Page 25 - ARUBA TODAY

BUSINESS Wednesday 4 OctOber 2017
A25
Retail groups: Soaring airlines lift Wall Street to new heights

holiday sales to
rise 3.6 to 4% 2015. United Continental,

By A. D’INNOCENZIO American Airlines Group
and Southwest Airlines also
AP Retail Writer
NEW YORK (AP) — A retail each rose more than 4 per-
cent.
trade group says it expects Outside of airlines and a
holiday sales to at least handful of other big mov-
match the 3.6 percent ers, though, markets were
growth of a year ago, as generally quiet. No big
job creation and improv- economic reports were on
ing wages should put shop- the docket, and few com-
pers in a mood to spend. panies reported quarterly
The National Retail Fed- results.
eration said Tuesday it ex- “This is the calm before we
pects sales in November get hit with some more im-
and December to rise 3.6 pactful information,” said
percent to 4 percent, to a Steve Chiavarone, portfo-
range of $678.75 billion to lio manager at Federated
$682 billion. It’s the first time Investors.
the trade group forecast In upcoming weeks, the
in a range rather than by market will be looking to
a fixed percentage, be- hear more about whether
cause the impact of sev- Traders Dan Ryan, left, and Edward Schreier work on the floor of the New York Stock Exchange. Washington will be able to
eral big hurricanes is still Airline and automaker stocks took off on Tuesday and helped U.S. indexes push a bit further into cut tax rates for compa-
record territory.
uncertain. (AP Photo/Richard Drew) nies and others. Investors
So far this year dozens of By STAN CHOE may also get clues about
retail chains have filed for 0.2 percent, to 2,534.58 forecast for third-quarter who the next chair of the
bankruptcy, and hundreds AP Business Writer for its sixth straight day of results. The Atlanta-based Federal Reserve will be,
of stores have closed — NEW YORK (AP) — Airline gains. The Dow Jones in- carrier expects to report and most companies will
particularly among those and automaker stocks took dustrial average rose 84.07, roughly 2 percent growth begin reporting their third-
dependent on clothing off on Tuesday and helped or 0.4 percent, to 22,641.67, in a key revenue measure- quarter results.
sales. U.S. indexes push a bit fur- and the Nasdaq compos- ment, which would be at In the meantime, some
Toys R Us is reorganiz- ther into record territory. ite rose 15.00 points, or 0.2 the high end of the forecast economic reports may
ing in bankruptcy as well Trading was again quiet percent, to 6,531.71. The range it had given a month look abnormally weak be-
at a critical time of year. overall, with only mod- Russell 2000 index of small- earlier, after accounting for cause of the hurricanes
Holiday sales account for est moves for bond yields, cap stocks added 2.49, or the hit that it took from Hur- that have recently struck
nearly 20 percent of the commodities and other 0.2 percent, to 1,511.97. All ricane Irma. the United States, such as
annual industry sales total. markets. four indexes are at records. Delta jumped $3.18, or 6.6 this week’s upcoming re-
But online spending is still The Standard & Poor’s 500 Airlines led the way after percent, to $51.25 for its port on hiring. q
growing strongly, which index rose 5.46 points, or Delta Air Lines updated its best day since January
optimism, and some ana- Buffett buys big into Pilot Flying J truck stops
accounts for some of the

lysts say retailers like dollar By JOSH FUNK diately clear how much of Fourteen have pleaded scripts of secretly-recorded
chains are still adding loca- ERIK SCHELZIG Berkshire’s roughly $100 bil- guilty, while another four — conversations among the
tions. AP Business Writer lion in cash will be used. including the company’s sales team deriding truck-
Holiday forecasts from OMAHA, Neb. (AP) — War- The announcement comes former president — are ing clients as unsophisticat-
Deloitte, the International ren Buffett’s company is as Bill Haslam is deciding scheduled to go on trial on ed, lazy and undeserving
Council of Shopping Cen- acquiring a major stake whether to make a bid Oct. 31.The company paid of the rebates they wrongly
ters and AlixPartners have in Pilot Flying J truck stops to succeed U.S. Sen. Bob an $85 million settlement thought they were receiv-
come in around the same and it will take over a ma- Corker, a fellow Republi- with most of the defrauded ing.Company founder Jim
level, ranging from growth jority stake within about can and close family friend customers as well as a $92 Haslam, a former University
of 3.5 percent to 4.5 per- five years from the family who made the surprise million penalty to the gov- of Tennessee football play-
cent. PwC predicts that of Cleveland Browns owner announcement last week ernment.The scheme be- er and the father of Jimmy
holiday spending will rise 6 Jimmy Haslam and Tennes- that he won’t seek another came public after federal and Bill Haslam, in 1958
percent, but that estimate see Gov. Bill Haslam. term in Congress. agents raided the compa- bought his first gas station
includes travel and enter- The ubiquitous truck stops, Haslam’s refusal to divulge ny’s Knoxville, Tennessee, in Gate city, Virginia, and
tainment. Other holiday 750 of them in 44 states his earnings from his Pilot headquarters in 2013. An ultimately grew the com-
forecasts exclude restau- and Canada, make up the stake was a major issue in FBI affidavit unsealed after pany into country’s largest
rants and travel. 15th largest private com- his first run for governor in the search contained tran- diesel retailer. q
The NRF forecast — which pany in the U.S., accord- 2010, and the company’s
considers economic indi- ing to Forbes, with 27,000 legal problems have quick-
cators such as consumer employees and revenue ly become fodder for critics
credit, disposable personal of more than $20 billion per from either side of the po-
income and monthly retail year. litical spectrum hoping he
sales — excludes sales from Berkshire Hathaway and won’t join the Senate race.
autos, gas and restaurants Pilot Travel Centers an- Pilot Flying J, which is run by
but includes online spend- nounced the deal Tuesday Jimmy Haslam, has been
ing and other non-store morning. Initially, Berkshire under scrutiny in recent
sales like those from cata- will buy 38.6 percent of the years because of a diesel
logs. It estimates that on- company, but in 2023 that fuel rebate scam that led
line spending and other will increase to 80 percent. to criminal charges against
non-store sales will rise 11 Financial terms weren’t dis- several members of the
percent to 15 percent.q closed, so it wasn’t imme- company’s sales team.