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Sprouts Farmers Market Inc. shares slid 6.8% in premarket trade Wednesday, after the company lowered its full-year sales and profit outlook, citing an increasingly competitive and promotional environment and its own cautious outlook. The grocery chain said it now expects third-quarter same-store sales to be flat, while full-year same-store sales are expected to up 1.5% to 2.5%. The company is expecting full-year per-share earnings of 83 cents to 86 cents. The FactSet consensus is for full-year EPS of 94 cents, full-year same-store sales growth of 3.9% and third-quarter same-store sales growth of 3.6%. “The prolonged deflationary environment, competitive landscape and industry dynamics have prompted heavy promotions across the industry, adversely impacting retail deflation and traffic generation,” the company said. The company’s board has approved a share buyback of up to $250 million. Sprouts Farmers Market has 240 stores across the U.S. Shares are down 14.2% in the year so far, while the S&P 500 has gained about 7%.

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Goldman Sachs Group Inc. has banned all partners from making donations to certain political campaigns, including the Donald Trump presidential ticket, according to media reports. The investment bank last week sent out an email to its top employees, stating that all partners would be restricted from making campaign contributions to candidates running for state and local offices as well as for sitting officials running for federal office, according to Politico. “The policy change is meant to prevent inadvertently violating pay-to-play rules, particularly the look-back provision, when partners transition into roles covered by these rules,” the email said, Politico reported. “The policy change is also meant to minimize potential reputational damage caused by any false perception that the firm is attempting to circumvent pay-to-play rules, particularly given partners’ seniority and visibility,” it added. The Politico report didn’t cite Trump’s name, but a separate story in Fortune on Tuesday said the memo specifically mentioned the Trump-Pence campaign as an example of banned donations for Goldman Sachs employees. The new rules at Goldman don’t restrict contributions to Democratic presidential candidate Hillary Clinton, because she currently doesn’t hold office. A representative from Goldman Sachs wasn’t immediately available to comment on the reports.

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Sports Direct International PLC expects earnings for full-year 2017 to be “in the region of £300 million,” ($402.2 million) the retailer said in a trading update Wednesday. That compares with a profit of £381.4 million for 2016. The sports apparel chain has come under criticism from U.K. lawmakers over working conditions at its Shirebrook warehouse, and key shareholders have been pressing for changes in the retailer’s leadership. In a separate statement Wednesday, Sports Direct said its chairman, Keith Hellawell, had offered to step down “in light of the shortcomings” highlighted in the company’s own report into working conditions, but the board had asked him to stay on. Sports Direct is holding its annual shareholders meeting Wednesday. The retailer’s shares were down 10% on the FTSE 250 index Wednesday morning.

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From:: Stock Market News

WASHINGTON (MarketWatch) – Strong consumer spending, a strengthening labor market and an improved household balance sheet add up to a “solid domestic economy with good momentum going forward,” said San Francisco Fed President John Williams on Tuesday.
“I remain confident about the road we are on,” Williams said in a speech to a business group in Reno, Nevada. He repeated a comment from prior to release of the August jobs report that he thought it made sense for the Fed to get back to a pace of gradual rate increases “preferably sooner rather than later.” Williams is not a voting member of the Fed’s policy committee this year but he is seen as influential due to his close ties to Fed Chairwoman Janet Yellen.

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From:: Stock Market News

Bill Ackman’s Pershing Square Capital Management LP on Tuesday disclosed a 9.9% stake in Chipotle Mexican Grill Inc. and indicated that the hedge fund will take an active role in the management of the fast-food chain. Pershing Square believes that Chipotle’s stock is undervalued and a good investment given the company’s “strong brand” and growth opportunity. The hedge fund said it plans to hold discussions with the management and the board on governance, board composition, cost structure, management, and strategic plans, according to a disclosure from Pershing Square. Chipotle shares jumped 4.3% after hours.

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Hormel Foods Corp. late Tuesday said Chief Executive Jeffrey Ettinger will retire on Oct. 30 but will continue to serve as chairman of the board. The company named Chief Operating Officer James Snee to succeed Ettinger as CEO. Hormel shares were unchanged in the extended session after rising 0.5% to close at $38.65.

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From:: Stock Market News