Dow futures sharply lower after weak data

U.S. stock index futures were lower on Friday morning on the back of weaker-than-expected retail data. ET, Dow Jones Industrial Average futures fell 99, indicating a negative open of more than 115 points. Futures on the S&P and Nasdaq were also seen slightly lower. Trump is due to speak in the White House Rose Garden at 10 a.m. ET on what the White House called the “national security and humanitarian crisis on our southern border.”


U.S. stock index futures were lower on Friday morning on the back of weaker-than-expected retail data. ET, Dow Jones Industrial Average futures fell 99, indicating a negative open of more than 115 points. Futures on the S&P and Nasdaq were also seen slightly lower. Trump is due to speak in the White House Rose Garden at 10 a.m. ET on what the White House called the “national security and humanitarian crisis on our southern border.”
Dow futures sharply lower after weak data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: silvia amaro
Keywords: news, cnbc, companies, wall, dow, weak, house, president, data, sharply, et, futures, trade, national, retail, morning, white, lower


Dow futures sharply lower after weak data

U.S. stock index futures were lower on Friday morning on the back of weaker-than-expected retail data.

At around 2:30 a.m. ET, Dow Jones Industrial Average futures fell 99, indicating a negative open of more than 115 points. Futures on the S&P and Nasdaq were also seen slightly lower.

On Thursday, U.S. retail sales data showed a contraction of 1.2 percent in December – the biggest monthly fall since September of 2009. As a result, Wall Street ended the day lower.

In the meantime, investors continue to follow news of U.S.-China trade talks. According to the South China Morning Post, Chinese President Xi Jinping will meet with U.S. delegates on Friday, including Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer.

Politics remains the focus after the White House said Thursday that President Trump is signing legislation that prevents a government shutdown, while also declaring a national emergency to try to build a wall on the border with Mexico.

Trump is due to speak in the White House Rose Garden at 10 a.m. ET on what the White House called the “national security and humanitarian crisis on our southern border.”

On the earnings front Allianz, Deere and PepsiCo are among the major companies expected to report their latest quarterly results before the opening bell.

There is also a raft of data due. There will be industrial production numbers out at 9.15 a.m. ET and consumer sentiment out at 10 a.m. ET.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: silvia amaro
Keywords: news, cnbc, companies, wall, dow, weak, house, president, data, sharply, et, futures, trade, national, retail, morning, white, lower


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The Fed could move markets this week when it tells us what it was thinking at the January meeting

The Fed calmed the markets in late January when it said it could stop raising interest rates, but investors are watching the release of its meeting minutes for any sign the Fed could veer off its easy path. “It’s hard to imagine the Fed sounding as dovish in the minutes, as [Fed Chair Jerome] Powell sounded in the briefing . In what felt like an about face from its December meeting, Powell also emphasized that the Fed would be flexible with its balance sheet. Stocks were higher in the past week,


The Fed calmed the markets in late January when it said it could stop raising interest rates, but investors are watching the release of its meeting minutes for any sign the Fed could veer off its easy path. “It’s hard to imagine the Fed sounding as dovish in the minutes, as [Fed Chair Jerome] Powell sounded in the briefing . In what felt like an about face from its December meeting, Powell also emphasized that the Fed would be flexible with its balance sheet. Stocks were higher in the past week,
The Fed could move markets this week when it tells us what it was thinking at the January meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: patti domm, yuri gripas
Keywords: news, cnbc, companies, market, meeting, retail, coming, tells, minutes, week, fed, sales, sheet, balance, markets, thinking


The Fed could move markets this week when it tells us what it was thinking at the January meeting

The Fed calmed the markets in late January when it said it could stop raising interest rates, but investors are watching the release of its meeting minutes for any sign the Fed could veer off its easy path.

“It’s hard to imagine the Fed sounding as dovish in the minutes, as [Fed Chair Jerome] Powell sounded in the briefing . We do think the minutes will be bearish. As far as the general tenor, it’s hard to see it more dovish than it was on Jan. 30,” said Michael Schumacher, director strategy at Wells Fargo.

The Fed, at that meeting, held rates steady and emphasized it could pause in its rate hiking cycle. In what felt like an about face from its December meeting, Powell also emphasized that the Fed would be flexible with its balance sheet. The Fed releases the minutes of its meeting Wednesday afternoon.

Positive comments on trade talks between U.S. and Chinese officials, and a commitment to continue talks in the coming week helped boost stocks Friday and could continue to support the market in the week ahead. Investors were also watching for more information on a Commerce Department report, which could be viewed as a market negative if it recommended tariffs on European automobiles. The president has 90 days from this weekend to act on the report.

Stocks were higher in the past week, even with Thursday’s sell off on stunningly weak December retail sales data. The S&P 500 was up 2.5 percent to 2,775, and the Dow was at 25,883, up 3 percent for the week.

After December retail sales slumped 1.7 percent, Walmart earnings on Tuesday will be even more important. The retail sales data was contrary to other reports from retailers and others that showed solid holiday sales, so Walmart’s comments about what it is seeing now as well as during the end of the fourth quarter will be important.

“We’re going to watch them very closely, and that’s because of the retail sales number. The government shutdown, plus the market going down, everyone talking about a recession coming. Did people cut back spending a little bit? Was it real?” said Vinay Pande, head of trading strategies at UBS Global Wealth Management.

Walmart’s comparable store sales in the fourth quarter were expected to be up about 3 percent, and its earnings per share are expected to be flat at $1.33, according to FactSet.

Economists cut their expectations for fourth quarter growth to under 2.5 percent after the retail sales number, which was viewed as suspect by some. Goldman Sachs economists called the report an outlier, and said that as much of 1 percentage point of the drop is unexplained.

“Some special factors likely contributed to the fall in core retail sales, including an early Thanksgiving, the December stock-market sell-off, and the start of the government shutdown,” it said.

So the coming week’s data will also be important, including weekly jobless claims Thursday, which were higher for a third week this past week. The concern is that rising claims could be an early warning sign of a slowdown in the labor market.

“Unemployment claims are rising, at the same time employment growth and income growth are not suggesting this is the case,” said Pande.

Data on home builder sentiment comes out Tuesday morning, and existing home sales and unemployment claims Thursday.

Pande said the market broke out in the past week from a sideways trade it fell into earlier in the month. “Until last week, we just went back to the status quo of November,” he said, adding the sell off in December was way overdone. The market has been at an impasse between the lift from value, and the drag from what he called the idiosyncratic risks, like trade, the shutdown threat and other geopolitical risk.

“I think the balance shifted a bit. The bad news on the idiosyncratic front is being overwhelmed by the less bad,” Pande said.

Pande said there’s a risk that investors will read the Fed’s minutes in the coming week a little more hawkish than it intends.

There could be discussion in the minutes about the balance sheet unwind, which some traders fear has been making markets less liquid.

At the Jan. 30 meeting and before, Powell had backtracked on a comment he made after the December meeting that the unwind was on “autopilot.”

“It’s not a gigantic concession to say I’m flexible. This QT was going to end at any rate at the end of the year,” said Pande, adding “we could misinterpret the minutes.”

Schumacher said the bond market will be looking for details on which securities the Fed might be rolling off of its balance sheet and which it will be replacing with new purchases, as their holdings mature.

“We think potentially the biggest move in the bond market as far as the minutes go is the composition of the balance sheet. It’s not so much the equilibrium number, or when the Fed gets there…There’s been talk that the Fed should shorten the duration of its Treasurys. That should mean a steeper curve and higher long term yields,” Schumacher said. If the Fed does signal it wants to hold shorter-duration securities, yields on the 10-year and 30-year bond could rise.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: patti domm, yuri gripas
Keywords: news, cnbc, companies, market, meeting, retail, coming, tells, minutes, week, fed, sales, sheet, balance, markets, thinking


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Hasbro is betting it can survive without Toys R Us with help from Fortnite and Facebook

Hasbro has been hit hard by the bankruptcy and closure of toy retailer Toys R Us. Before its bankruptcy filing, Toys R Us was Hasbro’s third largest customer in the U.S. and its second largest customer in Europe and Asia. So, Hasbro and rival toy maker Mattel had to scramble to find new retail locations for their products in the wake of Toys R Us’ disappearance from the market. Since it was announced that Toys R Us would no longer be a major player in Hasbro’s distribution plans, the company has


Hasbro has been hit hard by the bankruptcy and closure of toy retailer Toys R Us. Before its bankruptcy filing, Toys R Us was Hasbro’s third largest customer in the U.S. and its second largest customer in Europe and Asia. So, Hasbro and rival toy maker Mattel had to scramble to find new retail locations for their products in the wake of Toys R Us’ disappearance from the market. Since it was announced that Toys R Us would no longer be a major player in Hasbro’s distribution plans, the company has
Hasbro is betting it can survive without Toys R Us with help from Fortnite and Facebook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: sarah whitten, adam jeffery
Keywords: news, cnbc, companies, company, betting, retail, survive, hasbros, help, toys, hasbro, facebook, bankruptcy, largest, customer, fortnite, toy


Hasbro is betting it can survive without Toys R Us with help from Fortnite and Facebook

Hasbro has been hit hard by the bankruptcy and closure of toy retailer Toys R Us.

Before its bankruptcy filing, Toys R Us was Hasbro’s third largest customer in the U.S. and its second largest customer in Europe and Asia. So, Hasbro and rival toy maker Mattel had to scramble to find new retail locations for their products in the wake of Toys R Us’ disappearance from the market.

While several retailers, including Target, Walmart, and even drugstores, expanded their toy sections this past holiday season, there were still far fewer shelves showcasing toys in 2018 than in previous years. The loss of shelf space appeared to disproportionately affect Hasbro, especially during the holidays.

In the fourth quarter ended Dec. 31, revenue fell 13 percent to $1.39 billion from $1.6 billion a year earlier.

“2018 was a very disruptive year, driven by the bankruptcy and liquidation of Toys R Us across most of the world and a rapidly shifting consumer and retail landscape,” CEO Brian Goldner said in a statement last week.

Since it was announced that Toys R Us would no longer be a major player in Hasbro’s distribution plans, the company has been introducing new strategies to right its sales. The company has been working on capitalizing on alternative ways of shopping outside of traditional brick and mortar stores and keying in to trends within the industry, like launching lines of toys based on the popular game Fortnite, executives said at an investor event on Friday.

With these changes, Hasbro hopes to return to the same profitability levels it achieved in 2017, the year before Toys R Us closed, by 2020.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: sarah whitten, adam jeffery
Keywords: news, cnbc, companies, company, betting, retail, survive, hasbros, help, toys, hasbro, facebook, bankruptcy, largest, customer, fortnite, toy


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Economists slash growth for fourth quarter after big retail sales drop

Economists slashed fourth-quarter GDP forecasts Thursday, and now see growth closer to 2 percent than 3 percent, after a surprise drop in December retail sales. According to the CNBC/Moody’s Analytics Rapid Update, economists in the survey see growth tracking at a median 2.4 percent pace, down 0.7 percentage points. December’s retail sales fell 1.2 percent, compared to an expected gain of 0.2 percent. Last week, a narrowing of the trade deficit prompted economists to move up their forecasts, clo


Economists slashed fourth-quarter GDP forecasts Thursday, and now see growth closer to 2 percent than 3 percent, after a surprise drop in December retail sales. According to the CNBC/Moody’s Analytics Rapid Update, economists in the survey see growth tracking at a median 2.4 percent pace, down 0.7 percentage points. December’s retail sales fell 1.2 percent, compared to an expected gain of 0.2 percent. Last week, a narrowing of the trade deficit prompted economists to move up their forecasts, clo
Economists slash growth for fourth quarter after big retail sales drop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: patti domm, timothy fadek, bloomberg, getty images
Keywords: news, cnbc, companies, retail, fourth, slash, growth, drop, morgan, big, forecasts, quarter, sales, economists, closer, pace, slashed, median


Economists slash growth for fourth quarter after big retail sales drop

Economists slashed fourth-quarter GDP forecasts Thursday, and now see growth closer to 2 percent than 3 percent, after a surprise drop in December retail sales.

According to the CNBC/Moody’s Analytics Rapid Update, economists in the survey see growth tracking at a median 2.4 percent pace, down 0.7 percentage points.

December’s retail sales fell 1.2 percent, compared to an expected gain of 0.2 percent. Economists said the report, delayed by the government shutdown, was suspect since it was not consistent with other economic data, like strong December and January job gains.

“The most plausible economic explanation is that long-dormant wealth effects came back with a vengeance, and consumers slashed their holiday purchases when they saw their 401(k)’s going down the drain,” JP Morgan economists wrote. “At any rate, retailers subsequently added an above-trend 21,000 jobs in January (and private employers overall added 296,000 jobs), so it’s hard to see how that lines up with the December retail sales being the leading edge of more widespread weakness,”

JP Morgan cut its Q4 growth forecast to 2 percent from 2.6 percent.

Mark Zandi, chief economist at Moody’s Analytics said it is important to note that some economists have not yet updated GDP forecasts, and of those who have, the median is 2.2 percent. Last week, a narrowing of the trade deficit prompted economists to move up their forecasts, closer to 3 percent.

The 2.4 percent pace is closer to the trend prior to the tax cuts that took affect last year and gave a boost to growth.

Economists expect a 2 percent growth pace for the first quarter.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: patti domm, timothy fadek, bloomberg, getty images
Keywords: news, cnbc, companies, retail, fourth, slash, growth, drop, morgan, big, forecasts, quarter, sales, economists, closer, pace, slashed, median


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Another wave of retail store closures coming. ‘No light at the end of the tunnel’

Another wave of store closures is expected to hit shopping centers and malls this year with “no light at the end of the tunnel,” according to a new research report. Retailers have already announced 2,187 new store closures since Jan. 1, including Gymboree, J.C. Penney, Charlotte Russe and Ann Taylor parent company Ascena Retail, according to Coresight Research. That’s up 23 percent from the number of announcements documented at the same time last year, the market research group said. Already thi


Another wave of store closures is expected to hit shopping centers and malls this year with “no light at the end of the tunnel,” according to a new research report. Retailers have already announced 2,187 new store closures since Jan. 1, including Gymboree, J.C. Penney, Charlotte Russe and Ann Taylor parent company Ascena Retail, according to Coresight Research. That’s up 23 percent from the number of announcements documented at the same time last year, the market research group said. Already thi
Another wave of retail store closures coming. ‘No light at the end of the tunnel’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: lauren thomas, robert barnes, getty images
Keywords: news, cnbc, companies, tunnel, retail, announced, expected, closures, group, thing, light, coresight, wave, coming, retailers, store, research, end


Another wave of retail store closures coming. 'No light at the end of the tunnel'

Another wave of store closures is expected to hit shopping centers and malls this year with “no light at the end of the tunnel,” according to a new research report.

Retailers have already announced 2,187 new store closures since Jan. 1, including Gymboree, J.C. Penney, Charlotte Russe and Ann Taylor parent company Ascena Retail, according to Coresight Research. That’s up 23 percent from the number of announcements documented at the same time last year, the market research group said. And there’s “potentially many more on the way due to companies currently in the bankruptcy process and more on the horizon.”

In 2018, Coresight tracked 5,524 store closure announcements in the U.S., which was down more than 30 percent from a record 8,139 closures announced in 2017. David Simon, CEO of the largest mall operator in the U.S., Simon Property Group, recently said the pace of store closures was slowing, but he expected more in 2019, with a handful of private equity-backed retailers on his so-called watch list.

Analysts say the U.S. is still “over-stored,” especially when compared with other countries. As more purchases are happening online, there’s less of a need for so much retail real estate. And the retailers that are still opening new locations are thinking much smaller.

Already this year, Coresight said retailers have announced 1,411 store openings (offsetting about 65 percent of store closures), largely stemming from dollar and discount chains.

Department store chains and specialty apparel retailers, meanwhile, are the two categories within retail still expected to shrink. But not everyone views store closures as bad news.

“You don’t always look at store closures as a negative thing,” said Brandon Famous, senior managing director of the retail advisory group at commercial real estate services firm CBRE. “That doesn’t always dictate consumer sentiment. All the numbers point up,” he added, referring to the industry forecasts for retail sales growth in 2019.

“With any vacant department store, an owner has the opportunity to increase their rent, to reinvigorate or reinvent the space,” Famous said. “In many cases a landlord looks forward to the opportunity of getting that space back. In many cases it will be a positive thing.”


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: lauren thomas, robert barnes, getty images
Keywords: news, cnbc, companies, tunnel, retail, announced, expected, closures, group, thing, light, coresight, wave, coming, retailers, store, research, end


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Amazon’s cloud competitors keep hammering home the same message: We won’t compete with you

Julia White, corporate vice president of marketing for Microsoft’s Azure cloud, said in response to one audience member’s question. Thomas Kurian, the new CEO of Alphabet’s Google Cloud business, also touched on the subject in his inaugural pitch on Tuesday. “Google is very clear that we’re here to enable partners, we’re not here to compete with partners,” Kurian said. In his presentation he pointed to several retail customers, including Best Buy, Home Depot, Metro Group and Target. AWS does hav


Julia White, corporate vice president of marketing for Microsoft’s Azure cloud, said in response to one audience member’s question. Thomas Kurian, the new CEO of Alphabet’s Google Cloud business, also touched on the subject in his inaugural pitch on Tuesday. “Google is very clear that we’re here to enable partners, we’re not here to compete with partners,” Kurian said. In his presentation he pointed to several retail customers, including Best Buy, Home Depot, Metro Group and Target. AWS does hav
Amazon’s cloud competitors keep hammering home the same message: We won’t compete with you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: jordan novet, reuters robert galbraith
Keywords: news, cnbc, companies, amazons, microsoft, white, hammering, compete, retail, amazon, wont, cloud, competitors, health, customers, message, google, partners, companies


Amazon's cloud competitors keep hammering home the same message: We won't compete with you

Executives from Microsoft and Google, Amazon’s two top rivals in the cloud business, both hit on a key theme in their presentations at a financial event on Tuesday: They’re not going to compete with their own customers.

The notion isn’t theoretical. As Amazon has grown and expanded, it has introduced products that can be used as an alternative to what some of its own business partners offer.

And after Amazon went beyond its traditional role of e-commerce heavyweight and became more active in brick-and-mortar retail through its Whole Foods acquisition, some other retailers, like Albertsons and Walgreens, have announced cloud deals with Microsoft.

Executives at Google and Microsoft have previously said that they don’t aim to become competitive with the companies that give them revenue. But at the Goldman Sachs Technology and Internet Conference in San Francisco, representatives from both companies emphasized that point.

“I’ll tell you what I’m seeing and see if that answers your question, perhaps is, I would say things like retailers and financial services companies now and, now into health care — seeing Amazon go into those businesses and saying, ‘Gosh, am I going to give money to people who are now competing with me?'” Julia White, corporate vice president of marketing for Microsoft’s Azure cloud, said in response to one audience member’s question.

Data is a bigger issue — businesses probably don’t want to share it with a competitor, which is why companies like Kroger, Walgreens and Gap are moving to Microsoft Azure, White said.

“We’re not going to turn around and compete with our customers. And that’s obviously a big, big theme that we hear about of the market as well in terms of overall trusting Microsoft as a partner,” she said.

Thomas Kurian, the new CEO of Alphabet’s Google Cloud business, also touched on the subject in his inaugural pitch on Tuesday.

“Google is very clear that we’re here to enable partners, we’re not here to compete with partners,” Kurian said. In his presentation he pointed to several retail customers, including Best Buy, Home Depot, Metro Group and Target.

AWS does have retail customers, as well as financial services and health care customers. The company has previously said that “there are times when there is some degree of overlap with what our customers offer, but most of these market segments are quite large and support several successful entries.”

But now Google and Microsoft are both actively focusing on key sectors where Amazon is active — not just retail, but also health care, following Amazon’s acquisition of online pharmacy PillPack and its health venture with Berkshire Hathaway and J.P. Morgan Chase.

“The partner meetings I had this morning were like, ‘Hey, I used to work with AWS, but now I don’t. I worry they’re competing with me,'” White said.

Watch: AWS CEO Andy Jassy talks competition and innovation


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: jordan novet, reuters robert galbraith
Keywords: news, cnbc, companies, amazons, microsoft, white, hammering, compete, retail, amazon, wont, cloud, competitors, health, customers, message, google, partners, companies


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Amazon’s cloud competitors keep hammering home the same message: We won’t compete with you

Julia White, corporate vice president of marketing for Microsoft’s Azure cloud, said in response to one audience member’s question. Thomas Kurian, the new CEO of Alphabet’s Google Cloud business, also touched on the subject in his inaugural pitch on Tuesday. “Google is very clear that we’re here to enable partners, we’re not here to compete with partners,” Kurian said. In his presentation he pointed to several retail customers, including Best Buy, Home Depot, Metro Group and Target. AWS does hav


Julia White, corporate vice president of marketing for Microsoft’s Azure cloud, said in response to one audience member’s question. Thomas Kurian, the new CEO of Alphabet’s Google Cloud business, also touched on the subject in his inaugural pitch on Tuesday. “Google is very clear that we’re here to enable partners, we’re not here to compete with partners,” Kurian said. In his presentation he pointed to several retail customers, including Best Buy, Home Depot, Metro Group and Target. AWS does hav
Amazon’s cloud competitors keep hammering home the same message: We won’t compete with you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: jordan novet, reuters robert galbraith
Keywords: news, cnbc, companies, compete, white, message, microsoft, wont, cloud, retail, companies, google, amazon, customers, hammering, amazons, health, partners, competitors


Amazon's cloud competitors keep hammering home the same message: We won't compete with you

Executives from Microsoft and Google, Amazon’s two top rivals in the cloud business, both hit on a key theme in their presentations at a financial event on Tuesday: They’re not going to compete with their own customers.

The notion isn’t theoretical. As Amazon has grown and expanded, it has introduced products that can be used as an alternative to what some of its own business partners offer.

And after Amazon went beyond its traditional role of e-commerce heavyweight and became more active in brick-and-mortar retail through its Whole Foods acquisition, some other retailers, like Albertsons and Walgreens, have announced cloud deals with Microsoft.

Executives at Google and Microsoft have previously said that they don’t aim to become competitive with the companies that give them revenue. But at the Goldman Sachs Technology and Internet Conference in San Francisco, representatives from both companies emphasized that point.

“I’ll tell you what I’m seeing and see if that answers your question, perhaps is, I would say things like retailers and financial services companies now and, now into health care — seeing Amazon go into those businesses and saying, ‘Gosh, am I going to give money to people who are now competing with me?'” Julia White, corporate vice president of marketing for Microsoft’s Azure cloud, said in response to one audience member’s question.

Data is a bigger issue — businesses probably don’t want to share it with a competitor, which is why companies like Kroger, Walgreens and Gap are moving to Microsoft Azure, White said.

“We’re not going to turn around and compete with our customers. And that’s obviously a big, big theme that we hear about of the market as well in terms of overall trusting Microsoft as a partner,” she said.

Thomas Kurian, the new CEO of Alphabet’s Google Cloud business, also touched on the subject in his inaugural pitch on Tuesday.

“Google is very clear that we’re here to enable partners, we’re not here to compete with partners,” Kurian said. In his presentation he pointed to several retail customers, including Best Buy, Home Depot, Metro Group and Target.

AWS does have retail customers, as well as financial services and health care customers. The company has previously said that “there are times when there is some degree of overlap with what our customers offer, but most of these market segments are quite large and support several successful entries.”

But now Google and Microsoft are both actively focusing on key sectors where Amazon is active — not just retail, but also health care, following Amazon’s acquisition of online pharmacy PillPack and its health venture with Berkshire Hathaway and J.P. Morgan Chase.

“The partner meetings I had this morning were like, ‘Hey, I used to work with AWS, but now I don’t. I worry they’re competing with me,'” White said.

Watch: AWS CEO Andy Jassy talks competition and innovation


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: jordan novet, reuters robert galbraith
Keywords: news, cnbc, companies, compete, white, message, microsoft, wont, cloud, retail, companies, google, amazon, customers, hammering, amazons, health, partners, competitors


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Foot Locker gains digital expertise with $100 million investment in Goat Group, start-up CEO says

Foot Locker can be found in just about any shopping center. Foot Locker’s multimillion dollar deal with Goat Group is the retailer’s latest move in digital-focused companies. Within the past 13 months, Foot Locker has invested millions in children’s lifestyle brand Super Heroic, women’s luxury activewear brand Carbon38 and footwear design academy Pensole. Goat Group has raised $197.6 million to date. Shares of Foot Locker gained less than 1 percent during Monday’s session.


Foot Locker can be found in just about any shopping center. Foot Locker’s multimillion dollar deal with Goat Group is the retailer’s latest move in digital-focused companies. Within the past 13 months, Foot Locker has invested millions in children’s lifestyle brand Super Heroic, women’s luxury activewear brand Carbon38 and footwear design academy Pensole. Goat Group has raised $197.6 million to date. Shares of Foot Locker gained less than 1 percent during Monday’s session.
Foot Locker gains digital expertise with $100 million investment in Goat Group, start-up CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tyler clifford
Keywords: news, cnbc, companies, group, investment, startup, lu, million, goat, foot, expertise, retail, deal, locker, industry, digital, gains, sneaker, sneakers


Foot Locker gains digital expertise with $100 million investment in Goat Group, start-up CEO says

We are partnering with one of the “kingmakers” in the industry, says GOAT CEO 6:20 PM ET Mon, 11 Feb 2019 | 03:46

Foot Locker is wading deeper into the digital world with its $100 million investment in the online sneaker resell platform Goat Group, the start-up’s CEO told CNBC.

The partnership with Goat, which was seen as a threat to the footwear industry, marries the leading sportswear retailer with the largest secondary marketplace for authentic sneakers, Goat Group’s Eddy Lu said on “Closing Bell.”

“As we started to chat, we realized that … our consumers shop at both [Goat and Foot Locker], so we really saw the partnership as really bridging the primary and secondary markets,” said Lu, who co-founded the company in 2015. The group also includes the Fight Club consignment shop, which was launched more than 13 years ago.

Foot Locker, which has a market cap of $6.4 billion and runs more than 3,000 brick-and-mortar stores across the globe, is looking to leverage technology to improve the customer experience and target younger shoppers, the company said in announcing the deal last week. Lu said the move also gives Goat the opportunity to build an in-store presence. Foot Locker can be found in just about any shopping center.

“Any time you can have the opportunity to partner with one of the kingmakers in the industry, you’re going to take that call,” he said.

Goat is known among sneaker collectors for delivering “high-heat” and “limited-edition products,” with more than 40 percent of its gear being sold “under retail prices,” Lu said. He hopes the deal can take advantage of online and retail sales as sneakers gain mainstream attention with giants like Nike collaborating with fashion designer Virgil Abloh’s Off-White label and Adidas working with hip hop artists Kanye West and Pharrell.

“So if you think about it, they bring their prowess in retail and we bring our expertise in digital. And because they’re a global marketplace, [there are] a lot of partnerships and a lot of synergies that can happen from that,” Lu said.

Foot Locker’s multimillion dollar deal with Goat Group is the retailer’s latest move in digital-focused companies. Within the past 13 months, Foot Locker has invested millions in children’s lifestyle brand Super Heroic, women’s luxury activewear brand Carbon38 and footwear design academy Pensole.

Goat Group has raised $197.6 million to date.

Shares of Foot Locker gained less than 1 percent during Monday’s session. The stock is up more than 7 percent this year and more than 23 percent over the past year.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tyler clifford
Keywords: news, cnbc, companies, group, investment, startup, lu, million, goat, foot, expertise, retail, deal, locker, industry, digital, gains, sneaker, sneakers


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China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism


China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism
China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry


China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday.

The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website.

Domestic tourism during the new year break generated total revenues of 513.9 billion yuan, up 8.2 percent on the year, with the number of trips rising 7.6 percent to 415 million, the official Xinhua news agency said on Sunday, citing official data.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry


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One of Snap’s former top execs is going to take on Amazon with his new start-up

Imran Khan, a former top exec at Snap, has plans to go after Amazon. Verishop added that the company has been communicating with up-and-coming brands that share frustrations over existing online retail platforms that have counterfeit products or that hurt brand integrity. “E-commerce was supposed to make shopping easier, and for everyday commodity items, it has,” the blog post said. Verishop’s leadership team includes Khan, who spent three years at Snap as chief strategy officer, as well as his


Imran Khan, a former top exec at Snap, has plans to go after Amazon. Verishop added that the company has been communicating with up-and-coming brands that share frustrations over existing online retail platforms that have counterfeit products or that hurt brand integrity. “E-commerce was supposed to make shopping easier, and for everyday commodity items, it has,” the blog post said. Verishop’s leadership team includes Khan, who spent three years at Snap as chief strategy officer, as well as his
One of Snap’s former top execs is going to take on Amazon with his new start-up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: lauren thomas, dave zhong, getty images
Keywords: news, cnbc, companies, going, verishop, post, spent, online, snaps, execs, startup, shopping, retail, khan, snap, amazon, company, brands


One of Snap's former top execs is going to take on Amazon with his new start-up

Imran Khan, a former top exec at Snap, has plans to go after Amazon.

Though details are still scarce, Khan’s new retail company, called Verishop, said Monday in a post on Medium that it plans to launch an e-commerce platform for vetted brands that brings back to customers the “joy of discovering something new that you truly love” on the internet.

“We see an opportunity for an e-commerce company to bring joy back to online shopping and do it at scale with the ease of online purchasing and fast delivery we’ve all come to expect,” the blog post said. Verishop added that the company has been communicating with up-and-coming brands that share frustrations over existing online retail platforms that have counterfeit products or that hurt brand integrity.

“E-commerce was supposed to make shopping easier, and for everyday commodity items, it has,” the blog post said.

Businesses that have already agreed to sell on Verishop include beauty retailers Ursa Major and Indie Lee, bedding maker Primary Goods, and apparel brands J.O.A., Finders Keepers and N:Philanthropy, according to a person familiar with these partnerships. The person, who asked to remain anonymous because the website hasn’t launched yet, also said Verishop is in discussions with a number of direct-to-consumer brands about joining the platform.

Verishop’s leadership team includes Khan, who spent three years at Snap as chief strategy officer, as well as his wife Cate Khan, who spent eight years at Amazon.

The company said it’s raised $17.5 million to date from investors, led by Lightspeed Ventures.

Disclosure: CNBC parent NBCUniversal is an investor in Snap .


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: lauren thomas, dave zhong, getty images
Keywords: news, cnbc, companies, going, verishop, post, spent, online, snaps, execs, startup, shopping, retail, khan, snap, amazon, company, brands


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