Wall Street Today | Gap CEO Syngal fired after failing to rescue struggling retailer
MACRO
New York Fed Survey Sees Long-Term Inflation Expectations Falling
Americans are expecting lower inflation increases over the longer run, amid a sharp drop in the projected rate of home-price increases, the Federal Reserve Bank of New York said in a report Monday. Respondents to the June Survey see inflation at a 3.6% rise three years from now, down from a 3.9% increase in May.
Fed's George Warns Raising Rates Too Fast Risks 'Oversteering'
Federal Reserve Bank of Kansas City President Esther George, who dissented last month against the central bank's jumbo 75 basis-point increase in interest rates, cautioned that rushing to tighten policy could backfire. "Moving interest rates too fast raises the prospect of oversteering," she said Monday.
SECTORS
PC Shipments Plunging, Consumer Demand 'At Risk of Perishing in the Long Term,' Analysis Finds
Personal-computer shipments plunged in the second quarter to levels not seen since the pandemic due to persistent supply-chain issues and macroeconomic headwinds, with the biggest declines in shipments coming from U.S. heavyweights $HP Inc(HPQ.US)$ and $Apple(AAPL.US)$.
COMPANY
Gap CEO Syngal Fired After Failing to Rescue Struggling Retailer
$Gap Inc(GPS.US$ fired Chief Executive Officer Sonia Syngal after 2 1/2 years, with rising costs and deepening discounts threatening to wipe out this quarter's operating profit. The company has been battered amid missteps such as a clumsy implementation of expanded women's sizes at the company's Old Navy chain.
Twitter Sends Letter to Elon Musk Saying the Effort to Terminate Deal 'Invalid and Wrongful'
$Twitter(TWTR.US)$sent a letter to Elon Musk saying his effort to abandon his $44 billion takeover is "invalid and wrongful" and that Twitter hasn't breached any of its obligations. "Twitter has breached none of its obligations under the agreement, and Twitter has not suffered and is not likely to suffer a company material adverse effect," Twitter's lawyers wrote.
Warner Bros. Discovery in Talks With Amazon for New HBO Max Deal
$Warner Bros Discovery(WBD.US$ has been in talks with $Amazon(AMZN.US$ about restarting a distribution agreement for the online retailer to sell Warner's HBO Max along with its Prime Video service. This came after HBO Max pulled its service off of the Amazon platform last year, a move that cost the company 5 million subscribers.
GameStop Launches Its NFT Marketplace Just as NFT Sales Dry Up
Retailer $GameStop(GME.US$launched its long-awaited marketplace for nonfungible tokens Monday just as sales of such digital artworks dry up amid the crypto industry crash. The marketplace is part of a push by Chairman Ryan Cohen to expand its array of digital services and online products in a bid to turn around the struggling video-game retailer.
Netflix Interviewing External Candidates to Lead Ad-Supported Service
$Netflix(NFLX.US)$is in talks with several external candidates to oversee an ad-supported version of its streaming service. The company has interviewed candidates that include Pooja Midha, chief growth officer of $Comcast(CMCSA.US)$advertising unit, and Peter Naylor, $Snap Inc(SNAP.US)$ vice president of sales for the Americas.
Source: Bloomberg, Dow Jones
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