Yuan Monino
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Hanesbrands (HBI) is reportedly selling Champion to Authentic Brands. (00:22) Costco (COST) launches weight loss program for members. (01:13) Amazon (AMZN) adds Just Walk Out technology to some grocery stores. (01:54)
This is an abridged transcript of the podcast.
Authentic Brands has agreed to acquire Champion from Hanesbrands (NYSE: HBI) for just over $1B.
according to Women’s Wear Dailythe deal took place last week and is expected to close in late May or early June.
Affected by the report, Hanesbrands (NYSE:HBI) shares fell more than 10% on Tuesday.
Last September, Hanesbrands (HBI) confirmed it would sell the Champion business.
Despite declining sales and fewer collaborations, Champion still attracted the attention of a few suitors. Hanesbrands (HBI) is seeking $1.4B for the company.
WWD cited sources as saying the deal could lead to the loss of thousands of jobs, as Champion would likely outsource much of the manufacturing, design, logistics and operations of the brand’s various components.
Costco Wholesale Co. (Nasdaq: COST) has begun offering a weight loss program to its U.S. members through healthcare marketplace provider Sesame.
The service costs $179 every three months.
Renewable plans include a video consultation with a weight loss doctor or specialist, and a GLP-1 or weight loss prescription if deemed appropriate.
Costco (COST) and Sesame say they are responding to customers interest Offering new weight loss programs.
“Sesame’s unique model not only makes high-quality specialty care such as weight loss more accessible and affordable, but also enables clinicians to develop a care plan that is specific and appropriate for each patient,” said David, CEO of Sesame. Goldhill in an interview.
Shares of Costco (COST) fell 1.4% on Tuesday amid broad market declines. Year to date, retail stocks are up 7.8%.
Amazon (NASDAQ: AMZN) is shelving its “Just Walk Out” technology for its U.S. Fresh stores that allows shoppers to pay and skip checkout lines
Clearly, customers prefer instant access to their receipts and savings.
Amazon’s ( AMZN ) grocery stores will replace grab-and-go technology with Dash Carts, allowing shoppers to track their spending by scanning items while still allowing them to skip checkout lines.
Self-checkout or checkout with a cashier options are still available.
Of the 44 Amazon (AMZN) grocery stores in the United States, 27 use “Just Walk Out” which relies on cameras and shelf sensors.
The technology will remain in Amazon (AMZN) Go stores and some Fresh stores in the UK, and will also be available to some third-party retailers.
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In our Catalyst Watch today,
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The 2024 Sohn Investment Conference will be held in New York. In the past, the meeting has caused share prices to rise for some stocks following hedge fund pitches.
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Walt Disney (DIS) is set to hold its annual meeting amid a battle over board representation. Activist investor Nelson Peltz and his Trian Group nominated two director candidates — Peltz and former Disney CFO Jay Rasulo — while Blackwell Capital nominated three Director candidates.
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Dick’s Sporting Goods (DKS) management will participate in a fireside chat at JPMorgan Chase’s 10th annual Retail Wrap-Up.
U.S. stocks ended lower on Tuesday.
The Dow Jones Industrial Average (DJI) was the biggest loser among the three major stock indexes, down 1.00%. The Nasdaq (COMP:IND) fell 0.95% and the S&P 500 (SP500) fell 0.72%.
Of the 11 S&P sectors, 8 posted losses.
Now let’s take a look at market conditions as of 6am. The Dow, S&P and Nasdaq futures were all in the red before today’s opening bell. Crude oil prices were flat above $85 a barrel. Bitcoin rose 0.6% to above $66,000.
In global markets, the FTSE 100 fell 0.3% and the DAX gained 0.4%.
The day’s biggest premarket gainer: Intel (NASDAQ:INTC) fell 5.2% after the semiconductor giant revealed that its foundry business will have revenue of $18.9B and operating loss of $7B in 2023, up from a sales loss of $5.2B in 2022. Sales loss was $27.5B.
Today’s economic calendar:
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9:45 Fed’s Michelle Bowman will speak at a roundtable in Washington, D.C., on “Bank Liquidity, Supervision, and the Fed’s Role as Lender of Last Resort”
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10:00 ISM Service Index
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12:10 PM Jerome Powell will speak on the economic outlook at a forum in California.
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1:10 p.m. Fed’s Michael Barr to speak on the Community Reinvestment Act at the 2024 Just Economy Conference in Washington, D.C.
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4:30 PM The Fed’s Adriana Kugler will speak on the outlook for the U.S. economy and monetary policy in St. Louis, Missouri.
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OPEC meeting
