Page 25 - ARUBA TODAY

BUSINESS Tuesday 24 OcTOber 2017
A25
US stocks skid as GE tumbles and technology companies fall

By MARLEY JAY average fell 54.67 points, or
AP Markets Writer 0.2 percent, to 23,273.96.
NEW YORK (AP) — Industrial The Nasdaq composite
and technology compa- dropped 42.23 points, or
nies and retailers all stum- 0.6 percent, to 6,586.83.
bled Monday as U.S. stocks The Russell 2000 index of
began the week with loss- smaller-company stocks
es. General Electric suf- sank 11.75 points, or 0.8
fered its worst one-day loss percent, to 1,497.49.
in six years following down- General Electric took its
grades from analysts. biggest single-day loss
After a mixed start, stocks since August 2011 after an-
turned lower in afternoon alysts at UBS and Morgan
trading. GE’s struggles Stanley lowered their rat-
weighed on industrial com- ings on its stock. GE stock
panies, while big technolo- has been slumping all year,
gy companies liked Face- but it had edged higher Fri-
book and Alphabet sank. day as investors reacted
Toy companies Hasbro positively to the conglom-
and Mattel tumbled after erate’s third-quarter results.
Hasbro’s sales forecast dis- Analysts were less optimis-
appointed Wall Street and tic Monday, as Christopher
familiar consumer compa- Executive Floor Governor Rudy Mass and specialist Philip Finale work on the floor of the New York Belfiore of UBS cut his 2018
nies like Amazon and Mc- Stock Exchange. Industrial and technology companies and retailers all stumbled Monday as U.S. and 2019 profit estimates
Donald’s also slumped. In- stocks began the week with losses. for GE and said it’s likely to
vestors did far more selling (AP Photo/Richard Drew) reduce its dividend pay-
than buying as a seven- “We have never seen the willing to just trust it.” China have all been grow- ments.The stock fell $1.51,
day winning streak end- level of calm and the level Hackett said it’s very un- ing for more than a year, or 6.3 percent, to $22.32.
ed. It was the worst day of strength combined that usual that stocks have con- which isn’t likely to end It’s down 29 percent this
for stocks in about seven we’ve seen,” said Mark tinued to rise without any soon. year.Other industrial firms
weeks, but it was still a fairly Hackett, chief of invest- big sell-offs, but he doesn’t The Standard & Poor’s 500 also took losses. Equipment
small decline, as almost ment research at Nation- see it as a problem. That’s index lost 10.23 points, or rental company United
nothing has seriously rat- wide Investment Manage- because major economies 0.4 percent, to 2,564.98. Rentals lost $2.92, or 2 per-
tled investors this year. ment. “Investors are kind of like the U.S., Europe and The Dow Jones industrial cent, to $141.48. q
Target says customers want it to pause the ‘Christmas creep’

By ANNE D’INNOCENZIO ing its marketing focus Thanksgiving,” said Rick Nov. 11. Gomez says cus- choose something entirely
NEW YORK (AP) — Tar- and increasing its holiday Gomez, Target’s chief mar- tomers are shopping on the different — all before any-
get says customers want marketing budget com- keting officer. “What they weekend twice as much as thing is shipped. In its stores,
it to pause the “Christmas pared to a year ago.For don’t want us to do is go they are during weekdays. Target is adding kiosks that
creep.” It says it wants to November, Target will keep right into Christmas. So, we Target’s also focusing on cater to different kinds of
be more in tune with cus- Thanksgiving signs and dis- are going to respect that.” convenience. shoppe. They include items
tomers’ mindset, so it plans plays at the entrances and As it eases into the later A new service on Target’s like fluffy slippers or beauty
to ease in holiday promo- its marketing will play up holidays, the company isn’t website lets people click products.As it works to play
tions this year while better Thanksgiving meal prepa- repeating the “Ten Days on a GiftNow button for catch-up in some online
recognizing Thanksgiving. ration and entertaining of Deals” strategy, which products to send an e- services.Target is now ship-
The retailer’s holiday plans for shoppers. “They want it had for two seasons in a gift. That lets the recipient ping online orders from
also include a new e-gift us to pause, and be really row. Instead, it’s increas- know, and the person can 1,400 stores, up from 1,000
service, adding kiosks that intentional and recognize ing weekend deals starting change the color or size or a year ago. q
focus on impulse presents
mainly under $15, and
launching a wallet feature
to its app.
It’s also offering more
weekend deals since shop-
pers do more holiday buy-
ing then.While all retailers
need to worry about on-
line growth and the expan-
sion of Amazon, Target is
spending $7 billion over
three years to remodel old
stores, open small ones in
cities and college towns
and offer faster delivery for
online orders. It’s also been
refreshing its store brands
and trying to be more con-
venient to shoppers. Eight
of Target’s new brands will
be available for the first
time this holiday season.
The company is expand-