Wynn Resorts, Las Vegas Sands and MGM Resorts International reported strong quarterly earnings, which received a boost from the firms' casinos in Macau. All three companies will be adding to their holdings in Macau with the construction of casinos on the Cotai Strip. Wynn is building a floral-themed resort, while Sands is constructing a Parisian Macau-themed property. MGM Cotai is also under construction.
Whitford has unveiled its Fusion line of sol-gel coated ceramic non-stick kitchenware. Fusion products can be taken to a temperature of 850 degrees Fahrenheit and do not contain the controversial chemicals PTFE and PFOA.
Kohl's and Nordstrom are predicting economic upheaval is unlikely to derail sales and performance projections for the rest of year, with both companies reporting increased profits. Macy's and Polo Ralph Lauren also reported similar outlooks earlier this week.
July was a favorable month for retailers. The Department of Commerce reported that retail sales grew by 0.5% and that June's figures had been revised upwardly by 0.2 percentage points month-over-month. Electronics sales rose 1.4% while sectors that had previously been lagging, such as furniture, rose 0.5%.
Drops in stock prices are likely to adversely affect U.S. consumer confidence in the recovery of the U.S. economy and decrease spending by as much as $140 billion over the next year. The stock market has dropped 15% in the last two weeks, cutting into consumers' 401(k) plans and retirement savings.