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Walmart may break into streaming market in potential deal with Disney, Paramount, and Comcast

Tue, 09 Aug 2022 17:21:21 GMT

Walmart may break into the streaming market in a deal with Disney, Paramount, or Comcast, the New York Times reported Tuesday.

Walmart has held high-level talks with the three companies in recent days, and it is considering a streaming asset for its membership program, according to NYT. The Walmart+ membership currently features free shipping on orders, discounts on fuel and a six-month Spotify membership, all for $12.95 per month.

News of the potential move comes less than a week after Walmart announced a corporate layoff due to low profit forecasts.

"We’re updating our structure and evolving select roles to provide clarity and better position the company for a strong future," a company spokesperson told FOX Business in a statement last week.

OHIO MAN DITCHES TEACHING JOB IN FAVOR OF HIGHER PAY AT WALMART: ‘NOT USING MY DEGREE’

FED OFFICIALS SIGNAL MORE INTEREST RATE HIKES TO COME, DESPITE GROWING RECESSION RISKS

"At the same time, we’re further investing in key areas like eCommerce, technology, health & wellness, supply chain and advertising sales and creating new roles to support our growing number of services for our customers, suppliers and the business community," the spokesperson added.

The layoffs are expected to affect some 200 corporate employees.

Walmart lowered is Q2 and full-year profit forecasts in late July. The company blamed the slump on inflation and high gas prices, which it said forced shoppers to spend their cash on necessities.

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"The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hard-line categories, apparel in Walmart U.S. is requiring more markdown dollars," Walmart president and CEO Doug McMillon said in a statement at the time.

US productivity posts biggest ever annual drop in second quarter

Tue, 09 Aug 2022 17:20:15 GMT

U.S. worker productivity in the second quarter fell at its steepest pace on an annual basis since 1948, the Labor Department said on Tuesday, while growth in unit labor costs accelerated, suggesting strong wage pressures will continue to help keep inflation elevated.

Nonfarm productivity, which measures hourly output per worker, fell at 2.5% pace from a year ago. It also declined sharply in the second quarter at a 4.6% annualized rate, after having declined by an upwardly revised 7.4% in the first three months of the year, the report showed.

Economists polled by Reuters had expected productivity would decline at a 4.7% rate in the April-June period.

Large shifts in the composition of the U.S. workforce in the wake of the COVID-19 pandemic have made it harder to measure underlying productivity growth, which some economists put at about 1.0% or less, making the Federal Reserve's fight against inflation more difficult.

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Hours worked increased at a 2.6% rate in the second quarter.

CRUISE SHIP OPERATORS ARE HARD HIT BY LABOR CRISIS, RECESSION ANXIETY

Unit labor costs - the price of labor per single unit of output - rose at a 10.8% rate. That followed a 12.7% rate of growth in the first quarter.

MARKETS WILL BE IN FOR A 'RUDE AWAKENING’ FOLLOWING JOBS REPORT, ECONOMIST WARNS

Unit labor costs increased at a 9.5% rate from a year ago. An acute shortage of workers is boosting wage growth. There were 10.7 million job openings at the end of June.

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Hourly compensation rose at a 5.7% rate in the second quarter and at a 6.7% rate compared to the second quarter of 2021.

Apple's battery percentage icon returns to status bar in iOS 16 beta

Tue, 09 Aug 2022 16:36:29 GMT

Apple's battery percentage icon has reportedly returned to the iPhone's status bar as part of a handful of changes in its fifth beta version of iOS 16.

The percentage, which was moved to the iPhone's Control Center in 2017 following the release of the iPhone X's notched display, is now written within the battery logo.

Users with access to the beta can turn the battery percentage icon on and off in their settings.

APPLE SUED BY FRENCH APP DEVELOPERS FOR SUPPOSEDLY OVERCHARGING FOR APP STORE ACCESS

According to MacRumors, the new battery icon is currently limited to the iPhone 13, iPhone 13 Pro, iPhone 13 Pro Max, iPhone 12, iPhone 11 Pro, iPhone 11 Pro Max, iPhone XS, iPhone XS Max and the iPhone X.

An Apple spokesperson did not immediately return FOX Business' request to comment on whether the battery percentage icon will be included in the official iOS 16 update in the fall.

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Notable iOS 16 features announced at Apple's Worldwide Developers Conference in June include Lock Screen customizations, the ability to edit and unsend text messages and Apple Pay Later.

Home listings surge at record rate as housing market starts to cool

Tue, 09 Aug 2022 16:21:22 GMT

The national inventory of homes for sale grew at a record pace for a third consecutive month in July, the latest sign that rising borrowing costs are starting to cool off the housing market.

The number of active listings in the U.S. soared 30.7% from the previous year, according to the latest Monthly Housing Trends report published on Tuesday by Realtor.com. Although potential buyers had more housing options in July, competition remained largely in sellers' favor, with listing prices hovering near all-time highs and homes selling more quickly than before the COVID-19 pandemic.

"The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy," said Danielle Hale, the chief economist at Realtor.com. "Our July data shows elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options."

The interest rate-sensitive housing market has started to cool noticeably in recent months as the Federal Reserve moves to tighten policy at the fastest pace in three decades in order to cool consumer demand and bring scorching-hot inflation under control. Policymakers approved two back-to-back 75 basis point rate hikes in June and July and have indicated that another increase of that magnitude is possible in September, hinging on upcoming economic data.

SOARING MORTGAGE RATES DISCOURAGE HOME BUYING EVEN AS RENTAL COSTS JUMP

Following the rate hikes, the average rate on a 30-year fixed mortgage – the most popular among new homeowners – climbed to nearly 6% in June, though they've since moderated. The average rate for a 30-year fixed mortgage hovered around 4.99% for the week ending Aug. 4, according to recent data from mortgage lender Freddie Mac.

That is significantly higher than just one year ago, when rates stood at 2.77%.

JULY JOBS REPORT 'SCORCHER' RAISES ODDS OF ANOTHER SUPER-SIZED FED RATE HIKE

Combined with high home prices, the rapid rise in borrowing costs has pushed many entry-level homebuyers out of the market. A new report from Redfin last month showed that the share of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract – the highest since early 2020 at the height of the COVID-19 pandemic.

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Sellers have responded to the slowdown in purchases by cutting prices, although they remain near all-time highs. The nationwide median list price was $449,000 in July, up about 17% from the same period one year ago.

"With inventories increasing, buyers will have more negotiating power," Hale said. "The two years of a market heavily tipped in favor of sellers appears to be in the rearview mirror."

Today’s mortgage refinance rates: 20-year rates dip to 5% | August 9, 2022

Tue, 09 Aug 2022 15:44:11 GMT

Based on data compiled by Credible, two key mortgage refinance rates fell, one rose and another remained unchanged since yesterday.

Rates last updated on August 9, 2022. These rates are based on the assumptions shown here.

If you’re thinking of doing a cash-out refinance or refinancing your home mortgage to lower your interest rate, consider using Credible. Credible's free online tool will let you compare rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.

What this means: Rates for a 30-year mortgage refinance hit 5.5% today. Meanwhile, 20-year rates fell a quarter point, and 10-year rates also fell slightly. Homeowners looking to stick with a longer repayment term may want to consider refinancing to a 20-year term. A cash-out refinance to fund home improvements is still cheaper than other financing options, like credit cards or personal loans.

WHAT IS CASH-OUT REFINANCING AND HOW DOES IT WORK?

Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

If you’re ready to take advantage of current mortgage refinance rates that are below average historical lows, you can use Credible to check rates from multiple lenders.

If you’re interested in refinancing your mortgage, improving your credit score and paying down any other debt could secure you a lower rate. It’s also a good idea to compare rates from different lenders if you're hoping to refinance so you can find the best rate for your situation.

Borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote, and an average of $3,000 by comparing five rate quotes, according to research from Freddie Mac.

Be sure to shop around and compare current mortgage rates from multiple mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible's free online tool and see your prequalified rates in only three minutes.

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage refinance rates. Credible average mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.

Credible mortgage refinance rates reported here will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

Think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in only three minutes.

Refinancing a mortgage can be a great way to save money. But it’s not always the best move for every homeowner.

People refinance for a number of reasons, including to get a lower interest rate, change their monthly payment amount and lower their interest costs. Generally, if you can lower your interest rate by at least 0.75%, refinancing might be a good move.

But before you refinance, be sure to weigh closing costs, and calculate how long it will take before your savings from the refinance cover the expenses of refinancing.

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.

Buyers, get moving: 30- and 20-year mortgage rates sink to 5% | August 9, 2022

Tue, 09 Aug 2022 15:43:57 GMT

Based on data compiled by Credible, two key mortgage refinance rates fell, one rose, and another remained unchanged since yesterday.

Rates last updated on August 9, 2022. These rates are based on the assumptions shown here. Actual rates may vary. With 5,000 reviews, Credible maintains an "excellent" Trustpilot score.

What this means: Rates for a 30-year refinance hit 5.5% today. Meanwhile, 20-year rates fell a quarter point, and 10-year rates also fell slightly. Shorter repayment terms continue to offer the best opportunity for homeowners to save on interest, but homeowners looking to stick with a longer repayment term may want to consider refinancing to a 20-year term.

Today’s mortgage rates for home purchases

Based on data compiled by Credible, three key mortgage rates for home purchases have fallen and one remained unchanged since yesterday.

Rates last updated on August 9, 2022. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000+ Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

What this means: Mortgage rates for 20- and 30-year terms fell today, giving buyers an opportunity to save on interest. After dipping well below 5% last week, mortgage rates have begun to climb again. Today’s dip in rates is an opportunity for buyers to lock in a relatively low rate ahead of likely increases in the future.

To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.

Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic upended economies across the world, the average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. When considering a mortgage refinance or purchase, it’s important to take into account closing costs such as appraisal, application, origination and attorney’s fees. These factors, in addition to the interest rate and loan amount, all contribute to the cost of a mortgage.

Are you looking to buy a home? Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Use Credible’s online tools to compare rates and get prequalified today.

Thousands of Trustpilot reviewers rate Credible "excellent."

Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence the movement of mortgage rates. Credible average mortgage rates and mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

Credible mortgage rates reported here will only give you an idea of current average rates. The rate you actually receive can vary based on a number of factors.

Generally, a good mortgage rate is one that’s the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, and more.

A rate that’s good for your financial situation should result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget to put toward savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you’re looking to buy.

If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

Southwest Airlines flight attendant suffers broken back in hard landing

Tue, 09 Aug 2022 15:36:31 GMT

A Southwest Airlines flight attendant sustained a compound fracture to a vertebra during a hard landing in California last month.

According to the National Transportation Safety Board, the impact of the landing was so hard that the flight attendant thought the plane had crashed.

She felt pain in her back and neck and was unable to move.

She was transported from Santa Ana's John Wayne Airport to a hospital where she was diagnosed with the injury.

AIRLINE DISRUPTIONS RISE FRIDAY CREATING WEEKEND PROBLEMS

None of the other people on board the plane were hurt.

Pilots said they were aiming for the normal touchdown zone on the relatively short runway.

The runway is about 5,700 feet long, whereas Los Angeles International Airport runways are between 8,900 and nearly 13,000 feet.

The safety officials completed the investigation without detailing the cause of the hard landing.

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After the 18-year-old Boeing 737-700 taxied off the runway, the pilots were made aware of the injury.

The flight attendant was in a jump seat at the back of the plane.

Documents from the investigation were not made publicly available.

Southwest Airlines told FOX Business on Tuesday that it could not provide any specifics regarding the employee's health status out of a respect for privacy.

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"The Safety of Southwest’s Customer and Employees is always our top priority. We are concerned when any Employee is injured. We reported the matter to the NTSB in accordance with regulatory requirements and conducted an internal review of the event," the airline said.

According to The Dallas Morning News, the only other injury reported on a Southwest Airlines flight this year was a woman who broke her ankle exiting a bathroom in May.

The Associated Press contributed to this report.

Crude oil prices rise as Russia suspends exports to Europe through pipeline

Tue, 09 Aug 2022 15:35:44 GMT

Russia announced it is suspending crude oil exports through its Druzhba pipeline, leading to price increases.

The move cuts off the flow of oil to Hungary, Slovakia, and the Czech Republic. Russian pipeline operator Transneft blamed the situation on its counterpart in Ukraine, telling Russian state-owned news agency RIA Novosti that the Ukrainian company stopped the oil transport because of a problem with Russia's ability to pay.

Insider reported that Russia's failure to pay was a result of Western sanctions., and that a Transneft spokesperson said the pipeline's northern section will continue to function normally. That section of the pipeline provides oil to Poland and Germany via Belarus.

Soon after the announcement that the Ukrainian part of the pipeline would be halted, crude oil prices jumped, with Brent crude increasing 1.36% to nearly $98 a barrel, Insider reported. WTI crude went up 1.22%, reaching almost $92 a barrel.

UKRAINE TO DOUBLE ENERGY EXPORTS AMID RUSSIAN GAS CUTS TO EUROPE

The situation arose just two over weeks after Russian state-owned energy company Gazprom cut natural gas flow to Germany, reducing supplies through the Nord Stream 1 pipeline to just 20%.

The pipeline had reopened at 40% capacity a week earlier after being down for 10 days for scheduled maintenance. Gazprom blamed that situation on sanctions that held up the return of a turbine that had been sent to Canada for repairs in June.

UKRAINE TAPS EUROPEAN ENERGY MARKET AS KYIV BEGINS EXPORTING ELECTRICITY

Europe is heavily reliant on Russian energy, importing about 40% of its gas and 30% of its oil from Russia.

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Meanwhile, Ukraine is looking to increase its energy exports to Europe. In July the country began supplying Slovakia, and Hungary and Moldova are expected to follow.

Fox Business's Paul Best and Caitlin McFall contributed to this report.

Novavax tumbles 31% as waning COVID-19 vaccine demand hits revenue forecast

Tue, 09 Aug 2022 15:34:43 GMT

U.S. vaccine maker Novavax slumped nearly 31% on Tuesday as falling demand for its COVID-19 shot from low- and middle-income nations led the company to cut its annual revenue expectation by half.

Demand for its vaccine is also waning in the United States, where it was authorized for use among adults last month and was expected to be preferred by the skeptics of messenger RNA-based shots from Moderna Inc and Pfizer Inc.

But only 7,381 Novavax vaccine doses have been administered so far in the country, with Chief Executive Stanley Erck saying that its late launch could have hampered demand.

The company now expects 2022 revenue between $2 billion and $2.3 billion, compared with its prior forecast of $4 billion to $5 billion when it was hoping to benefit from the demand for its shots as part of the COVAX vaccine sharing program.

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The forecast cut also dashes any hope of Novavax being able to garner a share of the market for the two-dose initial vaccination program, said Cowen analyst George Yordanov.

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"We completely share and understand investors' frustration with management's execution and lack of accurate near-term guidance," he said in a note.

Analysts, however, expect the company to capture a small but meaningful share of a fast-developing market for COVID re-vaccinations.

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It could still be a 'viable COVID vaccine player in the future $5-10 billion market as it has shown comparable/better clinical profile vs mRNA vaccines, Jefferies analyst Roger Song said in a note.

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Novavax shares were trading lower at $39.30 before the bell. Rival Moderna Inc was also down about 3%. Earlier this month, it said gains from orders for new booster shots were offset by unallocated vaccines under the COVAX program.

Stuart Varney: Trump's Mar-a-lago raid 'sure seems like political bias'

Tue, 09 Aug 2022 15:17:04 GMT

During his latest "My Take," "Varney & Co." host Stuart Varney compares the FBI raid against former President Trump and the handling of Hillary Clinton's email debacle as well as the Hunter Biden investigation, arguing the scrutiny of Donald Trump "sure seems like political bias" on the part of the FBI.

STUART VARNEY: There's one aspect to the Mar-a-Lago raid that goes unanswered.

Why stick 30 FBI agents onto a former president, yet do nothing with Hillary Clinton, when she was running government documents on her private computer system?

You're not supposed to do that, but nothing happened to Hillary. She smashed blackberries with a hammer!

Same with Hunter Biden. No raid on him...no special counsel either.

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Sure seems like political bias. And it sure seems like the Democrats, using the power of government, have conducted an unprecedented vendetta on the president they can't stand.

In various forms, it’s been going on for 6 years.

GOP SLAMS 'WEAPONIZATION' OF DOJ AFTER TRUMP'S MAR-A-LAGO RAIDED BY FBI; DEMS CALL IT 'ACCOUNTABILITY'

That’s the danger here: the Justice Department and the FBI politically weaponized and used the power of the state to crush political opponents.

There is also the power "not" to investigate.

That, too, shows political bias: Again, go back to Hillary and Hunter Biden, and compare their "non-investigation" with Russia, Russia, Russia, impeachment, and "collusion."

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