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October 11th - According to the Associated Press, several Saudi Arabian officials recently stated that Saudi Arabias stockpile of air defense interceptors is "critically low." The report said that Saudi officials indicated they have requested support from France, Britain, Pakistan, and Egypt to deploy air defense systems in the region. One official stated that the United States, in its conflict with Iran, has also found its own weapons stockpile dwindling. Saudi officials also stated that the US assistance includes intelligence sharing, target identification, and planning for the recent offensive against the Houthis.The National Hurricane Center reports that post-tropical cyclone Isaias is located about 70 miles (115 kilometers) northeast of Huntsville, Alabama, with maximum sustained winds of 25 miles per hour (35 kilometers per hour).The U.S. National Hurricane Center: As Isaias accelerates northeastward, the risk of flash flooding in the Blue Ridge region remains.On October 11, local time, the Australian government issued a travel advisory, warning its citizens to avoid traveling to King Khalid International Airport in Riyadh, the capital of Saudi Arabia, and reminding travelers planning to go to Saudi Arabia to pay attention to the local security situation. The Australian government reminded its citizens that the regional security situation could further affect air traffic and that they should closely monitor the latest information released by airlines and local authorities. The Saudi Arabian Civil Aviation Authority issued a statement early on October 11 saying that the attack on Riyadhs international airport on October 10 resulted in 12 deaths and 309 injuries.On October 11th, multiple US media outlets reported on October 10th that in July of this year, an AI model from the US artificial intelligence company Anthropic submitted a false lead for an unsolved murder case to the Philadelphia Police Departments website. Anthropic stated in a report on the 9th that its "Claude Haiku 4.5" model visited the Philadelphia Police Departments website soliciting information on an unsolved murder case. The model filled out a form on the website, claiming to "possibly possess information related to the case," and submitted the form. The model did not fill in its name or contact information. The form was marked as spam, and the police did not launch an investigation based on it. The Philadelphia Police Department stated that they were unaware of this matter until Anthropic recently notified them, and the incident was "unacceptable." The police emphasized that technology companies must take all necessary measures to prevent their systems from submitting false information to law enforcement.

Off-price Rack Sales Drop, Nordstrom Lowers Profit Forecast

Charlie Brooks

Jan 20, 2023 10:41

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After poor Christmas sales and a 6% decline in after-hours trade on Thursday, Nordstrom Inc. (NYSE:JWN) lowered its yearly profit projection.


The company expected 5% to 7% annual sales growth. From Jan. 1 to Dec. 31, 2022, Nordstrom Rack's net sales fell 7.6%.


Americans have cut discretionary spending due to decades-high inflation, and drastic inventory cuts have affected U.S. stores.


Macy's Inc. (NYSE:M) cut its holiday sales projection earlier this month, blaming a longer-than-expected retail drop between Black Friday and Christmas. Lululemon Athletica (NASDAQ:LULU) warned of quarter margin reduction.


The National Retail Federation reported decreased Christmas sales on Wednesday because shoppers bought in October when businesses offered higher discounts.


Nordstrom is underperforming.


It had to provide more markdowns than planned, and its Rack banner is currently grappling with inventory mismanagement and merchandising concerns exacerbated by supply-chain issues during the pandemic, when women's clothes and shoes were scarce.


William Blair analyst Dylan Carden said Rack had persistent merchandising mistakes.


Nordstrom expects fiscal 2022 adjusted EPS of $1.50 to $1.70, down from $2.30 to $2.60.


Lower inflation, larger inventory, and typical freight and labor costs should assist Nordstrom and other retailers this year, analysts said.


"Going into 2023, that gives me some comfort that even if the first half is kind of mediocre, maybe it'll start to look better," Morningstar analyst David Swartz said.


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