Supreme Court decision to allow more online sales tax worries Main Street

Small business advocates largely grumbled after the nation’s highest court overturned a decades-old decision on online sales tax. The Supreme Court ruled Thursday that states now have the power to force online retailers to collect sales tax in states where they do not have a physical presence, reversing a ruling from 1992 in a 5-4 decision. The move also revives a 2016 South Dakota law that required large, out-of-state e-commerce companies to collect sales tax, one that big e-commerce players fought. Some online retailers, such as Amazon.com, currently collect state…

Stitch Fix is up 90% since its IPO, and traders say it’s going higher

Stitch Fix shares are on fire, and some traders are betting the rally will get even hotter. Shares of the clothing subscription company soared more than 8 percent on Thursday, and are up more than 11 percent so far this week. The move was in part due to rumors that billionaire Oprah Winfrey was taking a stake in the company, which were quickly denied by a Winfrey representative. According to Dan Nathan of RiskReversal.com, the options market is sizzling for the stock. On Wednesday, Nathan highlighted a block of traders…

A Toppers Pizza ad features a Domino’s truck, and Domino’s threatens to sue

Toppers’ founder and CEO Scott Gittrich said he has no intention of scrapping the advertisement. “We don’t have the hundreds of millions of dollars that our competitors do to rain down TV commercials 10 times during every football game,” Gittrich told CNBC. “We have to make our marketing work a little bit harder. We have to say it more directly.” Toppers has 86 locations in 15 states compared with the more than 5,600 locations that Domino’s oversees nationwide. “Our brand voice has always reflected my own voice, which is kind…

Amazon is still a buy following court ruling, CFRA analyst says

Even though a Supreme Court ruling forcing Amazon to collect state sales tax hit the online retailer’s shares Thursday, one analyst says investors shouldn’t give up on the stock. Amazon’s shares fell as much as 2.4 percent in the week of the decision, but regained much of their footing as the day went on. Shares were off 1 percent heading into the final hour of trading. CFRA analyst Tuna Amobi said the company’s already huge footprint in the online commerce space will allow it to retain share and likely fare…

Here’s what that Supreme Court sales tax decision means for you

If you’ve been ducking sales taxes for your online purchases, it’s game over. The Supreme Court is about to make it easier for your state to collect its share. In a 5-4 ruling in favor of South Dakota and against online retailer Wayfair, the court decided that states can require merchants to collect sales taxes for online purchases. Online shoppers who reside in one of the 45 states that have a sales tax should have been reporting and remitting those levies to their state of residence. If you haven’t been…

Water balloon slingshots top list of unsafe summer toys

A Boston-based consumer watchdog group has warned of the dangers to children of water balloon slingshots, lawn darts and other summer toys. Those playthings top a list of 10 questionable toys issued Thursday by World Against Toys Causing Harm, better known by its acronym, W.A.T.C.H. Others include low-riding wheeled toys; swimming pools; all-terrain vehicles; toys with small parts; baby pools and garden buckets; backyard water slides; high-powered water guns; and bounce houses and backyard trampolines. The group says more than 2.5 million American children are injured each summer. It says…

Shares of Amazon slide after Supreme Court sales tax ruling

Shares of online retailers such as Amazon and Etsy fell in trading Thursday after the U.S. Supreme Court ruled states have the right to collect potentially billions of dollars in taxes from internet sales. Amazon and eBay shares both slipped about 1 percent, while e-commerce websites Etsy, Shopify, Overstock and Wayfair shares fell more than 2 percent. Traditional retailers like Target, Walmart and Best Buy saw shares rise about 1 percent after the decision. The decision overturns a ruling from 1992, which limited tax collection by retailers for online sales,…

Olive Garden owner’s shares jump after earnings beat, dividend hike

Investors are rallying behind Darden Restaurants. Shares of the restaurant group surged more than 10 percent in early trading Thursday after the company posted better-than-expected fiscal fourth-quarter earnings, buoyed by strong sales at most of its restaurants, and raised its quarterly dividend. Darden’s stock is on pace for its best day since March 2009. “Our solid fourth quarter results concluded another strong year of performance as we executed our back-to-basics operating philosophy and strengthened our competitive advantages,” CEO Gene Lee said in a statement. “Our strategy remains unchanged, and our…

A tech goof might have just leaked the date for Amazon Prime Day

This year’s Amazon Prime Day is reportedly scheduled to start around midday July 16 and continue through the following day. The unannounced date was accidentally published on a banner of Amazon’s U.K. website this week, according to TechRadar. Amazon didn’t immediately respond to CNBC’s request for comment nor confirm the date to TechRadar. TWEET A day and a half of deals would make this year’s Prime Day the longest one yet for Amazon. In 2017, the event ran for a little more than 24 hours. Prime Day didn’t get its…