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How bad are holiday sales? The world’s largest retailer is about to tell us

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The country’s retailers entered the holiday season last year with a lot of things people didn’t want. We’re about to find out how much they managed to chip away at, and how much cash from the writedowns hurt earnings.

Results from the likes of Walmart Inc. WMT,
+1.50%And
Home Depot Inc. hd,
-1.02%
Alibaba Group Holding Co., Ltd. Alibaba,
-3.01%
It will follow last year’s massive retail inventory mess, which found retail chains on clothing, electronics and toys struggling to sell, after inflation shifted demand to groceries and other essentials. Retailers have slashed prices on many non-food items in an effort to entice customers.

Analysts generally say that the larger the chain, the greater the advantage in that environment. This is especially true if the retailer sells groceries.

But the results in the third quarter for the two largest retailers — Walmart and Target Corp. TGT,
-0.76%And
They both sell a lot of groceries – they were mixed. Target said in November that it expected same-store sales to decline in the fourth quarter. However, Wal-Mart managed to do better in that time. And analysts still like Wal-Mart’s prospects, relatively speaking, ahead of its results.

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More info: Walmart, Target and Costco earnings are on deck as the retail giants face a tough comparison this holiday season

“We expect continued momentum in groceries to help offset challenges in the general merchandise category,” Oppenheimer analysts said of Wal-Mart in a research note this month.

However, as MarketWatch recently reported, holiday season data from Placer.ai, a retail consumer traffic analytics company, wasn’t entirely encouraging.

“A strong 2021 has led to tough year-on-year comparisons, as pent-up demand, accumulated savings and an early start led to an unusually strong season in 2021, so assessing the success of the holiday season in 2022 is a challenge,” Placer.ai he said in a blog post.

“Visits to Target, Walmart, Costco, BJ’s Wholesale and Sam’s Club were down in October and November 2022 compared to 2021, likely as a result of comparisons to last year’s extended season,” the post continued.

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Trends improved somewhat in December. But the company noted a more sluggish January, as pressure from rising prices persisted.

“However, the traffic data seems to indicate that the economic hardships of 2022 are starting to take their toll on consumers — January visits are down for almost all of the supermarket chains analyzed, with the exception of Target which appears to be continuing its winning streak into the new year,” he says. the post.

Mark up your calendars: Check out MarketWatch’s earnings calendar

Results elsewhere will flesh out the story of a broader recession in e-commerce and a stalled housing industry. Home Depot’s results likely touch on consumers’ appetite for home improvements, as investors back away from the housing market amid rising interest rates. Online retailers eBay Inc. eBay,
-0.86%And
Etsy Inc. ETSY,
-0.48%And
Overstock.com Inc. OSTK,
+0.18%
and Wayfair Inc. W,
+1.45%And
which recently announced it would cut 10% of its workforce, according to a report after Amazon.com Inc. AMZN,
-0.97%
This month brought up the holiday season’s least profitable quarter since 2014.

The consumer discretionary sector was among the sectors leading the S&P 500 in lower earnings, according to a FactSet report published Friday. However, Amazon is largely responsible for the sector’s declines.

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This week in earnings

sixty one S&P 500 SPX,
-0.28%
Companies report results for this abbreviated week over the holiday, including two components of the Dow Jones Industrial Average,
+0.39%And
According to FactSet.

Outside of the leading indicators, fake meat manufacturer Beyond Meat Inc. BYND,
+3.74%
She also points out that she is cutting employees and dealing with the onslaught of competition — from competitors who produce their own fake meat and those who make the real stuff. Cryptocurrency exchange Coinbase Global Inc. COIN,
-0.59%
He will release results after FTX’s plunge burned the cryptocurrency scene, but the stock has been moving higher recently amid a rebound in BTCUSD,
-0.05%.

Meme stock era record slump: Retailers dumped $1.5 billion a day into US stocks in January

Elsewhere, Moderna Inc. mRNA,
-3.31%
Reports after mixed results from the flu vaccine, and with the company changing course to continue offering free COVID-19 vaccines. and Warner Bros. scores. Discovery Inc. WBD,
+0.78%
— which oversees content made by HBO, TNT and other channels — could provide more insight into the digital advertising and broadcast markets, where the media giant weighs in. How much to randomize the order of operations.

Calls to put on your calendar

Peak concert demand, peak Ticketmaster rage: Even as smaller artists struggled with price hikes and equipment shortages last year, Live Nation Entertainment Inc. LYV,
-2.33%
— the concert industry gatekeeper who owns Ticketmaster and reports earnings on Thursday — had a 2022 banner despite decades-old hyperinflation. But higher ticket demand, higher ticket prices, and record Live Nation LYV sales and profits,
-2.33%
The concert industry’s post-lockdown resurgence has not come without fan frustration and lawmakers’ scrutiny.

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company He is reportedly facing an antitrust investigation After the failed sale of tickets to Taylor Swift’s concert last year, the company faced questions from lawmakers last month. Joe Berchtold, Live Nation’s chief financial officer, blamed Swift’s debacle on an influx of online traffic from bots that he said overwhelmed Ticketmaster’s technology infrastructure.

SEE ALSO: Ticketmaster blames bots for Taylor Swift’s failed sale. It’s “incredible,” says the senator, and the company should “find out.”

Either way, many analysts downplayed the likelihood of the company’s breakup. But Benchmark analysts said last month that “regulatory clouds will continue” after the hearing and investigation. The executives’ sense of competition, organization, and party order — which has held so far as demand for other commodities has waned — could all be topics on the call.

numbers to watch

Nvidia, coding, games and artificial intelligence: Nvidia Corp. NVDA, the manufacturer of graphics chips
-2.79%
— whose processors help power computer games, data centers, crypto mining and artificial intelligence — announces results on Wednesday. But it will issue a report after its tech equipment counterparts exploded last year after demand for computers, video games and other digital goods took off during the pandemic. Christopher Rowland, an analyst with Susquehanna Financial Group, said in a note Thursday that he expects weaker gaming and PC demand to weigh on Nvidia’s results. But as other tech companies rush to launch the next ChatGPT, BofA analysts recently said Nvidia will be riding a wave of investments in artificial intelligence.

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Rast’s accusations against Alec Baldwin were formally dismissed by Reuters

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© Reuters. FILE PHOTO: A view of the movie “Rust” playing at Bonanza Creek Ranch near Santa Fe, New Mexico, US January 20, 2023. REUTERS/Drone Base/File Photo

Written by Andrew Hay

TAOOS, New Mexico (Reuters) – Special prosecutors in New Mexico on Friday dropped charges against actor Alec Baldwin in the 2021 shooting of “Rust” cinematographer Halina Hutchins, referring to what many legal analysts described as a rationale for a prosecution. flawed jurisprudence.

A person close to prosecutors said the move followed new evidence of the gun Baldwin was carrying when he fired the shot that killed Hutchins while shooting the movie in Santa Fe, New Mexico.

This information undermined the prosecution’s case after a series of legal flops, leading them to dismiss the charges before a May hearing when a judge was to decide whether there was enough evidence to prosecute Baldwin and gunsmith “Rust” Hannah Gutierrez Reid.

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“The case was dismissed without bias and the investigation is active and ongoing,” prosecutors Carey Morrissey and Jason Lewis said in a memo.

Prosecutors went on to charge Gutierrez Reed, 25, with manslaughter. She has said she held the live round in the gun thinking it was a dummy round. The preliminary hearing in her case has been postponed to August 9.

The dismissal of the same charge against Baldwin came after his attorney presented evidence last week that the copy of the .45 Colt Baldwin has used has been modified with new parts since being manufactured by Italian gunsmith FLL Pietta.

The information compromised the prosecution’s argument that the gun was in fully working condition and could only fire if Baldwin recklessly pulled the trigger, according to the person familiar with the case.

Special prosecutors have said they may re-file charges against Baldwin once new evidence is examined, though legal experts are skeptical.

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“This very weak case against Baldwin should never have been brought in the first place,” said Ambrosio Rodriguez, a former district attorney with the District Attorney’s Office in Riverside County, California.

Filming for “Rust” resumed in Montana this week with many of the same lead actors, including Baldwin, and was expected to wrap up in May.

Rust Movie Productions (RMP) said in February that it would not resume filming in New Mexico, without giving a reason. A Santa Fe prosecutor charged Baldwin and others in January.

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Leading news reporter Jill Christian dies at 83

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Gail Christian, who broke barriers as a black on-air reporter and came to national prominence at NBC News and PBS, died April 12 in Los Angeles. She was 83 years old.

Her wife, Lucy Debardelapine, said it was a complication from a recent bowel surgery.

Christian overcame a troubled youth—including a prison term for armed robbery—to end a career as a prominent television journalist and news executive in the 1970s and 1980s, an era when the industry was dominated by white men.

It became a visible presence in American living rooms with it coverage to NBC News on the trial of Patricia Hearst, the newspaper heiress who was kidnapped in 1974 by a gang of left-wing revolutionaries called the Symbionese Liberation Army, and who was convicted two years later for participating in a bank robbery with the group.

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But for Ms. Christian, it wasn’t enough just to appear as a rare black face on the evening news.

She said in Interview with the Chicago Tribune In 1986. I felt that was the reason I was there. I didn’t resent it in the least. I felt then, as I feel now, that it is very dangerous for a group of people to live in a society in which they are not allowed to explain themselves.”

It has succeeded in this task with features like “A Country Called Watts”, An hour-long 1977 NBC News special that explored the efforts of residents of this Los Angeles neighborhood to come together and re-evaluate the bloody civil unrest that occurred in response to police brutality in 1965, rebuilding burned-out blocks in the face of perceived government indifference and continued police harassment.

Gary Gilson, former faculty director of a summer program for minority students at Columbia University’s Graduate School of Journalism, in a phone interview. “And her pioneering role as a black news reporter allowed black kids to see, many for the first time, an impressive person on television who looked like them. It gave them recognition and hope.”

After two years at NBC News, Ms. Christian became news director for public station KCET in her hometown of Los Angeles, where she created a “60 Minutes”-style investigative series called “28 Tonight” (the station was on channel 28).

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The program featured several award-winning segments, including a segment on a banking scandal that harmed low-income communities and another on a chemical spill in Orange County that caused illnesses in the area, each of which won a Peabody Award.

In 1981 she moved to Washington, where she began nearly a decade as the news director for the Public Broadcasting Service.

“Since I’ve been in the business, I’ve always wanted to be one of the officers who goes out in that little room and decides what’s going to be covered and who’s going to cover it,” she said in a 1976 interview with the Los Angeles Times. “But at NBC, I never saw any women walk into that little room. Nor any minorities. I thought this was my chance.”

She added, “As Bobby Seale said,” referring to one of the founders of the Black Panther Party, “take the time.”

Jill Christian Jill Patricia Wells was born on February 20, 1940, in Los Angeles, one of four children of Edwin Wells, who worked on an assembly line for the Hughes Aircraft Company, and Lucille (Scruggs) Wells, who owned a cosmetology college. In the Leimert Park neighborhood of South Central Los Angeles. (She later adopted Christian, a name from her mother’s family, as her professional surname.)

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Ms. Christian grew up in Venice, California, and spent three years studying world history at California State University, Los Angeles, before dropping out to join the Air Force in 1962. She was caught in a raging crowd after being discharged, and in 1965, was found guilty of Armed robbery after eroticism in a hotel.

The theft, which resulted in less than $100, led to her admission to the California Institute for Women in Chino for 18 months. Christian said in a 1976 interview with TV Guide. “I really didn’t need to do that. I had a loving family, unlike a lot of the others in prison. I was just kind of pushed out at the time.”

After she had served her time, a paroled colleague who was working as a switchboard operator at The San Francisco Examiner gave her a tip that the paper was planning to hire two black reporters to diversify its staff. Without any experience, Ms. Christian considered the opportunity far-reaching, but talked her way into the role of an apprentice by stretching the truth.

“I gave them this song and they danced around working on this little black paper that the Klan burned,” she told the Tribune.

In 1970, she participated in an 11-week summer program for minority students in broadcast journalism at Columbia. (Geraldo Rivera was a classmate.) Two years later, she was hired by local NBC affiliate KNBC. She worked there for six years before NBC News hired her.

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Her tenure at PBS ended in 1989, shortly after the network found itself embroiled in controversy over the airing of a pro-Palestinian documentary, Days of Rage, which Ms. Christian had acquired and was responsible for vetting. A news report confirmed that the film was partially supported by undisclosed Arab funding, which was denied by the film’s producer.

In an interview with The New York Times, Ms. Christian said she quit PBS for other reasons. She said, “You’re burning because this is a no-win situation.” “You are silent when things are going well and angry when there are questions.”

She eventually settled in Palm Springs, California, with Mrs. DeBardelaben, whom she married in 2016. In 2003, the couple started the Palm Springs Women’s Jazz Festival.

In addition to Mrs. DeBardelaben, Mrs. Christian is survived by her grandson. Her daughter, Sunday Barrett, died in 2019.

While Ms. Christian kept quiet about her prison term early in her career, she finally decided to divulge it to a sympathetic NBC executive. “The guy just looked at me,” she recalls. He says: I don’t have enough problems. Do I have to listen to you? Get outta here.’ I didn’t hear another word.”

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Economic mood and other investment stories you may have missed this week

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This week has been a tough bullish one. Here’s what investors saw:

  • Oil prices have given up most of the gains from the OPEC+ production cut.

  • The Philadelphia Fed Manufacturing Index hit a new low for this economic cycle and missed expectations. Other indicators from the Conference Board The leading economic indicator I also fell.

  • Initial jobless claims were a surprise to the upside for the fourth consecutive week.

  • Weak earnings and more caution emerged from freight operators JB Hunt and Union Pacific as well as auto retailer AutoNation. Netflix and Taiwan Semiconductor, a major supplier to Apple, also issued guidance warnings.

  • There have been more layoffs in Meta’s Cloroxwith reports of planned job cuts at Disney.

  • Tesla reported a quarterly gross margin loss recently price cuts.

The bottom line is that there is an ongoing negative shift in economic data, most likely as interest rates continue to rise in the economy. This is a red flag.

Oddly enough, however, investors can’t seem to jump into it judging by the resilience of the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average.

“The latest data is further evidence that there will be a recession in the US soon, which fits with our own view at DB Research that it is expected to happen later in the year,” Jim Reed, Deutsche Bank strategist wrote in the client note.

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Good words of wisdom now.

Tesla CEO Elon Musk speaks to a visitor as he arrives to look at the Tesla Gigafactory construction on September 3, 2020, near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)

3 things you might have missed

1. The mood among AmEx cardholders: I met with American Express CEO Stephen Squarey, and he struck an optimistic tone about order trends.

“The economy is definitely divided, and I think at the lower end of the economy, we’re seeing some pressure, but we don’t have that,” Squirey said, adding that he sees strong demand for travel in the spring and summer. The call to travel lines up with what we’ve heard about this earnings season from Delta and United Airlines.

2. Elon Musk is following the storm. An interesting highlight from Tesla’s earnings call was when Elon Musk said he didn’t see the economy improving until 2024. The CEO predicted another year of “stormy economic weather” before “things start to get sunny in the spring of next year.”

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Musk joins the likes of JPMorgan CEO Jamie Dimon in using weather to describe the economic outlook.

3. About this credit cost: In an exclusive on Yahoo Finance Live, Loretta Mester, President of the Federal Reserve Bank of Cleveland, tells Jane Schoneberger that there is only one direction for interest rates in the near term: higher.

“I think that, given the complexity of inflation, and given the still-strong job market, I think rates should go above the 5% level,” Mester said.

Loretta J.  Jim Urquhart

Loretta J. Jim Urquhart

C-Suite, quote of the week

“We are not seeing a significant drop in trade [among consumers]John Mueller, CEO of Procter & Gamble (PG) told Yahoo Finance Live. We are witnessing, if anything, more careful use of the product they purchased. So they might use half a sheet of a Bounty paper towel instead of a full sheet. But overall, again, just looking at the numbers, the consumer holds up very well.”

planner of the week

For those investors who are ignoring the dangers of the impending debt ceiling, here’s a helpful reminder from the macroeconomics team at Goldman Sachs on how markets will price in the 2011 debt ceiling debate:

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Remember the debt ceiling debacle of 2011?

Remember the debt ceiling debacle of 2011?

Brian Suzy He is the Executive Editor of Yahoo Finance. Follow Suzy on Twitter @tweet and on linkedin. Deal tips, mergers, activist positions, or anything else? Email brian.sozzi@yahoofinance.com

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