Kroger (KR), which already was the nation’s largest grocery store chain, announced that it is buying smaller, higher-end rival Harris Teeter (HTSI) for $2.5 billion in cash — a move welcomed by InvestorPlace feature writer Dan Burrows. As he put it, “By buying Harris Teeter — which had $4.5 billion in revenue last year — Kroger adds 212 higher-end (read: higher-margin) stores to its already impressive base.”
Big-name enterprise tech operators continue to struggle. This week, Goldman Sachs downgraded shares of IBM (IBM) in anticipation of a slowdown in the company’s generally high-growth emerging markets. IBM reports earnings on July 17.
More bad tech news: Apple (AAPL) announced that it is reducing iPhone production for the second half of the year by 20%. The stock has been struggling — as you likely know — but many think it may finally be bottoming.
Sirius XM Radio (SIRI) gained more than 3% yesterday after announcing it now has more than 25 million subscribers. The satellite radio provider, which also raised its full-year outlook, has been helped by strong auto sales.
For more videos, like us on Facebook or follow us on Twitter. As of this writing, Alyssa Oursler did not hold a position in any of the aforementioned securities. Follow her on Twitter: @alyssaoursler.