Latest News
See the latest news and get GPT analysis of articles
Microsoft stock drops over 6% after results fall short in latest AI disappointment 2024-07-31 04:34:00+00:00 - Microsoft (MSFT) announced its fiscal fourth quarter earnings after the bell on Tuesday, beating on the top and bottom lines, but missing on cloud revenue expectations, sending shares of the software giant tumbling following the report. For the quarter, Microsoft reported earnings per share (EPS) of $2.95 on revenue of $64.7 billion. Wall Street was anticipating EPS of $2.94 on revenue of $64.5 billion, according to data compiled by Bloomberg. Microsoft reported EPS of $2.69 and revenue of $56.2 billion during the same period last year. Microsoft's overall cloud revenue came in at $36.8 billion, in line with expectations of $36.8 billion, but the company's Intelligent Cloud revenue, which includes its Azure services, fell short, coming in at $28.5 billion versus expectations of $28.7 billion. Shares of Microsoft fell more than 7% in after-market trading. While Microsoft's cloud business missed expectations, overall revenue still rose 21% year over year. Intelligent Cloud revenue, meanwhile, increased 19% year over year. What's more, Microsoft said AI services contributed 8 percentage points of growth to its Azure and other cloud services revenue, which increased by 29%. Microsoft's AI miss sent shares of fellow AI-heavy companies like Meta lower in after-hours trading. The social media giant was off more than 3% on the news. The report follows rival and Google parent Alphabet’s (GOOG, GOOGL) earnings announcement last week, during which the company said it is seeing an uptick in cloud revenue partially due to interest in AI products. Still, Google didn’t offer specific numbers on the impact of AI on the cloud business, leaving some analysts like UBS’s Stephen Ju to predict that revenue benefits from the company’s AI spending might not come until the first half of 2025 at the earliest. According to UBS analyst Karl Keirstead, Microsoft has also been grabbing more market share from Google and Amazon. “In terms of share shifts among AWS, Microsoft Azure, and Google Cloud, the most consistent theme in this round of checks was the number of customers and partners that cited share gains by Microsoft resulting from its early lead on the AI front,” Keirstead wrote in a recent note about the three major cloud players. “This has been a recurring theme from checks over the last 6-12 months and the commentary about Azure’s relative strength felt consistent with prior checks,” he added. During Alphabet’s earnings call, CFO Ruth Porat said the company spent $13 billion on capital expenditures, up from $12 billion in the prior quarter, adding that the vast majority of that spending is going toward AI. Story continues Amazon (AMZN) is set to report earnings on Aug. 1. Shares of Google are up 22% year to date, while shares of Amazon are up 23%. Subscribe to the Yahoo Finance Tech newsletter. (Yahoo Finance) Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley. For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here Read the latest financial and business news from Yahoo Finance StockStory aims to help individual investors beat the market.
Starbucks reports another quarter of declining sales, as it pushes popping pearls and value plays 2024-07-31 04:13:00+00:00 - Starbucks (SBUX) missed the mark on revenue and same-store sales growth yet again. Q3 revenue fell 1% to $9.1 billion, lower than expectations of $9.20 billion, per Bloomberg consensus estimates. Global same-store sales declined for the second quarter in a row, down 3%, while overall foot traffic fell 5%. Adjusted earnings per share did come in slightly higher at $0.93, compared to estimates of $0.92. In the release, CEO Laxman Narasimhan said its three-part action plan "is beginning to work and driving operational improvements that we expect to improve financial performance," with a goal to "return the business to sustainable growth." That plan to reverse trends in the US, which was introduced following its Q2 results, includes getting more customers throughout the day, launching new items while "maintaining our focus on core coffee forward offerings," and providing more value. The size of the average check was up a tad higher, up 2%, due to menu price increases. This quarter, it rolled out new items like popping boba-like pearls and iced energy drinks. It also launched a limited-time “pairing menu," which allows customers to get a small iced or hot coffee with a butter croissant or breakfast sandwich for $5 or $6. But it doesn't seem like it was enough to turn the tide. Same stores sales declined 2% in the US. Prior to the results, Deutsche Bank analyst Lauren Silberman, who has a Hold rating on the stock, wrote in a note to clients that "sentiment on Starbucks continues to lean negative ... [it] has been less topical than other large caps and relative to the past few quarters." "Cyclical macro issues" may be to to blame, per a note from Baird analyst David Tarantino prior to the results. He anticipated softness in the majority of fiscal 2024 sales as consumers pull back on discretionary spending, "including afternoon occasion at Starbucks." He has a Hold rating on shares. Menu display featuring Starbucks' new Iced Energy drinks, Melon Burst and Tropical Citrus, at a Starbucks location, San Francisco, Calif., June 28, 2024. (Smith Collection/Gado/Getty Images) (Smith Collection/Gado via Getty Images) This earnings report comes as pressure is mounting from activist investor Elliott Investment Management, which took an undisclosed stake in the company, according to a report from WSJ. "Investors have questioned Elliott’s experience and track record in the consumer sector, we believe that an external nudge may accelerate making bold decisions and may offer interesting risk-reward opportunities for long-term investors willing to accept that a turnaround may take time," Bernstein analyst Danilo Gargiulo wrote in a note to clients. Here are 10 items Gargiulo believes the Elliot team would prioritize. Story continues Its second-largest market, China saw the biggest drop of all Starbucks segments. Same-store sales fell 14%, compared to last quarter when they were down 11%. Foot traffic there fell 7% and so did the average check size. In a note to clients, Bank of America analyst Sara Senatore said Starbucks' performance in China is tied to industrywide struggles. "Intense competition is the natural state of restaurant markets and even the strongest brands are not insulated," she said. "The direction of SBUX's China same-store sales growth is strongly correlated with those of other global brands. And all are correlated with macro factors (GDP)." McDonald's (MCD) pointed to declining sales growth in China in its Q2 results as consumer sentiment remains weak in a competitive environment. Gargiulo believes franchising may be the way to go in the market with an "equally compelling alternative to leverage buildout of one of the biggest coffee market without the capital allocation" and less exposure to "fluctuating macro-economic conditions." The company still aims to have 9,000 locations in China by 2025. Earnings preview Here's what Starbucks reported, compared to estimates, based on Bloomberg consensus data: Revenue: $9.1 billion versus $9.20 billion Adjusted earnings per share: $0.93 versus $0.92 Same-store sales: -3% versus -2.71% North America: -2% versus -2.30% US: -2% versus -2.37% International: -7% versus -5.11% China: -14% versus -10.58% Foot traffic: -5% versus -4.27% North America: -6% versus -4.91% International: -3% versus 3.71% Ticket Growth: 2% versus 1.98% North America: 3% versus 3.24% International: -4% versus -0.63% Following Q2, Starbucks revised its 2024 outlook for the third time this fiscal year. It expects 2024 global revenue growth of low-single digits, down from the previous range of 7% to 10%, which itself was down from a prior guidance of 10% to 12%. Global and US same-store sales are expected to see a low single-digit decline or stay flat, down from the previous range of 4% to 6% growth. China's same-store sales are expected to see a single-digit decline, down from the previously expected low-single-digit growth. The company plans to provide an update on the 2024 outlook in a call with investors. Starbucks declined to make CEO Laxman Narasimhan and CFO Rachel Ruggeri available for an interview. This story is breaking and being updated. — Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Click here for all of the latest retail stock news and events to better inform your investing strategy StockStory aims to help individual investors beat the market.
AMD stock jumps on earnings beat driven by AI chip sales 2024-07-31 03:40:00+00:00 - Chip giant AMD (AMD) reported its second quarter earnings after the bell on Tuesday, beating analysts' expectations on the top and bottom lines and posting better-than-anticipated guidance for the third quarter. AMD, like rival Nvidia, is riding the AI hype train, which is powering sales of its data center graphics processing units (GPUs) and central processing units (CPUs). For the quarter, AMD reported adjusted earnings per share (EPS) of $0.69 and revenue of $5.8 billion. Wall Street was anticipating adjusted EPS of $0.68 on revenue of $5.7 billion, according to consensus estimates by Bloomberg. AMD reported adjusted EPS of $0.58 on revenue of $5.4 billion during the period in 2023. "Our AI business continued accelerating and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors," AMD CEO Lisa Su said in a statement. "The rapid advances in generative AI are driving demand for more compute in every market, creating significant growth opportunities as we deliver leadership AI solutions across our business.” AMD's Data Center revenue, which includes sales of AMD's GPUs and CPUs, topped out at $2.8 billion, beating expectations of $2.75 billion. That's a 115% jump versus the same quarter last year, when AMD reported Data Center revenue of $1.3 billion. Shares of AMD rose as much as 5% following the report, while shares of rival Nvidia (NVDA) jumped 3%. Shares of Intel (INTC) were flat. AMD's current top GPU is its MI300X. During a press conference at the Computex event in Taiwan in June, AMD said partners and customers, including Microsoft, Meta, Dell, HPE, and Lenovo, are already adopting the chip. The company also revealed that its next-generation MI325X will be available beginning in Q4, while the MI350X will hit the market in 2025. AMD said it will roll out the MI400 in 2026. It's not just AI that matters for AMD, though. Its Client segment, which includes sales of chips for PCs, is still an important part of its business. For the quarter, the company reported revenue of $1.5 billion beating expectations of $1.45 billion, and up from $998 million in the same period last year. AMD CEO Lisa Su makes the opening speech at COMPUTEX forum in Taipei, Taiwan June 3, 2024. (REUTERS/Ann Wang) (REUTERS / Reuters) The Client segment beat comes as the PC industry continues its turnaround following a significant slowdown after the explosive growth seen at the onset of the pandemic. But that was four years ago, and consumers are beginning to shop for replacements for the PCs they bought at the start of the pandemic. That, according to IDC, has resulted in worldwide PC shipments increasing 3% year over year in the second quarter, marking the second quarter of growth after eight consecutive quarters of declines. Story continues Gaming revenue topped out at $648 billion in Q2, down 59% year over year but beating estimates of $646 billion. Like the PC industry, the gaming industry has also been contending with a slowdown compared to the high-flying sale days of the early pandemic era. Still, there's hope for the gaming industry going into the end of 2024 and start of 2025 as Nintendo prepares to launch its next console and Take-Two readies its highly anticipated "Grand Theft Auto VI" later next year. AMD is the first of the big three chip companies to report its earnings this quarter. Intel will follow suit on Aug. 1, while Nvidia will report its earnings on Aug. 28. Subscribe to the Yahoo Finance Tech newsletter. (Yahoo Finance) Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley. For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here Read the latest financial and business news from Yahoo Finance StockStory aims to help individual investors beat the market.
Amazon is legally responsible for recalling dangerous products sold on its site, agency finds 2024-07-30 22:19:00+00:00 - Amazon distributed hundreds of thousands of hazardous products sold by third-parties through the e-commerce giant's platform and is responsible for recalling them, a federal agency has ruled. The U.S. Consumer Product Safety Commission on Tuesday issued a decision and order against Amazon, determining the retailer was a "distributor" of products that are defective or fail to meet federal safety standards. The company, which rang up $574.8 billion in revenue in 2023, is legally responsible for the recall of more than 400,000 products, including faulty carbon monoxide detectors, hairdryers without electrocution protection and kids' sleepwear that violates federal flammability standards, the agency said in a news release. "Substantial" danger Listed on Amazon.com and sold by third-parties using the Fulfilled by Amazon program, the items pose a "substantial product hazard" under the Consumer Product Safety Act, CPSC stated. Amazon failed to notify the public about the hazardous products and did not take adequate steps to encourage customers to return or destroy them, the agency said. The CPSC's decision and order come three years after the commission authorized an administrative complaint against Amazon that alleged it distributed certain products that pose a substantial hazard. During the proceedings, Amazon did not contest the products present a substantial hazard, but it argued that it was not acting as a distributor and therefore was not responsible for taking action to protect the public. The company also contended that sending messages to initial purchasers about "potential" safety issues and offering credits were sufficient to remedy the hazards, the commission said. It added that the agency as well as an administrative law judge disagreed with Amazon's assertion, finding that the retailer's actions were "inadequate to protect the public." Amazon must now submit proposed plans to notify people about the hazardous products and to remove them from circulation by incentivizing their return or destruction, the agency said. Amazon said it was disappointed by the CPSC's decision and plans to appeal the ruling in court. "We stand behind the safety of every product in our store through our A-to-z Guarantee, regardless of whether it is sold by Amazon or by one of our selling partners," a spokesperson told CBS MoneyWatch in an email. "We have proactive measures in place to prevent unsafe products, and we continuously monitor the listings in our store. If we discover an unsafe product available for sale, we address the issue immediately, and refine our processes." Amazon in 2022 invested more than $1.2 billion and employed more 15,000-plus people, from machine learning scientists and software developers to investigators, to protect against counterfeit, fraud and other abuses, the company noted. Consumer advocates applaud order The CPSC order "marks a major step forward for consumer protection online and helps hold online marketplaces accountable in the future," said Oriene Shin, policy counsel for Consumer Reports. Shin also called on Amazon to drop its legal battle with the CPSC, noting that the company had taken "positive steps for product safety in recent years." In July, the CPSC posted four recalls for products sold exclusively on Amazon, including children's pajamas deemed a burn risk, a pool drain cover that violates entrapment protection standards, twin strollers that violate multiple safety regulations and area rugs that pose a fire hazard.
The Secret To Going Viral In The Cannabis Space: How One Creator Is Shaping Social Media With Influencer Marketing (UPDATED) 2024-07-30 22:15:00+00:00 - Editor’s note: this article was updated to correct an error in a quote and to reflect the current relationship of the interviewee with Canna Cribs. The company name 454 Bags was also corrected. Grow World, under the visionary leadership of Canna Cribs creator Nick Morin, is at the forefront of transforming the cannabis industry by pioneering a unique platform that bridges the gap between cannabis brands and the burgeoning influencer marketing scene. By forging strategic partnerships and leveraging the latest in influencer marketing techniques, Grow World seeks to redefine how cannabis brands engage with their audience. In a recent exclusive interview with Benzinga Cannabis, Morin shared insights into Grow World's approach and shed light on the transformative power of cannabis influencer marketing. Pioneering Partnerships And Innovative Packs At the core of Grow World's strategy lies the concept of collaborative partnerships. Morin explains, "We sell ad credits with influencers and channel the traffic back to trial campaigns on behalf of the ancillary vendors in our online community offering samples." This unique model facilitates a symbiotic relationship between businesses and influencers, wherein both parties benefit from increased exposure and engagement. Leveling Up: Cannabis Influencer Marketing Morin elaborates on Grow World's offerings, highlighting their specialized packs tailored for advertising with leading cannabis influencers. "We provide advertising credits with main cannabis influencers," he says. This targeted approach allows businesses to tap into the expansive reach of influencers, leveraging their credibility and rapport with the audience to amplify brand messaging. The Ecosystem Of Grow World At its core, Grow World introduces a novel model that binds influencers (termed "ambassadors") with ancillary equipment vendors for mutually beneficial exposure, particularly highlighted in campaigns like the Instagram reel on First Smoke of the Day for the 454 Bags tote liners. Morin explains the process: "This ad campaign...is to drive traffic to the trial application inside of our B2B community," thereby aiming to boost brand visibility and product trials. The platform’s financial model is unique in that a portion of the marketing commission fees can be converted into ad credits. "So if you owe us $1,000, you now have 0.25 a quarter credit to spend on our roster of influencers," Morin says, illustrating how clients can reinvest in advertising within Grow World’s influencer network. This approach not only cultivates a dynamic promotional ecosystem but also underscores Grow World's broader strategy of being "distribution agnostic," focusing on content creation, community building, and driving sales through partner networks. The Vanguard of Cannabis Marketing The innovative strategies employed by Grow World underscore the evolution of cannabis marketing into a sophisticated realm. Morin emphasizes the significance of staying ahead of the curve. "Our work is a testament to how content is created and delivered, offering a competitive edge for SMEs looking to scale their business." Indeed, Grow World's approach heralds a new era of strategic marketing in the cannabis industry. Navigating Entrepreneurial Waters Beyond Grow World, Morin's entrepreneurial journey is emblematic of perseverance and vision. As the founder of Canna Cribs, a platform dedicated to showcasing innovative cannabis cultivation facilities, Morin has carved a niche for himself in the industry. Reflecting on his journey, Morin remarks, "Canna Cribs was aimed at providing an insider's look into the world of cannabis cultivation, offering invaluable insights for enthusiasts and professionals alike." His latest endeavor takes him to Colombia, where he is set to launch an upcoming show. This new venture promises to provide a captivating glimpse into the burgeoning cannabis scene in Colombia, a country renowned for its rich cannabis heritage and emerging industry. With his trademark blend of insight and storytelling, Morin aims to shed light on the unique challenges and opportunities facing cannabis entrepreneurs in Colombia, while also exploring the cultural significance of cannabis in the region. "Colombia's cannabis landscape is ripe with untold stories and untapped potential. Our upcoming show will not only showcase the beauty of this country but also delve into the complexities of its evolving cannabis industry,” Morin shared. “We're excited to share this journey with viewers and shed light on the unique perspectives and experiences of Colombian cannabis entrepreneurs." Photo: AI-Generated Image.
Patients on Alzheimer's drug Leqembi see benefits over three years, Eisai study says 2024-07-30 21:56:00+00:00 - The newly FDA approved Alzheimer's treatment Leqembi is prepared at Abington Neurological Associates in Abington, PA., on Tuesday, November 7, 2023. The breakthrough Alzheimer's drug Leqembi slowed disease progression in patients over three years, demonstrating the need for them to stay on the treatment long term, according to new data released Tuesday by Japanese drugmaker Eisai. The study results on Leqembi, which Eisai shares with Biogen , also found that a patient's Alzheimer's disease worsens after they stop treatment. Rates of adverse side effects associated with Leqembi, including brain bleeding and swelling, dropped after six months of treatment, Dr. Lynn Kramer, Eisai's chief clinical officer of deep human biology learning, told CNBC. That decline is critical: Those side effects in the brain have raised concerns among some doctors and are the main reason a European drug regulator recommended against approving Leqembi last week. The study is the longest available efficacy and safety data to date on Leqembi, which has had a bumpy rollout in the U.S. since winning regulatory approval last summer due to bottlenecks related to diagnostic test requirements and regular brain scans, among other issues. Eisai released 24-month data on Leqembi in November. Eisai presented the findings on Tuesday at the Alzheimer's Association International Conference in Philadelphia, the world's largest meeting for dementia research. The results are a first glimpse at what Alzheimer's patients' future could look like on therapies such as Leqembi, which is currently taken twice a month through an infusion. The drug is a monoclonal antibody that targets toxic plaques in the brain called amyloid, a hallmark of Alzheimer's, to slow the progression of the disease during its early stages. Leqembi also works by clearing protofibrils, the building blocks of amyloid plaque. The data demonstrates the importance of early and sustained treatment for people living with the notoriously hard-to-treat brain disorder — even after a drug clears a patient's amyloid plaque. "Continuing treatment is important if you would like to maintain cognition and functionality longer," Kramer said. While Leqembi is not a cure, "if you start early enough, it can give you years of benefit," he said. Kramer added that Eisai believes patients can eventually switch to a maintenance dose of Leqembi after roughly 18 to 24 months of treatment, which could be a less frequent or more convenient way to take the drug over a long period. Eisai and Biogen are seeking regulatory approval for a once-monthly infusion of Leqembi, with a decision expected in January. The drugmakers also aim to bring to the market an injectable form of Leqembi that patients can take at home once a week. "Those two things will change the paradigm, make it easier for the patient, make it easier for the whole medical system," Kramer said in an interview. Nearly 7 million Americans have the condition, the fifth-leading cause of death for adults over 65, according to the Alzheimer's Association. By 2050, the number of Alzheimer's patients is projected to rise to almost 13 million in the U.S.
Maryland becomes first state to pass law against gift card draining 2024-07-30 21:48:00+00:00 - Maryland is the first state in the nation to pass a law aimed at thwarting an increasingly common scam known as gift card draining. The Gift Card Scams Prevention Act of 2024, recently signed by Maryland Gov. Wes Moore, mandates that gift cards sold in stores be encased in secure packaging so that thieves can't illegally obtain their numbers. Under the new law, merchants that sell gift cards online must register them with the Office of the Attorney General's Division of Consumer Protection, while sellers also must train employees on how to detect gift card fraud. In carrying out such scams, criminals steal gift cards, obtain their card numbers and drain the cards' balances, before returning them to store shelves so they are worthless when purchased by consumers. Without proper packaging, experts say, the funds stored on gift cards are vulnerable because their barcodes and PIN numbers, concealed only by a scratch off sticker, are visible. Thieves can easily remove the sticker covering the PIN and replace it with a new one so a card appears to be unused. Data released by the Federal Trade Commission in May showed that gift card scams, which multiplied during pandemic, accounted for $228 million in losses in 2023. Chinese crime rings in particular used this type of fraud for illegal gains, according to a ProPublica report. The U.S. Department of Homeland Security has launched a task force to fight card draining. A 2022 report from AARP found that about one-quarter of U.S. consumers say they have either given or received gift cards that had been depleted of their funds.
Missouri to cut income tax rate in 2025, marking fourth straight year of reductions 2024-07-30 21:46:48+00:00 - JEFFERSON CITY, Mo. (AP) — Missouri residents will get another tax cut in 2025, marking the fourth straight year of reductions. Gov. Mike Parson’s administration said Tuesday that the top income tax rate will decline from 4.8% to 4.7% effective Jan. 1. The reduction is a result of a 2022 state law that set a series of revenue benchmarks capable of triggering tax cuts in future years. When Missouri’s revenue figures for the 2024 fiscal year were released earlier this month, it was not immediately clear that they were high enough to cause a tax cut. But the formula also takes into account money set aside for savings, which helped Missouri reach the threshold. Budget Director Dan Haug said the state made larger-than-usual transfers in the 2023 fiscal year to its constitutionally required savings fund and to a maintenance and repair fund for state facilities. That reduced the base-year revenue figure used in the tax-cutting formula, making the 2024 growth sufficient to trigger another rate reduction. The top income tax rate was 5.4% before the series of gradual reductions began in 2022.
Shoplifters point to inflation and economy as main reasons for stealing from retailers 2024-07-30 21:46:00+00:00 - Businesses keep eye out for shoplifters Businesses keep eye out for shoplifters 01:53 Inflation has led to price surges at grocery stores, car dealerships and even dine-in restaurants nationwide. A new study finds it's also the main motive behind another recent surge: shoplifting. More than 20% of Americans have admitted to stealing items from stores within the past year or so, according to a new survey from personal finance website LendingTree, which polled 2,000 U.S. consumers from ages 18 to 78. Of those who admitted to recent retail theft, roughly 90% of them said they did so because of inflation and the current economy. Specific reasons included, prices becoming otherwise unaffordable (34%), helping make ends meet (30%) and helping save a few bucks (27%). "Lots of people are struggling in the face of still-rising prices, and they're going to somewhat desperate measures to help them get by," LendingTree chief credit analyst Matt Schulz said in a statement. "With inflation stubbornly sticking around, that's not likely to change soon." LendingTree's survey follows a recent report from the Council on Criminal Justice, which found that shoplifting rose 24% in the first six months in 2024, even as reports of other crimes have gone down. The Federal Reserve has been in a longstanding wrestling match with the U.S. economy — trying to get overall inflation down to a 2% annual rate. Inflation has indeed cooled a bit this year, but consumer prices rose by 3.3% in May and 3% in June. Those percentages translate to consumers paying higher prices each month for everyday necessities like food and household goods and services. To be sure, retailers have long raised concerns about a rise in shoplifting, particularly so-called "smash-and-grab" incidents in which thieves shatter glass display cases to steal valuable merchandise like electronics or jewelry. But the LendingTree survey, to some extent, marks a new piece of insight into why Americans are now committing retail theft at a much higher clip. About half of shoplifters in the survey, 52%, said they've stolen from chain stores. A smaller number, 28% said they've stolen from smaller local stores. Grocery stores are considered the easiest to steal from according to 46% of those surveyed. The most common items shoplifters nab include food and nonalcoholic drinks, which 45% of those who say they have shoplifted admitted to stealing. Clothes, accessories or jewelry and makeup or cosmetics, according to LendingTree's survey, which polled 2,000 U.S. consumers from ages 18 to 78. "What they're shoplifting tells you a lot about why they're shoplifting," Schulz said in the statement. "These generally aren't thrill-seekers looking for an adrenaline rush or a big score. These folks are taking things that they really, really need, things like food and clothing and even makeup." To help combat rising retail theft, some companies have equipped their employees with body cameras to spot the crimes in real time, as other major retailers are turning to other forms of technology. As reports of retail thefts continue to climb, state leaders are also pushing for more policing and tax credits to improve safety.
Ralph Nader Assails Law Firm’s Vow to Exclude Some Campus Protesters 2024-07-30 21:39:06.666000+00:00 - Three prominent lawyers, among them the consumer safety activist and four-time presidential candidate Ralph Nader, sent a letter on Tuesday to a leader of the Wall Street law firm Sullivan & Cromwell to condemn the firm’s policy of scrutinizing job applicants’ participation in protests over Israel’s war in Gaza. The letter, addressed to Joseph C. Shenker, one of the firm’s two senior chairs, was the most prominent criticism of Sullivan & Cromwell’s policy yet from within the legal field. It was also signed by Bruce Fein, a Justice Department official under President Ronald Reagan, and Lou Fisher, a constitutional scholar who worked for 40 years at the Library of Congress. Sullivan & Cromwell said in May that it would use a background-check company to review job applicants’ involvement with pro-Palestinian student groups and in antiwar protests for statements and slogans it deemed to be “triggering” to Jews, including the ubiquitous protest slogan “From the river to the sea, Palestine will be free.” Under the policy, applicants risk being disqualified for a job at the firm even if they weren’t using problematic language themselves but were involved with a protest where others did.
First Solar tops second-quarter estimates but leaves forecast unchanged amid election uncertainty 2024-07-30 21:33:00+00:00 - Chuck Smith monitors the manufacturing process of the series 6 solar panels during a tour of a First Solar plant in Walbridge, Ohio, on Oct. 6, 2021. First Solar reported second-quarter results Tuesday that beat revenue and earnings expectations, but the solar technology company left its forecast for the year unchanged heading into the U.S. presidential election. First Solar stock rose more than 1% in extended trading. Here is what First Solar reported for the second quarter compared to what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $3.25 vs. $2.69 expected Revenue: $1.01 billion vs. $941.5 million expected First Solar booked $1.01 billion in sales, a 24% increase over revenue of $810 million during the same period last year. Net income more than doubled to $349.4 million, or $3.25 per share, from $171 million, or $1.59 per share, a year ago. CEO Mark Widmar cautioned that solar companies faced growing constraints on access to capital in the second quarter due to uncertainty around the U.S. presidential election. The potential of Republicans sweeping the White House and Congress has raised concerns that tax credits under the Inflation Reduction Act will be affected, Widmar said. Investors are waiting to make decisions until they have a clear view of what policy will look like after the election, the CEO said. The uncertainty has also caused developers to evaluate the risk and return of projects, he said. Some oil, gas, power and utility companies are also considering pivoting away from renewables to prioritize fossil fuels, he added. First Solar reiterated its 2024 forecast, which calls for earnings of $13.00 to $14.00 per share on revenue of $4.4 billion to $4.6 billion in revenue. The company expects volume sold in the range of 15.6 to 16.3 gigawatts, and net cash of $600 million to $900 million. Revenue, volume sold and net cash will likely come in at the bottom of the guidance range due to the cancellation of a 0.4 gigawatt contract by a European power and utility company, Chief Financial Officer Alexander Bradley said on an earnings call. The customer is obligated to pay a termination fee. First Solar has added 3.6 gigawatts in net bookings so far in 2024. The company has an expected backlog of 75.9 gigawatts, with orders stretching through 2030, as utilities build out solar on expectations of a significant surge in power demand over the coming years. Bradley said First Solar would be "highly selective in our approach to new bookings this year" given the uncertainty surrounding the election. Widmar said utility-scale demand for renewables is expected to continue to grow regardless of the election outcome, due to the build out of data centers, the reshoring of manufacturing and cryptocurrency mining, among other factors. "Critically, such demand is generally not dependent on policy," Widmar said. "Solar continues to demonstrate that in many U.S. locations, it is the lowest cost source of energy."
Christina Hall and Josh Hall are getting divorced. Here's a timeline of their whirlwind relationship and sudden split. 2024-07-30 21:32:10+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview When Christina Hall celebrated her marriage to Josh Hall in September 2022, she said she was more certain than ever her life was on track. In a deleted Instagram post, Christina wrote, "Everything in life has led me to where I am right now, which is exactly where I want to be." Now, less than three years after they were legally wed, the Halls have both filed for divorce, and Christina has deleted nearly all traces of Josh from her social media. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Business Insider broke down the timeline of their relationship and sudden separation. Advertisement When asked for comment on this story, a representative for Christina pointed Business Insider to the HGTV star's Instagram story, while a representative for Josh declined to comment. Christina and Josh first became romantically involved in the spring of 2021 According to US Weekly, Christina and Josh first met at a real-estate conference sometime in the late 2010s, but they didn't start dating until the spring of 2021. Christina was married to her "Flip or Flop" costar, Tarek El Moussa, from 2009 to 2018, and they had two children together — Taylor, 13, and Brayden, 8 — before they separated in 2016. She married Ant Anstead at the end of 2018, and they welcomed their son Hudson, 4, together before they split in September 2020. Christina and Josh did not initially announce they were dating, but she shared a photo they took together in March 2021 on her Instagram in March of the following year, confirming they were an item by sometime that spring. Advertisement Page Six photographed them together publicly in July 2021. On the same day the photos were published, Christina addressed their relationship in an Instagram post that she has since deleted, saying she wanted to keep it private from the media. Josh Hall and Christina Hall in July 2023. Matt Winkelmeyer/GA/The Hollywood Reporter via Getty Images "I met Josh when I wasn't in a state of fear or fight-or-flight," she captioned the post. "When we met this past spring, the synchronicities hit us so hard and fast they were impossible to ignore. I felt immediately crazy protective over him and wanted to keep him for myself and get to know each other before the tornado (media attention) hit." "We decided whats in the past, is in the past. We aren't looking at all the nonsense online," she added. "So yes 'another relationship' and guess what. I'm 38 – I'll do what I want." The couple continued their relationship in the public eye, announcing in September 2021 that they were engaged with Instagram photos Christina shared, which she has also now deleted, from a trip they took to Mexico. Advertisement They shared that they got married in April 2022 Christina and Josh continued to share peeks at their life together on social media throughout the rest of 2021. Representatives for the Halls confirmed Christina and Josh were married on April 5, 2022, after Christina changed her last name on social media from Haack, her maiden name, to Hall. However, according to documents reviewed by BI, both Josh and Christina listed their marriage date as October 6, 2021, when they filed for divorce in July, indicating they were married before publicly sharing the news. The Halls bought a $12 million mansion in Newport Beach, California, in May 2022, which Christina called their "long-term family home" in a since-deleted Instagram. Advertisement In September of the same year, they celebrated their marriage with a second wedding in Maui, Hawaii, surrounded by family and friends. Josh became more involved in Christina's professional life throughout their relationship In March 2022, Christina announced on Instagram in a now-deleted post that she and Josh were forming their own production company, Unbroken Productions. The name appeared to be a nod to Josh's Instagram, which has the handle @unbrokenjosh. Related stories The company took over production of "Christina on the Coast" starting with season four and produced "Christina in the Country," both of which air on HGTV. Josh has appeared in both shows. Speaking to BI in July 2023, Christina said it was an adjustment to be a producer because she had worked with her previous production company for a decade. Advertisement "It was a lot more work for me than anything in the past because we're co-producers. It's a lot more off-camera work than I'm used to," she said. "It's gonna be worth it, but it was a hard year." Then, on May 15, HGTV announced Christina and Josh would star in a new series called "The Flip Off" with Tarek and his wife, Heather Rae El Moussa. HGTV said the show would feature the couples competing against each other in "a battle to see who can find, buy, renovate, and flip a house for the biggest financial gain" in its announcement. According to the post, it was set to premiere in 2025. HGTV did not respond to a request for comment on the show's status following the Halls' separation. Advertisement The couple separated in July, and Josh filed for divorce first According to paperwork reviewed by BI on July 17, Josh filed for divorce from Christina on July 12, listing their date of separation as July 8. He requested spousal support in his petition. Christina deleted several posts that featured Josh from her Instagram when news of their separation went public on July 16, and she submitted a response and her own request for the dissolution of their marriage on July 23. Christina listed their separation date as July 7, a day earlier than Josh did. Along with her divorce filing, she filed a request for order asking the court to grant her sole access to their Newport Beach home and two properties in Tennessee immediately. Christina said she wanted sole access to the Newport Beach home primarily to protect her children. Advertisement Christina Hall, Josh Hall, and her children in January 2023. Jon Kopaloff/Getty Images for Feld Entertainment "I do not want to have a situation where there is a misunderstanding or any conflict, especially in front of my children," she said in her filing. In the RFO, Christina said that although the Newport Beach home is legally owned by both herself and Josh, it was purchased with money from the sale of her previous residence in Dana Point, California. She added that Josh came to the home unscheduled and "took items" after their separation on July 7 and that he plugged in security cameras Christina intentionally unplugged per a request from his lawyer. "Josh's attorney sent a letter demanding that I preserve electronic evidence without it being automatically deleted, so I unplugged cameras so the system would not automatically overwrite the hard drive," Christina wrote in her filing. "Each time Josh has returned to the house he has plugged the cameras back in, which would allow him to keep me and my children under surveillance. I object to him having that access into my home." Christina also asked the court to make Josh return $35,000 to her Christina said in the same filing that she wanted the court to instruct Josh to return $35,000 that she says he transferred on July 8 "without my authorization" to the personal account he used before their marriage. Advertisement "On July 21, 2024, I learned that on July 8, 2024, which is the day after I communicated to Josh that I would be filing for dissolution, Josh contacted my professional property manager via text and stated 'Hi. For June payments, can we please get it sent to a different account when it's time? Thank you,'" she said, attaching a screenshot of the message to the filing. "The statement 'can we please' is not accurate as I had no personal contact with Josh on July 8, 2024," Christina said in the RFO. "I would not have asked him to send himself my money the day after I told him we are getting divorced." Christina Hall in 2019. David Buchan/Variety/Penske Media via Getty Images Christina also addressed Josh's request for spousal support in her RFO. "I understand that at some point this Court may require that I pay some spousal support to Josh and reasonable attorney's fees to his counsel," she wrote. "However, it is my belief that this is a simple case with straightforward accounting over a short time period, any fees and costs should be minimal." Advertisement "Like all hard-working mothers, my life revolves around my children and my work," she continued. "It is my understanding that Josh has his own income and therefore he should not need any spousal support from me. He has sufficient assets of his own to pay his own attorney's fees and costs." She said she was "shocked and concerned" that he transferred $35,000 of her "separate property money" to his personal account. Related stories "The fact that this is the same date he now alleges to be our date of separation, even though it is actually July 07, 2024, makes it clear why he chose the next day," Christina said. "It makes me wonder what else I am not aware of as it relates to his financial situation and that is why I am having a full forensic accounting performed for the entire term of our marriage." Josh has not filed a response to Christina's RFO. However, according to the Superior Court of Orange County, the Halls have a hearing scheduled for October 8. Advertisement Christina took to social media to open up about the separation Christina shared a series of Instagram stories about her separation from Josh on Thursday and Friday. "Over here waiting for the typical Hired PR speech of 'how I was blindsided and how I'm working on myself and I'm taking time to heal at her ranch,'" Christina wrote in her story on Thursday. "Meanwhile I'm over here not as nice and quiet as I used to be." "I have worked my ass off to build this life for myself and my children and anyone who would try and take what they do not deserve/what they did NOT work for should be ashamed. An insecure man with a large ego can sure try and derail you — but 'still I rise,'" she said, appearing to quote Maya Angelou. "For those that aren't aware…divorces do not happen overnight.. & there is always a breaking point. This one is personal." Christina Hall spoke about the divorce on her Instagram. Christina Hall/Instagram Then, on Friday, Christina responded to a TMZ article that quoted "a source close to" Josh. The unnamed source told the outlet that Josh was "blindsided" when Christina said she wanted a divorce and that she "stopped speaking to him after a disagreement." Advertisement Christina said Josh had not tried to contact her in her post. "I didn't block him — and I didn't see any missed calls or texts the next day," Christina wrote in her story. "Which happened to be my birthday. Strange – No flowers, no cards, no messages like 'Hope you have a nice birthday.'" "Something's not adding up here," she added. "But I'm down to keep playing 'Christina Vs. The Victim' as I love this game." She also responded to a separate TMZ article about the $35,000 she says Josh transferred to his account. TMZ reported that "a source close to Josh" said he transferred the money to pay bills "for their rental properties, which they co-owned." Advertisement Christina said in her story that she was the sole owner of the property in question. "Pretty sure I bought this before I met you and a 1031 exchange," she wrote. "Handled the bills? Like paid for them with your money? Uhh ya nooo. Def not." Josh did not respond to Christina's posts on his own Instagram, though he did share a photo of himself with Candace Owens and Amber Rose on Friday, captioning the post, "A Nashville time with my friends." HGTV has not announced how Christina and Josh's separation may impact "The Flip Off." But when stopped by paparazzi on July 23, Heather said that "production is still going as planned without Josh." Heather and Tarek also voiced their support for Christina, E! News reported. Advertisement "We're here to support her," Heather said. "Life's tough. Shit happens, and I think she's gonna get through this," Tarek said. "We're here to support her."
The Hermès heir who planned to leave billions to his gardener now says his fortune is gone 2024-07-30 21:31:46+00:00 - Hermès descendant Nicolas Puech planned to leave billions to his former gardener. Now he says his fortune is gone, alleging fraud by his former wealth manager. A Swiss court tossed the claims, Bloomberg reported. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Nicolas Puech, a descendant of Hermès founder Thierry Hermès — who made headlines last year after he reportedly planned to leave half his fortune to his former gardener — is now claiming his billions have disappeared. The 81-year-old alleged in court filings he no longer owns 6 million shares of Hermès worth about $13 billion and that his former wealth manager of more than two decades, Eric Freymond, played a part in the loss, according to a report in Swiss investigative news outlet Gotham City. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
10 of the youngest and 10 of the oldest athletes competing at the Paris Olympics 2024-07-30 21:18:39+00:00 - The athletes at the 2024 Paris Olympics have a wide range of ages. Most of the youngest athletes are skateboarders, but there's also a 50-year-old skating for the UK. Many of the older Olympians at the Paris Games are competing in equestrian events. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement The 2024 Summer Olympics are underway in Paris. After years of preparation, the global event is set to cost the city over $8.2 billion. But the City of Lights wasn't the only one rearing for the Games to start. Over 10,000 athletes have spent the last three years training, competing, and qualifying for this year's events, and they represent a diverse pool of competitors from around the world. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
AMD says data center sales more than doubled in a year 2024-07-30 21:18:00+00:00 - Lisa Su at the Keynote: Lisa Su in Conversation with Ryan Patel as part of SXSW 2024 Conference and Festivals held at the Austin Convention Center on March 11, 2024 in Austin, Texas. (Photo by Travis P. Ball/SXSW Conference & Festivals via Getty Images) Advanced Micro Devices reported second-quarter earnings on Tuesday that beat Wall Street expectations for revenue and showed continued growth in sales of the company's AI chips. AMD shares rose 8% in extended trading. Here's how AMD did versus LSEG consensus expectations for the quarter ended in June 29: Earnings per share : 69 cents adjusted versus 68 cents : 69 cents adjusted versus 68 cents Revenue: $5.83 billion versus $5.72 billion expected AMD said it expects about $6.7 billion in sales in the current quarter, versus Wall Street expectations of 93 cents in earnings per share on $6.61 billion of sales. The chipmaker reported net income of $265 million, or 16 cents per share, versus net income of $27 million, or 2 cents per share in the year-ago period. AMD shares are down about 6% in 2024, even though the company is the second-largest vendor of data center GPUs after Nvidia . Nvidia's stock has more than doubled this year as AI GPUs are required for training and deploying advanced AI like ChatGPT and Nvidia has become the chip of choice. Investors want to see AMD take market share away from its longtime rival Nvidia with its MI300X AI chip and signal growth in its data center AI business. Earlier this year, AMD said it expected $4 billion in AI chips sales this year, or about 15% of the company's expected sales. AMD CEO Lisa Su said on a call with analysts that the company saw "higher than expected" sales of its AI chips, and that revenue from its MI300 chips exceeded $1 billion during the quarter. "As a result, we now expect data center GPU revenue to exceed $4.5 billion in 2024, up from the $4 billion we guided in April," Su said in a call with analysts. AMD AI chip sales are reported in the company's Data Center segment, which grew 115% year-over-year to $2.8 billion, driven by an increase in AI GPU shipments, AMD said. Analysts polled by StreetAccount were expecting $2.75 billion in Data Center revenue. AMD's core business is making central processors (CPUs) for laptops and servers. Sales for PCs are reported in the company's Client segment, which rose 49% year-over-year to $1.5 billion, versus expectations of $1.43 billion from StreetAccount. That growth suggests that the PC market is recovering from a few years of post-pandemic slump. AMD also makes chips for gaming consoles and GPUs for 3D graphics, which are reported in the company's gaming category. AMD reported $648 million in gaming revenue, down 59% year-over-year. Analysts were expecting $676 million in sales, per StreetAccount. The company's embedded segment, which is made up of products acquired through the Xilinx acquisition in 2022 for industrial customers, reported $861 million in sales, dropping 41% year-over-year, and beating Wall Street expectations of $856 million.
JD Vance has the most to lose if Kamala Harris taps Minnesota Gov. Tim Walz as her running mate 2024-07-30 21:17:03+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Whoever emerges as Vice President Kamala Harris' running mate has the potential to dramatically reset the 2024 presidential race. After former President Donald Trump selected Ohio Sen. JD Vance as his vice-presidential pick, Republicans were thrilled that the GOP lawmaker's Midwestern roots and working-class upbringing would set him apart from what was previously thought to be President Joe Biden's reelection effort alongside Harris. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But Harris, who's now in the driver's seat as the presumptive Democratic nominee, is currently mulling over several potential picks, which reportedly includes two-term Minnesota Gov. Tim Walz. Walz, a Nebraska native and former congressman, is seen by many Democrats as an effective messenger who'd be able to connect with rural and working-class voters that have drifted away from the party in recent years. Advertisement Should Harris select Walz, it'd indicate her intent to compete hard in the key battlegrounds of Michigan, Pennsylvania, and Wisconsin. And the move could put Vance on the defense in Midwest, a position that the GOP didn't foresee when he was selected by Trump. Walz is already on offense Harris has been the presumptive Democratic presidential nominee for just over a week following President Joe Biden's decision to exit the race. But even when Biden was still in the race, Walz zeroed in on Vance. And in a recent appearance on "Morning Joe," he didn't let up. "People like JD Vance know nothing about small-town America," Walz said. "My town had 400 people in it, 24 kids in my graduating class — 12 were cousins." Advertisement "He gets it all wrong," he continued. "It's not about hate … the golden rule there is mind your own damn business." Walz then described both Vance and Trump as "robber barons" who have done more harm than good to the Midwest. Related stories The governor in multiple appearances has also throttled the GOP ticket on everything from abortion and book bans to funding for public education and IVF. And he's repeatedly described Vance as "weird." Walz intrigues many Democrats as they look for a surrogate who can rally base voters, connect with union workers, and potentially hold the support that Biden garnered from seniors. Advertisement For more than a year, Democrats felt weighed down by Biden's inability to find success in selling his economic record. But Walz has no qualms about leaning into concerns over health care costs, the sort of populist issue that can win crossover support. The political map has evolved By the time Biden had left the race, he was trailing in Michigan and Pennsylvania, while keeping things relatively close in Wisconsin. But the momentum was on the GOP side. With Harris' ascension in the race, her candidacy has seemingly opened up more electoral avenues for Democrats, as her stronger appeal with younger voters and minorities could help her win Sun Belt states like Arizona, Georgia, Nevada, and North Carolina. Advertisement A Walz selection has the potential to essentially nullify what was thought to be a Vance advantage across the Midwest. Vice President Kamala Harris is expected to select her running mate ahead of the Democratic National Convention. Jim Vondruska/Getty Images Vance, a first-term lawmaker best known for his memoir, "Hillbilly Elegy," is in many ways defined by his association with the region. However, Walz affords Democrats an authentic Midwestern voice, something that could throw Republicans off-message and be trickier to navigate should the governor emerge as the nominee. Walz is no stronger to agricultural and farming interests, an issue that national Democrats in recent years struggled to play up as they lost rural support. The governor gives the party the sort of geographical diversity that counteracts Harris' background as a Californian who cut her political teeth in the San Francisco Bay Area. Advertisement And such a Democratic ticket could force Vance to campaign even harder in Midwestern locales that Republicans previously thought were theirs for the taking. It could also keep Vance from campaigning in areas where Trump remains weak, namely in the suburbs. Vance so far has been an unpopular figure Another advantage that Walz would likely have over Vance is the Ohioan's rough national rollout among the general electorate. Even as Vance won his Senate race in 2022, his single-digit margin of victory was weaker than that of other statewide Republicans on the ballot that year. After the Republican National Convention in July, Vance failed to get the sort of bounce that vice-presidential selections usually receive from voters — notably in the Midwest. Advertisement CNN in a July survey found that Vance had a 28% favorable rating and a 44% unfavorable rating among registered voters in Illinois, Indiana, Michigan, Ohio, and Wisconsin. This result gave him a minus-16-point favorability rating in the very region where Republicans are counting on him to draw in voters. Should Walz be selected and lift Harris' standing in the region, it could be the turning point of the race, when the ticket seemingly shifted what looked like a GOP edge into one where Democrats became more competitive up and down the ballot. It's not the scenario that Republicans envisioned. But with Walz on the Democratic ticket, it could become a reality.
Starbucks is reeling as customers go elsewhere, sales decline 2024-07-30 21:17:00+00:00 - Starbucks on Tuesday reported quarterly revenue that missed analysts’ expectations as both its U.S. and international cafes faced weaker demand. Shares of the company rose more than 1% in extended trading. Here is what the company reported compared to what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: 93 cents adjusted vs. 93 cents expected Revenue: $9.11 billion vs. $9.24 billion expected The coffee giant reported fiscal third-quarter net income attributable to the company of $1.05 billion, or 93 cents per share, down from $1.14 billion, or 99 cents per share, a year earlier. Excluding items, Starbucks earned 93 cents per share. Net sales dropped 1% to $9.11 billion. The company’s same-store sales fell 3% in the quarter, fueled by a 5% decline in transactions. Traffic to its U.S. stores fell again this quarter, dropping 6%. Domestic same-store sales fell 2%, boosted by an increase in average ticket. Last quarter, executives discussed plans to revive the lagging U.S. business that included leaning on discounts and new drinks to bring back customers who had abandoned the chain. Outside of North America, same-store sales slid 7%. In China, Starbucks’ second-largest market, same-store sales tumbled 14% as both average ticket and transactions shrank. Starbucks has faced stiffer competition in China from local coffee shops that undercut the coffee giant on price. Starbucks opened 526 net new stores in the fiscal quarter. The company will discuss its outlook for fiscal 2024 on its upcoming conference call. Last quarter, Starbucks slashed its forecast, projecting revenue growth of a low single-digit percentage and earnings per share growth in a range of flat to a low single-digit percentage.
Sheriff who hired Sean Grayson, the deputy who killed Sonya Massey, rejects calls to resign 2024-07-30 21:15:34+00:00 - The Illinois sheriff who hired Sean Grayson, the deputy who killed Sonya Massey in her home, has asked for “forgiveness” from the community over her death but rejected calls for his resignation. “We failed Sonya. We failed Sonya’s family and friends. We failed the community,” Sangamon County Sheriff Jack Campbell told residents in Springfield on Monday night. “I stand here today before you, with arms wide open, and I ask for your forgiveness. I ask Ms. Massey and her family for forgiveness.” Campbell was speaking at a listening session organized by the U.S. Justice Department, which is investigating Massey's death. Grayson, who is white, shot and killed Massey, a 36-year-old Black woman, in her home on July 6 after she called 911 to report a suspected prowler. It was the first time that Campbell has addressed the public in person since Massey's killing. Yet the sheriff maintained that he would not step down. "You are the reason I ran for sheriff," he told residents on Monday. "My commitment to you has never wavered. It still doesn't. I cannot step down. I will not abandon the sheriff's office at a most critical moment. That would solve nothing; the incident would remain. I vow to listen and learn." Grayson was hired by the Sangamon County Sheriff's Office in May 2023 — his sixth job at a law enforcement agency since 2020. He was fired on July 17, nearly two weeks after he killed Massey. Massey's family members have questioned why the sheriff’s office hired Grayson in the first place, given his history of disciplinary problems and red flags at law enforcement agencies where he previously worked. It's unclear whether Campbell or any other Sangamon County officials were aware of Grayson's performance issues at his previous jobs, NBC News reported. However, the sheriff's office said it was aware of his misdemeanor charges of driving under the influence in two separate prior incidents. Grayson has pleaded not guilty to first-degree murder, aggravated battery with a firearm and official misconduct in Massey's death. His attorney, Dan Fultz, declined to comment about his history of disciplinary issues.
Top Biden advisor Anita Dunn will join pro-Harris super PAC 2024-07-30 21:13:00+00:00 - Anita Dunn, senior advisor to U.S. President Joe Biden, departs the White House in Washington, D.C., on Jan. 23, 2024. Senior White House advisor Anita Dunn is leaving her post next week to guide a massive political action committee that is supporting Vice President Kamala Harris' presidential campaign against former President Donald Trump, according to a senior White House official. Dunn, who has been a trusted ally of President Joe Biden's for years, will advise Future Forward, a PAC that recently launched a $50 million advertising campaign in support of Harris, the official confirmed. The news was first reported by The Washington Post. In a statement, Biden praised Dunn as "tough and tested." "I deeply value her counsel and friendship and I will continue to rely on her partnership and insights as we finish the job over the next six months," said Biden. "It's been an honor and privilege to serve in this White House, with this President and this team, during this transformational term. I am grateful to President Biden and Vice President Harris for their leadership and giving me the opportunity to be part of what they have accomplished for the American people," said Dunn in a statement to NBC News.
Pinterest shares tumble nearly 15% on weak guidance 2024-07-30 21:07:00+00:00 - Bill Ready, CEO of Pinterest, rings the opening bell at New York Stock Exchange (NYSE) in New York City, U.S., May 15, 2024. Pinterest shares sank about 15% when the company reported its second-quarter earnings on Tuesday and provided third-quarter guidance that was lower than analyst estimates. Here's how the company performed, according to LSEG: Revenue : $854 million vs. $848 million expected : $854 million vs. $848 million expected Earnings per share: 29 cents adjusted vs. 28 cents expected Revenue jumped 21% year over year, while quarterly net income was $9 million, or 1 cent per share, compared to a net loss of $35 million, or 5 cents per share, in the year-earlier period when total costs and expenses were $781 million. Pinterest said that it expects its third-quarter sales to range from $885 million to $900 million, which equates to about 16% to 18% growth year over year. Analysts were projecting revenue guidance of about $907 million. "Our monetization efforts are paying off," Pinterest CEO Bill Ready said in a statement. "Advertisers are seeing improved performance across key objectives on Pinterest — from brand awareness to conversion — as we continue to roll out AI powered products and experiences. As a result, we're gaining share of advertising budgets with some of the world's largest brands." Pinterest said that it had 522 million global monthly active users (MAU) for the second quarter, topping analyst estimates of 520.1 million. Regarding the regional breakdown of Pinterest's global MAU, the company said that the U.S./Canada had 98 million, Europe had 136 million and the rest of the world totaled 288 million. Analysts were expecting Pinterest to report 98.4 million for U.S./Canada, 136.8 million for Europe and 284.6 million for the rest of the world. Additionally, Pinterest reported second-quarter global average revenue per user (ARPU) of $1.64, in line with analyst estimates. As for the regional breakdown of Pinterest's global ARPU, the company said it was $6.85 for the U.S./Canada, $1.03 for Europe and 13 cents for the rest of the world, compared to analyst expectations of $6.88, $1.01 and 13 cents, respectfully. In a call with analysts, Pinterest chief financial officer Julia Brau Donnelly said that the technology, autos and financial services sectors were "sources of strength" for the the company, regarding its online advertising business. The growth with those sectors, however, "was partially offset by softness within specifically food and beverage advertisers, who are navigating broader headwinds within that category," Donnelly said. Regarding the broader market, Ready told analysts on the call that "we're seeing an ad market that we think is relatively stable versus last quarter." Last week, Alphabet reported second-quarter revenue of $84.74 billion, which topped analyst estimates. However, the company's YouTube advertising sales were $8.66 billion during that period, coming in lower than analyst estimates of $8.93 billion. Meta will report its second-quarter earnings on Wednesday while Snap is slated to report its latest quarterly financials on Thursday.