Mickey Drexler, Chair of Alex Mill and Former CEO and chair of J. Crew, tells Bloomberg that apparel retailers need to do more to give consumers a reason to buy. He says product, discounting and especially newness matter, while arguing that fashion has put too little emphasis on creativity and reinvention. He speaks with Romaine Bostick on "The Close."
Affirm is teaming up with Walmart's Sam's Club as the retailer's exclusive buy-now, pay-later partner, just weeks before the key holiday shopping season kicks off. Affirm will serve as Sam's Club's exclusive BNPL provider in a multi-year agreement, starting in that role on Sam's Club's website in the coming weeks and rolling out to stores in 2027, according to a statement Thursday that didn't disclose terms of the deal. Max Levchin, Founder & CEO of Affirm, joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec.
Aaron Mulvihill, Global Alternative Strategist at JPMorgan Asset Management, said public and private markets are connected as investors reassess the financing risks of the AI and data-center buildout. Credit demand and originations have not slowed, he said, but lenders are becoming more selective: AI-related borrowing must offer returns that justify its cost. He speaks with Romaine Bostick on "The Close."
Kroger CFO David Kennerley discusses the company plans to invest $5 billion in consumer value, including affordable groceries and simpler promotions, while seeking to fund the effort through $4 billion in structural cost savings. Kennerley said the company is seeing a slight uptick in inflation but remains within the range it projected earlier in the year, and will accept supplier price increases only when justified. He speaks with Romaine Bostick in "The Close."
Huntington Bank shares were little changed after the company reported revenue below expectations and earnings per share in line. CEO Steve Steinour said the results reinforce confidence in meeting financial targets and delivering sustained earnings growth. He cited growth and the integration of the Cadence and Veritex partnerships, while explaining that stronger competition has made some lending unattractive. He speaks with Romaine Bostick & Jess Menton on "The Close."
Andrew Charles discusses TD Cowen's downgrade of Chipotle to Hold, citing concerns about sales trends. He said the company's recent same-store sales have benefited from creative campaigns, including four annual limited-time protein offerings, value initiatives and a new chief marketing officer, but he expected these efforts to deliver stronger results in the fourth quarter and argued that growth will become harder in 2027 as Chipotle laps those drivers and must rely on less-proven initiatives. He speaks with Romaine Bostick & Jess Menton on "The Close."
Romanian President Nicusor Dan says Russia is trying to intensify the war in Ukraine and provoke European neighbors. He talks about security with NATO and defending against Russian drone attacks. Dan also says his country has no plans to end its contract with Elon Musk's Starlink satellite service. He speaks on "Balance of Power."
Mark Carney wants all of his Canadian diplomats to stay away from anyone running for office in the upcoming US midterm elections. They can only have meetings with special permission. Carney wants to avoid allegations of political interference. Bloomberg's Josh Wingrove reports.
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Jess Menton, Carol Massar and Tim Stenovec.
Jackie Reses, co-founder & CEO of Lead Bank, said that she bought a bank so that she could 'disrupt' the banking system from the inside to rework its 'antiquated' financial services. Reses said that more companies are looking to embed financial services into what they do as it becomes more and more embedded across the board in everyday life.
