by Alyssa Oursler | July 10, 2013 8:18 am
Kroger (KR[1]), which already was the nation’s largest grocery store chain, announced that it is buying smaller, higher-end rival Harris Teeter (HTSI[2]) for $2.5 billion in cash — a move welcomed by InvestorPlace feature writer Dan Burrows[3]. 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[4]. This week, Goldman Sachs downgraded shares of IBM (IBM[5]) 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[6]) announced that it is reducing iPhone production[7] 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[8].
Barnes & Noble (BKS[9]) CEO William Lynch resigned after three years on the job in the face of the Nook e-reader’s failure. InvestorPlace editor Jeff Reeves’ take: the bookseller is doomed[10].
While Alcoa (AA[11]) kicked off Q2 earnings season Monday[12], all eyes will be on banks[13] as the week comes to a close. Wells Fargo (WFC[14]) and JPMorgan (JPM[15]) both will release earnings this Friday.
Sirius XM Radio (SIRI[16]) 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.
Check out past “6 Stocks in 60 Seconds” clips here.[17]
For more videos, like us on Facebook[18] or follow us on Twitter[19]. As of this writing, Alyssa Oursler did not hold a position in any of the aforementioned securities. Follow her on Twitter: @alyssaoursler[20].
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