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Twitter, Target, Kohl’s: the actions that marked the week

Twitter Inc.

TWTR -1.39%

Elon Musk is ruffling the feathers on Twitter. The Tesla CEO on Monday threatened to end his $44 billion deal to buy the social media company, saying in a letter that the company was not complying with requests for spam and fake account data. Twitter said it would continue to share information with Mr Musk. On the same day, Texas also launched an investigation into Twitter’s tally of fake bot accounts. Twitter shares lost 1.5% on Monday.

Target Company

TGT -3.16%

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The target misses the target with buyers. The retailer has warned profits will plummet as it has to cancel orders or offer discounts to weed out unwanted products to make way for in-demand items. Major retailers are grappling with a rapid reversal in shopping behavior, with consumers spending less on home decor and patio furniture in favor of services and necessities such as food and fuel. Target said last month that inventory had risen 43% in the last quarter and that supply chain issues had delayed the arrival of many products beyond the ideal sales window. The announcement came two weeks after the company reported earnings that fell short of expectations. Target shares fell 2.3% on Tuesday.

Kohls Company

KSS -1.82%

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Kohl’s may sell out soon. The struggling retailer is in advanced talks to be sold in a deal that could value the department store chain at around $8 billion. The company said it had entered a three-week period of exclusive talks with retail holding company Franchise Group Inc.,

which owns brands such as Vitamin Shoppe. Franchise Group had offered about $60 per share for Kohl’s, the company said. Kohl’s has come under pressure to raise its share price, and two activist shareholders recently called on the company to consider selling. Kohl’s shares jumped 9.4% on Tuesday.

Campbell’s Soup Co.

pcb -0.15%

Inflation makes consumers lose their appetite. Campbell said the higher prices were deterring some shoppers, as lingering inflation prompted the soup maker to raise prices three times over the past year. Its sales volume fell 3% as consumers reacted to inflation and labor and material shortages limited Campbell’s production. Still, the company’s net sales jumped 7% to $2.1 billion in the latest quarter, and Campbell raised his fiscal 2022 sales forecast, saying he expects demand largely holds even if it raises prices as it faces higher costs. Campbell shares rose 1.5% on Wednesday.

Abbott Laboratories ABT -2.73%

New details are emerging about complaints lodged at an Abbott Laboratories infant formula plant before it closed in February, contributing to a severe shortage of infant food in the United States. The Wall Street Journal reported on Wednesday that Abbott and the U.S. Food and Drug Administration had been alerted to whistleblower claims about the Sturgis, Michigan facility in February 2021, months earlier than intended. The complaint cited faulty equipment requiring repair and a published formula without sufficient evidence that it was safe for consumption. Abbott and the FDA have come under fire in recent months for what lawmakers have called a slow response to Sturgis’ issues. Abbott shares fell 1.9% on Wednesday.

Microsoft Company

MSFT -4.46%

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Paying is no longer a secret at Microsoft. The software giant said it would soon publicly disclose salary ranges for all job openings in the United States, making Microsoft one of the first major employers to take such a step. The move comes after his home state of Washington passed a law earlier this year requiring such job posting disclosures starting next year. The plan was among several corporate initiatives unveiled Wednesday, including reducing its use of non-competition clauses with American workers and engaging in a third-party civil rights audit of its labor policies and practices. -work. Microsoft shares fell 2.1% on Thursday.

J. M. Smucker Co.

SJM 0.91%

JM Smucker faces a delicate situation. Folgers coffee and jam maker Smucker’s has warned that the recall of certain Jif peanut butter products due to possible salmonella contamination would slash sales by 2% and hurt earnings by 90 cents per share in the during its recently started 2023 fiscal year. and continued demand for home food and coffee drove the food maker’s quarterly sales up. The company said sales in its fiscal fourth quarter ended April 30 increased 6% to just over $2 billion, and the Jif recall reduced sales by about 1%. Smucker shares gained 5.7% on Tuesday.

Write to Francesca Fontana at francesca.fontana@wsj.com

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Post expires at 8:56pm on Tuesday June 21st, 2022