STOCK MARKET NEWS: 3M job cuts, Ticketmaster hearing, Amazon’s drug perk

view original post

Dollar Tree executive chair Dreiling will replace CEO Witynski

Symbol Price Change %Change
DLTR $153.45 2.46 1.63

Dollar Tree Inc said on Tuesday Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, nearly a year after agreeing to revamp its board in a settlement with activist investor Mantle Ridge.

Witynski was appointed as the CEO in July 2020 to succeed Gary Philbin, who retired after serving in the role for nearly three years.

Dreiling, 69, who has previously served as chairman and CEO of rival Dollar General, was appointed to Dollar Tree’s board as part of the settlement in March 2022. He will take on the role of top boss at the company effective Jan. 29.

In late 2021, Mantle Ridge pushed for a review of Dollar Tree’s business strategy and Dreiling as the top boss at the discount retailer along with an overhaul of its board.

Last year November, the company lowered its annual profit forecast for the second time as price cuts to attract inflation-wary shoppers pressured its margins.

As part of the settlement with Mantle, Dollar Tree in June announced the exit of finance chief Kevin Wampler and some other top executives.

Breaking News

Futures at a glance

Symbol Price Change %Change
MMM $122.62 1.97 1.63
JNJ $168.31 -0.43 -0.25
GE $79.77 2.09 2.69

U.S. stocks fell across the board as investors digest mixed earnings from the likes of 3M Johnson & Johnson and General Electric.

Over the last five days, the Dow is now down around 2.33%, the S&P remains up around 0.16%, and the tech-heavy Nasdaq is now roughly 2.42% higher during the same time.  

In commodities, West Texas Intermediate crude futures spiked 0.55% to $82.07 a barrel, as gold added 0.48% to $1,937.80 an ounce.

Breaking News

3M slashing jobs

3 M Co.

$

122.62

3M, the maker of Post It Notes and Scotch Tape, will cut 2,500 workers citing macroeconomic challenges CEO Mike Roman announced.

Developing Story

Ticketmaster, Live Nation on Capitol Hill

After bungling Taylor Swift’s splashy tour, the online ticket sellers have some explaining to do before Congress.

Tax Check

The new year is also bringing big tax changes to both small and large businesses.