Shopify Inc. SHOP 5.23% posted a quarterly loss and warned it would post losses in the rest of the year as e-commerce growth slows, a day after the company said it would cut 10% of its employees. The outlook sent the Canadian company’s shares—which have dropped more than 80% from their November peak—slightly lower in … Read more
Financial market participants completely missed the non-transitory nature of inflation over the past year, failing in what one portfolio manager describes as “spectacular fashion.” Now, as investors and traders worry about the prospects of a US or global recession, they’re staying tuned to profit warnings like the one from Walmart Inc., which demonstrate that inflation … Read more
US stocks edged lower Tuesday, hurt by Walmart Inc. cutting profit guidance ahead of a wave of corporate earnings reports this week, while the International Monetary Fund warned of the potential for a sharp global slowdown. What’s happening The Dow Jones Industrial Average DJIA, -0.33% fell 90 points, or 0.3%, to 31,900. The S&P 500 … Read more
Consumers tend to see red when they’ve been misled by corporate greenwashing, new research finds. So-called greenwashing, when a business tries to leverage for marketing purposes fast-expanding public attention on sustainable practices but fails to meet pledged goals on climate change, renewable energy and more, increasingly sticks in consumers’ minds. That, in turn, chips away … Read more
The numbers: The US services PMI fell to a 26-month low of 47 in July from 51.6 in the previous month, based on a “flash” survey from S&P Global Market Intelligence. Readings below 50 mean contraction. The manufacturing flash PMI slid to 52.3 from 52.7 in June. This was the weakest level in two years. … Read more
Shares of Mattel Inc. headed more than 4% lower in the extended session Thursday after the toy maker swung to a quarterly profit that was above Wall Street expectations but saw sales of its American Girl business drop nearly 20%. Mattel MAT, +2.81% said it earned $66 million, or 18 cents a share, in the … Read more
The numbers: The leading economic index fell 0.8% in June, the US Conference Board said Thursday. Economists polled by The Wall Street Journal expected a 0.6% decline. This is the fourth straight monthly decline. The LEI is a weighted average of 10 indicators designed to show whether the economy is getting better or worse. Key … Read more
Retailer Victoria’s Secret & Co. VSCO, -0.53% on Tuesday unveiled a new corporate leadership structure that it said is “designed to enable execution of its strategy and fuel long-term growth goals.” Under the new structure, the company’s three lines of business — Victoria’s Secret, PINK and Beauty — will operate as a single, collaborative organization. … Read more