TOP NEWS
* MGM Resorts International agreed to pay up to $800 million to victims of the October 2017 Las Vegas mass shooting and their families. MGM and plaintiffs in multiple lawsuits agreed to a settlement of between $735 million and $800 million, depending on the number of claims, the company said in a statement. The settlement payout is expected to be completed by late 2020, and MGM's insurers will fund the settlement.
* Shares of Costco Wholesale Corp. declined 1.4% to $285 in after-hours trading Oct. 3 after it reported fiscal fourth-quarter as-reported EPS that came in below Street estimates. Diluted EPS of $2.47 for the quarter ended Sept. 1 missed the S&P Global Market Intelligence mean consensus estimate for GAAP EPS of $2.55.
TEXTILES, APPAREL AND LUXURY GOODS
* A group of fashion veterans led by Sam Ben-Avraham is preparing a $220 million bid for retailer Barneys New York Inc., which filed for bankruptcy in August, The Wall Street Journal reported, citing people familiar with the situation. "We are in advanced negotiations with a potential purchaser and intend to reach an agreement by next Friday," a Barneys spokeswoman reportedly said.
* Fast Retailing Co. Ltd.'s flagship brand Uniqlo opened one of its first three stores in India. The three-story site spans 35,000 square feet at Ambience Mall Vasant Kunj in New Delhi.
* PVH Corp.'s Marie Gulin-Merle will resign as the apparel retailer's chief digital officer and Calvin Klein's chief marketing officer to pursue new professional opportunities, Women's Wear Daily reported. Calvin Klein CEO Cheryl Abel-Hodges told the magazine that Gulin-Merle's responsibilities will be handled by the brand's existing leadership team until the company finds a successor.
* New Balance Athletics Inc. and apparel brand Reformation teamed up to create a sustainable sneaker collection, which uses post-consumer recycled polyester, Women's Wear Daily reported, citing Reformation founder and CEO Yael Aflalo.
MULTILINE RETAIL
* Macy's Inc. said it will hire about 80,000 seasonal workers for the 2019 holiday shopping season. The department store operator is offering full-time, part-time and flexible positions.
E-COMMERCE
* Airbnb Inc. launched an Airbnb Animal Experiences category, which offers 1,000 activities hosted by more than 300 species and their human advocates. The home-sharing platform said its new animal welfare policy was created in partnership with the nonprofit organization World Animal Protection.
HOUSEHOLD AND PERSONAL PRODUCTS
* L'Oréal SA partnered with packaging company Albéa to develop the first carton-based tube for cosmetics. The environmentally friendly packaging, which replaces plastic with bio-based and certified paper-like material, will be launched shortly after industrial production begins in 2020.
* The Estée Lauder Cos. Inc. and Shiseido Co. Ltd. submitted their final bids for skincare brand The Drunk Elephant, Women's Wear Daily reported, citing multiple industry sources. Drunk Elephant reportedly declined to comment, while representatives for Shiseido and Estée Lauder said the companies do not comment on rumors.
FOOD AND STAPLES RETAILING
* Rite Aid Corp. named former Skyward Health CEO Jim Peters as its COO, succeeding Bryan Everett in the role.
* U.K. department store operator John Lewis Partnership PLC will withhold 20% of this quarter's service charge that it pays at about 20 locations, a company spokeswoman told Reuters. John Lewis, which recently launched a £100 million cost-savings plan, reportedly said the continued service charge increases at some of its stores in shopping centers are "not acceptable."
* Travel retailer DFS Group Ltd., a unit of LVMH Moët Hennessy - Louis Vuitton SE, is laying off workers in Singapore and Hawaii, as the ongoing protests in Hong Kong and the trade war between the U.S. and China have impacted its earnings, the Nikkei Asian Review reported. The retailer laid off 165 workers in Hawaii in late September, and one source said more than 100 workers at DFS' stores and offices in Singapore will be let go over the next several months.
* Topsports International Holdings Ltd. raised $1.01 billion in its IPO in Hong Kong after pricing its shares at HK$8.50, Reuters reported. The company will begin trading on Oct. 10, the report said. Topsports is the sportswear unit of Chinese footwear retailer Belle International Holdings Ltd.
HOTELS, RESORTS AND CRUISE LINES
* Norwegian Cruise Line Holdings Ltd. appointed Harry Sommer as president and CEO of its Norwegian Cruise Line brand, succeeding Andy Stuart, who will step down from the role Dec. 31 and remain as senior adviser until March 31, 2020. Sommer is the company's president for international operations.
* Airline EasyJet PLC is interested in some of the assets of collapsed travel company Thomas Cook Group PLC, Reuters reported, citing CEO Johan Lundgren's statement to German weekly Die Welt. Lundgren reportedly clarified that EasyJet has not made a decision on the matter and is not interested in buying Thomas Cook's Condor airline, which is open to a new owner.
* Spain is preparing a €300 million plan for the economic impact of Thomas Cook Group's liquidation, Reuters reported, citing Tourism Minister Reyes Maroto. Maroto reportedly said the plan, which needs to be approved Oct. 11, will cover 13 separate measures and includes a credit line for affected companies.
* Sotheby's completed its $3.7 billion take-private sale to BidFair USA, an entity owned by art collector and telecom entrepreneur Patrick Drahi. The deal will result in Sotheby's delisting from the New York Stock Exchange.
INDUSTRY NEWS
* Holiday retail sales in the U.S. are expected to rise 3.8% to 4.2% year over year to a range of $727.9 billion to $730.7 billion, according to the National Retail Federation.
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The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 1.11% to 25,821.03, while the Nikkei 225 rose 0.32% to 21,410.20.
In Europe, around midday, the FTSE 100 was up 0.35% to 7,102.21, and the Euronext 100 increased 0.27% to 1,057.94.
On the macro front
The employment situation report, the international trade report and the Baker-Hughes Rig Count report are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
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