Detroit Bureau
The low gas prices that have been a boon for truck and sport-utility sales are taking a toll on fuel-efficient and electric vehicles, and that includes Tesla, or at least its stock price. The Palo Alto, California-based automaker saw its stock close below $200 a share yesterday for the first time since mid-February. It dropped to $197.81, which was down $6.23 for the day.
24/7 Wall Street
America's top brewers own some sagging brands, but some of their beers are doing just fine. According to data provided by Beer Marketer's Insights, American barrel shipments of eight major brands increased by more than 20% between 2008 and 2013. Dos Equis led the beer industry, shipping 116.6% more barrels in 2013 compared to 2008. Modelo Especial had the second highest growth rate of barrels shipped over that period.
Drug Store News
Google is reportedly studying the effect color has on consumer purchase decisions. A number of well-known retailers, CPG and consumer service companies, such as Tiffany, Home Depot, Coca-Cola and UPS, have even trademarked their signature colors, which have a variety of origins. Coca-Cola originally used red barrels to distinguish its product from beer barrels, while Tiffany’s shade of blue was originally used for the cover of its 1950s promotional “Blue Book” and Home Depot got its orange color from the circus tent material it used in early signage.
China Daily
Well-heeled Chinese consumers were a little tighter with gifts last year, and the value of the gifts dropped as well, per Hurun Report's Chinese Luxury Consumer Survey 2014. Still, they spend, and the study finds that Bulgari, Georgio Armani, Prada, Cartier, Dior, Gucci, Hermes, Apple, Louis Vuitton, and Chanel are the top brands. It also finds that wealthy Chinese women prefer yoga as their first leisure activity.
Nation's Restaurant News
Outback Steakhouse plans to expand its lunch business in 2015 and will support the move with a national ad campaign, according to executives at parent Bloomin’ Brands. They said the lunch business could present a $1 billion opportunity if the company can bring its market share at the noon meal to the 10% level it has at dinner. “We know we’re late to the game,” said Bloomin’ Brands chief executive Elizabeth Smith at the meeting, “but there is a big opportunity in front of us.”
Detroit Bureau
After nearly 90 years, the Chrysler corporate name is gone. Two months after the maker completed its merger with Italy’s Fiat, the U.S. side of the company will abandon the familiar Chrysler Group LLC to become FCA U.S. LLC. The name is meant to better reflect that of the new parent company, the global Fiat Chrysler Automobiles NV. “FCA US continues to build upon the solid foundations first established by Walter P. Chrysler in 1925 as well as a rich Fiat heritage that dates from 1899,” the company said in a prepared statement.
Consumerist
American Apparel, after removing CEO Dov Charney from his post back in June, says the divorce is official: the company, which investigated him for “alleged misconduct and violations of company policy,” said “it would not be appropriate for Mr. Charney to be reinstated as CEO or an officer or employee.” American Apparel had allowed Charney to stay on in a consultant capacity after its board suspended him on June 18 as the company’s president and CEO.
Deal News
Bacon, Bourbon and chocolate are among the 14 items that will cost more next year because of droughts, increased demand, and…hipsters? Within the past five years sales of domestic bourbon have increased 36%, thanks in part to its resurgence among younger people. Some distillers are rationing their bottles for the first time since prohibition. A pig-killing virus and higher feed prices are having a bad effect on pork. Avocados will also be in short supply and air travel is heading up in price.
Automotive News
Volvo Cars said it will start selling vehicles online as it rolls out new models to compete with brands like BMW, Audi and Mercedes-Benz. The Swedish carmaker, controlled by China's Geely, will gradually introduce web sales and spend more on digital advertising. "The plan is to have all our car lines in all our markets offered digitally," Volvo sales chief Alain Visser said. "We know from research that more and more of our customers are ready to buy online."
Engadget
On the same day HBO announced its streaming service is on the Amazon Fire TV, Roku did an FCC filing showing it has come to an agreement with Comcast. The deal lets the cable giant's customers use HBO Go and Showtime Anytime on Roku media streamers, after years of the apps refusing to authenticate. Comcast is also, reportedly, talking to Amazon and could allow HBO Go access on its box/dongle soon.