Brazil antitrust body oks Petz, Cobasi merger, says local media
The approval could mark Cade's final green light for the merger, unless an appeal is filed within 15 days. If this happens, the case could be decided by an internal Cade panel.
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Reuters
5 minutes ago
- Reuters
Wall St futures slip after Walmart results; Fed meet in focus
Aug 21 (Reuters) - U.S. stock index futures edged lower on Thursday, as investors analyzed big-box retailer Walmart's quarterly results for clues about the health of the American consumer, ahead of the Federal Reserve's three-day conference in Jackson Hole. Walmart (WMT.N), opens new tab raised its fiscal year sales and profit forecasts, driven by strong demand from shoppers across all income levels, who have turned to the world's largest retailer amid rising product costs. However, shares of the retailer fell 2.5% in premarket trading. The company has implemented minimal price hikes compared to competitors and promised to maintain low prices, as well as stocked up on affordable discretionary products to draw in more customers. Investors are also trying to gauge how U.S. tariffs would impact holiday sales later this year, after reports from other retailers such as Target (TGT.N), opens new tab and Home Depot (HD.N), opens new tab earlier this week had painted a mixed picture. The week also witnessed a sharp decline in technology stocks such as Nvidia, AMD, Palantir and Meta signaling investor fears that the equities, which have soared since April lows, are now overvalued, while Washington's growing interference in the sector has also raised alarms. The selloff could also be a result of investors paring back their stock exposure during a traditionally rocky period for equities, according to the Stock Trader's Almanac. "Equities could be more at risk of volatility amid this week's selloff in AI-related stocks on the back of renewed doubts about AI valuations," said Raffi Boyadjian, lead market analyst at brokerage XM. "Although dip buyers have stepped in to stabilize the market, it's too early to rule out a further slump in mega-cap tech stocks." In premarket trading, Nvidia (NVDA.O), opens new tab, Advanced Micro Devices (AMD.O), opens new tab and Palantir (PLTR.O), opens new tab were marginally up, while Meta (META.O), opens new tab slipped 0.3%. At 07:17 a.m. ET, Dow E-minis were down 145 points, or 0.32%, S&P 500 E-minis were down 11.25 points, or 0.18% and Nasdaq 100 E-minis were down 22.25 points, or 0.10%. Boeing (BA.N), opens new tab gained 1.5% after a report suggested the plane maker was in talks to sell as many as 500 jets to China. Among other market movers, Coty (COTY.N), opens new tab slumped 20% after the beauty products maker forecast a drop in current-quarter sales on weak U.S. spending. The Fed's annual symposium is expected to kick off on Thursday, with Powell scheduled to speak on Friday at 10 a.m. ET. Traders are looking for any commentary from Chair Jerome Powell that would signal an interest rate cut in September following recent job market weakness. Minutes from the central bank's July meeting showed on Wednesday that policymakers had struck a cautious tone and expect the current interest rates to be not far above the neutral level - where economic activity is neither stimulated nor constrained. Traders have pared back odds of a 25-basis-point interest rate cut in September to 79% from 99.9% last week, according to data compiled by LSEG. A weekly report on jobless claims, a private report on business activity and remarks from Atlanta Fed President Raphael Bostic, are also expected on Thursday.
The Independent
33 minutes ago
- The Independent
Walmart reports solid second-quarter sales and profits despite a challenging tariff environment
Walmart Inc. reported increases in second-quarter profits and sales Thursday as it continues to pull in price-sensitive shoppers for everyday essentials like groceries despite a challenging tariff environment. The Bentonville, Arkansas-based company, the nation's largest retailer, also increased its annual profit and sales outlook. It's among the first group of major U.S. retailers this week to report quarterly results that should shed more light on how consumers are coping with rising prices because of higher tariff costs. The company said Thursday that it earned $7.03 billion, or 88 cents per share, for the three-month period ended July 31. That compares with $4.50 billion, or 56 cents per share, a year ago. Sales rose nearly 5% to $177.40 billion. A growing list of companies including Procter & Gamble, Cosmetics, Black & Decker and Ralph Lauren have told investors in recent weeks that they plan to or have already raised prices because of tariffs, though modestly. None of that has derailed consumer spending. Shoppers spent at a healthy pace in July, particularly at the nation's auto dealerships, even as President Donald Trump's tariffs start to take a toll on jobs. However, some of that spending could have been shoppers buying furniture and other items to get ahead of the expected price increases, analysts said. On Tuesday, Home Depot, the nation's largest home improvement retailer, reported improved sales during its latest quarter as consumers remained focused on smaller projects amid cost concerns and economic uncertainty. But its performance missed Wall Street's expectations. The Atlanta-based company also said shoppers should expect modest price increases in some categories as a result of rising tariff costs, though they won't be broad-based. Target, which has been struggling to reverse a persistent sales malaise, announced a new CEO to take over in February. It reported another decline in comparable sales and said would only raise prices as a last resort. Chief Commercial Officer Rick Gomez said shoppers are focusing on value and so the discounter is leaning more into its store label brands, which tend to be less expensive than its national labels. But it's Walmart that serves as a barometer of spending given its outsized power in the retailing landscape. Walmart maintains that 90% of American households rely on the retailer for a range of products, and more than 150 million customers shop on its website or in its stores every week. Walmart had said back in May that prices had started to increase in late April and got higher in May. But it said a bigger sting would start to be felt in June and July when the back-to-school shopping season went into high gear. Analysts were expecting 73 cents per share on sales of $175.93 billion for the quarter, according to FactSet. Per share results, excluding effects of charges related to certain legal matters and from business restructuring, was 68 cents. Walmart's U.S. comparable sales — those from established physical stores and online channels — rose 4.6% in the latest quarter, slightly higher than the 4.5% gain in the fiscal first quarter. The business was fueled by groceries and health and wellness items, the company said. Global e-commerce sales rose 25%, above the 22% growth in the fiscal first quarter. The company said Thursday it expects earnings per share to be in the range of 58 cents to 60 cents for the current quarter. Analysts expect 57 cents per share, according to Factset. Walmart also expects sales to be anywhere from 3.75% to 4.75% for the current period. For the year, Walmart is raising is per share estimates to a range of $2.52 to $2.62, up from the previous estimate of a $2.50 to $2.60 range. Analysts are expecting $2.62 per share, according to FactSet. Sales are anticipated to increase to 3.75% to 4.75% up from 3% to 4% growth it projected in May.
Reuters
34 minutes ago
- Reuters
Walmart hikes annual forecast as low price focus draws shoppers
Aug 21 (Reuters) - Walmart (WMT.N), opens new tab on Thursday raised its fiscal year sales and profit forecast, driven by strong demand from shoppers across all income levels, who have turned to the world's largest retailer as they worry about rising costs. The company's results show it has continued to benefit from growing price sensitivity among Americans, with revenue of $177.4 billion in the second quarter. Analysts on average were expecting $176.16 billion, according to data compiled by LSEG. Consumer sentiment has weakened due to fears of higher inflation, hitting the bottom lines of some retail chains, but Walmart's sales have remained resilient. The retailer expects annual sales to grow in the range of 3.75% to 4.75%, compared to its prior forecast of a 3% to 4% increase. Adjusted earnings per share is expected in the range of $2.52 to $2.62, compared to its previous range of $2.50 to $2.60. The Bentonville, Arkansas-based chain got a boost from a sharper online strategy as more customers relied on home deliveries. Its global e-commerce sales jumped 25% during the quarter, and it touted that one-third of deliveries from stores took three hours or less. Walmart's total U.S. comparable sales rose 4.6%, fueled by solid demand in grocery, health and wellness, and online sales, beating analysts' estimates of a 3.8% increase, according to data compiled by LSEG. Average spending at the till rose 3.1% from 0.6% last year. It logged 40% growth in marketplace sales, including electronics, automotive, toys, and media and gaming. The retailer had warned it would increase prices this summer to offset tariff-related costs on certain goods imported to the U.S., a move that drew criticism from President Donald Trump. Several other apparel, footwear, and packaged goods retailers have issued similar warnings in response to import tariffs. A day earlier, Target (TGT.N), opens new tab warned of tariff-induced cost pressures, even as it reiterated that price increases would be considered only as a last resort. Two-thirds of Walmart's U.S. sales were from domestically-sourced products, executives had said last quarter, which gave it some insulation from tariffs compared to competitors. Walmart's projection of third-quarter sales at $168 billion was below Wall Street estimates for sales of $176.33 billion.
