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☆ Sony-backed computing startup heads for rare IPO in sidelined London stock market
▼ + stars: | 2024-05-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

British computing startup Raspberry Pi on Wednesday said it plans to list in London, in a rare win for the U.K. stock market. Raspberry Pi, which makes tiny single-board computers, is considering an initial public offering on the main market of the London Stock Exchange. The IPO is a win for the London stock market, which has been struggling to attract high-growth tech companies. A slew of major U.K. tech firms have chosen New York over London for their listings over the last year. Upton established Raspberry Pi in 2012 to make computing more accessible to young people, gaining traction among hobbyists and teachers in the early days.

Persons: Ocado, Eben Upton . Raspberry Pi, Upton, Raspberry Organizations: London Stock Exchange, Nasdaq, Sunday Telegraph, Sky News, Raspberry Pi Foundation, Sony, amortization Locations: London, New York, British

☆ European stocks head for mixed open as Wall Street rally takes a breather
▼ + stars: | 2024-03-26 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a lackluster open Tuesday as investors continue to ponder last week's central bank policy decisions in Europe and the U.S. Regional markets had a tentative start to the new trading week Monday and the lack of momentum looks set to continue Tuesday. Today, investors in Europe, the Middle East and Africa will be keeping an eye out as Nigeria's central bank publishes its latest monetary policy decision, and as earnings come from Smiths Group, Ocado Retail, Bellway and A.G. Barr. Asia-Pacific markets were mixed Tuesday as the U.S. market took a breather after a rally sparked by optimism over the Federal Reserve's interest rate stance at its latest meeting. U.S. stock futures traded near the flatline Monday night, after the major averages took a breather from their rally.

Organizations: U.S . Regional, Smiths Group, Ocado, Federal Locations: Europe, East, Africa, Barr, Asia, Pacific, U.S

☆ Grocers are trying to get orders to your door faster than ever — here's why
▼ + stars: | 2024-03-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

Walmart expanded its same-day delivery offering to allow shoppers to get online purchases dropped off earlier in the morning. With same-day deliveries, the three retailers are not only trying to outmatch one another on convenience. With Target's announcement this week, Walmart, Target and Kroger will all have paid membership programs with home deliveries as one of the benefits. Kroger has used online delivery to break into new regions of the country, including Florida, without opening a single grocery store. Walmart and Target both beat Wall Street's sales expectations for the holiday quarter, but said shoppers are still very value-focused.

Persons: Kroger, Michael Baker, Davidson, Davidson's Baker, John David Rainey, Rodney McMullen, That's, McMullen, We've Organizations: Target, Walmart, D.A, Kroger, Costco, Albertsons, FTC, Wall Locations: U.S, Florida

☆ European markets head for higher open ahead of key inflation reports from the U.S. and Europe
▼ + stars: | 2024-02-29 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday as investors look ahead to key inflation reports in both the U.S. and Europe. Stateside, personal consumption expenditures price index data (the U.S. Federal Reserve's preferred measure of inflation) for January is due, and will be watched closely to see how it could affect the Fed's interest rate path. German, Spanish and French inflation data for February is also set to be released in Europe. It's a busy day for regional earnings, with AF-KLM, Veolia, Adecco Group, EDP, IAG, Ocado, ITV, Man Group, Schroders, Covestro and Anheuser-Busch InBev all reporting. U.S. stock futures fell overnight as Wall Street weighed the latest earnings results and looked ahead to the Federal Reserve's favored inflation gauge.

Persons: U.S . Federal Reserve's, It's Organizations: U.S, U.S . Federal, AF, KLM, Veolia, Adecco, ITV, Man, Anheuser, Busch InBev, Federal Locations: Europe, U.S ., Ocado, Asia, Pacific

☆ Instacart's CEO says that warehouses full of robots won't replace its gig workers anytime soon
▼ + stars: | 2024-02-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Don't expect Instacart to replace its gig worker shoppers with robots anytime soon. Instacart CEO Fidji Simo says the company can deliver faster and more efficiently using its human shoppers. That's a contrast with companies like Kroger, which have built warehouses to automate order picking. Kroger has a network of warehouses that it built with British grocer Ocado, where robots and some humans assemble orders, for instance. Human workers still drive to customers' homes to deliver the orders.

Persons: Fidji Simo, —, Kroger, Ocado Organizations: Kroger, Service, Business

☆ Britain's Ocado secures first deal beyond grocery retail
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

An Ocado grocery delivery van is driven along a street in London, Britain, March 25, 2023. It also holds a 50% share of Ocado Retail in the UK in a joint venture with Marks & Spencer (MKS.L). The deal with McKesson will see Ocado receive upfront fees during the construction process with the final payment upon final installation. Ocado said the impact of the deal will be minimal on cash flow and earnings in its current financial year. In July, the group reported a return to first half underlying profit.

Persons: Toby Melville, Canada Ocado, McKesson, Tim Steiner, we're, Spencer, Ocado, James Davey, Prerna Bedi, Shilpi Majumdar, Kirsten Donovan, Barbara Lewis Organizations: REUTERS, Kroger, Casino, Marks, Times, Thomson Locations: London, Britain, Canada, Ocado, United States, Japan, France, U.S, Bengaluru

☆ 29-year-old’s self-driving car startup was born in a garage—now it has Bill Gates’ attention and a $1 billion valuation
▼ + stars: | 2023-08-18 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +5 min

Since launching Wayve in 2017, CEO Alex Kendall has often felt like the self-driving car industry's mostly ignored little brother. In 2017, Kendall got a Ph.D. in deep learning and computer vision at the University of Cambridge. While there, he helped develop a deep learning algorithm for a computer vision concept called "semantic segregation." A delivery van outfitted with Wayve's autonomous driving software is part of the fleet of vehicles making grocery deliveries across London. When he and Kendall launched Wayve, "many of the big technology giants had just put billions of dollars of funding into building autonomous vehicles," Kendall says.

Persons: Alex Kendall, Kendall, Amar Shah, Wayve, Bill Gates, we've, it's, Shah, I've Organizations: Microsoft, Virgin, CNBC, University of Cambridge, PACE, Eclipse Ventures Locations: London, South, Cambridge, Asda, Kendall

☆ Shopify took a $437 million loss when it sold its robotics division 6 River Systems, Ocado financial docs show
▼ + stars: | 2023-08-01 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify paid $450 million for 6 River Systems in 2019. The 6 River Systems sale was part of a major pivot away from logistics by Shopify. UK grocery giant Ocado paid just $12.7 million to acquire 6 River Systems from Shopify in May, according to Ocado's mid-year financial report released July 18. Ocado ultimately paid less than 3% of what Shopify paid for 6 River Systems less than four years ago. The companies did not disclose the financial details of the 6 River Systems deal at the time of the announcement.

Persons: Ocado, Shopify, Ocado's, Chuck, Deliverr didn't, Tobi Lütke, Lütke Organizations: Systems, Shopify, Amazon Locations: Shopify, Massachusetts

☆ AutoStore and Ocado reach deal to settle patent litigation claims
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

July 22 (Reuters) - Norwegian robotics firm AutoStore will pay 200 million pounds ($257.1 million) to British online supermarket group Ocado as part of a deal between the warehouse tech pioneers to settle all outstanding patent litigation claims, they said on Saturday. Under the deal announced in a statement on Saturday, all the patent litigation claims will be withdrawn globally and both firms can continue to use and market all their own existing products without challenge. AutoStore will pay the 200 million pounds to Ocado in instalments over a two-year period, according to the statement. The agreement does not allow for collaboration, technology support between the companies, or access to actual products, the statement said. ($1 = 0.7779 pounds)Reporting by Anirudh Saligrama in Bengaluru Editing by Jason Neely and Helen PopperOur Standards: The Thomson Reuters Trust Principles.

Persons: AutoStore, Anirudh, Jason Neely, Helen Popper Our Organizations: Thomson Locations: Norwegian, Bengaluru

☆ CNBC Daily Open: Investment banking sees signs of life
▼ + stars: | 2023-07-19 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Banking on Bank of AmericaInvestors pushed Bank of America shares up 4.42% on the bank's earnings and revenue beat for the second quarter. Profit rose 19% to $7.41 billion while revenue increased 11% to $25.33 billion, helped by a 14% jump in net interest income. But fund managers are still cautious, according to the latest Bank of America Global Fund Manager Survey.

Persons: Ocado, Morgan Morgan Stanley's, James Gorman's, we've Organizations: CNBC, Dow Jones, Microsoft, Revenue, Bank of America Investors, Bank of America, Bank of America Global Fund, Survey

☆ Ocado jumps after return to first-half underlying profit
▼ + stars: | 2023-07-18 | by ( James Davey | ) www.reuters.com time to read: +2 min

Ocado also said its Ocado Retail business, the online supermarket joint venture it operates with Marks & Spencer (MKS.L), returned to profitability in the second quarter. Shares in Ocado jumped 14.6% in early trading after what Jefferies analysts called a "solid" performance. It maintained its guidance for Technology Solutions to deliver "positive" EBITDA over the full 2022-23 year, with Ocado Retail making "marginally positive" EBITDA, and Logistics making "stable" EBITDA. "Speculation is speculation, I have nothing to say," Tim Steiner, Ocado's founder and chief executive, told reporters on Tuesday. ($1 = 0.7641 pounds)Reporting by James Davey; Editing by Kate Holton, Jason Neely and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

Persons: Ocado, Spencer, Jefferies, Tim Steiner, James Davey, Kate Holton, Jason Neely, Mike Harrison Organizations: Marks, Kroger, Casino, Technology Solutions, Ocado, Logistics, Times, Thomson Locations: Ocado, United States, Japan, France, U.S

☆ Ocado keeps guidance after return to first-half underlying profit
▼ + stars: | 2023-07-18 | by ( James Davey | ) www.reuters.com time to read: +2 min

SummaryCompanies First half underlying profit 16.6 mln stgLosses at pretax level widen to 289.5 mln stgShares surged last month on takeover speculationLONDON, July 18 (Reuters) - Ocado (OCDO.L), the British online supermarket and technology group, kept its financial guidance for the year as it reported a return to underlying profit in its first half. However, at the statutory level Ocado's pretax loss widened to 289.5 million pounds from 211.3 million reflecting depreciation, amortisation and exceptional items. Ocado said there was no change to the financial guidance given at its full-year results in February. In the first half Technology Solutions was EBITDA positive, Logistics was flat and Ocado Retail made a small loss. The group maintained its guidance for Technology Solutions to deliver "positive" EBITDA over the full 2022-23 year, with Ocado Retail making "marginally positive" EBITDA, and Logistics making "stable" EBITDA.

Persons: Tim Steiner, Ocado, Spencer, James Davey, Kate Holton, Jason Neely Organizations: Times, Amazon, Ocado, Marks, Logistics, Technology Solutions, Kroger, Casino, Thomson Locations: U.S, United States, Japan, France

☆ Ocado hits five-month high after return to profit, keeping guidance
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +2 min

Ocado shares surged on Tuesday after the British online supermarket and technology group kept its financial guidance for the year as it reported a return to underlying profit in its first half. Shares surged 15.3% to their highest since February, beating the four-month peak set in June after a report of possible takeover interest from Amazon boosted the company's stock. Its Technology Solutions revenue jumped 59%. Ocado said there was no change to the financial guidance given at its full-year results in February. Ocado shares surged 32% on June 22 after The Times newspaper reported speculation of possible bid interest in the online supermarket from more than one U.S. suitor including tech heavyweight Amazon.

Persons: Chris Beauchamp, Ocado, I've, Tim Steiner Organizations: Technology Solutions, IG Group, Tech Solutions, Ocado, Marks, Logistics, Kroger, Casino, Jefferies, U.S, The Times Locations: United States, Japan, France, U.S

☆ Ocado is a long-term growth story, analyst says
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOcado is a long-term growth story, analyst saysWilliam Woods, senior research analyst at AllianceBernstein, says grocery delivery company Ocado is a "long-term growth story" and "you've got to look at investing in it for the next three, four, five years."

Persons: William Woods, you've

☆ European stocks open mixed with slew of earnings ahead; Ocado up 7.5%
▼ + stars: | 2023-07-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Telecom stocks fell 0.95%, while health-care and financial services both nudged around 0.2% higher. British grocery delivery firm Ocado was among the top gainers, up 7.5% as it reported a swing to underlying profit in first-half results, though a wider group loss before tax. Regarding recent speculation of takeover interest from Amazon, Reuters quoted CEO Tim Steiner as saying: "Speculation is speculation, I have nothing to say." Swiss health-care firm Novartis raised its full-year earnings guidance as it reported sharply higher operating income. China missed gross domestic product estimates Monday, weighing on global stocks, while European luxury declined after Richemont reported a slowdown in U.S. demand.

Persons: Ocado, Tim Steiner, Morgan Stanley, Lockheed Martin, J.B, Richemont Organizations: Telecom, Reuters, Novartis, Sandoz, Bank of America, Bank of New York Mellon, PNC Financial, Lockheed, Federal Reserve, Bank of England Locations: Amazon, Swiss, Bank, Hunt ., China, Asia, Pacific

☆ Ocado jumps on return to first-half underlying profit
▼ + stars: | 2023-07-18 | by ( James Davey | ) www.reuters.com time to read: +3 min

The group swung to a profit for the six months to May 28, posting core earnings (EBITDA) of 16.6 million pounds ($21.7 million), ahead of a consensus forecast for a loss of 16 million pounds, and reversing a loss of 13.6 million pounds in the year-earlier period. Ocado (OCDO.L) said its Technology Solutions division made a profit for the first time, while its Ocado Retail business, the online supermarket joint venture it operates with Marks & Spencer (MKS.L), returned to profit in the second quarter. Shore Capital analyst Clive Black, a long term Ocado sceptic, focused on Ocado's losses at the pretax level, which widened to 289.5 million pounds. It maintained its guidance for Technology Solutions to deliver "positive" EBITDA over the full 2022-23 year, with Ocado Retail making "marginally positive" EBITDA, and its UK Logistics unit making "stable" EBITDA. The group's shares soared much as 47% on June 22 after the Times newspaper reported possible takeover interest from more than one U.S. suitor including Amazon (AMZN.O).

Persons: Spencer, Jefferies, Goldman Sachs, Tim Steiner, Ocado, Clive Black, Steiner, James Davey, Kate Holton, Jason Neely, Mike Harrison Organizations: Technology Solutions, Marks, Kroger, Casino, Shore Capital, Ocado, UK Logistics, Times, Thomson Locations: Ocado, United States, Japan, France, U.S

☆ Europe stocks open lower as momentum wanes; Richemont down 8%
▼ + stars: | 2023-07-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Household goods stocks were 1.95% lower, as insurance nudged 0.2% higher. The Stoxx gained 2.94% last week, according to Eikon data, its strongest week since March. Investors will be assessing gross domestic product figures from China, which came in at 6.3%, lower than economists expected. Luxury Swiss retailer Richemont fell 8.6% Monday morning after its sales figures showed a slowdown in U.S. demand, though a significant rebound in Asia. Asia-Pacific markets are lower, while U.S. stock futures are down slightly.

Persons: Morgan Stanley, Tesla Organizations: Federal Reserve, Investors, Novartis, Ocado, juggernauts Bank of America, Netflix, United Airlines, IBM, Luxury, Richemont Locations: United States, China, ASML, Europe, Asia, Pacific

☆ UK consumer group calls for government action on grocery prices
▼ + stars: | 2023-07-16 | by ( James Davey | ) www.reuters.com time to read: +3 min

says supermarket prices have risen 25.8% in two yearsSome prices have jumped by as much as 175%, consumer group saysRetailers say they have absorbed cost increasesLONDON, July 17 (Reuters) - British consumer group Which? has urged the government to take action to support households when the competition watchdog publishes its review of grocery pricing, saying some food prices have jumped by as much as 175% since 2021. found that supermarket prices rose by 25.8% between June 2021 and June 2023. Food prices have been driven up by increased costs for animal feed, fertiliser and fuel as well as energy and labour. While the UK government has raised concerns about soaring food prices it has said it was not considering imposing price caps.

Persons: Phil Noble, Jeremy Hunt, Helen Dickinson, James Davey, David Goodman Organizations: REUTERS, Tesco, Asda, Waitrose, Markets Authority, CMA, British Retail Consortium, Thomson Locations: Altrincham, Britain, British, Morrisons, Aldi, Europe, Hungary

☆ Ocado launches first robotic warehouse in Asia with Aeon
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 10 (Reuters) - British online supermarket and technology group Ocado (OCDO.L) said on Monday its first robotic warehouse in Asia, built for Japanese partner Aeon (8267.T), has gone live. The warehouse, or customer fulfilment centre (CFC) as Ocado calls them, has begun taking orders from customers across the Kanto region for Aeon's "Green Beans" brand. Ocado signed up Aeon as a partner in 2019 in a deal that anticipated the Japanese group would have an online grocery sales capacity of about 600 billion yen ($4.21 billion) by 2030 and 1 trillion yen by 2035. Ocado said Aeon's second CFC in Japan will be based in Hachioji, Tokyo, with more to follow. “Grocery spend in Asia is set to outstrip every other region of the globe over the next decade, and online remains the fastest growing channel in grocery across APAC," Ocado CEO Tim Steiner said.

Persons: Ocado, Tim Steiner, James Davey, Kylie MacLellan Organizations: “, Times, Thomson Locations: Asia, Kanto, Japan, Hachioji, Tokyo, APAC

☆ This Flexport-alum-turned-investor says supply chain startups shouldn't stop thinking big just because VC is in the midst of a 'reset'
▼ + stars: | 2023-07-02 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

Glancy said startups shouldn't see the current venture slowdown as a sign to think smaller. The last few years drove billions of dollars in investment in logistics startups hoping to fix flaws in supply chains that became obvious to average consumers. As supply chains have righted themselves and the broader venture market has cooled to what some see as dangerous temperatures, the environment for logistics startups has changed dramatically. You know, there's thousands of freight forwarders. There's thousands of customs brokers.

Persons: Kaitlyn Glancy, Glancy, Flexport, There's, she's, I'm Organizations: Eclipse, Systems, Shopify, Logistics Locations: North America, Palo Alto , California, PwC, China, Flexport, Mexico, There's

☆ AutoStore to appeal London high court loss to Ocado in patent feud
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 29 (Reuters) - Norwegian robotics firm AutoStore (AUTO.OL) said on Thursday it will appeal a London high court judgement in March which dismissed its patent infringement claims against British online supermarket and technology group Ocado (OCDO.L). Ocado, like AutoStore, licences its technology to retailers around the world and uses it for its British grocery delivery service. He issued his formal order on Thursday, but allowed AutoStore to appeal. "We can confirm AutoStore has today been granted permission to appeal the High Court decision in March 2023 regarding our UK case against Ocado for patent infringement and we will now pursue that appeal," an AutoStore spokesperson said. Judge Hacon also ordered AutoStore to pay Ocado 6.7 million pounds ($8.5 million) in costs in relation to the high court trial.

Persons: Judge Richard Hacon, AutoStore, Ocado, Judge Hacon, James Davey, Richard Chang Organizations: British, Times, Amazon.com Inc, Thomson Locations: Norwegian, London, Oslo

The pan-European STOXX 600 index (.STOXX) closed 0.7% higher, tracking overnight gains in Wall Street. Shares of Sage Group Plc (SGE.L) gained 5.1% to a 23-year high after J.P. Morgan upgraded its rating on the stock to "overweight" from "neutral". Shares of chip equipment maker ASML Holding (ASML.AS) rose 2.3% while Nordic Semiconductor (NOD.OL) jumped 6.4%, making technology (.SX8P) among the top European sectoral gainers. Semiconductor shares were in focus after a report stated the U.S. was considering new restrictions on exports of artificial intelligence chips to China. Also boosting the STOXX 600, Roche Holding (ROG.S) gained 1.5% after the U.S. health regulator declined to approve Regeneron's (REGN.O) Eylea drug.

Persons: Christine Lagarde, Jerome Powell, what's, Danni Hewson, AJ Bell, Morgan, Hewson, Roche, Morgan Stanley, Christian Klein, Matteo Allievi, Subhranshu Sahu, Sherry Jacob, Phillips, Alex Richardson Organizations: Sage Group, UBS, CS, . Federal, ASML, Nordic Semiconductor, Semiconductor, Carrefour, Credit Suisse, SAP, Thomson Locations: Wall, U.S, China, Swiss, Gdansk, Amruta, Bangalore

☆ Ocado is 'flipping grocery operations on its head,' analyst says
▼ + stars: | 2023-06-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOcado is 'flipping grocery operations on its head,' analyst saysJames Lockyer, analyst at Peel Hunt, weighs in on the outlook for Ocado's business model.

Persons: James Lockyer, Peel Hunt Organizations: Peel

☆ Ocado drops after media report of Amazon denying possible bid
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: 1 min

LONDON, June 28 (Reuters) - Ocado (OCDO.L) shares fell as much as 11% on Wednesday, with traders attributing the drop to a media report that Amazon (AMZN.O) had denied speculation it would make a bid for the British retail company. Shares in Ocado were down 6.5% at 1430 GMT, while Amazon shares were up 1.4%. On June 22, Ocado shares soared more than 40% after a report in the Times newspaper of possible bid interest in the online supermarket and technology group, including from Amazon. An Amazon spokesperson repeated the company's position on Wednesday that it had no comment on the Times report. Reporting by Lucy Raitano, James Davey and Joice Alves; Editing by Amanda Cooper and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Ocado, Lucy Raitano, James Davey, Joice Alves, Amanda Cooper, Jan Harvey Organizations: Times, Amazon, Reuters, Thomson

The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.

Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru

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