Good Biz: Procter & Gamble reported its biggest sales jump in 16 years, mostly thanks to price increases it had to slap on products across the board. Bad Biz: Intel is feeling the chip shortage, and it shows in disappointing quarterly results, but one bright spot is this week’s passage of a bill to boost domestic chip manufacturing. And New Biz: Saks Off 5th is hitting the runway with a new partner in Rent the Runway, where consumers can find bargains on hand-me-down designer items.

Cheddar's News Wrap

Business Breakdown: Procter & Gamble, Intel & Saks Off 5th

now it's time for your business breakdown where we're giving you the good, the bad and the new, That's right. Starting with a good biz one consumer goods company known for products like laundry detergent and diapers. She's a massive sales boost. Let's bring in our own christian Schuller who is live for us in new york stock exchange, who we're talking about now, kristen Oh, ken and Hannah, it's great to be with you both this evening. And ken we are talking about Procter and Gamble. It's the parent company behind thai detergent, pampers head and shoulders and more PNG today reporting its biggest annual sales jump in 16 years. But that is most mostly thanks to price increases that it had to slap on products across the board. Think toothpaste all the way to toilet paper and everything in between. Well, the organic sales rose 7% for the year ending June 30, it's the biggest jump since 2006. And the company also expecting growth in that category between three and 5% for the current year. Well, executives still worry about what could happen as customers cut back on spending and turn to generic brands thanks to continued inflation shares of PNG down about 6% on the day. Alright, let's move on to the bad bits, kristen one major chipmaker under a lot of pressure after a worse than expected quarter. What are we talking about here? Yeah, Hannah, So in this case we're talking about intel and shares on the move today after the semiconductor giant. Did miss on the top and the bottom lines revenue fell 22% from the same time a year ago. Revenue also missed estimates by quite a bit 14% to be exact. So the company's biggest top line disappointment since 1999. And the CFO saying that consensus among the C suite is that intel is quote on the bottom amid these disappointing results. And as the company deals with headwinds like covid related supply chain challenges broader decline in economic activity and more Well, there is a bright spot Intel saying after the house passed a bill thursday to boost chip manufacturing here in the US. That it can now move ahead with its $20 billion chip factory in Ohio. That bill now goes to President biden's desperate signature. Of course he is expected to sign an intel stock down about 8.5% Alright. And finishing with the new Biz Kristen one company striking a deal that's sure to give customers a bargain. Do tell, we always like a bargain ken. And in this case we're talking about the discount retailer Saks off fifth hitting the runway with a new partnership, the company announcing a deal where customers can purchase hand me down designer items from clothing rental company rent the runway right on its site. Well, even though the items have been worn before Saxe says all products have been pre approved to make sure that they're in great condition. And the collaboration drive from dozens of designers, customers find deals up to 85% off. And the partnership coming at a time when many customers in the us are changing their shopping habits in order to save money amid inflation. Let's take a look at chairs rent the runway up 0.5% today. So pretty good. Look at that. $4.44. I think that's a lucky number. You guys rent the runway. You know? Yes, I rent the runway every day. I'm completely published on the runway and that is so stylish. I'm always like texting her like I love this outfit. I love this outfit. So I know it's served her well. I haven't jumped in yet, but I've been thinking about it. But I've definitely been thinking that they don't make amends rent the runway. Every guy at this network says that I think we should start a mail rent the runway would make so much money. You should write in the new york stock exchange. Also our business partner. Apparently, thank you so much