Retail stocks like Abercrombie & Fitch get a boost as Black Friday arrives, Mark Zuckerberg gets stung by fake Meta news and Disney brings back its old CEO. These are the 5 big stories from the week that was.
1. So Fitch
It’s not often a retail stock jumps 36% in a week but that’s the story of Abercrombie & Fitch after the brand posted earnings that blindsided everyone.
Turning a slim profit per share, the 854-store retailer credited a return to the office and social outings for the beat.
Despite the rising share price, earnings still show signs of weakness but sales decline has been far better than forecast.
Heading into the holiday shopping season, the optimism bodes well for A&F’s bid to revive a brand that was once so dominant.
2. Zucked out
Meta shares briefly rose this week on the rumour that Mark Zuckerberg was going to resign next year.
The company formerly known as Facebook has since confirmed the news was false but it’s a sign of the pressure it and its CEO is under.
3. Man Up
Manchester United, the publicly-listed football team, is reportedly looking for new owners as it looks to turn its fortunes around.
Investors were loving the news this week with another likely false report circulating that suggested Apple was in the running.
4. Musical chairs
Disney has sacked its CEO and replaced him with its old one, Bob Iger, who ran Disney between 2005 and 2020.
It reportedly came as part of an internal push from other executives who want to turn the company around after losing ~40% of its value this year.
5. Silly season
It’s been a tough year for Kogan, the Aussie ecommerce platform with a valuation that has fluctuated from millions to billions and back again.
But as Black Friday and Cyber Monday kickstart another sales season, its founder is promising investors it can get back on track and turn profitable.
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