119.17 0.00 (0.00%)
After hours: 5:01PM EDT
|Bid||119.10 x 800|
|Ask||119.35 x 900|
|Day's Range||119.10 - 120.46|
|52 Week Range||85.78 - 120.71|
|Beta (3Y Monthly)||0.65|
|PE Ratio (TTM)||26.95|
|Earnings Date||Nov 14, 2019|
|Forward Dividend & Yield||2.12 (1.76%)|
|1y Target Est||120.55|
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.
Companies are embracing the rapid-fire change in retail more than ever through automation and rethinking hiring.
(Bloomberg) -- Indian fintech giant Paytm is close to scoring $2 billion of new financing from investors including Jack Ma’s Ant Financial, Japan’s SoftBank Group Corp. and Rob Citrone’s Discovery Capital Management to fend off an influx of new rivals, a person familiar with the matter said.The funding will be split evenly between equity and debt and values the country’s top online financial services firm at $16 billion, the person said, asking not to be identified talking about a private deal. The talks are in their final stages but the terms could still change, the person added.If a deal is finalized, Paytm could outstrip fellow high-profile Asian startups such as Grab and Gojek in valuation. Billionaire Paytm founder Vijay Shekhar Sharma is raising capital to protect the startup’s share of a potentially $1 trillion Indian payments market from new entrants including Facebook Inc., Alphabet Inc.’s Google and Walmart Inc.-owned Flipkart’s PhonePe. Over the past year, a string of new apps have made payments increasingly easy, bringing discounts and cash bonuses to young, smartphone-savvy users.Credit Suisse Group AG now estimates that the Indian digital payments market will touch $1 trillion by 2023 from about $200 billion currently. It’s a market with huge potential: Cash still accounts for 70% of all Indian transactions by value, according to Credit Suisse, and neighboring China is far more advanced with a mobile payments market worth more than $5 trillion.“India is a large market,” said Kunal Pande, head of financial services risk consulting at KPMG. “Digital payments adoption is growing quickly, yet there is room for massive growth as users get comfortable transacting digitally. The large business opportunity makes it attractive for both domestic startups and large global players.”Read more: Facebook and Google Chase a New $1 Trillion Payments MarketPaytm, which is also backed by Alibaba Group Holding Ltd., declined to comment in response to emailed questions. SoftBank wasn’t immediately available for comment during a Japanese national holiday. Ant had no immediate comment when contacted. Discovery Capital declined to comment.Paytm has in a decade become India’s biggest digital-payments brand, attracting big names in investing from Ma and SoftBank founder Masayoshi Son to Warren Buffett. Paytm’s Sharma got a huge boost in 2016 after India’s government moved to eliminate most of the nation’s paper money in circulation in a bid to curb corruption. His startup, a pioneer in the country’s nascent field, saw tens of millions of consumers and hundreds of thousands of businesses sign up for digital services in a matter of months.The entrepreneur is now extending his online empire into e-commerce and banking, even as others encroach on his turf. The Indian payments market remains a chaotic field where the rules are hazy on what players can offer, yet its promise has lured a string of competitors including Indian banks, its postal service and its richest man, Mukesh Ambani.Ant Financial, China’s largest provider of internet financial services and one of Paytm’s earliest backers, has said it will continue investing in mobile-payment providers around the world to boost offshore revenue and buttress itself from rising competition and tighter regulation at home.It’s not clear how much SoftBank would contribute, but the Japanese company is going through a rocky stretch. SoftBank’s shares are down about 30% from their peak this year as investors, unnerved by the WeWork turmoil and Uber Technologies Inc.‘s disappointing debut, grow skittish about startup valuations.(Updates to include Discovery Capital as an investor in first paragraph.)\--With assistance from Lulu Yilun Chen and Hema Parmar.To contact the reporter on this story: Saritha Rai in Bangalore at email@example.comTo contact the editors responsible for this story: Arijit Ghosh at firstname.lastname@example.org, ;Sarah Wells at email@example.com, Edwin Chan, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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.
The past trend shows that holiday season shopping euphoria is losing its craze, per Coresight. These retail ETFs may be hit hard if that be the case.
(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 firstname.lastname@example.org;Andrea Navarro in Mexico City at email@example.comTo contact the editors responsible for this story: Mark Milian at firstname.lastname@example.org, Molly Schuetz, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- But why?That’s the question I keep asking as Uber Technologies Inc. makes the case that driving people around cities gives it a leg up on moving physical goods from place to place — restaurant food, freight by truck and groceries.Uber on Friday expanded those efforts by agreeing to buy a majority of Cornershop, which helps supermarkets, pharmacies and food retailers deliver their goods. It had operated mostly in Mexico and Chile before a recent expansion. Walmart Inc. agreed last year to buy Cornershop for $225 million, but Mexican regulators blocked the deal. Uber didn’t disclose its purchase price. Uber’s pitch is that having drivers drop people at work or transport them on date nights gives it an opportunity to also deliver burritos, bananas or movie theater popcorn to people’s homes. (That last one is a real thing, somehow.) Executives have said that restaurant delivery and experiments with other categories such as groceries give Uber couriers more work, particularly outside of the peak demand for car rides. This all sounds nice, until you think about it for more than five seconds.Every time Uber wants to enter a new delivery or logistics category, it needs to strike relationships with a new class of companies. Restaurants are a finicky bunch, and so are grocery store chains or companies that want to ship goods by truck.I have been stunned that Uber executives aren’t pressed to justify the strategic and financial efficiencies among their various businesses. On the consumer side of the equation, I may be more likely to order Uber Eats for dinner or grocery staples if I am used to taking an Uber car ride. But it’s not clear there is overlap on the supply side among ersatz taxi drivers, restaurants, grocery stores and other retailers. Does Uber’s expertise in matching drivers with riders really help the company build or hook into point-of-sale systems for restaurant orders and make sure owners get the support they need? Can it help a grocery store with inventory management, staffing changes or other complexities when adding home delivery to a conventional physical store? Cornershop’s built-up experience in that area won’t go away, but neither is it clear whether Uber’s ownership will help.Nor has Uber ever said whether the people driving passengers around are the same ones picking up restaurant orders or groceries for delivery. For one thing, in many big cities — including many of the ones that Cornershop serves — deliveries of food or groceries are done by motorbike or bicycle because that’s more efficient in traffic-clogged areas. Is that courier on a scooter delivering a sack of bread and milk in Mexico City one minute and then taking someone to the airport the next?And it is difficult to imagine how the particulars of Uber’s model will ever make for an efficient grocery delivery operation compared with what more specialized players will offer. Compare it, for example, with Ocado Group Plc, the British company that has been an early innovator in this space and will soon deploy its technology in the U.S. through a partnership with grocery behemoth Kroger Co.Ocado’s delivery vans are designed for ferrying fresh food efficiently. Vehicles have separate compartments for items that must be kept chilled. Totes are loaded into them in a specific order based on the driver’s route. The heaviest totes are placed in the middle racks within the van, making it easier for the driver to unload than if they had to be pulled down from a high shelf or hoisted off the floor.It defies logic that a fleet of contract workers at the helm of wildly different vehicles will be able to deliver grocery orders as productively. And that matters enormously for the profitability of these orders.The big conundrum for Uber is it must keep expanding, even if it doesn’t work. Growth has significantly slowed in Uber’s core business of rides on demand, which makes it essential for the company to find fresh, higher-growth businesses. (That may explain why Uber shares are trading higher on the Cornershop news.) This was also a company predicated on having a global reach and for which car rides were billed as the start of a sprawling empire to move people or goods in every imaginable way.Sprawl, growth and ambition are how Uber could justify a rapidly increasing valuation up to what investment bankers pitched as a possible valuation of $120 billion in an initial public offering. To put it mildly, Uber has not delivered. The share price has fallen about 33% since the IPO in May, and the stock is even below the level at which Uber sold shares in private transactions nearly five years ago. Ouch. The company has become a poster child for overinflated tech startups.A big reason Uber has been a flop for investors is the company has not made an effective case for its financial viability — even in its most established category of car rides. So it’s odd that Uber would make forays into additional logistically tricky and financially uncertain categories such as groceries without having a better story to tell. \--With assistance from Sarah Halzack.To contact the author of this story: Shira Ovide at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shira Ovide is a Bloomberg Opinion columnist covering technology. She previously was a reporter for the Wall Street Journal.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Carter's (CRI) is witnessing dismal margins and high inventory levels. Nevertheless, the company is on track with its Retail Strategy and omni-channel efforts.
Undoubtedly, the sector's prospects are closely tied to the purchasing power of consumers. Well consumers remain in good shape as of now, courtesy of a solid job market.
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.
Walmart (WMT) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
Keurig (KDP) gains from acquisition and partnership strategy as well as efforts to launch innovative products and enhance supply-chain facilities. This should support growth.
Uber said on Friday it would buy a majority stake in online grocery provider Cornershop as the ride-hailing giant moves to expand its fast-growing delivery service into the grocery store market. Cornershop would continue to operate under its current leadership but would report to a board with majority Uber representation, Uber said in a statement.
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.