Hello, friends and Fortune readers.
Its another busy day in the world of business. Retail earnings continue to stream in, and Amazon is moving one step closer to ruling the skies. Here’s what you need to know today.
1. Retail earnings fly off the shelves.
A few major retailers let us know how they did last quarter today, including Target, Staples and Lowe’s. Its been a slow quarter for retail, with many major chains missing Wall Street’s projections. Staples had a down quarter with total sales decreasing 2% year-over-year. And Lowe’s saw sales rebound, but it wasn’t strong enough to prevent it from trimming its full-year financial targets.
2. Amazon could fly to India
Amazon’s drone service may not be coming to the U.S. any time soon, but a report says Indian customers could see packages fly to their doorsteps by Diwali, which starts in October. India is reportedly an easier market to start this program as the country has no rules on commercial drones.
3. Apple’s new high
Shares of Apple closed at $100.53 Tuesday, the highest ever for the stock when adjusted for the 7-1 split that occurred earlier this summer and bringing its gain for the year to 25 percent. The imminent launch of a new, larger iPhone model is the likely catalyst, as is the company’s promise to unveil its first new products since the iPad. Shares of Apple tend to rally going into new product launches, only to decline when the products go on sale.
4. What the Fed is thinking
The Federal Open Market Committee minutes will come out later today. The release is being thought of by some as a lead up to the events later this week in Jackson Hole, Wyo., where Janet Yellen’s speech is sure to be a market mover. Analysts are looking for clues about when the Fed may begin raising rates. Current predictions say sometime in 2015. Talk of rate hikes are in the air Wednesday after minutes from the Bank of England’s last meeting showed two out of nine board members voted for a rate hike as early as this month.
5. The NFL wants half-time acts to pay them
Yes, you read that right. The behemoth that is the NFL wants major musical acts such as Beyonce and Paul McCartney to pay for the right to pretend to play live for 12 minutes. Apparently Coldplay is this year’s target; maybe the NFL should be paying us?