Earlier this week, the Hong Kong Stock Exchange said it started talks to buy the LSE.
Source: London Stock Exchange rejects Hong Kong takeover offer | Fox Business
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Albertsons Companies joins supermarkets in changing guns policy – Reuters
“We want our stores to feel safe & welcoming for all, so we respectfully ask customers to not openly carry firearms in our stores unless they are authorized law enforcement officers,” the company said in a tweet bit.ly/2HPH03R.
The announcement comes as other retailers such as Walmart Inc (WMT.N) and Kroger Co (KR.N) tweaked their gun policy, with Walmart saying it would discontinue sales of ammunition for handguns and some assault-style rifles in stores across the United States.
Source: Albertsons Companies joins supermarkets in changing guns policy – Reuters
Kraft Heinz and More of the Worst Stocks So Far in 2019 – Barron’s
Labor Day is here, giving investors a brief respite from a topsy-turvy year defined by an on-and-off trade war, the Federal Reserve in the spotlight, inverted yield curves, and significant volatility.
Even amid all that chaos, the S&P 500 index is up 18% in 2019 through last week, while the Dow Jones Industrial Average has gained 15% and theNasdaq Composite is up 21%.
But hardly every company is thriving. From retail to health care to consumer staples, here are the five worst performing stocks in the S&P 500 so far this year.
Macy’s stock (M) is the worst performer in the S&P 500 so far this year, down 49% through last week. The decline of malls in the U.S. have hammered the retailer.
Look away, Warren Buffett fans. Kraft Heinz stock (KHC) has shed 38% of its value in 2019, making it one of Berkshire Hathaway ’s biggest disappointments.
Read Source: Kraft Heinz and More of the Worst Stocks So Far in 2019 – Barron’s
Hudson’s Bay to sell Lord & Taylor to Le Tote for $100m | Financial Times
Hudson’s Bay on Wednesday said it is selling its Lord & Taylor department stores to fashion rental subscription service Le Tote for $100m.
Source: Hudson’s Bay to sell Lord & Taylor to Le Tote for $100m | Financial Times
Starbucks is introducing its first new pumpkin beverage since the pumpkin spice latte
Starbucks will start selling the pumpkin cream cold brew and other items from its fall menu Tuesday.
- Starbucks is launching the pumpkin cream cold brew, its first new pumpkin drink since introducing the pumpkin spice latte in 2003.
- The chain will launch its fall menu Tuesday.
- Cold beverages like Starbucks Refreshers and cold brew account for more than 50% of Starbucks sales.
Source: Starbucks is introducing its first new pumpkin beverage since the pumpkin spice latte
Alabama AT&T workers among 20,000 on strike – al.com
Workers in nine states, including Alabama walked off the job at midnight Eastern time.
AT&T employees across the Southeast went on strike on Saturday, August 24, 2019 protesting what they say are bad faith contract negotiations by the telecom company. Here Tim Whisenant, Jon Pilkington, Byrus Clark, Tia Turner, Chris Williams and Korey Phillips hold signs for passing cars outside AT&T’s Birmingham office on 6th Avenue North.
Members of CWA local unions across nine states, including Alabama, left their posts Saturday and took up places in front of AT&T facilities to protest negotiation tactics employed by the company. The strike includes AT&T employees in Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee.
Source: Alabama AT&T workers among 20,000 on strike – al.com
Overstock CEO Patrick Byrne resigns amid Russian spy link, ‘deep state’ comments | Fox Business
The Overstock CEO is no stranger to controversy.
Overstock founder and CEO Patrick Byrne resigned Thursday after 20 years at the company amid his ties to a government investigation related to the 2016 election.
“In July I came forward to a small set of journalists regarding my involvement in certain government matters,” Byrne said in a letter to shareholders. “While I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday, August 22.”
Chairman Jonathan Johnson has been named interim CEO.
Source: Overstock CEO Patrick Byrne resigns amid Russian spy link, ‘deep state’ comments | Fox Business
Dow jumps 200 points to cap off a crazy week – CNN
The Dow shot higher Friday, as investors look to cap off a wild week for Wall Street on a high note.
US stocks rose after Europe and China announced plans for additional stimulus to shore up their economies in the wake of a global trade war.China’s National Development and Reform Commission said Friday it would boost stimulus to shore up the country’s economy, stabilize employment and give people more disposable income. Although China didn’t elaborate on its plans, that was enough to soothe investors’ fears about the trade war’s harm to the global economy.
GE Stock Plunges 11% on Fraud Allegations
A new report claims that GE stock is doomed and that accounting fraud will land the industrial conglomerate in bankruptcy court. Yet the allegations contain more innuendo than substance.
Shares of General Electric (NYSE: GE) seemed to have found their footing earlier this year, as the struggling conglomerate started to put its house back in order under the leadership of new CEO Larry Culp. However, investors have been dumping GE stock this month, even after the company raised its full-year guidance in late July.
GE just suffered an even bigger blow, as an accounting team led by Harry Markopolos — who became famous for having uncovered Bernie Madoff’s Ponzi scheme well before it fell apart — accused the company of accounting fraud. Indeed, GE stock plunged 11% on Thursday, as Markopolos claimed that the concerns he identified would cause the company to go bankrupt.
Westmoreland commissioners share concern regarding mini-casino name | Regional | observer-reporter.com
A new satellite casino approved to be built at a mall in Westmoreland County will give the county a boost with new jobs and revenue, but commissioners there have concerns
A new satellite casino approved to be built at a mall in Westmoreland County will give the county a boost with new jobs and revenue, but commissioners there have concerns over a name that will not reflect the community in which it will operate.
The state Gaming Control Board this week unanimously granted Stadium Casino LLC, owned by Cordish Companies of Maryland, a Category 4 satellite casino license to operate a casino in the shuttered Bon Ton space that the company will name Live! Casino Pittsburgh.
The commissioners are hopeful that some discussion with representatives from Cordish Companies could result in the selection of a more appropriate name.
The commissioners said despite the name, they are thrilled that the project is moving forward and have learned from officials at Westmoreland County Community College that the company has reached out to the college to provide training for those interested in casino dealing.
What Happened in the Stock Market Today
A strong U.S. retail sales report during a week many retailers are announcing earnings helped stabilize the stock market Thursday after sharp losses the day before. The Dow Jones Industrial Average(DJINDICES:^DJI) and the S&P 500 (SNPINDEX:^GSPC) seesawed between gains and losses but rallied toward the end of the session.
Today’s stock market
Index Percentage Change Point Change Dow 0.39% 99.97 S&P 500 0.25% 7.00 DATA SOURCE: YAHOO! FINANCE.
As for individual stocks, Cisco Systems (NASDAQ:CSCO) has investors worried about near-term growth, but shoppers in the U.S boosted Walmart‘s (NYSE:WMT) results.
IMAGE SOURCE: GETTY IMAGES.
A solid quarter but weak outlook from Cisco
Network equipment leader Cisco Systems reported fiscal fourth-quarter results in line with expectations, but flat orders and weak guidance raised investor concerns, sending shares down 8.6%. Revenue grew 4.6% to $13.4 billion and adjusted earnings per share rose 19% to $0.83. Analysts were expecting the company to earn $0.01 less per share on revenue of $13.4 billion.
Sales in the Americas, Cisco’s most important region at 61% of revenue, grew 8.9% in Q4. But revenue from Asia-Pacific fell 3.8%, and CFO Kelly Kramer said in the conference call that the company’s business in China plunged 25%. Overall, gross margin improved 90 basis points from last quarter and 230 basis points from the period a year ago. Orders were flat year over year, and Cisco guided to Q1 revenue growth of between 0% and 2%.
Cisco’s challenges are centered on sales to service providers, especially Chinese telecoms, and orders would have been up mid-single digits if it weren’t for a 21% drop in orders to that segment. Those struggles with service providers overshadowed the company’s success in other areastoday.
Dow Jones Futures Rally Amid Volatile China Trade War Headlines, Strong Walmart Earnings In Stock Market Rally Roller-Coaster | Investor’s Business Daily
Dow Jones futures turned higher Thursday morning, along with S&P 500 futures and Nasdaq 100 futures. Futures plunged after Beijing vowed retaliation vs. the new Trump tariffs, escalating the China trade war just two days after President Trump offered a partial reprieve on new China tariffs. Stock futures turned higher after China urged the U.S. to “meet halfway” on trade along with strong Walmart (WMT) results. The stock market rally already is reeling from Wednesday’s inverted yield curve, raising recession fears.
Dow drops 800 points in worst day of 2019 amid recession fears | TheHill
U.S. stock markets had their worst drop of the year Wednesday, with the Dow Jones Industrial Average dropping 800 points, or 3 percent.
The drop comes as some forecasters warn of increasing odds of a recession, while President Trump has continued to hammer the Federal Reserve over its handling of interest rates.
In terms of point losses, Wednesday’s drop was the Dow’s 4th worst-ever day, though it did not crack the top 20 list in terms of percentage drops.
The latest plunge came after the yield for 10-year Treasury bonds fell below that for 2-year bonds, an economic indicator that frequently predicts a coming recession.
Source: Dow drops 800 points in worst day of 2019 amid recession fears | TheHill
Chick-fil-A’s mac and cheese hits menus nationwide | Fox News
Chick-fil-A’s mac and cheese is officially on the menu nationwide.
The fan-favorite chicken chain announced mac and cheese has been added as a side option with any lunch, dinner, Kid’s Meal or catering order at participating locationsacross the country.
POPEYES ANNOUNCES NEW CHICKEN SANDWICH, CHOOSES UNUSUAL RESTAURANT FOR DEBUT
The cheesy addition is the first side added to the chain’s permanent menu since 2016.
Source: Chick-fil-A’s mac and cheese hits menus nationwide | Fox News
Westmoreland County to hold job fair Aug. 22 | TribLIVE.com
Westmoreland County is planning a job fair to help fill as many as 50 positions at the courthouse, nursing home, jail and other government and human service offices.
The day-long event will be held from 9 a.m. to 7 p.m. Aug. 22 at the Ramada Inn in Hempfield.
It’s the first time the county has sponsored a job fair, Human Resources Director Amanda Bernard said.
“If we can hire 50 people, that would be great. We have a lot of vacancies, especially at the Manor where we are competing with local hospitals,” Bernard said.
Source: Westmoreland County to hold job fair Aug. 22 | TribLIVE.com