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☆ Jim Cramer examines Wednesday's brutal tech sell-off
▼ + stars: | 2024-07-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer looked at what might have spurred Wednesday's Big Tech sell-offs, reviewing why investors may have been disappointed with earnings from Alphabet and Tesla . Cramer was impressed with the strength in the company's search business, as well as its Google Cloud revenue, which topped estimates at $10.35 billion. But Cramer said CEO Elon Musk "told a great story of self-driving technology, sorely needed energy production, not to mention humanoid robots." Cramer suggested both Alphabet and Tesla might not have declined if the market wasn't in the midst of a broader rotation out of tech. Cramer also examined stocks that have been seeing gains on the S&P 600 — the S&P's small cap index — as investors sell the mega caps.

Persons: CNBC's Jim Cramer, it's, Tesla, Cramer, Elon Musk Organizations: Big Tech, Nasdaq, Google, ATI, Ensign Group, SPS Commerce, Mueller

☆ Retailers shift their thinking on costly last-mile delivery as consumer need for speed raises costs
▼ + stars: | 2024-07-24 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Consumer need for speed in package delivery, which has reached its apex with same-day shipping, has placed retailers in a tough spot when it comes to managing transportation costs. Retail executives surveyed say as more — especially younger — consumers demand same-day delivery, the financial payoff isn't there. Roughly three-quarters (76%) of retail executives surveyed by AlixPartners said delivery cost on a per-package basis has increased since last year, and three out of four said home delivery does not add to profitability. 1 priority for last-mile delivery. To save on delivery costs, retailers are moving away from reliance on single carriers in last-mile delivery.

Persons: AlixPartners, Marc Iampieri, Iampieri Organizations: UPS, FedEx, Retail, Carriers, Teamsters Locations: Manhattan, New York City

☆ Etsy CEO says company is escaping 'race to the bottom' and getting back to its artisan roots
▼ + stars: | 2024-07-09 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Now Etsy CEO Josh Silverman wants the company, whose stated mission is to "keep commerce human," to get back to its roots. The company on Tuesday is launching a major overhaul of the policies that govern its site to make it "crystal clear" to shoppers what products belong on Etsy, Silverman said in an interview with CNBC. The changes include new labels on its website and app to show how each seller created a particular item. "We're positioning ourselves to answer the call for original goods and real people by dialing up the things that make Etsy, Etsy," Silverman said. In December, Etsy laid off 11% of its workforce, with Silverman citing the "very challenging macro and competitive environment" as reasons for the cuts.

Persons: Etsy, Josh Silverman, Silverman, It's Organizations: CNBC, Amazon, Nasdaq Locations: China

☆ CNBC Daily Open: Micron slides, Amazon's $2 trillion
▼ + stars: | 2024-06-27 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Micron slidesShares of Micron fell almost 8% in extended trading on Wednesday as its revenue forecast failed to top analysts' expectations. The stock rose 3.9% on Wednesday.

Persons: Sanjay Mehrotra, Annie Palmer, Elliott Management, Shunichi Suzuki, Australia's, Arjun Jayaraman Organizations: New York Stock Exchange, CNBC, Dow Jones, Nasdaq, Nvidia, Micron, Apple, Microsoft, Southwest Airlines, Delta, U.S ., Finance, CSI Locations: New York City, Shein, Asia, Pacific, India

☆ CNBC Daily Open: Amazon enters $2 trillion club
▼ + stars: | 2024-06-27 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The yield on the 10-year Treasury rose as investors parse comments from Fed officials and await key inflation data due Friday. $2,000,000,000,000Amazon's market capitalization surpassed $2 trillion for the first time on Wednesday, joining the ranks of tech giants like Apple and Microsoft. YouTube dominanceAlphabet's YouTube, the pioneer of user-generated content, continues to dominate media consumption, now accounting for nearly 10% of all TV viewership in the U.S.

Persons: Annie Palmer, Elliott Management, Sanjay Mehrotra, Rich Greenfield, Piper Organizations: CNBC, Dow Jones, Nasdaq, Nvidia, Apple, Microsoft, Southwest Airlines, Delta, Micron, YouTube, Nielsen, Netflix, Media, Disney, Warner Bros Locations: Shein, U.S

☆ Amazon is trying to defend its kingdom against cheap Chinese rivals, and it thinks it has a plan
▼ + stars: | 2024-06-27 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Temu and Shein have been giving Amazon a run for their money with their ultra-low prices. But Amazon might just have a plan to fend them off — starting its own discount section. The Seattle-based giant is looking to ship a range of unbranded items directly from China to the US. That appears to be the gist of Amazon's new plan to fend off its Chinese rivals, Temu and Shein. According to the outlet, Amazon wants to ship a range of unbranded items directly from China to the US.

Persons: — Organizations: Amazon, Service, Business Locations: Seattle, China

☆ Amazon plans to launch discount store in bid to fend off Temu and Shein
▼ + stars: | 2024-06-26 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Amazon plans to launch a new section on its site dedicated to low-priced fashion and lifestyle items that will allow Chinese sellers to ship directly to U.S. consumers, CNBC has learned. Amazon's storefront will feature a range of unbranded items, many priced under $20, according to a presentation to Amazon sellers viewed by CNBC. In the past, Amazon sellers in China have relied on the company's fulfillment services, called Fulfillment by Amazon, to send goods to warehouses in the U.S. before they are dispatched to customers. The company pitched the arrangement as cost savings for Amazon sellers in China, and said merchants would be able to test new items through small-batch production. It is unclear when Amazon intends to debut the storefront, but the presentation notes it will start accepting products this fall.

Persons: Maria Boschetti, Boschetti Organizations: CNBC, Amazon, The Locations: New York, U.S, China, Shenzhen

☆ Shein and Temu use a US tax loophole to keep their prices low. Now, some American brands are, too.
▼ + stars: | 2024-06-26 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

De minimis shipments have also grown more popular with American brands looking to save money in their supply chains. AdvertisementThe startup Portless emulates Shein's model by fulfilling online brands' orders in China and shipping them directly to customers. Even though awareness of de minimis has grown, Section 321 shipments still account for only about 5% of ShipHero's business overall. At the end of May, The Information reported that US Customs and Border Protection had begun cracking down on de minimis shipments, including suspending several brokers from a program called Entry Type 86, designed to speed up de minimis shipments. "The American brands that we service are more profitable and do better prices to their customers."

Persons: —, it's, Portless, Izzy Rosenzweig, Jolie, Evan, Matt Nichols, JADE GAO, minimis, Prince Ghosh, Maggie Barnett, Barnett, Temu, I'm, Rosenzweig Organizations: Service, Business, Commerce Ventures, US, Lawmakers, Chinese Communist Party, Customs, Protection Locations: China, Portless, San Francisco, Canada, Mexico, American, Canada's

Goldman Sachs initiated coverage of Disney with a buy rating and a price target that implies more than 20% upside. Elsewhere, Piper Sandler raised its price target on Uber, calling for nearly 25% upside. Analyst Jonna Kim simultaneously raised her price target to $30 from $28, citing a likelihood in earnings upside. As a catalyst, Kim cited "potential upside to FY24 Street estimates given solid topline momentum combined with margin expansion on continued inventory & expense management." — Lisa Kailai Han 5:41 a.m.: Goldman Sachs initiates Disney with a buy rating Disney has room for upside growth ahead, according to Goldman Sachs.

Persons: Goldman Sachs, Raymond James, Piper Sandler, TD Cowen, Jonna Kim, Kim, Lisa Kailai Han, Jeff Chung, Chung, — Lisa Kailai Han, Ranjan Sharma, Sharma, Uber, Thomas Champion's, AMZN, Michael Ng, Ng, Raymond James downgrades, RJ Milligan, Milligan, PENN, Fred Imbert Organizations: CNBC, Disney, Penn Entertainment, Navy, Citi, IHS, Volkswagen, JPMorgan, Google, Yahoo, Uber, ESPN, Netflix, Disneyland, Raymond James downgrades Penn Entertainment, NFL, Penn Locations: 2024E, 2025E, Singapore, TikTok, Indonesia, Philippines, Malaysia, Monday's

☆ Target taps Shopify to add sellers to its third-party marketplace
▼ + stars: | 2024-06-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Starting Monday, the Minneapolis-based discounter said companies that work with Shopify can apply to join Target Plus, its third-party marketplace. Target's marketplace creates a "halo" and is "an accelerant to the total business," she said. Target Plus has only a tiny fraction of the revenue and sellers of other third-party marketplaces. Sylvester would not say how much of that came from ads bought by Target Plus sellers. Target does not offer fulfillment services, instead relying on Target Plus sellers to store, pack and ship their own goods.

Persons: discounter, Cara Sylvester, Shopify, Sylvester, Target, Ban, Sellers, Doug McMillon Organizations: Target, CNBC, Walmart, Amazon, eBay, Marketplace, Brands Locations: Minneapolis, Walmart's U.S

☆ Efficiency helped turn Silicon Valley around. China is taking it to the extreme to do the same.
▼ + stars: | 2024-06-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Now, China's tech bosses seem ready to do the same. AdvertisementChina is pushing tech workers even harderChinese tech companies seem willing to take Silicon Valley's efficiency mantra even further. Big names on China's tech scene, like JD.com and Jack Ma's Alibaba, have faced a threat from fast-growing newcomers like Pinduoduo, the sister company of online marketplace Temu. AdvertisementQu left Baidu after her comments were made public, but the ferocity of what China's tech workers are hearing isn't abating.

Persons: —, Mark Zuckerberg, Andy Jassy, Meta's Mark Zuckerberg, Richard Liu, Liu, Jack Ma's Alibaba, Pinduoduo, Jack Ma, Wang, Ma's Alibaba, aren't, Qu Jing, Qu, Baidu, isn't Organizations: Service, Business, Financial Times, Bloomberg, China Labor Watch, Baidu Locations: China, Beijing

☆ TikTok Shop is winning over Gen Z adults, tying with Instagram as their top social shopping app
▼ + stars: | 2024-06-21 | by ( Dan Whateley | Madeline Stone | ) www.businessinsider.com time to read: +4 min

AdvertisementAmong all respondents, millennials and Gen-Z users aged 18 to 26 were the biggest buyers on TikTok Shop when compared to younger Gen Zers and Gen Xers. Most baby boomers surveyed said they'd made no purchases on TikTok Shop. TikTok is doing a good job of hanging onto customersShoppers often make a purchase on TikTok Shop in response to a particularly compelling piece of content on their feed. Earnest Analytics, which tracks credit and debit card transactions, found similarly strong retention numbers for TikTok Shop in a report released earlier this year. Earnest found that around 27% of TikTok Shop customers came back to make another purchase within five months of their first buy.

Persons: —, Instagram, they'd, millennials, Gen Zers, Xers, Gen, Claire Tassin, TikTok, Earnest, Will, Tassin Organizations: Service, YouTube, Facebook, Business, Shoppers, TikTok, Shop, Meta

☆ How Apple, Microsoft and 3 other tech giants can make money with AI geared to consumers
▼ + stars: | 2024-06-16 | by ( Morgan Chittum | ) www.cnbc.com time to read: +10 min

(Expected AI-driven device upgrades from Apple, Microsoft, and other personal tech makers is the reason we're invested in Best Buy . Microsoft, Apple and fellow Club name Nvidia have all eclipsed $3 trillion market values — and have been wrestling for the top spot as the most valuable U.S. company. META YTD mountain Meta Platforms (META) year-to-date performance Meta Platforms is monetizing consumer interest in AI by boosting user engagement. The Meta AI generative artificial intelligence assistant is currently free to use. AMZN YTD mountain Amazon (AMZN) year-to-performance Comparable to Meta, Amazon offers AI to consumers for free to increase engagement on its dominant e-commerce platform.

Persons: Tim Cook, Siri, Apple, WWDC, Piper Sandler, Jim Cramer, Bard, Missteps, Jim, Jim Cramer's, Eugene Mymrin Organizations: Apple, Apple Intelligence, Developer Conference, Microsoft, Services, Cook, Co, AI Party, Bloomberg, Microsoft's, Computing, Club, Nvidia, Gmail, Google, ChatGPT, Facebook, Citi, Meta, Amazon, Amazon Web Services, CNBC Locations: China, Cupertino, U.S

☆ Fears are rising ocean freight rates may surpass $20,000 with no relief for global trade into 2025
▼ + stars: | 2024-06-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Goetz Alebrand, head of ocean freight at DHL Global Forwarding Americas, said he is not optimistic freight rates will decline anytime soon. "It is unlikely that the situation will resolve itself soon and [ocean freight] rate levels might not ease up before Chinese New Year," Alebrand said. Air freight prices and demand are going higher According to freight intelligence firm Xeneta, China to North America air freight spot rates increased 43%, to $4.88 per kilogram, year-on-year in May. According to ocean freight data from FreightWaves SONAR, container bookings and freight orders from shippers to the ocean carriers are down 48% month-over-month. Xeneta data tracking ocean freight rates from the Far East to the U.S. East Coast, West Coast and Gulf Coast ports shows the historic run.

Persons: Joe Giddens, Paul Brashier, Brashier, Goetz Alebrand, Alebrand, Alan Murphy, Murphy, Peter Boockvar, Boockvar, We've, Nate Herman, Xeneta, Daniel Ives, Niall van de, van de, Good Hope Organizations: Federal Reserve, CNBC, ITS Logistics, DHL Global, Intelligence, Defense Intelligence, U.S ., Bleakley Financial, American Apparel and Footwear Association, Global, ", Apple, Wedbush Securities, Trade, Good Locations: Asia, Europe, Sea, Red, Africa, Shanghai, Rotterdam, Genoa, U.S . West Coast, East Coast, U.S, China, North America, U.S . East Coast , West Coast, Gulf Coast

☆ Shein wants to sell the supply-chain tech it used to disrupt online shopping. Retail experts say brands may have concerns.
▼ + stars: | 2024-06-06 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

Shein has also grown beyond its fashion roots, selling products in categories such as home goods, electronics, and office supplies. A Shein spokesperson said the company's success did not depend on the de minimis provision. The Shein spokesperson said the company had a "zero-tolerance policy for forced labor" and required its "contract manufacturers to only source cotton from approved regions." "Shein suppliers and third-party sellers are required to comply with company policy and certify their products do not infringe third-party IP." "Currently, Shein just sells the very low-cost products, but including various brands in its platform, it can sell products at various price ranges," he said.

Persons: —, Shein, Donald Tang, Evelyn Gong, who's, It's, confidentially, Prince Ghosh, Ghosh, Christophe Archambault, Gong, minimis, wouldn't, JADE GAO, hasn't, Anand Kumar Organizations: Chain Management, Service, Industry, Wall Street Journal, Carnegie Mellon University's Tepper School of Business, Research, London Stock Exchange, Brands, Walmart, Walmart Commerce Technologies, Department of Homeland Security, Labor, CNBC, National Retail Federation, Coresight Research, Shein Locations: China, Singapore, Paris, minimis, Shein, Guangzhou

☆ Zara owner Inditex reports slowing quarterly sales growth
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +1 min

A shopper enters Spanish retail store Zara, a brand under the umbrella of multinational apparel conglomerate Inditex. Zara owner Inditex grew its sales by 7% in the first quarter of its fiscal year, it said on Wednesday, in line with analysts' expectations. The world's largest listed fashion retailer reported 8.15 billion euros ($8.87 billion) in sales during the three months to April. That compared to an average analyst forecast of 8.1 billion euros, according to an LSEG poll. Sales at constant currencies rose 12% from May 1 to June 3, Inditex said.

Persons: Inditex, Massimo Dutti Locations: Zara

☆ Here are 3 ways Meta could pivot if 10% of its ad revenue were to disappear
▼ + stars: | 2024-06-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

The "revenue driver" in question is last year's advertising blitz from large online Chinese retailers that made up about 10% of Meta's overall revenue. Evidence of slower or moderating ad spending from big retailers with ties to the world's second-largest economy could force Meta to lean into some of its other strengths. Analysts at the firm conducted a stress test — benchmarking a worst-case scenario for Meta's Chinese ad revenue in the second half of 2024. Mizuho analysts said Meta can leverage volume drivers such as increasing the ad load on Reels using artificial intelligence. Mizuho also believes special events like the U.S. presidential election and the Olympics should help support ad spending in the back half of the year.

Persons: Shein, Bernstein, Temu, Mizuho, monetization, Josh Silverman, we're, Jim Cramer's, Jim Cramer, Jim, Jonathan Raa Organizations: Wall Street, Holdings, Nasdaq, Meta, Mizuho, Amazon, U.S, Google, CNBC, Nurphoto, Getty Locations: Temu, China, Ireland, Shanghai, Singapore, U.S, London, Meta

☆ Dollar Tree is exploring a sale of its Family Dollar brand
▼ + stars: | 2024-06-05 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

Dollar Tree announced Wednesday it is considering a sale of its more grocery-focused Family Dollar brand. "The unique needs of each banner at this time – transformation at Family Dollar and growth acceleration at Dollar Tree – lead us to the decision to conduct a thorough review of strategic alternatives for the Family Dollar business." Dollar Tree bought Family Dollar in 2015 for almost $9 billion. The update came alongside Dollar Tree's fiscal first-quarter earnings report, in which Family Dollar lagged. Same-store sales for the company's Dollar Tree brand rose 1.7% while Family Dollar sales climbed only 0.1%.

Persons: Davis Polk, Richard Dreiling Organizations: Dollar, JPMorgan, Davis, Enterprise, LSEG, Walmart Locations: Marietta , Oklahoma

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ Fast-fashion behemoth Shein is preparing for an IPO. Here's an inside look at the challenges it could face.
▼ + stars: | 2024-05-30 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +11 min

Its peak $100 billion valuation once made it the world's third largest privately-held company, behind TikTok owner Bytedance and Elon Musk's SpaceX. Estimates have pegged Shein's IPO valuation at around $90 billion, Bloomberg reported last year. AdvertisementTo gauge what happens to some Shein items once they're returned, BI reporters in the UK put two AirTag trackers on Shein garments and sent them back. Shein is more directly involved in production and focuses on clothes, but Temu's popularity "could affect the valuation," Swartz said. In a November statement following the news of Shein's IPO, chairman Mike Gallagher urged investors and banks underwriting the move to "carefully examine Shein's regulatory and compliance programs."

Persons: —, Bytedance, Sky Xu, Yangtian Xu, Chris, Shein, confidentially, David Swartz, Swartz, Lululemon, JADE GAO, Stephanie Benedetto, Queen, Benedetto, they're, Shein's, Morningstar's Swartz, Temu, Mike Gallagher Organizations: Service, Elon, SpaceX, Business, Reuters, Authentic Brands, Wall Street, CNBC, Bloomberg, Morningstar, Zurich Insurance Group, Guardian, BI, Coventry Airport, SEC, Street, Financial Times, London Stock Exchange, Chinese Communist Party, Nike, Adidas Locations: China, —, Singapore, Sequoia China, London , Hong Kong, York, London, Canary Wharf, Coventry, Walsall, Northern Ireland, England, Kent, Washington, Xinjiang, Dublin, Shein

☆ How Temu parent PDD dethroned Alibaba to become China's most valuable e-commerce company
▼ + stars: | 2024-05-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

PDD's value-for-money positioning and growth of its Temu marketplace has helped the company lead China's e-commerce arena, analysts said, making it the country's most valuable company in the segment. PDD Holdings reported stellar first-quarter results on Wednesday last week, sending its shares surging as much as 7.5%, and driving its market-cap past that of rival Alibaba Group . PDD shares have more than doubled in value — up 109% — in the past year, according to LSEG data. PDD, which also owns Chinese discount shopping app Pinduoduo has a market-cap of about $208 billion, compared with Alibaba's $196 billion, according to LSEG data. The market has "now more than priced in" the two key concerns – domestic competition and U.S.-China tensions – which were behind our earlier downgrade on PDD in March, said Keung.

Persons: Morningstar, Chelsey Tam, PDD, Goldman Sachs, Temu, Ronald Keung Organizations: PDD Holdings, Alibaba, Morningstar Locations: China

☆ AliExpress taps David Beckham for a brand ambassador deal
▼ + stars: | 2024-05-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Read previewAliExpress, the international e-commerce site owned by Alibaba, is bringing on soccer star David Beckham as a brand ambassador. Enter Beckham, who will be a global ambassador for AliExpress as the face of its "Score More with AliExpress" campaign, the company announced Monday. Related storiesIn conjunction with the partnership with Beckham, AliExpress said it's investing millions of euros to sponsor the UEFA Euro 2024 tournament — beginning June 1 — and drive user engagement to its app. Advertisement"AliExpress is helping fans get even closer to UEFA Euro 2024 this summer, by offering them great prizes as the action takes place on the pitch," the former English national team captain said in a statement. "Whether you're a football fan or not, I can think of no-one better to show how easy it is to win with AliExpress during UEFA Euro 2024," Gary Topp, European Commercial Director, AliExpress, said about partnering with Beckham.

Persons: —, David Beckham, Temu, Beckham, AliExpress, Alibaba, Jack Ma, Ma, Gary Topp Organizations: Service, Business, AliExpress, UEFA, English, Employees, Reuters Locations: Berlin

☆ Alibaba's global arm signs David Beckham as international e-commerce brand ambassador
▼ + stars: | 2024-05-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Alibaba's international e-commerce platform AliExpress is a UEFA Euro 2024 sponsor and has signed David Beckham as its global brand ambassador. BEIJING — Soccer star David Beckham will promote Alibaba 's international e-commerce platform, AliExpress, in its biggest global brand ambassador partnership to date, the business unit announced Monday. AliExpress, which did not disclose how much it was paying Beckham to be its global brand ambassador, has joined several Chinese companies in sponsoring the UEFA European soccer championship that kicks off in mid-June. "AliExpress is helping fans get even closer to UEFA EURO 2024™ this summer, by offering them great prizes as the action takes place on the pitch," Beckham said in his only statement in the press release. Beckham's company, DRJB Holdings, said in its latest available filing it made 72.6 million pounds ($92.5 million) in revenue in 2022.

Persons: David Beckham, Alibaba, Beckham Organizations: UEFA, BEIJING — Soccer, PDD Holdings, DRJB Holdings Locations: BEIJING, China, UEFA European

☆ After a better-than-expected quarter, Cramer is optimistic on Macy's turnaround
▼ + stars: | 2024-05-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday reviewed Macy's most recent quarter, saying he's pleased with the retail giant's preliminary progress in putting its turnaround strategy to work. "It's early days for the Macy's turnaround. It's only the iconic company's first full quarter with CEO Tony Spring at the helm, Cramer noted. Cramer praised Macy's plan to close many underperforming namesake stores while investing in and updating the locations that are doing better. "Either Tony Spring keeps pulling off his ambitious turnaround — and I believe he can do it— or someone else comes in and buys the darned thing."

Persons: CNBC's Jim Cramer, he's, Macy's, It's, Tony Spring, Cramer, Arkhouse, Spring Organizations: Macy's Locations: China

☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

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