Man Who Called Nvidia at $1.10 Says Buy This Now...

In 2004, a man predicted Nvidia's rise. Now, he says a new company, which IPO'd in 2023, could soar like Nvidia. It signed a major deal with Apple for its AI tech in iPhones and iMacs. Could it be the next trillion-dollar company? See why he believes it's among "The Next Magnificent Seven."

The CEOs of Kroger and Albertsons are in court to defend plans for a huge supermarket merger

CLAIRE RUSH and DEE-ANN DURBIN
September 04, 2024

PORTLAND, Ore. (AP) -- The chief executive officers of Kroger and Albertsons were set to testify in federal court Wednesday, midway through a three-week hearing in which the grocery chains have defended their proposed merger from the U.S. government's attempt to stop it.

The two companies proposed what would be the largest supermarket merger in U.S. history in October 2022. The Federal Trade Commission sued to prevent the $24.6 billion deal and has asked a U.S. District Court judge in Oregon for an injunction that would block the merger while the complaint goes before an FTC administrative law judge.

The FTC alleges the merger would eliminate competition and raise grocery prices at a time of already high food price inflation. Kroger and Albertsons say the deal would allow them to compete with big rivals like Walmart and hold down prices by giving them more leverage with suppliers.

The testimony of Albertsons CEO Vivek Sankaran and Kroger CEO Rodney McMullen was expected to mark a key moment in the hearing, as what they say under oath about prices, potential store closures and the impact on workers will likely be scrutinized in the years ahead if the merger goes through.

During the proceedings, FTC attorneys have noted that Kroger and Albertsons currently compete in 22 states, closely matching each other on price, quality, private label products and services like store pickup. Shoppers benefit from that competition and would lose those benefits if the merger is allowed to proceed, they argued.

The FTC and labor union leaders also claim that workers' wages and benefits would decline if Kroger and Albertsons no longer compete with each other. They've additionally expressed concern that potential store closures could create so-called food and pharmacy "deserts" for consumers.

Albertsons has argued the deal could actually bolster union jobs, since many of it and Kroger's competitors, like Walmart, have few unionized workers.

Under the deal, Kroger and Albertsons would sell 579 stores in places where their locations overlap to C&S Wholesale Grocers, a New Hampshire-based supplier to independent supermarkets that also owns the Grand Union and Piggly Wiggly store brands.

Speaking in 2022 before the U.S. Senate subcommittee on competition policy, antitrust and consumer rights, the Albertsons CEO said his company's acquisition of brands such as Safeway over the previous decade had allowed it to increase the number of its stores from 192 to 2,300.

"The intent is not to close stores. The intent is to divest stores," Sankaran said at the time.

The FTC alleges that C&S is ill-prepared to take on those stores. Laura Hall, the FTC's senior trial counsel, cited internal documents that indicated C&S executives were skeptical about the quality of the stores they would get and may want the option to sell or close them.

C&S CEO Eric Winn, for his part, testified last week in Portland that he thinks his company can be successful in the venture.

In his own statement to the U.S. Senate subcommittee in 2022, McMullen said Kroger has lowered prices after other mergers, like its 2013 acquisition of Harris Teeter.

"From a business standpoint, that is our commitment," he said..

The attorneys general of Arizona, California, the District of Columbia, Illinois, Maryland, Nevada, New Mexico, Oregon and Wyoming all joined the case on the FTC's side. Washington and Colorado filed separate cases in state courts seeking to block the merger.

Kroger, based in Cincinnati, Ohio, operates 2,800 stores in 35 states, including brands like Ralphs, Smith's and Harris Teeter. Albertsons, based in Boise, Idaho, operates 2,273 stores in 34 states, including brands like Safeway, Jewel Osco and Shaw's. Together, the companies employ around 710,000 people.

___

Durbin reported from Detroit.

Continue Reading...

Popular

Elon Musk Laughs At The Idea Of Dick Cheney Supporting Kamala Harris For President

Elon Musk humorously commented on the recent endorsement of Kamala Harris by George Bush Jr.-era former Vice President Dick Cheney.

President Trump and Elon Musk Issue Stark Warning - Ad

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

NBA Legend Shaq Shows Off His New Widebody Carbon Fiber Tesla Cybertruck: Elon Musk Has A One Word Reaction

NBA legend Shaquille O'Neal, also known as Shaq, showed off his new Tesla Cybertruck featuring a widebody carbon fiber design, which is the first of its kind in the world.

Scaramucci Says Melania Trump Would Prefer Kamala Harris To Donald Trump As President

Anthony Scaramucci has claimed that Melania Trump would rather see Kamala Harris win the presidency than her own husband.

This $2 Stock Outshines Historic Gold Rally! - Ad

Gold has soared 25% in the last 6 months, but this young company has more than doubled that return. With a price target nearly double its current value, it's caught the eye of 40+ investment banks and funds. Discover the name of this standout company today and see why it's a potential gold mine for investors.

Bill Ackman And Elon Musk Blast Kamala Harris For Her Social Media Posts During Debate With Trump: 'Even Her Tweets Are Not Her Own'

Recent comments by prominent figures have sparked debate over Vice President Kamala Harris's social media activity and public engagement. Bill Ackman, CEO of Pershing Square Capital Management, raised questions about Harris's involvement in her own X posts during the recent Republican primary debate.

Trump Vs Harris: The Controversy Over 'No Artificial Lifts' Rule In Tuesday Debate: 'A Form of Cheating!'

Ahead of the much-anticipated debate Tuesday night between Donald Trump and Kamala Harris, Trump has voiced his opinion on the "no artificial lifts" rule.

What Kamala Won't Do if She Wins the Election - Ad

She's promising to bring down housing costs and grocery prices...But the one thing she probably won't do, is make you wealthier. Ex-Wall Street Insider, Adam O'Dell has identified a simple way for any American to grow their wealth going into the 2024 presidential elections.

OnlyFans Beats Apple, Google, Netflix, And Other Big Tech Companies In Revenue Per Employee: Here's The Down Low

Content-sharing platform OnlyFans has come out on top against big tech companies like Apple Inc., Alphabet Inc.'s Google, Netflix Inc., and others in terms of revenue generation per employee.

Top 2 Energy Stocks That Are Ticking Portfolio Bombs

Two stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

This Win Rate Puts Buffett to Shame - Ad

He's got a higher win rate than Warren Buffett, Carl Icahn, and Mark Cuban...but you've likely never heard his name. What's most amazing is that his unshakable strategy is working just as well today as it did during our long bull market. Even the Covid crash didn't shake it! He's been on a wild 6-year win streak ( with no signs of slowing down) How does he do it?

Americans Split On Election Result Acceptance Between Harris And Trump, Here Is The Candidate They Think More Likely To Accept Voters' Verdict

A survey conducted by ABC News/Ipsos has shed light on the American public's confidence in the acceptance of the upcoming November presidential election results by Vice President Kamala Harris and former President Donald Trump.

Mother Sells Taylor Swift Tickets Over Star's Endorsement Of Kamala Harris: 'I'm Gonna Shake It Off, And I'm Done With You'

A mother has chosen to sell the Taylor Swift concert tickets she had bought as a birthday present for her daughter in response to the pop star's recent endorsement of Kamala Harris.

Imminent FDA Decision Could End Obesity in America... - Ad

...and spark a 224,000% sales surge for one tiny micro-cap stock. Channelnomics says it "Could have a greater impact on the world than artificial intelligence." BMO Capital calls it "A goldmine for investors." The Wall Street Journal says it's "A Gold rush."

Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgers

WASHINGTON (AP) — The IRS has collected $1.3 billion from since last fall, the agency announced Friday, crediting spending that has ramped up collection enforcement through President Joe Biden's signature signed into law in 2022.

Man Who Predicted Trump Win Issues Shocking New Election Prediction - Ad

In 2016, surveys were giving Hillary Clinton more than 99% chance of winning right up until election night. But right before the election... Former advisor to the CIA, Jim Rickards predicted Trump would win. You won't believe what he's predicting now. And it could have huge implications for the financial markets.

Federal workers around nation's capital worry over Trump's plans to send some of them elsewhere

WASHINGTON (AP) — Worries of being uprooted from their jobs have returned for Laura Dodson and other federal workers, who have long been the economic backbone of the nation's capital and its suburbs.

US companies see record-low profits in China amid geopolitical tensions and slow growth, report says

HONG KONG (AP) — American companies in China are seeing record-low profits, with business confidence at an all-time low amid and a , according to a report published Thursday by a U.S. business group.

The Last Time Gold Flashed This Warning Sign, the Market Dropped 80% - Ad

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

Trump's Campaign Slapped With Lawsuit Threat After Jack White Calls Them 'Fascists'- 'You Should Lose Every Military Family's Vote Immediately!'

Jack White of the White Stripes has condemned Donald Trump's campaign as "fascists" and threatened legal action after an aide used a clip of the band's 2003 hit "Seven Nation Army" in a pro-Trump social media post.

DO NOT Make Another Trade Without Seeing This First - Ad

Starting September 23... a huge secret of the markets could help you consistently target gains like: 126%... 245%... even 463% or more... often in 30 days or less... No matter what the market does next.

Yemen's Houthi rebel video shows they planted bombs on tanker now threatening Red Sea oil spill

DUBAI, United Arab Emirates (AP) — Yemen's Houthi rebels released footage Thursday showing that they boarded and intentionally set explosives aboard a Greek-flagged tanker that had been abandoned after they repeatedly attacked it, putting the Red Sea at risk of a major oil spill.

Oil = Monthly Income - Ad

Right now, there's an unusual $25 way to collect MONTHLY income from the oil markets. It's not a stock, bond, or anything you've likely heard about... But it's by far my #1 investment opportunity for 2024.

Will Nvidia Continue To Deliver? Investors Sweat Over Hyped-up Expectations And Potential Blackwell Delay Ahead Of Q2 Report

Chipmaker and artificial intelligence stalwart Nvidia Corp. is all set to announce its quarterly results Wednesday after the market close. Analysts are upbeat about the company scaling lofty goals and reigniting the market momentum, which has toned down a bit in recent sessions.

U.S. Loses to China in Shocking WAR GAMES - Ad

Pentagon says new "living missile" key to winning a future conflict. Investors stand to reap 35,960% on shares of the small defense contractor that makes powerful new weapon.

Kentucky's Massive Cannabis Licensing Response: 5,000 Applications Filed Before Deadline

Nearly 5,000 medical cannabis license applications were filed in Kentucky by the August deadline, showing immense interest.

Kamala Harris May Seize This Cutting-Edge Tech -- Act Now - Ad

A new technology (not AI) is powerful enough to save America $1.7 TRILLION in healthcare costs each year. Trump is rumored to use it personally... And Kamala Harris has threatened to have key patents on it seized. Whoever wins the election - it could cause a massive surge in demand... And send a tiny firm with key patents on this technology soaring. It's currently trading for only $7. But it likely won't stay this cheap for long.

Investigators say dispatching errors led to Union Pacific train crash that killed 2 workers

OMAHA, Neb. (AP) — Dispatching errors combined with the failure of two backup systems allowed a Union Pacific train to that had been parked on a side track for nine months in Southern California two years ago, killing an engineer and a conductor, according to a report issued Thursday.

Arthur Hayes: 'Plentiful Filthy Fiat Money' Could Stimulate The Economy Ahead Of November Election

Cryptocurrency industry veteran and BitMEX co-founder Arthur Hayes on Wednesday suggested that the Federal Reserve’s upcoming monetary policy decisions could be strategically aligned with the November U.S.

The Most Powerful Market Strategy You've NEVER Heard Of? - Ad

He's got a higher win rate than Warren Buffett, Carl Icahn, and Mark Cuban...but you've likely never heard his name. What's most amazing is that his unshakable strategy is working just as well today as it did during our long bull market. Even the Covid crash didn't shake it! He's been on a wild 6-year win streak (with no signs of slowing down) How does he do it?

Three Warning Signals From The Economy Going Into 2025

Labor, inflation and Buffett: Cracks in the system have been appearing in recent months.

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Spain's leader begins West Africa tour in Mauritania to tackle irregular migration to Canary Islands

BARCELONA, Spain (AP) — Spain's prime minister embarked on a three-day tour of West Africa on Tuesday as the European nation struggled to contain the number of people making the dangerous Atlantic voyage by boat to the .

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright finstrategist.com
Privacy Policy | Terms of Service