There are three big stories today:
- did the Saudis dis-invite Joe Biden? there are reports.
- Target will bring the market down.
- the price of gasoline: GS now see oil hitting $140 this summer.
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Target
I think I've blogged about this no less than three times in the past six months. Target logistics is pathetic. Link to The WSJ.
It appears their folks were good at looking in the rear view mirror but not good at looking at "the future."
Target Corp. warned profits would drop because it needs to cancel orders or offer discounts to clear out unwanted goods, the latest sign of the sudden mismatch between supply and demand inside America’s stores.
Big retailers benefited over the past two years from the pandemic rush to buy patio furniture, laptops and home décor, as shoppers were buoyed by savings and government stimulus checks. Now many of those same stores are grappling with a swift reversal of buying behavior with consumers spending less on goods in favor of services and necessities such as food and fuel.
Two weeks after reporting lower-than-expected profits, Target said Tuesday it will further reduce some of its profit estimates for the year because it will more quickly unload excess inventory in the current quarter. Target said last month inventory rose 43% in the most recent quarter as demand for outdoor furniture, small appliances and some electronics declined faster than expected and supply-chain snarls delayed the arrival of many goods past the ideal selling window.
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Was He Banned?
Link here but I could find no supporting source. Having said that, his trip has been delayed at least until July. By July it will no longer matter. On the other hand, the visit may be tied to some huge diplomatic breath-through between Israel and Saudi Arabia.
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The Price of Gasoline
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