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NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed.Moment Funke Akindele reportedly lit her mansion for a scene in her movie Everybody Loves Jennifer
Nonethe peanut farmer who tried to restore virtue to the White House after the Watergate scandal and Vietnam War, then rebounded from a landslide defeat to become a global advocate of human rights and democracy, has died. . The Carter Center said the 39th president died Sunday, , at his home in Plains, Georgia, where he and his wife, who died in November 2023, lived most of their lives. A moderate Democrat, as a little-known Georgia governor with a broad grin, effusive Baptist faith and technocratic plans for efficient government. His promise to never deceive the American people resonated after Richard Nixon’s disgrace and U.S. defeat in southeast Asia. “If I ever lie to you, if I ever make a misleading statement, don’t vote for me. I would not deserve to be your president,” Carter said. Carter’s victory over Republican Gerald Ford, whose fortunes fell after pardoning Nixon, came amid Cold War pressures, turbulent oil markets and social upheaval over race, women’s rights and America’s role in the world. His achievements included brokering Mideast peace by keeping Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin at Camp David for 13 days in 1978. But his coalition splintered under double-digit inflation and the 444-day hostage crisis in Iran. His negotiations ultimately brought all the hostages home alive, but in a final insult, Iran didn’t release them until the inauguration of Ronald Reagan, who had trounced him in the 1980 election. Humbled and back home in Georgia, Carter said his faith demanded that he keep doing whatever he could, for as long as he could, to try to make a difference. He and Rosalynn co-founded in 1982 and spent the next 40 years traveling the world as peacemakers, human rights advocates and champions of democracy and public health. Awarded the Nobel Peace Prize in 2002, Carter helped ease nuclear tensions in North and South Korea, avert a U.S. invasion of Haiti and and Sudan. By 2022, the center had monitored at least 113 elections around the world. Carter was determined to as one of many health initiatives. the Carters built homes with Habitat for Humanity. The common observation that he was better as an ex-president rankled Carter. His allies were pleased that he lived long enough to see biographers and historians and declare it more impactful than many understood at the time. Propelled in 1976 by voters in Iowa and then across the South, Carter ran a no-frills campaign. Americans were captivated by the earnest engineer, and while an election-year Playboy interview drew snickers when he said he “had looked on many women with lust. I’ve committed adultery in my heart many times,” voters tired of political cynicism found it endearing. The first family set an informal tone in the White House, carrying their own luggage, trying to silence the Marine Band’s traditional “Hail to the Chief” and enrolling daughter, Amy, in public schools. Carter was lampooned for wearing a cardigan and urging Americans to turn down their thermostats. But Carter set the stage for an economic revival and sharply reduced America’s dependence on foreign oil by deregulating the energy industry along with airlines, trains and trucking. He established the departments of Energy and Education, appointed record numbers of women and nonwhites to federal posts, preserved millions of acres of Alaskan wilderness and pardoned most Vietnam draft evaders. , he ended most support for military dictators and took on bribery by multinational corporations by signing the Foreign Corrupt Practices Act. He persuaded the Senate to ratify the Panama Canal treaties and normalized relations with China, an outgrowth of Nixon’s outreach to Beijing. But crippling turns in foreign affairs took their toll. When OPEC hiked crude prices, making drivers line up for gasoline as inflation spiked to 11%, Carter tried to encourage Americans to overcome “a crisis of confidence.” Many voters lost confidence in Carter instead after the infamous address that media dubbed his “malaise” speech, even though he never used that word. After Carter reluctantly agreed to admit the exiled Shah of Iran to the U.S. for medical treatment, the American Embassy in Tehran was overrun in 1979. Negotiations to quickly free the hostages broke down, and then eight Americans died when a top-secret military rescue attempt failed. Carter also had to reverse course on the SALT II nuclear arms treaty after the Soviets invaded Afghanistan in 1979. Though historians would later credit Carter’s diplomatic efforts for hastening the end of the Cold war, Republicans labeled his soft power weak. Reagan’s “make America great again” appeals resonated, and he beat Carter in all but six states. Born Oct. 1, 1924, James Earl Carter Jr. in 1946, the year he graduated from the Naval Academy. He brought his young family back to Plains after his father died, abandoning his Navy career, and . Carter reached the state Senate in 1962. After rural white and Black voters elected him governor in 1970, he drew national attention by declaring that “the time for racial discrimination is over.” Carter published more than 30 books and remained influential as his center turned its democracy advocacy onto U.S. politics, monitoring an audit of Georgia’s 2020 presidential election results. After Carter said he felt “perfectly at ease with whatever comes.” “I’ve had a wonderful life,” “I’ve had thousands of friends, I’ve had an exciting, adventurous and gratifying existence.” ___Saints hail PM Modi as a champion of Sanatan Dharma ahead of ‘Mahakumbh’
Workers in Southern California’s lesser-compensated counties are getting the bigger pay hikes. My trusty spreadsheet reviewed quarterly wage stats from the federal Bureau of Labor Statistics for the second quarter, focusing on details for 29 California counties and seven from Southern California. The 9.9 million local workers collectively saw annualized earnings rise 3.6% in 12 months to an average $75,600 annual wage. By the way, Southern California’s workforce is roughly the size of all the employees in New York state or the Netherlands. Let’s start with paying the Inland Empire and its big logistics industries. Across San Bernardino County, annual wages rose 5.3% in a year to $62,504 for 837,800 workers. That’s the region’s biggest raise – but its only eighth-best out of the among 29 California counties tracked by the report. Meanwhile, neighboring Riverside County had 4.3% increases (No. 14 statewide) to $59,384 for 836,100 workers. And in Santa Barbara County, an economy heavy with hospitality jobs, wages were up 4.7% (No. 9 statewide) to $67,496 for 222,400 workers. Now, let’s contrast those raises better-paid parts of Southern California. These counties have higher concentrations of workers at technology and business-services companies. Orange County’s one-year raises averaged 4.2% (No. 15 statewide) to $78,312 for 1.65 million workers. Los Angeles County pay was up 4.1% increase (No. 16) to $79,768 for 4.5 million workers. In Ventura County, there was a 3.2% increase (No. 19) to $68,068 for 339,100 workers. And then contemplate San Diego County, with the region’s best pay. These 1.54 million workers got the smallest raises statewide – only a 0.1% increase to $79,352. Stronger raises at the bottom of the pay spectrum earlier in 2024 likely reflect hikes in various minimum wages and continued staffing challenges for bosses in lower-paying industries. Southern California pay hikes were significantly below what bosses handed out in nine Bay Area counties, which amounted to 6.1% increases to $138,900-a-year wage for 4 million workers. By the way, the state’s biggest raises were in Santa Clara County – a 10% jump to $188,864 for its 1.1 million workers. Southern California also trailed 13 other California counties in the study, where collectively pay was up 4% in a year to $64,300 for 3.1 million workers. Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com Some of my popular tales of 2024 ... Related Articles( MENAFN - UkrinForm) Law enforcement agencies have referred over 2,000 cases of questionable disability statuses issued by Medical-Social Expert Commissions (MSEC) to the Ministry of health of Ukraine. Following reviews, disability statuses for 188 individuals have already been revoked. Health Minister Viktor Liashko disclosed this information during a television broadcast, as reported by a Ukrinform correspondent. “Law enforcement has forwarded over 2,000 cases to us. We have already reviewed nearly 1,000, and 188 disability statuses have been revoked,” Liashko stated. The Minister added that 388 individuals involved in these cases have been summoned to a specialized research institute for reassessment. Liashko urged medical professionals in expert panels to strictly adhere to legal protocols in their work. He also reminded that starting January 1, 2025, MSECs will cease to function as separate legal entities. “When discussing the comprehensive reform of medical-social expertise, we have already restructured the medical aspect. This marks the first step in a broader reform. Next, we anticipate reforms from the social sector, the Ministry of Economy, and the Ministry of Education and Science. Together, these changes will complete the assessment framework for evaluating individuals' functionality, identifying their needs related to loss of function, and offering state-provided compensatory solutions,” Liashko explained. The Minister assured that the healthcare system is prepared for the elimination of MSECs. Liashko also highlighted that a list of diagnoses has been established for which disability statuses will be granted for life, eliminating the need for annual or biannual reassessments.“This has been clearly outlined in Cabinet resolutions and detailed in Ministry of Health regulations for each condition. This issue has been resolved and will be implemented in 2025 to settle the matter once and for all,” he added. As reported by Ukrinform, on December 19, the Verkhovna Rada of Ukraine passed a law eliminating Medical-Social Expert Commissions starting next year. 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If you're looking for new furniture for your house, you may have come across smart coffee tables — though they may not be the most well-known smart home device . These gadgets will smarten up your living with an interesting and useful centerpiece — but is it the right centerpiece for your home? First, it's important to drill down into what exactly a smart coffee table is. Searching Google will quickly lead you to the Sobro Coffee Table , which sports a mini-fridge, Bluetooth speakers, and fancy LED lights that are all controlled with a touch screen. If any coffee table is considered smart, it would certainly be this one. Smart coffee tables integrate technology into their designs, which makes them different from normal coffee tables. But it's also important to know that these smart coffee tables are not the same as many smart home products you'll think of, such as a smart speaker or hub. You can't get Alexa to change the LED lights or turn up the speaker with voice commands — you'll need to use the touchscreen on most models to control what you need. While the Sobro Smart Table may be the most well-known smart coffee table, it isn't the only one around. These can be tables with just LED lights like Bestier's LED Coffee Table for $150, or have a built-in Bluetooth speaker and outlets for charging like this Lift Top Coffee Table from Gyfimoie for $160. While there are also a variety of smart coffee tables with fridge drawers, they are also the most expensive. If you live in a small rental , you may not have enough space for a normal coffee table, let alone a smart one. You may also have trouble setting up a smart coffee table if your living space is too far from an outlet to plug it in. There are also smart side tables for those looking to take advantage of smart coffee table technology in a smaller and easier-to-set-up form. The TooCust Smart End Table for $95 has a built-in Bluetooth speaker, while the Sobro Side Table has the same functionality as their coffee table at a similarly premium price point of $900. In the past, there were smart coffee tables with giant touch screens , but those have fallen out of favor — the new era of smart coffee tables is a bit more practical. Whether a smart coffee table is right for you depends on your lifestyle and what you want from the gadget. These smart coffee tables are available at a wide range of prices, but if you're the type to host a lot of parties, the main conveniences you'd want from a smart coffee table (such as the fridge drawers and Bluetooth speakers) will set you back from $700 to over $1,000. If you just want some nice LED lighting, you'll only need to pay about $150 to $200, so the price range varies a lot. In comparison, a normal coffee table built with quality materials costs between $200 and $1,000 — but if you browse online storefronts, you can easily find some for cheaper. So, a smart coffee table will likely be more expensive than a normal table of similar quality. Given that this isn't something like a smart light or smart display that you can easily give away if you don't like it, you'll want to fully research your options before you make your decision. Also, make sure to look at reviews for the smart coffee table of your choice. For example, the reviews for the Sobro Smart Coffee Table are very mixed, with a few people mentioning that the glass on the table has broken, customer service was hard to reach, and the table was overpriced compared to other brands. This is also alongside reviews stating that the table is still going strong, so you need to determine which reviews appear to be the norm and what possible issues are deal breakers instead of just annoyances.Jimmy Carter, 39th U.S. president, Nobel winner, dies at 100
Gerry ‘The Monk’ Hutch showed little concern for his safety as he went out canvassing yesterday. He stopped to talk to people and shook hands as he encouraged locals to vote him “number 1”. The gangland figure (61), who is running for the Dublin Central constituency, was seen driving through the streets of Dublin in his white election van, adorned with a massive campaign poster, as he blared Thin Lizzy’s The Boys are Back in Town. A speaker in the van announced in Hutch’s voice: “Get out and vote, people’s choice, vote number 1, Hutch number 1.” He gave passersby a wide grin and a thumbs up as he cruised around the capital. The veteran criminal has stepped up the campaign in his constituency since he announced his general election bid last week. In an interview with the Sunday Independent at the weekend, the unlikely election candidate said that local TDs had done nothing for the area. On Monday, Hutch shared a photo of himself clinging to an electricity pole as he hung his election poster above one of constituency rival, Sinn Féin leader Mary Lou McDonald. “Up we go. We are on top and staying on top. Great support and great feedback from the locals,” he posted on social media. We need your consent to load this Social Media content. We use a number of different Social Media outlets to manage extra content that can set cookies on your device and collect data about your activity. Hutch also shared a video from his canvassing trip yesterday, where he posed with Dubliners. “Great to meet people in my constituency today and around Dublin,” he wrote on social media. “Great feedback as always from the lovely people of Dublin.” Gerry 'The Monk' Hutch is running for the Dublin Central constituency. Photo: PA It comes as Ms McDonald was asked about Hutch’s election bid by students while out canvassing yesterday at Dublin City University. She told students anyone can run for election, but she represented families that suffered because of gangland violence. “It wasn’t glamorous, it’s not cool, it’s not funny,” she said. “There were people, families and children left very, very traumatised still by that and that kind of activity in communities brings nothing but bad news and hardship, especially for young people.” Gerry 'The Monk' Hutch campaigning in a van in Dublin. Photo: PA Gerry 'The Monk' Hutch on his election bid, cleaning up Dublin, that Spanish money laundering probe and comparisons to Donald Trump The Monk was acquitted last year of the gangland murder of Regency Hotel victim David Byrne in 2016. The Hutch gang have been involved in a feud with the Kinahan cartel for a number of years. The feud has claimed 18 lives. As well as Ms McDonald, Hutch faces a range of other challengers in Dublin Central, including Fine Gael’s Public Expenditure Minister Paschal Donohoe and former Dublin MEP Clare Daly.
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) Erran Carmel , American University Kogod School of Business (THE CONVERSATION) An estimated 18 million Americans are invested in cryptocurrency , according to the Federal Reserve. And the United States just elected a pro-crypto president . Cryptocurrencies such as Bitcoin have become a trendy digital asset . Supporters claim that crypto subverts capitalism because it bypasses traditional bankers. Crypto can offer quick riches along with an air of high-tech sophistication. Early adopters reaped enormous rewards, many becoming millionaires and billionaires. Currently, there are about 100,000 crypto millionaires . Cryptocurrency wealth, furthermore, has built Fairshake , the largest crypto lobbying group in the U.S. During the recent election, it claims it helped elect 253 pro-crypto candidates . But is cryptocurrency a good ethical investment? As a business professor who studies technology and its consequences, I’ve identified three ethical harms associated with cryptocurrency that might give investors pause. The three harms The first harm is excessive energy use , most notably by Bitcoin, the first decentralized cryptocurrency. Bitcoins are created, or “mined,” by tens of thousands of computers in massive data centers, contributing significantly to carbon emissions and environmental degradation . Bitcoin mining, which represents the lion’s share of crypto energy consumption, uses as much as 0.9% of global demand for electricity – similar to the annual energy needs of Australia. Second, unregulated and anonymous crypto is the payment system of choice for criminals behind fraud, tax evasion , human trafficking and ransomware – the latter costing victims an estimated $1 billion in extorted cryptocurrency payments. Until about a decade ago, these bad actors generally moved and laundered money through cash and shell companies. But around 2015, many transitioned to cryptocurrency, a much less troublesome form of handling dirty money anonymously . A bank cannot hold or transfer money anonymously. By law, a bank is passively complicit in money laundering if it isn’t enforcing know-your-customer measures to restrict bad actors, such as money launderers. In the case of a crypto coin, however, legal and ethical accountability cannot be transferred to a bank – there is no bank. So, who is complicit ? Anyone in the crypto ecosystem may be viewed as ethically complicit in enabling illicit activities. I believe these first two harms are the most ethically troublesome. The first one harms the Earth and the second undermines global systems of trust – the interplay of institutions that underpin economic activity and social order. Cryptocurrency’s third problem is its predatory culture. A predatory system, especially without regulatory oversight, takes advantage of small investors. And some cryptos have enriched their founders while taking advantage of investors’ lack of knowledge about the virtual currency. Some cryptocurrencies, especially the smaller coins and initial coin offerings, have characteristics of Ponzi schemes . The now defunct Bitconnect, for example, promised large profits to investors who exchanged their Bitcoins for Bitconnect tokens. New investor money paid out “profits” to the first layer of investors with money from later investors. Ultimately, Satish Kumbhani, the Bitconnect founder, was indicted by a federal grand jury , and as of 2024 his whereabouts are unknown . Pernicious myth Besides cryptocurrency’s ethical harms, a pernicious myth surrounds the digital coin. It is the myth of inclusion, that cryptocurrency has the power to benefit society’s disadvantaged, especially the unbanked . The global poor who don’t have bank accounts, and who could use cryptocurrency for international money transfers to family back home, do not necessarily benefit from crypto’s advantages. That’s because of the need to pay fees when converting and transferring , say, dollars to crypto and then from crypto to the local currency of the person receiving the money transfer. In reality, the distribution of crypto assets is highly concentrated among the wealthy. A 2021 study found that just 0.01% of Bitcoin holders control 27% of its value. Democratizing finance is often framed as a movement to break the dominance of traditional financial institutions – private banks and government central banks. However, this narrative has not played out. Instead, a new elite has emerged: cryptocurrency’s creators , early backers and maintainers , who tweak the crypto’s software code and influence its future direction. This group holds disproportionate control, including over the crypto coin’s governance. All of this replicates the concentration of power that crypto was meant to dismantle. A bit more ethical? To be fair, the crypto community hasn’t ignored the criticism, including calls for more environmental awareness. In early 2021, members of the community founded the Crypto Climate Accord . The group enlisted some 250 crypto firms to reduce environmental harm. The following year, Ethereum, with its Ether coin, took the most significant step. It reduced its energy consumption by over 99% by migrating to a coin mining mechanism called “ proof-of-stake ,” which doesn’t require miners to solve complex, energy-guzzling puzzles to validate transactions. This was a brave move. However, Bitcoin, the largest cryptocurrency, hasn’t followed Ethereum’s lead. Bitcoin stands out because its energy consumption surpasses any other crypto coin. To address cryptocurrency’s other harms, some regulatory bodies began controlling the crypto market in 2023. The European Union, United Kingdom and United States began attempting to curb illegal activities and protect investors. In January 2024, U.S. regulators permitted exchange-traded funds , which are popular investment funds, to invest in crypto. This move was meant to help small investors trade in a safer marketplace. But normalizing crypto trading can create perverse ethical repercussions. For example, the most successful 2023 “ethical” fund, Nikko Ark Positive Change Innovation Fund , prospered with a 68% return because it made a bet on crypto. Its manager rationalized this investment by repeating the myth that cryptocurrency allows “ provision of financial services to the underbanked .” Where does all this leave the ethical investor? Investors, I believe, have two clear ethical choices on cryptocurrency: They can divest from Bitcoin or, at the very least, invest in other cryptocurrencies that minimize harms, especially harms that jeopardize the environment. But even so-called ethical investments come with hidden ethical issues. Many ethical investors invest in so-called ESG funds that stress social or environmental impact. Some of these ESG funds may avoid shares in petroleum companies while investing directly or indirectly in crypto. This doesn’t seem ethically consistent. While cryptocurrency offers exciting opportunities and the potential for high returns, its environmental impact, association with illegal activities and predatory nature all present significant ethical challenges. This article was updated to correct the description of Fairshake. This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/crypto-is-soaring-after-trumps-election-but-is-it-a-good-ethical-investment-212747 .SEATTLE , Nov. 26, 2024 /PRNewswire/ -- Nordstrom, Inc. (NYSE: JWN) today reported third quarter net earnings of $46 million , or earnings per diluted share ("EPS") of $0.27 , and earnings before interest and taxes ("EBIT") of $83 million . Excluding a charge related to accelerated technology depreciation, the Company reported adjusted EBIT of $97 million and adjusted EPS of $0.33 .[1] For the third quarter ended November 2, 2024, net sales increased 4.6 percent versus the same period in fiscal 2023, and total Company comparable sales increased 4.0 percent. Gross merchandise value ("GMV") increased 5.3 percent. Anniversary Sale timing, with one week shifting from the third quarter to the second quarter, had a negative impact of approximately 100 basis points on net sales compared with 2023. During the quarter, Nordstrom banner net sales increased 1.3 percent and comparable sales increased 4.0 percent. Net sales for Nordstrom Rack increased 10.6 percent and comparable sales increased 3.9 percent. "The continued sales growth across the company and strong gross margin in the third quarter indicate our team's focus and efforts are working," said Erik Nordstrom , chief executive officer of Nordstrom, Inc. "Our customers have a lot of choices, and our results give us encouragement that we're on the right path. Looking ahead, we'll continue to improve our shopping experience as we strive to maintain the positive momentum we've worked towards all year." In the third quarter, women's apparel and active had double-digit growth, and shoes, men's apparel and kids were up mid to high single-digits, versus 2023. Growth in women's apparel, shoes and men's apparel accelerated sequentially from the second quarter. "Our third quarter results demonstrate that our strategic focus on curating a compelling brand assortment is resonating with customers," said Pete Nordstrom , president of Nordstrom, Inc. "Our actions throughout this year have led to this moment, and we feel well-positioned for a successful holiday season and look forward to helping our customers celebrate the moments that matter. I'm grateful to our dedicated team for consistently delivering the high level of service our customers have come to expect from Nordstrom." As previously announced, the board of directors declared a quarterly cash dividend of $0.19 per share, payable on December 18, 2024, to shareholders of record at the close of business on December 3, 2024. THIRD QUARTER 2024 SUMMARY STORES UPDATE To date in fiscal 2024, the Company has opened 23 stores: City Location Square Footage (000s) Timing of Opening Nordstrom Rack Pinole, CA Pinole Vista Crossing 23 March 7, 2024 Snellville, GA Presidential Markets 35 March 7, 2024 Kennesaw, GA Barrett Place 25 March 21, 2024 Macedonia, OH Macedonia Gateway 28 April 11, 2024 Gilroy, CA Gilroy Crossing 25 April 25, 2024 Jacksonville Beach, FL South Beach Regional 30 May 2, 2024 Queen Creek, AZ Queen Creek Marketplace 28 May 16, 2024 Elk Grove, CA The Ridge Elk Grove 25 May 30, 2024 Wheaton, IL Danada Square East 29 May 30, 2024 Oceanside, CA Pacific Coast Plaza 32 June 6, 2024 Bay Shore, NY Gardiner Manor Mall 24 June 13, 2024 San Antonio, TX Bandera Pointe 24 September 5, 2024 Franklin, TN Cool Springs Market 24 September 5, 2024 San Mateo, CA Bridgepointe Shopping Center 36 September 12, 2024 San Diego, CA Clairemont Town Square 25 September 19, 2024 Mooresville, NC Mooresville Crossing 28 September 26, 2024 Houston, TX Meyerland Plaza 34 September 26, 2024 Mason, OH Deerfield Towne Center 30 October 3, 2024 Raleigh, NC Triangle Town Place 32 October 10, 2024 Fort Myers, FL Bell Tower 31 October 17, 2024 Noblesville, IN Hamilton Town Center 25 October 17, 2024 Omaha, NE Village Pointe 30 October 24, 2024 Tarzana, CA Village Walk 25 November 1, 2024 The Company has also announced plans to open the following stores: City Location Square Footage (000s) Timing of Opening Nordstrom Rack Davis, CA The Davis Collection 25 Spring 2025 Matthews, NC Sycamore Commons 25 Spring 2025 Geneva, IL Randall Square 25 Spring 2025 Manalapan Township, NJ Manalapan Commons 26 Spring 2025 Apple Valley, MN Fischer Marketplace 30 Spring 2025 Houston, TX Westchase Shopping Center 30 Spring 2025 Morrisville, NC Park West Village 25 Spring 2025 Coral Springs, FL Pine Ridge Square 31 Fall 2025 Surprise, AZ Prasada North 26 Fall 2025 Holbrook, NY The Shops at SunVet 27 Fall 2025 Hyannis, MA The Landing at Hyannis 25 Fall 2025 Prosper, TX The Gates of Prosper 26 Fall 2025 Melbourne, FL The Avenue Viera 24 Fall 2025 Meridian, ID The Village at Meridian 25 Fall 2025 Lakeland, FL Lakeside Village 30 Fall 2025 Sarasota, FL Sarasota Pavilion 27 Spring 2026 The Company had the following store counts as of quarter-end: November 2, 2024 October 28, 2023 Nordstrom Nordstrom 93 93 Nordstrom Local service hubs 6 6 ASOS | Nordstrom — 1 Nordstrom Rack Nordstrom Rack 280 258 Last Chance clearance stores 2 2 Total 381 360 Gross store square footage 26,874,000 26,305,000 During the third quarter, the Company closed one Nordstrom Rack store. FISCAL YEAR 2024 OUTLOOK The Company updated its financial outlook for fiscal 2024, which reflects the estimated accelerated technology depreciation impacts expected in the fourth quarter of fiscal 2024: CONFERENCE CALL INFORMATION The Company's senior management will host a conference call to provide a business update and to discuss third quarter 2024 financial results and fiscal 2024 outlook at 4:45 p.m. EST today. To listen to the live call online and view the speakers' prepared remarks and the conference call slides, visit the Investor Relations section of the Company's corporate website at investor. nordstrom .com . An archived webcast with the speakers' prepared remarks and the conference call slides will be available in the Quarterly Results section for one year. Interested parties may also dial 201-689-8354. A telephone replay will be available beginning approximately three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 and entering Conference ID 13750079, until the close of business on December 3, 2024. ABOUT NORDSTROM At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel good and look their best. Since starting as a shoe store in 1901, how to best serve customers has been at the center of every decision we make. This heritage of service is the foundation we're building on as we provide convenience and true connection for our customers. Our interconnected model enables us to serve customers when, where and how they want to shop – whether that's in-store at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through our Nordstrom and Rack apps and websites. Through it all, we remain committed to leaving the world better than we found it. Certain statements in this press release contain or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. The words "will," "may," "designed to," "outlook," "believes," "should," "targets," "anticipates," "assumptions," "plans," "expects" or "expectations," "intends," "estimates," "forecasts," "guidance" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address such future events or expectations are forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2024, our Form 10-Q for the fiscal quarter ended May 4, 2024 , our Form 10-Q for the fiscal quarter ended August 3, 2024 and our Form 10-Q for the fiscal quarter ended November 2, 2024 , to be filed with the SEC on or about December 5, 2024 . In addition, forward-looking statements contained in this release may be impacted by the actual outcome of events or occurrences related to the Company's announcement of the exploration of possible avenues to enhance shareholder value, including consideration by a special committee of the board of directors of a proposal brought forward by members of the Nordstrom family to take the Company private. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances. In addition, the actual timing, price, manner and amounts of future share repurchases, if any, will be subject to the discretion of our board of directors, contractual commitments, market and economic conditions and applicable Securities and Exchange Commission rules. This earnings release includes references to websites, website addresses and additional materials, including reports and blogs, found on those websites. The content of any websites and materials named, hyperlinked or otherwise referenced in this earnings release are not incorporated by reference into this earnings release or in any other report or document we file with the SEC, and any references to such websites and materials are intended to be inactive textual references only. The information on those websites is not part of this earnings release. NORDSTROM, INC. CONSOLIDATED STATEMENTS OF EARNINGS (unaudited; amounts in millions, except per share amounts) Quarter Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $3,347 $3,200 $10,353 $9,926 Credit card revenues, net 117 120 339 347 Total revenues 3,464 3,320 10,692 10,273 Cost of sales and related buying and occupancy costs (2,156) (2,080) (6,760) (6,488) Selling, general and administrative expenses (1,225) (1,163) (3,680) (3,466) Canada wind-down costs — 25 — (284) Earnings before interest and income taxes 83 102 252 35 Interest expense, net (26) (24) (79) (78) Earnings (loss) before income taxes 57 78 173 (43) Income tax (expense) benefit (11) (11) (45) 43 Net earnings $46 $67 $128 $— Earnings per share: Basic $0.28 $0.41 $0.78 $— Diluted $0.27 $0.41 $0.76 $— Weighted-average shares outstanding: Basic 164.6 162.0 164.0 161.5 Diluted 169.8 163.6 168.1 161.5 Percent of net sales: Gross profit 35.6 % 35.0 % 34.7 % 34.6 % Selling, general and administrative expenses 36.6 % 36.3 % 35.5 % 34.9 % Earnings before interest and income taxes 2.5 % 3.2 % 2.4 % 0.4 % NORDSTROM, INC. CONSOLIDATED BALANCE SHEETS (unaudited; amounts in millions) November 2, 2024 February 3, 2024 October 28, 2023 Assets Current assets: Cash and cash equivalents $397 $628 $375 Accounts receivable, net 544 334 322 Merchandise inventories 2,780 1,888 2,626 Prepaid expenses and other current assets 311 286 392 Total current assets 4,032
No. 22 St. John's, Georgia pack busy schedule with game on Sunday
WEST PALM BEACH, Fla. (AP) — Canadian Prime Minister Justin Trudeau said Saturday he had an “excellent conversation” with Donald Trump at his Mar-a-Lago club after the president-elect's threat to impose significant tariffs on two of America’s leading trade partners raised alarms in Ottawa and Mexico City . It was unclear, as Trudeau headed back to Canada from Florida, whether the conversation had alleviated Trump’s concerns. A person familiar with the details of the leaders' hastily arranged meeting Friday night said it was a “positive wide-ranging dinner that lasted three hours.” The official, who was not authorized to discuss the matter publicly and spoke to The Associated Press on condition of anonymity, said topics included trade, border security, fentanyl, defense, Ukraine, NATO, China, the Mideast and pipelines, as well as the the Group of Seven meeting in Canada next year. The Republican president-elect has threatened to impose tariffs on products from Canada and Mexico if the countries don’t stop what he called the flow of drugs and migrants across their borders. He said he would impose a 25% tax on all products entering the U.S. from Canada and Mexico as one of his first executive orders when he takes office in January. As he was leaving his West Palm Beach hotel, Trudeau stopped briefly to answer a reporter’s question about the dinner meeting, saying it was "an excellent conversation." Trump’s transition team did not respond to questions about what the leaders had discussed. Trump, during his first term as president, once called Trudeau “weak” and “dishonest,” but it was the prime minister who was the first G7 leader to visit Trump since the Nov. 5 election. "Tariffs are a crucial issue for Canada and a bold move was in order. Perhaps it was a risk, but a risk worth taking,” Daniel Béland, a political science professor at McGill University in Montreal. Among those at the dinner were Howard Lutnick, Trump's pick for commerce secretary; North Dakota Gov. Doug Burgum, in line to lead the Interior Department; and Mike Waltz, Trump's choice to be his national security adviser. Accompanying Trudeau were Canada's public safety minister, Dominic LeBlanc, whose responsibilities include border security, and Katie Telford, Trudeau's chief of staff. Trudeau had said earlier Friday that he would resolve the tariffs issue by talking to Trump. Mexican President Claudia Sheinbaum said a day earlier after speaking with Trump that she is confident a tariff war with the United States will be averted. Trudeau said Trump got elected because he promised to bring down the cost of groceries but now he's talking about adding 25% to the cost of all kinds of products including potatoes from Prince Edward Island in Atlantic Canada. “It is important to understand that Donald Trump, when he makes statements like that, he plans on carrying them out. There’s no question about it,” Trudeau said before his leaving for Florida. “Our responsibility is to point out that he would not just be harming Canadians, who work so well with the United States, but he would actually be raising prices for Americans citizens as well and hurting American industry and business,” he added. To Nelson Wiseman, professor emeritus at the University of Toronto, Trump "doesn’t need convincing that new tariffs on Canadian products would not be in U.S. interests. He knows that, but cannot say it because it would detract from what he has said publicly. His goal is to project the image that he gets action when he talks.” Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his first term. Trudeau noted they were able to successfully renegotiate the deal, which he calls a “win win” for both countries. Trump made the tariff threat Monday while citing an influx of migrants entering the country illegally, even though the numbers at the Canadian border pale in comparison to those at the U.S.-Mexico border. Trump also spoke about fentanyl from Mexico and Canada, even though seizures from the Canadian border are few in comparison to the Mexican border. Canadian officials say lumping Canada in with Mexico is unfair but say they are ready to make new investments in border security. When Trump imposed higher tariffs during his first term in office, other countries responded with retaliatory tariffs of their own. Canada, for instance, announced billions of new duties in 2018 against the U.S. in a response to new taxes on Canadian steel and aluminum. Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US $2.7 billion) worth of goods and services cross the border each day. ___ Gillies reported from Toronto.
TORONTO — Darko Rajakovic cut straight to the chase in his pre-game news conference: yes, Scottie Barnes is back. Barnes was inserted into the Toronto Raptors starting lineup ahead of Thursday's game against the Minnesota Timberwolves at Scotiabank Arena. He had been out since Nov. 4 with a fractured right orbital bone. "I don't want Scottie Barnes to be anything outside of Scottie Barnes," said Rajakovic in his pre-game news conference. "I just need him to be best version of himself and when he's that, he's really raising the people around him to another level. "He's making everybody around him better." Barnes was injured in the fourth quarter of Toronto's 121-119 overtime loss to the Nuggets on Nov. 4 when he caught an errant elbow from Denver centre Nikola Jokic. Barnes was expected to be out at least three weeks with the injury but came back slightly ahead of schedule. The 23-year-old all-star forward was averaging 19.2 points, 7.8 rebounds and six assists per game before he was hurt. Rajakovic said Barnes would play limited minutes and that he'd have to wear protective goggles. Rajakovic was coy when asked who would be moved to Toronto's bench to make space for Barnes. "Scottie will start. Who knows who won’t," laughed Rajakovic. Rookie combo guard Ja'kobe Walter was also made available for the Raptors. He had missed Toronto's last six games with a sprained right shoulder. This report by The Canadian Press was first published Nov. 21, 2024. John Chidley-Hill, The Canadian Press
