Kmart is trending, but not in a good way. That and more top money stories you need know Wednesday.
Allison Joyce/Getty ImagesCustomers check out at a Kmart store in Braintree, Mass. during last year’s Black Friday event. Kmart (SHLD) just can’t catch a break. Within hours of saying it would open its stores at 6 a.m. on Thanksgiving, social media sites lit up with criticism of the plan. Some angry customers even threatened to boycott Kmart for being insensitive to its workers.
The little guy is getting ripped off. The game of buying and selling stocks is stacked against you and me, the retail investors. That’s the word from someone who should know, the head of the company that’s in the process of buying the New York Stock Exchange. He told analysts that small investors get taken advantage of when they go make trades.
The Dow Jones industrial average (^DJI) fell 21 points Tuesday and the Standard & Poor’s 500 index (^GPSC) lost 5. But the Nasdaq composite index (^IXIC) added 3 points. After the markets close Wednesday, Twitter will set the price for its IPO, which begins trading Thursday.
Tesla has hit a bump in the road. One of the best performing stocks this year is set to slide. The luxury carmaker says its quarterly loss narrowed from a year ago, and it announced plans to boost production to meet rising demand. But the company also warned that fourth quarter results will fall short of expectations. Over the past year, Tesla (TSLA) shares have soared a whopping 461 percent.
Toyota’s (TM) profit soared by 70 percent and it raised its outlook for the full year. The gains were led by strong U.S. sales.
Abercrombie & Fitch (ANF) has lost some of its cool. The retailer of teen clothes reports a steep drop in sales last quarter. The company says younger consumers simply aren’t spending as much. Abercrombie shares are down 20 percent this year, and falling.
And the giant meat-packing company Cargill says beginning next year it will label ground beef that contains a filler that’s become known as pink slime. The controversial additive is considered safe, but it’s made of meat scraps that are washed in ammonium hydroxide. And that’s sparked a big yuck factor for consumers.
-Produced by Drew Trachtenberg.