UBS Global Wealth Management has raised the probability of a U.S. recession to 25% due to weaker jobs growth and high July unemployment. The firm's updated forecast contrasts with J.P. Morgan's 35% and Goldman Sachs' 20% recession probabilities, reflecting varied economic outlooks.
Envirotech Vehicles is primed to accelerate its growth with a $10 million financing line from GOBA Capital, facilitating the production of over 200 electric vehicles for PLUGD Electric Leasing and Rentals. Additionally, the company expects to benefit from over $100 million in financing commitments from its partner Karla Mae Capital, boosting its market presence.
Citi Trends executed a strategic inventory reset in Q2 2024, leading to a 31.1% gross margin, down from 38.2% the previous year. This reset included $9.4 million in markdowns and $4.0 million in shrink, as the company focused on fresher product assortments and bolstered shrink control measures to enhance profitability.
Johnson & Johnson’s settlement proposal seeks to resolve ongoing lawsuits and prevent future claims related to the health impacts of its talc products. The company plans to use bankruptcy to finalize the deal if at least 75% of claimants agree, amid ongoing opposition from key plaintiffs' attorneys.
Core capital-goods orders slipped 0.1% in July following a 0.5% rise in June, and shipments of core goods fell 0.4%. This suggests continued weakness in business equipment spending, with potential impacts on nonresidential investment expected to be reflected in the Q3 real GDP data.
MiMedia Holdings has successfully integrated its platform onto Schok smartphones in the U.S. through an OTA update. Additionally, the company has secured a $1 million loan investment with a 15% annual interest rate, which will support general corporate purposes and includes four million share purchase warrants.
Kroger and Albertsons argue that their merger is necessary to compete with major global retailers like Walmart, Costco, and Amazon. They have pledged to sell 579 stores and commit $1 billion to reduce grocery prices, focusing initially on essential items.
IBM’s decision to close its research unit in China and affect 1,000 jobs signals a strategic shift as technology firms reassess their operations in the country. Positions are being relocated to other global offices, including Bangalore, India, reflecting broader industry trends.
Geoff Ley will serve as acting CFO at Evergy until September 30th, after which he will resume his role as treasurer and vice president of corporate planning. Meanwhile, OGE Energy has named Charles Walworth as interim CFO, alongside his current role as treasurer.
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