Stocks are nearing all-time highs, with the S&P 500 rising for the seventh consecutive day, driven by optimism despite geopolitical risks and tariff announcements from President-elect Trump. The index is on track for its 52nd record this year, with analysts predicting continued gains into 2025. Meanwhile, corporate performances varied, with notable declines for Amgen and Kohl's, while Eli Lilly benefited from potential government support for weight-loss drugs.
Kohl's has revised its annual sales forecast downward, anticipating a 7% to 8% decline, amid weak holiday shopping demand and a leadership change. The company reported a 9.3% drop in comparable sales for the third quarter, marking its eleventh consecutive decline, as consumers gravitate towards bargain retailers. CEO Tom Kingsbury's unexpected exit comes just before the critical holiday season, with Ashley Buchanan set to take over in January.
Kohl’s Corp. has reduced its full-year sales forecast due to declining demand in its apparel and footwear sectors. As a result, the stock plummeted 11% in premarket trading, marking a 36% decline for the year, in stark contrast to a 26% gain for the Russell 1000 Index.
Mattel has recalled thousands of its “Wicked” dolls after a packaging error directed consumers to a pornographic website instead of the official movie site. Major retailers, including Target and Walmart, have removed the dolls from their shelves, while resellers are capitalizing on the situation, listing the misprinted dolls on eBay for prices ranging from $40 to $2,100. Mattel is taking steps to address the issue and has advised consumers to discard the misprinted packaging.
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