An increasing number of current and former CEOs have issued warnings about an increase in retail thefts across the United States, which could trigger higher prices and locations to close. “Today, this thing is an epidemic. It’s spreading faster than COVID,” former Home Depot CEO Bob Nardelli told Fox News on Thursday. “The degree of severity…
Growing Number of CEOs Issue Warnings About Retail Theft ‘Epidemic’ Across US
NTD Business (Nov. 16): Is Inflation Slowing Holiday Shopping?; Crypto Investors Sue FTX Founder
Target’s profit has plummeted by 50% heading into the holiday season. Will inflation bring us fewer presents for Christmas? The latest on the FTX crypto collapse saga. Investors are suing the founder for damages—while lawmakers expect him to appear before Congress. What is Elon Musk doing to reshape his new company, Twitter? And what effects are…
Target Reports Profit Plunge, Due to Warning Signs of Weak Holiday Sales
November 16, 2022
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Business & MarketsCompaniesEarnings Reporteconomyholiday salesinflationpersonal financerecessionTargetUS
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Target’s latest earnings report revealed a massive plunge in profits, as the retailer warned of weak holiday sales. The retail chain reported on Nov. 16, that profits declined 49.3 percent in its fiscal third quarter, after struggling with unwanted inventory and fears of slow sales into the holidays. Consumer spending has lately begun to slow due to rising…
Target Profit Crumbles as Inflation-Weary Consumers Shun Discretionary Spending
Target Corp. reported a bigger-than-expected 90 percent fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics, and home goods. A host of U.S. retailers have issued profit warnings in recent weeks as consumers squeezed by higher prices for everything…
Target Puts the Squeeze on Suppliers After Inventories Pile Up
NEW YORK—Target Chief Executive Officer Brian Cornell pledged in a June blog post that the retailer would take necessary actions to adapt to a post-pandemic landscape, paring a record $15.1 billion in unsold merchandise. Behind the scenes, Target’s actions this summer include putting pressure on its vendors, asking them to pick up the tab for…
Stocks Fall Sharply as Target’s Woes Renew Inflation Fears
NEW YORK—The Dow Jones Industrial Average sank more than 1,100 points and the S&P 500 had its biggest drop in nearly two years Wednesday, as big earnings misses by Target and other major retailers stoked investors’ fears that surging inflation could cut deeply into corporate profits. The broad sell-off erased gains from a solid rally…
Target Warns of Margin Hit as Rising Costs Dent Profit, Shares Slump 26 Percent
Target Corp.’s quarterly profit halved and it warned on Wednesday of a bigger margin hit this year due to rising fuel and freight costs, in a clear sign there would be no immediate relief for U.S. retailers from surging inflation. Shares tumbled 26 percent following the bleak results that came a day after larger rival…
Chinese Hackers Reportedly Target India’s Power Grid
April 8, 2022
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Asia & PacificChinaChinesehackersIndiaInternationalInternational Relationspower gridTargettechnologyWorld
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BANGKOK—India’s power sector has been targeted by hackers in a long-term operation thought to have been carried out by a state-sponsored Chinese group, a U.S.-based private cybersecurity company detailed in a new report. Over the last several months, the Insikt Group, the threat research division of Massachusetts-based Recorded Future, said it has collected evidence that…
Analysts Raise Price Target on SunPower, Still See Downside
April 6, 2022
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Business & EconomyCompanieseconomic policieseconomyEuropeInternationalMarketsRussia-Ukraine WarstocksSunPowerTargetWorld
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BofA analyst Julien Dumoulin-Smith upgraded SunPower Corp. to Neutral from Underperform with a price target of $23, up from $13 (3 percent downside). The re-rating followed the company’s analyst day, which he said offered clarity on the growth trajectory. Given what he calls “admittedly a robust turnaround plan with specific steps,” Dumoulin-Smith made “material” upward revisions to his estimates…
Russia Vows to Block Transfer of S-300 Missile System to Ukraine, Says Targeting Arms Shipments ‘Fair Game’
Russia has reiterated its threat to target arms shipments to Ukraine, with foreign minister Sergey Lavrov saying Friday that any cargo believed to be carrying weapons are “fair game” while vowing to block the transfer of Soviet-era S-300 air defense systems to Kyiv. “Any cargo moving into Ukrainian territory which we would believe is carrying…
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