Top Story
A Cinderella story’s in the making at Mattel (MAT) as the struggling toy company returns to its moneymaker: Disney (DIS) princess dolls.
The toy maker reclaimed the Disney princess contract from its competitor Hasbro (HAS) last year after a difficult decade without it. At last, the new collection is hitting shelves this weekend. Here’s how Mattel made it back on the throne.
Read more >>
Uncertainty reigns on Wall Street amid a choppy session, consumer credit grew in November
• US stocks were mixed Monday as investors considered what course of action the Fed is most likely to take in the coming months. Technology stocks performed well, helping the Nasdaq finish in the green.
• 2023 has opened on a more optimistic note in comparison to the end of December, but uncertainty abounds. Many Wall Street veterans predict the Fed will continue with rate hikes until there is clear evidence inflation has started to decline. And, given the central bank is committed to such a hawkish policy, recessionary fears continue.
• US consumer credit expanded at a faster-than-expected rate in November. Meanwhile, the New York Fed says short-term inflation expectations dropped to their lowest level since July 2021.
• The US dollar weakened. This has the potential to ease inflationary pressures in economies that rely heavily on imports.
• Oil prices rose. This is due to traders betting that China’s post-COVID reopening will lead to increased demand.
What to be on the lookout for today
• The December NFIB small business optimism index is due. In November, the index rose slightly to 91.9, exceeding expectations. Still, it marked the 11th straight month in which the figure remained below the 49-year average of 98. Business owners identify inflation as the most persistent problem. November’s revised wholesale inventories will also be released.
• Supermarket giant Albertsons (ACI) will publish its fiscal third-quarter results. Later this month, the Washington State Supreme Court will decide whether the company is allowed to pay out a $4 billion dividend to its shareholders, ahead of a planned merger with Kroger (K).
• Beleaguered retailer Bed Bath & Beyond (BBBY) is also scheduled to report earnings. Last week, the company announced it is considering bankruptcy, as its cash reserves run low.
3 Financial Resolutions Most People Break — and How to Reframe Them to Keep Them
Resolution #1: Saving Money
Suggested Reframe: Save money for something specific — and make it a priority.
Specificity helps. Decide what you want to save money for most, then write it into your monthly money plan.
Resolution #2: Spending Less
Suggested Reframe: Spend less in specific categories or create a shopping ban.
Instead of resolving to spend less in general (too vague!), choose one or two categories to focus on. Maybe you can officially break up with grocery delivery or ban sneaker shopping for 90 days. Manage your budget and categorize your spending using SoFi’s Insights tool in the SoFi app — starting right now.
Resolution #3: Paying Off Your Credit Cards
Suggested Reframe: Consolidate your credit card debt.
Credit card consolidation is a form of refinancing that involves paying off your existing credit accounts with a new loan or line of credit. It can be smart because you no longer need to keep up with different bills at different times of the month and you can unify all debt to the account with the lowest possible interest rate. Learn more about the first step in this process — balance transferring — here. This first step toward credit card debt freedom is a more manageable bite than paying off the debt in total, which will take time and perseverance!
Today’s top stories
Thousands of laid off tech workers are linking into LinkedIn (MSFT) to find their next gig. The professional social media site is a treasure trove of job opportunities, guidance and networking opportunities. If you’re on the hunt for work yourself, here’s why it’s time to update your LinkedIn profile. Read more >> Phishing scams are on the rise as cybercriminals take to text messages, voicemail, and emails. Here’s a quick guide on the most common 2023 phishing scams, as well as common red flags to watch for. Read more >> Your 401(k) is getting an upgrade. Thanks to President Biden and the Secure 2.0 Act of 2022, retirement savings accounts will experience some major changes in the coming years, improving retirement security for all. Read more >>Not-so-breaking news
-
Athletic apparel retailer Lululemon (LULU) expects the company’s gross margins in the holiday quarter to decline, as consumer spending continues to pull back amid persistent inflation. An 85% jump in Lululemon’s inventory at the end of the third quarter signaled how habits were changing.
-
Pharmaceutical giant AstraZeneca (AZN) announced it has agreed to buy CinCor Pharma (CINC) in an upfront transaction valued at $1.3 billion. The deal includes the global rights to a new drug that could help treat high blood pressure and chronic kidney disease, among other ailments.
-
Heavy machinery manufacturer John Deere (DE) signed a memorandum ensuring farmers have the right to repair their own farm equipment or hire an independent technician, changing a former policy requiring the use of their own technicians and parts, or those of authorized dealers.
-
American Eagle Outfitters (AEO) and Abercrombie & Fitch (ANF) made Santa’s Nice List. Both clothing retailers issued upbeat sales forecasts amid strong sales over the holiday season.
-
Insurance software provider Duck Creek Technologies (DCT) will be taken private by Vista Equity Partners. The deal values Duck Creek at $2.6 billion and is expected to close sometime before the end of June.
Financial planner tip of the day
“If you’re looking to pay off your debt faster, it’s a good idea to take a look at your spending and income, find some ways to reduce your non essential spending, and then funnel any money you free up towards your debt repayment plan.”
Brian Walsh, CFP® at SoFi