Most Walgreens stores will be closed on Thanksgiving for the first time in the company's history "to give time back to its workforce," the retailer said Thursday.
Why it matters: The change comes as the drugstore chain is reeling from labor shortages, executive turnover, fierce competition, debt issues and retail theft.
Strong grocery sales continued to power Walmart in the third quarter, but the retailer sounded a cautionary note on consumers, Nathan writes.
Driving the news: There was "potential weakness or wobbling among the consumer" in the second half of October, CFO John Rainey said today on an earnings call.
Walmart's stock closed down 8.1% late Thursday after reaching an all-time high a day earlier.
The impact: The downbeat comment overshadowed an otherwise strong report.
Chuck E. Cheese's animatronic band that entertained — or weirded out — parents while their kids played games is exiting stage left, Nathan writes.
What's happening: The chain recently announced that Munch's Make Believe Band will no longer appear at its nearly 600 locations — with one exception.
The band will hold a permanent "residency" — not unlike real-life Las Vegas shows featuring Adele, Celine Dion and Britney Spears — at its location in Northridge, California.
That'll be the only place you'll be able to hear the groovy tunes by Mr. Munch on keyboard, Jasper T. Jowls on guitar, Helen Henny on vocals and Pasqually on drums.
💭 Nathan's thought bubble: Whatever will we do without being able to eat greasy pizza while watching a rat play music?
Amazon plans to begin allowing Hyundai dealers to sell new vehicles on its platform, launching the e-commerce giant into the lucrative but highly competitive car market for the first time.
Why it matters: Amazon's sheer e-commerce heft means the company must instantly be taken seriously in the automotive retail space.
The fight over capital standards for the biggest banks has gotten more interesting, as displayed the last few days on Capitol Hill.
Driving the news: As the Fed and other regulators push to tighten the screws on the largest banks — requiring they hold more capital in hopes of creating a more stable financial system — there is now pushback from at least a few Democrats, who worry about the knock-on effects for their priorities.
Data: FactSet; U.S. Bureau of Labor Statistics; Chart: Axios Visuals
Annual wholesale price inflation has returned to pre-COVID levels, in another good sign that the post-pandemic price surge really is done and dusted.
Why it matters: The Producer Price Index was up just 1.3% year over year in October — considered something of a leading indicator for the prices that consumers end up paying.
New on streaming this weekend: New docs about the Kardashian-Jenner dynasty and what happened in the operating room on the day of JFK's assassination and the feature film debut of "SNL" comedy trio Please Don't Destroy.
Flashback: In an internal memo sent in September viewed by Axios, CEO Jane Fraser noted that some restructuring changes would be "communicated and implemented by the end of November, and final changes will be made by the end of the first quarter of 2024."
Another day, another report of Starlink's plans to go public, Hope writes.
Bloomberg's latest reporting today suggests that parent SpaceX is in talks to spin off the satellite internet business as soon as late 2024, but CEO Elon Musk denied it with a one-word response on X, "False."
Why it matters: Starlink is a significant driver of SpaceX's valuation, which has skyrocketed (pun intended) from $28 billion in 2018 to $150 billion this year.
Investor interest has naturally followed — especially as prominent shareholders throw out expectations like Ron Baron did last week, saying that SpaceX could be worth $500 billion by 2030.
In-N-Out Burger likes to say that "quality is everything."
That's something a Treasury secretary can get behind.
Driving the news: Janet Yellen was spotted at the iconic burger chain yesterday by a Bloomberg reporter as the secretary headed to the airport to greet China's leader Xi Jinping.
A Treasury Department spokesperson reportedly confirmed she ordered a cheeseburger with fries and onions.
The worker vote on the proposed settlement between General Motors and the UAW is going down to the wire, while the deals at Ford and Stellantis are cruising toward approval.
Why it matters: If a majority of UAW members who work for the automaker reject the agreement, it could reignite the union's strike against GM until negotiators can broker a new deal.
It's not the summer splurge that defined the last few months. Instead, October's retail sales data shows consumer spending might be landing in the sweet spot that could allow America to achieve a soft landing.
Why it matters: Consumers slowed spending last month, but by less than analysts expected — and alongside revisions that showed stronger late summer activity than previously thought.
Despite a pullback in inflation over the last year, Americans do not appear to be snapping back into their pre-pandemic comfort that low, stable inflation is the normal state of things.
Why it matters: Inflation expectations can be self-fulfilling. To the extent Americans view elevated inflation as a long-term condition, it could make it more likely to come true — or require the Federal Reserve to undertake more painful action to overcome inflationary momentum.
Starbucks is giving away free reusable cups Thursday for its sixth Red Cup Day.
Why it matters: The coffee giant's highly anticipated day is considered the start of the holiday season by many and comes two weeks after holiday drinks returned.
China's economic struggles add an unpredictable element to President Biden's meeting with Chinese leader Xi Jinping on Wednesday.
Why it matters: There's not much transparency into the decision-making process of China's ruling Communist Party, so little is known about how top officials are reacting to domestic economic difficulties.
The cost of the average Thanksgiving dinner is falling after years of rising prices and a record high in 2022.
Why it matters: The American Farm Bureau Federation's annual Thanksgiving survey, out Wednesday, shows that lower turkey prices are making the holiday meal more affordable.
Despite being known as Turkey Day, food lovers know that it's the sides that can make or break a Thanksgiving dinner. With so many options to choose from, the Axios team wants to know — what are your top-tier side dishes?
What's happening: We want you to vote for your favorite side dishes! We've matched up 20 classic and regional sides to choose from. Axios readers' winning dishes will be announced on Nov. 22, the day before Thanksgiving.
