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Walmart is scaling back its diversity, equity, and inclusion (DEI) initiatives, including removing some LGBTQ merchandise from its website and winding down its Center for Racial Equity. The company will no longer allow third-party sellers to offer certain LGBTQ-themed items and has ceased sharing data with LGBTQ advocacy groups. These changes come amid pressure from conservative activists and follow the U.S. Supreme Court's decision to strike down affirmative action programs.
On November 25, 2024, major analyst calls were made regarding several prominent companies, including Nvidia, Apple, Tesla, Palantir, Robinhood, MicroStrategy, Target, and Amazon. These evaluations are expected to influence market trends and investor decisions in the coming days.
US retailers are extending Black Friday deals into weeks-long sales events to stimulate consumer spending, which is showing signs of slowing. Major retailers like Walmart, Amazon, and Target are offering significant discounts, yet general merchandise sales fell 3% year-on-year as consumer confidence remains low amid persistent inflation concerns. Despite forecasts of nearly $1 trillion in holiday sales, growth is expected to be the slowest since 2018, prompting retailers to incentivize purchases across different income levels.
Thanksgiving dinner costs are historically low this year, averaging $58.08 for a 10-person gathering, a 5% decrease from last year. While food prices have risen 19% since 2019, median household wages have increased by about 25%, making this year's meal more affordable when adjusted for inflation. Retailers are competing with promotions, offering various meal packages that cater to different preparation preferences.
US corporations are significantly investing in solar and energy storage, with Meta leading in solar capacity and Google in energy storage. The Solar Energy Industries Association reports nearly 40 GW of solar capacity and over 1.8 GWh of storage installed by companies like Amazon, Target, and General Motors, driven by incentives from the Inflation Reduction Act.
Target's recent earnings miss is attributed to higher freight costs and a decline in discretionary spending, exacerbated by a short-lived U.S. port strike. Despite preemptively increasing inventory, trade data reveals no significant surge in imports compared to last year, indicating deeper issues with consumer demand and strategy. As a result, Target faces elevated inventory levels and increased discounting to clear stock, while Walmart continues to gain market share.
Bitcoin surged to a record $95,000 amid significant market shifts, while Target faced its largest earnings miss in two years, resulting in a 21% drop in shares and nearly $12 billion in lost market value. Nvidia reported record growth, and Ford announced 4,000 job cuts in Europe as oil prices rose due to geopolitical tensions. Google is under pressure regarding its Chrome browser amid these developments.
Nvidia's quarterly report showed adjusted earnings and revenue exceeding expectations, with a 94% year-over-year revenue increase, yet the stock fell in extended trading. Analysts are optimistic about holiday sales growth for Amazon and view Apple as a strong investment, while Target's earnings miss led to a cut in guidance, contrasting with Walmart's strong performance. The S&P 500 Financials sector continues to rise, with JPMorgan's stock facing a downgrade amid its significant gains this year.
Jim Cramer highlighted a shift in consumer behavior, emphasizing that loyalty is now driven by value rather than brand names, as evidenced by Target's significant revenue miss and a 21% drop in shares. In contrast, Walmart's success in e-commerce and affordability showcases the current market dynamics. Cramer also noted that this focus on value extends to tech companies like Nvidia, which continues to thrive due to the perceived worth of its high-end products among enterprise customers.
Walmart's stock soared to an all-time high, while Target's plummeted to a 52-week low following disappointing earnings. Target reported its largest earnings miss in two years, attributing it to a decline in discretionary spending and increased costs, while Walmart raised its full-year forecast, benefiting from a stronger sales performance and gaining upper-income shoppers. Analysts express concerns over Target's market share loss to competitors like Walmart and Amazon, highlighting issues with its merchandise mix and execution.
Target Corporation
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walmart scales back diversity initiatives and removes LGBTQ merchandise from website
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