Black Friday buying in shops drops 28% from pre-pandemic ranges

Shoppers with bags from various stores stand side by side as Black Friday sales begin on November 26, 2021 at the Outlet Shoppes of the Bluegrass in Simpsonville, Kentucky.

Jon Cherry | Reuters

Retail store traffic was down 28.3% on Black Friday compared to 2019 as Americans shifted more of their spending online and started shopping earlier in the year, according to preliminary data from Sensormatic Solutions.

The traffic increased by 47.5% compared to Previous year levelsaid Sensormatic. This time around in 2020, many shoppers stayed at home due to fears about the coronavirus pandemic and the somewhat reduced opening hours of retailers.

“It’s clear that shoppers are shopping earlier this season, just as they did last season,” said Brian Field, Sensormatic’s senior director of global retail consulting. He added that the two main reasons shoppers hand out their Christmas shopping are ongoing concerns about Covid and worries about the supply chain.

The peak time for Black Friday in-store shopping was 1pm to 3pm, similar to previous years, Sensormatic said. Black Friday continues to be forecast as the busiest shopping day of the season, according to Sensormatic.

On Thanksgiving Day, brick and mortar store visits were up 90.4% from 2019 levels, Sensormatic found. Retailers including target, Walmart and Best buy decided to keep their doors closed to customers on the holidays. Target has said it will be a permanent shift.

Field said that Black Friday buyer traffic was most likely to return to 2019 levels in the South, followed by the Midwest, and then the West and Northeast. He does not believe that the increasing fears about the new Omicron Covid variant have influenced consumer behavior on that day.

“If you see outbreaks in the US, that would be what I think is driving [traffic down] would be if governments and communities would lock down again, “said Field.” Otherwise the trends will be very similar to what we expect. “

Online spending on Black Friday is down from 2020 levels

Online retailers had sales of $ 8.9 billion on Black Friday. less than the record of about $ 9 billion spent on the Friday after Thanksgiving a year earlier, according to data from Adobe Analytics. It is the first time that growth has reversed year-on-year, Adobe said. Adobe analyzes more than a trillion visits to US retail sites with over 100 million items in 18 different product categories.

On Thanksgiving Day, consumers were spending $ 5.1 billion on the Internet, unchanged from last year, Adobe said.

The numbers prove even more that the Christmas season has lengthened as more Americans started shopping as early as October. Retailers have also spread their promotional offers. Corresponding a survey by the National Retail Federation, the leading retail group, 61% of consumers had started shopping for Christmas gifts before Thanksgiving.

“Shoppers are strategic about gift shopping, shop much earlier in the season, and have flexibility when shopping to ensure they get the best deals,” said Vivek Pandya, senior analyst at Adobe Digital Insights.

Adobe predicts e-commerce sales on Cyber ​​Monday, the biggest online shopping day of the year, between $ 10.2 billion and $ 11.3 billion.

However, shoppers can expect a wide variety of items to be out of stock as supply chain complications have messed up inventory at some companies.

According to Adobe, news on retailers’ websites that are out of stock was up 124% through Friday, compared to pre-pandemic levels. Household appliances, electronics, housewares, and household and garden items have the highest outages, according to Adobe.

NRF expects Christmas sales in November and December increase between 8.5% and 10.5%, for total sales between $ 843.4 billion and $ 859 billion, which would set a record year-over-year growth.

Southwest drops plan to place unvaccinated employees on unpaid go away

Travelers wait to check-in at the Southwest Airlines ticket booth at Baltimore Washington International Thurgood Marshall Airport on October 11, 2021 in Baltimore, Maryland.

Kevin Dietsch | Getty Images

Southwest Airlines has abandoned a plan to put unvaccinated employees who have filed an application but have not received a religious or medical exemption on unpaid leave beyond a state deadline in December.

Southwest Airlines and American Airlines belong to the transport companies that are federal contractors and are subject to the Biden administrative obligation, against which their employees must be vaccinated Covid-19 until December 8th, unless exempted for medical or religious reasons. The rules for state contractors are stricter than this expected for large companies, which enables regular Covid tests as an alternative to a vaccination.

Executives of both airlines have been trying in the past few days to reassure employees about job security under the mandate and asking them to apply for exemptions if they cannot be vaccinated for medical or sincere religious beliefs. Airlines are expected to ask more questions about the mandate when the quarterly results are released on Thursday morning. Pilot unions tried to block the mandates or looked for alternatives such as regular tests.

Southwest’s Senior Vice President of Operations and Hospitality, Steve Goldberg, and Vice President and Chief People Officer Julie Weber, wrote to employees on Friday that if employees’ requests for an exception are not approved by December 8th, they will continue to work in accordance with the mask and spacing guidelines until the request has been verified.

The company gives employees until November 24 to complete their vaccinations or apply for an exemption. It will continue to pay them while the company reviews their requests, saying that it will allow the rejected individuals to continue working “while we coordinate with them on whether the requirements (vaccine or valid accommodation) are met”.

“This is a change from what was previously communicated. Initially, we communicated that these employees were taking unpaid leave and that is no longer the case,” they wrote on the CNBC-verified note.

Southwest confirmed the policy change, which comes just weeks before the deadline.

United Airlines implemented its own vaccine mandate in August, a month before the government rules were announced. United had told employees that if they were given exemptions, they would take unpaid leave. More than 96% of the employees are vaccinated. Some employees sued the company for unpaid leave, and a federal judge in Fort Worth, Texas has temporarily prevented the airline from proceeding with its plan.

American CEO Doug Parker met with union leaders Thursday to discuss vaccination exemptions.

American Airlines management “indicated that, contrary to United’s approach, they are looking for accommodations that allow employees to keep working,” said the Association of Professional Flight Attendants, the union that directs American flight attendants Airlines represents, in a notice to members Monday. “You have not given any information about what such accommodations might look like at that time.”

Hundreds of Southwest employees, customers and other protesters demonstrated against the vaccination mandate outside Southwest Airlines’ headquarters in Dallas on Monday, the Dallas Morning News reported.

An airline spokeswoman said the airline was aware of the demonstration.

“Southwest recognizes various positions regarding the Covid-19 vaccine and we always support and will continue to support the right of our employees to speak up by having open lines of communication to share problems and concerns” , she said.

Southwest’s Goldberg and Weber advised employees that if their application for exemption is denied, employees can reapply if the employee “has new information or circumstances that the company should consider”.

Southwest is demanding that new hires be vaccinated, as is American Airlines for new staff for mainline operations, spokesmen said.

Delta Airlines is also a federal contractor who is subject to state requirements but does not yet require vaccinations for staff. Last week the carrier reported that about 90% of the approximately 80,000 employees are vaccinated. In August, Delta announced that unvaccinated workers would start Pay $ 200 more a month for company health insurance in November.

Astra inventory ASTR drops after House Pressure launch try abort

[The livestream has ended. A replay of the webcast is available above.]

Astra room abort its first attempt to start since the company went public, igniting the rocket’s engines for a moment and then turning them off.

The missile did not take off from the ground due to the aborted launch, and Astra said it will investigate the cause of the problem. The company hopes to be able to make another start attempt on Saturday.

Astra shares fell more than 10% in after-hours trading from Friday’s close of trading at $ 11.67, before partially rebounding and falling about 6%.

A screenshot of the livestream at the start of the company shows how the LV0006 rocket engines briefly ignited before an abort caused the experiment to be postponed.

Astra

Astra launches its LV0006 rocket from the Pacific Spaceport Complex in Kodiak, Alaska. The US Space Force is the first paying customer for an Astra launch where a test payload flies on the rocket.

The vehicle is 43 feet tall and fits in the small missile segment of the introductory market. Astra’s goal is to launch as many small rockets as possible, with the goal of launching one rocket a day by 2025 and bringing the price even lower from $ 2.5 million.

The mission will test a variety of upgrades to the Astra missile since its last mission in December. While this previous mission made it into space, the rocket only briefly reached orbit.

LV0006 on the launch pad in Kodiak, Alaska.

Astra

The company’s time slot for this launch is 16 days through September 11th. A delayed missile launch attempt, known in the industry as a scrub, can occur for a variety of reasons, ranging from bad weather to technical issues.

Astra is partnered with NASA space travel – a space industry content organization not affiliated with the US agency – to webcast the launch.

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Prada Drops ’90s type monolith loafers

When it comes to retrospectives, the ’90s never seem to die. The preppy but minimalist look of the era is still enthusiastically supported, and if you call yourself a member of the “Baby of the 90’s” delegation. PradaThe latest shoes are perfect for you.

Prada Monolith Loafers bring the best of the 90s on your feet. Based on Maison’s hugely popular monolith boots, the loafers look pretty heavy but in reality have a distinctive, chunky sole unit that is the exact opposite. By using slightly inflated rubber, Prada was able to create a robust sole with a 60 mm heel and at the same time make it extremely light.

Prada is recreating its own ’90s style by placing an enameled triangular logo on the leaf indicating the penny loafers. The brushed leather upper has stitching and a raised apron around the leaf. A leather insole, which is marked with Prada’s metallic-silver Monica, and other brands, which are embossed on rubber heels, round off the luxurious pair.

The combination of loafer upper and monolith sole is reminiscent of the Sher Horowitz ignorance atmosphere. We just want to put on white socks and slip in and trample on the fantasy of the 90s. The only obstacle to the plan could be the $ 960 price tag associated with the territory. If that doesn’t matter, congratulations on officially unlocking the last baby-level locks of the 90s.

To deal with these setbacks are hybrid monolith loafers Prada.com..

Prada Drops’ 90s style monolith loafers

Source link Prada Drops’ 90s style monolith loafers

F.E.C. Drops Case Reviewing Trump Hush-Cash Funds to Ladies

The Federal Election Commission said Thursday that it passed a case investigating whether former President Donald J. Trump had violated the electoral law with a payment of $ 130,000 just before the 2016 election to become a porn actress had officially dropped his attorney at the time. Michael D. Cohen.

The payment was never reported in Mr Trump’s campaign submissions. Mr. Cohen would go on to say that Mr. Trump had instructed him Arrange payments to two women during the 2016 race, and would apologize for his involvement in a hush money scandal. Mr. Cohen was sentenced to prison for violating campaign finance laws, tax evasion and lying by Congress.

“It was my own weakness and a blind loyalty to this man that led me to choose a path of darkness over light,” said Mr. Cohen in 2018 in court about Mr. Trump.

While Mr. Cohen was in jail, Mr. Trump had no legal ramifications for the payment.

“The hush money was paid on instructions and in favor of Donald J. Trump,” Cohen said in a statement to the New York Times. “Like me, Trump should have been found guilty. How the FEC committee could decide otherwise is confusing. “

In December 2020, the FEC issued a internal report The office said it had “reason to believe” that the Trump campaign was “knowingly and willfully” violating campaign finance law.

However, the electoral commission, which was split evenly between three Republicans and three Democrat-minded commissioners, declined to attend a closed session in February. Two Republican commissioners voted to reject the case, while two Democratic commissioners voted to move forward. There was an absence and a republican rejection.

This decision was announced on Thursday.

Two of the FEC’s Democratic commissioners, Shana Broussard, the current chair, and Ellen Weintraub, declined not to pursue the case after agency staff recommended further investigation.

“To conclude that a payment made 13 days prior to election day to cover up a suddenly newsworthy 10-year story was not campaign related without even conducting an investigation is contrary to reality,” they wrote in a letter.

Republican Commissioners Trey Trainor and Sean Cooksey, who voted not to investigate, said the prosecution of the case was “not the best use of the agency’s resources”, that “the public record is already complete” and that Mr Cohen Have already done so was punished.

“We voted to reject these matters as an exercise of our prosecution discretion,” said Cooksey and Trainor wrote.

A spokesman for Mr Trump did not immediately respond to a request for comment.

The Cohen case caught public attention in 2018 after the FBI searched his office, apartment and hotel room and picked up boxes of documents, cell phones and computers. Months later, Mr. Cohen pleaded guilty to campaign funding violations, among other things.

He said in court that he arranged payments – including $ 130,000 to film actress Stormy Daniels, whose real name is Stephanie Clifford – “primarily for the purpose of influencing the election.”

The payment was well above the legal limit for individual presidential contributions, which was then $ 2,700.

Mr. Cohen went on to say he arranged a payment of $ 150,000 through American Media Inc. to Karen McDougal, a former Playboy playmate, in early 2016.

Mr Cohen later turned on Mr Trump and wrote his own book about how he acted as a businessman as the ex-president’s enforcer. The book was called “Disloyal: A Memoir”.

Justin Bieber drops shock EP Freedom | Leisure

Justin Bieber has released a surprise EP called “Freedom”.

The ‘Hold On’ hitmaker had a special treat for fans this Easter weekend with six new tracks.

The mini-album includes the BEAM title “All She Wrote” with Brandon Love and Chandler Moore, “We Are In This Together”, “Where You Go I Follow” with Pink Sweats, Chandler and Judah Smith. Where do I fit in with ‘With Tori Kelly, Chandler and Judah’ and ‘Afraid to Say’ with Lauren Walters.

The EP follows the addition of six new cuts in the deluxe edition of Justin’s latest album ‘Justice’, which features BEAM ‘Love You Different’ and Tori on ‘Name’.

The 27-year-old star released the original 16-song album on March 19, but later released “There She Go” with Lil Uzi Vert, Jaden Smith on “I Can’t Be Myself,” and Quavo and DaBaby in. I Wish “You would” and “know no better”.

Justin said of the album, “At a time when so much is wrong with this broken planet, we all long for healing – and justice – for humanity. In creating this album, my goal is to make music that is comfortable. Making songs that people can relate to and connect with so they feel less alone. Suffering, injustice, and pain can make people feel helpless. Music is a great way to remind one another that we are not alone. Music can be a way of relating and connecting with one another. I know that I can’t solve injustice simply through music, but I know that if we all do our part by using our gifts to serve this planet and one another, we will be so much closer to union. I’ll do a small part of that. My part. I want to continue the conversation about what righteousness looks like so we can keep healing. “

Workhorse Group drops almost 50% after EV firm is handed over for USPS contract

Workhorse W-15 electric pickup.

Source: workhorse

Shares of Workhorse group fell more than 50% on Tuesday after the company was turned over on a key U.S. Postal Service contract.

Amid the heightened volatility, the stock halted multiple times in the last half hour of trading before finally ending the session with a 47.5% loss. In extended trading, the stock fell another 10%.

The US Postal Service awarded Oshkosh Defense the first part of its 10-year multi-billion dollar contract to modernize its fleet of postal delivery vehicles. The initial investment will be $ 482 million.

Workhorse makes electric vehicles that focus on last mile delivery. The company currently has partnerships with UPS and FedEx Express, among others.

The contract award decision for the US Postal Service was made after a series of delays over several years. The deal was seen by the street as an upward catalyst for the Workhorse Group ahead of sales.

In a recent announcement to customers, BTIG said that Workhorse’s securing of part of the USPS contract was part of the company’s base case. The company has a Buy recommendation for the stock.

Though the stock almost halved on Tuesday, stocks are still up 347% over the past year.

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AMC Leisure inventory now a ‘promote’ at MKM, as worth goal drops to $1

AMC Entertainment Holdings Inc. stock has “decoupled” from fundamentals and should be sold, according to Eric Handler, an analyst at MKM Partners, who said the stock could fall to $ 1 this year.

The stock
AMC, + 7.69%
rose $ 1.03, or 7.8%, on Monday morning but reduced previous intraday gains by up to 30.1% while trading volume rose to 245.6 million shares.

Although the stock too rose $ 4.63, or 53.7%, on Fridayhas it now only recovered 50% of the $ 11.27, or 56.6%, slump seen last Thursday after the Robinhood trading platform restricted trading in some stocks.

Handler lowered its rating on AMC to sell it after being neutral since May 2020. He also cut his 12-month stock price target in half from $ 2 to $ 1, saying that liquidity is not an issue for 2021, a steep price. “

Do not miss:: The AMC stock frenzy may prevent bankruptcy, but the cinema operator is still years to go.

He believes that with a little help from the Reddit / WallStreetBets crowd, the stock’s recent surge and volatility “decoupled” AMC’s stock price and valuation.

Continue reading:: GameStop and AMC stocks soar on another wild day of trading with sharply shortened companies.

Handler acknowledged that the near-term bankruptcy prospects were avoided as the struggling cinema chain raised $ 1.2 billion in fresh capital in recent months.

“However, shareholders have been diluted around 75% in the past few months and we still have around $ 5.7 billion in debt. This sum grows quarterly due to deferred interest payments that are offset against the principal, ”Handler wrote in a note to customers. “There’s also the $ 450 million backlog in deferred rents that will one day need to be addressed.”

Handler estimates that AMC currently has approximately 440 million shares outstanding based on recent company filings and announcements from ATM stock offerings and exchanges. That compares to the total of 137.4 million Class A and B shares the company had in late October.

also read:: Investors who converted AMC bonds into stocks saw their holdings drop 30% in value in a matter of hours.

“It wouldn’t be surprising if AMC examined the possibility of another ATM offering due to the company’s increased share price,” Handler wrote. “An additional exchange of debt for equity is likely another avenue that management will explore.”

The stock is just up 505.7% this year, while the S&P 500 index
SPX, + 1.35%
has decreased by 0.1%.

Independently, Handler downgraded the cinema chain Cinemark Holdings Inc.
CNK, -0.49%
Too neutral on buy, says he sees limited short-term upward movement with the stock mostly back before the pandemic. Despite the downgrade, he increased his fair value estimate from $ 15 to $ 22.

In the meantime, Handler repeated his recommendation to buy IMAX Corp.
IMAX, + 1.90%
and raised his stock price target from $ 18 to $ 25. He says IMAX’s business model “makes a big difference” as the “global presence and structure of the asset light” helped navigate the COVID-19 pandemic.

Met Opera’s income drops, breaks even with presents, borrowing | Leisure

NEW YORK (AP) – Metropolitan Opera’s operating income declined $ 25 million to $ 120 million for the fiscal year ended July 31. This season has been shortened due to the novel coronavirus pandemic. However, the company avoided operating losses through fundraising and borrowing.

The Met announced Thursday that it had a $ 130 million loss from operations – after a loss of $ 154 million in the fiscal year that ended July 31, 2019.

Contributions and rebates, including assets released from restrictions net of fundraising costs, totaled $ 130 million to break even. Post-spend fundraising fell from $ 153 million the previous season when the Met ended with an operating loss of $ 1.1 million.

“Our cash position was about $ 10 million less than it was at the beginning of the fiscal year. We moved from a $ 46 million line of credit to a $ 57 million line of credit. This is important to us, ”said Peter Gelb, General Manager of Met, on Thursday. “The good news is we managed to maintain the best relationship with our donors and audiences through our nightly streams of our pay-per-view concerts for nearly a year with no performances.”

Yellow said there have been 33,000 new donors since the pandemic began.

The pandemic caused the Met to halt its 2019-20 season on March 12, forcing the cancellation of the last 58 of 217 originally scheduled performances as well as its entire 2020-21 season, wiping out 218 performances of 23 operas, bringing the total the rejections rose to 276. The orchestra’s international tour for June 2021 has also been canceled.

The Met cut some administrative staff and stopped paying its union employees during the pandemic, despite continuing to have health benefits for the orchestra and choir.

It has used non-union musicians for its streamed concerts from Europe and angered the association of its orchestra, the local 802 of the American Federation of Musicians. The Met locked out its stage workers in Local One of the International Alliance of Theatrical Stage Employees last month because it was unable to negotiate wage cuts during the pandemic. Yellow said the Met is looking into using outside labor to begin building sets for next season’s new productions.

Yellow also wants to resume contracts with Local 802 and conclude contracts with the American Guild of Musical Artists, which represents their singers and their choir, which will expire in summer 2022.

“This is an expression of the understandable frustration, fear and anger our musicians have because they haven’t been paid for so many months, but I don’t think that’s justified,” said Gelb. “When you read this kind of criticism from people, you think that we get the wrong impression that we have hired a substitute or choir orchestra, which it certainly isn’t. We hired a few musicians for these pay-per-view events in Europe to make it easier for the audience to experience vocal evenings that are not orchestral concerts. From a practical point of view and under other union points of view, there was no way we could have used Met musicians. “

The Met is hoping for federal aid. Yellow said the money would be used to fund bridge payments to union workers until benefits resume. He does not intend to cut back on future repertoire, saying the breath of offerings is necessary to boost attendance and income.

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