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☆ Stocks making the biggest moves midday: Kroger, DocuSign, Planet Labs, First Solar and more
▼ + stars: | 2023-09-08 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Kroger earned an adjusted 96 cents per share, beating an LSEG estimate of 91 cents per share. Planet Labs lost an adjusted 14 cents per share on revenue of $53.8 million. Analysts polled by LSEG expected a loss of 8 cents per share on revenue of $54.1 million. DocuSign reported an adjusted 72 cents per share and $688 million in revenue, while analysts polled by LSEG forecast an adjusted 66 cents and $678 million, respectively. First Solar — Shares of the solar panel maker gained 1.4% after Deutsche Bank upgraded the First Solar to buy from hold, citing the company's strong ongoing demand.

Persons: Victor Coleman, Kroger, LSEG, DocuSign, Davidson, Gary Friedman, Gilead, — CNBC's Pia Singh Organizations: Kroger Co, Albertsons Cos Inc, New York Stock Exchange, Hudson Pacific Properties, Hollywood, Avid, Labs, Planet Labs, LSEG, Deutsche Bank, Gilead Sciences, Bank of America Locations: New York City, California

The deal would give privately held C&S, primarily a supplier rather than an operator of grocery stores, a much more significant footprint. The stores that Kroger and Albertsons plan to shed are primarily in the Pacific Northwest and the Mountain states, along with some in California, Texas, Illinois, and the East Coast, the sources said. Bloomberg News reported about the talks between C&S, Kroger and Albertsons on Monday, as well as SoftBank's involvement but gave no information about the deal terms. Previously, Kroger and Albertsons said they may divest between 100 and 375 stores by placing them in a new company that Albertsons shareholders would own. In a regulatory filing Kroger said the upper limit for divestitures was 650 stores.

Persons: Rick Cohen, Cohen, SoftBank, Kroger, Ahold, Anirban Sen, Abigail Summerville, Juby Babu, Sherry Jacob, Phillips, Rashmi Aich, David Gregorio Our Organizations: Kroger, Albertsons Cos Inc, S Wholesale Grocers, Grand Union, Piggly, SoftBank Group Corp, Symbotic Inc, Albertsons, Bloomberg News, Thomson, & $ Locations: Pacific Northwest, California , Texas , Illinois, East Coast, New York, Bengaluru

The stores that Kroger and Albertsons may sell could be worth more than $1 billion, the sources said. Kroger and Albertsons will choose to proceed with the spin-off if they are unable to strike a deal with a potential buyer. Kroger, Albertsons and the FTC declined to comment. Haggen filed for bankruptcy months later and blamed the deal with Albertsons for its demise. Albertsons then agreed to buy many of the Haggen stores back for $300 million.

NEW YORK/SAN FRANCISCO, Dec 16 (Reuters) - PepsiCo plans to roll out 100 heavy-duty Tesla Semis in 2023, when it will start using the electric trucks to make deliveries to customers like Walmart and Kroger, the soda maker's top fleet official told Reuters on Friday. PepsiCo is the first company to experiment with the battery-powered Tesla Semis as a way of cutting its environmental impact. When Tesla starts building them, PepsiCo "will rotate those up" into its fleet, he said. PepsiCo declined to share details on the price of the trucks, a figure that Tesla has kept quiet. O'Connell said that a 425-mile (684-km) trip carrying Frito-Lay products brings the Semi's battery down to roughly 20%, and recharging it takes around 35 to 45 minutes.

PepsiCo, which ordered the Semis in 2017, is the first company to experiment with them as a way of cutting its environmental impact. PepsiCo is deploying 36 electric trucks from Tesla, with 15 in Modesto and 21 in Sacramento, so far. When Tesla starts building them, PepsiCo "will rotate those up" into its fleet, he said. PepsiCo declined to share details on the price of the trucks, a figure that Tesla has kept quiet. O'Connell said that a 425-mile (684-km) trip carrying Frito-Lay products brings the Semi's battery down to roughly 20%, and recharging it takes around 35 to 45 minutes.

☆ Labor union Teamsters ratifies contract at Kroger
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

Nov 21 (Reuters) - Labor union International Brotherhood of Teamsters said on Monday a new national contract at U.S. grocery chain Kroger Co (KR.N) has been ratified with overwhelming support. The five-year master agreement covers over 1,500 Kroger workers nationwide and provides significant improvements to wages, benefits and working conditions, the organization said in a statement. This comes as Kroger looks to complete its $25 billion deal for smaller rival Albertsons Cos Inc (ACI.N). Teamsters at Kroger voted by an 88% to ratify the contract, the union said, adding for the first time the national negotiating committee included rank-and-file members working in the industry. Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Washington state sues to block Albertsons' $4 bln payout to shareholders
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Washington State Attorney General Bob Ferguson filed a lawsuit on Tuesday to block grocery chain Albertsons Cos Inc (ACI.N) from paying dividends to shareholders before closure of its proposed merger with supermarket operator Kroger Co (KR.N). The $4 billion payout to shareholders "risks severely undercutting the grocery giant's ability to compete during the lengthy time period government regulators — including Washington — will be scrutinizing the merger," according to a statement posted to the Washington Attorney General's website. "Paying out $4 billion before regulators can do their job and review the proposed merger will weaken Albertsons' ability to continue business operations and compete," Ferguson said. Kroger and Albertsons did not immediately respond to a request for comment on the AG's lawsuit. Late in October, District of Columbia Attorney General Karl Racine said that half-a-dozen state attorneys general are digging into Kroger planned acquisition of Albertsons.

The announcement by Democratic Senator Amy Klobuchar, chair of the Senate Judiciary Committee antitrust panel, and Republican Senator Mike Lee confirmed a previous report by Reuters. A Kroger spokesperson said the company looked forward to the hearing. "We welcome the opportunity to outline how this transaction will benefit America’s consumers by expanding access to fresh, affordable food," the company said in a statement. Register now for FREE unlimited access to Reuters.com RegisterSeparately, Klobuchar and fellow Democrats Richard Blumenthal and Cory Booker released a letter expressing concern about the deal. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Shepardson and Diane Bartz; Editing by Franklin Paul, Josie Kao and David GregorioOur Standards: The Thomson Reuters Trust Principles.

The spin-out structure would make it easier and faster for Kroger and Albertsons to divest stores if they cannot easily sell them outright, people familiar with the arrangement said. The companies may struggle to find many buyers because Albertsons' stores are unionized, making them less attractive to potential bidders such as private equity firms. Kroger and Albertsons are likely to shed their least profitable stores and keep the best ones to themselves, analysts said. That region contains the most store-overlap between Kroger and Albertsons and is where divestitures are most likely, according to analysts. They intend for the spun-off company to not carry any debt, the sources added.

☆ Top Republican on Senate antitrust panel promises oversight of grocery deal
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Oct 14 (Reuters) - The top Republican on a U.S. Senate antitrust panel, Senator Mike Lee, promised on Friday that there would be significant oversight of a plan by Kroger Co (KR.N) to buy rival Albertsons Cos Inc (ACI.N). "Utahns, like all Americans, are suffering from skyrocketing food prices," Lee said in a statement. "I will do everything in my power to ensure our antitrust laws are robustly enforced to protect consumers from anticompetitive mergers that could further exacerbate the financial strain we already feel in the grocery store checkout aisle." The $24.6 billion deal was announced Friday. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Diane BartzOur Standards: The Thomson Reuters Trust Principles.

From a broader national perspective, a combined Kroger and Albertsons does not pose any major threat to the competitive dynamics of the market." Kroger said it expects to reinvest about half a billion dollars of cost savings from deal synergies to reduce prices for customers. "The merger will accelerate our position as a more compelling alternative to larger and non-union competitors," Kroger Chief Executive Officer Rodney McMullen said. Goldman Sachs and Credit Suisse were the financial advisors to Albertsons, while Citigroup and Wells Fargo advised Kroger. Kroger will have to pay Albertsons $600 million if the deal is terminated.

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