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We’re rolling into Tuesday as earnings reports keep flowing. Today we cover GM’s report, what Walmart is doing to manage inventory and keep customers spending, as well as the pink condiment that has the Gen X internet deeply divided.
- GM Q2 net revenue is down 40% to 1.7 B as total revenue is up 4.7%
- In quarterly earnings report deck, CEO Mary Barra stated,
- Our outlook for the second half is strong, and we are reaffirming our full-year earnings guidance that includes EBIT-adjusted of between $13 billion and $15 billion. This confidence comes from our expectation that GM global production and wholesale deliveries will be up sharply in the second half.
- GM has also done something unique in the industry to help secure our future EV production.We have binding agreements securing all battery raw material to support our plan for 1 million units of annual EV capacity in North America in 2025. These are commitments with strategic partners for key materials like lithium, cobalt and nickel. This includes new multi-year agreements announced today by Livent Corp., for lithium, and LG Chem, for cathode material
- The report also touted GM’s strong credit rating and current and future lineup of EVs with photos and details
- When addressing spending discipline and measured hiring, Barra said, Regardless of the circumstances, we will continue executing from a position of strength.”
- Take Away: More signals pointing toward a second half normilazation
- Walmart reports price cuts as profits decline but same store sales increase by 6%
- The largest cuts in prices are on clothing and general merchandise, their most profitable items
- Higher food and fuel prices pressuring consumers cited for the move
- CEO, Doug McMillan expects this trend to continue through the holiday season but says there are strong back to school sales
- Following the price break announcements, after hours trading of Walmart, Amazon, and Target stock all fell
- Take Away: Noticing a trend? What can you do to ease the pressure where it hurts?
- Pink sauce is all the rage on on TikTok…but what is really in it?
- Social media celebrity Chef Pii is catching praise and shade for her creation of a new dipping sauce…pink sauce
- Garnering over 80 million views, the product has gone viral and can be purchased for $20 a bottle
- Addressing safety concerns over inconsistent labeling and the inclusion of “milk” as one of the ingredients, the TikTok chef didn’t seem concerned, stating,. “I’m like, this is the Madonna,” she said in an interview abo
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