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This basket consists of brick and mortar who have lost considerable market share to online competition.
A billionaire short-seller called for Elon Musk to step down amid a fight with Walmart over Tesla's solar panels.
Stocks were mixed Thursday after the closely watched spread between the yield on the U.S. 10-year bond and 2-year note turned negative yet again. Investors parsed through Fed commentary suggesting a rate cut may not necessarily be the central bank’s next move.
The U.S. National Retail Federation (NRF) said on Friday it is "unrealistic" for American retailers to move out of China, the world's second-largest economy, as 95% of the world's consumers live outside the United States. "Our presence in China allows us to reach Chinese customers and develop overseas markets," NRF Senior Vice President for Government Relations David French said in a statement. Earlier, President Donald Trump said he has ordered American companies to exit China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods.
(Bloomberg) -- Amazon.com Inc. struck a deal that gives it the right to eventually buy a stake in India’s Future Retail Ltd., as the U.S. giant seeks to bolster its presence in one of the world’s fastest-growing retail markets.Amazon.Com NV Investment Holdings LLC agreed to buy 49% of Future Coupons Ltd., Future Retail said in a filing Thursday. The deal gives Amazon the option to buy all or part of Future Coupons’ shareholding in Future Retail, though that won’t be exercisable until between three and 10 years.The terms of the agreement weren’t disclosed. The Indian company said earlier this month that Future Coupons held warrants that would give it a 7.3% stake in the listed entity.People familiar with the matter said last week that Amazon was in late-stage talks to acquire as much as 10% of Future Retail, with the Indian company seeking a valuation of about 20 billion rupees ($278 million) for the stake.“Amazon has agreed to invest in Future Coupons Limited, which is engaged in developing innovative value-added payment products and solutions such as corporate gift cards, loyalty cards, and reward cards primarily for corporate and institutional customers,” the Seattle-based company said in an emailed response to Bloomberg. “This investment will enhance Amazon’s existing portfolio of investments in the payments landscape in India.”Shares of Future Retail fell 4.6% in Mumbai on Friday while the main S&P BSE Sensex index gained.Amazon’s AmbitionsThe link-up with India’s No. 2 retailer by revenue underscores Amazon’s ambitions in the country, after losing ground in China. India’s modern retail market will more than double to $188 billion by 2023 from $79 billion last year, according to consultant Technopak Advisors.Amazon is in a battle for India’s consumers with rival Walmart Inc., which spent $16 billion last year to acquire e-tailer Flipkart, and the e-commerce venture of Mukesh Ambani, Asia’s richest man, that plans to combine online and offline retail formats in India.Amazon has been acquiring small stakes in other Indian brick-and-mortar chains in the past few years, such as Shoppers Stop Ltd. and a grocery chain from the Aditya Birla Group.Mumbai-based Future Retail operates more than 2,000 stores across 400 Indian cities, including the “Big Bazaar” stores that are designed to appeal to value-conscious urban consumers.The deal with Amazon will help the Indian retailer adapt better in the highly competitive sector, local brokerage Edelweiss Securities Ltd. said in a note on Friday.“Players opting for omni-channel platform will ace the game,” Edelweiss said, adding that it was essential for Future Retail “to join hands with a global player to bolster it financially as well as technologically.”(Adds Amazon response)\--With assistance from P R Sanjai and Saritha Rai.To contact the reporter on this story: Angus Whitley in Sydney at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Jeff Sutherland, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In a joint statement, Walmart and Tesla said they “look forward to addressing all issues” raised in Walmart’s civil suit Tuesday.
Greenlight Capital’s (GLRE) David Einhorn has called for Elon Musk to resign from Tesla (TSLA) in the wake of Walmart's solar panel fire lawsuit.
(Bloomberg) -- It only took 12 hours for hedge fund investor David Einhorn, a well-known Tesla Inc. critic, to wade into the controversy over the company’s solar systems.He called on Tesla Chief Executive Officer Elon Musk to resign after a Business Insider report overnight showed the company tried to replace faulty parts in its rooftop solar panel systems as part of an effort known as Project Titan. Earlier this week, Walmart Inc. sued Tesla, saying panels that the company’s energy unit installed caught fire on at least seven of its stores.“How many solar panels are still defective and could cause fires?” Einhorn said in a tweet Friday. “A recall should have happened long ago.”Tesla has proactively implemented a “remediation effort” to limit the impact a part known as a connector may have had, it said in an emailed statement. The company is unaware of any equipment manufacturer or regulator which has determined that substantial hazards exist. Over the past year, less than 1% of sites with such connectors have exhibited abnormal behavior, it said.Its efforts include “replacing any faulty H4 connector at sites or adding failure detection hardware, and issuing a software update to ensure systems are turned off in case of failure,” Tesla said.Einhorn’s tweet isn’t all that surprising given his short position in the company and how much his fund has profited from it. In April, he said “the wheels are falling off” for Tesla and has blasted the company’s electric-car business too.Late Thursday, Walmart said it and Tesla are in discussions to address the solar-system issue.(Updates with Tesla comment in fourth paragraph.)To contact the reporter on this story: Brian Eckhouse in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Pratish Narayanan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.