Movers & Shakers: Aug. 20, 2019

MarketsFOXBusiness

Home Depot needs to get back to the basics: Burt Flickinger

Strategic Resource Managing Director Burt Flickinger on the outlook for Home Depot and the state of the economy.

Home Depot slashes its forecast. The home-improvement retailer Home Depot missed on sales and cut its outlook, citing lumber-price deflation and the potential impact from tariffs. The announcement took some of the wind out of the stock market’s sails, with futures pointing to little change at the open.

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Huawei fires back. The Chinese technology company Huawei slammed the U.S.’s decision on Monday to blacklist 46 more of its affiliates. Huawei said in a press release that the decision violates “the basic principles of free market competition” and is “in no one’s interests, including U.S. companies.”

US Steel is laying off workers. The steel giant on Monday evening said it would temporarily lay off less than 200 workers after announcing a production stoppage at its Great Lakes facility in Michigan. The decision comes as the company has faced lower steel prices and weaker demand.

Disney whistleblower? Sandra Kuba, a former financial analyst at Disney, claims the company overstated revenue for years, according to MarketWatch. The company said the allegations are “utterly without merit.” Disney isn’t the only iconic American company to be accused of wrongdoing in recent weeks. Earlier this month, whistleblowers made accusations against both Mattel and General Electric.

Jeffrey Epstein executed a new will days before his death. The will values Epstein’s estate at $578 million, or $18.5 million more than what he told a federal judge he was worth when he tried for bail last month, according to NBC News. The final value of the disgraced financier's estate has not yet been determined as there are still art and other valuables that need to be appraised.

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