Let’s go Krogering…
Kroger announced it will partner with internet giant Alibaba to sell its products in China. The grocery giant will test an online store geared to Chinese consumers which will offer products from its organic and natural line, Simple Truth. The move will give Kroger access to more than half a billion Chinese consumers. Since its launch five years ago, Simple Truth is now Kroger’s second-largest brand in the retailer’s stores, and now accounts for more than $2 billion in annual sales. Cincinnati-based Kroger, which operates around 2,800 stores in roughly three dozen states and had sales of $122.7 billion in 2017.
Your In Trouble…
Federal regulators have subpoenaed Tesla, ramping up its investigation into tweet’s Chief Executive Elon Musk made last week saying he was taking Tesla private and had secured funding. The subpoena, issued by the Securities and Exchange Commission, seeks information from each of the electric car maker’s directors. What information is being sought is not clear. The subpoena indicates senior SEC officials has opened a formal investigation. The SEC opens investigations when it thinks a violation of the law has occurred and that a probe is justified given the nature of the suspected misconduct and the potential harm to investors. Under U.S. laws, companies and corporate officers can not give shareholders misleading about company events.
Asia: Asian markets closed mostly down despite reports China and the U.S are starting to engage in trade talks.
Europe: European shares closed lower as the crisis in Turkey damped investor sentiment.
U.S: U.S. stocks fell on Wednesday after corporate earnings dampened. Investor sentiment. DJIA: -137.51 25162.41 NASDAQ: -96.78 7774.12 S&P: -21.59 2818.37
Word of the Day:
An agreement that gives an investor the right, but not the obligation, to buy a stock, bond, commodity or other instrument at a specified price within a specific time period.
Dinner or drink:
1 oz. absinthe herbal liqueur
2 oz. Pernod® licorice liqueur
2 oz. Sambuca
2 oz. vodka
Pour into shot glass and stir with spoon before quickly downing the whole thing.