BUSINESS

The U.S. president said he would pause attacking Iran’s energy infrastructure for another 10 days late Thursday as stocks tumbled.

President Donald Trump late Thursday said he would sign an executive order to “immediately” pay Transportation Security Administration workers who have gone without pay during a long-running partial government shutdown.

Oil prices are surging on the back of the Iran war. Fears of a sustained disruption to Strait of Hormuz supply are driving the move. The parallels to the 1970s oil crises are everywhere.But UBS economist Arend Kapteyn is pushing back on the comparison. His argument is simple: the global economy is built differently now. Oil just does not hit the way it used to.The note, which circulated this week, makes a case that investors watching energy markets need to understand. The fear driving oil prices higher may be real. The economic damage that fear implies could be significantly overstated.The number that changes everythingKapteyn’s central argument is about what economists call oil intensity. That is the amount of oil a country needs to produce a given unit of economic output. And that number has fallen dramatically since the 1970s.More Oil and Gas:The world’s biggest gas field matters just as much as oil right nowGoldman Sachs reveals top oil stocks to buy for 2026U.S. economy will show resilience, despite rising oil pricesIn the United States, oil spending as a share of GDP stood at roughly 4.8% in 1974. Today it sits at approximately 1.7%. That is not because the US uses dramatically less oil in volume terms.It is because the economy has grown so much larger while oil consumption has barely moved. GDP has grown nearly twentyfold since 1974. Oil consumption in 2024 was only slightly above 1974 levels.The practical implication is stark. Even if oil prices hit $100 per barrel, UBS estimates US oil spending would only reach around 2% of GDP. That is a manageable number. It is nowhere near the economic chokehold oil had in the 1970s.Europe tells the same storyThe United States is not alone in this shift. UBS found that Europe has followed a similar path, arguably faster. The EU’s oil spending fell from approximately 3.7% of GDP in 1974 to roughly 1.8% in 2024. Europe got there through a combination of slower GDP growth and larger gains in energy efficiency.The direction of travel is the same across the developed world. Economies have been quietly decoupling from oil for decades. Each unit of economic output requires less and less of it. That structural shift is the core of UBS’s argument.Why the 1970s comparison breaks downThe 1970s oil shocks were devastating because oil was deeply embedded in every part of the economy. Home heating, manufacturing, transportation, electricity generation. Oil was everywhere. When it became scarce and expensive, the pain was immediate and broad.

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That is no longer the structural reality. Natural gas replaced oil in home heating across much of the developed world. Electricity generation moved away from oil. Fuel efficiency in transportation improved substantially over five decades.The economy adapted. And those adaptations compounded over time.Kapteyn also pointed to a striking statistic from the International Energy Agency. The IEA’s head noted that more oil supply has been lost in the current Middle East conflict than in both 1970s oil shocks combined. That is a remarkable fact. But the economic impact is unfolding very differently, precisely because the economy’s dependence on oil is so much lower today.What this means for investors right nowThe UBS note carries a direct implication for how investors should think about the current oil price surge. Several things follow from the oil intensity argument:Recession fears tied to oil prices may be overblown. If oil spending as a share of GDP peaks around 2% even at $100 per barrel, the drag on consumer spending and corporate margins is real but contained. The stagflation playbook from the 1970s does not apply cleanly.Inflation risk is more limited than the headlines suggest. A smaller GDP share means a smaller transmission into broader prices. The Fed is watching unemployment more than oil, and the data supports that approach.The supply disruption risk is real even if the macro damage is not. Strait of Hormuz restrictions can spike oil prices sharply in the near term. That creates volatility even without economic collapse. Traders and investors in energy-exposed assets should expect turbulence.Energy efficiency is a long-term structural story. The oil intensity decline did not happen overnight. It reflects decades of investment in efficiency, technology, and fuel substitution. That trend is not reversing.The broader takeaway from UBS is not that oil prices do not matter. They do. Higher energy costs hit consumers, compress margins for transportation companies, and create real friction. But the channel from oil prices to macroeconomic catastrophe is far narrower than it was fifty years ago.The global economy has spent decades quietly building resilience. That resilience is only visible when the pressure test arrives. That test is happening now. And so far, the structure is holding.Related: U.S. economy will show resilience, despite rising oil prices

White House AI and Crypto Czar David Sacks said Thursday he was joining the President’s Council of Advisors on Science and Technology and leaving the czar role.

Few brands are as deeply embedded in youth culture as one that helped define the style identities of multiple generations, and whose site evokes nostalgia in many shoppers.From its expansive selection of Vans sneakers to its Thrasher graphic T-shirts and Santa Cruz Skateboards, the retailer has long embodied a distinct skater culture rooted in late-1990s and early-2000s fashion, an influence that continues to resonate today, even nearly five decades later.Originally founded in 1978 as “Above the Belt,” Zumiez has grown into a leading specialty retailer focused on apparel, footwear, and accessories for teens and young adults. Its stores became a staple of the American mall experience, serving as a shopping destination and cultural moment. Today, however, the retail landscape is changing. As malls lose their popularity in everyday social life, Zumiez is adapting to the shift, including closing multiple stores heading into 2026.Zumiez confirms store closures in 2026Zumiez (ZUMZ) has confirmed plans to close 25 stores in fiscal 2026, including 20 in North America and five internationally, according to its fourth-quarter fiscal 2025 earnings report.This represents an increase from the 17 closures in fiscal 2025. However, the company framed the move as part of a long-term optimization strategy rather than a response to declining demand.As of Feb. 28, 2026, Zumiez operates 716 stores globally under the Zumiez, Blue Tomato, and Fast Times banners.Store count by regionUnited States: 560Canada: 45Europe: 83Australia: 28Zumiez CEO Richard Brooks described the closures as the final phase of a broader industry shift away from lower-performing malls.”What we’re seeing in the U.S. is actually finally the end of, I think, the final leg on a bunch of mall locations at the lower end C- and D-volume mall locations, where we had traditionally been able to make some money, but now they’ve just got to the point where they’re just not working anymore,” said Brooks.Notably, Zumiez reported that overall sales in North America continued to grow, even as store counts declined. This shows that the closures are primarily tied to shifting consumer preferences toward stronger retail environments, rather than weakening brand performance.

Zumiez confirms store closures in 2026.Shutterstock

Zumiez’s financial performance signals resilienceZumiez’s recent financial results suggest resilience amid industry changes.In the fourth quarter of 2025, net sales increased 4.4% year over year, and comparable sales rose 2.2%, according to Zumiez’s 10-K filing.For the full fiscal year ending January 2026, revenue grew across nearly all regions, with U.S. sales up 5.5% year over year.Zumiez expects approximately $12 million in lost sales due to store closures in fiscal 2026. Even so, the company projects low single-digit total sales growth, demonstrating confidence in its streamlined store footprint and omnichannel strategy.By consolidating into stronger locations and improving per-store performance, Zumiez is aligning its brick-and-mortar strategy with modern consumer patterns.The mall isn’t dead; it’s evolvingWhile malls have faced years of declining foot traffic, recent data show signs of recovery.In 2025, visits to indoor malls increased by 1.3%, and visits to outdoor mallsclimbedby0.6%, according to Placer.ai’s The Mall Index.Placer.ai Retail and Real Estate Analyst Shira Petrack noted that malls continue to attract affluent and suburban consumers, particularly those seeking experiences beyond traditional shopping.More Retail Store Closures:77-year-old jewelry giant will close 100 stores, shut 2 brands106-year-old retail brand operator closing all stores in bankruptcyKohl’s shares surprising store closure news”Indoor malls and open-air centers attract a disproportionate share of ultra-wealthy and affluent suburban households, underscoring malls’ ongoing relevance for consumers seeking family-friendly activities and experiences,” said Petrack.However, competition has intensified. More than 70% of mall visitors also shop at big-box retailers such as Walmart and Target, highlighting a shift in consumer behavior and underscoring that malls are no longer primary shopping hubs, but instead are part of a broader retail ecosystem.To remain competitive, high-performing malls are increasingly leaning into experiential offerings, such as entertainment, dining, and services that cannot easily be replicated online or by mass merchants.Mixed analyst sentiments on ZumiezDespite Zumiez’s solid financial performance, analysts’ opinions remain divided.Some see upside. Seeking Alpha analysts recently upgraded the stock to a “buy,” citing strong fourth-quarter performance and potential margin expansion driven by easing tariff pressures.”Zumiez’s execution and margin expansion make it a relatively attractive option in the retail sector,” said Seeking Alpha analysts.Others remain cautious. Wall Street Zen downgraded the stock from “buy” to “hold,” with additional firms expressing concerns about long-term growth in a changing retail environment, MarketBeat reported.Share buyback signals confidenceOn March 11, 2026, Zumiez unveiled a $40 million share repurchase program, allowing the company to buy back up to 10.2% of its outstanding shares.Share buybacks are often interpreted as a sign that leadership believes the stock is undervalued, reinforcing confidence in the company’s long-term outlook.As of March 26, 2026, Zumiez shares are down 14.5% year to date, reflecting broader market pressures and mixed investor sentiment. Zumiez’s bottom lineZumiez is not retreating; it’s refining.By closing underperforming stores while maintaining sales growth, the company is aligning its physical footprint with current behavior. At the same time, improving mall traffic and strategic financial moves suggest that both Zumiez and the mall business may be entering a new phase, defined less by scale and more by experience, efficiency, and adaptability.Related: 106-year-old retail brand operator selling 170 stores in bankruptcy

Big Tech is buying small reactors. Washington is buying time. Russia and China? They rule the nuclear-power world.

Hims & Hers (HIMS) has taken a beating, with the stock down roughly 70% from its $70 peak and now trading below $21 per share.But the story’s changing.After the company’s Novo Nordisk (NVO) deal and the end of the FDA shortage, Hims is shifting to a broader mix of branded, FDA-approved GLP-1s while pulling back from compounded supply.This is a shift in how the business operates. The question now is whether HIMS can build a profitable, durable model.In simple terms, Hims & Hers is an online health care platform that helps people get prescriptions and treatments without visiting a doctor’s office.The company makes money by connecting patients with licensed providers and selling subscription-based treatments across weight loss, dermatology, mental health, and more.The business’s competitive advantage comes from its brand, digital experience, and growing role as a distribution layer between patients and drugmakers, especially as it expands partnerships with companies like Novo Nordisk.The long-term opportunity is still meaningful if Hims can scale this model and maintain strong unit economics.Novo deal resets weight-loss supply modelHims & Hers’ collaboration with Novo Nordisk on March 9 marked its clearest move away from compounded semaglutide and toward branded, FDA-approved weight-loss drugs.The shift came after the FDA said the semaglutide shortage was over, removing the key regulatory opening that had supported broad compounded supply.More Growth Stocks:Morgan Stanley sets jaw-dropping Micron price target after eventNvidia’s China chip problem isn’t what most investors thinkQuantum Computing makes $110 million move nobody saw comingThe company saw “tremendous growth opportunities in the U.S. with the expanding assortment of branded GLP-1 medications,” CEO Andrew Dudum said, pointing to a model where drugmakers and digital health platforms could work together to scale distribution.Then, in an update on Thursday, March 26, Hims said it “will no longer actively market compounded GLP-1 offerings on its platform or in its marketing,” and will instead guide most patients toward branded treatments, while keeping compounded options available only in limited, clinically necessary cases.This update highlights a broader strategy. Hims plans to “provide GLP-1 customers with access to a broad assortment of FDA-approved medications” through partners such as Novo Nordisk.The move gives Hims a more durable and compliant supply path for a category that fueled its breakout growth, but it likely comes with lower margins and greater dependence on third-party drugmakers.Breakout results meet slower 2026 growthFor fiscal year 2025, Hims & Hers reported roughly $2.35 billion in revenue, up 59% from a year earlier, along with $318 million in adjusted EBITDA and $128 million in net income, according to its Feb. 23 earnings release.But that growth came from a very different model than the one under which Hims operates today.Guidance already reflects some of that transition. Analysts’ midpoint revenue estimate for fiscal 2026 revenue is about $2.73 billion, implying roughly 16.4% year-over-year growth. This would be a sharp slowdown from 2025’s 59% growth.At the same time, gross margins are projected to decline from about 74% in 2025 to roughly 72% in 2026, reflecting the shift away from higher-margin compounded products toward branded drugs with lower take rates.

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Operating profitability is also expected to show near-term pressure. EBITDA margins are expected to fall from 13.5% in 2025 to 12.0% in 2026, with EBITDA growth slowing to just 2.7% year over year.Looking further out, analysts expect margins to expand again as the platform scales, with EBITDA margins expected to reach 12.8% in 2027 and 14.3% by 2028.Margins may take a hit in the short term before moving higher over the long term.What could push HIMS higherWall Street analysts currently have an average price target of just over $24/share for HIMS, implying the stock could have 16.6% upside today.Additionally, the stock trades at historically cheap multiples. There are many factors that could drive long-term upside for the stock.More durable weight-loss growth from branded GLP-1 supplyHigher subscriber lifetime value from cross-selling across weight loss, dermatology, and mental healthOperating leverage, as fixed marketing and platform costs scale with a larger user baseImproved consumer trust and conversion rates from FDA-approved treatmentsNew drugmaker partnerships that expand treatment options beyond Novo NordiskContinued strong telehealth demand across core categoriesPotential international expansion that increases the total addressable marketWhat could weigh on HIMSLower gross margins as the mix shifts from compounded to branded GLP-1 drugsSlower revenue growth in 2026 may pressure the stock’s valuationHigh customer acquisition costs that limit profitability if marketing efficiency declinesIncreased regulatory and legal scrutiny around GLP-1 practicesExecution risk in transitioning patients to new supply channelsDependence on third-party suppliers like Novo NordiskIntensifying competition across telehealth and weight-loss platformsPotential damage to brand trust from ongoing controversy or negative headlinesKey takeaway for investorsThe key question now is whether HIMS can drive operating leverage from scaling its model.Investors should watch margin trends, subscriber growth, and execution on branded GLP-1 supply in the coming quarters.Related: Novo and Lilly shift GLP-1 strategy abroad: US may be next

Wine education is a people business disguised as a product business. The product is secondary; the outcome (making people feel seen, understood, satisfied) is primary.

A major leadership shift is unfolding at The Coca-Cola Company (KO). And this time, artificial intelligence (AI) is at the center of it.James Quincey, one of the most influential leaders in the company’s modern history, says the rapid rise of AI helped shape his decision to step down. That’s after nearly a decade as CEO. Quincey, who joined Coca-Cola in 1996 and rose through global leadership roles to become its 14th chairman, succeeding Muhtar Kent, has been instrumental in reshaping the business. He has helped streamline operations, expand into new beverage categories, and drive consistent growth during a period of major industry change. Just to name a few.Founded in 1892 and now over 134 years old, Coca-Cola remains a cornerstone of global markets. The beverage giant now operates in over 200 countries. Even more interesting, it sells more than 2.2 billion beverage servings every single day. Its stock is also listed on the NYSE and included in the Dow Jones Industrial Average and S&P 500. Yet even with strong performance, Quincey believes the next phase requires a different kind of leadership. “My job is to think about who’s best to lead the next wave,” he told CNBC, pointing to AI and generative technologies as a transformative shift. With COO Henrique Braun set to take over as CEO, Coca-Cola is preparing for a new era. One that could redefine how even the most established global brands evolve in the age of AI.

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Coca-Cola CEO points to AI as key reason for exitQuincey made it clear that his decision wasn’t about short-term challenges. He made it about preparing the company for its next phase.“My job is also to think who’s the best team to put on the field to get the next wave done,” he said. “And I concluded that it was time to put someone else on the field for the next wave of growth.”That “next wave,” according to Quincey, is being driven by artificial intelligence.Related: Coca-Cola and Pepsi bring back classic flavors, launch new ones“In a pre-AI, a pre-gen-AI mode, we made a lot of progress. But now there’s a huge new shift coming along,” he said.Coca-Cola announced in December that Quincey would step down after nine years as CEO. He will be succeeded by current COO Henrique Braun on March 31, after which Quincey will transition into the role of executive chairman.The message is clear: This isn’t a reactive move. In fact, it’s a strategic handoff.Former Walmart CEO Doug McMillon made similar comments Coca-Cola isn’t alone in linking leadership changes to the rise of AI.  CNBC reports that former Walmart CEO Doug McMillon made similar comments when discussing his own transition.“With what’s happening with AI, I could start this next big set of transformations, but I couldn’t finish,” he said.McMillon emphasized the need for a “faster” leader to navigate the coming changes, with John Furner stepping into the role earlier this year.More Retail:Walmart fires OpenAI in playbook-changing moveCostco CEO just gave members a new reason to renewBath & Body Works makes big change customers will notice right awayBut now, you may be asking the same important question that I have in mind. Are we entering a phase where leadership itself is being reshaped by technology?Companies are increasingly looking for executives who can:Integrate AI into operationsRethink customer experiencesDrive large-scale digital transformationFor legacy giants like Coca-Cola, that shift could be especially significant.But how has Coca-Cola stock performed over the years?Despite the leadership change, Coca-Cola’s performance has remained strong. And that’s part of what makes this transition so notable.As per Yahoo Finance, KO shares are up about 8.2% year to date, outperforming the S&P 500, which is down 5.14% in the same period.Over the past five years, KO has delivered returns of more than 64%. Just slightly ahead of the broader market. At the same time, a one-year return totals 10.39%, with a three-year return at 34.89%. That’s impressive. Right?The company also posted solid 2025 results:February 10, 2026, also saw KO post impressive Q4 & FY2025 Results.Revenue grew 2% for the year, with organic growth of 5%Full-year EPS climbed 23% to $3.04Free cash flow reached over $5 billionCoca-Cola continues to reward shareholders as well, increasing its dividend for 63 consecutive years. That’s one of the longest streaks in the market.Looking ahead, the company expects:Organic revenue growth of 4% to 5% in 2026Comparable EPS growth of 7% to 8%Free cash flow of around $12.2 billionSo where does AI fit into all of this?Quincey believes the company now needs a leader with the energy to fully embrace a transformation that could reshape everything from supply chains to customer engagement.That suggests Coca-Cola’s next chapter won’t just be about beverages. It could be about becoming a more technology-driven enterprise. And for you and me as investors, that raises a key question. Can a 134-year-old company reinvent itself, again, in the age of AI?Related: How much to invest in Coca-Cola for $1,000 annual dividends in 2026

Amazon (AMZN) is testing a program that would let shoppers access Prime shipping benefits on third-party websites without logging into an Amazon account, Business Insider reported.The pilot is tied to Amazon’s multi-channel fulfillment service. Its goal is to give merchants a way to offer Prime delivery perks while keeping full control of their own checkout experience. Under the current Buy with Prime setup, customers must log into their Amazon account to use Prime benefits on other websites. This test would remove that requirement.What Buy with Prime currently requiresBuy with Prime launched in April 2022 as an invite-only program. It expanded to all U.S. merchants in January 2023. The program lets merchants embed Prime benefits directly on their own websites, using Amazon’s fulfillment network to handle shipping, returns, and customer support.The current flow works like this. A shopper on a third-party website sees the Prime badge on an eligible product. They click it, log into their Amazon account, and their saved payment and shipping information auto-fills. Amazon then handles the fulfillment from its warehouses. The merchant does not need to manage logistics.More Retail:Walmart fires OpenAI in playbook-changing moveCostco CEO just gave members a new reason to renewBath & Body Works makes big change customers will notice right awayThe login requirement has been one of the main friction points in the program. Some merchants have noted that asking shoppers to authenticate through Amazon mid-checkout disrupts the native experience they have built on their own sites.What the Buy with Prime pilot changes and why it mattersThe test Amazon is now running would let shoppers receive Prime shipping benefits without that Amazon login step. Merchants would still be using Amazon’s multi-channel fulfillment service on the backend. But the checkout experience would stay entirely within the merchant’s own environment.That distinction matters for two reasons. First, it makes the program more attractive to brands that want to use Amazon’s logistics without handing over the customer relationship at checkout. Second, it lowers the barrier for Prime members to actually use their benefits outside of Amazon, which could drive more volume through the fulfillment network.Amazon’s multi-channel fulfillment service already serves more than 200,000 U.S. merchants. Buy with Prime orders through merchant websites were up more than 45% year over year as of late 2024, according to Amazon. Connecting that infrastructure to a login-free Prime experience would represent a meaningful step forward in how the program works.

Buy with Prime lets merchants embed Prime benefits directly on their own websites.Porzycki/Getty Images

What this could mean for merchants and shoppersFor merchants, the appeal is straightforward. They get access to Amazon’s delivery speed and reliability without redirecting customers through Amazon’s checkout. That has been the tension at the heart of Buy with Prime since it launched. Retailers want the logistics. They are more cautious about giving Amazon a window into their customer data and checkout flow. Solving that friction, even partially, could meaningfully expand the pool of merchants willing to adopt the program.For shoppers, removing the login step means less friction when using Prime benefits on sites they already trust. Rather than switching context to authenticate through Amazon, the Prime shipping benefit would surface within the checkout they are already in.Current model: Shopper logs into Amazon mid-checkout on a third-party site to unlock Prime benefits. Amazon handles fulfillment.Pilot model: Shopper stays in the merchant’s checkout. Prime shipping benefits apply through Amazon’s fulfillment network without an Amazon login.What stays the same: Merchants still use Amazon’s multi-channel fulfillment service on the backend. Amazon still handles the delivery.This is still a test. Amazon has not announced a full rollout, and the details of how Prime member verification would work without a login have not been confirmed publicly. What the pilot signals is that Amazon is actively looking for ways to reduce the checkout friction that has limited Buy with Prime’s adoption among merchants who want logistics support without full Amazon integration.Buy with Prime has faced that tension since it launched. Smaller direct-to-consumer brands have been more willing to adopt it. Larger retailers have been more cautious about the tradeoffs involved in routing their checkout through Amazon’s ecosystem.For investors watching AMZN, the direction here is worth noting. Amazon has been steadily expanding the reach of its fulfillment network beyond its own marketplace. A login-free Prime shipping option would accelerate that, turning Amazon’s logistics into a service any merchant could plug into without changing what their customers see at checkout.Related: Amazon is selling an outdoor storage shed for $114 just in time for spring