Skip to content Good luck with your iPhone purchase in Moscow.
Apple banned the sale of all its products in Russia on Tuesday as more companies withdrew from the country.
Consumers who want to order products such as iPhones, iPads and Macs from Apple’s Russian website received a “Delivery: Not Currently Available” message late Tuesday.
Although Apple has no official stores in Russia, its devices are widely sold through third-party vendors. Apple told reporters that it “stopped all exports to our sales channel in the country” last week, which means that stores in Russian cities may soon be left without an iPhone.
Apple also said in a statement that it was banning Russian state-controlled news outlets RT and Sputnik from its app store in every country except Russia.
Apple has stopped all sales in Russia amid Vladimir Putin’s invasion of Ukraine.
Mikhail Svetlov
U.S. users who tried to download the RT app late Tuesday were told “this item is no longer available.”
In addition, Apple is removing traffic and “live incident” features from Apple Maps in Ukraine, which it says is a “safety and security measure for Ukrainian citizens” amid Vladimir Putin’s invasion.
This reflects a similar measure taken by Google over the weekend, when it disabled live traffic on Google Maps after the tool and was used to track the movements of Ukrainian and Russian troops, as well as civilians.
Russian consumers, who tried to order products on Tuesday, were told they were “currently unavailable”.
Other companies, including Nike and Volvo, withdrew their products from Russia after the country’s brutal invasion of Ukraine.
Apple’s move comes days after Ukraine’s Deputy Prime Minister Mykhailo Fedorov wrote a personal letter to CEO Tim Cook urging the company to ban Russia from using Apple products and services – including the App Store.
“We are sure that such actions will motivate the youth and the active population of Russia to actively stop the shameful military aggression,” Fedorov wrote.
However, some analysts said that excluding Russians from the app store would make it very difficult for them to obtain accurate information about the war in Ukraine.
Other major technology companies have also taken steps they say will help protect Ukrainians from Russian invasion. The mother of Facebook Meta, YouTube and Twitter, owned by Goggle, has placed restrictions on Russian state media, including RT and Sputnik.
Good luck with your iPhone purchase in Moscow.
Artyom Geodakyan
Apple suspends sales in Russia, bans propaganda applications for the war in Ukraine Read More »
Two years later a pandemic brought Target Corp. TGT 9.84% billions in sales, the retailer wants to continue to grow by building more e-commerce stores and centers and new business lines.
Sales rose at the Minneapolis-based retailer in the last quarter, aided by more store traffic during the holiday season and growth in its commodity categories, including food, clothing and household goods.
Comparable sales, which include sales from stores or digital channels operating for at least 12 months, rose 8.9 percent in the quarter ended Jan. 29 from a year earlier, the company said. Digital sales increased by 9.2%.
For the full year, Target’s revenue reached $ 106 billion, compared to $ 77.1 billion for the year ended February 1, 2020, before the pandemic overturned the global economy and consumer buying patterns.
Other big retailers like Walmart Inc. reports strong sales growth in the last fiscal year, including the holiday shopping period. These retailers have been able to use their powerful and e-commerce networks to address labor shortages due to the Omicron variant, supply chain problems and rising prices.
Smaller retail chains, such as Kohl’s Corp. KSS 2.12% they said the delay in the arrival of inventory in stores has slowed sales growth, and the complexity of the pandemic has reflected profits in recent months.
The Covid-19 pandemic strained global supply chains, causing backlogs, which increased costs. Some companies are now looking for long-term solutions to prepare for future supply chain crises, even if these strategies cost a fortune. Photo illustration: Jacob Reynolds
Consumer spending remains high even as prices rise. In January, expenditures rose by 2.1% seasonally adjusted compared to the previous month, while personal incomes remained stable, the trade ministry said. However, studies show a growing gloom among consumers during the last phase of the pandemic, combined with the effects of inflation, among other events.
“Consumers are still worried about Covid, but they are looking for that note of normalcy in their lives,” Target CEO Brian Cornell told analysts on Tuesday.
Financial performance in the first two years of a pandemic will be difficult for many retailers to replicate. Target expects earnings and adjusted earnings per share to grow at a slower pace this year than 2021. Kohl’s, which also reported quarterly financial results on Tuesday, forecasts net sales in fiscal 2022 to increase by 2% to 3% , compared to almost 22% increase the previous year.
Another chain of department stores, Nordstrom Inc., predicts revenue growth will slow to between 5% and 7% this year, but said that as a result of improvements in its business, it may resume dividend payments in the current quarter after a nearly two-year hiatus.
Target is focusing on investing in its stores while increasing digital sales, company executives told analysts at an event in New York on Tuesday. About 19% of Target’s total sales are now digital, up from 8.8% in 2019. Most of these sales come from in-store inventory – store workers pack orders for home delivery or for delivering to customers in car parks.
The company is building large sorting centers, large warehouses that use automation to quickly pack same-day delivery orders near urban centers such as Chicago to expand the business faster, executives said. He also plans to expand Roundel, his internal media operation that works with brands and advertising agencies, to a $ 2 billion operation over the next few years.
Dedicated shares rose 9.8% in trading on Tuesday.
Kohl’s relies on partnerships like the one it has with cosmetics retailer Sephora to help boost sales. He also plans to invest in his physical locations, including moving goods such as active clothing to the front of stores.
The latest report from the department store chain is also coming, as it repulses criticism from investor activists. He rejected a $ 9 billion takeover offer from a consortium backed by hedge fund Starboard Value LP. The rejection drew criticism from Jonathan Duskin, a managing partner at Macellum Advisors GP LLC, which has a 5% stake in the retailer and is pushing for changes to the board.
On Tuesday, CEO Michelle Gus dismissed criticism that the company’s board was not open to opportunities to increase shareholder value. Kohl’s also said it would double its quarterly dividend and buy back at least $ 1 billion of its shares this year, which Ms Gass said in an interview as proof of the company’s confidence in its strategy.
“While we have great confidence in our future, we are testing and evaluating this plan against other alternatives,” she said.
Kohl shares rose 2.1%.
In response to inflation, Target seeks to keep prices lower than competitors this year, executives said. “We have a lot of leverage to fight costs and the price is the one we pull last, not first,” said Michael Fidelke, the company’s chief financial officer.
How the biggest companies perform
The company expects severe labor market and supply chain problems to continue this year and is monitoring consumer spending without benefiting from government incentives, he said. On Monday, Target said it would offer hourly workers a minimum wage of $ 15 to $ 24 and expand the group of eligible employees.
Target is also monitoring the situation in Ukraine to determine whether there will be a wider impact on the supply chain, Mr Cornell, the chief executive, told reporters. Although the company does not supply products directly from Ukraine, executives said the company would use its scale to be flexible in dealing with any changes.
Write to Sarah Nassauer at [email protected] and Charity L. Scott at [email protected]
Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Target profits increase when annual revenues exceed $ 100 billion Read More »
Traders based on the NYSE, February 28, 2022
Source: NYSE
Equity futures rose on Tuesday night as oil prices rose amid the ongoing conflict between Russia and Ukraine.
Dow Jones Industrial Average futures rose 94 points, or 0.2%. The futures of the S&P 500 and Nasdaq 100 also added 0.2%.
Profits increased several shares in expanded trading. Nordstrom jumped more than 35% due to strong gains, while SoFi grew by about 20%.
In regular trading, the Dow fell 597 points, or 1.76%. The S&P 500 lost 1.55% and the Nasdaq Composite fell 1.59%.
Energy prices rose on Tuesday as Russia continued its attack on Ukraine. West Texas Intermediate crude futures fell above $ 107 a barrel on Tuesday night, hitting a seven-year high.
“This dramatic dislocation is due to a flight to safety, where US production is seen as more reliable than other global sources,” said Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, of the WTI jump. “However, this is unlikely to continue once the situation in Ukraine stabilizes.”
Investors are watching closely for oil prices, which could trigger inflation, stifle the economy and create challenges for the Federal Reserve in policy-making.
Energy stocks were high on the market on Tuesday as bank stocks took a hit, dragged down by a sharp drop in government securities yields, in a rush to secure bonds amid stock market turmoil.
The 10-year reference fell below 1.7% on several points during Tuesday’s session.
Fed Chairman Jerome Powell will testify before Congress on Wednesday to give a six-month monetary policy update. With fears of a Russian invasion of Ukraine causing a turmoil in the financial world, Wall Street has quietly lowered its expectations for Fed action.
Powell now has the task of telling Congress this week that the central bank will do more to control inflation at a time when markets expect it to do less.
Selection of stocks and investment trends by CNBC Pro:
Investors are also looking forward to ADP’s employment figures, due out Wednesday, as well as mortgage application numbers.
President Joe Biden will deliver his first address on the state of the Union on Tuesday night. Investors may be listening to updates on its economic agenda, although the global response to the conflict in Ukraine is likely to dominate instead.
The earnings season continues, with several technology companies reporting on Wednesday. Okta, Pure Storage and C3 AI will report after the market closes. ChargePoint should also report after the bell.
Equity futures are rising slightly amid the jump in oil prices, the conflict in Ukraine Read More »
Ukrainians are buying more bitcoins than ever to defend their holdings while countering an attack from neighboring Russia.
A report published on Tuesday by Arcane Research, showed that Ukrainians are using Binance, the world’s largest cryptocurrency exchange, to acquire stable Tether and Bitcoin coins with a bracelet. (A Ukrainian hryvnia currently costs about $ 033.)
Arcane data show that the 24-hour trade in the Tether bracelet rose from just over $ 6 million just before the invasion to about $ 8.5 million. Over the past six weeks, the volume has rarely exceeded $ 3 million. In addition, 24-hour bitcoin bracelet transactions rose from $ 1 million to $ 3 million.
“Like the Russians, Ukrainians are buying crypto as never before,” the report said. “Many Ukrainians are worried that the country’s banking system may collapse and seek to use crypto as a safe haven.
The report adds that Ukrainians fleeing the country will be able to “bring some of their wealth with them” – hence the jump in trade.
Since Russia invaded Ukraine on February 24, interest in cryptocurrency has skyrocketed in both nations.
The Ukrainian government today said will receive Polkadot – the 11th largest cryptocurrency by market capitalization – after donations of over $ 20 million in Bitcoin, Ethereum and USDT flooded to assist the army.
1/6 I understand the rationale for this request, but despite my deep respect for the Ukrainian people, @krakenfx we cannot freeze the accounts of our Russian clients without a legal requirement to do so.
The Russians must be aware that such a requirement may be inevitable. #NYKNYC https://t.co/bMRrJzgF8N
– Jesse Powell (@jespow) February 28, 2022
Cryptocurrency activity grew up in Russia as the ruble fell, most of this activity included bitcoin and Binance.
Meanwhile, stock exchanges are also facing growing pressure to impose a total ban on transactions involving Russian addresses. Coinbase and Kraken have both said no.
https://decrypt.co/94164/ukrainians-use-binance-to-buy-record-sums-of-bitcoin-after-russian-invasion
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Inscription of GoodRx on the outside of Nasdaq on the day of its IPO, September 23, 2020
Source: GoodRx
Shares of the GoodRx prescription service fell 39% to a record low on Tuesday after the company reported weaker-than-expected earnings and issued a disappointing forecast.
GoodRx allows users to search for the cheapest place to find a prescription and gives them a coupon to take to the pharmacy. The company makes money from advertisements on its website and fees for recommended services that hit during the Covid-19 pandemic.
“The reality is that the effects of Covid-19 have lasted longer than we expected, and the impact on our business is greater than expected,” said Trevor Bezdek, co-CEO of GoodRx, during the call for profit. “I want to admit that we underestimated the length of time that Covid-19 will affect our business.
GoodRx reported fourth-quarter revenue of $ 213.3 million, with analysts missing an average estimate of $ 217.5 million, according to FactSet.
The closure of some medical offices and the reluctance of consumers to see a doctor during the pandemic have led to fewer prescriptions and recharges in the last two years, Doug Hirsch, another co-executive director of GoodRx, said in an interview.
“There is this huge gap that we thought we would just fill, but then a lot of people just chose not to come back. [to doctors]”There seems to be this constant gap of users who are not diagnosed and do not receive the treatment they need.”
For investors, the company’s forecast is particularly problematic. GoodRx estimates 23% year-over-year growth of about $ 917 million. According to FactSet, analysts expected $ 963 million.
“We get smarter with each new wave of Covid,” Hirsch said. “I think right now we have two years of understanding literally when the doctor’s office is closed or when the consumer doesn’t leave home.”
GoodRx also offers telehealth services. He bought the startup HeyDoctor in 2019 so that consumers can recharge their medicines and get advice on their prescriptions. And there’s a service called GoodRx Gold that offers a monthly subscription of $ 9.99 for customers who have many prescriptions.
GoodRx went public in September 2020 and took off from the gate, with shares peaking at $ 64.22 this month. With the fall on Tuesday, the shares are now trading at a price lower than $ 16.73, about 50% below the place where they debuted at the IPO. The company’s market value fell to 6.7 billion dollars.
I WATCH: The GoodRx co-CEO is discussing the growth of his subscription business
Shares of GoodRx fell 39% after losing revenue, a weak forecast Read More »
US stock indexes fell and bond yields fell on Tuesday as oil prices rose to multi-year highs as Russia’s invasion of Ukraine continued to pass through markets.
Stock markets were shattered in 2022, with the S&P 500 and Nasdaq posting their worst bienniums from March 2020 to the beginning of the year. The war in Ukraine has further exacerbated investor sentiment: although only 1% of S&P 500 companies’ revenues come from Russia and Ukraine, according to FactSet, investors are still worried about the turbulent effect on the global economy. The geopolitical crisis came when economies were already facing the highest inflation in decades, huge pressure on central banks to raise interest rates.
“We now have this shock, and this shock involves the biggest risk: sustained high inflation,” said John Mayer, chief investment officer at Global X ETFs.
The S&P 500 fell 67.68 points, or 1.5%, to 4,306.26 on Tuesday. The Dow Jones Industrial Average lost 597.65 points, or 1.8 percent, to 33,294.95, while the technology Nasdaq Composite fell 218.94 points, or 1.6 percent, to 13,532.46.
Oil prices rose above $ 100 a barrel to their highest level since 2014. Brent crude, the international oil figure, rose $ 7 a barrel, or 7.1%, to $ 104. $ 97. European reference gas prices jumped by more than 24%. Members of the International Energy Agency agreed on Tuesday to release supplies from oil reserves in a bid to contain rising crude oil prices.
Shares of energy companies rose along with oil prices, with Occidental Petroleum rising $ 3.06, or 7%, to $ 46.79 and Chevron adding $ 5.72, or 4%, to $ 149.72. According to oil executives, bankers and traders, refineries have refrained from buying Russian oil, while banks have refused to finance supplies of Russian goods. Russia is the largest exporter of gas and a major supplier of crude oil.
The assets of a safe harbor were sought after, raising gold prices and putting pressure on government bond yields. Gold prices rose $ 43 an ounce, or 2.3 percent, to $ 12.40.40. Yields on US 10-year benchmarks fell to 1.708 percent on Tuesday, its fourth-lowest close this year, with investors betting the Federal Reserve won’t act so aggressively to curb inflation. German government bond yields fell in negative territory for the first time since January. Yields decrease with rising bond prices.
The decline in government bond yields also dragged down bank stocks. The KBW Nasdaq Bank index of major US commercial creditors lost more than 6%.
Global stock indices have been volatile in recent days as investors try to assess the potential global economic impact of the invasion and the resulting sanctions. Limited supplies of Russian goods could boost inflation, but investors hope the overall effect on the world’s largest economies will be dampened.
“We are in a situation where I do not believe there is a real book,” said Eric Merlis, managing director of corporate risk decisions at Citizens.
Bitcoin prices rose 5.3 percent to $ 43,869.58 from 5pm on Monday. The invasion of Ukraine sparked a demand for cryptocurrencies, helping to raise bitcoin and other coins.
The Russians are queuing up to use ATMs as ordinary citizens begin to feel the impact of Western allies’ sanctions on the country following Moscow’s invasion of Ukraine. Meanwhile, the Moscow Stock Exchange remained closed on Tuesday. Photo: AP Photo / Dmitry Lovetsky
In the corporate news Target’s shares jumped $ 19.66, or 9.8%, to $ 219.43 after the trader reported strong sales during the holiday season. Albertsons rose $ 2.25, or 7.7%, to $ 31.40 after the supermarket chain said it had launched a strategic review. The human resources software company Workday earned $ 11.28, or 4.9%, to $ 240.33, after reporting earnings late Monday that exceeded forecasts.
“The question here is, can the economy continue to push forward through these segments and avoid contractions?” Said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Company.
Ceasefire talks have so far yielded no concrete results. Russia and Ukraine have agreed to further talks, and investors have welcomed the fact that some have taken place. However, Moscow is pouring manpower and equipment into the country, and Russian forces have adopted a strategy to break up civilian areas in an attempt to demoralize the resistance.
“I am not sure what we will see from the negotiations, but there will be no stopping on the ground, because [Russian President Vladimir] “Putin needs to leave this war with something to show,” said Hani Redha, a portfolio manager at PineBridge Investments.
New York Stock Exchange traders on Monday.
photo: Allie Joseph / Nyse / Zuma Press
Russian markets have been hit hard by the invasion and subsequent sanctions, with investors dumping Russian stocks. The sharp, sudden rise in interest rates from the country’s central bank helped the ruble fall. Tradeweb Markets Inc. a leading bond trading platform, removed Russian securities on Tuesday, citing Western sanctions.
The Russian ruble withdrew against the dollar on Tuesday after falling nearly 30% on Monday. Market data services showed limited price updates this week, suggesting that few transactions are taking place. Russia’s stock market, which collapsed last week, remained closed. This has created a gap between the pricing of some funds with large exposures to Russia and the value of their underlying assets.
In Europe, the pan-continental Stoxx Europe 600 fell 2.4%. The London Stock Exchange has suspended trading in shares of Russia’s VTB Bank after the exchange announced that the Bank of New York Mellon had resigned as the company’s depository. JPMorgan Chase also stopped trading two funds due to the crisis in Ukraine.
In the Asia-Pacific region, stock markets were mixed. Japan’s Nikkei 225 rose 1.2 percent, while Hong Kong’s Hang Seng rose 0.2 percent.
Write to Hardika Singh at [email protected] and to Will Horner at [email protected]
Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Shares are falling, oil has again exceeded $ 100 amid sanctions Read More »
The company said in a statement that it was “deeply concerned” about the Russian invasion and that in response it had “paused all product sales” in the country. Apple also said it has restricted access to digital services, such as Apple Pay, in Russia and has restricted access to Russian state-owned media applications outside the country.
“Last week we stopped all exports to our sales channel in the country. Apple Pay and other services were limited. RT News and Sputnik News are no longer available for download from the App Store outside of Russia,” Apple said. “And we have deactivated both traffic and live incidents on Apple Maps in Ukraine as a safety measure and precautionary measure for Ukrainian citizens.”
Apple’s decision comes as technology companies face growing public pressure to act against Russia. The Ukrainian government last week asked Apple to stop offering its app store in Russia, but some security and democracy experts said it could hurt Russian consumers protesting the Kremlin and relying on Western organizing tools.
Facebook, YouTube and Twitter have begun battling content shared by Russian media amid growing pressure from European officials to act against pro-Russian propaganda. Netflix also said it refused to broadcast Russian state television channels in the country.
Following the news of Apple’s decision on Tuesday, the Minister of Digital Transformation of Ukraine Mykhailo Fedorov tweets that Apple CEO Tim Cook must “get the job done” and again called on the company to “block” access to its app store in Russia.
Apple stops all product sales in Russia Read More »
Buyers leave the Nordstrom store on May 26, 2021 in Chicago, Illinois.
Scott Olson Getty Images News Getty Images
Nordstrom on Tuesday reported better-than-expected earnings and sales for the holiday quarter, prompting retailers to offer an optimistic outlook for next year, despite continuing concerns in the supply chain and rampant inflation.
Shares of Nordstrom jumped more than 35% in after-hours trading immediately after the report. Nordstrom is currently among the stocks with the most short trades, with 22% of its shares available for short sale.
Importantly, retailer has called for improvements in its off-price business, Nordstrom Rack, amid a report that the company is reviewing potential segments of the segment after its poor performance in recent quarters.
For its fourth fiscal quarter, Nordstrom said Rack’s net sales fell 5% over the two-year period, a steady improvement from the previous quarter, when its off-price segment fell 8% from 2019.
However, the segment lags behind Nordstrom’s overall business, with this revenue stream recovering to virtually equal levels with 2019 levels.
During the pandemic, Rack struggled to procure goods as he relied on other brands of clothing to unload items to sell on release. With less clothing inventory, the company has difficulty storing shelves. Rack also competes with other chains at lower prices, including TJ Maxx, Ross Stores, Burlington and Macy’s Backstage.
Nordstrom CEO Eric Nordstrom said in a statement that the department store chain is focused on three key things: improving Nordstrom Rack’s productivity, increasing profitability and optimizing the supply chain and inventory flow.
Here’s how the retailer performed in its fourth quarter compared to what Wall Street expected, according to a study by analysts at Refinitiv:
Earnings per share: $ 1.23 versus $ 1.02 expected
income: $ 4.49 billion against the expected $ 4.35 billion
Nordstrom’s net profit for the quarter ended January 29 rose to $ 200 million, or $ 1.23 per share, from $ 33 million, or 21 cents per share, a year earlier. This exceeds the earnings per share forecast of $ 1.02, according to Refinitiv.
Total revenue, including credit card sales, rose to $ 4.49 billion from $ 3.65 billion a year earlier. That exceeds estimates of $ 4.35 billion. Net sales, which do not include credit card revenues, increased by 23% during the year, but decreased by 1% compared to 2019 levels.
The department store chain said that its categories of home, active, designer, cosmetic and children’s are the most prominent, as buyers were looking for comfortable clothing and more items to decorate their homes.
Suburban shops also continue to perform better than urban areas, it said. This is largely due to the lack of international tourists in the United States
Digital sales, boosting in the early days of the pandemic by keeping consumers at home, fell 1% from the same period in 2020. However, they rose 23% on a two-year basis and accounted for 44% of total revenue for the quarter.
Growth forecasting
In the coming months, Nordstrom hopes – like other retailers – that consumers will return to offices, parties, concerts and other social venues. His business is ready to take advantage, as buyers spend money to freshen up their wardrobes.
Nordstrom said on Tuesday that it has so far been encouraged by the resumption of consumer travel following the launch of the omicron option.
For fiscal 2022, Nordstrom sees revenue, including credit card sales, up 5% to 7% from 2021. Analysts had expected growth of 3.7%.
He sees earnings, excluding the impact of any share repurchase activity, in the range of $ 3.15 to $ 3.50 per share. That’s far ahead of the $ 2.01 share earnings forecast.
Pete Nordstrom, president and CEO, said Nordstrom is focused on balancing inventory levels with demand. During the pandemic, the company struggled to bring seasonal items into stores at the right time due to poor planning and lagging behind in the supply chain.
Nordstrom said it ended the fourth quarter with more inventories than planned, but expects those levels to fall from first-quarter sales.
The company also advertises a growing media advertising platform that allows brands to pay and advertise on its website. Retailers from Macy’s to Target to Best Buy are investing in their own advertising platforms as a new revenue stream.
“We believe we have a meaningful opportunity to improve both the consumer experience and our financial performance,” Pete Nordstrom told analysts during a conference call on profits.
Ahead of a long jump in trading on Tuesday, Nordstrom shares fell about 14% year on year.
Find the full Nordstrom financial press release here.
Nordstrom (JWN) reports lower revenue for the fourth quarter of 2021 Read More »
