Despite a surplus of inventory and weak sales of out-of-date clothing, Gap Inc. reported a surprise quarterly profit on Thursday due to demand for dressier clothing under its Banana Republic brand. As more people go out to social events and offices, people are choosing suits, dresses, and skirts over casual clothing. Demand for affordable luxury,…
The stocks of Affirm Holdings Inc., the buy-now-pay-later lender, were hit following the firm predicting its revenues for the full year of 2022 well below the expectations of Wall Street. There was an 11 per cent drop in the stocks of the company in morning trading on Friday, highlighting the wider decline in the fortunes…
With regard to the first COVID-19 vaccine accepted in the United States, Moderna has filed a law suit against Pfizer and its German partner BioNTech over patent infringement, claiming that they appropriated technology that Moderna had developed years prior to the latest pandemic. Prior to the bell, Pfizer stock dropped 1.4 per cent, while BioNTech fell about 2 per…
In its fiscal fourth quarter, Peloton, a maker of connected fitness equipment, reported widening losses and declining sales on Thursday. The company is attempting to win back investors by making cost reductions and strategic changes. A day after the stock soared more than 20% on news of its partnership with Amazon, shares fell more than…
The PlayStation 5 game console’s recommended retail price was increased by Sony on Thursday in a number of international markets, citing the challenging global economy and high inflation. The price increases took effect immediately, with the exception of Japan, where they started on September 15. Sony won’t be raising the PS5’s price in America. “The…
As consumers splurged on upscale skin care and fragrances without being deterred by inflation-induced higher prices, Coty Inc. on Thursday exceeded Wall Street expectations for fourth-quarter revenue. After falling 30% this year, the company’s shares were up about 4% in premarket trading. The “lipstick effect,” where higher-income consumers indulge in smaller luxuries because their plans…
Due to ongoing logistical and supply chain issues, Honda Motor Co. announced on Thursday that it would cut its production plans by up to 40% in Japan at the beginning of September. Even Japanese automakers have been cautiously optimistic about the news that the chip shortage that led to repeated production reductions is subsiding. Early…
Toyota is rethinking its India strategy, betting that if the price is right, emerging markets will fall in love with its hybrids. The Japanese automaker, best known for its pioneering Prius, has struggled to sell large numbers of its hybrid Camry sedan in India since its debut in 2013, owing in part to a sticker…
According to Yonhap news agency, a new US law that excludes electric vehicles that are assembled outside of North America from tax credits could convince South Korea’s Hyundai Motor Co to move the start date for building projects of an EV and battery factory in the US to this current year. Hyundai Motor announced in May that…
Ben & Jerry’s will be sold in Israel and the West Bank under the Hebrew and Arabic names agreed to by Unilever. A US judge has denied Ben & Jerry’s request to halt a deal struck by Unilever that allows its ice cream to be sold in Israeli settlements in the occupied West Bank. Unilever…
