Starbucks (SBUX) all-important U.S. business continues to be in need of a jolt. On Thursday, the coffee king said comparable store sales in the U.S. rose a scant 3% for the three months ended April 2, 2017, mimicking its first-quarter showing. Analysts surveyed at Factset were looking for same-store sales growth of at least 3.7%. In China, comparable store sales climbed 7%. New Starbucks CEO Kevin Johnson, who took over from longtime leader Howard Schultz earlier this month, predicted stronger revenue growth in the U.S. for the second half of 2017. He contended that the U.S. business is accelerating and performance in China is vigorous. Earnings of 45 cents a share only came in line with analysts'
People like famed physicist Stephen Hawking and Tesla's Elon Musk have issued dark warnings of a world where computers become so sophisticated, so quickly, that humanity loses control of them—and its own destiny as a result. Yet Peter Norvig, a leading artificial intelligence scientist and a director of research at Google, thinks that's far-fetched. "I don't buy into the killer robot [theory]," he told CNBC this week. The real worry is how to prepare for the mass elimination of jobs that is surely coming, he said. "I certainly see that there will be disruptions in employment … we've already seen a lot of change, that's going to continue," Norvig said in an interview, before a lecture on machine
US consumer debt is approaching a record 20% of GDP, and millennials owe most of it. Millennials — 21 to 34-year-olds — hold an estimated $1.1 trillion of the country's $3.6 trillion in consumer debt, according to UBS, as rising student and auto loans outweigh a drop in mortgages. There is already evidence that millennials are changing their spending habits on smaller items where, according to Lindsay Drucker Mann of Goldman Sachs Research, millennials are willing to search for the lowest price on an item or patiently wait for the right deal to pop up.