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☆ Stocks making the biggest moves midday: Disney, Meta Platforms, Lucid Motors, Roblox and more
▼ + stars: | 2022-11-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Meta Platforms — The stock jumped 8% after the company announced it will lay off more than 11,000 employees. News Corp — Shares slid 5% after the company reported a slight miss on its fiscal first quarter earnings, compared to FactSet estimates. AMC Entertainment — Shares dropped 9.8% after the company reported another quarterly loss as operational costs increased. SeaWorld Entertainment — The stock fell 8% after the company reported weaker-than-expected earnings or $1.99 per share on revenue or $565 million. Roblox — Shares tumbled more than 15% after the company reported a bigger loss than expected for the third quarter.

☆ Court records show law firm Brown Rudnick was hacked in 2020 and its insurance paid a $2 million ransom
▼ + stars: | 2022-11-08 | by ( Jack Newsham | ) www.businessinsider.com time to read: +2 min

The law firm's cyber insurer paid a ransom and wants to hold a tech vendor liable for $2.4 million. The law firm was one of several breached, including Goodwin Procter and Jones Day. The law firm Brown Rudnick paid criminal hackers $2 million in 2020 so they wouldn't publish confidential records online, and its insurer is still trying to recoup the money it spent responding to the attack, Insider has discovered. The software company paid out millions of dollars to settle with people and businesses impacted by the hack. Brown Rudnick’s name was included in a technical alert that was pasted into the lawsuit by its insurance company.

☆ Albertsons Faces Outrage in Aisle Five
▼ + stars: | 2022-11-07 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Want to stoke public anger about rising food prices and corporate greed? Supermarket giant Albertsons Cos., which announced a merger agreement with Kroger Co. last month alongside a generous special dividend payout, has unwittingly done just that. The company was due to distribute $4 billion in special dividends to shareholders Monday but was blocked from doing so last Thursday by a Washington state court’s temporary restraining order. Albertsons said it seeks to overturn the restraint as quickly as possible. Attorneys general of California, Illinois and Washington, D.C., also sought a temporary restraining order last week to stop the dividend payout.

☆ Investors will reap billions if Kroger takes over Albertsons. Workers and shoppers may not be as happy.
▼ + stars: | 2022-11-05 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +11 min

Wealthy investors in Safeway’s parent, Albertsons Companies, have done better. And next week, they were slated to reap a $4 billion cash dividend in connection with a proposed $25 billion takeover of Albertsons by rival Kroger. Based on that stake and the amount of the dividend, Cerberus stands to receive roughly $1 billion of the dividend payout. Six of Albertsons’ 14 directors who voted for the dividend are affiliated with the major investors. This is the last, best and final hope for a truly unionized chain.”Nervous about the pensionThe proposed $4 billion cash dividend is large by many measures.

☆ Washington State Commissioner Temporarily Blocks Albertsons Dividend Payout
▼ + stars: | 2022-11-04 | by ( Jaewon Kang | ) www.wsj.com time to read: 1 min

A Washington state court commissioner temporarily blocked a $4 billion dividend that Albertsons Cos. had intended to pay its shareholders next week, announced when the grocer agreed to merge with rival Kroger Co. in a $20 billion deal last month. Commissioner Henry Judson for the King County Superior Court in Washington said during a hearing Thursday that he will grant a temporary restraining order to stop the planned dividend. The ruling came after the state’s attorney general filed a lawsuit this week against the companies to block the payment, which was initially scheduled for Nov. 7.

Nov 3 (Reuters) - A state court in Washington has temporarily blocked Albertsons Companies Inc (ACI.N) from paying a $4 billion dividend to shareholders before the grocery chain closes its proposed deal with rival Kroger Co (KR.N), documents filed said on Thursday. Kroger Co (KR.N) snapped up Albertsons in a $25 billion deal in last month's mega merger between the No. "By eliminating its cash-on-hand and nearly doubling its debt, Albertsons will be in a weakened competitive position relative to Kroger, thereby harming grocery consumers and workers throughout Washington," State Court Commissioner Henry Judson wrote in issuing the temporary restraining order. Washington State Attorney General Bob Ferguson called the temporary order a "huge victory". In its statement, Albertsons said on Thursday the court order was based on the "incorrect assertion" that the dividend payout would weaken its competitiveness while antitrust agencies review the proposed merger.

Nov 3 (Reuters) - Washington's King County court has granted a nationwide temporary restraining order, blocking grocery chain Albertsons Companies Inc's (ACI.N) $4 billion dividend payment, State Attorney General Bob Ferguson tweeted on Thursday. loading"We'll be back in court Nov. 10 seeking an injunction to keep the dividend on hold while our lawsuit continues," Ferguson said in a tweet. Supermarket operator Kroger Co (KR.N) snapped up Albertsons in a $25 billion deal last month, to better compete against U.S. grocery industry leader Walmart Inc on prices. Ferguson filed a lawsuit on Tuesday to block Albertsons from paying dividends to shareholders before closure of its proposed merger with Kroger. The attorneys general of Washington D.C., California and Illinois also filed a lawsuit on Wednesday in a federal court seeking to block the dividend payment alleging that the proposed dividend was in violation of federal and state antitrust laws by rendering Albertsons less able to compete effectively with other supermarkets.

☆ The $1.6 billion Powerball jackpot is now the largest ever—here are the top 5 so far
▼ + stars: | 2022-11-04 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +5 min

Once again, a lottery jackpot has crossed the billion-dollar threshold — the fifth time in the past five years — and this one is a world record. Saturday's Powerball drawing now has a jackpot of $1.6 billion, the largest ever, after no winners were announced for Wednesday night's $1.2 billion drawing. That one was also a Powerball drawing that reached $1.586 billion and was split between three winning tickets. $1.34 billion (Mega Millions)As mentioned above, the record Powerball drawing is already the second billion-dollar jackpot of 2022. $768.4 million (Powerball)

☆ Gen Z's not lazy — they're just refusing to put up with the toxic work culture that Boomers created
▼ + stars: | 2022-11-03 | by ( Kim Kelly | ) www.businessinsider.com time to read: +12 min

"And I personally think that all of us in Gen Z, when we experienced that with our parents, we were like, 'Fuck that. And now, Gen Z is turning to organizing as a way to stand up to corporate bosses. But she and her Gen Z peers are not ready to accept that mode of thinking. Put simply, young workers want something better than their parents had and aren't afraid to seek it out. Because if there is one quality that Gen Z has in spades, it is audacity — and no mass movement has ever succeeded without it.

☆ Kroger, Albertsons unions, antitrust experts urge FTC to block merger -letter
▼ + stars: | 2022-11-03 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

"The merger should be blocked, as it would harm workers, consumers and communities," said the United Food & Commercial Workers (UFCW) Local 400, who authored the letter. Twenty-six organizations undersigned the message, including the American Economic Liberties Project, Center for Economic and Policy Research, along with seven UFCW local chapters representing more than 100,000 Kroger and Albertsons' workers. The letter, first seen by Reuters, also urged the FTC to immediately investigate Albertsons' "unusual" $4 billion dividend to shareholders on Nov. 7, which it said would leave the company "largely depleted of liquid assets" and "unsustainable as an ongoing concern." read more"The allegation that this dividend will somehow hinder our ability to compete in the marketplace is meritless," an Albertsons spokesperson said in an emailed response to the letter. Reporting by Siddharth Cavale in New York; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ DC AG Karl Racine sues Albertsons, Kroger over $4 billion dividend payout
▼ + stars: | 2022-11-03 | 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 EmailDC AG Karl Racine sues Albertsons, Kroger over $4 billion dividend payoutKarl Racine, attorney general for Washington D.C., joins CNBC's 'Squawk Box' to explain why he is suing to block Albertsons' $4 billion dividend payout to shareholders ahead of its planned merger with Kroger.

Walmart has agreed to pay $3.1 billion, mostly up front, according to two people familiar with the matter. The proposed settlement, which would be the first nationwide deal with retail pharmacy companies, follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion. CVS, Walgreens and Walmart are the three largest retail pharmacies in the country by market share. The agency has attributed much of the recent rise in overdose cases to illegally manufactured fentanyl, a powerful synthetic opioid. A congressional report last month put the economic toll of the opioid crisis in 2020 alone at $1.5 trillion.

☆ Kroger-Albertsons Merger Draws Questions From Politicians, Workers
▼ + stars: | 2022-11-02 | by ( Jaewon Kang | ) www.wsj.com time to read: 1 min

Elected officials, independent grocers and union groups are airing concerns and in some cases pushing back on the proposed deal between Kroger Co. and Albertsons Cos. as antitrust officials are set to begin reviewing the supermarket megamerger. Kroger in October announced it would acquire Albertsons, saying that a deal would help them boost their scale and technology, and better compete with larger rivals. Antitrust attorneys expect the deal to face a lengthy regulatory review, and the companies plan to submit details of their merger plan to the Federal Trade Commission around Thursday, according to a letter viewed by The Wall Street Journal. It isn’t unusual for consumer groups, workers, lawmakers and competitors to voice questions about large mergers after they are proposed.

☆ 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.

☆ Ocado enters South Korea with Lotte Shopping deal
▼ + stars: | 2022-11-01 | by ( James Davey | ) www.reuters.com time to read: +3 min

REUTERS/Paul ChildsSummarySummary Companies Lotte Shopping becomes Ocado's 12th partnerOcado to build six robotic warehouses by 2028Ocado shares soar 34%LONDON, Nov 1 (Reuters) - Ocado (OCDO.L), the British online supermarket and technology group, has entered South Korea, one of the most mature e-commerce markets in the world, through a partnership deal with Lotte Shopping (023530.KS), the companies said on Tuesday. Lotte, South Korea's second largest grocer, becomes Ocado's 12th partner across 10 countries. Ocado's in-store fulfilment technology will also be rolled out across Lotte stores from 2024. Lotte Shopping, part of South Korea's Lotte Group conglomerate, operates department stores, hypermarkets, supermarkets and e-commerce, with more than 1,000 stores nationwide and an annual revenue of 9.5 billion pounds ($10.9 billion). Ocado Group's shares have been hurt this year by the performance of Ocado Retail, its retail joint venture with Marks & Spencer (MKS.L).

☆ What Cramer is watching Monday — October's stock pop, tech reign over, China's zero Covid
▼ + stars: | 2022-10-31 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Club holding Wynn Resorts (WYNN) jumps 5% in the premarket after a 4.5% pop Friday. UBS downgrades Caterpillar (CAT) to neutral (hold) from buy; cuts price target by $5-per-share to $230, which is silly. Outback Steakhouse owner Bloomin' Brands (BLMN): two price target boosts, Citi and Barclays. Barclays: LyondellBasell (LYB) downgraded to equal weight from overweight (hold from buy), cut price target to $82 per share from $95. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ How much 2 basketball TikTokers earned from NIL endorsements during a year at a D2 HBCU
▼ + stars: | 2022-10-31 | by ( Colin Salao | ) www.businessinsider.com time to read: +6 min

Brandon and Jayden Beloti are brothers who played basketball for Elizabeth City State University. Each had a few hundred thousand followers on TikTok when new NIL rules kicked in on July 1, 2021. The Beloti brothers played basketball during the 2021-22 season for Elizabeth City State University, a HBCU in Division II of the NCAA. The brothers' TikTok followings helped them easily secure NIL dealsBoth brothers began to balance being creators with their school and basketball lives. The Beloti brothers are now focused on building careers as creators with Zone 6(left to right) Jayden and Brandon Beloti representing Zone 6.

☆ Kroger to pay $180K after firing workers who refused to wear logo allegedly resembling Pride flag
▼ + stars: | 2022-10-28 | by ( Zachary Schermele | ) www.nbcnews.com time to read: +6 min

Judge Lee Rudofsky, a district court judge for the Eastern District of Arkansas and a Donald Trump appointee, signed off on the settlement, which was reached after years of litigation. As part of the settlement, Kroger will pay the two employees more than $70,000 each in back pay, which is part of the overall $180,000 settlement. Court documents state that in late April 2019, the Conway store started requiring some of its employees to wear a new uniform adorned with a rainbow-colored heart. United States District Court Eastern District of Arkansas Central Division. After refusing to wear the uniforms for weeks, or trying to cover up the rainbow logo, court documents state, Rickerd and Lawson were fired in late May and early June, respectively.

☆ DoorDash is making 7 keys moves to dominate retail and grocery delivery after conquering restaurants — and creating new rivals in Instacart and Gopuff
▼ + stars: | 2022-10-27 | by ( Nancy Luna | ) www.businessinsider.com time to read: +12 min

In August 2020, DoorDash launched retail delivery with chains like 7-Eleven and Walgreens. Lately, DoorDash has its sights set on a new prize — dominance in retail and grocery delivery. DoorDash has leaned heavily into grocery, convenience-store, and retail delivery since launching these expanded services in 2020. "We have more retail stores, grocery included, than any other platform in North America today." DoorDashDoubleDashA year after launching grocery delivery, DoorDash introduced DoubleDash.

☆ Kimco Reality stands to gain from Kroger-Albertsons deal, says Kimco CEO
▼ + stars: | 2022-10-27 | 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 EmailKimco Reality stands to gain from Kroger-Albertsons deal, says Kimco CEOConor Flynn, CEO of Kimco Realty, joins 'Power Lunch' to discuss Kimco being well positioned to benefit from the Kroger-Albertsons merger, grocery-anchored locations and grocery stores benefiting from consumers shift to home-cooking over eating-out.

☆ U.S. state attorneys general probing Kroger deal for Albertsons
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] A customer leaves an Albertsons grocery store, as Kroger agrees to buy rival Albertsons in a deal to combine the two supermarket chains, in Riverside, California, U.S., October 14, 2022. REUTERS/Aude GuerrucciWASHINGTON, Oct 26 (Reuters) - A half dozen state attorneys general are digging into Kroger's (KR.N) planned acquisition of rival grocery chain Albertsons (ACI.N), District of Columbia Attorney General Karl Racine said on Wednesday. read moreRacine, along with attorneys general from Arizona, California, Idaho, Illinois and Washington state, also urged the chief executive of Albertsons to delay $4 billion in payments to shareholders until the state merger review is done and the deal closes. Albertsons, which owns Safeway and other grocery chains, said on Oct. 18 it would give shareholders a special dividend of up to $4 billion. An Albertsons spokesperson said in an emailed statement that the special dividend allows the company "to return cash to all of Albertsons Companies’ shareholders," adding that it would continue to be well-capitalized after the dividend is paid.

☆ Eight Pine-Sol disinfectant cleaners recalled over infection-causing bacteria
▼ + stars: | 2022-10-26 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Dennis-Romero-Circle-Byline-Template.Jpg | Dennis Romero | ) www.nbcnews.com time to read: +3 min

Eight Pine-Sol disinfectant cleaning products are being recalled over fears they may contain infection-causing bacteria, the Consumer Product Safety Commission announced Tuesday. The Pine-Sol Scented Multi-Surface Cleaners, CloroxPro Pine-Sol All Purpose Cleaners, and Clorox Professional Pine-Sol Lemon Fresh Cleaners produced at a plant in Forest Park, Georgia, may contain the natural bacterium Pseudomonas aeruginosa, which can cause infections in those with compromised immune systems, the commission said in a statement. Clorox, the parent company of the Pine-Sol brand, did not immediately respond to a request for comment. "The bacteria can enter the body if inhaled, through the eyes, or through a break in the skin," it said. Included are the Lavender Clean, Sparkling Wave and Lemon Fresh scents of Pine-Sol Scented Multi-Surface Cleaners; the Lavender Clean, Sparkling Wave, Lemon Fresh and Orange Energy scents of CloroxPro Pine-Sol All Purpose Cleaners; and Clorox Professional Pine-Sol Lemon Fresh Cleaners, the commission said.

☆ This PayPal-backed startup is solving one of the biggest headaches for brands selling online through Walmart, Macy's, or Kroger — getting paid
▼ + stars: | 2022-10-26 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Cymbio, an Israel-based digital-sales startup, is making it easier for brand clients to get paid instantly when selling on retailer websites like Walmart, Macy's, Nordstrom, and Kroger. These marketplace websites are becoming an increasingly important place for brands to make revenue. Cymbio has launched a new feature for its more than 400 brand clients called Cymbio Finance, which automates payouts for brands selling on retailers' sites. Prior to this financial offering, Cymbio, which was founded in 2014, predominantly focused on providing technical support for brands selling on outside websites. And a key part of that growth is ensuring brands are paid in a timely fashion.

☆ Clorox recalls 37 million bottles of Pine-Sol that could contain bacteria
▼ + stars: | 2022-10-26 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN Business —Roughly 37 million bottles of Pine-Sol products have been recalled because they could contain a potentially harmful bacteria. Eight different versions of Pine-Sol have been recalled, including Pine-Sol scented multi-surface cleaners (lavender clean, sparkling wave and lemon fresh scents), CloroxPro Pine-Sol all purpose cleaners (lavender clean, sparkling wave, lemon fresh, and orange energy scents) and Clorox Professional Pine-Sol lemon fresh cleaner. The affected Pine-Sol products were made between January 2021 and September 2022. Recalled bottles have date codes beginning with the prefix “A4” followed by a five-digit number less than 22249. If someone has a recalled Pine-Sol bottle, the agency says to throw it away and contact Pine-Sol for a refund.

☆ We are deeply concerned about Albertsons-Kroger merger deal, says DC AG Karl Racine
▼ + stars: | 2022-10-26 | 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 EmailWe are deeply concerned about Albertsons-Kroger merger deal, says DC AG Karl RacineA group of attorneys general are asking grocery store chain Albertsons to hold off paying a special dividend until a review of the company's planned merger with Kroger is complete. DC Attorney General Karl Racine joins CNBC's 'Squawk Box' to discuss.

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