now it's time for your business breakdown where we're giving
you the good, the bad and the new,
That's right. Starting with a good biz one consumer
goods company known for products like laundry detergent and diapers
. She's a massive sales boost. Let's bring in
our own kristen miller who is live for us in
new york stock exchange, who we're talking about now
, Kristin ken and it's great to be with you
both this evening and ken, we are talking about
Procter and Gamble. It's the parent company behind tide
detergent. Pampers head and shoulders and more. PNG
today reporting its biggest annual sales jump in 16 years
. But that is most mostly thanks to price increases
that it had to slap on products across the board
. Think toothpaste all the way to toilet paper and
everything in between the organic sales rose 7% for the
year ending june 30th. It's the biggest jump since
2006. And the company also expecting growth in that
category between three and 5% for the current year.
Well, executives still worry about what could happen as
customers cut back on spending and turn to generic brands
thanks to continued inflation shares of PNG down about 6%
on the day. All right, let's move on
to the bad bits Kristen one major chipmaker under a
lot of pressure after a worse than expected quarter.
What are we talking about here? Yeah. Hannah
. So in this case we're talking about Intel and
shares on the move today after the semiconductor giant did
miss on the top and the bottom lines revenue fell
22% from the same time a year ago. Revenue
also missed estimates by quite a bit 14% to be
exact. So the company's biggest top line disappointment since
1999. And the CFO saying that consensus among the
C suite is that intel is quote on the bottom
amid these disappointing results. And as the company deals
with headwinds like Covid related supply chain challenges broader decline
in economic activity and more Well, there is a
bright spot Intel saying after the house passed a bill
thursday to boost chip manufacturing here in the US that
it can now move ahead with its$20 billion chip
factory in Ohio. That bill now goes to president
biden's desperate signature. Of course he is expected to
sign an intel stock down about 8.5% Alright, finishing
with the new biz Kristin. When companies striking a
deal that's sure to give customers a bargain. Do
tell Okay, we always like a bargain ken.
And in this case we're talking about the discount retailer
Saks off fifth, hitting the runway with a new
partnership, the company announcing a deal where customers can
purchase hand me down designer items from clothing rental company
rent the runway right on its site. Well,
even though the items have been worn before Saxe says
all products have been pre approved to make sure that
they're in great condition and the collaboration drive from dozens
of designers customers find deals up to 85% off.
And the partnership coming at a time when many customers
in the us are changing their shopping habits in order
to save money amid inflation. Let's take a look
at chairs rent the runway up 0.5% today. So
pretty good. Look at that.$4.44. I
think that's a lucky number. You guys rent the
runway. You know? Yes, I rent the
runway every day. I'm completely published on the runway
and that is so stylish. I'm always like texting
her like I love this out. But I love
this outfit. So I know it's served. I
haven't jumped in yet but I've been thinking about it
. But I've definitely been thinking that they don't make
amends rent the runway. Every guy at this network
says that I think we should start a mail rent
the runway would make so much money. You should
write in. We should shoulder at the new york
stock exchange. Also our business partner. Apparently.
Thank you so much