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Arkansas visits skidding Miami in battle of veteran coachesStock up the eggnog — you're gonna need it. The holidays are here and that means joy to the world, coming together with your loved ones and spending a ton of money on gifts. Related: Fed inflation gauge ticked higher in October amid consumer spending boost This is the most important time of the year for retailers, given the spike in consumer spending. Holiday shopping is crucial for the chains' overall sales. The National Retail Federation expects holiday sales to grow between 2.5% and 3.5% from a year earlier, to a total of $980 billion from $955 billion. The forecast includes e-commerce, which is expected to grow 8% to 9%, totaling between $295 billion and $300 billion. 🚨 Don’t Miss this amazing Black Friday Move! Get 60% off TheStreet Pro. Act now before it’s gone 😲 “I am optimistic about the pace of economic activity in the final quarter of the year,” Jack Kleinhenz, the trade group's chief economist, said. "Given third-quarter spending performance and comprehensive upward revisions in late September for income, spending and the savings rate, I have increased confidence in the economy’s strength and the near-term outlook," he added. Americans voted to send Donald Trump back to the White House in January. The president-elect wasted no time in rattling a few cages when he vowed to impose a 25% tax on all imports from Mexico and Canada, along with an additional 10% tax on imports from China. Several retailers recently released their quarterly results and investment firms have been adjusting their ratings and stock prices accordingly. Bloomberg/Getty Images Kohl's CEO says results were disappointing Kohl's ( KSS ) started the holidays off on a sour note, as the department-store chain missed Wall Street's fiscal-third-quarter earnings expectations, lowered its full-year guidance and said CEO Tom Kingsbury would step down as of Jan. 15. Kohl’s shares are down 45% this year and off nearly 32% from a year ago. Related: Home Depot stock leaps after Q3 earnings, 2024 forecast Kingsbury spoke bluntly to analysts about the results during the company's earnings call . "They did not meet our expectations and were frankly disappointing," Kingsbury said. "Sales have been a challenge for us throughout 2024 and weakened further in Q3. Over the last several quarters, we have implemented a significant amount of change across our assortment, value strategies, and in-store experience." Kingsbury, who was president and CEO of Burlington Stores ( BURL ) from 2008 to 2018, said Kohl's leadership believed these actions would make the company more competitive in the long term, But he added that "we undervalued the short-term impact this change could have on our sales performance." "We are not satisfied with our performance and are taking aggressive action to reverse the sales declines," he said. Kingsbury was the company's interim CEO starting in late 2022, succeeding former CEO Michelle Gass, who took the helm at Levi Strauss ( LEVI ) in November 2022. He became permanent CEO in early 2023. Ashley Buchanan will take over as CEO effective Jan.15. Buchanan has been CEO of arts and crafts retailer Michaels since 2020; prior to that post she held senior executive roles at Walmart ( WMT ) and the retail giant's membership warehouse chain Sam's Club during her 13 years at the company. Kingsbury will stay on in an advisory role and remain a director through his retirement in May. Baird downgrades Kohl's to neutral Baird downgraded Kohl's to neutral from outperform with a price target of $18, down from $25, according to The Fly. The investment firm said that a number of issues reduce its conviction in the value case for KSS shares: ongoing pressure in Kohl's core apparel and footwear business, implying share losses during the back-to-school period; greater comparables volatility as management iterates on changes to the operating model, and the pending change of CEO. Baird analysts see opportunity for comparisons and margins to stabilize and improve as changes take hold, but with the timeline uncertain amid intense competition, the stock's risk/reward balance appears even today. Bank of America Securities analyst Lorraine Hutchinson cut the firm's price target on Kohl's to $15 from $18 and affirmed an underperform rating on the shares. Related: Billionaire Bill Ackman makes big bet on major consumer stock The move came after management cut fiscal 2024 guidance for sales, comparable sales, operating margin and EPS to reflect continued challenges in the core business and expectations for a highly competitive holiday. Hutchinson also noted the new CEO announcement and while she says Buchanan's customer-facing expertise from Michaels should provide value, the analyst expects many of Kohl's core challenges to remain. Burlington: Holiday sales started strong Burlington Stores reported higher sales in the latest quarter and said the holiday selling season has started strong. Total sales increased 11% in the fiscal third quarter on top of 12% sales growth last year, CEO Michael O'Sullivan said. "The major driver of this growth is our new-store opening program," O'Sullivan told analysts. "We continue to be very pleased with the performance of our new stores, and we are excited by the strength of our new-store pipeline." The executive said that the company’s back-to-school sales dropped significantly due to temperatures having been much warmer than they were a year earlier. Related: Veteran fund manager issues dire warning on stocks "Unseasonably warm temperatures do not just impact the [comparable] sales trend for cold-weather merchandise," O'Sullivan said. "They're also a drag on overall traffic coming into the store, which affects every business. Anyway, even leaving aside this additional point, we are very encouraged with our underlying comp sales trend." B of A's Hutchinson raised the investment firm's price target on Burlington Stores to $350 from $315 and reiterated a buy rating on the shares. Warm weather and hurricanes hurt Q3 comparable sales at Burlington. But the investment firm models fiscal 2024 sales growth of 8%, driven by a 2.5% comparable and an outsized benefit from productive new stores, adding that Burlington has "outsized sales and margin recovery opportunities." Evercore ISI raised the firm's price target on Burlington Stores to $340 from $315 and kept an outperform rating on the shares. More Retail Stocks: Even with outsized weather exposure, Burlington stayed within same-store sales guidance and managed the profit and loss statement well. That's despite what Evercore says was "the biggest intraquarter peak-to-trough same-store-sales deceleration the off-pricers have seen in years" in Q3. While weather was slightly worse than expected in Q3, the firm said it sees no change to the long-term story and doesn't think comparable sales in a quarter with severe weather headwinds are "a true indicator of the progress being made to sustain competitive off-price comps and with relatively strong margin performance." Best Buy misses on revenue in Q3 Best Buy ( BBY ) missed Wall Street’s third-quarter revenue expectations and cut its full-year sales forecast. The company’s shares are up nearly 14% year-to-date and up 28% from a year ago. "Our sales performance was impacted by overall softer-than-forecasted customer demand during September and October," CEO Corie Sue Barry told analysts during the company's earnings call . "We attribute this to a combination of overall ongoing macro uncertainty, customers waiting for deals and sales, and distraction during the runup to the election, particularly in nonessential categories." Related: Warren Buffett just sold 3 massively popular stocks Barry said the electronics retailer had expected lower demand between sales, "but the impact was even steeper than we estimated." "In the last few weeks, as the holiday sales begun and the election is behind us, we have seen customer demand increase again," she said. "From a category perspective, we drove comparable sales growth in computing, tablets, and services." Loop Capital analyst Anthony Chukumba lowered the investment firm's price target on Best Buy to $100 from $110 while maintaining a buy rating on the shares. Best Buy's Q3 results came up short of the firm's expectations, driven by a disappointing revenue line, but the analyst said he was encouraged by the strong start to the holiday selling season and says management's Q4 guidance could end up being conservative. At the same time, Chukumba said, Best Buy stock is likely to have a significant overhang until the market receives more clarity on Trump administration tariffs since roughly 60% of the company's costs of goods sold are sourced from China. Cost of goods sold refer to the direct costs of goods a company sells. Truist lowered the firm's price target on Best Buy to $95 from $107 and affirmed a hold rating on the shares. Best Buy's Q3 sales and EPS were modestly below the firm's estimates, but margins were solid, and patterns suggest that consumers continue to seek "value" during events with deeper lulls in between, the firm told investors in a research note. While there have been some "green shoots," like positive mid-single-digit-percent comparables in laptops and tablets, and artificial intelligence could provide an incremental lever, natural demand trends have yet to really inflect even after 12 quarters of negative comparables, Truist said. Related: Veteran fund manager sees world of pain coming for stocksStock market today: Rising tech stocks pull Wall Street to another record
What we need to offset inflation and expensive stock valuations ... will Trump deliver? ... expect volatility to remain ... how short-term options can mean big returns overnight We think the combination of pro-growth policies, still-low inflation, continuing rate cuts, and AI-driven economic tailwinds will propel stocks broadly higher in 2025. That comes from our hypergrowth expert Luke Lango. Of the variables Luke identified, we’re focused on “pro-growth policies.” That’s because they have the best chance of mitigating the biggest threat to your portfolio value in 2025 – reinflation. Looking at the data, it’s easy to agree with her. The last handful of months of core PCE inflation (the Fed’s favorite inflation gauge) have been flat or slightly higher on a month-to-month basis: May: 0.1% June: 0.2% July: 0.2% August: 0.2% September: 0.3%. (The October reading arrives next week.) The Fed isn’t going to raise rates to deal with this. We’ve begun a rate-cutting cycle, and a U-turn now – even the hint of a U-turn – would be like tossing a grenade into the economy. If we want to help hurting Main Street America... and ease lofty stock valuations via real earnings growth... and offset inflation ... then the answer is simple: Grow like crazy. Specifically, outgrow inflation. Former U.S. Treasury Secretary Larry Summers had a great one-liner when asked about any advice he’d give President-elect Trump: We need to be able to build, baby, build in the United States. Here’s more from MarketWatch : [Summers] argued there were too many barriers to constructing data centers, energy production facilities and electricity transmission systems to help power the AI revolution and new green technologies. “These are potentially complex and risky technologies, and the government needs to, less by law than by moral force, establish close connections where real experts within government who are closely monitoring and following developments” in the sector, he said. From Thomson Reuters : President-Elect Trump has the potential to impact a wide range of policy provisions, from the economy to a raft of regulatory rules and directives... The regulatory landscape under Trump is also expected to see significant shifts. Deregulation would be a key theme, affecting sectors from energy to finance... As we discussed in the Digest at the start of the week, in a rosy scenario, Trump tax cuts and deregulation increases demand for goods and services... business investment increases... hiring increases... wage growth increases... so, overall productivity skyrockets. No, prices wouldn’t come down (they’re entrenched at this point). They might even climb again. But in this ideal hypothetical, growth-based wages and economic opportunities will rise to offset higher prices and inflation, and then some. So, the net, felt effect is positive. But for this to happen, it’s all about growth. That’s how we spike the punchbowl and keep this party going in 2025. For a sense of this, let’s turn to Eric Fry’s lead analyst in Investment Report , Thomas Yeung: [The result of the run-up in the market] has been a surge in average valuations – a fact Eric and I have been highlighting over the past several weeks. The Shiller PE Ratio, which averages earnings over a 10-year business cycle, now sits at 37.0, its highest level since the heady days of 2021. When the Shiller PE Ratio was last at this level in December 2021, stocks tumbled 19% over the following year. The Shiller PE has climbed since Thomas wrote this. As I write Friday, it’s up to 37.95. The chart below, dating to 1860, will give you some context for how extreme this level is. Will Trump’s pro-growth policies create an earnings explosion that gently lets the air out of this overinflated balloon? We’ll find out beginning next year. If not, today’s lofty valuation increases the likelihood of volatility – stocks roar on good news but drop sharply on not-so-good news. Now, while such an environment is tough on long-term investors, it’s a dream for traders. Jonathan is the lead analyst at our corporate partner Masters in Trading . After spending 25 years learning his craft on the Chicago trading floors and inside private investment firms, Jonathan now offers up live trading ideas, market commentary, and trading education each morning. This week, we’ve introduced Digest readers to how Jonathan is trading short-term options. This includes zero-day options, which expire on the very same day they’re issued. As we detailed yesterday , zero-day options can be incredibly lucrative, potentially rewarding traders with quadruple-digit returns – sometimes in just hours. But for this to happen, it requires big moves in the underlying stock. Translation, lots of volatility. Jonathan believes today’s market is ripe for such moves: I’ve been hammering one point home all week... All this short-term volatility isn’t going anywhere. And with volatility remaining elevated, we have many ways to capitalize on whatever the markets throw at us. One opportunity on Jonathan’s radar comes from QQQ, which is an ETF that tracks the Nasdaq 100 Index: Take a look at the daily chart below. The $500 mark is standing out as a critical level right now. After QQQ hit a high just above $515, it pulled back, but it’s consistently found support right around that $500 area. This isn’t just a coincidence — it’s where buyers and sellers are battling it out, making it the key level to watch. Why does this matter? Because levels like this often act as a launchpad for the next big move. If QQQ holds above $500, we could see another push higher. But if it breaks below, we could be looking at some serious downside action. Either way, this is where opportunity lives, and this is why we trade short-term options like 3DTE, 2DTE, and even 0DTE — to move fast and capitalize on these shifts. If you’re less familiar, “DTE” stands for “days to expiration” which circles us back to the short-term options trades I highlighted a moment ago. That’s when he’ll be broadcasting in real time, demonstrating how zero-day and short-term options work. This will be a live, one-time-only event. Now, if options make you nervous, I get it. They have a questionable reputation. But I’d encourage you to join Jonthan so you can see for yourself why that reputation is unfair – and why these short-term options can be so powerful, both for protecting and making money. On the “making money” side, let’s return to Jonathan and the QQQ set-up he just identified: We’ve seen this play out before. Earlier this year, during a similar setup, I highlighted a key level in our live class. Members positioned themselves using short-term puts ahead of a market pullback, and when the QQQ dropped 2.4%, our model portfolio saw gains as high as 179.9% overnight. This is what it’s all about — being prepared, staying disciplined, and taking advantage of these moments. Tuesday’s live event is all about helping you understand how these options work... the market conditions that increase the chances of such triple/quadruple-digit overnight returns... and the right way to avoid taking unnecessary risk. On that note, here’s Jonathan: A solid fundamental understanding of the market, the strategic use of options, and disciplined risk management forms the cornerstone of successful trading. My career on the front lines of the exchanges has shown that these principles, when applied systematically, can offer major advantages, even in volatile markets. To reserve your seat for Jonathan’s One-Day Winners Live Summit this Tuesday at 11 a.m. Eastern, sign-up here. If we get loads of it, our inflation and valuation problems shrink. If we don’t get it, we’re left with a very expensive stock market. And that could mean major fireworks. But that just points us back to Jonathan and how he trades unpredictable markets. We hope you’ll join him on Tuesday to learn how to put volatility in your corner . Have a good evening, Jeff RemsburgNone
NoneAnne-Mette Elkjær Andersen Joins Tannenbaum Helpern as Partner in the Firm's Corporate Practice GroupTrump names billionaire investment banker Warren Stephens as his envoy to Britain
A win in Week 14 would have given Clemson quite a case for inclusion in the College Football Playoff. Instead, South Carolina played spoiler and improved its playoff chances in the process. The Tigers entered Saturday with a 9-2 record and while they were not likely going to make the ACC Championship, a win over a strong Gamecocks team would have made their resume pretty solid for the committee's consideration. Clemson produced 419 offensive yards and forced three Gamecock turnovers. Quarterback Cade Klubnik went 24-of-36 for 280 yards but tossed a costly interception in the final minute to seal the loss. South Carolina produced 431 total yards and forced two Tigers turnovers. Quarterback LaNorris Sellers went 13-of-21 for 164 yards and an interception but his dominance came from his rushing game. Sellers had 16 carries for 166 yards with two touchdowns. While the victory was a strong one for the Gamecocks, the Tigers' failure to close things out crept up on them again and figures to relegate them to bowl game status. Fans took to social media to rip into Tigers head coach Dabo Swinney and debate his job security. The Tigers have lost three games for the fourth consecutive season and it looks like the glory days of the late 2010s may have officially passed the program by. While a change at head coach could be intriguing, the price may be too high. Swinney has a $60 million buyout after 2024 and is under contract through 2031. While the school could look to pay it, the likely scenario is that Swinney returns for next season and beyond.Coles 360 launches AI-driven audio across Coles Liquor through QSICCLEVELAND (AP) — Only the Cleveland Browns. Only a team beset by perpetual problems at quarterback for the better part of two decades can get a record-setting 497-yard, four-touchdown, jaw-dropping, where-did-that-come-from performance on Monday night from Jameis Winston — and still lose. History wrapped in misery. Only the Browns. Winston spoiled a high-level performance in Denver’s thin air by throwing a pair of pick-sixes — the second with 1:48 remaining — as the over the Browns (3-9), who have to wonder what their disappointing season might look like if Deshaun Watson had been benched before getting hurt. The loss ended any illusions the Browns had of making a late playoff push like they did a year ago. It also clinched the team’s 22nd losing season since its expansion rebirth in 1999. In his fifth start this season, Winston provided further evidence that the Browns made a major mistake by not switching QBs long before Watson ruptured his Achilles tendon on Oct. 20 against Cincinnati. Cleveland’s offense has come alive behind Winston, who has thrown for over 300 yards three times, something Watson didn’t do in 19 starts over his three suspension-shortened, injury-riddled seasons with the Browns. While there were some positives, Winston’s turnovers were too costly. “You’re not going to play perfect at the quarterback position. He knows that,” coach Kevin Stefanski said Tuesday on a Zoom call. “I know that ultimately he wants to do anything in his power to help this team win and that’s going to be taking care of the ball. But he also had moments there where he was moving that offense and did a nice job.” Winston may not be the long-term answer for the Browns, but he’s showing he can at least give them a viable option for 2025 while the club sorts through the tangled Watson situation, which continues to have a stranglehold on the franchise. In all likelihood, and assuming he’s fully recovered, Watson will be back next season in some capacity with the Browns, who are still on the hook to pay him $92 million — of his fully guaranteed $230 million contract — over the next two seasons. Releasing Watson would have damaging salary-cap implications, and while that would be a bitter financial pill for owners Dee and Jimmy Haslam to swallow, it could the Browns’ safest and easiest exit strategy. And if they needed any proof that such a strategy can work, the Browns only had to look across the field at the Broncos, who got out from under QB Russell Wilson’s monster contract by cutting him, taking the financial hit and drafting Bo Nix. After some common early growing pains, Nix has settled in and the rookie has the Broncos in the mix for a postseason berth. It wasn’t long ago that the Browns thought their quarterback concerns were behind them. Instead, they lie ahead. What’s working Stefanski’s decision to hand over the play-calling duties to first-year coordinator Ken Dorsey has been a positive. While the move hasn’t led directly to many wins, the Browns have moved the ball much more effectively and scored at least 20 points in three of five games since the switch after not scoring 20 in their first eight. What needs help An issue all season, Cleveland’s defense was again gashed for long plays and TDs, including a 93-yard scoring pass in the third quarter. The Browns have allowed 48 plays of 20-plus yards and 12 of at least 40 yards. Stock up WR Jerry Jeudy. His return to Denver was a personal and professional triumph — except on the scoreboard. Vowing revenge on the Broncos, who traded him to the Browns in March, Jeudy had the best game of his career, catching nine passes for 235 yards and a TD. Since Winston took over as Cleveland’s starter, Jeudy leads the league with 614 yards receiving. Jeudy just might be the No. 1 receiver the Browns have needed following Amari Cooper’s trade. Jordan Hicks gets an honorable mention after recording 12 tackles. Stock down K Dustin Hopkins. He missed a 47-yard field goal to end Cleveland’s first drive, setting the tone for a night of missed opportunities. After making 33 of 36 field goal tries in his first season with the Browns, Hopkins is just 16 of 23, with his inaccuracy raising questions why the team signed him to a three-year, $15.9 million contract in July. Injuries Stefanski had no updates from the game. ... LB Jeremiah Owusu-Koramoah remains sidelined with a neck injury suffered on Nov. 2. Stefanski ruled him out again for Sunday’s game at Pittsburgh. Key number 552 — Yards of total offense for the Browns, just 10 shy of the single-game franchise record set in 1989. Up next A short turnaround before visiting the Steelers (9-3), who will be looking to avenge their 24-19 loss in Cleveland on Nov. 21. ___ AP NFL:
LARAMIE – Cathedral Home is aiming to fund the launch of a Crisis Text Line for all Wyoming residents, through an official partnership with Crisis Text Line, a nationwide nonprofit. The service would provide Wyoming residents with free, 24/7, high-quality text-based mental health support and crisis intervention through a team of trained crisis counselors, especially improving mental health access for rural communities or those concerned with the stigma associated with seeking help, according to a news release. Currently, there is no other entity in Wyoming partnered with Crisis Text Line. “Cathedral Home places a high priority on continually identifying mental health gaps throughout the state, and we recognize that this new channel of care could immediately and effectively expand mental health access to so many,” said Nicole Hauser, executive director of Cathedral Home, in the release. “There is currently no other organization in Wyoming partnered with Crisis Text Line, and we are committed to ensuring families in Wyoming have access to this option of care and connection to additional resources.” Crisis Text Line is a nonprofit that partners to provide free mental health support and crisis intervention through texting. A community of trained crisis counselors quickly respond to texts live, helping those reaching out stay safe and calm using effective active listening and suggesting referrals – all through text message on a secure platform. The organization champions equity in mental well-being and aims to support people of every race, ethnicity, political affiliation, religion, age, sexual orientation, gender identity, disability, socioeconomic status, and other diverse backgrounds. “Cathedral Home is a leader in youth mental health in Wyoming. We see more than ever that youth need increased mental health support,” said Hauser. “Launching this service would give Wyoming youth a way to express their needs and realize that it is OK to seek out support.” Along with the benefit of free, immediate crisis care for any resident in the state, the partnership would also provide statewide data on gaps in mental health care and unaddressed needs that families in Wyoming are experiencing. This data would help Wyoming agencies like Cathedral Home identify how to best support communities and individuals. Last year alone, Cathedral Home (CHC) preventative programs, which include the Laramie Youth Crisis Center, the Resource Center and Community Counseling, collectively served 584 individuals. These programs have seen increases over the past five years, including a 279% increase in families seeking support from the Resource Center, and the launch of Community Counseling services for the broader community in the fall of 2022, due to an access gap in Albany County for counseling services. Preventative programs are all aimed at helping clients build protective factors, enhance life skills, and further develop self-sufficiency. Cathedral Home’s goal is to fund the initial commitment of the Crisis Text Line partnership for three full years, at a total funding need of $19,500. Helping to fund the launch of the Crisis Text Line partnership will include a Cathedral Home Giving Tuesday campaign, where community members will be encouraged to contribute to “something big for Wyoming.” Cathedral Home relies on philanthropic partnerships and advocates to impact program reach and accessibility. Community members can contribute to the launch of the Crisis Text Line for Wyoming through the Cathedral Home website, under Giving, indicating Crisis Text Line funding in a gift. More information about the Crisis Text Line service can be found at crisistextline.org . More information about Cathedral Home can be found at cathedralhome.org . Cathedral Home is a youth services organization in Laramie, partnering with Wyoming youth and families through comprehensive mental health care. Get any of our free email newsletters — news headlines, sports, arts & entertainment, state legislature, CFD news, and more.
Canada didn't live up to its values on immigration in recent years, Carney says
NoneNEW YORK — Stoli Group USA, the owner of the namesake vodka, has filed for bankruptcy as it struggled to contend with slowing demand for spirits, a major cyberattack that has snarled its operations and several years of fighting Russia in court. The company in its bankruptcy filing said it is “experiencing financial difficulties” and lists between $50 million and $100 million in liabilities. Stoli vodka and Kentucky Owl bourbon will continue to be available on store shelves while the company navigates the Chapter 11 process, which only pertains to its U.S. business. Until 2022, Stoli was sold as Stolichnaya in the United States, which loosely translates to “capital city” in Russian. The company shortened its title following Russia’s invasion of Ukraine and boycotts against Russian-branded vodkas. Stoli Group’s founder, Russian-born billionaire Yuri Shefler, was exiled from that nation in 2000 because of his opposition to President Vladimir Putin. The liquor has long been marketed as a Russian vodka, but its production facilities have been in Latvia for several decades. Stoli Group is a unit of Luxembourg-based SPI Group, which owns other spirit and wine brands. “The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years ago,” said Stoli Group CEO Chris Caldwell in a statement. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’” Its ongoing legal battle with the Russia government has forced Stoli to “spend dozens of millions of dollars on this long-term court battle across the globe with the Russian authorities,” according to its court filing. Caldwell also said that Stoli’s global operations has been a “victim of a malicious cyber attack” that has forced the company to operate “entirely manually while the systems are rebuilt.” A slowdown in demand for alcohol has crushed several company’s bottom lines following the pandemic when people were stuck at home and stocked up. Stoli’s filings said that it has seen a “decline and softening of demand for alcohol and spirits products post-Covid and especially beginning in 2023 and continuing into 2024.”