Amazon Inc acquired Ring, maker of video doorbells, in a deal valued at more than $1 billion. The acquisition, believed to be Amazon’s second largest after Whole foods, is the latest in a string of moves that strings of moves that signals the company’s eagerness to enter a staggering variety of markets. This latest deal plays to Amazon’s efforts to control the devices that power smart homes, an area which it is becoming a powerhouse in. Certain Ring doorbells and cameras already connect to Amazon’s virtual assistant Alexa.
Walmart announced it will launch four new private apparel brands, including its first kids line. The four new lines, which debut Thursday, include lines for women, men, children, and plus size. According to the company the new lines are part its strategy to meet the needs of its customers. Walmart became the world’s largest retailer by appealing to the masses with a wide array of products offered at low prices, and clothing is already one of its prime categories. But the discount retailer has fallen below its competitors like Target, who has popular private brands like Cat & Jack and its Instagram-friendly collaborations with fashionista such as Victoria Beckham.
Asia: Asian shares closed down on Wednesday as investors absorbed lower than expected economic data from China and Federal Reserve head Powell’s comments on Tuesday.
Europe: European markets finished lower on Tuesday as investors waded through the latest corporate news while keeping an eye on Federal Reserve Chairman Jerome Powell’s testimony.
U.S: U.S markets closed down on Tuesday after new Federal Reserve Chairman Powell indicated the Fed is ready to continue raising rates this year and may even pick up the pace. DJIA: -299.24 25,410.03 Nasdaq: -91.11 7,330.35 S&P: -35.32 2,744.28
Word of The Day:
The removal of a listed security from an exchange. Removal of the stock can be either voluntary or involuntary, if the company is not in compliance with the listing requirements of the exchange.
Dinner or Drink:
- 2 parts Tequila
- 1/4 part Agave Nectar
- 2 dashes Orange Bitters
- Garnish with Orange Peel
Combine all ingredients in mixing glass. Stir well. Pour over ice in a rocks glass. Garnish with orange peel.
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