At the register: Shoppers pulled back on spending in June, resulting in tepid sales results for many retailers. Costco Wholesale reported a gain below Wall Street expectations, and Target and Macy’s also missed estimates. One bright spot was Limited Brands, which reported a robust gain that surpassed Wall Street predictions. Only a handful of chains representing roughly 13% of the U.S. retail industry reports monthly sales. Get more figures in the full story here.
A deal with wheels: Volkswagen has agreed to buy the 50.1% stake in Porsche’s automotive business that it doesn’t already own for 4.46 billion euros—about $5.6 billion—ending a seven-year takeover saga that divided two of the most powerful families in Germany. VW was able to proceed with the transaction two years earlier than planned after reaching an agreement with German tax authorities, it announced late Wednesday. Bloomberg has the full story here.
Just the ticket: Mitt Romney’s wife has disclosed a tantalizing detail about her husband’s intensely secret vice presidential search: He’s considering choosing a woman. “We’ve been looking at that, and I love that option as well,” Ann Romney told CBS News in an interview broadcast this morning. She added: “There’s a lot of people that Mitt is considering right now.” Read the full story here.
Today’s poll question: How do you think selecting a female running mate would affect Mitt Romney’s chances of winning the presidential election this fall?
