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Best Buy CEO On the Brand's Comeback

  • Best Buy CEO On the Brand's Comeback Best Buy CEO On the Brand's Comeback 4:18
    How Chewy Seized the Pandemic Pet Craze How Chewy Seized the Pandemic Pet Craze 6:32
    The Costs and Benefits of a $15 Federal Minimum Wage The Costs and Benefits of a $15 Federal Minimum Wage 8:23
    Why Your Connecting Gate May Be a Mile Walk Why Your Connecting Gate May Be a Mile Walk 5:29
8:30 a.m. Today - By Quentin Fottrell
Americans are finally getting ready to splurge — here’s what they’re buying Exhaling after more than a year of pandemic-related restrictions, consumer confidence is on the riseExhaling after more than a year of pandemic-related restrictions, consumer confidence is on the rise.
4:10 a.m. May 13, 2021 - By Tonya Garcia
Target launching lineup of plant-based items, most priced under $5Target Corp. is adding more than 30 plant-based items to the Good & Gather brand, many of them priced under $5. The products include plant-based dips, meat alternatives, coffee creamers and more. The items will roll out through the fall. Companies like Beyond Meat Inc. are focused on cutting the price of plant-based foods to make them more accessible. Target stock is up 15% for the year to date while the S&P 500 index has gained 8.2% for the period.
7:18 a.m. May 11, 2021 - By Tonya Garcia
Rite Aid partners with DoorDash for non-prescription deliveriesRite Aid Corp. said Tuesday that it has partnered with DoorDash Inc. to provide delivery service for non-prescription items such as cleaning products, over-the-counter medicines and grocery items. The service will be available at 2,100 Rite Aid locations across 17 states, with more than 24,000 items available via the Rite Aid app. Rite Aid stock has gained 8.9% for the year to date while the benchmark S&P 500 index is up 9.8% for the period.
6:47 a.m. May 11, 2021 - By Tonya Garcia
Beyond Meat launches Thrive Market partnership with plant-based mealsBeyond Meat Inc. said Tuesday that it has expanded its partnership with online, membership-based Thrive Market with the addition of a number of plant-based single-serve meals, including Shepherd's Pie and green enchiladas. The meals are available in 10-pack bundles for about $80. Thrive will also add to the retail lineup of Beyond Meat items like sausages, meatballs and Beyond Burgers. Beyond Meat shares have slumped 16.2% for the year to date while the S&P 500 index is up 9.7% for the period.
3:19 a.m. May 11, 2021 - By Tonya Garcia
McDonald's to use its packaging to share vaccine informationMcDonald's Corp. said Tuesday that it has partnered with the Biden administration on a campaign, "We Can Do This," that will share vaccine information. Starting later this month, COVID-19 vaccine information will appear on the fast-food giant's billboard in New York City's Times Square. And beginning in July, McCafe cups and McDelivery seals will lead customers to vaccines.gov, where customers can learn more about protecting themselves from COVID-19 and how to make a vaccine appointment. "Returning to normal will require extraordinary partnerships between businesses, governments and community and health organizations," the announcement said. McDonald's stock is up 10.5% for the year to date while the Dow Jones Industrial Average has gained 13.5% for the period.
5:07 p.m. May 10, 2021 - By Quentin Fottrell
U.S. jobs recovery reveals two very different Americas The latest figures show a stark divide among workers, both in their ability to get jobs and hang onto them during the pandemicThe latest figures show a stark divide among workers, both in their ability to get jobs and hang onto them during the pandemic.
7:19 a.m. May 10, 2021 - By Tonya Garcia
Bed Bath & Beyond's newest owned brand offers items priced as low as $1Bed Bath & Beyond Inc. announced the launch of its latest owned brand, Simply Essential, on Monday. The collection includes more than 1,200 items, some, such as serving spoons and other kitchen essentials, priced as low as $1. "Of all the owned brands that Bed Bath & Beyond will launch this year, Simply Essential represents the largest new product assortment and is intended to attract new customer segments for us," said Joe Hartsig, Bed Bath & Beyond's chief merchandising officer, in a statement. The entire line is priced below $200. Merchandise spans bedroom, bathroom and kitchen items. Simply Essential is the that Bed Bath & Beyond has launched this year. The company aims to launch eight by the end of February 2022. Owned brands are a key part of the company's growth plan. Bed Bath & Beyond stock has rallied 46.1% for the year to date while the S&P 500 index is up 12.5% for the period.
4:25 a.m. May 10, 2021 - Barrons.com
Best Buy CEO On the Brand's ComebackHubert Joly, the former chairman & CEO of Best Buy speaks with Jack Hough on the Streetwise podcast about competing with Amazon and reinventing big box retail.
3:57 a.m. May 10, 2021 - By Tonya Garcia
Amazon expands its 'pay-by-palm' Amazon One service to New YorkAmazon.com Inc. said Monday that it has added Amazon One, the company's contactless technology that allows customers to pay with a wave of the palm of their hand, to a New York City Amazon Go location. Amazon One technology is already available in more than a dozen locations in Seattle. Amazon One users don't need to be Prime members, though a Prime membership can be linked to the account. Customers who aren't Prime members can create an account with a mobile phone number and a credit card. Amazon is adding the technology to a number of new locations across Seattle and Washington state as well. Amazon stock is up 1.1% for the year to date while the S&P 500 index has gained 12.7% for the period.
2:54 p.m. May 7, 2021 - By Quentin Fottrell
Why are ‘Karens’ so angry? Such incidents have not gone away. Instead, they’ve become another depressingly ubiquitous feature of modern lifeSuch incidents have not gone away. Instead, they’ve become another depressingly ubiquitous feature of modern life.
3:11 a.m. May 7, 2021 - By Tonya Garcia
Amazon to add five buildings and 2,000 workers in British ColumbiaAmazon.com Inc. said Friday that it will expand operations in British Columbia with new buildings and new workers. The e-commerce giant will add a fulfillment center, a sortation center and three delivery stations. The facilities, which will be spread across places like Vancouver and Delta, will be open later in 2021 and will create more than 2,000 jobs. Amazon already employs about 5,500 workers in British Columbia. Amazon stock is up 1.5% for the year to date while the S&P 500 index has gained nearly 12% for the period.
6:31 a.m. May 6, 2021 - By Tonya Garcia
Wendy's takes a break from the chicken sandwich war to launch a cheeseburgerWendy's Co. said Thursday that it's launching the Bourbon Bacon Cheeseburger, offering the item for free between May 6 and May 9 with a $15 purchase on Postmates. The launch is notable after months in which fast-food chains have battled over dominance in the chicken category, with competitors like McDonald's Corp. among those . Chicken has become so prominent on fast-food menus some say it has contributed to a chicken shortage. "Following the success of our Pretzel Bacon Pub Cheeseburger and Jalapeno Popper Chicken Sandwiches on the Made to Crave platform, we wanted to go back to our roots," said Carl Loredo, Wendy's chief marketing officer, in a statement. Wendy's is scheduled to report its first-quarter earnings on May 12. Wendy's stock is up 4% for the year to date while the S&P 500 index has gained 10.5% for the period.
2:13 a.m. May 5, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to selloff after profit beat expectations but sales came up shortShares of Lumber Liquidators Holdings Inc. were indicated down about 5% in premarket trading Wednesday, after the wood flooring retailer reported first-quarter profit that beat expectations but sales that came up short, as results continued to be impacted by tariffs on certain products imported from China. Net income fell to $10.6 million, or 36 cents a share, from $12.2 million, or 42 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 34 cents, above the FactSet consensus of 23 cents. Net sales rose 6.0% to $283.5 million, below the FactSet consensus of $293.1 million, as same-store sales grew 6.9% to miss expectations of a 10.4% rise. The company said same-store sales were driven by strong demand for installation and home improvement projects and shutdowns related to the COVID-19 pandemic a year ago. Cost of sales rsoe 3.4% to $167.9 million. The company did not provide financial guidance, citing uncertainties surrounding the impact of the COVID-19 pandemic as it relates to consumer spending and supply chain disruptions. The stock has dropped 19.5% year to date through Tuesday, while the S&P 500 has climbed 10.9%.
5:29 a.m. May 4, 2021 - By Tomi Kilgore
Ford April vehicle sales jumped to nearly 200,000, as EV sales soared nearly fourfoldFord Motor Co. said Tuesday that total U.S. April vehicle sales rose 64.8% from a year ago to 197,813 vehicles, boosted by a near fourfold rise in electric vehicle (EV) sales. April retail sales were 57.1% above 2020 results, but were also 23.7% above pre-pandemic April 2019 results. EV sales rose 262% to a monthly record of 11,172 vehicles, representing 5.6% of total vehicles sold, amid new product offerings. Total April truck sales grew 47.5% to 97,054 vehicles, SUV sales surged 119.8% to 90,383 vehicles and car sales dropped 20.9% to 10,376 vehicles. Transaction pricing in April rose to a record $43,600 per vehicle. Ford's stock, which slipped 0.6% in premarket trading, has rallied 32.3% year to date through Monday, while shares or rival General Motors Co. have hiked up 37.3% and the S&P 500 has gained 11.6%.
8:01 a.m. May 3, 2021 - By Ciara Linnane
New York Gov. Cuomo says restaurants, museums, theaters and stores will fully reopen May 19New York Gov. Andrew Cuomo said Monday that the state will have a major reopening on May 19, when most capacity restrictions will be lifted. Restaurants, museums, theaters and retail outlets will be allowed to reopen at full capacity, Cuomo told reporters at a briefing. Broadway will also be allowed to reopen fully, but theaters are not expected to open before September. Sports arenas will continue to operate at 33% capacity. Cuomo also said the subway will resume operating 24/7 starting on May 17. The MTA will continue to enforce pandemic cleaning protocols, he said.
6:12 a.m. May 3, 2021 - By Tonya Garcia
Lowe's enlists 'tastemakers' for home decor seriesLowe's Cos. announced the launch of "Lowe's House of Curators," a design series that will rollout through the year. Lowe's will present customers with curated home decor suggestions based on the perspectives of selected "tastemakers." First will be Iris Apfel, a well-known name in fashion who, like Lowe's, is turning 100 this year. Apfel's collection will showcase outdoor living with the "Palm Springs in Your Backyard" collection featuring bright colors and tropical plants, and suggestions for adding bold details. Lowe's stock is up nearly 24% for the year to date while the benchmark S&P 500 index has gained 12% for the period.
4:12 a.m. May 3, 2021 - By Tonya Garcia
Domino's Pizza announces $1B accelerated share repurchase agreement with BarclaysDomino's Pizza Inc. said in a Monday filing that it has entered into a $1 billion accelerated share repurchase agreement with Barclays. Domino's will pay $1 billion to Barclays for about two million shares. The agreement is expected to be completed by the third quarter of 2021. Domino's shares rose 1.1% in Monday premarket trading, and has gained 10.1% for the year to date. The S&P 500 index is up 11.3% for 2021 so far.
6:17 a.m. April 29, 2021 - By Tonya Garcia
Lowe's to hire more than 50,000 workers at May 4 eventLowe's Cos. will host its national hiring day event on May 4, with plans to bring on more than 50,000 part-time, full-time and seasonal workers. Lowe's added more than 90,000 workers into permanent roles last year. Lowe's the hiring goal, noting that spring is the home retailer's busiest season. Lowe's stock is up 24% for the year to date, outpacing the benchmark S&P 500 index , which is up 12% for the period.
5:40 a.m. April 29, 2021 - By Tonya Garcia
CVS launching $100 million venture fundCVS Health Corp. said Thursday that it will launch CVS Health Ventures, a venture fund that invests in and partners with early-stage companies focused on making healthcare more accessible and affordable. Starting with $100 million, the initial focus will be on tech-enabled and digital healthcare companies. CVS notes the investments it has already made through both the CVS and Aetna businesses, including Unite Us, a program that links healthcare and social service providers. CVS also announced on Thursday that it has started to administer COVID-19 vaccines through employer-based vaccination sites. "With vaccine hesitancy on the rise, federal and state governments are looking to partners, like employers and CVS Health, to help by making vaccines more convenient to access and enhancing public education efforts," CVS said in the announcement. CVS is working with 18 employers at 51 locations, including Delta Air Lines. Inc. . CVS stock is up 11.1% for the year to date while the S&P 500 index is up 12.2% for the period.
5:25 a.m. April 29, 2021 - By Tonya Garcia
Coach parent hires VF Corp. vet as CFOTapestry Inc. said Thursday that Scott Roe will join the company as chief financial officer, effective June 1. Roe joins from VF Corp. , parent to brands like Timberland and The North Face, where he was CFO since April 2015. VF Corp. announced last week that Matt Puckett was named to the CFO role. He has been with the company for 20 year. In addition to finance functions, Roe will also head up Tapestry's Strategy and Consumer Insights team. Tapestry brands include Coach, Kate Spade and Stuart Weitzman. Tapestry stock has gained 52.8% for the year to date. VF Corp. is up 4.6%. And the benchmark S&P 500 index is up 11.4% for the period.
4:39 a.m. April 29, 2021 - By Tomi Kilgore
Muscle Maker to start accepting bitcoin as an alternative paymentShares of Muscle Maker Inc. rose 1.6% in premarket trading Thursday, after the parent of the Muscle Maker Grill fast-casual burger chain said it will start accepting bitcoin as an alternative to cash, credit or debit payments. The company said bitcoin acceptance will start with accepting the cryptocurrency for initial fees for new franchises, then expand to online meal plan subscriptions with its Superfit Foods brand and eventually will expand to everyday food purchases companywide. "Today's digital world continues to grow exponentially," said Chief Executive Michael Roper. "The acceptance of bitcoin is a natural progression for companies looking to stay relevant. Millennials are in search of healthy food, giving them the ability to pay with a crypto currency makes it even easier to eat healthy." Muscle Maker's stock has lost 7.7% year to date, while bitcoin has soared 87.6% and the S&P 500 has gained 11.4%.
4:31 a.m. April 29, 2021 - By Tonya Garcia
Kohl's adding electric vehicle charging stations to 50 storesKohl's Corp. said Thursday that it will add 100 electric vehicle charging stations to 50 store locations nationwide. That will bring the total number of charging stations to 275 across 150 stores. Kohl's has partnered with Volta Industries on the charging stations. Kohl's stock has gained 48.8% for the year to date while the S&P 500 index is up 11.4% for the period.
7:49 a.m. April 28, 2021 - By Tonya Garcia
Walmart expands program to benefit diverse suppliersWalmart Inc. said Wednesday that it has expanded an early payment program that will benefit minority and diverse suppliers. The latest program, which launches on May 3, builds on an existing one, providing additional options intended to make access to working capital faster and more affordable. Walmart says it will fund the program first, ultimately partnering with international and minority-owned banks for additional capabilities. Walmart, which partnered with financial technology company C2FO, provided a copy of the letter sent to Walmart suppliers . Walmart shares have fallen 4.1% for the year to date while the Dow Jones Industrial Average is up 10.6% for the period.
3:00 a.m. April 28, 2021 - By Tomi Kilgore
Chili's parent Brinker stock rises after profit and revenue miss, but outlook is above expectationsShares of Chili's restaurant parent Brinker International Inc. surged 2.2% in premarket trading Wednesday, after the restaurant operator reported fiscal third-quarter profit and revenue that missed expectations, as Winter Storm Uri weighed on results, but provided an upbeat outlook for the current quarter. Net income for the quarter to March 24 was $33.9 million, or 73 cents a share, after $30.8 million, or 81 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 78 cents, missing the FactSet consensus of 82 cents. Total revenue fell 3.7% to $828.4 million, below the FactSet consensus of $849.1 million, as same-store sales fell 3.3% to miss expectations of a 0.8% decline. Chili's same-store sales were flat, below expectations of 1.6% growth. The company estimates Winter Storm Uri reduced sales by $10.5 million and adjusted EPS by 6 cents. For the fiscal fourth quarter, the company expects adjusted EPS of $1.55 to $1.70 and revenue of $950 million to $1.0 billion, above the FactSet consensus for EPS of $1.27 and revenue of $942 million. The stock has rallied 16.0% year to date through Tuesday, while the S&P 500 has advanced 11.5%.
11:31 a.m. April 22, 2021 - By Emily Bary
Square announces new inventory features for its sellersSquare Inc. announced Thursday that it plans to make new inventory-management features available to its sellers. The company is rolling out tools that help sellers automate their inventory-management processes by using barcode scanners to take stock of inventory and receiving alerts driven by machine learning to see when an item is due to run out. The company will also let sellers build out their catalogs by scanning item barcodes and seeing item information automatically populate. "We're looking forward to providing sellers with access to the tools they need to prepare for reopenings and the year ahead," said Roshan Jhunja, Square's general manager for retail, in a release. They've gained 10.0% over the past three months as the S&P 500 has risen 7.7%.
10:58 a.m. April 21, 2021 - By Tomi Kilgore
AutoZone pulls back from record after BofA analyst turns bearish, citing lack of DIFM exposureShares of AutoZone Inc. fell 1.2% in afternoon trading Wednesday, to pull back from the previous session's record close, after BofA Securities analyst Elizabeth Suzuki turned bearish, saying it's "time to hit the brakes" on the auto parts seller. Suzuki cut her rating to underperform from neutral, while maintaining her $1,390 stock price target, which is 7.1% below current levels. "Auto parts retail spending has been tracking above expectations as discussed in our recent report, but we believe that this is now more than priced in to [AutoZone] shares," Suzuki wrote in a note to clients. The stock, which closed Tuesday at a record $1,514.11, has rallied 26.2% year to date, while the SPDR Consumer Discretionary Select Sector ETF , of which AutoZone is a component, has gained 10.2% and the S&P 500 has advanced 10.8%. Suzuki added that AutoZone's customer mix is comprised of about 80% do-it-yourselfers (DIYers) and 20% do-it-for-me (DIFM) shops, "which also means that [AutoZone] has the lowest relative exposure to the now-recovering professional repair channel."
3:41 a.m. April 21, 2021 - By Tonya Garcia
Wayfair to add 1,000 workers to its global engineering teamWayfair Inc. said Wednesday that it will open three engineering sites in San Francisco, Austin, TX and Toronto, and add 1,000 tech workers to its global tech team in the next year. The new additions will expand the online home retailer's engineering operations beyond the hubs in Boston and Berlin. Roles will include software engineers, infrastructure engineers and product managers. Wayfair currently employs 3,000 engineers and data scientists. The company has been a beneficiary of the accelerated consumer shift to online shopping over the past year, as well as consumer spending on items for the home during COVID-19. Wayfair stock has gained 39.1% for the year to date while the S&P 500 index is up 10.1% for the period.
7:49 a.m. April 20, 2021 - By Tonya Garcia
Lululemon launches resale program, limited-edition collection made with eco-friendly dyesLululemon Athletica Inc. has unveiled a couple of initiatives tied to the company's Impact Agenda, which includes efforts in pursuit of environmental sustainability. Like New is Lululemon's first resale program, which is launching in California and Texas as a pilot program in May. Through a partnership with resale channel developer Trove, Lululemon will accept used items for online re-commerce starting in June, with proceeds going towards further environmental programs. Items not accepted for sale will be recycled. Lululemon has also launched a limited-edition Earth Dye collection, with items made using dyes produced from the waste of oranges, beets and saw palmetto trees. Available May 11, the tie-dye production process makes each item in the collection unique. Lululemon stock has fallen nearly 9% for the year to date while the S&P 500 index has gained nearly 10% for the period.
5:03 a.m. April 20, 2021 - By Tonya Garcia
Kohl's adding Tommy Hilfiger men's clothing to the merchandise lineupKohl's Corp. said Tuesday that Tommy Hilfiger men's sportwear is coming to more than 600 stores, with an "elevated in-store experience" in nearly 100 stores. An expanded selection will be heading to the Kohl's website starting fall 2021. Kohl's has been transforming its merchandise lineup over recent months, with other brands like added to the lineup and Sephora shops on the way. Kohl's stock has soared 46% for the year to date. Tommy Hilfiger is part of the PVH Corp. portfolio. Shares of PVH are up 10.7% for 2021 so far. And the benchmark S&P 500 index is up 10.8% for 2021 to date.
5:17 a.m. April 19, 2021 - By Tonya Garcia
Bed Bath & Beyond launches new label focused on bath items, HavenBed Bath & Beyond Inc. announced the launch of its latest private label, Haven, composed of "spa-inspired" bath items like towels (priced $12 to $25), shower curtains (priced $20 to $50) and bathroom furniture (like shower chairs priced at $280). This is the latest exclusive label from Bed Bath & Beyond, which has made owned brands a key part of the . Bed Bath & Beyond stock has gained 43.7% for the year to date while the S&P 500 index is up 11.4% for the period.
2:09 a.m. April 19, 2021 - By Tomi Kilgore
GameStop CEO George Sherman to step down by end of July, stock jumpsShares of GameStop Corp. shot up 6.0% in premarket trading Monday, after the videogame retailer said will step down no later than July 31, after two years in the role. He could step down earlier if a successor is appointed. The company said in its annual report filed in March that it was "evaluating executive leadership team skill sets related to changing business requirements," and had hired a third-party firm to help in the evaluation. "The board's Strategic Planning and Capital Allocation Committee is leading a search to identify Chief Executive Officer candidates with the capabilities and experience to help accelerate the next phase of the Company's transformation," the company said in a statement. The so-called meme stock has soared 293.0% over the past three months, while the S&P 500 has climbed 10.2%.
5:37 a.m. April 15, 2021 - By Tomi Kilgore
Amazon CEO Jeff Bezos total 2020 pay stays at $1.7 million, with most representing security costsAmazon.com Inc. Chief Executive Jeff Bezos base salary for 2020 remained at $81,840, the same as 2019 and just a little more than double the median total compensation U.S. full-time employees of $37,930. In the ecommerce and cloud giant's 2020 proxy statement filed late Wednesday, Amazon disclosed that Bezos total 2020 compensation was $1,681,840, also the same as the year before, as he again received no stock awards and "all other compensation" remained at $1.60 million. For Bezos, all other compensation represents costs to the company for security arrangements for Bezos, which the company said it believed was "reasonable" in light of Bezos' "low salary." But despite the low salary, Bezos acknowledged in a letter to shareholders that he was "wealthy," as recent filings show he owned 53.21 million Amazon shares, representing 10.57% of the shares outstanding, and valued at $180.1 billion at current prices. The stock, which rose 1.6% in morning trading, has rallied 46.7% over the past 12 months while the S&P 500 has advanced 49.2%.
5:13 a.m. April 15, 2021 - By Tonya Garcia
Home Depot aims to step up delivery speed in South Florida with three new facilitiesHome Depot Inc. has opened three distribution centers "from West Palm Beach and Miami to Fort Myers" in an effort to speed delivery times across South Florida. Two more Miami distribution centers are coming in 2022. The five facilities will create 150 jobs in the region. "These investments are helping us deliver to our Pro and DIY customers across South Florida when, where and how they want," said Kyle Dennis, vice president of supply chain development, in a statement. Rival Lowe's Cos. Inc. announced that it is stepping up its customer service to professional clients. Home Depot stock is up 20.5% for the year to date while the Dow Jones Industrial Average has gained 10.2% for the period.
4:32 a.m. April 15, 2021 - By Tonya Garcia
American Eagle Outfitters shares jump as Q1 revenue approaches $1 billionAmerican Eagle Outfitters Inc. stock rose nearly 5% in Thursday premarket trading after the retailer's first-quarter business update showed revenue that is "on track" to exceed $1 billion. "Demand has accelerated across the American Eagle and Aerie brands, generating strong margins, higher full-priced selling and reduced promotions," the company said. The FactSet sales consensus is for $974 million. American Eagle is scheduled to report first-quarter earnings on May 1. BMO Capital Markets expects the momentum to continue into the second quarter. "[T]ighter industrywide inventory, coupled with stronger consumer demand, bolstered by stimulus is presenting a trifecta yielding a surge in spending power at a time when demand is already outstripping supply," analysts wrote in a note. BMO rates American Eagle market perform with a $36 price target, up from $26. American Eagle stock has rallied 64.3% for the year to date while the S&P 500 index has gained 9.8% for the period.
12:39 p.m. April 14, 2021 - By Claudia Assis
Costco raises dividend by more than 12% to 79 centsCostco Wholesale Corp. said late Wednesday its board of directors has declared a dividend to 79 cents, from 70 cents. The dividend is payable on May 14 to shareholders of record on April 30. Costco shares rose 0.3% in the extended session Wednesday after ending the regular trading day down 0.6%.
5:53 a.m. April 14, 2021 - By Tonya Garcia
Kohl's adds three independent directors, expands share repurchase program, ending dispute with activist investorsKohl's Corp. announced Wednesday morning that it has come to an agreement with a group of activist investors, including Macellum Advisors GP, LLC and Ancora Holdings, Inc., that collectively own 9.3% of outstanding shares in the department store retailer. Kohl's has agreed to add two independent directors selected by the investor group: Margaret Jenkins, a former director at PVH Corp. and former chief marketing officer at Denny's Corp. ; and Thomas Kingsbury, an independent director at Big Lots Inc. , Tractor Supply Co. and BJ'S Wholesale Club Holdings, Inc. Kingsbury will also join the new finance committee of the board, which will provide capital allocation oversight. A third independent director selected by Kohl's, Christine Day, co-founder of a social responsibility-focused fashion group, The House of LR&C, will also be placed on the board. All will join at the close of the 2021 shareholders meeting. Steve Burd will retire from the board at the end of August 2021; Frank Sica will retire around the time of the 2022 shareholders meeting. The board has also expanded Kohl's share repurchase program to $2 billion. The activist investor group had targeted and questioned the that the company said it had to turnaround the business. Kohl's stock has rallied 52.5% for the year to date while the S&P 500 index is up 10.4% for the period.
4:49 a.m. April 14, 2021 - By Tomi Kilgore
GameStop stock rallies, is on track to snap longest losing streak in 3 1/2 yearsShares of GameStop Corp. rallied 3.6% in premarket trading Wednesday, which puts the on track to snap the longest losing streak in 3 1/2 years, after the videogame and consumer electronics retailer said . After a seesaw trading session on Tuesday, in which the stock was up as much as 3.0% and down as much as 6.4% intraday, the stock settled down 0.1% to suffer a seventh-straight decline, in which it shed 26.4%. That's the longest losing streak since the stock fell for 11-straight sessions to Nov. 6, 2017. Late Tuesday, the company said it will use cash on hand to retire more than $200 million worth of 10.0% senior notes due 2023. GameStop shares have lost 46.7% over the past month through Tuesday but have still rocketed 648.4% year to date, while the S&P 500 has tacked on 5.0% the past month and gained 10.3% this year.
3:12 a.m. April 14, 2021 - By Tonya Garcia
Dollar General aims to hire 20,000 at nationwide hiring eventsDollar General Corp. said Wednesday that it aims to hire up to 20,000 people at in-person and virtual hiring events that the discount retailer will host from April 19 through April 23. There are a wide range of open positions from part-time and full-time sales associates, to store managers, HR and maintenance at distribution centers, drivers for the company's private fleet and in the support center. Dollar General stock is up 0.8% for the year to date while the S&P 500 index has gained 10.3% for the period.
12:22 p.m. April 13, 2021 - By Claudia Assis
GameStop to retire some debt early to 'strengthen balance sheet' GameStop Corp. said late Tuesday it will retire more than $200 million worth of debt, saying the early redemption of some of its senior notes "will further strengthen the company's balance sheet and support its transformation." The 10.0% notes were due in 2023 and the early redemption, on April 30, will cover the entire amount outstanding, GameStop said. The company will use cash on hand, it said. Shares of GameStop rose 0.8% in the extended session Tuesday after ending the regular trading day down less than 0.1%.
8:01 a.m. April 13, 2021 - By Tonya Garcia
Walmart increases efforts to save birds, bees, butterflies and other pollinatorsWalmart Inc. announced a new effort to improve biodiversity and save pollinator populations on Tuesday, which aids in food production. Walmart says it will source all fresh produce and flowers from suppliers that adopt practices that promote integrated pest management and reduce the use of harmful pesticides by 2025. The company is also encouraging suppliers to phase out the use of certain pesticides that threaten bee populations. Other pollinators include birds, butterflies and bats. The retail giant is also encouraging suppliers to restore, protect or establish pollinator habitats on at least 3% of land they own, operate or invest in by 2025. And Walmart is establishing pollinator habitats around the solar panels at its South Carolina distribution center. Pollinators are critical to more than two-thirds of the food that we eat, said Martin Mundo, Walmart U.S.'s general merchandise manager for produce and global produce sourcing, on the corporate website. "Imagine mornings without orange juice, summer picnics without strawberries, or holiday dinners without apple pie," he said. "Such a future is possible if we don't take collective action to begin restoring pollinator habitats around the world." Walmart stock has slipped 3.3% for the year to date while the Dow Jones Industrial Average is up 9.8% for the period.
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