(Reuters) -American Eagle Outfitters Inc on Wednesday missed second-quarter profit estimates and said it would pause quarterly dividend as it fortifies its finances against a hit from inflation, sending its shares down over 14% after market. The apparel maker would also freeze hiring, cut non-critical expenses and lower capital spending, Chief Executive Officer Jay Schottenstein…
(Reuters) -U.S. firms reported economic activity was unchanged in July through late August, with further softening expected over the next year even as they saw some tentative greenshoots in the ongoing battle against labor shortages and price pressures, a Federal Reserve report showed on Wednesday. The U.S. central bank released its latest summary of feedback…
(Reuters) – American Eagle Outfitters Inc reported a loss for the second quarter on Wednesday and said it would pause quarterly dividend as it strives to tide through lower demand due to inflation, sending its shares down 14% after market. With the United States on the edge of a recession, and prices of food and…
By Stephen Nellis (Reuters) -Apple Inc introduced new iPhone 14 models capable of using satellites to send emergency messages and an adventure-focused Ultra Watch for sports like diving and triathlons. The outdoor-focused products will test whether Apple’s relatively affluent customer base will keep spending in the face of rising inflation. Prices of the high-end iPhone…
By Carolina Mandl (Reuters) – U.S. stock indexes climbed on Wednesday following a recent selloff as bond yields eased, while investors await more clarity in the Federal Reserve’s monetary policy tightening plans. The technology-heavy Nasdaq led gains among the main indexes, looking to snap a seven-session losing streak. Shares in Amazon.com Inc were up 2.0%….
Starbucks said Wednesday it will reinstate seven employees who were fired in February after leading an effort to unionize their Memphis store. The seven will get their jobs back after the Seattle-based coffee giant lost an appeal of a lower court’s order to reinstate them. Starbucks said the employees violated company policy by reopening the…
By Stephen Nellis (Reuters) -Apple Inc on Wednesday showed a trio of new Apple Watches, including a new Watch Ultra model aimed at extreme sports and diving, testing its user base’s willingness to keep snapping up new products amid a weakening global economy. The Watches made their debut at an event called “Far Out” at…
By Howard Schneider WASHINGTON (Reuters) – The U.S. Federal Reserve will maintain tight monetary policy “for as long as it takes to get inflation down” Fed Vice Chair Lael Brainard said Wednesday in the central bank’s latest affirmation that fighting price pressures is its chief priority. “At some point,” Brainard said, the risks that Fed…
Movie theater operator Cineworld Group LLC has filed for Chapter 11 bankruptcy protection in the U.S. as it deals with billions of dollars in debt and lower-than-expected attendance at screenings. “The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led…
WASHINGTON (AP) — The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period, a top Fed official said Wednesday. In her remarks to a banking industry conference, Fed Vice Chair Lael Brainard echoed similarly tough comments about inflation…
