Macy's Shows How to Hide $100 Million

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How to Hide $100 Million

An internal investigation has found an employee of Macy’s Inc. (NYSE: M) hid more than $100 million in expenses.

The employee “intentionally” made erroneous accounting entries to hide between $132 million and $154 million of delivery expenses since 2021.

Macy’s found the errors while preparing its Q3 2024 earnings report and launched a probe to determine their extent.

The discovery also prompted the company to postpone releasing its earnings report until December 11.

Preliminary results show comparable sales for Macy’s dropped 1.3% — slightly better than analyst expectations. Sales at Bloomingdale’s increased 3.2%, and Bluemercury showed a 3.3% increase.

Overall Q3 2024 sales were down 2.4% to $4.74 billion… below Wall Street estimates.

Macy’s is the largest U.S. department store chain by revenue, and its earnings can serve as a barometer of customer spending during the holiday season.

Who Needs 1,700 Acres in Mississippi?

430 acres near Atlanta, Georgia…

150 acres in Austin, Texas…

77 acres in South Bend, Indiana…

Online retail giant Amazon is buying up land across the country, but it’s not for more distribution centers.

It’s building out its massive infrastructure to house the most advanced AI computing technology ever created.

And it’s relying on some under-the-radar partnerships to make it happen.

Chief Investment Strategist Adam O’Dell will have all the details in Money & Markets Daily later this week…

A Cheaper Thanksgiving

As millions of Americans get set for the Thanksgiving holiday, many may still worry about the cost of hosting a massive feast for family.

Well, there’s some good news and some bad news…

According to a survey by the American Farm Bureau Federation, the average cost of a 10-person Thanksgiving meal is $58.08… or just under $6 per person.

That’s the lowest average price since 2021.

When adjusted for inflation, the survey found that a 2024 Thanksgiving meal was the least expensive in its 39-year history.

However, Americans may not feel overly excited, as the price of Thanksgiving food has been up 19% since 2019.

While wages have increased by around 25% since 2019, Americans tend to focus more on the dollar value of things they buy than on the “real” cost of those same items.

Here’s a breakdown of year-over-year cost changes for popular Thanksgiving items:

Turkey – down 6%.
Cubed stuffing – up 8%.
Sweet potatoes – down 26%.
Cranberries – up 12%.

Grocery chains like Target and Aldi are offering Thanksgiving deals, and Amazon Fresh has discounts on various Thanksgiving fares as discounts ramp up for the holiday season.

Buffett Giving Money Away

Tis the season… right?

Warren Buffett is undoubtedly in the giving spirit this holiday season. The “Oracle of Omaha” recently decided to donate nearly $1.14 billion to four different charities.

According to Bloomberg, Buffett is converting 1,600 of Berkshire Hathaway’s Class A shares into 2.4 million Class B shares and then giving them all away.

Buffett will give 1.5 million shares to the Susan Thompson Buffett Foundation, named for his late wife. The remaining shares will be divided between three of his children’s foundations: the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.

The donations reduce Buffett’s position in Berkshire Hathaway Class A shares to 206,363… down 57% since he pledged in 2006 to start donating to charitable organizations.

No worries, though… Buffett is still worth nearly $150 billion, making him the seventh-richest person in the world, according to the Bloomberg Billionaire Index.

What’re You Having?

Let’s forget about markets for a second and talk about what really matters … what you’re eating on Thursday for Thanksgiving!

Every family has its traditions, and different regions apply their own spin on the holiday. I know our managing editor, Chad Stone, can’t wait to devour some of his aunt’s collard greens!

So we wanted to ask you…

What are you expecting to eat at Thanksgiving? (If you don’t see a favorite in the list below, email Feedback@MoneyandMarkets.com and tell us about it!)

Take our poll below now.