- Wednesday, October 16, 2024
The stock market is set for gains on Black Friday as Wall Street resumes trading after the Thanksgiving holiday. Retailers will be in the spotlight as shoppers kick off the Christmas shopping season.
Retail Sales Forecast to Rise
According to estimates from the National Retail Federation, retail sales are expected to increase by 3% to 5% this season compared to last year. This growth is consistent with the average annual increase seen in the decade prior to the Covid-19 pandemic. Analysts believe that Walmart, the world's largest retailer, is well positioned for holiday success. Oliver Chen of TD Cowen praised Walmart for consistently offering competitive prices and a pleasant shopping experience. In premarket trading, Walmart's stock rose by 0.4%.
Other Prominent Companies in the Retail Sector
In addition to Walmart, analysts have mentioned Costco Wholesale, Amazon.com, and TJX Cos (TJX) as retailers that offer both value and convenience.
Nvidia's Delayed AI Chip Launch
Semiconductor company Nvidia saw a decline of 0.7% in premarket trading following news that it is delaying the launch of a new artificial-intelligence chip in China. The decision is reportedly in response to U.S. export rules, and the chip is now expected to be released in the first quarter of 2024.
Vista Outdoor Evaluates Takeover Offer
Vista Outdoor has announced that its board will evaluate a takeover offer from firearms maker Colt CZ Group. The proposal values the sporting and outdoor-goods company at $30 per share. This offer comes after Vista Outdoor had already announced a merger deal with Czech industrial technology company, Czechoslovak Group, in October.
Cruise's Plans for Driverless Cars
Cruise, the driverless-car unit of General Motors (GM), plans to restart its operations in one city only, according to an email sent to employees by Cruise's new co-president, Mo Elshenawy. The Wall Street Journal reports that Cruise will also be putting its plans for the GM-built driverless taxi, known as the Origin, on hold.
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