Well, that was underwhelming… Tech stocks plunged last week after uninspiring third-quarter earnings. Google’s sales growth slowed big-time as ad spending sagged, while Meta’s revenue dropped for a second straight quarter (and profit plunged 52%). What really turned investors off: weak forecasts for this holiday quarter. Amazon expects sales to be up just 2% to 8% from last year (a major slowdown). As tech forecasts fall back to earth, investors are adjusting their expectations. Then again, lower expectations might mean less market disappointment.
Trick or treat… But retailers aren’t spooked by candy-flation. Go-tos like Walmart, Costco, and Lowe’s widened their spooky selection by about 20%. This year Halloween spend is expected to hit a record $10.6B ($2B more than prepandemic), with Americans paying an average of at least $100 for goodies like fun-size candy bags, pumpkin plates, and wacky wigs (FYI: Home Depot sold out of its viral $200 life-size skeleton in one day). Hershey is thriving on its sweet-and-salty strategy and expects Halloween candy to make up 10% of its annual sales.