Week in Review
Trump vs. the auto industry
- Ford Motor Co. gave President-elect Donald Trump a boost by saying it was scrapping plans for a production plant in Mexico. The announcement followed Trump’s criticism of General Motors Co. for importing some of its Cruze models from Mexico for sale in the U.S.
- Trump tweeted about Toyota Motor Corp. and criticized the Japanese automaker’s plan to manufacture cars in Mexico to sell in the United States.
Department stores’ woes
- Cash-strapped Sears Holdings sold its Craftsman brand to Stanley Black & Decker for at least $775 million.
- Macy’s Inc. and Kohl’s Corp. reported weaker sales numbers for November and December compared to the same period in 2015, prompting Macy’s to increase its projected job cuts 10,000. Kohl’s lowered its profit target for the year.
- J.C. Penney Co. also reported a dip in sales in November and December compared with the previous year.
Americans weigh in the inauguration, coffee and 2017
- Republican voters say celebrities should set aside their political opinions and perform for the incoming president if they are invited to the inauguration. Democrats say performers should stick to their convictions.
- Americans say Starbucks and Dunkin’ Donuts have the highest quality coffee, but both companies face competition from Folgers and Maxwell House, which are more popular with older coffee drinkers.
- While Americans are optimistic about 2017, they are still concerned about the state of the nation’s political atmosphere.