MORTGAGES
Rates at lowest level in more than a year
The average rate on a 30-year mortgage eased for the second week in a row and remains at its lowest level in more than a year, good news for prospective homebuyers facing home prices near all-time highs. The rate fell to 6.35 percent from 6.46 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.18 percent. The last time the average rate was this low was May 11, 2023. — Associated Press
RETAIL
Shoppers falling into the Gap again
Gap beat sales expectations for the second quarter, suggesting that an overhaul by new Chief Executive Richard Dickson is working. The company behind brands such as Old Navy and Athleta boosted net sales last quarter 5 percent to $3.7 billion. Gap also said that comparable sales were up 3 percent, surpassing analysts’ expectations. Gap shook up the company a year ago when it named Dickson CEO after he was credited with reviving toymaker Mattel and its Barbie brand. During his tenure, the retailer has leaned on celebrity marketing and revamped the executive ranks. — Bloomberg
ENERGY
Shell to pay off 20 percent in oil and gas exploration
Shell is set to cut around 20 percent of its workforce in some oil and gas exploration and development divisions as Chief Executive Wael Sawan works to boost efficiency and profitability. It’s the latest round of cuts following similar moves in the company’s deal-making team, as well as low-carbon solutions, chemicals, and offshore wind. The staff reductions would affect the company’s exploration, strategy, and portfolio segment as well as its development, subsurface, and wells business, said a person familiar with the matter. — Bloomberg
SOFTWARE
Global outage appears not to have hurt CrowdStrike’s bottom line
CrowdStrike reported second-quarter sales that topped analysts’ estimates, indicating that a global IT outage it caused last month didn’t have an immediate impact on results. Revenue in the quarter ending in July was $963.9 million, the company said Wednesday in a statement, beating analysts’ estimates of $958.18 million. The company also projected full-year revenue of $3.89 billion to $3.9 billion, shy of analysts’ average estimate for $3.96 billion. The report is the company’s first since a flawed CrowdStrike update crashed computers of customers using Microsoft Windows. The outage, which unfolded on July 19, disrupted a wide range of industries, including air travel, banks, and health care. — Bloomberg
SOCIAL MEDIA
Brazilian judge threatens to block X in feud with Musk
Brazil’s top judge issued an order on Wednesday to block Elon Musk’s X if the social media platform doesn’t appoint a legal representative in the country within 24 hours, escalating a clash between the billionaire and Latin America’s largest economy. The decision came days after the platform formerly known as Twitter said it would close its operations in Brazil, while keeping the service available to its estimated 20 million active users in the country. — Bloomberg
RETAIL
Best Buy continues to struggle
NEW YORK — Best Buy, the nation’s largest consumer electronics chain, reported another quarterly drop in sales as Americans pull back on purchases of appliances and other consumer electronics gadgets to focus on essentials. The company’s results, announced Thursday, beat Wall Street estimates, however. The Richfield, Minn.,-based retailer downgraded its sales outlook but raised its earnings view for the current fiscal year. Shares rose more than 14 percent. Thursday. — Associated Press
FOOTWEAR
Birkenstock stock down despite strong sales
Birkenstock disappointed investors by leaving its 2024 financial targets unchanged, even as consumers snapped up more of its high-end sandals and clogs. Shares fell more than 16 percent. As of Wednesday the stock had climbed about 32 percent since its October listing, narrowly outperforming the S&P 500 Index. — Bloomberg
DISCOUNT STORES
Dollar General plummets in worst drop ever
Dollar General Inc. shares slid after the discount retailer cut its full-year sales forecast, a sign that its turnaround efforts may not be fending off competition. Comparable sales will rise 1 percent to 1.6 percent for the year, the company said Thursday, down from the previous forecast for a 2 percent to 2.7 percent increase. Dollar General also cut its profit forecast for the year. The shares fell more than 32 percent Thursday, the biggest drop on record. — Bloomberg
AUTOMOTIVE
Toyota growth up on sales in Europe and Japan
Toyota’s sales eked out growth for the first time in six months on strong demand in Europe and Japan, even as recalls in the US hindered the Japanese automaker’s recovery. The carmaker’s global sales — including subsidiaries Daihatsu Motor Co. and Hino Motors Ltd. — rose 0.7 percent to 924,918 units in July, in what is the first up tick after a five straight months of declines, according to a company’s announcement. Worldwide output increased 0.6 percent to 923,658 units. — Bloomberg
TAINTED FOOD
Nine deaths tied to Boar’s Head deli meat listeria outbreak
Nine people have died and 57 have been hospitalized in a nationwide listeria outbreak linked to recalled Boar’s Head deli meat, the Centers for Disease Control and Prevention said Wednesday, describing it as the largest such outbreak in the United States since 2011. Six new deaths were reported in Florida, Tennessee, New Mexico, New York, and South Carolina, the CDC said. Earlier this month, the agency confirmed three deaths from the outbreak in Illinois, New Jersey and Virginia. Last month, a Boar’s Head liverwurst sample collected by the Maryland Department of Health tested positive for the outbreak strain of listeria, prompting the deli meat and cheese company to issue a recall of all items produced at a facility in Jarratt, Va., and pause operations there. At least 7 million pounds of more than 70 products, including ham, bologna, bacon, and frankfurters, are part of the recall, according to the Food Safety and Inspection Service (FSIS) of the US Department of Agriculture. Recalled items were produced between May 10 and July 29 under the Boar’s Head and Old Country brand names, the agency said. The recalled products were distributed nationwide and exported to the Cayman Islands, the Dominican Republic, Mexico, and Panama, it added. — Washington Post
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Publish date : 2024-08-29 10:42:00
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