Media

6 Most Important Things in Business Today

Douglas A. McIntyre

Published: February 8, 2018 5:03 am

Last Updated: March 13, 2020 3:45 pm

Walmart Inc. (NYSE: WMT) is pressing to sell more products that have price points above $10. According to Reuters:

Walmart Inc is asking vendors to supply it with more merchandise priced at $10 and up, as part of a major push to finally turn a profit at its online business, according to four people with knowledge of the matter.

The new focus at the world’s largest retailer is on dry grocery products such as sauces, soaps and general merchandise items such as toys and home furnishings, the sources said.

Amazon.com Inc. (NASDAQ: AMZN) plans to deliver groceries from its Whole Foods stores. According to The Wall Street Journal:

Amazon.com Inc. said it would start delivering Whole Foods groceries via its fastest delivery option in four markets, marking the first major integration between its e-commerce operations and its new brick-and-mortar grocery chain.

The online retail giant will add Whole Foods to its one- and two-hour delivery option, Prime Now, in the grocer’s hometown of Austin, Texas, as well as Dallas, Virginia Beach, Va. and Cincinnati, Ohio.

Many investors were worried Tesla Inc. (NASDAQ: TSLA) might run low on cash. For the time being, the anxiety is not valid. Tesla offered confirmation of its cash position as it announced earnings. According to Bloomberg:

Tesla Inc. put to rest a chorus of concern that it was going to need to raise more money soon, thanks in part to the salesmanship of its CEO.

The company’s cash balance barely budged last quarter even as it struggled mightily to make Model 3 sedans. Paying customers are supporting Tesla through its production struggle — they’ve put down more than $850 million in deposits for vehicles including the Semi truck and Roadster sports car Musk showed off in November.

BlackRock Inc. (NYSE: BLK) wants to raise billions to invest in companies. According to Bloomberg:

BlackRock Inc., the world’s largest money manager, is seeking to raise more than $10 billion to buy and hold stakes in companies.

BlackRock, which oversees about $6 trillion in assets, is seeking capital from sovereign-wealth funds, pensions and other big investors for an effort named BlackRock Long-Term Private Capital, according to a person familiar with the matter.

The new vehicle would make investments between $500 million to $2 billion on long-term themes like diverging demographics globally, the growing middle class and millennial spending patterns, said the person, who asked not to be named because the information is private. An example of an investment might be a minority stake in a family-owned business.

China’s imports rose sharply last month. According to CNBC:

China reported a 36.9 percent jump in imports and a rise of 11.1 percent in exports — both in dollar terms — for the month of January, the country’s statistics bureau said on Thursday. Both figures beat expectations.

A Reuters economist poll predicted that January imports had grown 9.8 percent from a year ago. They also expected export growth to come in at 9.6 percent.

The board of Wynn Resorts Ltd. (NASDAQ: WYNN) is under pressure because of allegations of sexual harassment by founder Steve Wynn, who left the company. According to CNNMoney:

Steve Wynn is out at Wynn Resorts, but the company he founded and its board of directors are still under scrutiny. Wynn and the company’s nine remaining board members were hit with a shareholder lawsuit on Tuesday afternoon.

The complaint claims the board “knowingly turned a blind eye to allegations of patently egregious misconduct” by Wynn, and that their actions, or lack thereof, constituted “egregious breaches of fiduciary duty.”