Latest news with #SaltLakeCity
Yahoo
14 hours ago
- Business
- Yahoo
Amazon Gave Prime Day Shoppers More Time to Browse. Many Went to Walmart.
(Bloomberg) — Inc (AMZN). executives doubled the length of their summer Prime Day sale this year to give customers extra time to browse the vast selection of deals and discounts. There was a downside. With rising prices top of mind, shoppers surfed the web comparing deals, and a lot of their dollars went to Walmart Inc. (WMT) instead. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Walmart's weeklong 'Deals' event that ended July 13 outperformed Amazon's longest-ever Prime Day by several metrics. Spending on grew by 24% from its comparable deal period a year ago, six times faster than Amazon Prime Day's year-over-year growth, according to credit and debit card transaction data compiled by Bloomberg Second Measure. Walmart's web traffic increased 14% while Amazon's was flat, and Walmart's app use grew by 22% compared with Amazon's 3%, according to consumer research firm Similarweb. Amazon still dominates the $1.3 trillion e-commerce market in the US, capturing an estimated 40 cents of every dollar spent online, and Walmart's online metrics are growing from a smaller base. Amazon's 403 million web visits during its four-day sale didn't grow from a year earlier but were still nearly six times those on Walmart for the same period. But Walmart's online momentum shows loyal Amazon shoppers can be lured away with discounts. Second Measure, which gathers data from a panel of 20 million US consumers, captured this phenomenon — showing that 8% of Amazon Prime Day customers also shopped online at Walmart this year, up from 5% in 2024. Competing sales give shoppers a greater sense of control during economic uncertainty, encouraging them to spend, said Deborah Weinswig, chief executive officer of Coresight Research in New York. 'Shoppers are more willing to do the work and navigate across multiple websites,' she said. 'We saw people spending a lot more time browsing and comparing prices.' In an emailed statement, an Amazon spokesperson said: 'These third-party data do not accurately reflect the highly positive customer response to this year's Prime Day, which saw meaningfully stronger growth and customer engagement than suggested and delivered record-breaking sales and savings that surpassed all previous Prime Day events.' Amazon launched its summer sale in 2015 to attract new Prime members who pay $139 a year for shipping discounts, video streaming and other perks. Before long, rival retailers started offering competing events. In an effort to capture the surge in spending, Adobe Inc. began measuring sales for all US retailers during the Amazon event. This year, over the four-day period ending July 11, those sales increased 30.3% to $24.1 billion, according to the firm. Walmart is Amazon's biggest online threat thanks to its size and ability to negotiate low prices. Five years ago, the company launched its own membership program to rival Amazon's. Called Walmart+, it offers similar perks to Amazon Prime for $98 a year. Walmart has also been beefing up its marketplace business, which hosts third-party merchants. The company said almost three times as many sellers participated in its sale than a year ago, helping the retailer boost its product assortment. Shantel Bew, a 52-year-old project manager at a telecommunications firm, shopped both Amazon and Walmart during their sales. 'I was surprised by the cost of things at Amazon,' said Bew, who splurged on apartment essentials for her daughter's move to law school. She dropped $1,600 on Walmart for a couch, mattress and bed frame, cocktail table, barstools and other furniture. She spent $378 on Amazon for pots and pans, a dish rack, cutlery and other kitchen items. Measuring spending on Amazon during Prime Day is a tricky endeavor. The dates shift, and the company doesn't consistently release key performance metrics about the sale. Amazon said this year's Prime Day was 'bigger than any previous four-day period that included a Prime Day event.' Firms that work with online merchants can provide a window into what's happening during the sale. Momentum Commerce, a brand adviser that tracked $750 million in US Amazon transactions across a variety of product categories and price points, said spending rose 4.9% during this year's event. After the first day of the sale, Momentum had projected 9.1% growth. Second Measure arrived at a similar estimate of 4%. Both firms compared the Prime Day 2025 sale to last year's two-day event plus the following two days. Analysts and investors watched this year's Prime Day especially closely for hints of consumer sentiment amid a trade war that has clouded the economic outlook. Tariffs tend to be inflationary because they push up the cost of imported goods. But because tariff negotiations are ongoing, it's difficult to know where prices will settle — making shoppers skittish but willing to splurge if they spot a deal on something they need. Amazon Prime Day shoppers favored everyday essentials like dish soap and paper plates over more expensive televisions and luxury goods. Walmart sold a lot of socks and underwear, and benefited from an earlier-than-normal back-to-school season, with shoppers snatching up crayons and glue sticks. 'Consumers saw it as a chance to stock up,' said Katherine Black, a partner at consultancy Kearney. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. 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
15 hours ago
- Business
- Yahoo
Treasuries Slip as Trade Deal Hopes Sap Demand for Haven Assets
(Bloomberg) -- US Treasuries fell for a second day as investors trimmed exposure to haven assets on optimism that the US will reach more trade deals after clinching a pact with Japan. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom The 10-year Treasury yield traded 2 basis points higher at 4.40%. The two-year yield rose 1 basis point, to 3.89%. Investors await a fresh dose of supply from an auction of 10-year inflation-indexed notes later. Deals between the US and its trading partners before Aug. 1 are spurring risk-on moves in markets, leading investors to shun the safety of government debt. The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations. Another pressure point for Treasury traders is a dispute between President Donald Trump and Federal Reserve Chair Jerome Powell over construction works, which the president has criticized for cost overruns. In recent days, Trump has said that he didn't plan to fire Powell before the end of his term, but hasn't fully closed the door over removing the central bank head over his handling of the Fed's $2.5 billion renovation project. 'The mounting risk of the Fed being seen as acting more on a political than a fundamental level is a sizable threat to long-end rates over the medium term,' Rabobank strategists wrote in a note. Powell has resisted escalating pressure from the White House to cut interest rates. Slowing growth as a result of tariffs could bolster the case for lower rates, said Mohit Kumar, chief European strategist at Jefferies International. 'Our bias would be for rates to head lower in August, as we expect the employment data to slow over the coming months,' Kumar wrote in a note. Data on initial jobless claims and manufacturing activity are due later. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
18 hours ago
- Automotive
- Yahoo
Tesla Braces for Rough Quarters Ahead as US Ends EV Incentives
(Bloomberg) -- Elon Musk warned of difficult times ahead for Tesla Inc. after one of the automaker's worst quarters in over a decade. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Tesla will be a transition period for the next year or more, losing electric vehicle incentives in the US and needing time to roll out autonomous vehicles, the chief executive officer said. 'We probably could have a few rough quarters,' Musk said. 'But once you get to autonomy at scale in the second half of next year, certainly by the end of next year, I would be surprised if Tesla's economics are not very compelling.' Tesla shares fell as Musk spoke after the close of US trading. The move carried over into Thursday, with the stock dropping as much as 6.7% early in the premarket session. Musk's comments were his starkest yet on the fallout for Tesla from the tax and spending bill President Donald Trump signed this month. In addition to phasing out $7,500 tax credits for EV purchases, the law gutted federal fuel-economy standards that have generated significant revenue for Tesla over the years. The Tesla CEO's blasting of the bill — he called it a 'disgusting abomination' — solidified Musk's break from Trump days after he left a prominent role in the administration. Tesla reported adjusted earnings of 40 cents a share, missing Wall Street's already lowered estimates. Revenue fell 12% to $22.5 billion, the sharpest decline in at least a decade. Vehicle deliveries slumped and the average selling price of its cars dropped. The company also reported falling sales from energy generation and storage, and said costs from tariffs increased around $300 million. The impact of the levies is expected to grow in the coming quarters. Tesla's traditional carmaking business is struggling in the face of rising competition and continued fallout from Musk's political activities. Investors have largely been willing to look past sales declines and toward the CEO's promises related to artificial intelligence, robots and self-driving technology. This quarter, however, Musk put more emphasis on the amount of turbulence standing in the way of Tesla starting to see payoff from these investments. 'There are some teething pains as you transition from a pre-autonomy to a post-autonomy world,' Musk said. On the conference call, executives spent relatively little time discussing the EV business, spending portions instead talking about a planned expansion of Tesla's recently launched robotaxi service, a new diner opened in Los Angeles, and whether the company may invest in the CEO's AI startup. Musk also reiterated his desire for a greater ownership stake in Tesla, suggesting it should be higher in order to prevent his ouster by any activist investor. His multibillion-dollar Tesla payout was gutted by a Delaware judge late last year, and the company is appealing the ruling and has moved its incorporation to Texas. 'I think my control over Tesla should be enough to ensure that it goes in a good direction, but not so much control that I can't be thrown out if I go crazy,' Musk said. Polarization Tesla's brand has become increasingly polarizing following Musk's support of Trump. During his brief role helping the administration, Musk's attempts to slash government spending generated criticism from many of Tesla's traditionally left-leaning consumers, while some investors worried the project was a distraction. A number of analysts have adjusted their expectations downward in recent weeks. Chief Financial Officer Vaibhav Taneja warned that the recently passed US tax-and-spending bill will hurt demand. Revenue from regulatory credits — an area that has become a significant revenue stream for the company — fell more than 26% to $439 million in the second quarter. That's down from $595 million in the first quarter and $890 million in the same period a year earlier. That income is expected to drop sharply as the Trump administration eliminates penalties for automakers that fail to meet federal fuel economy standards. Trump and Musk have clashed since last quarter, when the Tesla CEO said he would be significantly reducing his time in Washington. Affordable Vehicle Tesla also reported the 'first builds of a more affordable model in June.' The company had previously said production of its long-awaited more-affordable model would begin in the first half of this year. The model, which Musk said would resemble a Model Y, is seen as a key factor to helping reverse the declining sales. On the company's robotaxi, Tesla said it aims to further improve and expand the service, which began this summer in Austin. Future growth could be in California, Nevada, Arizona and Florida, he said. Executives estimated the network could reach 'half of the population of the US by the end of the year,' but the company will still need certain regulatory approvals, including for the Bay Area, where Musk said the company would expand to next. Gene Munster, managing partner at Deepwater Asset Management, said Tesla offered positive comments on areas such as its driver-assistance program and robotaxi — but noted investors were looking for more near-term specifics on autonomy. 'All eyes are on how Austin is going to play out and we didn't hear much,' Munster said. He said Tesla offered little on key robotaxi milestones, such as how the company will scale its fleet. 'Investors were hoping to hear something and they didn't hear it,' he said. --With assistance from Esha Dey. (Updates with early US trading in the fourth paragraph.) Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P.
Yahoo
19 hours ago
- Automotive
- Yahoo
Why Are Blink Charging (BLNK) Shares Soaring Today
What Happened? Shares of EV charging infrastructure provider Blink Charging (NASDAQ:BLNK) jumped 8.8% in the afternoon session after the company announced a partnership with Universal Media to launch a new charging station concept that combines electric vehicle charging with digital advertising. The new "EV Totem" concept featured dual 55-inch high-definition digital displays positioned above the charging units for high visibility. The first installations became operational at a high-traffic retail and lifestyle center in Salt Lake City, Utah. This collaboration aimed to create new revenue streams for businesses and property partners by offering real-time, location-based ad targeting. For Blink, a leading owner and operator of EV charging equipment, the partnership represented a strategic move to integrate dynamic media experiences with its charging infrastructure, with plans to expand the concept to other high-traffic locations. After the initial pop the shares cooled down to $1.19, up 3% from previous close. Is now the time to buy Blink Charging? Access our full analysis report here, it's free. What Is The Market Telling Us Blink Charging's shares are extremely volatile and have had 74 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 2 days ago when the stock gained 10% on the news that the company announced an expanded collaboration with Belgian office property company Group Bernaerts to increase its electric vehicle charging footprint in the country. Under the agreement, which builds on a partnership started in 2022, Group Bernaerts plans to double its current 88 Blink charging stations to at least 176 by the end of 2025. The chargers are located across various properties in the Belgian cities of Antwerp and Mechelen. This expansion in the European market signals Blink's continued growth and addresses the rising demand for EV charging solutions in multi-tenant properties. The news provided a significant boost to the stock, which has faced profitability challenges despite maintaining a healthy balance sheet with more cash than debt. Blink Charging is down 20.7% since the beginning of the year, and at $1.19 per share, it is trading 65.1% below its 52-week high of $3.41 from July 2024. Investors who bought $1,000 worth of Blink Charging's shares 5 years ago would now be looking at an investment worth $167.84. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Sign in to access your portfolio
Yahoo
a day ago
- Sport
- Yahoo
Memphis basketball players on NBA Summer League rosters, including Dain Dainja, Lester Quinones
NBA Summer League got under way July 5 − with the California Classic in San Francisco and the Salt Lake City Summer League − and it goes into full swing July 10 in Las Vegas. And, just like most years, Memphis basketball is well represented. A host of former Tigers who suited up for coach Penny Hardaway at one time or another will try to make a name for themselves in front of NBA scouts and executives. Some have already shone this year. David Jones-Garcia scored 25 points for the San Antonio Spurs in a win over the Golden State Warriors on July 6. Dain Dainja dropped 13 points for the Miami Heat against the Los Angeles Lakers on July 5. Here's a rundown of all the former Tigers who will be in action during summer league. Dain Dainja, Miami Heat The undrafted 6-foot-9 big man dominated down the stretch for Memphis in 2024-25, finishing as the team's leading rebounder and its second-leading scorer en route to first-team all-AAC honors. In his professional debut, Dainja scored 13 points and had three rebounds and two steals. Moussa Cisse, Dallas Mavericks The undrafted 6-11 center played two non-consecutive seasons for the Tigers (2020-21 and 2024-25). He was the primary starter the first half of the season before becoming Dainja's backup. Cisse signed an Exhibit-10 contract (a one-year, minimum-salary NBA deal) with the Mavs on June 26. The Mavs' first summer league game is against the Lakers on July 10 (7 p.m., ESPN). Nick Jourdain, New York Knicks Jourdain, a 6-9 Clifton, N.J., native, spent two seasons at Memphis and played in 65 games (60 starts). David Jones-Garcia, San Antonio Spurs The bucket-getting wing (who went by David Jones during his one season, 2023-24, at Memphis) was undrafted in 2024. He initially signed with the Philadelphia 76ers, then signed with the Utah Jazz. But he never got into an NBA game last season, instead spending the majority of his time with the Mexico City Capitanes of the G League. Nae'Qwan Tomlin, Cleveland Cavaliers The do-it-all forward went undrafted after playing the final 21 games of the 2023-24 season at Memphis. Tomlin eventually signed a two-way deal with the Cavs and played in five games for Cleveland (including one start) last season, averaging 7.2 points and 4.2 rebounds. Jonathan Pierre, Washington Wizards The 6-9 undrafted forward spent the past season at Belmont (14.5 points per game). Before that, Pierre played one season (2023-24) for Hardaway, putting up modest results (1.8 points, 0.7 rebounds a game). His collegiate career began at Nova Southeastern (Division II). Damion Baugh, Charlotte Hornets Baugh, who finished his career at TCU, spent his first two seasons in college at Memphis. After going undrafted in 2023, he signed with the Lakers, then the Knicks, then the Hornets. Last season, he played in 15 games (two starts) for Charlotte, averaging 7.3 points, 3.7 assists and 3.3 rebounds per game. MORE: Inside Penny Hardaway's push for Memphis basketball to prioritize high school recruiting again Lester Quinones, New Orleans Pelicans The well traveled guard − ironically, one of the last Tigers to play multiple seasons at Memphis without transferring − is with his third organization since going undrafted in 2022. First, he signed with the Warriors, splitting time between the G League and Golden State for two seasons (41 total games played for the Warriors). Next, he signed with the 76ers, playing four games before being waived. Then, on March 3, 2025, he signed a two-way deal with the Pelicans. Kaodirichi Akobundu-Ehiogu, Denver Nuggets The 6-10 center played one season (2022-23) at Memphis. This is his second time playing in the summer league (Mavs, 2023). Akobundu-Ehiogu most recently played professionally in Italy. Landers Nolley II, Philadelphia 76ers After beginning his collegiate career at Virginia Tech, Nolley spent two seasons at Memphis before transferring to Cincinnati. Undrafted in 2023, the shooting guard signed with the Pelicans before spending time in the G League (Birmingham Squadron) that year. Since then, he has bounced around, playing professionally in Venzuela, Greece and Taiwan. Boogie Ellis, Phoenix Suns The former Tigers guard, who spent two seasons at Memphis (2019-21) before transferring to USC, signed with the Kings in 2024. He was then part of a trade that sent him to the Noblesville Boom (the Pacers' G League affiliate). Reach sports writer Jason Munz at follow him @munzly on X. This article originally appeared on Memphis Commercial Appeal: Memphis basketball players on 2025 NBA Summer League rosters
