Alibaba's chairman Jack Ma wants to embrace the physical world with a "new retail strategy."Read More »
U.K. stocks broke a string of advances Thursday, with bank shares driven down as Federal Reserve officials wrestle over whether to keep raising U.S. interest rates this year, while retail stocks fell after British retail sales showed only modest growth. The FTSE 100 UKX, -0.61% closed down 0.6% at 7,387.87, and financial shares lost the most. Thursday’s fall was the first for blue-chip stocks after three consecutive advances. Stocks were in the red throughout the session as traders grappled with the prospect that the Federal Reserve may not raise interest rates again in 2017. Minutes from the Fed’s July meeting, released late Wednesday, showed officials engaged in an intense debate about the
Hormel Foods Corp. announced today that is has acquired the Chicago-based sausage brand Fontanini Italian Meats and Sausages from Capitol Wholesale Meats, Inc for $425 million. Austin, Minn.-based Hormel said that Fontanini will continue to operate out of its Chicago facility and report to Hormel's refrigerated foods division. Hormel CEO Jim Snee and other executives will discuss the acquisition during the company's third-quarter earnings call on Aug. 24. The deal fits with Hormel's M&A strategy lately: One big deal a year, always focused on meat and other proteins. Hormel bought Skippy Peanut Butter for $700 million in 2013; Muscle Milk in 2014(for $450 million); Applegate Farms in 2015(for
reported a five-year peak in quarterly comp sales for its grocery business on Thursday, Aug. 17, thanks to its budget-conscious prices and the rollout of its e-commerce grocery platform. "The grocery business continued to improve as food categories delivered the strongest quarterly comp sales performance in five years," CEO Doug McMillon said in the second quarter earnings call Thursday morning. Walmart sells the cheapest foods compared to Amazon.com Inc.