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Stock's on the move today, we can do that. Paul swing alongside normal Linda. We're joined by Bloomberg's the Donna Hirich. She's processor reporter and team leader as a July for Bloomberg News. The Donna, thanks so much for joine yus. What are you looking at today?
Yeah, thanks so much for having me. I'm looking as Charlie was at Chairs of Meta Platforms. That's ticker m E t A a ticker they actually got from an ETF company. Fun fact, really we all remember during the pandemic when they changed their ticker. There was this big project to start focusing on the metaverse. And now we have shares rising as much as five point seven worked on.
The IPO and we part of the team that came up with the FB.
How about That's good?
It was a change revam, yes, but shares are up today following a Bloomberg report that the company is expected to meaningfully cut resources for building the so called metaverse, an effort that Mark Zuckerberg wants framed as the future of the company, and as Charlie said, the reason for changing its name, I.
Don't get it. I mean, I think it's a shareholders saying, yeah, spend the money anywhere else but the metaverse. I think.
Yeah. I fink if people were kind of thinking it was catchy the four letter name in Eta. But it seems as though with the metaverse not really working out, it starts to make me wonder.
Once the last time anybody has talked about the metaverse.
I think your cash flow. Actually more than one hundred percent of cash flow comes from Facebook.
Okay, five below, five below that's ticker five shares up as much as three point five percent today, but flat right now as we're talking. And the company did raise its profit outlook for the third time in the fiscal year, lifted by demand for budget friendly goods, and so we know this is happening as US consumers sent is sort of waning amid high prices and a weaker labor market.
The company sees comp sales rising about nine point four percent to ten point one percent in the physical year, and that's up from what it was previously saying would be about five to seven percent, so adjusted earnings per share now forecast to be higher than the previous guidance as well. And so this is really interesting to me because you know, it's interesting to see where consumers are
actually flocking to what types of products they're buying. We also have at the same time today a peer a five below peer Dollar Tree ticker DLT are also reporting better than expected results and raising its outlook in its report this week, signaling that discountry jailers are seeing a rise and spending from really stretched consumers.
Yeah, you're seeing everybody trading down, everyone looking for some sort of budget. So we are seeing shares of five below tick our five up about fifty six percent so far this year, so some really strong gains there. You're also looking at shares of Kroger right.
That company shares are only up about one percent so far this year, really lagging the broader market. That's secret. K are shares down as much as eight percent today after it lowered the top end of its full year sales forecast, and that to analysts, suggesting that competition is
intensifying among food sellers. For those discerning consumers we were just talking about, Kroger is the nation's largest supermarket operator, and it now sees comp sales growing between two percent to three percent minus fuel, versus previous guidance of two point seven percent to three point four percent increase. So again, going back to that consumer picture, what consumers are going toward, where they're shopping, and how they're spending their dollars.
Do we even have some Kroger's up north here? I mean, I know we had a ton in Virginia, but have you guys been doing a Kurger?
No, they're around here, not up here.
But I'm waiting for Wegmans to open.
Up closer to my That would be good.
Not that.
Absolutely you know what they're doing.
I mean you go in there and you're just blown away. Yes, and there's so many people helping you. I don't know how they make money. I don't know how the I guess it's always.
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