Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
The report, published by Rep. Carolyn Maloney, used data from the Giffords Law Center to Prevent Gun Violence and the Centers for Disease Control to estimate the cost of gun...Politicsread more
Russia slammed Trump's decision to tighten sanctions on Iran following strikes at a crude-processing plant and oil field in Saudi Arabia.Politicsread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Federal prosecutors and commodity regulators have broadened their investigation into spoofing activity after receiving information from traders questioned for spoofing-related...Marketsread more
General Motors announced on Wednesday that it plans to temporarily lay off 1,300 workers at its final assembly plant in Oshawa, Canada due to a slowdown at U.S. plants during...Autosread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
DoubleLine Capital's Jeffrey Gundlach spoke to CNBC on Wednesday ahead of the Federal Reserve's decision on interest rates.Marketsread more
Shares of Roku fell on Wednesday after Comcast announced a new deal on its connected boxes and Facebook launched a new Portal TV device.Technologyread more
(Adds details on forecast, background, updates share movement)
Aug 29 (Reuters) - Abercrombie & Fitch Co cut its full-year sales forecast on Thursday after missing Wall Street estimates in the second quarter, as the apparel maker grapples with the impact of increased U.S. tariffs on Chinese goods.
Shares of the New Albany, Ohio-based company tumbled 9% in trading before the bell, as the company also forecast a drop of 50 to 90 basis points in gross margin for the year, reversing its earlier expectations of a rise.
President Donald Trump last week announced additional tariffs on $550 billion worth of Chinese imports, including footwear and clothing.
Hundreds of retailers, footwear companies and business groups urged Trump to scrap the proposed tariffs, warning they would jack up consumer prices and trigger job losses.
Abercrombie said these tariffs were expected to have a "direct adverse impact" on cost of merchandise and gross profit of about $6 million for the fall season.
To cushion the blow, the teen apparel maker has been aiming to cut the amount of goods sourced from China to below 20% in fiscal 2019 from 25% a year earlier.
The company now expects full-year sales in the range of flat to up 2% from a rise of 2% to 4% estimated previously.
Net sales slipped to $841.1 million from $842.4 million, below Wall Street expectations of $852.5 million for the second quarter ended Aug. 3. (Reporting by Aditi Sebastian in Bengaluru; Editing by Anil D'Silva)