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Tag: Mixed Retailing

  • An AI Wake-Up Call From Walmart’s CEO

    This is an edition of the WSJ Careers & Leadership newsletter, a weekly digest to help you get ahead and stay informed about careers, business, management and leadership. If you’re not subscribed, sign up here.

    In the Workplace

    Walmart’s CEO issued an AI wake-up call, saying the technology will wipe out some jobs and reshape the company’s workforce. Doug McMillon’s remarks—which echo those made by leaders at Ford, JPMorgan Chase and Amazon—reflect a rapid shift in how executives discuss the potential human cost of AI.

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Macy’s rejects $5.8 billion takeover bid; Arkhouse threatens to go to shareholders

    Macy’s rejects $5.8 billion takeover bid; Arkhouse threatens to go to shareholders

    Macy’s Inc. said Sunday it has rejected an unsolicited bid by Arkhouse Management and Brigade Capital Management to take the department-store chain private in a $5.8 billion deal, citing concerns over financing.

    In a statement, Macy’s
    M,
    -1.67%
    said Arkhouse and Brigade failed to address the board’s concerns over their ability to finance the deal, and found a “lack of compelling value in their non-binding proposal.”

    “Following careful consideration and efforts to gather additional information from Arkhouse and Brigade, the board determined that Arkhouse and Brigade’s proposal is not actionable and that it fails to provide compelling value to Macy’s, Inc. shareholders,” Macy’s Chief Executive Jeff Gennette said in a statement. “We continue to be open to opportunities that are in the best interests of the company and all of our shareholders.”

    Earlier Sunday, Arkhouse confirmed that it and Brigade had submitted a proposal to buy Macy’s for $21 a share on Dec. 1, and threatened to bring the matter directly to Macy’s shareholders if talks do not pick up this week. “We see the potential for a meaningful increase to our original proposal if we are granted access to the necessary due diligence,” Arkhouse added.

    Also read: Macy’s real estate alone is worth nearly $3 billion more than investors’ bid, these analysts say

    Macy’s shares jumped after the buyout bid was first reported in December, but have since lost some of those gains.

    Last week, Macy’s said it will lay off 13% of its corporate staff — roughly 2,350 jobs — and close five stores in an effort to cut costs.

    Macy’s stock is down about 23% over the past 12 months, compared to the S&P 500’s
    SPX
    22% gain.

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  • Walmart is reportedly closing its innovation hub. It’s the latest in retailer cost cuts.

    Walmart is reportedly closing its innovation hub. It’s the latest in retailer cost cuts.

    Walmart Inc. will shut down Store No. 8, the big-box retailer’s startup incubator and innovation hub, the Wall Street Journal reported on Friday. It’s the latest move by a retailer to trim expenses and protect profits as shoppers continue to grapple with higher prices.

    Chief Financial Officer John Rainey told employees in a memo that much of what Store No. 8 did had already been incorporated into the company’s operations as a whole, the Journal said.

    “We’ve graduated capabilities from this operating approach that are now fully embedded in our organization,” Rainey said in the memo, according to the Journal.

    “The responsibility to shape the future of retail is now shared by all segments,” he continued.

    Walmart launched Store No. 8 in 2017 in an effort to experiment with new ideas, including augmented reality, artificial intelligence and new ways of delivering products, and to stay nimble in a retail landscape increasingly defined by online shopping. The Journal said that Scott Eckert, who led Store No. 8, was leaving the company.

    Walmart did not immediately respond to a request for comment. Shares were up fractionally after hours, after finishing 0.5% lower during the day.

    Some analysts think that Walmart could hold onto the higher-income shoppers it attracted over the past two years of high inflation. But in a possible sign of its priorities, the retailer on Thursday announced pay raises for store managers and a bonus program that hinges more on store profits.

    Walmart and other retailers have signaled that they are rethinking what technology to invest in and what stores to keep open. Those decisions would follow years of online-sales adoption, pandemic-related disruptions to shopping and a jump in prices for basics that began in 2022 and led people to shy away from buying things like laptops and clothing.

    Elsewhere on Thursday, Macy’s Inc.
    M,
    -1.67%
    said it would lay off corporate staff and close a handful of stores amid efforts to adapt to “an everchanging consumer and marketplace” and “evaluate the right mix of on- and off-mall locations.”

    The Wall Street Journal, which first reported that news, said Macy’s intended to bring more automation to its supply chain and invest “in areas that impact consumers,” like visual displays in stores and efforts to smooth out the online-shopping experience.

    CVS Corp.
    CVS,
    +0.01%    ,
    meanwhile, said it would close some pharmacies at Target Corp.
    TGT,
    +0.54%
    stores as it pivots toward health services.

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  • Macy’s to lay off 13% of corporate staff, close five stores

    Macy’s to lay off 13% of corporate staff, close five stores

    Department-store chain Macy’s Inc. plans to cut 2,350 jobs and close five stores, the Wall Street Journal reported on Thursday, as the company tries to curb expenses and meet the demands of what it said was “an everchanging consumer and marketplace.”

    The cuts, which amount to around 13% of Macy’s
    M,
    +0.39%
    corporate staff and 3.5% of its staff overall, are part of an effort to shed costs, eliminate management layers and redirect spending toward improving customers’ shopping experience, the Journal said. The dismissals will begin on Jan. 26, according to a memo sent to employees cited by the publication.

    “As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” a Macy’s spokesperson said in a statement to MarketWatch.

    The spokesperson said that the store closures were part of an effort to “reposition our store portfolio and evaluate the right mix of on- and off-mall locations,” adding that the five stores would close this year.

    Shares of Macy’s were up 0.2% after hours on Thursday, after gaining 0.4% in the day’s trading.

    The Journal reported that Macy’s plans to develop a more automated supply chain and would outsource some jobs. Citing a person familiar with the matter, the publication said the company would be “investing in areas that impact consumers, such as adding more visual-display managers to enhance the look of stores and upgrading digital functions to make online shopping more seamless.”

    The job cuts were announced as the landscape for retailers remains uneven, as higher prices for groceries and other basics have hindered what inflation-hit shoppers can spend elsewhere.

    “Despite our strong and tangible progress over the last few years, we remain under pressure,” according to the Macy’s memo cited by the Journal said.

    The moves come as Macy’s President Tony Spring prepares to succeed the outgoing Jeff Gennette as the company’s chief executive next month. Macy’s is also facing a nearly $6 billion takeover bid by an investor group that’s looking to take the retailer private.

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  • Pepco Expects Supply Issues if Red Sea Conflict Continues

    Pepco Expects Supply Issues if Red Sea Conflict Continues

    By Anthony O. Goriainoff

    Discount retailer Pepco Group said conflict in the Red Sea has had a limited effect on current product availability, but could hurt supply in the coming months if it continues.
    

    The discount retailer–which houses Poundland in the U.K. and Dealz and Pepco in continental Europe–said Thursday that attacks on vessels in the Red Sea by Houthi fighters was leading to higher spot freight rates and delays to container lead times.
    

    

    Although Pepco’s freight costs are contracted until the end of its third quarter, it faces additional surcharges from carriers stemming from the longer routes being taken by shipping companies avoiding the Red Sea.
    

    Meanwhile, the company said that for its fiscal first quarter ended Dec. 31, group like-for-like revenue fell 2.3% although there was an improving trend during the period.
    

    Revenue grew on a constant currency basis grew 11% from a year earlier to 1.9 billion euros ($2.07 billion), with the Pepcobusiness’s like-for-like revenue falling 3.7% against a tough comparative period when sales were up by 20% from the year-prior period.
    

    Revenue at Dealz fell 4.6%, driven by planned lower stock availability in general merchandise categories. Poundland’s performance continued to be robust with a strong Christmas performance driven by demand for fast-moving consumer goods, the company said.
    

    Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
    

    

    


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  • 
		
		
    
			
    This family just bumped Walmart’s Waltons as the richest in the world 
    
			
    This family just bumped Walmart’s Waltons as the richest in the world 
    
			
    

    

    The Walton family’s five-year rule as the world’s richest dynasty has come to an end. 
    

    The House of Nahyan, rulers of oil-rich Abu Dhabi in the United Arab Emirates, comes in at No. 1 on Bloomberg’s world’s richest families list for 2023, bumping the third-generation Walmart
    
        WMT,
    
        -1.05%
    
       heirs that have long topped the rankings
    

    

    The report released this week said that petroleum fortunes are “reshaping global business as never before,” and noted that the three Gulf families who made Bloomberg’s latest list of family fortunes are probably even wealthier than these “conservative estimates.” 
    

    The Al Nahyans of Abu Dhabi rule the list with $305 billion to their name, according to the report, which notes that the United Arab Emirates capital is home to most of the country’s oil reserves. 
    

    The Al Nahyan family holds $45 billion more than the Walton family, which owns 46% of Walmart — the world’s largest retailer by revenue. The Waltons have ruled the rankings for the past several years, but are now No. 2, worth $259.7 billion in the most recent fiscal year.
    

    Rounding out the top three is the Hermès family, whose fortune can be traced to the French luxury house. The founding family is worth $150.9 billion, as they still own a two-thirds majority in the company. 
    

    As far as other Americans on the list, the Mars family’s confectionary collection of chocolate brands such as M&Ms, Milky Way and Snickers bars — not to mention pet products — land them in fourth place with $141.9 billion. And the Koch family, behind Koch Industries, is in sixth place with $127.3 billion. 
    

    The report added that the richest families have certainly gotten richer this year, with the world’s ultra-rich clans collectively adding $1.5 trillion — yes, trillion — to their wealth in the past year, a 43% increase over their already considerable fortunes in 2022. 
    

    So here are the world’s 10 richest families of 2023, as reported by Bloomberg. 
    

      

    1. 
      Al Nahyan, ruling family of the United Arab Emirates, $305 billion
      

      2. 

    2. 
      Walton, owners of Walmart in the U.S., $259.7 billion 
      

      3. 

    3. 
      Hermès, owners of Hermès in France, $150.9 billion 
      

      4. 

    4. 
      Mars, owners of Mars, Inc. in the U.S., $141.9 billion 
      

      5. 

    5. 
      Al Thani, ruling family of Qatar, $133 billion 
      

      6. 

    6. 
      Koch, owners of Koch Industries in the U.S., $127.3 billion
      

      7. 

    7. 
      Al Saud, ruling family of Saudi Arabia, $112 billion
      

      8. 

    8. 
      Ambani, owner of Reliance Industries in India, $89.9 billion 
      

      9. 

    9. 
      Wertheimer, owner of Chanel in France, $89.6 billion 
      

      10. 

    10. 
      Thomson, owner of Thomson Reuters in Canada, $71.1. million
      

      11. 

    

    


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  • 
		
		
    
			
    Walmart, Nvidia, Novo Nordisk, Vista Outdoor, GM, and More Stock Market Movers
    
			
    Walmart, Nvidia, Novo Nordisk, Vista Outdoor, GM, and More Stock Market Movers
    
			
    

    





    Stock futures pointed higher Friday as Wall Street returned for a 











shortened trading session following the Thanksgiving holiday. Retailers will be in focus on Black Friday, which marks the unofficial start to the Christmas shopping season.
    


    




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  • 
		
		
    
			
    Walmart’s shareholders may have anticipated today’s selloff — if they’d been watching its bonds
    
			
    Walmart’s shareholders may have anticipated today’s selloff — if they’d been watching its bonds
    
			
    

    

    Shareholders of Walmart Inc. may have had an inkling of today’s stock selloff if they had been watching the performance of its bonds over the last two weeks.
    

    The bonds have seen net selling even as spreads have tightened, according to data solutions company BondCliQ Media Services.
    

    

    The same is true for Costco Wholesale Corp.
    
        COST,
    
        -3.12%    ,
    
       as the company’s stock fell in sympathy with Walmart on Thursday. That was after Walmart
    
        WMT,
    
        -8.11%
    
       Chief Executive Doug McMillon said he expects to see a U.S. deflation trend in the coming months.
    

    McMillon was the first retail executive to raise the specter of deflation on an earnings call this season so far. 
    

    For more, read: Walmart’s stock on pace for largest daily percentage decline in over a year after earnings
    

    The comment came after the retail giant posted better-than-expected third-quarter earnings, but offered per-share earnings guidance that was below consensus, sending the stock down more than 7%.
    

    The following charts show what’s been happening with Walmart and Costco bonds in the run-up to today’s numbers. 
    

    Bondholders tend to be keenly focused on a company’s underlying financials and closely watched metrics such as cash flow to ensure it can cover interest payments.
    

    That’s because, by buying corporate bonds, they are effectively lending money to a company for a set term and want to be sure they will get their full investment back once they mature. Shareholders tend to be more tuned into daily stock-price movements. 
    

    

              
    

    

    
          
    
            Bonds of Walmart and Costco Wholesale by maturity bucket. Source: BondCliQ Media Services
    
          
    
  
    

    

    The following chart shows the two-week volume for the bonds by trade type.
    

    

              
    

    

    
        
      
    
          
    
            Bonds of Walmart and Costco Wholesale — two-week volume by trade type. Source: BondCliQ Media Services
    
          
    
  
    

    

    The next chart focuses on two-week client flows, showing net selling for both issuers over the period. 
    

    

              
    

    

    
        
      
    
          
    
            Bonds of Walmart and Costco – two-week net client flow. Source: BondCliQ media Services
    
          
    
  
    

    

    The selling has come as spreads have been tightening, as the next chart illustrates.
    

    

              
    

    

    
        
      
    
          
    
            Select bonds of Walmart and Costco – two-week spread performance. Source: BondCliQ Media Services
    
          
    
  
    

    

    Walmart’s numbers come after other retailers this week said they are seeing signs of pushback from their customers, especially when it comes to big-ticket items.
    

    That was the message from Target Corp.
    
        TGT,
    
        -1.00%
    
       on Wednesday, with that company’s sales number lagging consensus. Chief Executive Brian Cornell the company saw soft industry trends in discretionary categories, as well as higher inventory shrink.
    

    See also: Target CEO says consumers are still spending, but sees pressure on discretionary items
    

    On Tuesday, Home Depot Inc.
    
        HD,
    
        -0.79%
    
       said its customers were avoiding big-ticket items. 
    

    “The third quarter was in line with our expectations – similar to the second quarter, we saw continued customer engagement with smaller projects and experienced pressure in certain big-ticket, discretionary categories,” said Home Depot CEO Ted Decker, during a conference call to discuss the results.
    

    For more, see: Home Depot CEO says 2023 ‘a period of moderation’ in home improvement spending
    

    Related: Home Depot says ‘the worst of the inflationary environment is behind us,’ but prices have settled unevenly
    

    Costco’s stock was down 2.5%, while Home Depot was down 0.7% and Target was down 0.2%. 
    

    The SPDR S&P Retail exchange-traded fund
    
        XRT
    
       was down 3% and has gained 2% in the year to date, while the S&P 500
    
        SPX
    
       has gained 17%. 
    

    

    


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  • 
		
		
    
			
    Walmart Beats on Earnings and Raises Guidance. Why the Stock Is Falling.
    
			
    Walmart Beats on Earnings and Raises Guidance. Why the Stock Is Falling.
    
			
    

    





    















Walmart topped third-quarter estimates and raised fiscal-year guidance. But investors were expecting more from the world’s largest retailer, sending the stock lower in premarket trading. 
    


    




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  • 
		
		
    
			
    Walmart’s stock tumbles after soft guidance offsets earnings beat
    
			
    Walmart’s stock tumbles after soft guidance offsets earnings beat
    
			
    

    

    An earlier version of this article incorrectly said that Walmart’s stock has fallen this year. It has gained 20%. The article has been corrected.
    

    Walmart Inc.’s stock tumbled 7.3% early Thursday, after the company offered guidance for 2023 that was below consensus, offsetting a profit and sales beat for the third quarter. 
    

    

    The Bentonville, Ark.-based retail giant
    
        WMT,
    
        +1.27%
    
       posted net income of $453 million, or 17 cents a share, for the third quarter, after a loss of $1.8 billion, or 66 cents a share, in the year-earlier period. 
    

    Adjusted per-share earnings came to $1.53, ahead of the $1.52 FactSet consensus. 
    

    Revenue rose 5.2% to $160.8 billion from $152.8 billion, also ahead of the $159.7 billion FactSet consensus. 
    

    See also: Target CEO says consumers are still spending, but sees pressure on discretionary items
    

    Walmart’s U.S. same-store sales rose 4.9%, while e-commerce sales rose 24%. Average transactions were up 3.4%, while the average ticket was up 1.5%. 
    

    Chief Executive Doug McMillion said the company saw revenue grow across segments and that it was getting an early start to the holiday season. 
    

    At the company’s international segment, growth in sales was led by Walmex and China. E-commerce sales fell 3%, while advertising grew 4%. 
    

    At Sam’s Club U.S., sales rose 2.8% to $22.0 billion from $21.4 billion a year ago, led by food and consumables, and healthcare. Same-store sales rose 3.8%, transactions were up 4% and average ticket was down 0.2%. 
    

    The company said it was raising its full-year guidance and now expects  adjusted EPS of $6.40 to $6.48, but that was below the FactSet consensus of $6.50. It expects sales to grow 5% to 5.5%, while FactSet is expecting growth of 5%. 
    

    The stock has gained about 20% in the year to date, while the S&P 500
    
        SPX,
    
        +0.16%
    
       has gained 17%. 
    

    

    


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  • 
		
		
    
			
    WeWork’s stock has continued the strange trend of the bankruptcy bounce
    
			
    WeWork’s stock has continued the strange trend of the bankruptcy bounce
    
			
    

    

    In a strange flashback to the demise of Bed Bath & Beyond Inc., WeWork Inc.’s stock soared on its over-the-counter debut this week, just days after the office sharing company filed for chapter 11 bankruptcy protection. 
    

    WeWork
    
        WEWKQ,
    
        +23.02%
    
       filed for Chapter 11 in New Jersey on Monday and the beleaguered company’s stock was halted before the open that day. The New York Stock Exchange started the delisting process for WeWork that same day.
    

    

    Trading resumed over the counter on Wednesday, with WeWork shares ending their first session as an OTC stock up 91.5%.
    

    WeWork Chapter 11 a meme stock reality check: ‘No one should ever buy a stock that is rumored to be headed to bankruptcy’
    

    A similar scenario happened when shares of Bed Bath & Beyond began trading over the counter in May after the Nasdaq started the delisting process for the bankrupt home-goods retailer and sometime meme-stock darling. Despite Bed Bath & Beyond’s well-documented woes, the stock ended its first session as an OTC stock up 30.4%. Bed Bath & Beyond’s shares were canceled in September.
    

    In June Overstock.com acquired Bed Bath & Beyond’s intellectual property, and began operating as Bed Bath & Beyond, before changing its corporate name to Beyond Inc.
    
        BYON,
    
        +2.06%    .
      
    

    Like Bed Bath & Beyond, WeWork has continued to attract investor attention even as the company’s problems mounted. In mid-September WeWork’s stock saw a record run-up amid meme stock chatter, just weeks after WeWork warned that it may not be able to stay in business.
    

    Related: WeWork files for bankruptcy, capping a stunning downfall
    

    Users on social media noted the activity in WeWork’s share price this week, with Twitter user @asunapg warning Thursday that the OTC markets are “much more volatile and often a death trap for a lot of companies.”
    

    “Here we go again” tweeted @B2Investor Friday, with popcorn and clown emojis.
    

    WeWork’s stock ended Thursday’s session down 21.3% and the stock is down 12.7% Friday, compared with the S&P 500 index’s
    
        SPX
    
       gain of 1.3%.
    

    Related: Why investors gamble on shares of bankrupt companies — Bed Bath & Beyond, for example
    

    Tom Bruni, head of content at StockTwits, a social platform for investors and traders, told MarketWatch that, from what he is seeing, there doesn’t seem to be broad interest in the stock. 
    

    “Unlike Bed Bath & Beyond and others where it seemed possible to restructure and continue operating, the current situation for WeWork is mainly a math equation,” he told MarketWatch. “It’s looking most likely that it’ll be bought out, the question is at what price and how much cash (if anything) does that leave for common shareholders to receive? The consensus right now is that all value from its 52 million shares of common stock will be wiped out.”
    

    Set against this backdrop, short covering could be driving the stock price up in the short term, according to Bruni. “Many market participants don’t want to risk being squeezed by unexpected good news, so they’d rather take their gains than ride it all the way down to zero,” he said. “Should that high short interest start to create sustainable upside momentum (more than a few days), then we’d likely see other traders get involved on the long side.”
    

    “But for now, with earnings season in full swing, there’s plenty of volatility and news elsewhere for investors/traders to focus on,” he added.
    

    

    


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  • 
		
		
    
			
    No, you don’t need to buy Costco’s $4,500, 157-piece Le Creuset cookware set
    
			
    No, you don’t need to buy Costco’s $4,500, 157-piece Le Creuset cookware set
    
			
    

    

    No, you don’t need to spend $4,500 on that 157-piece Le Creuset cookware set from Costco
    
        COST,
    
        -0.83%    .
      
    

    The pricey package has become an everyone-is-talking-about-it sensation, owing largely to social media. A post about the set on X, the platform formerly known as Twitter, that has now been viewed some 21 million times seems to have been the initial source of the buzz. It noted that the Costco offering has “probably every kitchen item you will ever need.”
    

    

    In turn, that post generated more social-media chatter, along with articles in publications including the New York Post and the Delish website.
    

    Now the set is apparently so popular, you can’t even get it. In several parts of the country, the Costco site doesn’t even list it as being available. MarketWatch reached out to the retailer for details but did not receive an immediate response.
    

    Perhaps it’s just as well that home cooks won’t be tempted to spend all that money. When MarketWatch spoke with several prominent New York chefs and restaurateurs, they all said the set was overkill, even if it represented a savings compared with buying the items individually.
    

    If anything, these culinary pros noted that purchasing so many pieces not only poses a storage issue, but it can also create confusion in the kitchen, especially for the home cook.
    

    “I don’t even have one-tenth of that set,” says veteran chef Konstantinos Kvasilava, who works at Kyma, a high-end Greek restaurant in New York, and who previously was at Geranium, a Michelin-starred establishment in Copenhagen.
    

    So what are the items you should buy for your kitchen? Here are five rules chefs say you should keep in mind.
    

    Stick with the basics
    

    The Costco Le Creuset set includes several pots and pans, plus bakeware, dinnerware and more. Let’s presume you already have some plates and utensils in your kitchen. Beyond that, chefs generally recommend a small number of pieces — think in terms of as few as four and as many as 10, says Franklin Becker, chef and owner of the Press Club Grill and Point Seven restaurants in New York. His must-have list includes 8-inch and 10-inch nonstick pans, a high-sided stainless-steel sauté pan and 1-quart, 4-quart and 8-quart pots. “Those are the essentials,” says Becker, explaining that such items will cover your needs depending on what you’re cooking — the nonstick pans are great for eggs, he notes — and how many people you’re cooking for. The 8-quart pot will work if you’re entertaining a crowd and need to make a big dish.
    

    Other chefs’ must-haves include a cast-iron pan, often a preferred method for cooking steaks; a casserole dish, which is good for casseroles, naturally; and a Dutch oven. It’s always best to think of items that can be used in multiple ways. Rose Noel, executive chef at New York’s Peak restaurant, likes a cast-iron pan, for example, because it can go into the oven and can also be used on an outdoor grill. “It carries everywhere,” she explains. And, she says, a decent-sized casserole dish can double as a roasting pan for, say, cooking a chicken.
    

    Add extras, depending on what you eat
    

    One you have those basics, look at your daily diet and buy items that fit your own needs. Simon Kim, proprietor of Cote Korean Steakhouse, which has locations in New York and Miami, says he doesn’t make eggs at home for breakfast, but he always makes smoothies, so a powerful blender is a must for him. And he eats a lot of rice, so he has a rice cooker, which he says is much better than an everyday pot when it comes to preparing that staple.  
    

    Buy quality
    

    It’s always tempting to go the cheap route, but chefs say you’ll pay for it in the end by having cookware that doesn’t last as long and doesn’t cook as well. Becker notes that aluminum cookware, which typically costs less, should be avoided at, well, all costs.
    

    In terms of brand preferences, chefs mention many higher-end names, such as T-fal , All-Clad and Le Creuset. And when it comes to that blender for his morning smoothies, Kim says he swears by his Vitamix.
    

    Avoid sets
    

    The problem with buying any cookware set, even one with as few as 10 pieces, is that it often means duplicating items you already have, chefs say. Plus it doesn’t allow you to mix and match brands and take advantage of the fact that certain brands may be better than others for certain items.
    

    Noel suggests you purchase cookware for your kitchen the same way you purchase clothes for your wardrobe. “Buy pieces to fill in what you’re missing or need to update,” she says.
    

    Take care of what you own
    

    Even the best cookware won’t measure up if you don’t treat it properly. Becker says it’s important to wash pots and pans pretty much immediately after each use so that food and grease don’t harden and become difficult to remove. And when it comes to that cast-iron pan, Becker suggests that it be seasoned and cleaned with salt before being oiled lightly to seal it. 
    

    Now read: Americans are sick and tired of tipping. Here’s why we need to tip more — not less.
    

    

    


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  • 
		
		
    
			
    Costco CEO Craig Jelinek to Step Down. Here’s the Plan.
    
			
    Costco CEO Craig Jelinek to Step Down. Here’s the Plan.
    
			
    

    Costco CEO Craig Jelinek to Step Down. The Stock Is Down.
    


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  • 
		
		
    
			
    Family Dollar recalls dozens of P&G, J&J, Colgate products in 23 states due to incorrect temperature storage
    
			
    Family Dollar recalls dozens of P&G, J&J, Colgate products in 23 states due to incorrect temperature storage
    
			
    

    

    Family Dollar voluntarily recalled dozens of over-the-counter drugs, products and medical devices sold at its stores because they had been stored at improper temperatures, according to the Food and Drug Administration late Tuesday.
    

     On the FDA’s website, the regulator said products affected by the recall were stored “outside of labeled temperature requirements by Family Dollar and inadvertently shipped to certain stores on or around June 1, 2023 through September 21, 2023.”
    

    

    Brands affected by the recall include Procter & Gamble’s
    
        PG,
    
        +0.99%
    
       Crest, Vicks and Pepto  Bismol; Colgate
    
        CL,
    
        +0.26%
    
       ; Johnson & Johnson Inc.’s
    
        JNJ,
    
        -0.11%
    
       Tylenol and Listerine; and Bayer’s
    
        BAYN,
    
        +3.04%
    
       Aleve, according to a list provided by the FDA.
    

    The items were sold at stores in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Mississippi, Montana, North Dakota, Nebraska, New Mexico, Nevada, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington and Wyoming, between June 1 and Oct. 4, the FDA said. 
    

    Family Dollar was acquired by Dollar Tree Inc.
    
        DLTR,
    
        +3.26%
    
       in a deal that closed in July 2015. 
    

    

    


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    Bed Bath & Beyond Shares Have Finally Been Extinguished
    
			
    Bed Bath & Beyond Shares Have Finally Been Extinguished
    
			
    

    Bed Bath & Beyond Shares Have Finally Been Extinguished
    


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  • 
		
		
    
			
    Costco is selling out of small gold bars ‘within a few hours,’ CFO says
    
			
    Costco is selling out of small gold bars ‘within a few hours,’ CFO says
    
			
    

    

    Costco Wholesale Corp. sells lots of things you wouldn’t expect from a big-box retailer: caskets, caviar, six-pound tubs of Nutella. Add to that list one-ounce bars of gold, which the company on Tuesday said were selling out within a matter of hours.
    

    “I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars,” Chief Financial Officer Richard Galanti said on Costco’s
    
        COST,
    
        +2.45%
    
       quarterly earnings call on Tuesday. “Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member.”
    

    

    Costco did not immediately respond to a request for more information about the types of gold bars it sells, how much they cost or the factors behind the demand. On Wednesday, the site showed a price of $1979.99 per ounce for the bars. Shares of Costco were up 1.3% on Wednesday.
    

    Gold is generally seen as a safe-haven investment and a hedge against inflation. Buying by central banks, lingering worries about a deceleration in the economy and jewelry purchases have helped prop up prices, according to data tracker Goldhub. But higher interest rates have acted as a counterweight, and some analysts have wondered whether more volatility is on the horizon for gold prices. 
    

    Costco’s quarterly results, reported Tuesday, topped expectations. Analysts have said the retail chain remains attractive to customers who are looking for a break from higher prices. 
    

    Shares of the company are up 23.8% so far this year. The S&P 500 Index
    
        SPX
    
       is up 11.4% over that period. 
    

    

    


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  • 
		
		
    
			
    Costco earnings top Wall Street estimates, but stock falls
    
			
    Costco earnings top Wall Street estimates, but stock falls
    
			
    

    

    Costco Wholesale Corp. shares slipped in the extended session Tuesday even after the membership warehouse chain reported quarterly results that topped Wall Street estimates. 
    

    Costco
    
        COST,
    
        -1.01%
    
       shares fell 1.5% after hours, following a 1% decline in the regular session to close at $552.96. 
    

    

    Costco reported fourth-quarter net income of $2.16 billion, or $4.86 a share, compared with $1.87 billion, or $4.20 a share, in the year-ago period. 
    

    Revenue rose to $78.94 billion from $72.09 billion in the year-ago quarter. 
    

    Analysts on average expected earnings of $4.82 a share on revenue of $78.81 billion, according to FactSet. 
    

    Sales at stores open for at least a year rose 1.1%, or 3.8% adjusted for gasoline and currency, compared with the 3.5% Street estimates. 
    

    Total annual revenue rose to $242.29 billion from $226.95 billion in the previous fiscal year. Analysts were forecasting $242.17 billion in revenue. 
    

    Costco shares have gained 21.1% year to date, while the S&P 500 index
    
        SPX,
    
        -1.47%
    
       has gained 11.3%.
    

    

    


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  • 
		
		
    
			
    Instacart, Ford, Pinterest, Coty, Dollar General, Intel, and More Stock Market Movers
    
			
    Instacart, Ford, Pinterest, Coty, Dollar General, Intel, and More Stock Market Movers
    
			
    

     
    

        
    

     
    

        
    

    

     
    

        
    

     
    

        
    

        
    

     
    

    

    

    


    

     
    

    

    





    


    
    
    
    
    
    
  


    


    


    


    


    


    




    

 



      





    









    

 



      

      


    
        


    
          
          


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    The economy is doing better than anyone thinks, but these troubles are in the pipeline, says Bill Ackman
    
			
    The economy is doing better than anyone thinks, but these troubles are in the pipeline, says Bill Ackman
    
			
    

    Stock investors are showing some hesitancy for Tuesday, with big signals on the economy coming this week via consumer prices and retail sales. Ahead of that, Apple is expected to tempt consumers with yet another new iPhone on Tuesday. 
    

    How much should investors be worrying right now? Our call of the day from Pershing Square Capital Management manager Bill Ackman says that in the near term, we can relax a little, but it isn’t all roses.
    

    

    Read: Hedge funds have bailed on the U.S. consumer in a big way, Goldman Sachs data finds
    

    He told the Julia La Roche Show in an interview where he felt like he had a “crystal ball of what was going to happen,” starting in January 2020 with the COVID-19 outbreak, and that carried on through interest rates and the economy. Indeed, the manager reportedly made nearly $4 billion on a couple of pandemic-related bets.
    

    “I would say the crystal ball has clouded a bit in the last period. I think these are unusual economic times and perhaps we always say that, but I don’t think this is a pattern that has been repeated…or it hasn’t been for more than 100 years,” he said. 
    

    But he remains near-term upbeat. “For two years, people have been saying that recession’s around the corner and you know we’ve had a very different view, and continue to have this view that I think people are coming around to, that the economy is actually still quite strong,” he said.
    

    And while those on lower-income rungs have burned through a lot of COVID savings, he thinks the economy has yet to really see impact from the big fiscal stimulus seen in recent years.
    

    Looking down the road though, Ackman has got a stack of concerns over the economy. He sees about a third of federal debt due to get repriced meaning that over a relatively short period of time, “interest expense will become a much bigger part of the deficit that is not going to be a contributor to the economy.”
    

    And while higher interest rates do help savers, ultimately that will be a big drag on the economy, he said, adding that rising inflation, mortgage rates, car payments and credit card rates, are all set to slow the economy.
    

    “We’re still in the midst of a war and there’s political uncertainty you know with an upcoming election,” he said. That partly explains Pershing Square’s hedge via a short position on the 30-year Treasury bond
    
        BX:TMUBMUSD30Y
    
       that he laid out in a tweet in early August.
    

    For roughly a year, long-term Treasury yields have been trading below short-dated ones, which is known as an inverted yield curve, a phenomenon that’s often seen as a precursor to recession.
    

    “I don’t see inflation getting back to 2% so quickly, if at all, and if in fact we’re in a world of persistent 3% inflation, you know it doesn’t make sense to have a 4.3%, 4.25% Treasury yield,” he said. 
    

    Other risks? Ackman remains worried about regional banks following the spring crisis, as many have big fixed-rate portfolios of assets that have gotten less and less valuable as rates rise. “I would say the commercial real estate picture has not gotten better, if anything, you know, you’re going to start seeing real defaults, particularly with office assets,” he said.
    

    “Regional banks have the most exposure to construction loans so they are going to be a lot of construction loans that won’t be able to repaid. There will be a lot of restructurings, so either the investors groups are gonna have to put in a lot more equity or the banks are going to start taking some losses,” he said. 
    

    Ackman says investors also face a presidential campaign that could add some stress. The hedge-fund manager said he’s surprised there have not been “more and better alternative candidates” for the 2024 campaign over President Joe Biden and former President Donald Trump. 
    

    He’d like to see JPMorgan Chase & Co. CEO Jamie Dimon toss his hat in the ring and believes Biden is “beatable,” by a strong candidate.
    

    Ackman himself said it’s “possible,” he himself could run someday, but he’s more focused on having a better investment track record over Berkshire Hathaway Chairman and CEO Warren Buffett — and needs some 30 years to match the Oracle of Omaha.
    

    Read: Here’s an easy way to make a more concentrated play on the ‘Magnificent Seven’ stocks
    

    The markets
    

    

              
    

    

    
      
    

    

    Stock futures
    
        ES00,
    
        -0.36%
    

            NQ00,
    
        -0.45%
    
       are tilting south, led by tech, with Treasury yields
    
        BX:TMUBMUSD02Y
    

            BX:TMUBMUSD10Y
    
       steady to a touch lower and the dollar
    
        DXY
    
       recovering some ground. 
    

    Read: Watch this ‘canary in the coal mine’ for signs of trouble in markets, Neuberger Berman CIO says
    

    For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.
    

    The buzz
    

    Oracle shares
    
        ORCL,
    
        +0.31%
    
       are down 10% in premarket trading after disappointing guidance from the cloud database group.
    

    Apple’s
    
        AAPL,
    
        +0.66%
    
       big event kicks off at 1 p.m. Eastern, with the launch of the pricier iPhone 15 expected to be on the agenda.  
    

    Hot ticket. Arm Holdings’ IPO is already 10 times oversubscribed and bankers will stop taking orders by Tuesday afternoon, Bloomberg reports, citing sources.
    

    Tech’s wild week: How Apple, Google, AI, Arm’s mega IPO could set the agenda for years
    

    Upbeat results are boosting shares of convenience-store operator Casey’s General Stores
    
        CASY,
    
        -1.02%    .
      
    

    Packaging giant WestRock
    
        WRK,
    
        -1.48%
    
       and rival Smurfit Kappa
    
        SK3,
    
        -8.87%
    
       have announced a stock and cash tie up. WestRock shares are up 8% in premarket.
    

    Read: U.S. budget deficit will double this year to $2 trillion, excluding student loans
    

    Best of the web
    

    No better than gambling? Amateur investors are piling into 24-hour options.
    

    Demand for oil, coal, gas to peak this decade, IEA chief says
    

    U.S. takes on tech giant Google in landmark case.
    

    The chart
    

    Bank of America’s global fund manager survey for September sees investors still bearish, but no longer on the extreme side. Here’s the chart:
    

    

              
    

    

    
        
      
    
      
    

    

    Read: Fund managers just made their biggest shift ever into U.S. stocks — and out of emerging markets
    

    The tickers
    

    These were the most active stock-market tickers on MarketWatch as of 6 a.m. Eastern:
    

    

    

      Ticker
    
    		

      Security name
    
    		

    

    

        TSLA,
    
        +10.09%    
          		

      Tesla
    
    		

    

    

        AMC,
    
        +2.23%    
          		

      AMC Entertainment
    
    		

    

    

        CGC,
    
        +81.37%    
          		

      Canopy Growth
    
    		

    

    

        NVDA,
    
        -0.86%    
          		

      Nvidia
    
    		

    

    

        GME,
    
        -3.90%    
          		

      GameStop
    
    		

    

    

        AAPL,
    
        +0.66%    
          		

      Apple
    
    		

    

    

        ACB,
    
        +72.17%    
          		

      Aurora Cannabis
    
    		

    

    

        NIO,
    
        +2.89%    
          		

      Nio
    
    		

    

    

        MULN,
    
        +5.77%    
          		

      Mullen Automotive
    
    		

    

    

        AMZN,
    
        +3.52%    
          		

      Amazon
    
    		

    

    

    Random reads
    

    “Worst investment ever.” Brady Bunch fan buys original house for cut-price $3.2 million.
    

    And the house from the “Halloween” slasher films just sold for $1.8 million.
    

    China may ban clothes that hurt people’s feelings. 
    

    Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.
    

    Listen to the Best New Ideas in Money podcast with MarketWatch financial columnist James Rogers and economist Stephanie Kelton.
    

    


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    Just how much is the AI discourse helping stocks? An analyst scoured earnings calls for clues
    
			
    Just how much is the AI discourse helping stocks? An analyst scoured earnings calls for clues
    
			
    

    

    Talking about AI alone has been pixie dust for big technology stocks this year. And as executives look for any way to shoehorn AI into their business plans, more S&P 500 index companies during their second quarter earnings calls mentioned “AI” than at any point since at least 2010, according to a report published on Friday. 
    

    What’s more, according to the report from FactSet, the companies talking about AI — even the ones that aren’t the big, obvious tech names — have seen their stocks fare better than shares of companies that haven’t. 
    

    

    For S&P 500 companies that mentioned “AI” on their second-quarter earnings calls, shares on average since June 30 dipped 0.8%, while rising 13.3% since Dec. 31, FactSet said. For companies that didn’t talk about AI on those calls, shares on average fell a bit more since the end of June — 2.3% — while inching only 1.5% higher since the end of last year. 
    

    “Even excluding the ‘Magnificent Seven’ (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla), the S&P 500 companies that cited ‘AI’ still outperformed the S&P 500 companies that did not cite ‘AI’ on average during these periods,” FactSet Senior Earnings Analyst John Butters said in the report. 
    

    Meanwhile, Wall Street has long believed corporate America’s profits would rebound for the second half of 2023, after a year ruled by anxieties over inflation’s impact on the economy. Still, that collective bounce-back, as it has through this year, will hinge on strong results from the world’s biggest tech players.  
    

    Wall Street analysts expect S&P 500 companies to eke out a 0.5% gain in per-share profit growth during the third quarter, according to the FactSet report. If that number holds, it would be the first quarter of earnings growth since the third quarter of last year.
    

    Those potential gains, however, will largely depend on results from Amazon.com Inc.
    
        AMZN,
    
        +0.28%    ,
    
       Meta Platforms Inc.
    
        META,
    
        -0.26%
    
       and Alphabet Inc.
    
        GOOG,
    
        +0.73%
    

            GOOGL,
    
        +0.83%
    
       — outsized companies with outsized influence on markets and S&P 500 company financials overall. Financials for those companies have rebounded this year, after big tech retrenched amid a drop-off in pandemic-related digital demand from people spending more time at home and online. 
    

    This week in earnings
    

    Three years of supply disruptions have upended the economy and driven prices higher, forcing the Federal Reserve to embark on a delicate effort to bring them lower by discouraging borrowing and spending through a series of interest-rate hikes. But what about the impact on bowling? For answers, we turn to results this week from bowling-alley chain Bowlero Corp.
    
        BOWL,
    
        -3.43%    ,
    
       which saw a jump in demand following the economy’s reopening but now faces questions about that demand as it shows signs of returning to Earth. Convenience-store chain Casey’s General Stores Inc.
    
        CASY,
    
        +0.85%
    
       and homebuilder Lennar Corp.
    
        LEN,
    
        +0.50%
    
       also report.
    

    The call to put on your calendar
    

    Adobe results: Digital-media, analytics and design firm Adobe Inc. reports quarterly results on Thursday. But Mizuho analyst Gregg Moskowitz said his focus was on the company’s broader digital transformation. 
    

    He cited stronger Web traffic, the potential for more deals with bigger customers, signs of improving trends in Adobe’s
    
        ADBE,
    
        -0.02%
    
       analytics segment, as well as the segment that includes design tools like Photoshop. But he said the company’s moves in generative AI could be “a significant growth driver.” Adobe this year unveiled Firefly, an AI image and text-enhancement model that can be incorporated into Adobe’s software. Moskowitz said that “while very early, our checks indicate an already high level of large customer interest in GenAI projects, including Firefly for Enterprise.” However, he said the company’s $20 billion acquisition of online design platform Figma was still “a big question mark,” as costs and regulatory scrutiny accumulate.  
    

    The number to watch
    

    Oracle results, supply situation: Cloud and IT-network developer Oracle Corp.
    
        ORCL,
    
        +0.98%
    
       reports results on Monday. Like much of the tech world, Wall Street sees the company as an AI play. But UBS analysts said that as businesses race to secure the components that power AI, Oracle could have an “underappreciated edge” over rivals. 
    

    

    


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