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Dell Technologies Newsroom
Macy's revealed a major accounting incident: an employee falsely recorded $0.151 billion in expenses
Macy's, an established US retail giant, revealed on Wednesday the findings of an investigation into a major accounting incident that affected its financial reports for several years. The investigation determined that repeated mistakes and subsequent cover-ups by one of the company's employees led to a false recording of $0.151 billion in expenses. These differences stem from underestimated small package delivery costs starting at the end of 2021, and persist due to deliberate misbilling and falsification of documentation. This operation by this employee masks the true costs, which were not discovered until the fall of 2024. Although Macy's fired the employee, the company said the employee had no experience from these misdeeds
The NASDAQ broke through 0.02 million points for the first time, Tesla led a group of tech giants to a new high, and Bitcoin climbed to 0.1 million dollars
The Dow and Apple fell, the Nasdaq rose nearly 2%, Tesla and Google rose nearly 6%, while Meta, Amazon, and Netflix all reached new highs. NVIDIA rose over 3%, Broadcom rose nearly 7%, Super Micro Computer once dropped over 8%, the decline of Chinese concepts narrowed, and Fangdd Network turned to rise over 11%. The U.S. November CPI confirms interest rate cut bets for next week, with a pause on rate cuts expected in January next year. The dollar and U.S. Treasury yields rebounded in a V-shape, while spot Gold reached its highest level in five weeks. The yen plunged below 152, while the offshore yuan once dropped over 300 points, falling below 7.29 yuan. After a significant interest rate cut by the Bank of Canada, the Canadian dollar and Canadian bond yields turned to rise, and oil prices increased by about 2%.
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