Retail giant, Walmart (NYSE: WMT), confirmed on Thursday that it is partnering with Microsoft in a bid for TikTok.
Retail giant, Walmart (NYSE: WMT), confirmed on Thursday that it is partnering with Microsoft in a bid for TikTok. Walmart said that the deal would provide it with an important way for it to reach and serve customers as well as grow its third-party marketplace and advertising businesses. Walmart is pursuing this acquisition at a time when it’s trying to better compete with Amazon. Shares hit a 52-week high of $139.35 on the news. Click here to read more.
To use the words of HP CEO, Enrique Lores, “we have never shipped so many PCs and it was really driven by the demand we see for people working from home and learning from home.” HP’s PC sales were up 7% year over year and notebook sales were up 32%. Total revenue came to $14.3 billion vs $13.3 billion. The company also said that the work-from-home trend which is currently driving demand for its products will be around for a while. Click here to read more.
Abercrombie & Fitch’s second-quarter online sales surged 56% as shoppers flocked to its websites to stock up on sweatpants and other comfortable clothes to wear at home. The retailer has been working on cutting costs in stores during the pandemic, to fuel its e-commerce business and boost profitability. Abercrombie posted sales revenue of $698.3 million vs $658.44 million expected. The stock was up more than 9% after the results. Click here to read more.
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Here are the biggest movers in pre-market trading
1. Gap posts surprise rise in comparable sales as Old Navy, Athleta boost online demand. Click here to read more.
2. Dell’s quarterly results beat estimates on remote work boost. Click here to read more.
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