22 Burst results for "Brian Cornell"
AP News Radio
Target wrestles with cautious consumers and theft at stores
"Target reports another quarterly profit decline. It's not too often you hear about shoplifting as a serious issue for corporate earnings, but it's there alongside rising costs as one reason major retailer target has posted a decline in profits for the 5th consecutive quarter, and a cautious outlook for the current period. The Minneapolis based company sales rose 0.6% to $25.32 billion in the first quarter ending April 29th, beating analyst expectations, but Q one net income slipped to 950 million nearly 6%, target reports that customer traffic was up with shoppers focused on buying necessities like groceries, but they're still snapping up affordable clothing, the company says theft is hurting its profitability and predicted it will lose over a $1 billion to thieves this year. During a call with the media CEO Brian Cornell, said they came into this year clear eyed about what consumers were facing, with persistent inflation and rising interest rates. I am Jennifer King
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"From Bloomberg world headquarters, I'm Steve rappaport. Target's latest earnings beat Wall Street expectations, but its forecast was not so great. Bloomberg's genus surveillance reports. Target is predicting a slower than expected recovery from a rough 2022. Last year, weakening demand for non-essential hit the retailer's profits and its stock, the subdued outlook echoes the message from Walmart last week showing U.S. retailers remain cautious amid a cloudy economic picture, but similar to Walmart targets cautious outlook followed a strong fourth quarter the retailers key sales metric rose in the quarter, analysts were looking for a decline. Target CEO Brian Cornell says they're planning business cautiously in the near term to ensure the company remains agile and responsive to the current operating environment. Switzerland's banking regulator says Credit Suisse seriously breached risk management obligations in the greensill capital supply chain financing case. Finma ordered the Swiss lender to take remedial measures, including a periodic review of the most important business relationships for counterparty risks. Finma also announced its opening enforcement proceedings against four former Credit Suisse managers. Visa and Mastercard planned to defer the launch of some cryptocurrency products and services. Reuters reports the company's decided to hold off until market conditions and the regulatory environment improve. Elon Musk reclaims the coveted title of the world's richest person, the Tesla CEO's wealth got a big boost from a surge in Tesla stock, Musk started the year with a net worth of $137 billion, becoming the first person to lose $200 billion from their fortune. Those are the company's stories we're following this hour, I'm Steve rappaport, and this is Bloomberg. Global market news changes in an instant. So don't miss a minute. Listen to Bloomberg radio anytime anywhere around the world on the iHeartRadio app. Tune in, the Bloomberg business app and Bloomberg dot com. This is balance of power on Bloomberg television radio. I'm David Westin well, this is the week when they start rolling out that chips and science act, something we talked about a lot as Congress was passing it on a bipartisan basis, I must say. And it's a very exciting potential development in the development and production of semiconductors in this country. To take us through where we are, we welcome down Mitch landrieu. He's President Biden's senior adviser for infrastructure. Mister Orlando is the former mayor, of course, of New Orleans. So mister mayor, thank you so much for being with us really appreciate it. So first of all, it's like the kid in the back of the car. Are we there yet? When is money going to start going out the door? Well, we're getting there. I mean, right now, as we speak. So this is the announcement today from secretary Armando is what's called a notice of funding opportunity. Where they tell folks that funds are actually available to do a certain thing. And there's certain thing in this particular instance. There's something that this country has been waiting on for a long time. Everybody knows that this little chip that we have as part of everything that we do in our life. And most of them are manufactured overseas. And of course, we saw through COVID, the disruption of the supply chain. So the idea here is to bring those manufacturing capabilities back home. Number one, to push up on national security and protect ourselves. Number two to create manufacturing jobs here in America, the president's already created 800,000 of them. And number three to create high paying jobs with products that have made in America by folks that are in America. So this is a really big announcement. It's going to hit all of those different parts. Secretary raimondo rolled it out this morning. Of course, this is part of the president's overarching strategy to bring manufacturing jobs back to the United States of America through investing in infrastructure through investing in climate and of course now through investing in semiconductors and making America stronger, more steady give on national security, a bigger push and to create those hundreds of thousands of high paying manufacturing jobs are going to come from these investments. Mitch my understanding of what's going on here is there's a fair amount of money in the United States government is putting up. But that's not all of it. The idea I think is sort of priming the pump that in fact, if you get the federal investment, you'll get the private. Where are we right now on constructing the factories? Are some of those factors already under construction? When will they start producing chips? There's no question about that. What normally happens in the idea in creating this industrial policy is for the federal government to show up with cash and with money, whether you're building a bridge or whether you're building a railroad or you're building high speed Internet or whether or not you're investing in all the stuff that we needed to manufacture chips. And then the private sector follows in. As a consequence of all of the investments that the president has made, you've seen now hundreds of billions of dollars for the private sector starting to show up in all of those different places. The same thing is going to happen with semiconductors as well. And as this money goes out, so we're going to put these notices of funding opportunities out there. Folks are going to come to us to say, listen, we think that you ought to work with us. They're going to be four or 5, 6, 7 of what they call these fabrication facilities across America that are really thoughtful and located. And then the private sector is going to come in on top of that. So this $50 billion that the Department of Commerce is talking about now is going to turn into substantially more when the private sector lays on top of that. And then of course, if we get our national security in place, we got a manufacturing in place, everything is just going to flow from there. My experience at least is when you ask for money, particularly a lot of money from something there's usually some strings attached. There's some strings attached here. Take us through some of those strings if you would, particularly starting with investment in China. Well, listen, we don't really look at it as strange. I mean, this is part of a much larger policy to make sure that we bring stuff back home to America to help our national
Squawk Pod
"brian cornell" Discussed on Squawk Pod
"Today, two enormous interviews. First, CEO of target Brian Cornell, the morning of his company's fourth quarter results. We've delivered $55 billion of revenue through discretionary categories in 2022. But we have seen a consumer who's not spending the way they were during the pandemic. The state of the consumer and what the retailers financials say about inflation and our economy's health. It's impacting costs that still impacting transportation and we're still far away from a more normalized environment. And CEO of Goldman Sachs David Solomon, meeting his shareholders at the bank's investors day. When I look across the spectrum of work we've done, to grow the firm, to improve the way we serve our clients. The strength in our business, we've made a lot of progress. Those big interviews, plus zooms, enterprise zoom, meta's bet on AI, and the maker of Marlborough is going digital. Move over Juul. You ever sleep? And really? Well, like when I was 23 or 27, stockbroker. It's Tuesday, February 28th, 2023, and squawk pod begins right now. Stamp Becky bye in three, two, one, kill, please. Good morning, everybody. Welcome to squawk box here on CNBC. We're live from the NASDAQ market site in Times Square. I'm Becky quick, along with Joe kernan and Andrew Ross Sorkin. Shares of zoom because they are going higher this morning up close to 7% 6 and a half percent will call it right now. Earnings of a dollar 22 per share beat the estimate of 81 cents. Revenue will also be now executives say the clients were looking carefully before agreeing to pay zoom for services and some organizations have decreased the number of seats resumed software as part of a broader expense pullback guidance for the full year revenue, short of estimates, but earning guidance was well above expectations and current quarter guidance also beating. Big question, when you look at an earnings report like that to me, is just whether the expectations had been lowered by so much, not to suggest they sandbagged what they thought the quarter was, but I do think that there's been a sort of lowering of expectations across the board. The stock's been down pretty significantly over the last year and a half or so as people have come back to work. You know what the high is? One 25 one 40 5 50. 5 50 oh, going back even further. It's a high for the pandemic. So yeah. It's up to 78. I'm just saying. Nothing. Life is commentary. Life is relative. I mean, look at the chart. I mean, it's like a DCB, really. But it's okay. It's good. It's up 6. You could put that right on top of it. Put a lot of them on there. But yeah, 5 50 to but hey, it's up 6%. Meta will create a new product group inside the company that's focused on generative AI. The CEO Mark Zuckerberg said that the new unit will combine several teams across meta, organized under current chief product officer Chris Cox.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"I'm Steve rappaport. Target's latest earnings beat Wall Street expectations, but its forecast was not so great. Bloomberg's genus survey reports. Target is predicting a slower than expected recovery from a rough 2022. Last year, weakening demand for non-essential hit the retailer's profits and its stock, the subdued outlook echoes the message from Walmart last week showing U.S. retailers remain cautious amid a cloudy economic picture, but similar to Walmart targets cautious outlook followed a strong fourth quarter. The retailers key sales metric rose in the quarter, analysts were looking for a decline. Target CEO Brian Cornell says they're planning business cautiously in the near term to ensure the company remains agile and responsive to the current operating environment. Switzerland's banking regulator says Credit Suisse seriously breached risk management obligations in the greensill capital supply chain financing case. Finma ordered the Swiss lender to take remedial measures, including a periodic review of the most important business relationships for counterparty risks. Finma also announced its opening enforcement proceedings against four former Credit Suisse managers. Visa and Mastercard planned to defer the launch of some cryptocurrency products and services. Reuters reports the company's decided to hold off until market conditions and the regulatory environment improve. Elon Musk reclaims the coveted title of the world's richest person, the Tesla CEO's wealth got a big boost from a surge in Tesla stock, Musk started the year with a net worth of $137 billion, becoming the first person to lose $200 billion from their fortune. Those are the company's stories we're following this hour, I'm Steve rappaport, and this is Bloomberg. This is Bloomberg markets with Paul Sweeney and Matt Miller on Bloomberg radio. All right, listening to Bloomberg markets, Paul swinney met Miller in a Bloomberg interactive brokers studio here in New York City markets a little bit red here. We got the S&P 500 off about two tenths of 1%, the Dow off a little bit more about 6 tenths of 1%. Let's get the latest on world and national news right now in Washington D.C. with Nathan Hager. Now there have been demonstrations
Inside Intercom Podcast
"brian cornell" Discussed on Inside Intercom Podcast
"Curation, my favorite favorite story in the book is about curation, curation is difficult to scale. And that's the point that I make in the book, because true curation creates an environment where when I walk in, I think to myself, I gotta be the only customer for this store. This is or this experience. This was Taylor made for me. How did they know? I like this scent. How did they know I like these colors or this music or these clothes or these accessories or whatever. I'm curation can be scaled and Ralph Lauren is a good example of someone who curated a lifestyle. And 98% of the customers that buy Ralph Lauren product don't even know what a polo horse looks like. Much less been to a polo match. So it can be done, but it's extraordinarily difficult. And so I don't want to give away the story, but it's great story in the book about customization. My wife is in a store trying on genes that is her favorite store. It's completely curated for her, the proprietress, woman named Tess, is there. And that's the key to curation is you have to have the proprietors. And so if you can scale the proprietors, then you can scale a curator. But if you can't, then you can't scale a curator. And that's the lesson. Anyway, she's been shopping there for 20 years. She's trying on a pair of jeans. She says these jeans don't fit. I need a bigger size. And the proprietary answer was try harder. So this is not customer service. This isn't make me feel good. This is make me feel like I belong. And it's a delightful shopping experience. And then the last one is community. And community people get right away. And the thing about community is it's extraordinarily difficult to create a community and it's extraordinarily easy to violate a norm and destroy that community. And so if you're going to use the community see, you have to understand that you have to be committed to that sea in good times and in bad. And we can all think of companies that are going through struggles right now where there are real challenges, operational strategic political, what have you to a community that they've created and figuring out how to navigate that, while still living up to your promises to your community, that's the crucial part. So that's the 6th season, 5 minutes. I love it. And then I suppose in the third part of your book, there's so much in it, but again, short on time, but what advice can you give to people just to help kind of develop a self awareness through the lens of this, the 60s. The simplest advice that I give to companies is that it has to start from your customer. If you are sitting in a conference room, debating which sees you want to put in the marketplace to your customers, you miss the whole point of the book. And the book is filled with stories of CEOs who bucked trends and were able to successfully transform businesses. Without doing what everyone, all the experts said that they should do. In fact, the experts were screaming that they were doing it wrong. And invariably, when you ask these people, one of the companies that I read a lot about is target, you know, when it looks like it was obvious now, but when Brian Cornell was investing billions of dollars in store infrastructure, Wall Street and all the experts said he was crazy and this was a huge mistake. Of course it was not a huge mistake. When he's asked, and he never really, he does, he doesn't do publicity, he doesn't really speak a lot, but occasionally he will do something and be asked. He just says this is what our customers were telling us they wanted. And that sounds so simple and people say, well, I don't need your book to tell me that. And I'm like, yeah, you kind of do, because how often do you feel like you are at the center of the business model of the company you're interacting with? I would speculate it's very, very, very infrequently. So just think about it. That's the beauty of this book is we're all consumers as well as business people. So anyway, so that's the advice. Is you have to start from the consumer, and then you have to make the hard choices about how to change things in your business. And I give some examples of how to do that in the last part of the book. Before we continue with today's guest, I just want to take a quick second to let you know about our amazing archive of podcasts. It's full of insights from thought leaders from the worlds of product management, design, marketing, and a lot more. People like megyn Kinney Anderson, Meghan was VP of marketing for hope spot for over 9 years. She joined us to talk about how marketers should adapt their customer acquisition strategies in the age of the Internet. Internet will rise and fall and go through different iterations and our job as content creators as marketers is to really study that and stay close to it and adapt. You can hear Meghan's episode and lots more on intercom dot com forward slash blog, forward slash podcasts. Okay, let's get back to today's interview. I can't let you go without asking about what you think about chachi BT and AI and how that's going to affect CS in it, all of this going forward. So chat GPT is just like ecommerce, just like buy online, pick up in store, just like virtual showrooms and augmented reality and virtual reality. Chat GPT is just another element that companies can use or not use to provide experiences to their customers or operational efficiency inside their business. We don't really have long enough here, but what I would say about chat GPT and AI in general is it's problematic to think of it as predictive for the same reasons that personalization is problematic to think of it as predictive. Because by definition, it can not be predictive. And the things that human beings do is they take signals and experience and think about future outcomes and then make choices based on those outcomes and present consumers with options. AI can't do that. AI can only take things that really happened and then present you with options or choices. But I do find it to be an incredibly interesting place for companies that can't spend enough money to provide the level of customer service they need.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"That brings us to the verify part of trust with verify. Thank you so much. Always great to have you with John authors. And again, welcome back. You can read more on this and other stories from Bloomberg opinion at Bloomberg dot com slash opinion and on the terminal by typing in OPI and go. Coming up extreme weather is leading to extreme flooding. We talk with a former head of fema's flood insurance program Roy white. Right, that's next on bounce upon the blue radio. This is a Bloomberg money minute. Apple's annual new product event called far out is just underway at its California headquarters, highlighted by its latest iPhones. The iPhone 14 is expected to offer bigger screens, a better camera, longer battery life, and a somewhat higher price. Apple shares a slightly higher as the event begins up about a third of a percent. The broader market is doing better with the major averages all gaining about 1%, the NASDAQ is in the lead. Bank of America has been busy this year coming up with new ideas on information security and machine learning. It was granted a record 341 patents during the first half, up 50% from a year ago. When you like someone, you may bend the rules to keep them around. That's what's happened to target, which is dropped the age 65 mandatory retirement age for its CEO. Brian Cornell is 63, but is committing to stay for at least three more years. Lowry, Bloomberg radio. If you love them enough to listen to them practice the same song on tuba. Please be done. Over and over and over and over and over. Then surely you'll check NHTSA dot gov slash the right seat to make sure they're correctly bound in the backseat. Sounds good, honey. Check today at NHTSA dot gov slash the right seat, brought to you by the national highway traffic safety administration of the council. Bloomberg television first in global business news. The markets matter and they are moving. Yields should lower globally from New York to San Francisco. Headlines involving Twitter. From London to Hong Kong. It has been a week of huge gyration. The world turns to Bloomberg for market moving headlines. It's all eyes are on what's going on in the tech space. The dollar really taking control here. Bloomberg television. The Bloomberg business happened, Bloomberg dot com. Check your local listings for the cable or satellite provider in your area. The best of Bloomberg businessweek every
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Anywhere in the Asia Pacific good morning I'm doctor Krishna at the Bloomberg interactive broker studio in New York And I'm Juliet Sully in Singapore Let's get straight to the market action with Bloomberg's Brian Curtis Brian Thanks very much Julia Very tough sledding here for equity markets in the Asia Pacific It's another sharply lower day The nikkei off about 660 points or so two and a half percent A couple of markets just opening up in Taiwan the Thai X has tumbled 2.2% in the first moments of trade the straits times index off 1.4% It all got started with earnings reports from big consumer powerhouses in the United States like target And that has investors extremely worried that high inflation is going to weigh heavily on margins and consumer spending both target plunge the most since black Monday of 1987 That was a day in this particular day target was down 25% and Walmart also spiraled lower Beneficial is reaffirming that sharply tighter monetary policy lies ahead to try to cool down inflation And we had the fed chief yesterday even talking about slowing down the economy wanting to see a slowdown so that they could break inflations back Let's take a look at a couple of other markets in Sydney the ASX 200 is down 1.8% and the cost is trading off one and a half percent In terms of currency action not quite so much volatility dollar yen here one 28 39 We had strength in the dollar and also in the yen compared to other currencies the Bloomberg dollar spot index is giving back a tenth of a percent but it was strong in the U.S. session and we had yields lower sharply lower in the U.S. for treasury yields the ten year down ten basis points to two point 8 8% or so it dropped further in trading in Tokyo but then has regained that ground and is stable at the moment WTI one O 9 54 a barrel Doug to you All right Brian thanks So if the question is how will higher inflation impact corporate earnings We got a bit of an answer today in target reducing its full year forecast for operating income margin The company also trimmed its profit forecast Now yesterday you may recall that Walmart made a similar adjustment Bloomberg's Brendan case tells us higher inflation is causing a shift in consumer spending Higher prices for food mean that a lot of households have less left over for general merchandise General merchandise tends to be more profitable for retailers Especially compared with groceries And if people are spending more on groceries they're spending less on general merchandise that's bad for your profit margins Now target CEO Brian Cornell told us a surgeon cost during the first quarter is showing very little sign of easing and we also had some more bad news among the retailers today Bath and body works also slashing its profit outlook Julia Well after the bell Cisco Systems warned of a sales decline of up to 5 and a half percent in the current quarter analysts were actually expecting the very opposite growth of nearly 6% At the same time Cisco's earnings forecast was short of Wall Street predictions So who gets to blame will the company has started supply chain disruptions stemming from China's COVID lockdowns and Russia's invasion of Ukraine As a result Cisco has struggled to fill orders On the call with analysts CEO chuck Robbins insisted the company's problem is purely supply related and he said demand remains robust Coming up on 5 minutes past the hour let's update global news A lot going on to begin with we have President Biden.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Right let's have a look at the market action Here is Bloomberg's Doug krisna Doug Hey Richard we had a route in the equity market today quite a bit of heavy selling and a couple of themes here First obviously slower growth and recession are clearly concerning I think the crux of the matter today was how inflation is hurting earnings The target story is going to be our lead the company did review its or rather reduce its full year forecast for operating income margin We'll have a closer look at that momentarily You guys indicated the weakness in the stock target shares today Tumbling 25% In sympathy we had Walmart down nearly 7% remember yesterday Walmart shares were down about 11% Today the S&P 500 retailing sub index was down nearly 8% And the S&P suffered its worst one day drop since June 2020 we were down about 4% today Mega cap tech caught in the downdraft as well Apple shares off more than 5 and a half percent Amazon sliding more than 7% So at the end of the day the scorecard looks like this NASDAQ composite down 4.7% The NASDAQ 100 off 5% today and the down industrial average was weaker by little more than three and a half percent So this weakness in equities in turn fueled haven buying in U.S. treasuries and as a result of that we saw yields across the curve moved lower It was more pronounced at the long end today with a ten year treasury down more than ten basis points to two 88 curiously Brian with the drop in yield the dollar strengthened against every major currency except the yen and the Swiss franc Bloomberg dollar spot index today up about four tenths of 1% Yeah we're seeing a break in some patterns almost every day It's extraordinary A lot of volatility I mean to have gains like yesterday and then losses like today it's almost like you're talking about two different places and two different markets So we'll get to our guests in a few moments Christopher is smart He's a smart fella and maybe can help us understand it Let's get into this target story first The decline came after target trimmed its profit forecast as mentioned by Doug stock was down 25% today Then again that was the worst fall since black Monday Way back in 1987 Other companies suffering as well yesterday Walmart made a similar adjustment Bloomberg's Justin Zach's telling us higher inflation is causing a shift in consumer spending Inflation really is affecting the lower income in the middle lower middle class the most And so what has happened is those individuals end up shifting their spending to what they absolutely have to have like groceries in a way from their discretionary spending and some of their big box purchases they might have made a target Target CEO Brian Cornell said that a surge in costs during the first quarter showed little sign of easing And there was more bad news among other retailers Macy's for one but also bath and body works slashed its profit outlook Well Brian also this negative sentiment didn't just come from the retail side of things We had after the bell Cisco Systems warning of a sales decline of up to 5 and a half percent in the current quarter And as we're thinking quite the opposite really they were thinking that the company probably had growth of net growth I should say nearly 6% rather than that decline At the same time it's because earnings were shy of Wall Street predictions and who gets to blame the company blamed supply chain disruptions stemming from China's COVID lockdowns and Russia's invasion of Ukraine as a result Cisco struggled to fill orders Now on the call with analysts CEO chuck Robbins insisted that the company's problems are purely supply related saying that demand did remain robust All right we have as mentioned Christopher smart from bearings coming up in a few moments Chief global strategist there But now it's time for global news.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"In the traditional correlation that catches my attention Yeah I'm looking at the question of capitulation here We just spoke to David deetz over at the private wealth management He said we're seeing signs that we're at the bottom but Taylor not all the boxes have yet been ticked Well let's certainly count you down to 5 seconds here to go We'll wait for a settlement and I'm going to let you guys do a lot of this size and scope as we think sort of about the closing bells here And while it is a Dow Jones Tim can we do points Romania's Yeah he's not here We can do points And my role is if it's more than four decimals we can do points So look at this 1161 points on the Dow off about three and a half percent The S&P is additional laggard You're off one 64 More than 4% or so on the day And in NASDAQ you guys as we've really all been talking about a 566 points settling down here almost 5% or so 4.7% I'll let you guys bring me a lot of the superlatives and we think about some of the biggest one day drops that we haven't seen in a lot of years Russell 2000 right in line to him I have to say not a huge big surprise here You're off an additional three and a half percent This sell off is a broad based I got to tell you the Dow Jones has 30 stocks in it It's down All 30 stocks were lower on the day today The S&P 500 had only 8 stocks move higher 496 moved lower And we're getting some great breaking news that you're down now the worst day since June of 2020 for the S&P 500 So that really sort of shows what today has men in the middle of days that have frankly seen a lot of volatility but today feels significant in that size and scope Additionally Katie let me just quickly bring you some of the individual sectors that we've been looking at for some of the broader based issues going on underneath the surface And indeed there isn't any green here on the screen Some of the best performers utilities and telecoms That feels so defensive here in this environment You're off 1% The worst performers on the day this really speaks to everything we've been talking about Katie it's hardware household products It's autos It's retailers And guess what It is food and Staples off 10% or so on the day I'm looking at you target looking at you Walmart yeah and it was difficult to find gamers that I did find a few though Let's start with TJX so this is the parent company of TJ Maxx Breath of fresh air amid all these retail earnings that we've been talking about all week Stills came in a bit light Wall Street though sees a silver lining in the margin story Of course that was a big issue for Walmart for target TJX's profitability outlook It was much better in comparison You saw shares gain over 7% biggest gainer in the S&P 500 EA I was hoping this company would stay a gainer and it did just barely though only up four tenths of a percent That came after Cohen said that the mobile release of its apex legends game might generate more than $300 million in annual revenue Again shares up about 4% just one of two gainers Indian NASDAQ 100 brutal sell off today I'm gonna end with another happy earnings story though we have the container store They actually reported yesterday after the bell revenue beat expectations net sales forecasts also topped estimates that was good for a gain of almost 7% him All right well Taylor mentioned target and Walmart were two of the stocks leading the S&P 500 lower at least on a percentage decline I want to start with target because that's certainly the story of the day today The company having its worst single day You have to go all the way back to black Monday in October 19th 1987 It finished the day today down by 25% The company this morning trimmed its profit forecast operating profit the company said will amount to only about 6% of sales this year that's a full two percentage points below the previous forecast The company's CEO Brian Cornell saying that the surge in cost and freight and fuel they show little sign of easing These results from target just rippling through the retail industry today Dollar Tree Tractor Supply Costco Dollar General and more all falling today as a result An interestingly enough Walmart not being spared even after yesterday when it fell by more than 11% now it has fallen to its lowest level since July of 2020 And then we also saw on a point basis mega cap tech companies Lead declines on the S&P 500 Apple finished in the day down by 5.6% Tim I'm going to eat my words here Don't ever let Romain know that I did this But today felt like you might be watching I know he's out today but he might be watching Today frankly it felt like an equity kind of day It felt like they were bonds We're frankly secondary story but we're going to do them because the moves were significant just by really the focus that has been on the equity valuations and some of the big way we're thinking about the health of the consumer and inflation But some of that was a Bond story a little bit today You're down about 7 to 12 basis points pretty much across the curve Really highlighting the tens and These concerns You can't tell me that you're going to cut the bottom line when the top line is strong but then tell me there's no macro issues to worry about And we need to start having those conversations Yeah those conversations include conversations about the price of fuel the price of food And as we learned yesterday from Walmart this is these higher prices are hitting different people at different ends of the income spectrum a lot differently And we saw that yesterday too with earnings from Home Depot So if you actually have money you're going out and you're spending it you're renovating If you're in the lower end of the income spectrum you're moving to generics you're buying smaller you're not buying a gallon of milk anymore you're buying a half gallon of milk and you're buying less at a single time The thing that's concerning a lot of the people that we're speaking to also is how much consumers are buying on credit The cracks starting to show in the consumer market when you're having to rely on your credit card rather than paying in cash The question marks around how long that can last as rates rise Remember it's already expensive for a consumer to borrow It can only get more expensive And we'll see what happens if a company like target like Walmart does actually start to push on those prices more than they have whether that consumer remains resilient Well that is going to do it for our cross platform coverage of the market close on a Bloomberg TV radio and on YouTube We are going to be back tomorrow same time and same place This is Bloomberg businessweek.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Stocks are extending declines as investors assess the growth outlook as monetary policy Titans and the impact of higher prices on earnings The dollar and treasury has gained him at a pickup in haven bids The S&P has fallen over 3% as all 11 main industry groups declined target tumbled more than 25% after trimming its profit forecast due to a surge in costs shares of retailers from Walmart to Macy's also are sliding The NASDAQ fell the most among major benchmarks as growth related stocks sank mega cap Apple Microsoft and Amazon.com Fell more than 3% In fact the apple now is down 4.3% at one 42 83 per share Let's take a look at the S&P is down just about 3% down a 120 The Dow is down two and a half percent down 806 off earlier lows and the NASDAQ is down three and a half percent down 425 The ten years up 20 30 seconds the yield is 2.9% The West Texas intermediate crude is down 2.2% at a $109 95 cents per barrel Comex gold is down while it's little change now at 1818 80 per ounce The dollar yen is at one 28 27 the Euro a dollar four 96 in the British pound the dollar 23 88 Target as we indicated earlier is on pace for its worst stock drops since 1980 7s black Monday crash after becoming the second big retailer in two days to trim its profit forecast A surge in costs during the first quarter shows a little sign of easy according to chief executive officer Brian Cornell operating profit will amount to only about 6% of sales this year Two percentage points below the previous forecast according to target That's a Bloomberg business flash I'm Greg Jarrett And I want to thank some other individuals who are in actually unbelievably close friends made a big difference in my life I'll always be there at every moment Let's start with 45 president Trump President Trump after he endorsed me continued to lean into this race in Pennsylvania He knows all the subtleties of it That was something we know well that's memo to eyes the Doctor Who's been on television daytime for some time thinking president Trump but that was not a victory speech because it ain't over yet All eyes were on the Pennsylvania state primaries yesterday and.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Finish Martin Luther King Jr.'s unfinished work to deliver jobs and justice to protect the sacred right to vote the right from which all other rights flow In a video address Biden said it's not enough because of the threats like last January's capital riot and attacks on voting rights He added king held a mirror to America in a time when it needed to see its reflection and said it's time for that to happen again Biden called an American to stand up for voting rights and asked lawmakers to do the right thing and pass voting rights legislation The Martin Luther King Jr. holiday isn't going smoothly for many more than 3600 flights within in two or out of the U.S. have been delayed or canceled so far today the nation's biggest trouble spot is Charlotte as 30% of flights that were supposed to go there have been canceled Doctor Anthony Fauci says it's too early to tell if the amaron COVID variant will be the final wave of the pandemic The White House chief medical adviser said it's an open question whether a Macron will turn out to be the live virus vaccination some are hoping for That's the latest time Lisa Taylor And I'm Karen chase From the Bloomberg newsroom U.S. stock markets were closed today in honor of the Martin Luther King day holiday but overseas markets were open for a time and trading the footy in London closed up 68 points Nearly 1% The cac in Paris was up 59 and the Dax in Germany gained 50 points It's the biggest fear many investors have about cryptocurrency security And this won't make them feel any better After some users reported the tens of thousands of dollars had mysteriously disappeared from their crypto dot com accounts in recent days the crypto wallet and trading platform announced it had halted all trading activity while it investigates the unauthorized activity and updates its security system The company tweeted all funds are safe The CEO of target has noticed a difference in your shopping habits because of inflationary pressures More from Bloomberg and Baxter CEO Brian Cornell says first he sees consumers driving us to consolidate their shopping at a fewer trips to adjust for gasoline prices He also says more eating at home and cheaper generic brand goods to try to ease the blow He says these are things that consumers have done in the past and he sees it playing out again this year He says target is coming off record years of demand and is trying to adjust for what's to come and the inflationary cycle ahead In San Francisco I'm at Baxter Bloomberg radio Tesla is turning to Mozambique for a key component in its electric car batteries In what analysts believe is a first of its kind deal designed to reduce its dependence on China for graphite Elon Musk's company signed an agreement with Australia's Serra resources which operates one of the world's largest graphite minds in the southern African country It's a unique partnership between an electric vehicle manufacturer and a producer of the mineral that is absolutely critical for lithium ion batteries Global news 24 hours a day On air and on Bloomberg quick take Powered by more than 2700 journalists and analysts in more than 120 countries I'm Karen chase And this is Bloomberg.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Customers are still without power in states from Maryland to Georgia North Korea has fired what is suspected to be two ballistic missiles VB on Rosso reports from Tokyo The projectiles were launched from an airport in North Korea's capital city of Pyongyang on Monday morning according to the South Korean military South Korean and Japanese authorities are currently collecting and analyzing information to determine further details Japan has once again called Pyongyang's actions a threat to the region's peace and security the latest launches marked the fourth this year the United States imposed fresh sanctions on North Korea last Wednesday In response North Korea has accused the U.S. of escalating the situation Maryland family is dealing with the messy aftermath after a burglary gone wrong at 24 year old man became stuck in their chimney while attempting to enter their home the Montgomery county police department reported the man was stuck inside the chimney for at least four hours I'm Lisa Taylor And I'm Karen chase From the Bloomberg newsroom U.S. stock markets are closed today in honor of the Martin Luther King day holiday But overseas markets have been open and actively trading the FTSE in London closed up 68 points The cac in Paris was up 59 and the Dax in Germany up 50 Walmart is planning to enter into the Brave New World of virtual reality and cryptocurrency According to filings with the U.S. patent and trademark office Walmart is preparing to create its own cryptocurrency and collection of non fungible tokens The applications represent a significant step for the retail giant as it looks for a way to get in on the metaverse a virtual world that blends aspects of digital technologies Walmart last year posted a job position seeking someone to develop the digital currency strategy and product road map Big banks have just developed a post earnings season strategy Bloomberg's and Kate's has the details Wall Street's biggest banks are expected to hit the corporate bond market after they report quarterly results in an effort to raise money before the Federal Reserve boosts borrowing costs higher Analysts at JPMorgan Chase predict major financial institutions will borrow a combined 24 to $32 billion after posting their profit reports United and American Airlines are also on the earnings calendar this week along with Netflix which could also impact bond prices In Washington Anne cates Bloomberg radio Target's top executive predicts consumers will drive less and consolidate their shopping trips into fewer as they adjust to price ear gasoline and the highest inflation rate in almost four decades Shoppers are also likely to eat more at home and seek cheaper generic brand goods in an effort to ease the flow from rising prices CEO Brian Cornell told participants at a national retail federation event consumer prices jumped 7% last year The fastest one year pace since mid 1982 Global news 24 hours a day on air and on Bloomberg quick take Powered by more than 2700 journalists and analysts and more than 120 countries I'm Karen chase And this is Bloomberg.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Doctor Martin Luther King Jr. is leading a march in the nation's capital King's eldest son Martin Luther King junior the third his wife and their daughter will be among the marchers on this Martin Luther King day holiday They're crossing the Frederick Douglass memorial bridge before joining D.C.'s annual ML came memorial peace walk through the district The chairman of the joint chiefs of staff is positive for COVID Lisa Taylor reports General Mark milley is isolating after he tested positive yesterday the joint staff spokesperson says he's experiencing minor symptoms and is vaccinated including a booster shot His most recent contact with the president was last week the tested negative days prior to that event I'm Lisa Taylor There was an emotional funeral ceremony held in The Bronx Sunday for 15 at the 17 people killed earlier this month and a huge apartment building fire Thousands of mourners came to pay their respects at the Islamic cultural center about two miles from where the high rise fire broke out I'm Michael kassner And I'm Anne cates from the Bloomberg newsroom GlaxoSmithKline says that it rejected an offer from Unilever for the drug makers consumer healthcare business that valued the unit at $68 billion Glaxo over the weekend said it received three unsolicited proposals The most recent just before Christmas and that said that they were turned down because they undervalued its consumer healthcare offerings Its border of directors still prefers the plant spin off of the division which includes brands such as sensitized toothpaste and advil pain killers Targets CEO says U.S. consumers are trying to combat inflation by modifying their behavior in a number of ways Bloomberg's Ed Baxter has a story CEO Brian Cornell says first he sees consumers driving less to consolidate their shopping at a fewer trips to adjust for gasoline prices He also says more eating at home and cheaper generic brand goods to try to ease the blow He says these are things that consumers have done in the past and he sees it playing out again this year He says target is coming off record years of demand and is trying to adjust for what's to come and the inflationary cycle ahead In San Francisco I'm at Baxter Bloomberg radio Federal Reserve officials are heading toward their January meeting with only tentative conviction and inflation will finish the year below 3% One of the biggest challenges for the Central Bank is providing guidance as the pandemic lingers volatile economic data is causing the fed to constantly revise its outlook The housing sector is in focus this week with new figures on housing starts and existing home sales due out in the coming days The puts in London is gaining 7 tenths of a percent The cac in Paris and the Dax in Germany are up half a percent then they can Japan is up 1% The Hank second Hong Kong fell 1% while China's CSI 300 rose 1% Global news 24 hours a day on air and on Bloomberg quick take Powered by more than 2700 journalists and analysts in more than 120 countries I man cates This is Bloomberg Broadcasting live from the Bloomberg interactive broker studio in New York Bloomberg 11 To Washington D.C. Bloomberg 99 one to Boston Bloomberg one O 6 one Does San Francisco.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Old Simon Marshall with murder for allegedly pushing women from a subway platform into an oncoming train yesterday morning in the Times Square station This latest incident is coming on the heels of a string of shootings stabbings and shopping in the subway system with subway crime on the rise the transit workers union is now calling on mayor Eric Adams to take more action to protect both passengers and operators Targets top executives said U.S. consumers will drive less and consolidate their shopping into fewer trips This as they adjust to price ear gasoline and the highest inflation rate in almost four decades target CEO Brian Cornell said today at a national retail federation event in New York that shoppers are also likely to eat more at home and seek cheaper generic brand goods in an effort to ease the blow from rising prices Federal agencies across the Biden administration are starting to punish employees who aren't in compliance with President Biden's COVID-19 vaccine mandate Bloomberg Sami Morris reports They started with education counseling and encouragement but now that the holidays are over and employees have had several weeks to come into compliance federal managers are shifting to more severe punishment Reports they'll start sending out letters this month notifying those employees that they're being briefly suspended but they say every agency so far has shown some improvement with several reaching 100% compliance Bloomberg's Amy Morris global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg Broadcasting from the financial capital of the world Bloomberg 11 three O.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Is celebrating a $1 million jackpot win making him a four time lottery winner Mike Luciano had previously won $500,000 a year ago in 2021 3 million in 2016 and a $100,000 over two decades ago in 1999 However he says he is convinced that no one wins this many times without playing more than they should and warns others against attempting to duplicate the feat The Los Angeles Rams quest for their first Super Bowl championship in more than two decades comes Monday night The fourth seeded rams will take on the 5th seeded Arizona Cardinals in an NFC wildcard contest kick off at SoFi Stadium is tomorrow at 5 15 Pacific I'm dean kodiak And I'm susannah Palmer in the Bloomberg newsroom New York City will likely get rain as a winter storm tracks close to the coast overnight tonight the combination of a nearly full moon and high winds blowing on shore will also raise the risk of coastal flooding in New York New Jersey and Long Island through tomorrow afternoon north and west of the city could get a couple of inches of snow New York police have charged 61 year old Simon Marshall with murder for allegedly pushing women from a subway platform into an oncoming train yesterday morning in the Times Square station This latest incident is coming on the heels of a string of shootings stabbings and shopping in the subway system With subway crime on the rise the transit workers union is now calling on mayor Eric Adams to take more action to protect both passengers and operators Targets top executives said U.S. consumers will drive less and consolidate their shopping into fewer trips This as they adjust to price ear gasoline and the highest inflation rate in almost four decades Target CEO Brian Cornell said today at a national retail federation event in New York that shoppers are also likely to eat more at home and seek cheaper generic brand goods in an effort to ease the blow from rising prices Federal agencies across the Biden administration are starting to punish employees who aren't in compliance with President Biden's COVID-19 vaccine mandate Bloomberg gave me Morris reports They started with education counseling and encouragement but now that the holidays are over and employees have had several weeks to come into compliance federal managers are shifting to more severe punishment Reports they'll start sending out letters this month notifying those employees that they're being briefly suspended but they say every agency so far has shown some improvement with several reaching 100% compliance Bloomberg's Amy Morris global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Old Simon Marshall with murder for allegedly pushing women from a subway platform into an oncoming train yesterday morning in the Times Square station This latest incident is coming on the heels of a string of shootings stabbings and shopping in the subway system with subway crime on the rise the transit workers union is now calling on mayor Eric Adams to take more action to protect both passengers and operators Targets top executives said U.S. consumers will drive less and consolidate their shopping into fewer trips This as they adjust to price ear gasoline and the highest inflation rate in almost four decades Target CEO Brian Cornell said today at a national retail federation event in New York that shoppers are also likely to eat more at home and seek cheaper generic brand goods in an effort to ease the blow from rising prices Federal agencies across the Biden administration are starting to punish employees who aren't in compliance with President Biden's COVID-19 vaccine mandate Bloomberg gave me Morris reports They started with education counseling and encouragement but now that the holidays are over and employees have had several weeks to come into compliance federal managers are shifting to more severe punishment Reports they'll start sending out letters this month notifying those employees that they're being briefly suspended but they say every agency so far has shown some improvement with several reaching 100% compliance Bloomberg's Amy Morris global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg I'm Barry Rita you're listening to masters and business on Bloomberg radio My extra special guest this week is Jim calvey He is the cofounder of square along with Jack Dorsey He is the chairman of the Federal Reserve bank of St. Louis and he is the author of an interesting new book the innovation stack building an unbeatable business one crazy idea at a time So Jim I really enjoyed the book A lot of business books can be a little staid and dry This is funny and acerbic and you seem to be having fun writing it What was the process like putting all these ideas down on paper I had fun rewriting it It went through It went through 8 drafts The first 5 drafts were graphic novels So I thought I hate business books They're boring they put me to sleep I can be I think most of them are terrible And I didn't want to write one Even though herd Keller who was one of my idols basically assign me a homework assignment I thought well I'm just going to do it as graphic novel I'm going to make this fun because it turns out that the stories that I tell in the book are actually they lend themselves to pen and ink There's the destruction of a major city and murder and Nazis and there's a lot of stuff blowing up Fun stuff Yeah I mean and it seemed to me like it would be a better comic book And I wrote the drafts as a comic book And then I showed it to herb And he hated it Really He hated it I was an old school though isn't he But he's got a great sense of humor He has a legendary legendarily funny great sense of humor I was expecting he would love it and I was so crestfallen when he said Jim if you're going to do it that way leave me out Really Wow And I have to credit him for this There's one first of all didn't want to be portrayed as a cartoon superhero Okay And here's the thing Here's why kerb is so much smarter than I am is because if you tell a story as a graphic novel in pen and ink you're telling a hero story and superheroes are different from you and me I mean the exception of Batman Batman is just some rich guy Like you worked for Batman I'm sure you know I'm sure Bloomberg's got crazy stuff He's got it back He's got a flag Yeah sure Right Tom king calls it the Bloomberg Gulfstream There you go Yeah So with the exception of Bruce Wayne and Michael Bloomberg we're going to differentiate ourselves from superheroes There's somebody with a power that we don't have So the whole purpose of my book is to say look what makes these super successful companies and super successful founders is not some superpower that the founders have It's this superpower that anyone can access And it's really a story for the everyman And herb stop me for making a giant giant mistake Although I did if you go to Jim mckelvey dot com I did put some of the graphic novel that I did on so you can just download it for free It's a comic book but it's not about herb But yeah I don't think you should have to so here's the thing Barry The reason I wrote the book is because if you're in business or in life you're going to occasionally run up against this line where humanity has not figured out how to solve this problem that you're looking at And on the other side of that line there's no crowd There's no herd There's no safety in numbers And you are going to feel if you step across that line terrified You're going to feel fear You're going to feel all this you're not a superhero for stepping across that line You're just a scared gazelle You've left the safety of the And you're terrified okay Imagine what's like to be that gazelle I mean I see those documentary I almost cry because like that was me in grade school and most of high school You know it's just terrifying but unless we get people to step across that line Occasionally I'm not saying live across the line I was like being bold or any crap like that I'm saying look a couple times in your life When you run up to the edge what people have figured out you can choose to step across that line and maybe solve the problem Maybe you're not necessarily going to solve it but maybe you got a chance at it I want more people to do that And so that's not a superhero story So herb Keller I wish it was still alive 'cause I wish he got to see the final copy of the book because there's not a cartoon in it and it talks about the everyman It talks about this power that we can all have is scared humans So let's talk a little bit about that before we get to what the innovation stack is I want to ask you copying perseverance audacity Tell us about that combination Yeah so perseverance and audacity So we all talk about grit and perseverance and how perseverance is really this laudable thing You should stick with it Don't give up Don't quit you know And I'm kind of a quitter except in certain circumstances And I'm not a quitter when I feel threatened when I'm terrified When I'm that gazelle that's out of the hurt So I tend to create situations that put me in those moments I mean even the state interview I mean I'm scared right now I'm not used to being here You shouldn't be Yeah I know I shouldn't be but my hands are sweating over here Right But the point is if you are audacious enough to step across that line if you are somebody who is willing to do something that seems a little bit crazy then you don't have to have a lot of self discipline Your self discipline comes from your survival instinct And this has always been my hat because I'm a lazy guy I sleep too late There's a ton of lazy in my DNA But there's also a ton of fear And so what I will do is I will put myself in circumstances where the fear sort of counteracts the lazy Coming up we continue our conversation with Jim mckelvey cofounder of square discussing the state of technology today You're listening to masters in business with very revolts on Bloomberg radio With three bright must finance and the latest news evicting world markets powered by more than 2700 journalists and analysts In.
Bloomberg Radio New York
"brian cornell" Discussed on Bloomberg Radio New York
"Good morning I'm John Tucker And I'm Karen Moscow and U.S. futures are lower this morning We're coming up to 5 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg Right now S&P futures are down four points Dow futures down 40 NASDAQ futures down 11 The Dax in Germany is little changed Ten year treasury down 6 30 seconds he has 1.47% They yield on the two year .45% Nymex crude oil is down half percent or 44 cents at 83.71 cents a barrel Gold is down two 10% or 4.18 26 80 announced John And Karen today is all about inflation The government issues a key report on consumer prices later this morning and economists predict no let up in the CPI reading for October We'll get details now from Bloomberg economics correspondent Michael McKee While the fed follows the personal consumption price indicator for Wall Street and Main Street the consumer price index matters And it's set to deliver bad news for both The forecast is for this EPI to reach the hottest pace in three decades Driven higher in particular by energy prices But analysts will also be watching for more broad based price pressures especially for services Service sector employers have had to raise wages to attract workers Is that being passed along Supply chain snarls are also an inflation problem as companies have to pay more for scarce goods Michael McKee Bloomberg daybreak All right Michael thank you Well we got inflation data out of China overnight where price risks also appear to be climbing China's producer price index climbed 13.5% from a year earlier and that's the fastest pace in 26 years At the same time consumer prices rose 1.5% and that's the steepest monthly climb in a year U.S. China relations also focused this morning It looks like a summit between President Biden and Xi Jinping is sent to take place next week Let's get the story from Bloomberg's Ed Baxter Sources say they're still negotiating on several things and don't expect any solution to major issues but some sort of stabilization of the relationship They do say discussion about consulates in both countries off the table White House spokeswoman Karen Jean Pierre says it's part of the ongoing effort on the U.S. side to manage competition between the two countries She will be coming out of the Communist Party Plenum expected to have increased power within the party no specific date has been set In San Francisco I'm at Baxter Bloomberg daybreak Right And thank you while President Biden also continues his effort to reign in supply chain issues He's met with a CEO's of Walmart UPS FedEx and target to discuss easing bottlenecks And Bloomberg's Charlie pellet has the details The president and the executives Walmart's Doug macmillan a UPS Carroll Tomei Fred Smith of FedEx and targets Brian Cornell talked about potential moves to speed up deliveries and lower prices President got updates from the companies and was told that store shelves will be well stocked for the holiday season The president has been under pressure to clear supply chain long jams and ease inflationary pressures as consumers begin their holiday shopping In New York Charlie pellet Bloomberg daybreak All right thanks Charlie Turning to the pandemic now Pfizer is looking to expand eligibility for booster shots It submitted additional vaccine data to U.S. regulators in hopes that will expand booster shot access to all adults that Anthony Fauci said stepping up vaccinations and boosters could help avoid a holiday surge in new cases at the same time He warns that people still need to be wearing masks So now particularly as the CDC recommends an indoor congregate settings where you don't really have a good handle on who's vaccinated and who's not Under those circumstances the CDC still recommends appropriately that we wear masks Doctor Fauci made the comments on Bloomberg's balance of power with David Weston Catch the program weekdays at noon eastern and Bloomberg radio and television David also spoke to the head of General Electric yesterday CEO Larry culp is explaining GE's plans for the future after announcing the conglomerate while split into three separate entities It's a long awaited breakup for one of the world's most storied companies These businesses will be more focused They'll be higher greater level of accountability We should have sharper capital allocation more strategic flexibility And frankly I think it's going to be good for the team as well Larry kalp took over General Electric in 2018 after turning Dana her corporation into a juggernaut G investors are calling the breakup long overdue shares rose 2.7% after the announcement Quite a different story of Tesla this morning as shares look to climb back from this week's 16% drop as a result of Elon Musk has suffered the biggest two day decline in the history of the Bloomberg billionaires index Let's get details live with Bloomberg need a young good morning Good morning John Elon Musk has lost $50 billion so far this week Tesla's route started when he asked Twitter followers whether to sell 10% of his stake in the company Then news emerged that his brother sold shares just before the Twitter poll And after that Michael Burry the investor made famous by the movie the big short said Musk may want to sell shares to cover his personal debts The drop narrows Musk's lead over Jeff Bezos as the world's.
MyTalk 107.1
"brian cornell" Discussed on MyTalk 107.1
"Can't go around through. Yeah, and I just around the time I was driving to Martin Patrick three. It was a big decision to make. I don't know. I just decided I'm gonna hold it. So I just waited till you got home. You're ready. It was a long day, but I never went. Maybe this will start. Maybe all with all of the jumpsuits depends will become even a bigger Maybe I went light on the champagne. Let's just, you know, I mean, you do think about that, especially because in certain public restrooms It might be our right and in others you really wouldn't want your clothes Dragon the floor? No, I think I would have been fine. And Martin Patrick? Yeah, Yeah. I think you'd be right there. Yes, yes. But Anyway, it was fun tactic, and I just I would definitely recommend I mean for that story is just so inspiring and green is just there since the pandemic, right? And I just especially now as we come out, and just being there made me feel like we are so lucky to have a store like this and the North loop. Kind of raising the bar for everyone, Louis and it really is, And Grant said it too. It really is our new department store. They are the Twin Cities Department store for a new generation, and I think you're fighting to see. Meanwhile, the news just keeps getting better and better for the big guys. Yeah, I mean, it's amazing, but, you know targets. First quarter numbers came out this week and Being They are through the roof again. 23% up for the court first quarter, and what's interesting is what's causing their sales surge. Now is the fact that people are back in the stores. So you have the list. You're the story was they were doing so well, because online was surging. And because curbside pickup and all of the, you know quick order services were surging. Now people are also going back to the stores, but they're still doing curbside. Image of all these different ways of Shari. And I mean, Brian Cornell has believed in stores from the beginning, and he has proved to be right. Obvious right? Well, the beauty of what they've set up and the way that they are competing with Amazon is that it all centers on the store's conserved the guest who wants to go in, they conserve the guest who just wants to drive up and pick it up. And they can deliver from the stores. So it's it's super genius. I was also there this week, and they've got the new those dress collections that we talked about those air all out front and center. Great colors. I mean, it's fun to see it all in story designer for one of them. I won't give his name right now. Is it Christian John Rogers. I think it's those three names, but I may have them in the wrong order He actually designed Kamila Harris is outfit for the inauguration, and he has become really important. He's just Shown his new collection, which I'm sure is a little more expensive than the numbers that target their fabulous I mean, wonderful designs and colors. I think it's something like that. Chris. I have to look at that. All right, we'll look it up. When we get back. Some scoop on Wal Mart rolling back prices. How are they doing it? What's happening with home sales? Macy's and more that's ahead on shop girls. Another lorry and Julia moment. Hey, get the sex swing. You can just go to your local swing set and try it. No, you can't not undress. But you could just see if this would be an option. If you could bear the weight of the other person in that position. I think that's very murder. I don't think the screamer and the swing set at bracket Park. The same mechanism. Biggest turned. They can't. They don't have to be on top of you. Okay, They could be near you of why you think it's a big talk. Just.
Rush Limbaugh
Target shares jump after sales hit all-time high
"Target runs air. Adding up Target has recorded its strongest sales growth ever. Alison Kosik is in New York during the quarter from May to July. Target says for stores open at least a year they saw sales jumped 24% to $22 billion. That's the biggest quarterly growth that target has seen in its history. Target's CEO Brian Cornell, putting it this way. Look as Americans haven't been able to spend their money on vacations or do normal summer active. Cities, they've redirected their dollars to places like Target and other retailer Big box retailers.
America's Morning News
Consumer's been in great shape this year, says former Walmart U.S. president and CEO Bill Simon
"Cards former Walmart president and CEO bill Simon says large brick and mortars and digital ID commerce have the holiday sales formula down while malls and smaller retail they continue to suffer the consumer has just been in in great shape this year winners I'll tell you as I watch them all the way through Black Friday through just yesterday target has done a really good job Brian Cornell in his team there have you have got things firing on all cylinders they had some great product I think they're winning the battle in toys and their inventory levels right now look really good they're transitioning well their self respect good so I think target has done well and really all the big the the big retailers because of the short distance between thanksgiving and Christmas this year this is the shortest calendar that we have I looks like consumers went to the to the to the bigger stores to get most of their trips on it once so I would tell you that I think target Walmart Costco in the brick and mortar world did well and of course Amazon
MarketFoolery
Target shares surge after company crushes earnings and raises forecast
"Welcome to the Monkey Fuller. I'm Chris with me in Studio Studio Bill Man in the House. Thanks for being here. How are you Chris? I'm caffeinated Ed year working on it. Let's let's make this happen producer. Dan Is Hungry. We're GONNA look to the horizon for a huge IPO and our continuing search for the Midwest. But right here in front us. We've got some retail earnings. And we're going to start with target targets. Third Quarter was pretty much everything you want it to be if you're a target your whole harsh J.. In Fact Act III. I love the fact that the CEO Bryan Cornell got to use the word bifurcation in in in his call just basically saying I think what we're seeing in the retail market is winners and losers and they are spreading farther and farther apart. The winners are winning. Faster and target is one of them. Losers are going away. Profits and revenue in the third quarter were higher than expected. Same store sales higher-than-expected. They raised full year. Guidance the DOC gooden good those sound good yeah stocks up eleven percent this morning hitting a new high. Yeah this is about as hot as you can get going into the holiday quarter I you think so and I and another important thing is that is that they seem to have some really good visibility and one of the things that they did target had a few the operational issues a couple of years ago. And they've really gone to Delivery and and what they call same-day pickup which is you order online and you show up in their costs for that are like ninety percent lower than than either store or delivery and they are really really seeing being some tailwinds behind Having pushed that a couple of years ago so they're getting a payoff for you know for for for looking ahead. You mentioned Brian Cornell the CEO think back a few two years ago when the big news out of target was they were selling their pharmacy business and it was a perfectly legitimate question at the time to ask of Bryan Cornell. Well is this a good move because that's a profitable business that you and your stores and you're selling it off and people kind of have to come in for drugs and it was the sort of thing that even though he had had some success early on at target I think it was a perfectly fair question and coming out of that you could just sort of look at it and say okay. Well they're going to get a lot of money what they do with that. Money will determine whether whether or not this was a smart move and you look at the investments to Cornell and his team have made and Yeah a home run but absolutely it's a home run and and and I thought that I thought that when he was being asked those questions he was very thoughtful about it back at that time he said look we we see why you you. Would you know we see why one would think that this is a high risk move. We've done the research and we think that you know. We think that there are places where the the money that we will get in return are going to be full force multipliers for target and scoreboard. I mean they really really are crushing it at the moment I understand that anyone's reluctance to buy shares of a company when it's at an all time high but this also seems to be like this is not some insert name. I'm of software as a service company with a you know or or you know beyond meat or with some crazy evaluation like this is this is a business and management team at the top of their game. I'm and I don't own shares of target but the way they're performing the fact that the stocks at an all time high is is not is not why I'm not buying lying shares. There are other reasons why I'm not buying shares. I look at my own portfolio and I feel like I've got retail pretty well covered now but holy cow. This is a business on fire. I I think that if you are if you do believe that retail is not dead and I happen to you know I happen to think that the the death of retail was was greatly overstated. Did you have to own a company like target. You don't have to own. Target target target is and will be a winner lows. Third quarter was a little confusing to me. I'll be honest. Wasn't confused. Barely yeah apparently not shares of Lowe's up about five percent this morning this this. This was not a this is not what we saw out of target same store. Sales came in low overall. Sales came in a little low. They did however raise guidance. Their their profits were better than expected. And and I'm assuming it was just sort of the marketing the good outweighs the bad in our minds. Well I mean this is the interesting thing about lows is that a is that home depot just reported in Home Depot's results. I mean if you just take them at face. Value were much better than lows but this is why investing investing is all about expectations in the short term because lows expectations were not great and home depot has been has been and firing on all cylinders for for for years now. This was a rare rare miss for them so yellows came out and said that they are. They're moving out of AH OUT OF CANADA THEY'RE closing. I think it's thirty four stores in Canada. They're doing some cost cutting but yeah it is. It is sometime sometime. Sometimes it is amazing to me. What the market like picks up on and decides his great or not great? Because absent any other you know absent anything else. Home Depot's report was much better than lows. You mentioned Canada. And you know on the one hand hands management saying no. We're committed to Canada but also closing and I think the number of locations. They had in Canada in two thousand eighteen. Eighteen was around sixty so I don't know if they're closing all they're closing thirty four that at a minimum. That's half of what they've got up in Canada. So maybe it's just a look. Let's hit the pause button and figure out how to make this work a that for all we know may contribute to a little bit of the bump today that you you know. It's all the credit in the world to retailers who make the tough decision to say you know what some of these locations that are performing as well. We're GONNA shut them down they have of A couple of concepts in Canada that that that they don't have in the. US One is called Rona. The other is called Reno Depot and those are primarily what. They're cutting in Canada so they're moving away from mostly from other concepts that they have and not from Loza closing six lows storage and you have to imagine. Imagine that that's a that's a consolidation. The reality in Canada is that it is made up of somewhat large cities and then you know so it it may just be that they felt like they had Too much capacity across these concepts Within the Canadian cities you go back a year and a half ago with lows the board sort of pushing out the CEO bringing in Marvin Ellison who made his bones at home depot in the year and a half. He's he's been in the corner office. The stocks up about thirty five percent so clearly getting things done although as you said this is a business that for the five to ten years has had lower expectations in part because it just hasn't performed as well. Yeah I think that's exactly right and and and you are. You're spot on on in that. It is admirable when a company looks at something. That's not working and says hey let's stop spending money on that. Let's stop trying to make that work. I mean that it. It doesn't seem like good news ever when a company says. Hey we're closing down things. But that's that's really not the case. So the fact that they've rip the band aid out offer I think is probably what the market is really focusing on and it's why the stock was up about six percent as we as we recorded our email address this is market hillary at full dot com questioned from Bassem album mastery whose name. I'm almost certainly. That was pretty good. Sorry about that. It's I would like your opinion on the Saudi Aramco. IPO This is projected to be the largest IPO in history however the New York Stock Exchange as well as the London stock. DOC Exchange are slowing it down and not giving approvals. What is the issue? And do you think this is something. The Motley fool would invest in given that Aramco is wholly owned by the government in an information. Usually coming from companies on calls would not really happen. Due to national security concerns. Would love to hear your opinion on this so when I was working with Motley fool asset management we actually held some shares in some Saudi companies. Dairy company and a bank Aramco is getting ready to come public and they're they're trying to raise. It's about you know they're selling one point. Five percent of the company which if it goes out at the one point six to one point seven trillion dollar caller valuation that the company and the Saudi government. One means it will be the largest. IPO In history larger than the ALIBABA IPO I po of a few years ago There is a there is a tried and true belief in investing that you should be buying what the king is selling because when a government prioritizes they're not looking to maximize the amount of money they make because they don't want their citizens who tend to be the ones who by to lose money right. They want the citizens to be happy with the privatization they want them to be happy with The the amount of money they're making so it is very note worthy that this is only being Is only going public on the Saudi market. The reason it's not going public public in the US or in Japan or in in the UK doesn't have as much to do with the exchanges because the exchanges would sell their grandmothers that they could get away with it. It's the fact that the big investment banks are not biting at this valuation. So they are not getting enough interest in so they're saying okay. We're just going to do it in Saudi Arabia. I don't see any so you know I don't see any real Chance that the Motley Fool's Services would own or recommend Aramco at these evaluations It could come down. I don't think that's good news for Saudi Arabia. But it's not something that I'm particularly invested or interested in other than as a spectator just so I didn't miss here. You could you say this is GonNa go public at a valuation of one point six trillion dollars Kinda blow past that making it overwhelmingly the large. Not just the largest IPO in history but the largest public company to the tune of fifty five five percent higher than whatever Microsoft or Apple. That's right that's right. It instantly comes out as you know as a charter member of the four Comic Club. Yeah it is. It is by not very close. The largest oil company in the world and the one that defines pricing because Getting oil out of the ground in Saudi Arabia is so much cheaper than it is almost anywhere else. Their their their their their cost of production is about two bucks a barrel. And you know you you look at some of their some of their comparable. It's it's twenty thirty forty dollars a barrel. So Saudi Arabia has a natural advantage and Aramco is is is the government owned entity but as with every other government owned entity and this one will still be ninety eight point five percent owned by the government you have to understand that. Prophets are not generally their highest order interest. Quick Shoutout to audible. We've got Thanksgiving next week.
Bloomberg Surveillance
Amazon, Ceo and Brian Cornell discussed on Bloomberg Surveillance
"Bloomberg the world is listening this is a bloomberg market minute stock index futures indicate a lower wall street open as investors i geopolitical concerns s and p futures down twenty points nasdaq futures down seventyfive dow futures lower by two hundred five nymex crude oil is lower by seven tenths percent at seventy one dollars and seventy one cents a barrel shares of tiffany are higher in premarket trading up about twelve percent the jewelers revamp is beginning to pay off it posted strong sales growth in the latest quarter and raised its profit forecast for the year target is down six and a quarter percent its investments to compete with amazon are taking a toll latest quarterly earnings missed estimates even though online sales surge urged target ceo brian cornell has made ecommerce a key part of his seven billion dollar turnaround plan an earlier this month cut some next day delivery fees.