Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
The trade war between Beijing and Washington appears to have depressed Chinese property purchases in the United States. China's own actions may also be playing a role.Real Estateread more
Tesla CEO Elon Musk sent out another email to his employees, pushing them to aim for a record number of vehicle deliveries to end the second quarter of 2019.Technologyread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
The Senate is expected to pass its own version of the border aid legislation, while the Trump administration has threatened to veto both bills.Politicsread more
Stocks in Asia were tepid on Wednesday afternoon after U.S. Federal Reserve Chairman Jerome Powell tempered expectations for a potential interest rate cut.Asia Marketsread more
The purchase confirms Apple's continued interest in self-driving car software, and it will bolster Apple's engineering ranks with additional employees who can build autonomous...Technologyread more
More than 1,000 protesters marched to major foreign consulates on Wednesday calling on leaders at the upcoming G-20 summit to raise the plight of Hong Kong with China and to...World Politicsread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Strategic changes at Victoria's Secret, including the decision to exit multimillion-dollar categories such as swim, are likely to cause near-term shakiness for parent company L Brands, according to one analyst.
Goldman Sachs' Lindsay Drucker Mann on Tuesday downgraded the retailer to "neutral" from "buy," and removed it from the firm's conviction list. She said last week's announcement that Victoria's Secret will stop selling certain categories, reduce its promotions and eliminate the catalog "could dampen Victoria's Secret comparable sales growth in the near term."
The company's shares were nearly 2 percent lower in early afternoon trading Tuesday.
"CEO Les Wexner's track record of successful innovation and investment leaves us comfortable that these actions will create value long term," Drucker Mann told investors. "That said ... we prefer to stay on the sidelines until the full scope and impact of these actions are better understood."
She added that the stock is likely to "tread water" until that visibility improves.
Longtime Victoria's Secret President Sharen Jester Turney, who led the division for a decade, resigned in February. She was replaced by Wexner, founder and CEO of L Brands.
Wexner announced the forthcoming changes to Victoria's Secret during L Brands' March sales release, during which the retailer announced a 3 percent comparable-sales increase. Though the timing seems "unusual" given the company's strong business trends (it's by far considered a leader in the retail space), Drucker Mann said Wexner's track record of "going against conventional wisdom" makes her confident the moves will "ultimately create value for shareholders."
That doesn't mean the transition will be smooth. Citi analyst Paul Lejuez, who called Victoria's Secret's decision to eliminate its catalog "every guy's worst nightmare," said that although the action could save L Brands more than $100 million annually, it could have repercussions.
"Eliminating the catalog completely could end up hurting sales, as the brand may be less top of mind," he said.
Brands including J.C. Penney, which revived its catalog last year, and Restoration Hardware have continued to use these print publications as a means to drum up excitement in an increasingly digital world.
Though Victoria's Secret's swim business had "trended down" over the past few years, eliminating a roughly $500 million category could be a drag on comparable sales, Lejuez said. Management said the space in its stores would be better served by focusing on its burgeoning sport category.
"Coming off a record year, now is the best time to make improvements … going from best to even better," Wexner told investors.