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Walmart reports strong 4Q sales, announces some wage hikes
New York (AFP) - Walmart reported another round of strong sales Thursday amid the coronavirus pandemic as it announced significant investments in higher employee wages and technology for growing e-commerce demand. The retail giant, which has become a one-stop shop for many consumers during the pandemic, said the new investments will bolster delivery and curbside pickup programs connected to e-commerce and lift wages for some 425,000 US workers. But shares fell sharply on the announcements, which included a disappointing fourth-quarter loss and a forecast for slower US sales growth and slightly...
AFP
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Walmart reports strong 4Q sales, announces some wage hikes
New York (AFP) - Walmart reported another round of strong sales Thursday amid the coronavirus pandemic as it announced significant investments on higher employee wages and technology for growing e-commerce demand. The retail giant, which has become a one-stop shop for many consumers during the pandemic, said the new investments will bolster delivery and curbside pickup programs connected to e-commerce and lift wages for some 425,000 US workers. Shares fell sharply on the announcements, which included a forecast for slower US sales growth and slightly lower profits in the coming year. "Our busi...
AFP
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TikTok Sale To Walmart, Oracle On Hold Indefinitely
TikTok’s sale to Walmart and Oracle has reportedly been put on hold indefinitely. The Trump administration tried to force the sale of TikTok’s U.S. operations to a group that includes Walmart and Oracle. However, sources told The Wall Street Journal that President Joe Biden is reviewing his predecessor’s push to address possible security risks posed by Chinese tech firms. Q4 2020 hedge fund letters, conferences and more TikTok sale to Walmart and Oracle on holdThe TikTok sale was driven by former President Donald Trump, who threatened to ban the video app. However, legal challenges from owner ...
ValueWalk
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3 Top-Performing Technology Stocks For 2021
One of my favorite reads to start off a new year is Byron Wien’s list of 10 surprises, which he’s published for 36 years. Q4 2020 hedge fund letters, conferences and more While I could spend an entire article debating each point in his 2021 list, today I want to tackle the last part of No. 8: "The equity market broadens out. Stocks beyond healthcare and technology participate in the rise in prices… "Big cap tech… stocks are laggards for the year." Big techs lagging the broad markets this year would indeed be a surprise. But I'm making the opposite bet—that tech will be the year's top-performin...
ValueWalk
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Why Tech Will Be 2021’s Top-Performing Sector
Investors might have thought they’d seen it all in 2020. But the stock market action was merely a preview of what’s to come in 2021. Q3 2020 hedge fund letters, conferences and more Just to take a quick look back, the market gave everyone a scare in 2020 when it bottomed in March. But then the S&P 500 surged 67% between March 23 and year-end. Certain stocks like Tesla (TSLA), Zoom (ZM) and Moderna (MRNA) performed even better, soaring by triple-digits. And now, we are going from one "year like no other" to another. Here's what I expect the new year will bring for investors… Stock Market Predic...
ValueWalk
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US sues Walmart over opioid crisis
New York (AFP) - The US Justice Department sued Walmart over its role in the opioid crisis on Tuesday, alleging the giant retailer wrongly filled prescriptions and worsened a public health disaster. The suit accuses Walmart of irresponsible handling of orders, filling thousands of "invalid" prescriptions and ignoring red flags about problem orders as it sacrificed public health in a drive to boost sales. Authorities could seek up to billions of dollars in penalties in the litigation that followed a multi-year investigation, the Justice Department said in a press release. "As one of the largest...
AFP
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Walmart reports strong US sales as it retreats from some overseas markets
New York (AFP) - Walmart scored another round of strong earnings Tuesday as it sharpens its focus on e-commerce growth and retreats from some overseas markets with the coronavirus roiling the retail economy.The world's biggest retailer enjoyed another quarter of lofty US sales, although the gains moderated from earlier in the pandemic when rival "non-essential" retailers were closed and shoppers boosted by US government stimulus funds.Executives said the pandemic had hastened shifts towards "omnichannel" retail that meets the needs of consumers who want to shop at home or retrieve packages at ...
AFP
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Walmart scores another strong quarter amid coronavirus upheaval
New York (AFP) - Walmart reported another strong quarter Tuesday, pivoting during the coronavirus pandemic, with more consumers shifting to e-commerce and shopping less frequently but with bigger orders.Net income came in at $5.1 billion, up 56.2 percent from the year-ago period, following a 5.2 percent increase in sales to $134.7 billion in the quarter ending October 31, easily topping analyst estimates. Walmart has emerged as a winner during the disruption of Covid-19, notching huge sales during the spring lockdowns when it kept selling while "non-essential" stores were shuttered and strengt...
AFP
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Walmart to end experiment with robots in US stores
New York (AFP) - Walmart has pulled the plug on a program to use robots to scan items in stores and help maintain inventory, a company spokeswoman said Tuesday.The retail giant had worked with Bossa Nova Robotics for five years employing elongated robots that take readings on inventory and utilize artificial intelligence to predict product movement and inventory needs.Walmart had announced earlier this year plans to employ the robots in around 1,000 of its 4,700 US stores.But the company reversed course after bringing the machines into around 500 stores, Walmart said."We've worked with Bossa N...
AFP
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In reversal, Walmart will keep guns in shopping areas
New York (AFP) - Walmart reversed course Friday and said it would keep guns in shopping areas, quickly shifting away from a plan to keep firearms away from customers.The retail giant had announced Thursday it would still sell guns and ammunition, but would not display them in retail spaces, citing unrest in Philadelphia this week. Some observers had also seen the move as an indicator of worry ahead of next week's US presidential election.The world's largest store chain performed a 180-degree turn on Friday."After civil unrest earlier this week resulted in damage to several of our stores, consi...
AFP
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