold jewelry and stick to a watch and a minimal number of other accessories. Accessories are a great way to show your personality and fashion sense.

    Consider the company culture. Some companies may have a more relaxed dress code, while others may be more formal. Consider the culture of your workplace and dress appropriately. When in doubt, ask HR or observe your peers to get an idea of how to dress every day.

    Keep your outfits well-maintained. Make sure your clothes are clean and well-maintained. This includes ironing your clothes and polishing your shoes.

    By following these guidelines, you can ensure that you are dressed appropriately for a business casual environment and project a professional image in the modern workplace.

    If you’re looking for a more casual office culture or you’re just ready for the next step in your career, ZipRecruiter can help. As the #1 job site in the U.S.1, it makes job searching easy. It uses powerful AI matching technology to help you find the right fit, and you can also read reviews and ratings from current and former employees to learn about a company’s culture before applying.

    1 Based on G2 satisfaction ratings as of January 1, 2022

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  • Bernard Arnault, now worth $210 billion, has extended his lead over Elon Musk on the global billionaires list

    Bernard Arnault, now worth $210 billion, has extended his lead over Elon Musk on the global billionaires list

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    There is currently no dispute over who wears the crown of world’s wealthiest person. It isn’t Tesla Chief Executive Elon Musk.

    The net worth of Bernard Arnault, the founder and chairman and chief executive officer of LVMH Moet-Hennessy Louis Vuitton SE
    MC,
    +1.01%    ,
    stood at $210 billion as of Thursday, according to the Bloomberg Billionaire Index. That makes him the world’s richest person by that marker, with an increasingly comfortable lead over Tesla’s
    TSLA,
    -0.48%
    Musk, who also leads SpaceX and Twitter and whose wealth stands at $180 billion. At times the two have been in a neck-and-neck race for that top spot.

    LVMH shares closed at a record €883 on Thursday, helping lift the French CAC-40
    PX1,
    +0.52%
    to an all-time high. That followed forecast-beating first-quarter sales from the luxury giant, thanks to returning China shoppers as COVID-19 restrictions eased, and rebounding international travel that drove duty-free sales. Up 7% so far this week, LVMH shares rose another 0.5% on Friday to €888.70.

    The stock surge padded Arnault’s fortune by $11.6 billion on Thursday, the second-biggest single-day gain ever for him and a fresh record fortune, according to Bloomberg.  Musk didn’t do badly.

    He increased his wealth by $3.83 billion on Thursday, before Tesla and U.S. equities
    SPX,
    -0.21%
    generally retreated a bit on Friday.

    Read: Who is Bernard Arnault, the world’s richest person after surpassing Elon Musk?

    LVMH owns jewelers Bulgari and Tiffany, alongside fashion houses Louis Vuitton and Dior. Results released late Wednesday showed the luxury standard-bearer beating expectations across every division, led by fashion and leather goods, the latter of which is significant, Berenberg analysts observed.

    “As the most profitable division, this also bodes well for margin development,” said Berenberg analyst Graham Renwick, in a note to clients on Friday.

    “This performance sets the standard for [first quarter] luxury reporting and gives encouragement on China’s recovery from pandemic disruption. Overall, we think these results continue to demonstrate LVMH’s strong momentum and best-in-class execution — again reaffirming its high quality and strong track record, which we believe investors are favoring in this uncertain macro environment,” said Renwick, who reiterated a buy rating on LVMH’s stock and lifted his share-price target to €960.

    The luxury sector got another confidence boost on Friday, as Hermès International SCA
    RMS,
    +1.52%
    revealed sales momentum in the first quarter, driven by a bump in tourism and new stores. The maker of the legendary Birkin handbag saw a 23% annual increase in first-quarter sales and backed “ambitious” organic revenue-growth targets.

    Luxury stocks have seen an impressive rebound in 2023, after a weak 2022 — LVMH shares fell 6% in 2022 as travel restrictions in China and overall economic worries weighed on shoppers.

    LVMH shares are up 30% so far in 2023, with Hermès up 36% and Christian Dior SE
    CDI,
    +1.46%
    and Gucci owner Kering SA
    KER,
    +1.30%
    up 26% and 21%, respectively.

    As for Musk, his wealth is divided among his businesses. While Tesla accounts for $76 billion, Bloomberg estimates his share of SpaceX is worth $49 billion, and his share of Tesla is worth nearly $10 billion. He paid $44 billion for Twitter last year, after an attempt to wriggle out of the deal, and its current valuation is a matter of much speculation. Musk has fired thousands of employees and claimed this week that a return to profitability is now just around the corner.

    Tesla is slated to report quarterly results next week, and some analysts aren’t optimistic due to persistent price cuts of its models.

    Read: U.S. billionaires have grown nearly one-third richer during the pandemic, while a ‘permanent underclass’ struggles, Oxfam report says

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  • Moderna is developing a Lyme disease vaccine in a first for the company

    Moderna is developing a Lyme disease vaccine in a first for the company

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    Moderna Inc. said Tuesday it’s working to develop its first bacterial vaccine to protect against Lyme disease, the tick-borne illness that causes a range of painful symptoms, including fever, headaches, fatigue, joint pain and rash.

    The biotech
    MRNA,
    -2.75%    ,
    whose first product to be approved by the U.S. Food and Drug Administration was its mRNA-based COVID vaccine, said it has two candidates in development to address Lyme disease, named mRNA-1982 and mRNA-1975.

    It announced the news at its fourth Vaccine Day, where it offered a full update on its clinical pipeline, which includes vaccines to protect against flu and respiratory syncytial virus, or RSV, as well as HIV, Epstein-Barr virus and herpes simplex virus, among others.

    There are about 120,000 cases of Lyme disease in the U.S. and Europe every year, creating a “significant quality of life burden,” the company said in a statement. Rising temperatures are helping the disease spread more easily, and it is difficult to diagnose, because the symptoms are similar to those of many other diseases. It most seriously affects children below the age of 15 and older adults.

    “Older adults appear to have higher odds of unfavorable treatment response as compared with younger patients, and neurologic manifestations are more common at presentation for this older adult population,” said the statement.

    Tick and Lyme disease season is here, and scientists warn this year could be worse than ever. Dr. Goudarz Molaei joins Lunch Break’s Tanya Rivero to explain what triggered the rapid spread of the disease and how people can avoid being affected. Photo: Kent Wood/Science Source

    The mRNA-1982 candidate is designed to create antibodies for Borrelia burgdorferi, the pathogen that causes almost all Lyme disease in the U.S., while mRNA-1975 is designed to elicit antibodies specific to the four major Borrelia species that cause the disease in the U.S. and Europe.

    Other new candidates in Moderna’s pipeline include mRNA-1405 and mRNA-1403, which aim to address the enteric virus norovirus. Norovirus is highly contagious and is the leading cause of diarrheal disease globally, Moderna said. It’s associated with about 18% of all such illnesses worldwide and causes about 200,000 deaths every year.

    Overall, Moderna is expecting to launch six major vaccine products in the next few years, all of them with large addressable markets.

    The company expects the annual global endemic market for COVID boosters alone to be worth about $15 billion.

    It has dosed the first participant in a late-stage trial of its next-generation, refrigerator-stable COVID-19 vaccine candidate, mRNA-1283. The vaccine “has demonstrated encouraging results in multiple clinical studies,” the company said.

    See now: Moderna CEO defends price increase for COVID vaccine to Congress

    A separate trial of a flu vaccine called mRNA-1010 fared less well, however.

    That trial “did not accrue sufficient cases at the interim efficacy analysis to declare early success in the Phase 3 Northern Hemisphere efficacy trial and the independent DSMB recommended continuation of efficacy follow-up,” the company said.

    The company expects the market for respiratory-product sales to range from $8 billion to $15 billion by 2027 and for operating profit that year to range from $4 billion to $9 billion.

    The stock was down 4% Tuesday and has fallen 15% in the year to date, while the S&P 500
    SPX,
    +0.17%
    has gained 7%.

    See also: Moderna’s stock slides as earnings fall short of estimates amid steep decline in COVID-vaccine sales

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  • J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

    J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

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    This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.

    https://www.barrons.com/articles/stock-market-movers-88cae2de

    • Order Reprints
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  • Lululemon, Intel, Carnival, Micron, Walgreens, and More Stocks to Watch This Week

    Lululemon, Intel, Carnival, Micron, Walgreens, and More Stocks to Watch This Week

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    Data on the U.S. consumer and housing market, plus several notable earnings reports, will be this week’s highlights. Barring any surprises, federal financial regulators’ Congressional testimony will be the main event on the banking front.

    On Wednesday, Fed Vice Chair for Supervision Michael Barr and Federal Deposit Insurance Corp. Chairman Martin Gruenberg are scheduled to testify before the House Financial Services Committee. They’ll discuss the collapses of Silicon Valley Bank and Signature Bank and efforts to maintain confidence in the U.S. banking system.

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  • Nike stock rallies after another earnings beat

    Nike stock rallies after another earnings beat

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    Shares of Nike Inc. rallied after hours on Tuesday after the athletic-gear giant reported third-quarter results that topped expectations.

    The maker of sneakers and sports apparel reported third-quarter net income of $1.24 billion, or 79 cents a share, compared with $1.4 billion, or 87 cents a share, in the same quarter a year ago. Revenue increased 14% to $12.39 billion, compared with $10.87 billion in the prior-year quarter.

    Analysts polled by FactSet expected earnings per share of 56 cents, on sales of $11.48 billion.

    Nike’s
    NKE,
    +3.64%
    gross margin fell 330 basis points to 43.4%. Inventories stood at $8.9 billion, up 16%, amid “higher product input costs and elevated freight costs.”

    For Nike’s fourth quarter, FactSet estimates called for earnings per share of 81 cents, on revenue of $12.55 billion. For the full year, those analysts expected earnings of $3.15 a share, on sales of $50.11 billion.

    Shares rose 3.5% after hours. The stock also jumped after Nike’s last earnings report, in December, which also topped estimates.

    Nike reported earnings after it cut prices in an effort to clear clothing and other items from its warehouses, following supply-chain hiccups that led to an excess of off-season goods and rising prices for basics. Those higher prices made customers less interested in dropping money on a new pair of sneakers.

    However, Jefferies analyst Randal Konik, in a research note last week, suggested that rival Adidas AG’s struggles could become Nike’s gains, as Adidas
    ADDYY,
    +0.41%
    finds itself stuck with a bunch of Kanye West-branded shoes. West’s antisemitic remarks last year led to the termination of a collaboration between the two.

    “The athletic footwear space is highly fragmented, and we believe that NKE will likely continue to benefit as Adidas regroups,” he said in a note.

    Konik said that Jefferies’ own data suggested that holiday-season interest in sneakers was still strong, despite inflation. And he said trends in China were getting better, as that nation’s economy reopens.

    Foot Locker Inc.
    FL,
    +7.07%
    on Monday said that it had “revitalized” its relationship with Nike — to focus on data-sharing and sneaker culture — after Nike began focusing on selling products online and through its own retail stores. And after weaker sales of Nike products in the past, Foot Locker Chief Executive Mary Dillon said the new arrangement with Nike would return both to growth in 2024.

    Shares of Nike are down 4.4% over the past 12 months. By comparison, the S&P 500 Index
    SPX,
    +1.30%
    is down 10.4% over that period.

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  • Supermom In Training: St. Patrick’s Day activities for the whole family

    Supermom In Training: St. Patrick’s Day activities for the whole family

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    This mommy loves any excuse to try out new crafts, and St. Patrick’s Day is no exception. With lots of fun ideas for activities, food, and so much more, we’ve got the luck of the Irish on our side (even though we’re not Irish!).

    Make a leprechaun trap. Those sneaky little devils are on the hunt for a pot of a gold, so make a trap to catch him! Or, ask each family member to make their own trap and see how they compare.

    Shamrock stamping. You can use three wine corks glued together, and marshmallows will also work.

    End of the rainbow twirler. Colour a rainbow on both sides of a paper plate, then cut in a curly-cue fashion (see above). Attach a pot of gold to the end of it (made out of construction paper or cardstock), and hang in the corner of a room.

    Rainbow pancakes. Make a basic batch of pancake batter and divide among various bowls, then colour each a different colour.

    Make snack necklaces. Thread Fruit Loops onto a piece of yarn for a fun and wearable snack necklace.

    Toilet paper roll leprechaun hats. Paint a toilet paper roll green and add a black band and buckle made out of construction paper. This will be the top of the hat. Then glue in the middle of a green circle to complete the hat.

    Make packages of rainbow seeds. This is simply a bag of Skittles with a note of affection tied to it – perfect to wish friends and neighbours a Happy St. Patrick’s Day!

    A full-time work-from-home mom, Jennifer Cox (our “Supermom in Training”) loves dabbling in healthy cooking, craft projects, family outings, and more, sharing with Suburban readers everything she knows about being an (almost) superhero mommy.

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