Berkshire Hathaway sells 12.9M Delta shares, 2.3M Southwest shares » 17:5504/0304/03/20
BRK.A, BRK.B, DAL, LUV
In two regulatory…
In two regulatory filings, Warren Buffett's Berkshire Hathaway (BRK.A) disclosed the sale of 12.9M common shares of Delta Air lines (DAL) and about 2.3M common shares of Southwest (LUV). Berkshire sold the Delta shares at a price range of $22.9646-$25.2729 per share on April 1 and April 2, and the firm sold the Southwest shares at a price range of $31.376-$33.9675 per shrae on April 1 and April 2.
Walmart to start limiting number of customers in store at one time » 16:5704/0304/03/20
Walmart said that,…
Walmart said that, starting Saturday, it will limit the number of customers who can be in a store at once. Stores will now allow no more than five customers for each 1000 square feet at a given time, roughly 20 percent of a store's capacity. To manage this restriction, the associates at a store will mark a queue at a single-entry door (in most cases the Grocery entrance) and direct arriving customers there, where they will be admitted one-by-one and counted. Associates and signage will remind customers of the importance of social distancing while they're waiting to enter a store - especially before it opens in the morning. Once a store reaches its capacity, customers will be admitted inside on a "1-out-1-in" basis. "We'll also institute one-way movement through our aisles next week in a number of our stores, using floor markers and direction from associates," the company said. "We expect this to help more customers avoid coming into close contact with others as they shop. We'll continue to put signage inside our stores to remind customers of the need to maintain social distancing - especially in lines. And once customers check out, they will be directed to exit through a different door than they entered, which should help lessen the instances of people closely passing each other."
Fly Intel: Wall Street's top stories for Friday » 16:3004/0304/03/20
MMM, TSLA, BBBY, BAC, JPM, WFC, C, AMZN, WMT, FATE, JNJ, INCY, MIC, AEHR, CHWY
The S&P 500 ended…
Sales in Walmart U.S. stores up 20% year-over-year in last four weeks, WSJ says » 15:1204/0304/03/20
Walmart's sales from…
Walmart's sales from its U.S. stores increased nearly 20% over the past four weeks compared with the same period last year while sales on Walmart.com rose over 30% over the past eight weeks, according to documents viewed by The Wall Street Journal's Sarah Nassauer. "Panic buying" appears to be slowing over the past week, said Nassauer, citing Nielsen data on overall consumer goods sales in the U.S. A spokesman for Walmart had no comment, the report noted. Reference Link
Walmart U.S. sales up nearly 20% in past four weeks vs. last year, WSJ says 15:0704/0304/03/20
Early notable gainers among liquid option names on April 3rd » 09:5504/0304/03/20
CCL, SPG, FCX, VNO, KR
Notable gainers among…
Notable gainers among liquid option names this morning include Carnival (CCL) $8.68 +0.71, Simon Property (SPG) $45.82 +1.81, Freeport McMoRan (FCX) $6.64 +0.25, Vornado (VNO) $32.49 +1.13, and Kroger (KR) $32.65 +1.05.
Fly Intel: Wall Street's top stories for Thursday » 17:3304/0204/02/20
SBUX, LK, TSLA, RNG, ZM, CRTO, WMT, GE, FCAU, GM, F, WBA
Stocks were higher from…
Walmart pauses Asda stake sale amid COVID-19 outbreak, CNBC reports » 13:1404/0204/02/20
Walmart has halted…
Walmart has halted efforts to sell a majority interest in U.K. grocer Asda so it can direct full attention to managing the company as the COVID-19 outbreak has led to a surge in demand for groceries, CNBC's Lauren Hirsch reports. Asda had drawn major interest from private equity firms, who were eyeing the business at as much as $9B, Hirsch says. While it is not known when Walmart may resume the sale process, it is not in any rush to do so, Hirsch says, citing a person familiar with the matter. Reference Link
Early notable gainers among liquid option names on April 1st » 09:5504/0104/01/20
EQT, KR, NEM, DG, COG
Notable gainers among…
Notable gainers among liquid option names this morning include EQT Corporation (EQT) $7.30 +0.23, Kroger (KR) $30.60 +0.48, Newmont Mining (NEM) $45.69 +0.41, Dollar General (DG) $152.03 +1.02, and Cabot Oil & Gas (COG) $17.29 +0.10.
Kroger borrows $1B from credit facility » 08:4704/0104/01/20
Kroger's financial model has proven to be resilient throughout the economic cycle. Kroger continues to generate strong free cash flow and maintain strong liquidity. As a precautionary measure to reduce reliance on the commercial paper market and preserve financial flexibility in response to the coronavirus pandemic, Kroger proactively borrowed $1B under its revolving credit facility on March 18. Cash and temporary cash investments were approximately $2.3B and there were no commercial paper borrowings outstanding immediately following the draw down. To maintain financial flexibility, Kroger has decided to pause additional share repurchases during the fiscal first quarter. Kroger had already repurchased $355M shares during the quarter under its $1B board authorization announced November 5, 2019, leaving $245M remaining under the authorization. Kroger remains committed to maintaining a net total debt to adjusted EBITDA ratio target range between 2.30 to 2.50.