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Yahoo
20 minutes ago
- Yahoo
Consumer health is 'relatively sunny,' but some risks persist
Retail sales rose 0.5% in July, slightly below Wall Street's estimates. Meanwhile, preliminary consumer sentiment for August declined to 58.6 from the previous reading of 61.7. Bank of America Institute senior economist David Tinsley and Fitch Ratings senior director David Silverman join Market Catalysts with Julie Hyman to discuss the data and the health of the consumer. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. You mentioned the your bank's credit card data, which is a great source of what people are doing, sort of, in real time. What about its predictive ability, right? Are there any signs telling you whether, to David Silverman's point, you know, kind of whether that it is going to keep up going into the fall? Well, I'd point to two things in our latest report. Uh, and in a sense they're cross-cutting. One is, we see weakness at the lower income consumer end. So in our data there's virtually zero growth year-on-year in consumer spending for the bottom third of households by income. But the good news, I think, is that middle and higher income households are continuing to spend. So, I think, you know, that does bode uh, reasonably well in terms of going forward. And then the other thing I'd just mentioned is that when you look at some of the metrics of financial health for the consumer, like their ability, essentially, to spend on their credit cards, whether they're paying off their full balance every month, these look pretty good, better than they did in 2019. So, I think, you know, there's some, there's some, you know, clouds out there if you like, but by and large, the picture is still relatively sunny. Um, David Silverman, what about though, in particular, that low-income consumer? Um, who are the retailers that are sort of most exposed to that consumer? Can we expect that they are going to see some struggles? Yes, so, those, those retailers would be discounters and dollar stores are some of the primary examples. What's become interesting over the last couple of cycles is a lot of these retailers, uh, will both benefit and be negatively impacted by some of this dislocation in the low-end consumer. Uh, we could see trade down that benefits, uh, companies like Walmart and, and, and Target and Costco and, and Amazon. Uh, that being said, a lot of these companies, uh, over the last number of years have added discretionary products to their mix. Uh, and there's some risk that the low-end consumer pulls back on, uh, purchase of these types of items. Uh, so we could see some, some positives and some negatives, uh, that a bit offset each other, uh, as you know, the, the low-end consumer struggles a bit in the current environment.
Yahoo
26 minutes ago
- Yahoo
Duffy Group CFO on getting out of your comfort zone
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. In early 2024, Angelo Accomazzo left a 30-year risk management and strategic marketing career with the two largest bank holding companies in the U.S. to become the first CFO of a small executive recruiting firm. It's also his first CFO position. He wishes he had done it sooner. Accomazzo started his banking career out of college with JPMorgan Chase as a finance/MIS information analyst before moving to risk management at Bank of America three years later. He led consumer portfolio and consumer acquisitions risk management initiatives for most of his 26-year career with BoA. As senior vice president of marketing strategy most recently, Accomazzo was responsible for designing, implementing and measuring consumer marketing strategies against a full P&L view for the organization with more than 60 million customers. The right offer at the right time from the right person allowed Accomazzo to step out of his comfort zone and join executive recruiter Duffy Group as the 38-person firm's first CFO in early 2024. CFO, Duffy Group First CFO position: 2024 Notable previous employers: Bank of America JPMorgan Chase (Banc One) This interview has been edited for brevity and clarity. ANGELO ACCOMAZZO: I have a degree in finance, and thought I wanted to be an accountant when I started college. I changed my mind after taking a few accounting courses, but I did learn the basics. At Bank of America, I came to deeply understand how a consumer bank makes money and how to design, implement and measure alternative strategies for finding growth opportunities. That experience is really the foundation for what any CFO should be delivering to their company. I've known Duffy Group founder Kathleen Duffy for 25 years, so when the organization was ready to bring on a CFO, Kathleen knew she could trust me with the responsibility. The company is not terribly complex from an accounting perspective, which gave me confidence. And, when necessary, I'm able to draw on a pretty good bench of people who have expertise in areas that I don't. At Bank of America, I loved having access to world-class tools and big data, using both to make decisions and see the impact of those decisions. But what really appeals to me about where I'm at now is how we have a few hundred clients instead of 65 million customers. That means I can now manage something and see the impact immediately. Before, I would spend eight hours a day on conference calls and Zoom meetings. Now, I have time to really think and craft a strategy about how to expand our innovative model to help more hiring leaders. I can also help employees see how to leverage our data and sometimes use it to identify alternative ways of thinking about things. That energizes me. Unlike someone coming here with previous finance leadership experience, I don't have any expectations. It's a situation where it's not necessarily a bad thing when you don't know what you don't know. "I'm enjoying where I am and what I'm doing now so much that I wish I had stepped out of my comfort zone sooner and taken a chance on this kind of opportunity." Angelo Accomazzo CFO, Duffy Group But to that point, I'm now starting to focus on building a network of other professionals in similar realms. My consumer banking network is excellent, but I want to network now with people who have similar objectives to mine. I have long been interested in exploring a smaller organization, but the timing was never right from a family financial security standpoint. The bank also provided an environment where if I was really interested in something different, I could pursue it without going to a new employer. That kept me in my comfort zone. I'm enjoying where I am and what I'm doing now so much that I wish I had stepped out of my comfort zone sooner and taken a chance on this kind of opportunity. Early in my career, I always had a little bit of that imposter syndrome because I was surrounded by so much intelligence and talent. But when I got out in the community and volunteered, I discovered how much I have to offer and that I can affect change. That was a big 'aha' for me. Be passionate about deeply understanding how your company makes money because it helps frame strategic decisions. The CFO role today involves driving strategy. You can't do that without truly understanding how the company makes money. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Bank of America Raises Dell (DELL) Target, Eyes AI-Driven Growth Potential
Dell Technologies Inc. (NYSE:DELL) is one of the most undervalued cybersecurity stocks to buy now. On July 18, Bank of America maintained its ratings on Dell Technologies Inc. (NYSE:DELL), while increasing its price target from $155 to $165. The stock is currently trading at $139.16, meaning BofA thinks there is an 18.5% upside for the stock. The firm expects IT hardware companies like Dell Technologies Inc. (NYSE:DELL) to benefit from the growth of enterprise/sovereign AI over the next decade. A team of IT experts discussing the latest network security trends over a laptop screen. In August, Macquarie Data Centres partnered with Dell to deliver AI infrastructure in Australia. The collaboration will see the Dell AI Factory with Nvidia hosted in the former's upcoming IC3 Super West data centre, built to support high-performance AI workloads. This joint venture targets heavily regulated sectors like healthcare and finance, aligning with Australia's national push for secure and sovereign AI capabilities. In May, the company announced a battery of updates for its AI Factory offerings to help enterprises easily deploy, manage, and scale AI. The updates include new AI computers, energy-efficient data center inventions, and collaborations with tech giants like Meta and Nvidia. By taking care of the main obstacles to AI's adoption, Dell is positioning itself as an important cog in AI-enabling. Dell Technologies Inc. (NYSE:DELL) offers a comprehensive suite of end-to-end cybersecurity solutions to enterprises, including data protection, recovery capabilities, and threat detection. While we acknowledge the potential of DELL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Battery Technology Stocks to Buy Right Now and 10 Best Military Tech Stocks to Buy Now Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
