|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||28.60 - 29.07|
|52 Week Range||23.08 - 31.00|
|Beta (3Y Monthly)||0.39|
|PE Ratio (TTM)||28.50|
|Forward Dividend & Yield||0.57 (1.99%)|
|1y Target Est||32.40|
Walmart Inc (NYSE: WMT ) plans to spinoff PhonePe from Flipkart and make it a separate entity, independent of Indian ecommerce firm Flipkart While a spinoff would provide more direct ownership of PhonePe ...
"We're excited to partner with the team at Cornershop to scale their vision, and look forward to working with them to bring grocery delivery to millions of consumers on the Uber platform," states Uber CEO Dara Khosrowshahi. "In 2015 we started Cornershop with primarily the Latin American market in mind and we couldn't be more excited to work with Uber to help us take that mission much further," added Cornershop CEO Oskar Hjertonsson.
(Bloomberg) -- Uber Technologies Inc. plans to buy a majority stake in online grocer Cornershop, a deal designed to extend its geographic reach and bolster profits by bundling food delivery with rides.The move, which is subject to regulatory approval, could end uncertainty for the Santiago, Chile-based startup backed by Accel and other venture investors. Walmart Inc. announced its intention more than a year ago to purchase Cornershop outright for $225 million and re-sell the company to its Mexican subsidiary, only to have Mexican regulators oppose the move in June for antitrust reasons.Cornershop is the largest home delivery platform in Mexico and Chile. The app allows users to order groceries from a variety of stores such as Costco Wholesale Corp., Petco Holdings Inc., Walmart, bakeries and pharmacies, and have everything delivered at once, usually within 90 minutes. The items usually carry a higher price tag on top of the delivery fee. The four-year-old startup also operates in Peru and Canada. Terms of the deal weren’t disclosed.The arrangement could play a significant role in Uber’s strategy of layering more profitable services atop ride-sharing. Since the company’s disappointing initial public offering, the share price has dropped more than 30% and Chief Executive Officer Dara Khosrowshahi has sought to reassure investors that Uber is focused on turning a profit and continuing to grow.When Walmart attempted to buy Cornershop, analysts saw the purchase as a way for the retailer to increase its e-commerce presence with the help of an established app that brought a giant database of users and more importantly, its consumer patterns.“It’s already positioned, it knows the market well and it was going to accelerate this process for Walmart,” said Marisol Huerta, an analyst at Banco Ve Por Mas. “It’s the same strategy for Uber.”The acquisition by Uber means the San Francisco-based company will expand on its Eats offering with the ability to deliver not only prepared food from restaurants, but a wide set of groceries, Huerta said. “They’ll be entering a new market but they’ll already have a big data base and the structure to operate in it.”Uber says it expects the deal to close in early 2020. Cornershop will continue to operate under its current leadership, reporting to a board with majority Uber representation.“Whether it’s getting a ride, ordering food from your favorite restaurant, or soon, getting groceries delivered, we want Uber to be the operating system for your everyday life,” Khosrowshahi said in a statement announcing the deal.(Updates with comments from analyst in the sixth paragraph.)To contact the reporters on this story: Lizette Chapman in San Francisco at email@example.com;Andrea Navarro in Mexico City at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Molly Schuetz, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Analysts are bullish about the prospects for Walmart U.S. under new leadership after the retail giant announced that Sam's Club head John Furner has been appointed chief executive of the Walmart division. He succeeds Greg Foran, who is staying on until January 31 before taking on the chief executive role at Air New Zealand. Furner started with Walmart as an associate in 1993 and became CEO at Sam's Club in 2017. Walmart stock inched up 0.2% in Friday trading after the news. "We believe [the] impressive momentum at Walmart U.S. should continue, especially given that Walmart 'sees no change in core strategy' as a result of the management changes," wrote Bank of America in a note. Even though they're not concerned, analysts do acknowledge that Foran's departure will "be viewed as a significant loss." Bank of America rates Walmart stock buy with a $135 price objective. KeyBanc analysts expect the transition to be "smooth," and highlight that Marc Lore will continue on as head of Walmart U.S. e-commerce. KeyBanc rates Walmart shares overweight with a $112 price target. Walmart Inc. will announce Furner's successor at Sam's Club at a later date. Walmart stock has rallied 28.5% for the year to date while the Dow Jones Industrial Average is up 15.3% for the period.
Dow Jones futures: Hopes for a partial China trade deal are fueling a strong stock market rally. Trump said China trade talks went well, Apple eyes a high.
U.S. stock futures jump following reports that say the first day of high-level U.S. and China trade negotiations went better than expected; oil prices jump after Iran says one of its commercial oil tankers was hit by two missiles near the Saudi Arabian port of Jeddah; General Motors is pressing the UAW to quicken the pace of negotiating a new four-year contract to end a 26-day strike.
The head of Walmart’s US business has been poached to run Air New Zealand, leaving a vacancy at the top of one of the retailer’s biggest divisions as it prepares for the Christmas shopping season. Greg Foran will return to his homeland to become chief executive of the national flag carrier, after Christopher Luxon resigned from the role in June and this week announced he was planning to run for the New Zealand parliament. The unexpected departure of Mr Foran has prompted Walmart to replace him with John Furner, who runs its Sam’s Club subsidiary.
New Zealand-born Foran is credited with turning around Walmart Inc's U.S. business as its president and CEO since 2014, with the unit reporting 20 quarters of comparable sales growth under his leadership. "Greg has an impeccable track record in delivering strong commercial performance, outstanding customer focus and in building teams that can take a business to the next level," Walsh said in a statement. Air New Zealand shares were marginally higher at NZ$2.85 on Friday.
Walmart Inc said on Thursday its chief executive for U.S. operations, Greg Foran, will leave the company early next year and be replaced by the head of its Sam's Club warehouse chain unit, John Furner. Foran's departure is likely to be considered a blow for Walmart given the New Zealand native is credited with turning around Walmart's U.S. business by focusing on improving existing stores. Walmart reported 20 quarters of comparable sales growth under his leadership.
Walmart Inc. said late Thursday that John Furner will become the president and chief executive officer of Walmart U.S., effective Nov. 1. Furner replaces Greg Foran, who held the post for five years and is moving to Air New Zealand Ltd. as its chief executive. Furner will report directly to Walmart Chief Executive Doug McMillon, the company said. Foran will stay with Walmart through Jan. 31 to ensure "a smooth transition," Walmart said. Shares of Walmart were flat in the extended session after ending the regular trading day up 0.6%.
Dow Jones futures: Beijing is open to a partial China trade deal, signaling a stock market rally. Apple, Boeing, Home Depot, Nike, Walmart are in buy zones.
Walmart Inc. said its decision to offload e-commerce acquisition ModCloth, a women's clothing and accessories site, is part of a shift in approach. "When we acquired ModCloth, our primary focus was to build assortment through proprietary, digitally-native brands," according to a statement from a Walmart spokesperson. "Our approach has evolved and our current focus is on building direct to consumer brands that we can leverage in an omni[channel] way. Similar to online grocery, we are putting our investments in areas where our omni[channel] capabilities and unique advantages put us in a position to win." Go Global Retail, a brand investment platform founded in 2016, announced Friday that it will acquire ModCloth, though the site will continue to use its current organizational structure. Walmart acquired ModCloth in March 2017 amid a spate of purchases that also included men's site Bonobos, which was purchased the same year for $310 million, and ShoeBuy. The Wall Street Journal reported Monday that Walmart is laying off "a few dozen" Bonobos staff members in an effort to reduce losses from the e-commerce division. Bonobos has about 600 employees. And The Wall Street Journal reported Friday that Walmart is searching for outside investors for its JetBlack personal shopping service. Walmart stock has rallied more than 26% for the year to date while the Dow Jones Industrial Average is up 13.7% for the period.
The major stock indexes were broadly lower on a bearish China report. Dow Jones stocks Apple and Walmart were in buy range.
DOW UPDATE The Dow Jones Industrial Average is falling Monday morning with shares of Walmart and Travelers seeing the biggest declines for the blue-chip average. Shares of Walmart (WMT) and Travelers (TRV) are contributing to the index's intraday decline, as the Dow (DJIA) was most recently trading 47 points, or 0.
With the holiday shopping season fast approaching, two new Walmart-branded Roku products will be hitting the shelves of the giant retailer in the coming weeks as part of an exclusive deal.
Oct.11 -- Uber Technologies Inc. plans to buy a majority stake in online grocer Cornershop, a deal designed to extend its geographic reach and bolster profits by bundling food delivery with rides. Bloomberg's Lizette Chapman reports on "Bloomberg Technology."
Walmart’s shares climbed to new all-time highs on Friday, as investors appeared to shrug off the departure of U.S. chief Greg Foran, who is stepping down to take another job. Yahoo Finance's Zack Guzman and Julia La Roche discuss with CapitalistBook.com author Nathan Latka.
CEO of Sam's Club John Furner will replace Greg Foran as President and CEO of Walmart U.S., with the change taking affect November 1st. Yahoo Finance's Alexis Christoforous and Brian Sozzi discuss.
(NAT SOUND)(ENGLISH) DISTRICT COURT JUDGE SAM MEDRANO, SAYING: “...and to the indictments, do you issue a plea of guilty or not guilty?” (SOUNDBITE)(ENGLISH) SUSPECT PATRICK CRUSIUS, SAYING: “Not Guilty” Twenty-one year-old Patrick Crusius pleaded not guilty in a Texas courtroom Thursday on charges of capital murder for a shooting spree at an El Paso Walmart that killed 22 people and injured an additional 26 on August 3rd. Crusius is being accused of deliberately targeting Mexicans during the mass shooting and could face the death penalty if he is convicted. (SOUNDBITE)(ENGLISH) DISTRICT COURT JUDGE SAM MEDRANO, SAYING: "Do you swear that the testimony that you are about to give in these proceedings shall be the truth the whole truth and nothing but the truth so help you god?" (SOUNDBITE)(ENGLISH) SUSPECT PATRICK CRUSIUS, SAYING: "Yes, I swear." The suspect strolled into the courtroom trailing his two lawyers dressed in a navy sports jacket, white shirt and gray slacks and betrayed no emotion and only spoke twice during the arraignment. Crusius is accused of driving 11 hours to El Paso from his hometown of Allen, near Dallas, on Aug. 3 and firing at shoppers with an AK-47 rifle inside the Walmart store. He surrendered to officers who confronted him outside. Most of those killed were Latinos.
Police say Patrick Crusius told authorities he drove to the border town because he wanted to kill as many Mexicans as he could.