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Fifty-three percent of America's chief financial officers expect a recession in 2020 and two-thirds predict a downturn. CFOs' optimism about the US economy is at three-year low. The reasons: Trump's tariffs and trade wars and a global manufacturing slowdown.
America's CFOs brace for a recession prior to the 2020 election
https://www.cnn.com/2019/09/18/busin...ion/index.html
Combined, AT&T and DirecTV have lost 1,322,000 subscribers in the past six months. "Cord cutters" are switching to streaming services such as Netflix, Hulu, Sling TV, YouTube TV and Amazon Prime Video. More competition is on the way: Disney+ launches in November and NBCUniversal Peacock launches in April. Maybe if AT&T and DirecTV didn't keep raising their prices and adding extra fees........nah, never mind. What was I thinking?
AT&T explores parting ways with DirecTV
Telecom giant considers fate of DirecTV satellite unit as cord-cutting saps subscriber base.
https://www.cnbc.com/2019/09/18/att-...g-sources.html
This headline gives the impression that Colt cares about gun violence and mass shootings. That is not the case. Colt decided to quit making AR-15s for consumers because almost everyone who wants a high-powered, semi-automatic gun already has one. Or two. Or three. Or more.
Colt will stop making AR-15 rifles for consumers
https://www.cnn.com/2019/09/19/busin...r15/index.html
The bad news: Eight people have died from vaping and more than 500 have developed breathing problems. The good news: Walmart will stop selling e-cigarettes......eventually. Walmart will continue to sell its existing inventory of e-cigarettes. For shame!
Walmart to stop sales of e-cigarette products
https://www.arkansasonline.com/news/...-cigarette-pr/
"We're going to pay this $40,000,000 fine but we're not saying we did anything wrong." Uh, yeah. Okay. You're not fooling anyone but yourselves.
Fiat Chrysler pays $40 million fine for lying about sales numbers with help of a 'cookie jar'
Business Insider, Sep 27 2019 3:07 PM ET
Fiat Chrysler agreed today to a $40 million fine to settle charges that it lied to investors for years about how many cars it was selling. The cooking of sales figures took place between 2012 and 2016 with the help of a database of unreported sales known internally as the "cookie jar," according to a statement from the Securities and Exchange Commission. Fiat Chrysler falsely claimed it had a prolonged period of sales growth when the streak of sales gains it was bragging about each month was a myth. The automaker did not admit to or deny any wrongdoing as part of the settlement.
https://www.cnn.com/2019/09/27/busin...ine/index.html
A husband and wife from South Korea established a Fashion 21 store in 1984 in Los Angeles. It sold women's clothing and accessories. It grew into a chain of more than 600 Forever 21 stores worldwide and the majority sell both men's and women's clothing. The original store is still called Fashion 21. The company just filed for bankruptcy and will close 178 stores and lay off hundreds of employees. "Forever" obviously doesn't mean what it used to.
Forever 21 files for bankruptcy protection, adding to retail apocalypse
https://www.msn.com/en-us/money/comp...pse/ar-AAI39Gv
Let this be a lesson to us all: Whenever you're going to die, notify DirecTV two years in advance.
DirecTV charges woman early termination fee after she dies at 102
https://www.msn.com/en-us/money/comp...102/ar-AAIaALW
Michael Gapen, Barclay's head of US economic research, said yesterday there is a 25-30% chance of a recession within the next 12 months.
The Dow has lost more than 700 points since Tuesday – but that's not the full story.
America's manufacturing slowdown may be spilling over to the rest of the economy.
https://www.cnn.com/2019/10/03/inves...day/index.html
Moody's has downgraded the outlook for the domestic steel industry from "stable" to "negative" amid falling demand and falling prices. Trump promised to revive the steel industry. It was one of many hundreds of promises he's failed to keep.
The entire American steel industry just got downgraded
https://www.msn.com/en-us/money/mark...ded/ar-AAIh0Ng
The Americans With Disabilities Act of 1990 guarantees disabled people "full and equal enjoyment of the goods and services of any place of public accomodation." The Supreme Court has refused to hear an appeal of a 9th Circuit Court ruling which holds that the Act protects access not just to stores and businesses but also to their apps and websites.
Supreme Court allows blind people to sue retailers whose websites are not accessible
https://www.latimes.com/politics/sto...court-disabled
Eighteen people (so far) have died from vaping and nearly 1,100 have suffered lung injuries. Kroger (which includes Ralphs, Fred Meyer, Fry's, Smith's, Dillons and Food 4 Less) and Walgreens are joining Walmart and Sam's Club in halting sales of e-cigarettes.
Walgreens, Kroger will stop selling e-cigarettes
https://www.usnews.com/news/health-n...g-e-cigarettes
More than 13,000 men have sued Johnson & Johnson because they were not warned that taking Risperdal could cause gynecomastia, an enlargement of the breasts. In the case of Nicholas Murray, the jury awarded $8 billion. That's $4 billion per breast. Of course Johnson & Johnson will seek to overturn the verdict.
Johnson & Johnson hid with $8 billion jury award over antipsychotic drug
https://www.msn.com/en-us/money/comp...rug/ar-AAIu80e
In 2014, California became the first state to ban single-use plastic bags in supermarkets. We can still get plastic bags for our groceries, though. The bags are larger and thicker – and the stores charge as much as 25¢ each for them. California then declared war on plastic straws, plastic forks and plastic food containers. The battle rages on:
California bans travel-size plastic shampoo bottles from hotels
https://www.cnn.com/travel/article/s...rnd/index.html
Investors alarmed by trade wars and a global economic slowdown are pulling money from equity funds – $60 billion in the last three months – and putting it into bonds and money-market funds, which have less financial risk.
Traders are pulling more money out of stock funds than at any point in the last 10 years
https://markets.businessinsider.com/...-10-1028597189
Uber, founded in March 2009 in San Francisco, reported a 2019 second-quarter loss of $5.2 billion. Yikes! Following today's announcement of a third round of layoffs, shares rose $1.01, a gain of 3.35%.
Uber lays off 350 more workers in last wave of cuts
https://www.cnn.com/2019/10/14/tech/...ees/index.html
Retail sales fell 0.3% in September, the first monthly decline since February. Automobile sales were down and department stores continue to lose business to online sellers.
US retail sales unexpectedly drop – a warning sign for the economy
https://www.latimes.com/business/sto...or-the-economy
In February 1960, Bil Keane began drawing The Family Circle, so titled because each daily comic was a single circular panel. In August, after the publisher of Family Circle threatened to sue Keene for trademark infringement, the comic was renamed The Family Circus. After Keane died in 2011, his son Jeff took over the strip. The magazine, meanwhile, will cease publication with its issue of December 2019.
Family Circle, a pillar of women's magazines, will shut down after 87 years
https://www.nbcnews.com/news/us-news...after-n1067901
Hurd spent 25 years with NCR, the last two as CEO. He became CEO of Hewlett-Packard in 2005 and resigned in August 2010 after investigators discovered he'd been submitting inaccurate expense reports. A month later, he was named co-CEO of Oracle.
Mark Hurd, co-CEO of Oracle and former head of Hewlett-Packard, dies at 62
https://www.cnbc.com/2019/10/18/mark...ies-at-62.html
In the 1980s, Pepsi and Coca-Cola battled for supremacy in what became known as "the cola war." It seems we now have a beer war brewing. (Ouch!)
Anheuser-Busch alleges MillerCoors stole its recipes and trade secrets
https://www.msn.com/en-us/money/comp...ets/ar-AAIZtMM
Hasbro stock fell almost 17% yesterday after the toymaker said it may have to raise prices because Trump's trade wars and tariffs are eating into its profits. You're familiar with the trade wars and tariffs, right? The trade wars and tariffs that Trump falsely laims are hurting China but not hurting Americans? Boeing, Caterpillar, Chipotle, Snap (parent company of Snapchat), Beyond Meat, Six Flags and Texas Instruments are among the many companies this week reporting slumping sales, lower profits and weak earnings forecasts.
The trade war is stinging Caterpillar and its outlook is dimming
CNN Business, Oct 23 2019 11:12 AM
The world's largest maker of construction and mining equipment warned today that more pain is coming. Caterpillar, a bellwether for the global economy, dimmed its 2019 earnings outlook. The company is moving swiftly to slash production and is exploring ways to cut costs. Caterpillar blamed the gloomy results on a decline in demand from dealers that supply the company's machinery to customers. Dealers slashed their inventories by about $400 million during the quarter. "We believe dealers reduced inventory due to uncertainty in the global economy resulting from trade tensions and other factors," CEO Jim Umpleby told analysts during a conference call. The company's revenue dropped 6% to $12.8 billion, significantly missing Wall Street's expectation for a slight increase.
https://www.cnn.com/2019/10/23/inves...omy/index.html