120.30 +1.09 (0.91%)
Before hours: 5:03AM EDT
|Bid||119.68 x 1000|
|Ask||120.14 x 1000|
|Day's range||118.86 - 120.88|
|52-week range||102.00 - 133.38|
|Beta (5Y monthly)||0.31|
|PE ratio (TTM)||22.67|
|Earnings date||18 Aug 2020|
|Forward dividend & yield||2.16 (1.81%)|
|Ex-dividend date||13 Aug 2020|
|1y target est||135.39|
Walmart (NYSE: WMT) is stepping up as so many other major corporations have during the COVID-19 pandemic. The retailer announced it will be working with Tribeca Enterprises, a Robert De Niro backed media company, to transform 160 of its store parking lots into drive-in movie theaters for 320 total showings across the country this summer. It has also teamed up with celebrities to create Camp by Walmart to, as the company said, "bring summer fun to kids across the country through a new camp designed for the internet."
Walmart (WMT) closed the most recent trading day at $119.21, moving -0.4% from the previous trading session.
Just ahead of the Fourth of July weekend, Walmart announced a partnership with Tribeca Enterprises (most notably the purveyors of the film festival of the same name) that’s set to convert 160 store locations into makeshift drive-in movie theaters. The move is an extension of the existing Tribeca-led Drive-In program that has already announced events for a handful of cities, including Los Angeles, New York, Miami, Seattle and Arlington, Texas, with help from IMAX and AT&T. The Hollywood Reporter has a bit more detail about the new initiative. Walmart Drive-In follows a number of smaller scale initiatives that have helped the largely extinguished category see a resurgence as consumers are understandably wary of returning to an indoor theater experience as COVID-19 continues to spike across the country.
Walmart (WMT) is teaming up with Tribeca Enterprises to offer a drive-in movie experience. It is converting 160 store parking lots to contact-less theatres.
Target (NYSE: TGT) is adding groceries to its curbside pickup program, Drive Up. After successful tests in Minneapolis, Target expanded grocery pickup to 400 stores in the Midwest, and it plans to cover all 1,500 stores by the holidays. While all of e-commerce is growing rapidly amid the coronavirus pandemic, online grocery sales have led the way.
Shares of Shopify (NYSE: SHOP) gained 25.3% in June, according to data from S&P Global Market Intelligence. Walmart announced on June 15 that it would feature select Shopify stores on its third-party online retail marketplace -- a development that could have big implications for the competitive landscape in the e-commerce space. Walmart is investing to build its online retail business, and bringing products from Shopify stores on to its e-commerce platform could help both companies challenge Amazon.com's dominance in the space.
Summer is here and yet social distancing measures have drained pool parties, stalled out family vacations and left camp bunks bare. Now parents are in the hot seat to keep summer 2020 sweet for their kids. That’s why, today, Walmart announced two new experiences to help families make memories together, by reimagining how they can turn parking lots and backyards into ‘can’t forget’ experiences. The first, Camp by Walmart, is a free star-studded virtual camp that brings summer fun directly to customers’ own backyards, and the second, in partnership with Tribeca Enterprises, is a touring drive-in movie theater that will transform Walmart parking lots into outdoor cinemas.
Is it bye-bye to Macy's if a COVID-19 second wave happens?
Walmart (NYSE: WMT) grew online sales 74% in the first quarter. In the press release announcing its earnings results, management attributed the acceleration in online sales growth to "strong results for grocery pickup and delivery services." A couple of other notable items from Walmart's report include gross margin contraction of 66 basis points and lower losses for its eCommerce operations.
(Bloomberg) -- Long before an uproar over online hate speech prompted hundreds of marketers to cut summer social media budgets, 2020 was turning out to be a dismal year for the global advertising industry.Total ad spending will fall 12% this year, compared with a 6.2% gain in 2019, according to GroupM, a division of advertising giant WPP Plc. That’s the biggest contraction in at least a decade. As the global pandemic spread around the world and consumer spending slowed to a trickle, many corporations targeted marketing as a fast, early way to cut costs.One ad agency executive said third-quarter buying would be down 20% to 30%. New deals were being struck with “force majeure” clauses that would allow advertisers to pull out if a second wave of the virus caused new shutdowns, said the executive, who requested anonymity discussing internal financial figures. In the U.S., hopes that the virus would slow by summer are fading as states that had begun opening up move to shut down again because of a jump in cases.Against this backdrop, advertisers are making another shift. Big companies around the world have said they’ll pause spending on social media, several of them singling out Facebook Inc., because they don’t want marketing messages appearing alongside the vitriol and disinformation. Many are heeding the call from a consortium of civil rights and other advocacy groups, including Color of Change and the Anti-Defamation League, to stop spending on Facebook for July to protest the company’s failure to police harmful content.The pause creates a way for many companies to take a public stance against hate while at the same time providing a concrete reason to trim marketing budgets or, in some cases, experiment with alternatives to traditional social media, such as Amazon.com Inc. or ByteDance’s TikTok. “While many brands were planning on pulling back ad spend anyways, a portion of Facebook-allocated dollars may end up on Snapchat, Pinterest, Amazon, Walmart, etc.,” Mark Shmulik, an analyst at Sanford C. Bernstein, wrote in a recent research note.Ad budgets are an indicator of corporate sentiment toward the world economy. Confidence and growth leads to bigger budgets and higher ad prices. Ad spending cratered in March and April as businesses shut and people stayed home to comply with lockdown orders.In interviews earlier in the year, ad execs were mostly hopeful that the pain would end once quarantines lifted and the economy rebounded. But behind the scenes, the picture was more bleak. Ad agencies, which choose how and when to spend the money companies entrust to them, have cut thousands of jobs. Ad executives who had spent money on spots meant to run during now-canceled sports events tried to recoup the money and find new outlets for it, according to people interviewed by Bloomberg who asked not to be identified discussing private negotiations.Despite the larger advertising pullback, a pause for social media platforms like Facebook, Twitter Inc. and YouTube creates an opening for ad upstarts on the digital side. Packaged foods company Conagra Brands Inc. pulled Facebook advertisements, redirecting the money to search and e-commerce ads, a category most likely to benefit online rivals Google and Amazon.Ben & Jerry’s, a division of Unilever, was one of the early brands to join the StopHateForProfit campaign. “The marketing dollars that would have been spent on Facebook will be spent on other channels, including possibly some Black-owned media outlets,” said Chris Miller, the activism manager at Ben & Jerry’s.Even if the boycotts gain momentum and persist for more than a month, Google and Facebook are still likely to benefit in the long-term from the disruption wrought by the pandemic. That’s because these companies offer advertisers the most flexible and direct way to reach consumers; spending can be paused or ramped up on a moment’s notice. The tech giants also benefit from the millions of small businesses that rely heavily on them for day-to-day business and don’t necessarily need to take a public stand on moral issues. “They may grab an even greater market share post COVID-19 than the strong gains we are currently projecting,” Michael Nathanson, an analyst at MoffettNathanson LLC, said of Facebook and Google.The more traditional parts of the ad ecosystem, which still account for around half of advertising spending, are in a riskier position.For the TV industry, the advertising outlook for the rest of 2020 will depend on two still-unanswered questions. One is how much the pandemic-driven recession will accelerate cable-TV cord-cutting. With unemployment high, more people are expected to cancel their TV subscriptions as they tighten their household budgets. That would hurt viewership and the advertising dollars that go with it. The bigger audiences as a result of people being confined to their homes has already started to fall for just about all programming except news as more people venture outdoors again.The other big question is the return of sports. As long as professional and college football starts up again this fall, media companies like Fox Corp., Comcast Corp., Walt Disney Co. and ViacomCBS will likely see a rebound in advertising revenue, analysts say. Brands spent over $4 billion on TV commercials during NFL games last year.Still, some big TV advertisers could be less willing to jump back this year at all. Carmakers like General Motors and Ford, for instance, have been among the top buyers of TV commercials. The global pandemic has disrupted their supply chains and raised doubts about consumers making big purchases like cars.Media companies and TV networks are now under pressure to make their contracts more flexible. TV networks typically prevent advertisers from pulling all of their money out on short notice. That frustrated many advertisers this spring when the pandemic first kicked off the recession. Now, advertisers are pushing for the right to pull more of their money out of a TV network with fewer days notice in case the coronavirus worsens the economic picture. They will, however, likely pay a higher price for that flexibility, according to one TV executive.That could send them back to the digital platforms, regardless of all the commitments to boycott Facebook.“Brands can stop TV ads but they can’t stop things being on social,” said Arron Shepherd, co-founder of global social media and influencer marketing agency Goat.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Walmart achieved its goal of hiring 250,000 veterans associates, dating back to 2013 and the establishment of the Veterans Welcome Home Commitment.
(Bloomberg) -- China over the past decade built an alternate online reality where Google and Facebook barely exist. Now its own tech corporations, from Alibaba Group Holding Ltd. to Tencent Holdings Ltd., are getting a taste of what a shutout feels like.India’s unprecedented decision to ban 59 of China’s largest apps is a warning to the country’s tech giants, who for years thrived behind a government-imposed Great Firewall that kept out many of America’s best-known internet names. If India finds a way to carry out that threat, it may present a model for other countries from Europe to Southeast Asia that seek to curtail the pervasiveness of apps like ByteDance Ltd.’s TikTok while safeguarding their citizens’ valuable data.The surprise moratorium hit Chinese internet companies just as they were beginning to make headway in the world’s fastest-growing mobile arena, en route to going global and challenging American tech industry supremacy. TikTok had signed up 200 million users there, Xiaomi Corp. is the No. 1 smartphone brand, and Alibaba and Tencent have aggressively pushed their services.But India’s policy jeopardizes all those successes, and could have wider geopolitical consequences as the U.S. seeks to rally countries to stop using Huawei Technologies Co. for 5G networks. With China’s tech companies poised to become some of the most dominant in emerging industries like artificial intelligence, India’s actions may spur countries around the world to weigh the extent to which they let China collect user data -- and potentially economic leverage in future disputes.“Techno-nationalism will manifest itself increasingly across all aspects of geopolitics: national security, economic competitiveness, even social values,” said Alex Capri, a Singapore-based research fellow at the Hinrich Foundation. “It will be increasingly difficult to separate Chinese tech firms from the CCP and China’s geopolitical ambitions. They will find themselves increasingly locked out.”Read more: TikTok Among 59 Chinese Apps India Bans on Security FearsChinese internet firms have struggled to replicate their online services beyond their home turf, even before Washington lawmakers began raising concerns about the wisdom of allowing the Asian country’s corporations -- like ByteDance -- to hoover up valuable personal data. India amplified those concerns by accusing apps including TikTok, Tencent’s WeChat, Alibaba’s UC Web and Baidu Inc.’s map and translation services of threatening its sovereignty and security.India’s prohibition provides further evidence that nations are using tech to assert themselves geopolitically, following the Trump administration’s worldwide campaign to contain China and national champions like Huawei. Prime Minister Narendra Modi’s actions follow the worst military clash between India and China in almost half a century.“Beijing should certainly worry that the impact of the deadly clash could push India toward the U.S.,” said Zhang Baohui, director of the Centre for Asian Pacific Studies at Lingnan University. “But these recent economic measures by India may not by themselves concern Beijing too much as it understands that Modi’s government, facing rising domestic nationalism, has to do something to soothe the public sentiments and retain legitimacy.”China-India Tensions Continue Despite Pledge to Disengage It remains unclear how India will enforce its decision, given TikTok -- for one -- has already been downloaded by roughly one in six people. But it follows a series of steps to curb China’s presence in the country, demonstrating the administration’s hardened resolve since long-simmering tensions boiled over after a deadly Himalayan border clash that killed 20 Indian soldiers.The country’s government procurement website has barred purchases of Chinese-made goods. Authorities have asked the largest e-commerce companies, including Amazon.com Inc. and Walmart Inc.’s Flipkart, to start showing “country of origin” on goods sold. And India is said to be dragging its heels on clearing goods imported from China, stranding electronics at ports.“The Indian government thinks about governing the internet in a very similar way to China, which is blanket bans, asserting national boundaries on the internet and essentially carving out what would eventually become a version of the Indian Great Firewall,” said Dev Lewis, a research fellow at Digital Asia Hub in Shanghai. “Everyone’s struggling to deal with governing technology companies and apps, especially ones that cross borders. So when India takes a step like this, it sets a precedent for the things that you can do.”In terms of the immediate business consequences, ByteDance could be hardest-hit. India is its biggest market with more than 200 million TikTok users. During a brief ban last year, the Chinese company estimated it was missing out on half a million dollars a day of revenue. In a statement posted to Twitter, TikTok India head Nikhil Gandhi said the company complies with all data privacy and security requirements under Indian law and has not shared any user information with any foreign government, including Beijing.India’s prohibition could also give American companies a possible edge over Chinese players in a rare global tech market that is both populous and not yet saturated. While WeChat never made it big in India, banning it may help shore up Facebook Inc.’s WhatsApp. Cutting out TikTok immediately gives Alphabet Inc.’s YouTube a boost.On Tuesday, Ministry of Foreign Affairs spokesman Zhao Lijian said China was “strongly concerned” about India’s actions. “The Indian government has a responsibility to uphold the legitimate and legal rights of the international investors including Chinese ones,” he said.The Chinese Embassy in Delhi criticized India’s measure in a separate statement saying it “selectively and discriminatorily aims at certain Chinese apps on ambiguous and far-fetched grounds.”In India, TikTok Takes On YouTube in a Nasty Fight for DominanceBut for now, China doesn’t have many great options to retaliate. “While Beijing is highly adept at economic coercion, in this case it has somewhat limited options to act in a reciprocal manner,” analysts for the Eurasia Group wrote in a research note. “Bilateral trade is heavily weighted toward Chinese exports to India. Attempts to hurt India economically could blowback on Chinese companies.”(Updates with comment from the Chinese Embassy in India in penultimate paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Yahoo Finance catches up with Beyond Meat founder and CEO Ethan Brown.
Walmart (WMT) closed the most recent trading day at $118.32, moving -1.16% from the previous trading session.
(Bloomberg) -- Microsoft Corp. said it will close its physical store locations permanently but will continue to invest in a digital storefront that, along with third-party retailers, has driven sales of products such as the Xbox game player and Surface tablets.The move will result in a pretax charge of about $450 million, or 5 cents a share, in the current quarter, Microsoft said Friday in a statement.“Our sales have grown online as our product portfolio has evolved to largely digital offerings, and our talented team has proven success serving customers beyond any physical location,” said Microsoft Corporate Vice President David Porter.Microsoft closed its 83 stores, most of which are in the U.S., in late March due to the Covid-19 pandemic. Apple Inc. has reopened its retail sites only to shut more than 30 of them again as the virus resurges in some locations.The company didn’t disclose how much revenue it was getting from the stores. The thousands of workers from the outlets have already transitioned to the digital effort and will continue in those roles, the company said.While under lockdown, Microsoft said its retail team has virtually trained hundreds of thousands of enterprise and education customers on remote work and learning software and helped customers with support calls. The team supported communities by hosting more than 14,000 online workshops and summer camps and more than 3,000 virtual graduations.Microsoft announced its plan to begin opening stores in 2009 ahead of the release of Windows 7 after Apple saw significant success and popularity with its modern, clean retail outlets. At the time, Microsoft had trouble getting a waning group of big-box electronics retailers to effectively showcase Microsoft products in an often chaotic store with unevenly trained staff. The company hired Porter, a Walmart Inc. veteran, to lead the retail effort.As the software maker moved into hardware with the release of the Surface device in 2012, it accelerated the pace of store openings, ending up with more than 100 and often scouting out real estate near Apple’s stores. The assortment of outlets grew to include a store on New York’s Fifth Avenue and one in London, opened last July. But while the retail outlets let users try an increasing array of Surface models and test out Xbox games, they often suffered from a lower level of interest and foot traffic than nearby Apple stores.Redmond, Washington-based Microsoft said it has seen “significant growth” through its digital storefronts, including Microsoft.com, and stores for Xbox and Windows. The company will continue to invest in digital innovation with new services including 1:1 video chat support, online tutorial videos and virtual works.Earlier this week, the company announced it was shutting its Mixer streaming-video service. Microsoft’s fiscal year ends June 30. The company in June and July typically exits businesses that are deemed to be performing poorly. Any job cuts often occur in this period as Microsoft units shift priorities.Microsoft’s shares fell 1.6% to $197.02 at 12:51 p.m. in New York Friday.(Updates with history of the stores in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- When state and local leaders began issuing stay-at-home orders in mid-March to limit the spread of the novel coronavirus, grocery and big-box stores saw their shelves picked bare as shoppers prepared to hunker down at home. Several months into our pandemic-era reality, the panic-buying phase has passed, and shoppers are reporting some improvement in what they’ve been able to find at stores from those early days. NPD Group found in recent surveys that 37% of shoppers had experienced out-of-stocks when shopping for food in the month of May, down from 48% who said the same for the month of April.But you need only take a trip to your local supermarket or try to fill your digital grocery cart to see that the out-of-stock situation hasn’t returned to pre-pandemic patterns. So what is going on? It varies from item to item, but here are some reasons you might still be having to substitute – or do without – some of your go-to groceries: Dislocation of demand: This is a problem I’ve come to call the Toilet Paper Problem, because it is the hard-to-find item most frequently used to illustrate this particular shock to the consumer-product ecosystem. Before the pandemic, people used the bathroom in all sorts of places: at home, offices, schools and restaurants. Now, though, a lot more bathroom trips are happening at home, meaning so-called retail toilet paper – the Charmin or Cottonelle you buy at the grocery store – is needed in greater quantities, while the giant commercial rolls at office towers or sports arenas are needed in smaller quantities. It is simply taking manufacturers and retailers time to adapt to a world where people are spending less time in commercial and institutional spaces and more time at home. This is why, for example, you may have encountered out-of-stock pasta, rice or beans – people are eating more meals at home, and the supply chain that provides those goods in bulk to restaurants, cafeterias and hotels can’t turn on a dime to change their pack sizes and forge relationships with retailers.The rise of one-stop shopping: If you’re trying to practice social distancing, you likely want to consolidate your shopping into as few trips as possible. For many people, that means skipping so-called fill-in trips and buying things at a supermarket or big-box store that they might previously have bought elsewhere. Jim Hertel, a grocery industry consultant with Inmar Intelligence, says that items frequently purchased at drug stores – over-the-counter medication, for example, or cosmetics – are often getting tacked on to big grocery orders. Retailers and manufacturers may not yet have caught up to this change in behavior, leaving that type of product out of stock in certain locations. New consumer habits: Stay-at-home orders and the related economic fallout have scrambled purchasing decisions in various small ways that add up to big change for food retailers. Maybe you’ve taken up baking your own bread to kill time. Maybe you used to eat kale salads for lunch and now you’re scarfing comfort food like Kraft Macaroni & Cheese because it keeps in your cupboard forever and you don’t want to set foot in a store. Maybe you lost your job and have switched to cheaper brands to save money. All of this makes the work of a grocery merchandiser exceedingly difficult, and they might not always get their ordering decisions right, especially not in the short term. Over time, the food industry is going to need to figure out which of these changes are a fad and which are here to stay. For example, David Portalatin, a food industry analyst with NPD, expects pandemic shopping patterns to stoke lasting demand for frozen meals and foods, which are consistent with the recent preference for simple ingredients but offer convenience and can be stored for a long time. Sourcing issues: Covid-19 has ripped through U.S. meat processing plants, which temporarily shut down some production lines and contributed to shortages of meat on store shelves. Recent outbreaks at some U.S. farms raise concerns that certain produce items could end up being in short supply at various times, too. Fortunately, it’s unlikely similar issues will affect in-stock levels of many types of packaged food. Experts I spoke with said food manufacturing such as filling soda bottles is so highly automated and thus requires so few people that it’s not difficult to keep those production lines going while adhering to social distancing measures. Out-of-stock situations are a frustrating experience and represent a lost sale, so the industry has strong incentive to fix these problems quickly. Some of the largest players – Walmart Inc., Target Corp. and Kroger Co. – may have the easiest time doing so, as their scale gives them particular power with suppliers. Walmart and Target have the added benefit of being havens for customers who have a one-stop shopping mentality, which may only further strengthen the big-box players’ market share in the Covid-19 era. For shoppers, it’s good to know these disruptions aren’t likely to be too long-lasting. But for stores big and small, it means making the necessary adjustments before rivals do. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Walmart (WMT) has been focused on enhancing omnichannel operations, all the more owing to the rising preference for online shopping amid the pandemic-led social distancing.
(Bloomberg) -- Amazon.com Inc. and Walmart Inc.’s Flipkart have agreed to compel merchants to start prominently displaying “country of origin“ for all goods sold online in India, bowing to regulatory demands as tensions with China escalate.The internet giants joined about a dozen other online retailers including Facebook Inc.-backed Jio Platforms in agreeing to the move, widely regarded as a move to single out goods from China after a deadly border clash stoked long-simmering tensions. It’s unclear when the labeling will kick off, because the e-commerce companies have asked for more time to incorporate the new requirement into their technology, people familiar with the matter said.The commerce ministry’s Department for Promotion of Industry and Internal Trade summoned the online retailers to a videoconference meeting on Wednesday, giving them just a day’s notice, the people said, asking not to be identified discussing a private affair. A commerce ministry spokesman did not immediately respond to an e-mail seeking comment. An e-mail sent to spokespersons at Reliance Industries Ltd., Amazon and Flipkart remained unanswered.If carried out, the labeling is likely to hurt sales of Chinese goods. Anti-China sentiment has erupted since a tense diplomatic and military standoff over a clash in the Himalayas last week that claimed the lives of 20 soldiers. Boycott China slogans have begun trending on social media and furiously circulating among messaging groups. The bulk of the smartphone brands sold in India are Chinese or are made in China, and these account for a huge portion of online revenues for the biggest online retailers. Electronic accessories, home appliances and apparel made in the neighboring country’s giant factories also make up a substantial portion of sales on India’s online websites.The Confederation of All India Traders, a lobbying group, said it’s appealed to top industrialists like Reliance Industries Ltd. Chairman Mukesh Ambani -- Asia’s richest person -- Kumar Mangalam Birla of Aditya Birla Group and Ajay Piramal to support a campaign to shun Chinese goods.Narendra Modi’s administration has signaled its support in other ways. Earlier this week, the government mandated country of origin information on its massive Government e-Marketplace (GeM) for all government purchases. A Made in India filter has also been enabled on the platform, the Ministry of Commerce said in a note on Tuesday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Flipkart on Wednesday added support for three more local languages as the Indian e-commerce giant looks to widen its foothold in smaller cities and towns across the country where fewer people speak English and Hindi. The Walmart -owned firm said its online marketplace now has interfaces in Tamil, Telugu and Kannada, three languages that are spoken by roughly 200 million people in India. Today’s announcement follows Flipkart adapting its interface in Hindi language on its website and app last year.
The company said on Tuesday it will no longer display the Mississippi state flag in its stores while the state debates whether to make changes to its design after it drew opposition. The Mississippi Baptist Convention, with over 500,000 members at more than 2,100 churches, called on state leaders to adopt a new flag, saying lawmakers have a moral obligation to remove the emblem from the state flag as it "hurt and shamed" many people. "While the issue continues to be discussed, we've made the decision to remove the Mississippi state flag from display in its current form from our stores," a Walmart spokesman said.