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☆ 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.

☆ 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.

☆ 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.

☆ Beyond Meat is rolling out its steak substitute in grocery stores
▼ + stars: | 2022-10-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Beyond Meat is launching a steak substitute in grocery stores on Monday. Amid the chaos, Beyond and Yum Brands' Taco Bell started testing meatless carne asada using its Beyond Steak product at restaurants in Dayton, Ohio. The Beyond Steak that will be sold in grocery stores comes packaged in bite-sized pieces. In the second quarter, Beyond reported U.S. grocery sales rose just 2.2% while restaurant revenue was off 2.4%. This year, shares of the company have lost 80% of their value, shrinking its market value to $821 million.

☆ Walmart and Kroger customers can now buy plant-based Beyond Steak, which company describes as 'seared to perfection' and 'chopped into bite-sized pieces'
▼ + stars: | 2022-10-24 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +2 min

Beyond Steak is plant-based food company Beyond Meat's newest product. The product arrives in more than 5,000 Kroger and Walmart stores amid a decline in sales of plant-based meat. The company says the $7.99 product is "designed to deliver the juicy, tender and delicious bite of seared steak tips with the added nutritional and environmental benefits of plant-based meat." It says the product is "seared to perfection and chopped into bite-sized pieces," has 21 grams of protein per serving, is low in saturated fat, has 0 milligrams of cholesterol. The product rollout comes amid declining sales of plant-based meats.

☆ Beyond Meat launches new steak product
▼ + stars: | 2022-10-24 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN Business —Beyond Meat, the company known for plant-based burgers designed to look, taste and cook like meat, is getting into plant-based steak. But the new product, meant to mimic an expensive cut of beef, arrives as interest in the plant-based sector appears to be ebbing. Each 10-ounce package contains seared plant-based “steak tips” in bite-sized pieces, and is priced at $7.99. “Beyond Steak is a highly anticipated expansion of our popular beef platform,” said Dariush Ajami, chief innovation officer at Beyond Meat, in a statement announcing the new product Monday. The product “delivers the taste and texture of sliced steak.”Beyond Meat launched a new steak product, Beyond Steak.

☆ Albertsons Shareholders Set to Receive $4 Billion Dividend
▼ + stars: | 2022-10-24 | by ( Jaewon Kang | ) www.wsj.com time to read: 1 min

Albertsons has said the dividend isn’t conditioned on a merger with rival Kroger. Albertsons Cos. is set to pay a $4 billion dividend to its shareholders after fighting opposition for months from attorneys general who tried to block it, as the supermarket operator works to seal a merger with rival Kroger Co.Boise, Idaho-based Albertsons said the dividend would be paid Friday to shareholders who held the stock at the close of business on Oct. 24, 2022.

☆ Kroger-Albertsons Antitrust Review Likely to Focus on Local Store Overlap
▼ + stars: | 2022-10-21 | by ( Jaewon Kang | ) www.wsj.com time to read: 1 min

Kroger and Albertsons said their $20 billion deal to create a new supermarket giant will help them compete with larger rivals in an evolving grocery industry dominated by Walmart and targeted by Amazon.comThe antitrust authorities who review the planned merger, however, may be more focused on the supermarket down the street, according to lawyers and industry officials.

Four local chapters of the United Food and Commercial Workers (UFCW) International told Reuters they are assessing their options for lobbying and coordinated action against the deal, including potential strikes. Bryan Doherty, a spokesperson for the UFCW International, told Reuters it plans to request more information from the retailers about possible store closures and layoffs. On Monday afternoon, representatives of UFCW International met with nearly 100 local UFCW chapters on Zoom to discuss the merger and their collective response to it. Workers told Reuters that Kroger has not yet held conversations with the union to discuss the merger. Albertsons reached out to the union, offering to "keep lines of communication open," Mark Federici, president of UFCW local 400, told Reuters.

☆ Video: Can Tesla remain king of electric vehicles, Kanye West buys Parler and Kroger-Albertsons merger and more on CNN Nightcap
▼ + stars: | 2022-10-20 | by ( ) edition.cnn.com time to read: 1 min

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☆ Grocery deal could have European interloper
▼ + stars: | 2022-10-20 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

LONDON, Oct 20 (Reuters Breakingviews) - Good luck to Kroger and Albertsons (ACI.N) – U.S. lawmakers are already getting concerned about a deal. A European interloper could make deal plans even harder. If investors reckoned there was merit in a deal, Muller could also use equity to beef up the offer. So regulators wouldn’t have to worry about a larger Kroger shutting down competing Albertsons stores. Less overlap means fewer operational synergies, so a deal with Ahold might not look as lucrative.

☆ How Yasmin Curtis turned her Chicago restaurant's seafood boil into a frozen product and made $2.6 million in 2022
▼ + stars: | 2022-10-20 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +5 min

During the pandemic, she broadened her customer base by selling her seafood boil in grocery stores. Creating a frozen product from her signature seafood boilTwo Fish sells seafood boil with shrimp and snow-crab legs. Two FishBefore the pandemic, Two Fish Crab Shack had an average wait time of 2 ½ hours to get a table. Two Fish Crab ShackBillboards to reach new demographicsWhen Curtis was first getting her frozen product into stores, she turned to an old-school marketing method: billboards. She's also expanded her frozen seafood boil to include corn and potatoes, which appealed to customers who wanted quick, complete dinners.

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.

☆ Jim Cramer says he believes Kroger could get federal regulators' approval for Albertsons deal
▼ + stars: | 2022-10-17 | 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 EmailJim Cramer says he believes Kroger could get federal regulators' approval for Albertsons dealCramer on Monday gave his take on Kroger's bid to buy Albertsons.

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.

☆ What would a Kroger-Albertsons merger mean for grocery prices?
▼ + stars: | 2022-10-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

A Kroger-Albertsons merger could reshape the grocery industry. The companies say they will divest hundreds of stores in areas where they overlap to win regulatory approval. Albertsons has higher prices than Kroger and other grocers, analysts say, and they predict Kroger will try to reduce Albertsons prices to be more competitive against discount chains like Aldi. Antitrust advocates say the merger would force out competition and concentrate power among the largest chains, driving up prices. A Kroger-Albertsons merger would spark a fresh wave of mergers and acquisitions as companies seek to keep up, analysts predict.

☆ A merger with Albertsons could bring Kroger's tech initiatives, like automated warehouses and smart carts, to over 5,000 locations
▼ + stars: | 2022-10-17 | by ( Alex Bitter | Nancy Luna | ) www.businessinsider.com time to read: +13 min

Kroger is building its own tech infrastructure, including automated warehouses for delivery orders. Here are Kroger's biggest e-commerce and technology initiatives:A ClusterTruck ghost kitchen inside a Kroger in the Midwest. The delivery-focused ghost kitchen touts a Cheesecake Factory-inspired menu of 80 to 100 food items. Over the last few years, ClusterTruck opened locations inside Kroger stores in Indiana and Ohio. Another partnership, this one with the autonomous-car startup Nuro, has stationed self-driving vehicles to deliver grocery orders in certain cities since 2018.

☆ Jim Cramer gives his take on the Kroger-Albertsons merger
▼ + stars: | 2022-10-17 | 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 EmailJim Cramer gives his take on the Kroger-Albertsons mergerCramer gave his thoughts on the nearly $25 billion deal on Monday.

☆ Stocks making the biggest moves midday: Roblox, Continental Resources, Fox Corp and more
▼ + stars: | 2022-10-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Fox Corp , News Corp — Fox shares dropped 8%, while News Corp gained more than 4% after Rupert Murdoch formed a special committee to explore a possible deal that would put his two media companies back together. Wells Fargo reiterated its equal weight rating on the streaming service ahead of the company's earnings this week. Speculative tech stocks — South American e-commerce stock Mercadolibre surged 11%, while Chinese tech stock Pinduoduo jumped more than 6%. Bank stocks — Several bank stocks moved higher Monday on positive earnings for the sector. Bank of NY Mellon gained 4.9% following its earnings beat and Signature Bank , set to report earnings on Tuesday, jumped 6%.

☆ Premarket stocks: The housing market is a mess, but this isn't 2008
▼ + stars: | 2022-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But within those reports, investors found ominous clues about the future of the housing market, underscoring fears of an upcoming crisis. “We’ve had a time of a red-hot housing market all over the country,” Fed President Jerome Powell told me in September. “For the longer term what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level…and people can afford houses again. “This is the sharpest turn in the housing market since the housing market crash in 2008,” said Redfin’s chief economist, Daryl Fairweather, last month. What’s next: Investors will next look to housing starts data next week as an indicator of where the housing market is headed.

☆ Here are Monday's biggest analyst calls of the day: Apple, Amazon, Netflix, Kroger, SunPower & more
▼ + stars: | 2022-10-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are the biggest calls on Wall Street on Monday: Morgan Stanley reiterates Apple as overweight Morgan Stanley named the tech giant as its top pick in a downturn. Cowen reiterates Amazon as outperform Cowen said shares remain attractive heading into earnings later this month. Morgan Stanley resumes Prologis as overweight Morgan Stanley resumed coverage of the supply chain logistics company and named it a top pick. Morgan Stanley upgrades Clorox to equal weight from underweight Morgan Stanley said in its upgrade of Clorox that it sees some earnings upside ahead of the company's earnings later this quarter. Oppenheimer reiterates Chipotle as outperform Oppenheimer says Chipotle is a "rarity" as the firm sees earnings upside among a deteriorating macro.

☆ Antitrust concerns facing Kroger's Albertsons deal
▼ + stars: | 2022-10-17 | 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 EmailAntitrust concerns facing Kroger's Albertsons dealWilliam Kovacic, former FTC chairman, joins 'Squawk on the Street' to discuss Kroger's acquisition of Albertsons, the antitrust concerns in favor or against Kroger, and FTC debate considerations.

☆ A recession is looming, but for JPMorgan's Jamie Dimon all signs point toward business as usual when it comes to hiring and tech spend
▼ + stars: | 2022-10-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, how did those bank earnings go? JPMorgan's Jamie Dimon. Before we kick things off, let's give a quick recap on the state of play with bank earnings. And for JPMorgan's Jamie Dimon, the message was largely one of confidence. The plans JPMorgan laid out in May around its tech spend were "pretty much on track," Dimon said.

☆ Tesla investors try to ignore Musk's many distractions
▼ + stars: | 2022-10-16 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

While that’s good news for Twitter’s long-suffering shareholders, Tesla investors hope he still has some time for them. There are big challenges in China as well, with Tesla going up against homegrown EV rivals like Nio (NIO), Xpeng and Li Auto. Too many distractionsGary Black, managing partner at the Future Fund and a Tesla shareholder, has been tweeting for the past few weeks that concerns about Twitter are a headache for Tesla investors. In one tweet, Black said there are several problems for Tesla due to Twitter. The underwhelming deliveries and production numbers also underscore how a slowing global economy (and possible recession) could hurt Tesla.

☆ Wall St drops as consumer data stokes inflation worry
▼ + stars: | 2022-10-15 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

SummarySummary Companies JPM reports higher-than-expected Q3 profitS&P 500, Nasdaq post weekly declinesU.S. consumer sentiment edges up October; inflation ests. "The main thrust for the market right now is higher interest rates, higher inflation and the Fed is going to continue to move its fed funds target higher," said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan. For the week, the Dow gained 1.15%, the S&P 500 lost 1.56% and the Nasdaq fell 3.11%. Analysts now expect third-quarter profits for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data. The S&P 500 posted 5 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 71 new highs and 235 new lows.

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