Amazon plunges 10% on revenue and guidance miss at CNBC. “The company gave fourth-quarter revenue guidance in the range of $66.5 billion and $72.5 billion, well-below consensus of $73.79 billion.” Read more
…Amazon is on track to generate $10 billion a year from its advertising business at CNBC. “The company reported $2.5 billion in sales in its “Other” category in Q3. The number marks a 122 percent increase year over year and is an increase of $301 million from last quarter.” Read more
…Amazon tops 600K worldwide employees for the 1st time by Nat Levy at GeekWire. “To put Amazon’s growth in perspective, there are now more people working for the tech giant than people living in Baltimore (601,000) or Milwaukee (586,000).” Read more
JCPenney wants end to ‘Project Runway’ tie-up with Weinstein Co at Reuters. “JCPenney in a filing in U.S. Bankruptcy Court in Delaware said their licensing agreement “no longer makes economic sense for either party”” Read more
PriceSmart Q4 comp sales +0.2% / Begins search for new CEO Press release
America’s Largest Private Companies 2018 (Albertsons #3, Publix #8, C&S #10, HEB #12, Pilot #14) at Forbes. Ranked list
UPS launches cargo e-bike delivery in Seattle by Monica Nickelsburg at GeekWire. “UPS will deliver packages in Pike Place Market and the surrounding neighborhood using the bikes. If the pilot is successful, UPS will expand its cargo e-bike delivery service to other parts of Seattle.” Pics/Read more
**A message from the Megaphone sound enhancing case: Don’t Settle – Get Loud + Clear Megaphone sound. No wires or batteries, boosts sound 2X and filters the sound for a smoother “stereo” listening experience. Website/Video | Sample
Costco gets the go-ahead for expanded corporate HQ in Issaquah by Benjamin Romano at Seattle Times. “A new office building and parking garage at Costco’s Issaquah campus could make room for as many as 4,000 employees…received a final land-use approval from the city of Issaquah for a nine-story, 620,000-square-foot office building and adjacent parking garage with about 1,650 stalls, both to be built on existing parking lots south of the company’s current headquarters buildings.” Tiered subs.
Home Depot named exclusive home improvement retailer for its Stanley hand tools and storage product portfolio Press release
Best Buy is paying workers at three of its closed stores after Hurricane Florence by Jackie Crosby at Star Tribune. “Best Buy aims to get the North Carolina stores back online in time for the Black Friday day-after Thanksgiving sale. It’s too soon to know when the Panama City location will open.” Tiered subs.
At Netflix, Radical Transparency and Blunt Firings Unsettle the Ranks by Shalini Ramachandran & Joe Flint at Wall Street Journal. “To many Netflixers, the culture, at its worst, can also be ruthless, demoralizing and transparent to the point of dysfunctional. The Wall Street Journal talked to more than 70 current and former employees for this article.” WSJ subs.
Most common U.S. vendors for business expenses (Amazon #3, Walmart #8) by Rani Molla at Recode. Ranked list
Bankruptcy judge to OK Sears’ plans for store closing sales by Lauren Zumbach at Chicago Tribune. “A revised order filed with the bankruptcy court Thursday lets landlords negotiate individual agreements modifying closing sale plans.” Tiered subs.
Sears directors tap Evercore to examine former CEO Lampert’s deals: sources at Reuters. Read more
California’s gas tax repeal is in danger of losing – and it could could spell trouble for the GOP in the election at CNBC. “A new released this week finds that 41 percent of likely voters support Proposition 6, while 48 percent oppose it. House GOP leaders have been contributors to the repeal effort, hoping it will boost Republican voter turnout in tight congressional races.” Read more
For original ‘Halloween’ movie, Jamie Lee Curtis bought her wardrobe for $200 at JCPenney by Jessica Sager at NY Post. “I made $8,000 — I made $2,000 a week, which at the time was a fortune,” Curtis, 59, told People.” Read more
Retailer removes Caitlyn Jenner-inspired costume following backlash by Michael Bartiromo at Fox News. “The “I Am Cait” outfit from Costume Agent, which sold for $44.95 and included running shorts, a tank top reading “USA,” two fake gold medals and a red wig, is no longer for sale from via online retailers such as eBay and Amazon.” Pic/Read more
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