Tag: Retail/Wholesale

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

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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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November 16, 2023
Walmart Beats on Earnings and Raises Guidance. Why the Stock Is Falling.

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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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November 16, 2023
Walmart’s stock tumbles after soft guidance offsets earnings beat

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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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November 16, 2023
Apple, Microsoft, Nvidia—What Tech Stocks Hedge Funds Are Buying and Selling

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It’s filing season for a string of major hedge funds, and big tech names like Apple, Microsoft, and Nvidia were among the most-traded equities in the third quarter.

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November 15, 2023
WeWork’s stock has continued the strange trend of the bankruptcy bounce

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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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November 10, 2023
WHO’s new COVID guidelines see fewer patients requiring hospitalization

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Most patients are unlikely to develop severe disease or die if they get the current variants of COVID-19 as immunity levels have climbed given higher levels of vaccination.

That’s according to the World Health Organization, which updated its COVID-19 guidelines on Friday for the 13th time.

The guidelines highlight that fewer patients will require hospitalization as they are more likely to have non-severe COVID.

“The new ‘moderate risk’ category now includes people previously considered to be high risk including older people and/or those with chronic conditions, disabilities, and comorbidities of chronic disease,” the agency said in a statement.

People who are immunosuppressed remain at higher risk, however, with an estimated hospitalization rate of 6%. But people who are older than 65 years old, those with conditions like obesity, diabetes and/or chronic conditions including chronic obstructive pulmonary disease, kidney or liver disease, cancer, people with disabilities and those with comorbidities of chronic disease are at moderate risk, with an estimated hospitalization rate of 3%.

And patients who belong to neither of those groups are at low risk of hospitalization, at an estimated rate of just 0.5%. Most people are now considered low-risk, said the WHO.

The agency continues to recommend the use of Paxlovid for anyone at high or moderate risk of hospitalization. The antiviral developed by Pfizer Inc.
PFE,
-1.20%
is still the best choice for most eligible patients, given its therapeutic benefits, ease of use and fewer concerns about potential harms.

In cases where Paxlovid is not available, the WHO recommends molnupiravir, an antiviral developed by Merck
MRK,
-1.11%,
or remdesivir, an antiviral developed by Gilead Sciences Inc.
GILD,
+0.92%

Read now: Pfizer to more than double price of its COVID antiviral once drug moves to commercial market

“For people at low risk of hospitalization, WHO does not recommend any antiviral therapy. Symptoms like fever and pain can continue to be managed with analgesics like paracetamol,” said the agency.

The WHO said it recommends against the use of a new antiviral called VV116 for patients, apart from those who are enrolled in clinical trials.

That oral antiviral is being developed by Junshi Biosciences and Vigonvita in China.

It issued a warning against the use of ivermectin for people with non-severe COVID. The drug used to treat parasites in animals proved highly controversial during the pandemic when many people were persuaded by fraudulent research and online misinformation that it was an effective treatment.

From the archive: ‘You will not believe what I’ve just found.’ Inside the ivermectin saga: a hacked password, mysterious websites and faulty data.

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November 10, 2023
Amazon offers Prime members primary care for $9 a month

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Amazon.com Inc.
AMZN,
-0.58%
said Wednesday that it will offer Prime members primary care for $9 a month through its healthcare business One Medical.

The new One Medical membership includes unlimited round-the-clock virtual care nationwide, Amazon said. Prime members who sign up for the benefit can also schedule same-day or next-day in-person appointments at One Medical primary care offices, but they must use their insurance or pay out-of-pocket for office visits, the company said.

The $99 annual cost of One Medical for Prime members represents a $100 discount off the standard One Medical annual membership fee. Prime membership costs $139 a year.

The new offer comes as the e-commerce giant has been expanding its health services with Amazon Pharmacy and the online healthcare service Amazon Clinic as well as its $3.9 billion acquisition of One Medical, which closed earlier this year. The company’s healthcare efforts could be an important driver of future sales, potentially generating an extra 1 percentage point of revenue growth in 2026, D.A. Davidson analysts wrote in a September research note.

Amazon is among several retailers pushing into the primary care business. Costco Wholesale Corp.
COST,
-0.67%
recently started offering members access to healthcare, including $29 virtual primary care visits, through a deal with online marketplace Sesame. Walmart Inc.
WMT,
-0.51%
has been setting up Walmart Health centers, providing primary care, dental care, labs and other services, inside some of its Walmart Supercenters.

Although One Medical has hundreds of locations scattered across roughly two dozen metro areas, it doesn’t have the same presence as some companies that have established healthcare services in their retail locations. CVS Health Corp.
CVS,
+0.01%,
for example, has more than 1,100 MinuteClinic locations.

Amazon shares were roughly flat Wednesday morning and have gained 70% in the year to date, while the S&P 500
SPX
has gained 14%.

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November 8, 2023
Sleep Number’s stock falls 30% as company saw demand change ‘abruptly’

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Shares of Sleep Number Corp. tanked 30% in the after-hours session Tuesday after the mattress maker and retailer swung to a surprise quarterly loss, predicted a loss for the full year and said it reached an agreement with a shareholder that had been pushing for change.

It was a “challenging” quarter for Sleep Number
SNBR,
-1.41%
and the bedding industry, Chief Executive Shelly Ibach said. “The consumer demand trajectory changed abruptly midway through the quarter,” Ibach said.

Sleep Number “acted quickly to further reduce costs, recalibrate our sales and marketing approach, and amend our credit agreement to provide additional covenant flexibility through the end of 2024,” she said.

Sleep Number lost $2.32 million, or 10 cents a share, in the third quarter, versus earnings of $5 million, or 22 cents a share, in the year-ago quarter.

Revenue dropped 13% to $473 million, the company said.

Analysts polled by FactSet expected the company to earn 16 cents a share on sales of $509 million in the quarter.

Sleep Number also kicked off a plan to reduce costs in light of the lower demand. It hopes the plan will result in about $50 million less in operating expenses next year, the company said.

The cost-restructuring actions are “broad-based” and include layoffs as well as store closures, the company said.

The layoffs will occur “across all areas of the organization,” including in corporate and research and development, the company said. It plans to close 40 to 50 stores by the end of next year, and slow down the rate of new-store openings and remodels.

The restructuring will result in up to $20 million in one-time costs, with about $10 million of the costs falling in the fourth quarter, the company said.

Sleep Number also dialed back its 2023 EPS outlook, calling for a per-share loss of up to 70 cents, including the fourth-quarter restructuring charges.

That compares with a July guidance of 2023 EPS in a range between $1.25 and $1.75.

Separately, Sleep Number appointed Stephen E. Macadam and Hilary A. Schneider to its board, effective immediately, expanding the board to 12 people.

In conjunction with the appointments, Sleep Number entered into a cooperation agreement with shareholder Stadium Capital Management LLC.

As part of the agreement, the board has established a “capital allocation and value enhancement committee” to review capital use and investments, it said.

Independent director Michael J. Harrison said that the company was “grateful to have reached an agreement with Stadium Capital on a constructive path forward and are looking forward to working with Steve and Hilary toward our common goal of delivering long-term value for our shareholders.”

Stadium Capital, which owns about 9% of Sleep Number, published a letter in September criticizing the company, its executives, and the “abysmal” shareholder returns.

Shares of Sleep Number have lost 38% so far this year, contrasting with gains of about 14% for the S&P 500 index
SPX.

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November 7, 2023

A wall of debt rolling over: Here’s what’s scaring Bridgewater’s co-CIO

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A weak session is setting up for Tuesday, with oil under pressure after unexpectedly downbeat China export data. So the preference is for bonds this morning, as stock futures tilt south.

Onto our call of the day, which deals with another worry — a wall of government debt that will be with us for decades. It comes from Bridgewater’s highly regraded co-chief investment officer Bob Prince, who was speaking at the Global Financial Leaders’ Investment Summit on Tuesday, hosted by the Hong Kong Monetary Authority.

Prince touches on asset liability mismatches, such as what was seen during the banking crisis earlier this year. He explains that one big factor behind a crisis is when a certain economic regime exists for an extended period of time and “people extrapolate that into the future on the basis of leverage and asset liability mismatches. Then you get a shift in that regime.”

The events of March, which saw the collapse of SVB, Signature Bank and Silvergate, were a perfect example of that, Prince says. Then he turns to what he calls the “broader effects of a transition from 15 years of abundant free money,” that was first used to battle deleveraging pressures in the financial system in 2008 and then the pandemic.

One long-term effect of that gets particular attention by Prince, who points out how U.S. government Treasury debt to GDP was about 70% in 2008, around where it had been for decades.

“The after effects of offsetting deleveraging and pandemic, you’ve had a massive wealth shift from the public sector to the private sector and that’s left the government with debt to GDP up from 70% up to 120%. And the particular vulnerability of that is in the debt rollovers and the gross issuance that you’re going to see in the coming decades . You’re stuck with that debt until you pay it off and that means you have to roll it over like anybody else does,” said Prince.

“Gross debt issuance will be running at 25% for as far as the eye can see, that means every year you’re issuing 25% of GDP in debt. In 1960, the average amount of debt issuance was 12% of GDP,” he said.

Prince says most people really don’t pay attention to debt rollovers because they just assume those will get done, but notes that when countries have experienced balance of payments crisis in the past, mostly emerging markets, that is because they have been unable to roll over that debt.

In the U.S. case, it’s crucial to look at who is holding the debt, particularly the 27% held by foreign investors and 18% by central banks. “Foreign investors would normally be a reliable source of investment but it does heighten sensitivity to geopolitical risk, and so geopolitical risk converges with debt rollovers and gross issuance of the Treasury is an issue that you need to pay attention to in the coming years.

While not an “acute problem,” he says, it’s a lingering one, and when it comes to central banks it’s also unclear whether their holdings also present a “rollover risk.”

Prince also touches on the fact that that all that “abundant free money” has fueled a private-equity boom, but with interest rates now at 8% instead of 2% or 3%, “the pace and transaction cycle is bound to slow,” and they are starting to see that.

“When we talk to institutional investors around the world, many of them are experiencing liquidity issues right now and the liquidity issues result from the fact so much money was allocated to private assets and the transaction cycle is slowing,” he said.

MarketWatch 50: Forget U.S. stocks for now. Invest here instead, says Bridgewater’s co–investment chief

A team of analysts at Citigroup led by Nathan Sheets have also weighed in on government debt, telling clients in a new note that “it’s unwise for policy makers to experiment or test” where the threshold for too much debt lies. Here’s their chart showing the bleak trajectory:

Dirk Willer, head of global asset allocation at Citigroup, said a debt crisis scenario in the U.S. would likely mean a selloff of risk assets globally. He notes that bonds in rival countries may not be the best bet as they don’t always benefit. And both gold and bitcoin underperformed during the U.K. gilt crisis, so those may be out.

Also in attendance at the conference in Hong Kong, Deutsche Bank’s CEO is worried geopolitics could create another market event and Citadel’s Ken Griffin said investors should put money in China.

Read: ‘Stock-market correction is over’ after broad surge amid ‘epic’ market rallies

The markets

Stock futures
ES00,
-0.02%

NQ00,
+0.31%
are pointing to a weak to flat session ahead, while the 10-year Treasury yield
BX:TMUBMUSD10Y
eases back. U.S. crude
CL.1,
-2.20%
is under $80 a barrel after worse-than-forecast China exports signaled more economic bumps in the global growth engine. The dollar
DXY
is up.

The buzz

Planet Fitness stock
PLNT,
-0.27%
is surging on upbeat results and an improved growth outlook. Uber
UBER,
+0.82%
is up as earnings beat forecasts, but revenue fell short. D.R. Horton
DHI,
-0.96%
stock is also getting a boost from results. EBay
EBAY,
-0.44%,
Occidental Petroleum
OXY,
-2.00%,
Akamai Tech
AKAM,
-0.06%
and Gilead Sciences
GILD,
-0.55%
after the close.

Reporting late Thursday, Tripadvisor
TRIP,
+2.29%
delivered blowout results and the stock is surging, while Sanmina
SANM,
-1.03%
is down 14% after the manufacturing services provider’s disappointing results.

UBS
UBS,
-0.49%

UBSG,
+2.79%
swung to a $785 million quarterly loss on lingering effects of its Credit Suisse takeover, but it pulled in $33 billion in new deposits and shares are up.

After a decade of turmoil, office-sharing group WeWork
WE,
-24.73%
filed for Chapter 11 bankruptcy protection on Monday.

The U.S. trade deficit climbed 5% in September to $61.5 billion as imports rebounded. Still to come is consumer credit at 3 p.m. Fed Vice Chair for Supervision Michael Barr speaks at 9:15 a.m., followed by Fed Gov. Christopher Waller at 10 a.m.

The International Monetary Fund boosted its China outlook for 2023 and 2024.

Best of the web

Big banks are cooking up new ways to offload risk.

Retirees continue to flock to places where climate risk is high.

How to know when it’s time to retire

The chart

According to this recent JPMorgan survey, two-thirds of investors are ready to start pumping more money into equities, while just 19% plan to increase bond exposure. Also, note that 67% also said they did not expect performance of the Magnificent 7 stocks — Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta — to “crack before the end of the year.”

Top tickers

These were the top-searched tickers on MarketWatch as of 6 a.m.:

TSLA, -0.31%	Tesla
AMC, +2.15%	AMC Entertainment
NVDA, +1.66%	Nvidia
AAPL, +1.46%	Apple
NIO, -3.16%	NIO
GME, -2.45%	GameStop
AMZN, +0.82%	Amazon.com
PLTR, -1.85%	Palantir Technologies
MULN, +3.88%	Mullen Automotive
MSFT, +1.06%	Microsoft
NVDA, +1.66%	Nvidia

Random reads

Fifteen people ended up with eye pain and sight issues after a Bored Ape NFT event.

A death metal band asked for singers on social media. A choir responded.

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November 7, 2023

Companhia Brasileira De Distribuicao (NYSE:CBD) Now Covered by StockNews.com – Medical Marijuana Program Connection

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StockNews.com began coverage on shares of Companhia Brasileira De Distribuicao (NYSE:CBD – Free Report) in a research note published on Wednesday. The firm issued a hold rating on the stock.

Companhia Brasileira De Distribuicao Trading Up 5.1 %

CBD opened at $0.76 on Wednesday. The business has a fifty day moving average of $0.81 and a 200 day moving average of $2.70. Companhia Brasileira De Distribuicao has a 52-week low of $0.58 and a 52-week high of $4.76. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.49 and a current ratio of 1.32.

Hedge Funds Weigh In On Companhia Brasileira De Distribuicao

A number of large investors have recently bought and sold shares of CBD. Mirae Asset Global Investments Co. Ltd. bought a new stake in Companhia Brasileira De Distribuicao during the 1st quarter valued at $34,000. Millennium Management LLC bought a new stake in Companhia Brasileira De Distribuicao during the 4th quarter valued at $35,000. Eqis Capital Management Inc. bought a new stake in Companhia Brasileira De Distribuicao during the 2nd quarter valued at $47,000. Northern Trust Corp bought a new stake in Companhia Brasileira De Distribuicao during the 2nd quarter valued at $54,000. Finally, Citigroup Inc. raised its position in Companhia Brasileira De Distribuicao by 80.3% during the 1st quarter. Citigroup Inc. now owns 18,998 shares of the company’s stock valued at $56,000 after purchasing an additional 8,459 shares in the last quarter. Hedge…

Original Author Link click here to read complete story..

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November 5, 2023
Carlsberg CEO says the Putin regime stole brewery operations in Russia

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“There is no way around the fact that they have stolen our business in Russia, and we are not going to help them make that look legitimate.”

That’s new Carlsberg CEO Jacob Aarup-Anderson, according to a Reuters account of a journalist call on Tuesday, after Russian President Vladimir Putin this summer ordered the seizure of Carlsberg’s stake in its Baltika subsidiary. Earlier this month, Carlsberg ended license agreements that allow for its beers to be produced in the country.

According to the presidential decree, Carlsberg retains title to the shares in Baltika Breweries but no longer has any control or influence over the company.

From the archive (March 2022): Carlsberg and Heineken both say they will exit the Russian market

Carlsberg reported a 3% decline in organic volume growth, as a 6.3% slide in Central and Eastern Europe and a 5.2% decline in Western Europe was partly offset by a 1.5% rise in Asia.

The brewer said two-thirds of the volume decline was due to bad weather and another one-third to consumer sentiment.

Organic revenue, however, rose by 5.8%, on price hikes. It kept its operating-profit guidance for the year unchanged at 4% to 7% growth, and launched a new stock-buyback program valued at 1 billion Danish crowns.

Carlsberg said comparisons in the fourth quarter will be positive in China, in light of the year-ago lockdown, but the weak macro environment in Southeast Asia will continue to impact markets.

Carlsberg shares
CARL.B,
-0.83%
were steady on Tuesday but have dropped 8% this year.

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October 31, 2023
Carmel Capital Partners LLC Sells 960 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

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Carmel Capital Partners LLC cut its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN – Free Report) by 15.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,120 shares of the e-commerce giant’s stock after selling 960 shares during the period. Carmel Capital Partners LLC’s holdings in Amazon.com were worth $667,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Grove Bank & Trust boosted its stake in shares of Amazon.com by 2.4% during the second quarter. Grove Bank & Trust now owns 70,424 shares of the e-commerce giant’s stock valued at $9,180,000 after purchasing an additional 1,634 shares in the last quarter. TimeScale Financial Inc. lifted its position in Amazon.com by 4.1% during the second quarter. TimeScale Financial Inc. now owns 9,436 shares of the e-commerce giant’s stock valued at $1,230,000 after acquiring an additional 371 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Amazon.com by 7.1% during the second quarter. Pinnacle Associates Ltd. now owns 500,010 shares of the e-commerce giant’s stock valued at $65,181,000 after acquiring an additional 33,008 shares during the last quarter. Goelzer Investment Management Inc. lifted its position in Amazon.com by 0.7% during the second quarter. Goelzer Investment Management Inc. now owns 40,079 shares of the e-commerce giant’s stock valued at $5,225,000 after acquiring an additional 271 shares during the last quarter. Finally, Garrett Wealth Advisory Group LLC purchased a new stake in Amazon.com during the second quarter valued at approximately $365,000. 57.96% of the stock is currently owned by institutional investors.

Amazon.com Stock Up 6.8 %

Shares of NASDAQ AMZN opened at $127.74 on Friday. Amazon.com, Inc. has a 12-month low of $81.43 and a 12-month high of $145.86. The stock has a market cap of $1.32 trillion, a PE ratio of 100.58, a P/E/G ratio of 1.84 and a beta of 1.24. The company has a current ratio of 0.95, a quick ratio of 0.70 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $132.39 and a 200 day moving average of $125.38.

Amazon.com (NASDAQ:AMZN – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The e-commerce giant reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.29. Amazon.com had a net margin of 2.43% and a return on equity of 9.14%. The company had revenue of $134.38 billion during the quarter, compared to analysts’ expectations of $131.54 billion. As a group, sell-side analysts predict that Amazon.com, Inc. will post 2.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AMZN shares. DA Davidson increased their target price on shares of Amazon.com from $150.00 to $157.00 and gave the company a “buy” rating in a research report on Friday. Rosenblatt Securities increased their target price on shares of Amazon.com from $184.00 to $185.00 and gave the company a “buy” rating in a research report on Friday. CICC Research started coverage on shares of Amazon.com in a research report on Sunday, July 9th. They set an “outperform” rating for the company. Roth Mkm increased their target price on shares of Amazon.com from $155.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Finally, Canaccord Genuity Group lifted their price objective on shares of Amazon.com from $160.00 to $170.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Three research analysts have rated the stock with a hold rating and forty-eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $165.70.

Read Our Latest Analysis on Amazon.com

Insider Activity at Amazon.com

In other Amazon.com news, CEO Adam Selipsky sold 500 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total value of $69,240.00. Following the transaction, the chief executive officer now directly owns 106,520 shares in the company, valued at approximately $14,750,889.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Amazon.com news, CEO Douglas J. Herrington sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $133.55, for a total value of $534,200.00. Following the transaction, the chief executive officer now directly owns 560,301 shares in the company, valued at approximately $74,828,198.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Selipsky sold 500 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total transaction of $69,240.00. Following the completion of the transaction, the chief executive officer now owns 106,520 shares in the company, valued at $14,750,889.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,408,645 shares of company stock valued at $55,208,288. Corporate insiders own 12.30% of the company’s stock.

About Amazon.com

(Free Report)

Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company’s products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.

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October 28, 2023
No, you don’t need to buy Costco’s $4,500, 157-piece Le Creuset cookware set

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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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October 27, 2023
Inside Kanye West’s troubled Adidas partnership: Tears. Rage. Thrown shoes. Even a scrawled swastika.

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The ending of the partnership between the artist Kanye West, who now goes by Ye, in October 2022 appeared to come after weeks of his comments about Jewish people and Black Lives Matter, but the New York Times is reporting that the relationship was troubled from the very start.

At a meeting on the collaborative creation of the very first shoe in 2013, Adidas
ADS,
-0.10%

ADDYY,
-0.03%
designers were stunned when West rejected all of the ideas that were presented using fabric swatches on a table and a mood board, the seven-month investigation found. Instead, West, the Times reports, grabbed a sketch and drew a swastika in marker.

The move shocked the Germans in the room. Germany has a strict ban on displaying the symbol of the Nazi era apart from for artistic purposes. Adding to the sense of horror, the company’s founder — Adolf, or “Adi,” Dassler, who died in 1978 — was a Nazi Party member, and the meeting took place close to Nuremberg, where leaders of the Third Reich were famously tried for crimes against humanity.

“A year ago this week, Adidas threw in the towel.”

West’s fixation on the Nazi era continued, the Times reports, when he later told a Jewish manager at Adidas to kiss a portrait of Adolf Hitler every day. He also told Adidas workers that he admired Hitler’s use and command of propaganda.

West also brought porn to the workplace and made crude, sexual comments at meetings, according to the Times report. Before the swastika episode, West, according to the Times, had made Adidas executives watch porn at a meeting in his Manhattan apartment.

In 2022 he reportedly ambushed executives with a porn film. Other workers complained to top managers that he had made angry sexual comments to them.

The artist, said to have been diagnosed with bipolar disorder, also frequently cried or became angry during meetings, according to the Times investigation. In one instance in 2019, he reportedly moved the operation designing his shoes to Cody, Wyo., and ordered the Adidas team to relocate. In a meeting to discuss his demands with executives, he threw shoes around the room, the Times reports.

Adidas sought to adapt to this behavior, given how valuable the West-established Yeezy brand was to the company, locked in a perennial battle for both revenue and buzz with its U.S.-based rival Nike Inc.
NKE,
-2.04%.
Yeezy sales would rapidly surpass $1 billion a year and help Adidas resonate with young American customers.

Ratings Game (July 2020): Gap hopes it can burnish its image with a new Kanye West clothing line, repeating the rapper’s brand success with Adidas

Managers launched a group text chain they called the “Yzy hotline” to discuss his behavior. To reduce stress on individuals, the company is said to have rotated managers in and out of dealing directly with West.

Over time, meanwhile, Adidas sweetened the terms of West’s deal. Under a 2016 contract, he was entitled to a 15% royalty on sales with a $15 million upfront payment as well as millions of dollars in Adidas stock. In 2019, a further $100 million a year was earmarked for marketing, but, in reality, West could spend those funds at will.

A year ago this week, though, as public awareness of West’s problematic attitudes are remarks spiked, Adidas threw in the towel, and as sales of Yeezy shoes fell away, it warned it would record its first annual loss in decades. As West’s net worth plummeted, the company wrestled with the decision of how to dispense with its final $1.3 billion in Yeezy products, mulling options including disassembly and repurposing, donation to charity, and outright disposal.

When a decision was reached to sell the product — in release batches — with some of the proceeds directed to charity and most of the rest flowing to Adidas, West, even then, was entitled to royalties.

From the archives (October 2022): Kanye West is no longer a billionaire after Adidas shelves Yeezy partnership

Also see (November 2022): Nike parts ways with Kyrie Irving as controversy swirls over Brooklyn Nets star’s apparent endorsement of antisemitic film

After bottoming in October 2022, Adidas shares have mounted a 67% comeback, with relief over the company’s not having had to book a damaging loss on the Yeezy line one factor in the restoration of investor confidence.

Adidas is quoted as having told the Times that it “has no tolerance for hate speech and offensive behavior, which is why the company terminated the Adidas Yeezy partnership,” while West reportedly declined requests for interviews and comment.

The Times investigation is said to have been based on access to hundreds of previously undisclosed internal records.

Read on: Michael Jordan is now worth $3 billion. Here’s what billionaire athletes have in common.

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October 27, 2023
Amazon Stock Jumps on Earnings Beat. Cloud Results Were Good Enough.

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Amazon shares rose in late trading Thursday after the company posted better-than-expected financial results for the September quarter.

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October 26, 2023
Ballentine Partners LLC Has $14.62 Million Position in Amazon.com, Inc. (NASDAQ:AMZN)

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Ballentine Partners LLC lifted its position in Amazon.com, Inc. (NASDAQ:AMZN) by 6.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 112,116 shares of the e-commerce giant’s stock after purchasing an additional 7,168 shares during the quarter. Ballentine Partners LLC’s holdings in Amazon.com were worth $14,615,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AMZN. Laurel Wealth Planning LLC raised its stake in shares of Amazon.com by 1,900.0% in the second quarter. Laurel Wealth Planning LLC now owns 320 shares of the e-commerce giant’s stock valued at $34,000 after acquiring an additional 304 shares during the last quarter. Sanctuary Wealth Management L.L.C. bought a new position in Amazon.com in the 4th quarter valued at $37,000. Swaine & Leidel Wealth Services LLC acquired a new position in Amazon.com in the first quarter worth $38,000. Atlantic Private Wealth LLC bought a new stake in shares of Amazon.com during the first quarter worth $43,000. Finally, Goodwin Investment Advisory increased its stake in shares of Amazon.com by 1,225.8% in the second quarter. Goodwin Investment Advisory now owns 411 shares of the e-commerce giant’s stock valued at $44,000 after buying an additional 380 shares in the last quarter. Institutional investors and hedge funds own 57.96% of the company’s stock.

Insider Activity

In related news, CEO Douglas J. Herrington sold 50,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $141.00, for a total value of $7,050,000.00. Following the transaction, the chief executive officer now owns 510,301 shares in the company, valued at approximately $71,952,441. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Adam Selipsky sold 500 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total value of $69,240.00. Following the transaction, the chief executive officer now directly owns 106,520 shares in the company, valued at $14,750,889.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Douglas J. Herrington sold 50,000 shares of Amazon.com stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $141.00, for a total transaction of $7,050,000.00. Following the completion of the sale, the chief executive officer now owns 510,301 shares of the company’s stock, valued at approximately $71,952,441. The disclosure for this sale can be found here. Insiders have sold 1,408,645 shares of company stock valued at $55,208,288 over the last ninety days. 12.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Susquehanna increased their price objective on shares of Amazon.com from $150.00 to $185.00 and gave the stock a “positive” rating in a report on Friday, August 4th. Bank of America reissued a “buy” rating and issued a $174.00 price target on shares of Amazon.com in a report on Tuesday, September 26th. StockNews.com downgraded Amazon.com from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley reissued an “overweight” rating and issued a $175.00 target price on shares of Amazon.com in a research note on Monday, October 2nd. Finally, DA Davidson reaffirmed a “buy” rating and set a $150.00 price target on shares of Amazon.com in a research note on Wednesday, September 6th. Three research analysts have rated the stock with a hold rating and forty-eight have assigned a buy rating to the stock. Based on data from MarketBeat, Amazon.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.21.

Check Out Our Latest Stock Report on Amazon.com

Amazon.com Price Performance

Shares of NASDAQ AMZN opened at $128.56 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.95 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average price is $132.95 and its two-hundred day moving average price is $125.45. The company has a market cap of $1.33 trillion, a PE ratio of 101.23, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. Amazon.com, Inc. has a twelve month low of $81.43 and a twelve month high of $145.86.

Amazon.com (NASDAQ:AMZN – Get Free Report) last posted its earnings results on Thursday, August 3rd. The e-commerce giant reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.29. Amazon.com had a return on equity of 9.14% and a net margin of 2.43%. The business had revenue of $134.38 billion for the quarter, compared to analyst estimates of $131.54 billion. On average, analysts predict that Amazon.com, Inc. will post 2.23 EPS for the current year.

Amazon.com Profile

(Free Report)

Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company’s products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.

See Also

Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZN – Free Report).

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October 25, 2023
Pfizer gets FDA green light for new shot that can streamline teenagers’ vaccinations

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Pfizer Inc.
PFE,
-1.73%
said Friday that the U.S. Food and Drug Administration has approved the first five-in-one vaccine designed to protect teenagers and young adults against meningococcal disease.

The new Pfizer shot, Penbraya, protects against the five most common subgroups of meningococcal disease, a rare but serious and potentially fatal illness that most often affects babies and teenagers.

Penbraya “has the potential to protect more adolescents and young adults from this severe and unpredictable disease by providing the broadest meningococcal coverage in the fewest shots,” Annaliesa Anderson, Pfizer senior vice president and head of vaccine research and development, said in a statement.

The U.S. Centers for Disease Control and Prevention currently recommends that all 11- to 12-year-olds get a meningococcal vaccine protecting against four of the subgroups — A, C, W and Y — and get a booster dose of the same vaccine type at age 16. Teenagers and young adults age 16 to 23 may also get a meningococcal B vaccine, the CDC says, particularly if they’re at increased risk due to other health conditions.

The complex vaccination schedule has weighed on uptake of the meningococcal shots, and the COVID-19 pandemic may have compounded the problem, as many families missed routine appointments when vaccinations were due, researchers say. Among teenagers who were born in 2008 — who were due for their routine adolescent vaccinations as the pandemic was raging in 2020 — uptake of meningococcal and other recommended vaccines declined, according to CDC research. Only about 60% of the 17-year-olds surveyed by the CDC last year had received both recommended doses of the ACWY vaccine, and fewer than 30% had received at least one dose of the meningococcal B vaccine.

The new Pfizer shot combines components of a meningococcal group B vaccine and an ACWY vaccine.

A CDC immunization advisory committee is set to meet Oct. 25 to discuss recommendations for the use of Penbraya in teenagers and young adults, Pfizer said.

The green light for Penbraya gives Pfizer the edge in its race with GSK
GSK,
+0.54%,
which is also working on a five-in-one meningococcal shot. GSK earlier this year released positive late-stage clinical-trial results for that vaccine.

The FDA approval of Pfizer’s shot caps a rocky week for the pharmaceutical giant, which late last Friday cut $9 billion from its full-year revenue guidance due to reduced COVID sales expectations and announced a cost-cutting program designed to deliver savings of at least $3.5 billion. Pfizer executives said on a call with analysts Monday that development of combination respiratory vaccines, such as those that provide COVID and flu protection in one shot, remains a focus for the company, in part because they can help boost vaccine uptake.

Pfizer shares were down 1.7% Friday and have dropped 40% in the year to date, while the S&P 500
SPX
has gained 10%.

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October 20, 2023
Here’s what the Israel-Hamas war has done to U.S. gasoline and diesel prices

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Fuel prices, with the cost of gasoline and diesel at the pump both down from a month ago, don’t appear to be fazed by the escalating risks to oil supplies in the Middle East from the Israel-Hamas war, but they are.

The decline in fuel prices seen nationally is actually a “bit above what would be ‘normal’ for this time of year,” said Patrick De Haan, head of petroleum analysis at GasBuddy. However, he believes “prices won’t fall as far as they would have had the attacks on Israel not happened.”

On Friday, the average retail price for a gallon of regular gasoline stood at $3.528, down 5.7 cents from a week ago, while the average retail diesel price was at $4.465 a gallon on Friday, down 7.8 cents from Sept. 30, according to data from GasBuddy.

U.S. retail gasoline prices have fallen so far this month.

GasBuddy

“Geopolitical risk is now heightened, changing the calculus” for the fuel market, said Brian Milne, product manager, editor and analyst at DTN.

‘Seasonal component’

In considering retail gasoline prices during the fourth quarter, the “seasonal component is less pronounced than in years past,” said Milne. Demand for gasoline tends to fall following the summer travel season. Combined with a “strong slate of refinery maintenance,” which led to less fuel supply on the market, the rise in crude oil prices has slowed the decline in fuel prices, said Milne.

If not for the heightened geopolitical risk in the Middle East, he said he might have expected to see gasoline prices decline by another 30 cents to 40 cents per gallon into late December because of lower demand.

Retail gas prices may fall another 20 cents a gallon or more, depending on the location within the U.S., if we avoid broader hostilities in the Middle East, said Milne.

However, if a conflict breaks out beyond Israel and the Gaza Strip, gasoline prices are likely to move sharply higher because of a spike in crude costs, he said.

For its part, oil has seen volatile trading following the Hamas attack on Israel on Oct. 7, with futures prices for U.S. benchmark West Texas Intermediate crude
CLZ23,
-0.42%

CL.1,
-0.39%
higher for the week, but lower for the month.

California prices ‘plummet’

For now, California, which typically is among the states that pays the most per-gallon for gasoline partly due to taxes on the fuel, is seeing prices “plummet” — down nearly 60 cents in the last three weeks, said GasBuddy’s De Haan.

“The West Coast is certainly seeing a much larger decline than is ‘normal’ and it’s due to the refinery situation now improving drastically,” as well as California’s RVP waiver, he said.

The California Air Resources Board allowed gasoline sold or supplied for use in California that exceeds the RVP, or Reid Vapor Pressure, limits through the end of Oct. 31, marking an early transition for the state from the lower RVP gas used in the summer to help cut gasoline emissions to the higher RVP gas used in the winter.

On Friday, the average price for a gallon of regular gasoline in California sold for $5.476, GasBuddy data show. That’s down 16.7 cents in just the last week.

Gas price outlook

De Haan said he does not expect to see a spike in gas prices nationally at this point, and there’s still room for prices to fall — just not as much following the Hamas attack on Israel.

“If we get to November and Iran gets involved in the situation, then we certainly could see gas prices impacted in some way as the current drops will likely be fully passed on by then, giving stations no ‘room’ to absorb higher prices reflected by a potential rise in oil,” said De Haan.

Still, falling demand, as well as “seasonality in general,” are what are pushing prices down, “enhanced by refinery improvements in areas” that saw price surges, he said.

Prices may even fall further after refinery maintenance season wraps up in mid-November, and refiners have to find places to put even more gasoline output, said De Haan.

He’s comfortable with the gasoline price forecasts GasBuddy issued in December of last year, which predicted a monthly national average for the fuel of $3.53 for October — matching the current price. The forecast also called for an average of $3.36 a gallon for November and $3.17 for December.

GasBuddy doesn’t have a forecast for 2024 yet, but prices may look similar to this year, as long as the situation in the Middle East doesn’t further crumble,” said De Haan.

View on diesel

Diesel, however, is another story.

Price for that fuel have dropped by 85.5 cents a gallon from a year ago to Friday’s $4.465 level, GasBuddy data show.

U.S. retail diesel prices are sharply lower than a year ago.

GasBuddy

While down from a year ago, diesel prices are currently at a “very high level historically” because global supply is low, said DTN’s Milne.

At this time in 2022 diesel fuel inventory was even tighter than it is now, and Europe was heading into winter without Russian natural gas after it was cutoff following the invasion of Ukraine, he said.

That led to a spike in natural-gas prices and prices for gasoil, a European heating oil, also surged, lifting heating oil and diesel prices globally, explained Milne.

Like gasoline, diesel prices could move “sharply higher if the war in Israel expands, and oil flow is put at greater risk,” he said.

De Haan, meanwhile, said diesel prices could climb closer to $5 a gallon if there’s a “squeeze,” with relief then [coming] in the spring/summer” seasons.

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October 20, 2023
Costco CEO Craig Jelinek to Step Down. Here’s the Plan.

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

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October 19, 2023
Rite Aid is closing these 154 stores as part of its bankruptcy

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Rite Aid plans to shutter 154 stores, many of them in Pennsylvania and California, as part of its bankruptcy plans, according to an initial list of those closures published in court documents filed on Tuesday.

That list was released Wednesday after the drugstore chain filed for chapter 11 bankruptcy protection in New Jersey over the weekend, amid billions in debt related to opioid lawsuits. The company at that time said it would “continue assessing its footprint and close additional underperforming stores” and announced the appointment of Jeffrey Stein as chief executive.

Here are the store locations slated to close:

California
4044 Eagle Rock Boulevard, Los Angeles
4046 South Centiela Avenue, Los Angeles
7859 Firestone Boulevard, Downey
4402 Atlantic Avenue, Long Beach
935 North Hollywood Way, Burbank
139 North Grand Avenue, Covina
13905 Amar Road, La Puente
920 East Valley Boulevard, Alhambra
3813 Plaza Drive, Oceanside
1670 Main Street, Ramona
6505 Mission Gorge Road, San Diego
8985 Mira Mesa Boulevard, San Diego
25906 Newport Road, Menifee
24829 Del Prado, Dana Point
30222 Crown Valley Parkway, Laguna Niguel
19701 Yorba Linda Boulevard, Yorba Linda
1406 West Edinger Avenue, Santa Ana
2738 East Thompson Boulevard, Ventura
720 North Ventura Road, Oxnard
20572 Homestead Road, Cupertino
2620 El Camino Real, Santa Clara
901 Soquel Avenue, Santa Cruz
571 Bellevue Road, Atwater
5409 Sunrise Boulevard, Citrus Heights
1309 Fulton Avenue, Sacramento
3029 Harbor Boulevard, Costa Mesa
959 Crenshaw Boulevard, Los Angeles
3000 South Archibald Avenue, Ontario
15800 Imperial Highway, La Mirada
8509 Irvine Center Drive, Irvine
499 Alvarado Street, Monterey

Connecticut
289 Greenwood Avenue, Bethel

Delaware
25 Chestnut Hill Plaza, Newark
3209 Kirkwood Highway, Wilmington

Idaho
1600 North Main Street, Meridian
5005 West Overland Road, Boise

Maryland
5 Bel Air South Parkway, Suite 1347, Bel Air
728 East Pulaski Highway, Elkton
5624 Baltimore National Pike, Baltimore
5804 Ritchie Highway, Baltimore
7501 Ritchie Highway, Glen Burnie
7967 Baltimore Annapolis Boulevard, Glen Burnie

Massachusetts
80 East Main Street, Webster

Michigan
924 West Main Street, Fremont
507 North Lafayette Street, Greenville
715 South Clinton Street, Grand Ledge
15250 24 Mile Road, Macomb
102 North Centerville Road, Sturgis
47300 Pontiac Trail, Wixom
35250 South Gratiot Avenue, Clinton Township
51037 Van Dyke Avenue, Shelby Township
3100 East Michigan Avenue, Jackson
9155 Telegraph Road, Taylor
1243 U.S. 31 South, Manistee
29447 Ford Road, Garden City
2838 East Court Street, Flint
1900 East 8 Mile Road, Detroit
36485 Garfield Road, Clinton Township
25922 Middlebelt Road, Farmington Hills
109 North Whittemore Street, St. Johns
1124 North Ballenger Highway, Flint
2701 South Cedar Street, Lansing

New Hampshire
420 Daniel Webster Highway, Merrimack

New Jersey
4057 Asbury Avenue Suite 8, Tinton Falls
431 Haledon Avenue, Haledon
35 Mill Road, Irvington
1636 Route 38 Suite 49, Lumberton
773 Hamilton Street, Somerset
1434 South Black Horse Pike, Williamstown
3 Marshall Hill Road West, Milford
210 Bridgeton Pike, Mantua
108 Swedesboro Road Suite 20, Mullica Hill
2370 Route 33, Robbinsville
1726 Route 37, East Toms River
86 B Lacey Road, Whiting

New York
2887 Harlem Road, Cheektowaga
2002 Avenue U, Brooklyn
2 Whitney Avenue, Floral Park
71-18 Kissena Boulevard, Flushing
3131 Hempstead Turnpike, Levittown
2981 Ocean Avenue, Brooklyn
3199 Long Beach Road, Oceanside
198 West Merrick Road, Valley Stream
836 Sunrise Highway, Bay Shore
2784 Sunrise Highway, Bellmore
901 Merrick Road, Copiague
577 Larkfield Road, East Northport
695 East Jericho Turnpike, Huntington Station
700-43 Patchogue-Yaphank Road, Medford
273 Pine Hollow Road, Oyster Bay
397 Sunrise Highway, West Patchogue
593 Old Town Road, Port Jeff Station
65 Route 111, Smithtown
2453 Elmwood Avenue, Kenmore
1567 Penfield Road, Rochester

Ohio
3129 Lincoln Way East, Massillon
120 South Main Street, New Carlisle
146 Woodman Drive, Dayton
2701 Market Street, Youngstown
401 West North Street, Springfield
230 South Main Street, Bellefontaine

Oregon
2440 Southeast Cesar Chavez Boulevard, Portland

Pennsylvania
2715 Parade Street, Erie
5612 North Fifth Street, Philadelphia
350 Main Street, Pennsburg
4011 Cottman Avenue, Philadelphia
1441 Old York Road, Abington
300 Market Street, Johnstown
8716 New Falls Road, Levittown
1750 Bustleton Avenue, Philadelphia
169 West Lancaster Avenue, Ardmore
1315 East Washington Lane, Philadelphia
801 Wyoming Avenue Suite 9, West Pittston
657 Heacock Road, Yardley
2801 West Dauphin Street, Philadelphia
1709 Liberty Street, Erie
674 Route 196, Suite 14, Tobyhanna
2722 West 9th Street, Chester
950 East Baltimore Pike, Yeadon
8235 Stenton Avenue, Philadelphia
7941 Oxford Avenue, Philadelphia
5440 Lansdowne Avenue, Philadelphia
700 Stevenson Boulevard, New Kensington
208 East Central Avenue, Titusville
1080 South West End Boulevard, Quakertown
136 North 63rd Street, Philadelphia
351 Brighton Avenue, Rochester
5235 Library Road, Bethel Park
5990 University Boulevard Suite 30, Moon Township
2501 Saw Mill Run Boulevard, Pittsburgh
5410 Keeport Drive, Pittsburgh
6090 Route 30, Greensburg
4830 William Penn Highway, Export
1730 Wilmington Road, New Castle
2178 West Union Boulevard, Bethlehem
1628 South Fourth Street, Allentown
2401 East Venango Street, Philadelphia
6327-43 Torresdale Avenue, Philadelphia
200 West Ridge Avenue Suite 112, Conshohocken
301 Eisenhower Drive, Hanover
7036 Wertzville Road, Mechanicsburg

Virginia
833 North Battlefield Blvd, Chesapeake
1458 Mount Pleasant Road, Chesapeake

Washington
601 South Grady Way Suite P, Renton
3202 132nd Street Southeast, Mill Creek
110 Southwest 148th Street, Burien
10103 Evergreen Way, Everett
8230 Martin Way East, Lacey
22201 Meridian Avenue East, Graham
9600 15th Avenue Southwest, Seattle
2518 196th Street Southwest, Lynnwood
3620 Factory Blvd Southeast, Bellevue
11919 Northeast 8th Street, Bellevue
7370 170th Avenue Northeast, Redmond

— Mike Murphy contributed to this report.

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October 18, 2023