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Euro Zone Retail Sales Slip in October

Euro Zone retail sales were lower than expected in October, data released on Monday by the European Union's statistics office revealed. This indicates a drop in consumer demand ahead of an expected technical recession. The European Union reported that retail sales in the 19 countries...

Apple to Lose Millions of iPhones Due to Factory Turmoil

Apple Inc. is set to incur a production shortfall of up to six million iPhones following Covid-related turmoil at the company's key manufacturing hub of Zhengzhou in China. Health-related lockdowns have slowed down production at the Zhengzhou factory, while violent protests against China's continued Covid...

Xiaomi Announced Revenue Dive as Smartphone Demand Wavers

Xiaomi Corp.'s quarterly revenue declined by 10% as the company struggled to cope with a global slump in smartphone demand, as well as weaker consumer demand at large due to the inflation-induced rising cost of living. Mobile device sales took the biggest hit, plummeting by...

Best Buy Forecasts Better-Than-Expected Sales Ahead of Holiday Season

U.S. retail giant Best Buy announced on Tuesday that it has forecasted a smaller-than-expected drop in sales ahead of the busy holiday season. While the big box store previously forecasted an 11% drop in full-year comparable sales, it now estimates a 10% sales decline. The...

Futures Decline Ahead of Retail Earnings Announcements

U.S. stock futures started the week lower as investors await the release of earnings from the retail sector. Futures on the S&P 500 fell by 0.3% while futures on the Dow Jones Industrial Average and Nasdaq Composite declined by 0.2% and 0.4% respectively. Such losses...

Home Depot Workers Vote Against Unionization

The U.S. National Labor Relations Board (NLRB) confirmed on Saturday that retail workers of Home Depot Inc have voted against forming a union at a location in Philadelphia, Pennsylvania. 165 employees at the store voted against joining the independent union Home Depot Workers United,...