Cargo Shipowners Cancel Sailings as Global Trade Flips From Backlogs to Empty Containers

Ocean carriers are canceling dozens of sailings on the world’s busiest routes during what is normally their peak season, the latest sign of the economic whiplash hitting companies as inflation weighs on global trade and consumer spending. The October cancellations are a sharp reversal from just a few months ago, when scarce shipping space pushed … Read more

Gen Z’s favorite brands, revealed

Data: Morning Consult; Note: Gen Z adults defined as ages 18-25; MOE ±1 percentage point for all adults, ±2 for Gen Z; Chart: Madison Dong/Axios Visuals The youngest generation of adults is so crazy for tech companies that YouTube, Google, Netflix and Amazon are their four favorite corporate brands, a new Morning Consult survey finds. … Read more

South Carolina man sentenced to almost four years in prison for Bethlehem Walmart theft scheme, prosecutors say

A man living in South Carolina was sentenced to almost four years in prison for organizing and participating in a scheme to steal and resell electronics from a Bethlehem Walmart while he was working in the store’s distribution center. Rusmaldy Jimenez-Hiciano, 38, of Goose Creek, was a long-time employee of the distribution center in 2017 … Read more

Sliding Earnings Forecasts Pose Next Test for Markets

Stocks finally snapped a three-week streak of losses. Whether they can keep up their recovery may depend in part on how the earnings season plays out next month. Analysts have cut their estimates for third-quarter earnings growth by 5.5 percentage points since June 30, according to John Butters, senior earnings analyst at FactSet. That is … Read more

Ocean Shipping Rates Have Plunged 60% This Year

Freight rates on the main ocean trade routes are sinking during what is typically the industry’s peak season after cargo owners shipped holiday goods early and inflation dented consumer demand. The cost to ship a 40-foot container from China to the US West Coast now stands around $5,400 a box, down 60% from January, according … Read more

Mississippi pilot facing charges for terrorist threats, after threatening to crash into Tupelo Walmart

TUPELO, Miss. — Authorities say a man who stole a plane and flew it over Mississippi after threatening to crash it into a Walmart store faces charges of grand larceny and terroristic threats. Tupelo Police Chief John Quaka said at a press conference that Cory Wayne Patterson did not have a pilot’s license but had … Read more

Why a Bearish Money Manager Likes Gambling Stocks and Is Ready to Dump Apple

Dan Niles thinks the stock market is headed lower. Maybe a lot lower. A Stanford University–trained electrical engineer who once worked at the old minicomputer giant Digital Equipment, Niles has focused on tech stocks for more than 30 years, initially as a sell-side analyst at Robertson Stephens and Lehman Brothers. He moved to the buy … Read more

Walmart Inc. stock outperforms market on strong trading day

Shares of Walmart Inc. wmt, +1.46% rallied 1.46% to $134.48 Thursday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX, +0.30% rising 0.30% to 3,966.85 and the Dow Jones Industrial Average DJIA, +0.46% rising 0.46% to 31,656.42. This was the stock’s second consecutive day … Read more

Canoo, the EV startup that scored a deal with the world’s largest retailer, is a mess under the hood

The push for the use of electric vehicles in the US is ramping up. Especially in California as the state just put a ban on gas-burning cars by 2035. Tony Aquila, the CEO of Canoo, a public EV company, is certain he can compete with brands like Tesla. But there’s one hurdle—Canoo hasn’t yet generated … Read more

Weekly Recap: Retailer Results Show Diverging Impacts of Inflation — Market Insight

Commentary by Adam Clark and Adria Calatayud Results from big US retailers were in focus last week as investors assessed the impact of inflation on consumer spending and parsed the latest signals from the Federal Reserve. With the earnings season nearing its close, companies including Walmart Inc., Target Corp., Home Depot Inc., Lowe’s Cos. and … Read more