Best Buy Co. Inc. (NYSE: BBY) posted a forecast for 2021 financial results that was well below expectations, sending its stock down 8%. Best Buy’s most recent quarterly figures were good enough that investors believe it might have come up with a formula to hold off Amazon.com Inc. (NASDAQ: AMZN).
Ford Motor Co. (NYSE: F) said it would close five plants in North America temporarily as sales slow. Ford’s U.S. sales have been undermined by a tepid overall market and an erosion of sales for its sedans and coupes.
Harvard’s endowment posted an 8.1% return for the university’s latest fiscal year, well below that of most large nonprofits.
According to the Financial Times, Amazon is at work on “smart glasses,” wearables that will work with its Alexa personal assistant product.
Wal-Mart Stores Inc. (NYSE: WMT) will go against the retail industry trend of hiring temp workers for the holidays. Rather, it will give more work to current employees. The world’s largest retailer released a statement by Judith McKenna, executive vice president and chief operating officer, Walmart U.S:
The holidays are a special time of year for our customers and associates and also one of the busiest. To help customers save time and money this season, we are offering the extra hours available this time of year to our current associates rather than hiring thousands of seasonal workers.
These extra hours will help staff traditional roles like cashier and stocker, and newly created technology-empowered positions such as personal shoppers and Pickup associates. This is the same approach we took last year, and we heard great feedback from our customers and associates.
Retailer Bed, Bath & Beyond Inc. (NASDAQ: BBBY) posted poor results for its most recent quarter, which caused its shares to plunge. Net earnings fell to $94 million for the quarter that ended August 26 from $167 million in the same period a year ago.