A glamorous new start for Capri’s oldest hotel
The revamped La Palma hopes to become the ‘Hotel du Cap of Italy’
After Hours Summary: Quiet after-hours; ORCL +3.4% on solid MayQ earnings; MEI -9.3% on weak guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: ORCL +3.4%
Companies trading higher in after hours in reaction to news: CB +0.9% (new $5.0 bln repurchase program), RTX +0.4% (awarded U.S. Navy contract mod), TM +0.3% (to launch solid-state-battery EVs by 2027, according to Nikkei), TEVA +0.2% (settles Kentucky price-fixing claim), NFLX +0.2% (plans first live-streamed event, according to WSJ)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: MEI -9.3% (guidance)
Companies trading lower in after hours in reaction to news: LSEA -7% (stock offering), LITE -5% ($500 mln convertible notes), IVZ -2.3% (prelim AUM), IRON -1.7% (public offering of $100 mln), CHGG -1.6% (reduces workforce), UVE -1.2% (new $20 mln repurchase program), IRWD -1.1% (FDA approval of new indication for LINZESS), RWT -0.1% (launches JV with Oaktree Capital Management)
Closing Stock Market SummaryThe stock market had a slightly positive bias in the early going, but really started to build up steam in the afternoon. Ultimately, the S&P 500 closed at its highest level since April 21, 2022, aided by chasing action and a possible fear of missing out on further gains.
Stocks shifted into rally-mode as market rates declined after the Treasury market did a good job absorbing nearly $200 billion worth of bills and notes, eyeing another $101 billion scheduled to be sold tomorrow. The 2-yr note yield, which reached a high of 4.63% overnight, fell to 4.56% before settling the session at 4.59%. The 10-yr note yield, which reached a high of 3.79%, pulled back to 3.73% and settled at 3.77%.
Mega cap stocks were in a leadership position, again, with many other stocks also coming along for the rally. The Vanguard Mega Cap Growth ETF (MGK) rose 1.5% and the Invesco S&P 500 Equal Weight ETF (RSP) rose 0.7%. The market-cap weighted S&P 500 closed with a 0.9% gain.
Most of the S&P 500 sectors closed with a gain. Information technology (+2.1%) was the top performer by a decent margin followed by consumer discretionary (+1.7%) and communication services (+1.2%), all of which benefitted from strong mega cap constituents.
Meanwhile, the energy sector was the worst performer, down 1.0%, as oil prices fell ($67.09/bbl, -3.21, -4.6%). This was in response to Goldman Sachs cutting its Brent crude forecast to $86.00/bbl from $95.00/bbl and its WTI crude forecast to $81.00/bbl from $89.00/bbl, citing higher oil supplies.
There are several market-moving events on the horizon, although that did not deter buyers today. This week will feature the release of the May Consumer Price Index (Tuesday) and the May Retail Sales report (Friday), and policy decisions from the FOMC (Wednesday), the European Central Bank (Thursday), and the Bank of Japan (Friday).
- Nasdaq Composite: +28.6% YTD
- S&P 500: +13.0% YTD
- Russell 2000: +6.4% YTD
- S&P Midcap 400: +5.1% YTD
- Dow Jones Industrial Average: +2.8% YTD
Economic data today was limited to the May Treasury Budget, which showed a deficit of $240.3 billion compared to a deficit of $66.2 billion in the same period a year ago. The deficit in May was the result of outlays ($547.8 billion) exceeding receipts ($307.5 billion). The Treasury Budget data is not seasonally adjusted so the May 2023 deficit cannot be compared to the April 2023 surplus.
- The key takeaway from the report is that the level of outlays was the second highest in fiscal 2023.
Looking ahead to Tuesday, market participants will receive the following economic data:
- 6:00 a.m. ET: May NFIB Small Business Optimism (prior 89.0)
- 8:30 a.m. ET: May Consumer Price Index (consensus +0.2%; prior +0.4%) and core-Consumer Price Index (consensus +0.4%; prior +0.4%)
Les emplettes immobilières du milliardaire Nicolas Berggruen à Paris
EXCLUSIF. Le financier américano-allemand a investi plus de 270 millions d'euros dans quatre immeubles de la capitale dont l'un a été le dernier domicile de François Mitterrand. Ils seront transformés en résidences et bureaux hauts de gamme.
Fils d'un célèbre marchand d'art
Nicolas Berggruen a d’ailleurs grandi dans la capitale française où son père Heinz, célèbre marchand d’art, proche de Picasso, avait installé sa galerie. Il a ensuite fait fortune dans la finance et l’immobilier aux Etats-Unis, dans les années 1980. Puis, le golden boy a investi le monde de la philanthropie et des idées. Après la crise financière de 2008, il a créé le très influent Institut Berggruen, qui prétend réformer la gouvernance mondiale et rassemble, au sein de son conseil, la créatrice du Huffington Post, les fondateurs de Google et Snapchat, une ancienne Première ministre du Danemark ou un ex-président mexicain. Basé à Los Angeles, l’Institut va ouvrir un campus universitaire sur les collines de Santa Monica, construit par les architectes suisses Herzog & de Meuron. En France, le think tank a fait parler de lui en embauchant Sylvie Goulard, alors eurodéputée, comme consultante de 2013 à 2016. Un job à 350.000 euros, dont la réalité a été contestée par l’association Anticor, qui a déposé plainte. Une information judiciaire a été ouverte en septembre 2022.
Adepte des paradis fiscaux, Nicolas Berggruen a domicilié son conglomérat Berggruen Holdings aux Iles Vierges Britanniques. Il détient des dizaines de propriétés résidentielles et commerciales aux Etats-Unis (Portland, Seattle, Los Angeles, New-York) ainsi qu’en Europe, à Berlin notamment, où un musée Berggruen expose une partie de la collection d’art moderne de la famille. Plutôt que de jouer les marchands de biens, le milliardaire est dans une logique patrimoniale. L’objectif est d’investir à long terme dans des actifs hauts de gamme et de les valoriser. Amateur d’architecture, ce collectionneur a notamment racheté la somptueuse propriété de l’ancien magnat des médias William Randolph Hearst à Beverly Hills, qui a servi de décor aux films Le Parrain et Bodyguard. A Venise, il s’est offert, coup sur coup, deux palais destinés à accueillir le siège européen de son institut et des expositions culturelles.
Nouveau concept de résidences de luxe
C’est en 2017 que Nicolas Berggruen a décidé de faire son retour à Paris. Il a monté la société luxembourgeoise Berggruen Properties France, elle-même détenue, selon Radio France, par une société immatriculée aux Bermudes, Berggruen Institute. Il en a confié la direction à un ancien banquier d’affaires de Rothschild, Rodolphe Zellitch, dont l’épouse Sabine est décoratrice d’intérieur. La société a d’abord mis la main, pour 66 millions, sur deux immeubles haussmanniens de la rue Marbeuf (8ème arrondissement), qui font figure de site pilote pour le concept de résidence de luxe Black Door. Inaugurée en avril 2022, la résidence offre 35 appartements de 40 à 165 mètres carrés. Une partie est louée pour des séjours de courte durée, à partir de 700 euros la nuit. Les baux de longue durée sont notamment destinés aux entreprises qui souhaitent loger leurs dirigeants venus de l’étranger. Les clients bénéficient de services de conciergerie de luxe, d’une salle de sport, d’un spa avec piscine, et bientôt d’un restaurant italien.
Entre-temps, en octobre 2018, Berggruen Properties France s’est emparé d’un immeuble ancien de 3.500 mètres carrés, à usage mixte, situé rue Saint-Dominique (7ème), pour 42,5 millions. Puis, à l’été 2020, elle a déboursé 107 millions pour un bâtiment des années 1950, totalisant 7.700 mètres carrés de bureaux, avenue Raymond Poincaré (16ème). Le groupe veut décliner son concept Black Door pour les locaux d’entreprises, en amenant les codes de l’hôtellerie de luxe, en termes de décoration et de services. Enfin, Nicolas Berggruen est visiblement désireux de renouer avec la France également sur le plan personnel. Selon nos informations, il s’est offert un pied à terre près du jardin du Luxembourg et, pour 27,2 millions d’euros, deux villas à Saint-Tropez. L’aménagement de la plus grande a été confié à la célèbre décoratrice française India Mahdavi.
Bergdorf’s Revamps Second Floor of Goodman’s Men’s Store
The update includes the addition of Cesare Attolini and Brunello Cucinelli’s Sartoria Solomeo line as well as the relocation of Charvet.
Goodman is getting a facelift.
The luxury men’s-only store on Fifth Avenue is putting the finishing touches on what men’s fashion director Bruce Pask described as an “intuitive readjustment” to meet the ever-changing needs of its customers.
“There’s very little of the store that won’t be touched,” he said.
The bulk of the changes will be on the second floor, which houses tailored clothing, furnishings and luxury sportswear. The first floor carries sportswear, shoes, jewelry, vintage watches, accessories and a Self Care shop while runway-driven designer collections are on the third floor along with casual footwear and the B Shop, a rotating boutique curated by Pask. The first floor also houses The Studio, a space right inside the main Fifth Avenue entrance that highlights new and emerging designers.
Some of the key moves on the second floor, which are scheduled to be completed later this week, include the relocation of Charvet, the high-end French shirt brand that is carried exclusively at Goodman’s, from its shop on the first floor to a new boutique on the second floor where it will sit alongside tailored clothing and other dress furnishings.
Exclusives on the floor will include a shop for Cesare Attolini, a Neopolitan brand whose history dates back to the ’30s, as well as the addition of Brunello Cucinelli’s Sartoria Solomeo line, the only distribution point in the U.S. outside the company’s own boutique.
In addition, an annex for Kiton’s Vicuña line is being created that will be adjacent to the permanent Kiton shop on the floor. Vicuña is the Italian brand’s collection created from the luxury fiber.
A VIP dressing area has been added that will offer shoppers food and beverage service from the in-house Goodman’s bar, alterations and a lounge.
The additions augment the existing assortment, which includes a shop for Brioni, a U.S. exclusive for Goodman’s that opened around a year ago, as well as Tom Ford, an exclusive to the Neiman Marcus Group, along with Giorgio Armani, Ralph Lauren Purple Label and others. In March, a new Ermenegildo Zegna shop opened on the floor.
Yumi Shin, chief merchandising officer of Bergdorf Goodman, said the layout of the second floor is indicative of the “unique Bergdorf Goodman edit” the team has created to address the demand for more-formal dressing in a post-pandemic world.
Pask characterized the spaces as “intuitive and inspiring” and in response to the significant uptick in sales of more tailored pieces and furnishings.
“Tailoring is really important to our client,” he said. “Occasion-based clothing continues to be very strong for events and celebrations in a post-pandemic world. Even though it’s not mandated in a work environment anymore, we’re seeing a real desire to dress up again. Our customer really appreciates craftsman — and we have that.”
Pask said neckwear is also seeing a resurgence and indicates the periodic “pendulum swings” that occur in menswear.
The store is seeing “commensurate growth in luxury sportswear as well,” which fills the need for “relaxed formality,” Pask said. “And that’s heartening.”
Overall, the company is seeing “strong response to our men’s business,” Shin said, both in the store and online. “Our men’s customer is more informed than ever,” Pask said. “One of the benefits of social media is that you see what other people are wearing and our customer is making bolder choices.”
The merchants said there are plans for further renovations of the Goodman’s store, but they’re not yet prepared to provide details or timing. “We will continue to work on the men’s store and there will be other updates on the first and third floors,” said Shin.
Pask said the ability to shift and adjust the assortment and location of brands is one advantage of being a brick-and-mortar retailer. “That’s the beauty of being a retail environment,” he said.
To introduce the new second-floor configuration to customers, Goodman’s will partner with The Macallan, the single malt whisky brand, on Wednesday for a special tasting event.
Bergdorf Goodman is part of the Neiman Marcus Group, which is having some struggles as retail sales overall slow. Last week, the Dallas-based company reported a 9 percent drop in revenues, and a 25 percent decline in earnings before interest, taxes, depreciation and amortization to $124 million in the third quarter. The corporation does not break out results for Bergdorf Goodman. However, NMG did point to strength in luxury men’s sales across the company as a whole.
Weight-Loss Drugs Like Ozempic Are Treating Binge Eating, Too
Patients say weight-loss drugs have helped control their eating disorders. Some doctors are skeptical.
Kristen Ireland struggled with bulimia nervosa for years, working with a therapist and taking medications for anxiety and depression.
It wasn’t until her psychiatrist prescribed Victoza, a diabetes medication that works much like Ozempic, Wegovy and Mounjaro, that her binges and purges faded away.
“I feel free now,” said Ireland, 27 years old, who manages sports-merchandise stores in Jackson Hole, Wyo.
Treating eating disorders is another potential application for a class of drugs that has taken the weight-loss world by storm.
The drugs, synthetic versions of the GLP-1 hormone that act on appetite centers in the brain and gut, have helped patients lose 15% of their body weight on average.
Some studies and the experience of doctors in the field suggest they could also help people stop binge eating. Along with helping people feel full sooner and longer, GLP-1 drugs reduce the effect of dopamine released while eating. The drugs work on an area of the brain involved in impulse control and decision-making, leading to better control and less impulsiveness around food, neuroscientists said.
But the drugs don’t address problems that often underlie binge eating or bulimia.
The drugs might reduce the frequency of binges but they can’t relieve related stressors, trauma or mental illness, eating-disorder specialists said.
Any benefit might disappear when people stop taking the drugs.
“It’s a short-term fix,” said Dr. Kelli Rugless, a psychologist and chief clinical officer at Project HEAL, a nonprofit that helps people with eating disorders pay for treatment.
About one-tenth of Americans will develop an eating disorder in their lifetime, according to the National Eating Disorders Association.
Binge-eating disorder, when a person regularly binges while feeling a loss of control or distress over eating, is the most common.
Dr. Andrew Kraftson, director of the Weight Navigation Program at the University of Michigan, said he closely monitors his patients taking the drugs who have binge-eating disorder, to see how the medication might be helping. Patients with a history of anorexia, however, require particular attention and vetting, he said, and anyone with active anorexia shouldn’t take them.
Ireland said she took Victoza from 2018-22 except during monthlong gaps when her insurer stopped paying for the drug until she and her doctor pushed back. “I’d be back to eating quarts of ice cream every night, and then I’d purge in the morning,” Ireland said.
Her psychiatrist, Dr. Michael Lutter, switched her to low-dose semaglutide, the active ingredient in Ozempic and Wegovy. Ireland said she pays about $300 out-of-pocket for a 2 ½-month supply from a pharmacy in Dallas. The Food and Drug Administration doesn’t review versions of the drugs made at so-called compounding pharmacies.
Lutter spent years studying how genetic mutations affected binge eating. He found that some people with binge-eating disorder had mutations that affected hunger and fullness cues. He began prescribing the drugs to patients in 2019 when he started his own practice in Plano, Texas.
“They respond amazingly well,” Lutter said. He starts patients on low doses of the drugs and increases them until the binge eating is brought under control. The goal isn’t weight loss, he said, though patients often lose weight. He said he encourages patients to take the drugs in conjunction with treatment by therapists and dietitians.
Annie Moody, 17, had been binge eating for years before she was referred to Lutter in 2021.
More adolescents are taking medications for weight loss and getting bariatric surgery, measures the American Academy of Pediatrics this year recommended to treat obesity for some children.
Lutter diagnosed her with binge-eating disorder and tried prescribing a couple of drugs that didn’t work, including an ADHD drug FDA-approved to treat binge eating and an appetite suppressant. In January, he prescribed a low dose of semaglutide, which she gets from a compounding pharmacy in Frisco, Texas. Moody’s family pays about $180 for a three-month supply.
Food used to take up all her thoughts, she said. When she wasn’t eating, she was obsessing over what she would eat next. When she ate, she lost control, eating until she felt sick. That has all changed on semaglutide, she said: “I can think about other things now.”
Prescribing weight-loss drugs to treat eating disorders without a robust therapy requirement could be dangerous, several eating-disorder specialists said.
Effective treatment for binge eating requires helping patients recognize innate hunger and fullness cues, said Dr. Holly Peek, assistant medical director of the Klarman Eating Disorders Center at McLean Hospital in Belmont, Mass.
“It’s missing the forest for the trees,” she said.
Dr. Susan McElroy, a psychiatrist and chief research officer at the Lindner Center of HOPE in Ohio, prescribes GLP-1 drugs for patients with binge eating, together with therapy and the oversight of eating-disorder specialists. She also monitors patients’ weight, eating patterns and lab results. “These drugs can work when nothing else has worked,” McElroy said.
Lutter said the semaglutide and similar drugs he prescribes aren’t meant to replace therapy. Patients can go back to their dietitian or therapist if their binge eating resumes, he said.
Moody and Ireland said they don’t feel they need the support of therapists or dietitians anymore. Both expect to be on the drug indefinitely.
“It’s a huge part of me,” Ireland said.