Macy’s may have a shaky future ahead as the company announces it will cut more jobs and close more stores after a disappointing holiday shopping season. Close to 2,000 voices in Sentifi financial crowd are talking about the company and its performance, so join the conversation and never miss out on an insight from the market.
Macy’s Inc.: Axes more stores and jobs
More than 10,000 jobs and 68 stores are on the gone list. The company also has lowered its full-year earnings forecast, blaming changing consumer behavior and saying the challenges it is facing are the norm in the retail industry. Aside from cutting jobs and closing stores, the retailer is also looking to restructure parts of its business and sell some properties in order to save $550 million annually.
Ford Motor Company: Scraps plan to open a factory in Mexico
The company is now expanding a Michigan plant to create 700 more local jobs instead of moving south. The new workers, who will need to be computer literacy and have at least a high school degree, will build mostly self-driving and electric cars. The company denied the influence of President-elect Donald Trump on its new plan, saying it’s the devotion of U.S. workers that made it stay in the States. The company further said it will invest as much as $4.5 billion in electric vehicles by 2020.
Beiqi Foton Motor: Enters India
Chinese automaker Beiqi, along with South Korea’s Kia Motor, Japan’s Toyota, PSA Group’s Peugeot Citreon and two other Chinese automakers, will enter India in the next 3-4 years. They are determined that the country will be the world’s third largest car market by the end of the decade. Beiqi will target the passenger vehicle space and is already discussing with vendors to localize a large van and a group of SUVs in India by 2019-2020.
All Leisure Group Plc.: Collapses
U.K.-based holiday firm has ceased tradings and officially collapsed, leaving hundreds of holidaymakers stranded. The Civil Aviation Authority will pick up 400 passengers overseas. The company has 7,000 forward bookings wit 13,000 passengers affected.
Agile Therapeutics Inc.: Shares tumble 44 percent
The travesty took place after the company submitted disappointing results from its Phase 3 SECURE clinical trial of Twirla. It plans to resubmit the results later in the first half of the year.
Weight Watchers: Shares jump on Oprah’s start to her diet season
The company’s shares jumped 26 percent, the most in more than a year, after Oprah Winfrey kicked off her diet season. Analysts are confident in the prospects of the company, saying the new advertising campaign with Oprah will boost profit this year.
AfterMaster Inc.: Introduces new technology at CES 2017
The audio technology company will unveil some of its latest innovations at the biggest technology show in the world CES this year, including the first personal audio re-mastering device called AfterMaster Pro. It will also introduce the showgoers to its online music mastering service.
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