Category: Market News
Stocks ended lower Tuesday, losing ground in afternoon trade as investors appeared reluctant to hold equities ahead of the release of an eagerly anticipated June consumer price index reading. The CPI is expected to show a large 1.1% jump in June when the report is released at 8:30 a.m. ET Wednesday. The increase in inflation […]
Joining a long list of tech firms, Alphabet Inc.’s GOOGL, -1.43% GOOG, -1.44% Google intends to reduce hiring for the rest of 2022 with the threat of recession, company Chief Executive Sundar Pichai said in an email to staff Tuesday. “Moving forward, we need to be more entrepreneurial, working with greater urgency, sharper focus, and […]
StitchFix Inc. SFIX, -0.39% stock got a quick fix late Tuesday after Benchmark Capital’s Bill Gurley reported buying a million shares of the stock. StitchFix shares rallied 8% after hours, following a 0.4% decline in the regular session to close at $5.14. Gurley paid an average weighted price of $5.43 a share for StitchFix on […]
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.8 million barrels for the week ended July 8, according to sources. The API data also reportedly showed weekly inventory increases of 2.9 million barrels for gasoline and 3.3 million barrels for distillates. Oil stocks at the Cushing, Okla., delivery hub were […]
Rivian Automotive Inc. is readying a cost-cutting plan that includes workforce reductions and halting nonmanufacturing hiring, The Wall Street Journal reported Tuesday. The publication cited an internal letter from Chief Executive RJ Scaringe. Rivian did not immediately return a request for comment. On Monday, Bloomberg, citing people familiar with the matter, reported that the EV […]
ServiceNow Inc.’s NOW, -10.87% stock tumbled 12% on Tuesday following an interview in which its chief executive, Bill McDermott, warned of some serious macro headwinds. “You’re at 41-year high inflation. The dollar right now is the highest it’s been in over two decades. We have interest rates rising. People worried about security. You’ve got a […]
Published: July 12, 2022 at 9:34 a.m. ET Spanish banks fell sharply on Tuesday after the Spanish government reportedly announced a temporary tax on financial institutions and power companies to help individuals cope with high inflation and power bills. Shares of Bano de Sabadell and CaixaBank each fell over 8%, while BBVA and Banco Santander […]
Walmart Inc. WMT, +0.04% said Tuesday it is purchasing 4,500 all-electric delivery vehicles from Canoo Inc. GOEV, -8.14% for use in last-mile delivery. The news sent shares of Canoo up 67% in premarket trade. Walmart is also purchasing an option for up to 10,000 more units, as part of its goal of zero-emissions by 2040. […]
Dollar General Corp. said Tuesday its Chief Executive Todd Vasos is planning to retire on November 1. The board has approved the promotion of Chief Operating Officer Jeffery Owen as his replacement. Vasos will remain in a senior advisory rule starting Nov. 1 and continuing through April 1 of 2023. Owen has been COO since […]
A UBS consumer survey of U.S. off-price and department-store retailers found that shoppers avoid Nordstrom Inc. JWN, -4.02% because of “high prices.” “We believe this is why Nordstrom’s full-price stores are losing more customers than they are gaining,” wrote analysts led by Jay Sole. Nordstrom is a luxury retailer selling brands like Fendi and Givenchy […]