Consumers spending was not as strong as expected last month, and weekly jobless claims head higher. The Commerce Department reported retail sales rose by 0.3% in May, less than the 0.6% rise economists were expecting. May number was helped by cars sales, which grew 1.4% since April. Meanwhile, the Labor Department said jobless claims rose last week by 4,000 to a seasonally adjusted 317,000. Economists were expecting applications to fall to 309,000.
In a Securities and Exchange Commission filing, Twitter (TWTR) said its COO Ali Rowghani has resigned from his position. The company didn’t give a reason for the resignation, but said he would remain with the company as a “strategic advisor” to CEO Dick Costolo. The announcement comes a day after Re/code reported that some responsibility was being taken away from Rowghani.
Lululemon (LULU) reported first-quarter earnings that topped analysts' estimates by $0.02. Revenue also beat expectations by $3.36 million. But the yogawear maker's second-quarter outlook fell short of analysts' expectations and it lowered its earnings outlook for the year. The company also said it would buy back $450 million in stock. It also announced its CFO John Currie will retire at the end of the year.
The IMF said in a report Wednesday that home prices around the globe are "well above' historical averages, and that policymakers need to act now against a growing global housing bubble. The IMF also warned that inaction could lead to another housing crisis.