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July 5th - According to Israeli sources on the 5th local time, Israeli Transportation Minister Miri Regev confirmed that Israel deployed an Iron Dome air defense system to the United Arab Emirates in the early stages of the US-Israel-Iran conflict. This marks the first time the Iron Dome has been deployed to a country outside of Israel and the United States. Reportedly, this is the first time an Israeli government official has publicly acknowledged deploying the Iron Dome system to the UAE. Previously, related reports had been confirmed by US officials.OPEC+ sources: OPEC+ has agreed in principle to increase its oil production target by 188,000 barrels per day starting in August.On July 5th, at the 2026 Global Digital Economy Conference Results Release Conference, Lu Ya, Vice President of the Beijing Academy of Social Sciences, released the "Beijing Digital Economy Development Report (2025-2026)" blue book. The report shows that in 2025, Beijings digital economy added value exceeded 2.4 trillion yuan, a year-on-year increase of 8.7%, accounting for 46.4% of GDP. It ranked second in the global digital economy benchmark city index evaluation, with a development index value of 0.770, firmly maintaining its position as a "global leading city." Lu Ya introduced that Beijings status as the "No. 1 city for artificial intelligence" continues to be consolidated. In 2025, the core artificial intelligence industry scale reached approximately 450 billion yuan, attracting over 2,500 related enterprises. As of April 2026, 225 large-scale models had been registered. Innovation and industry application of large-scale models are accelerating in both directions, rapidly empowering industrial upgrading, technological innovation, and public services. The market-oriented reform of data elements is being deepened, and breakthroughs have been achieved in the construction of "one zone and three centers." The on-exchange transaction volume of the Beijing International Big Data Exchange increased by 150% year-on-year, and the circulation of trusted data space is deepening around key areas such as healthcare and audiovisual media.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.2 occurred near Mianzhu City, Deyang City, Sichuan Province at 14:00 on July 5th. The final result is subject to the official rapid report.July 5 – The Russian Ministry of Defense announced on July 5 that Russian air defense systems intercepted and destroyed 71 Ukrainian drones over multiple locations in Russia overnight. The statement said: “Overnight, from 20:00 Moscow time on July 4 to 7:00 on July 5, on-duty air defense systems intercepted and destroyed 71 Ukrainian fixed-wing drones over Belgorod Oblast, Bryansk Oblast, Rostov Oblast, the Republic of Crimea, and the Black Sea.”

Off-price Rack Sales Drop, Nordstrom Lowers Profit Forecast

Charlie Brooks

Jan 20, 2023 10:41

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After poor Christmas sales and a 6% decline in after-hours trade on Thursday, Nordstrom Inc. (NYSE:JWN) lowered its yearly profit projection.


The company expected 5% to 7% annual sales growth. From Jan. 1 to Dec. 31, 2022, Nordstrom Rack's net sales fell 7.6%.


Americans have cut discretionary spending due to decades-high inflation, and drastic inventory cuts have affected U.S. stores.


Macy's Inc. (NYSE:M) cut its holiday sales projection earlier this month, blaming a longer-than-expected retail drop between Black Friday and Christmas. Lululemon Athletica (NASDAQ:LULU) warned of quarter margin reduction.


The National Retail Federation reported decreased Christmas sales on Wednesday because shoppers bought in October when businesses offered higher discounts.


Nordstrom is underperforming.


It had to provide more markdowns than planned, and its Rack banner is currently grappling with inventory mismanagement and merchandising concerns exacerbated by supply-chain issues during the pandemic, when women's clothes and shoes were scarce.


William Blair analyst Dylan Carden said Rack had persistent merchandising mistakes.


Nordstrom expects fiscal 2022 adjusted EPS of $1.50 to $1.70, down from $2.30 to $2.60.


Lower inflation, larger inventory, and typical freight and labor costs should assist Nordstrom and other retailers this year, analysts said.


"Going into 2023, that gives me some comfort that even if the first half is kind of mediocre, maybe it'll start to look better," Morningstar analyst David Swartz said.


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