trending Market Intelligence /marketintelligence/en/news-insights/trending/RnNRXIAhCt-kDi1Eh3dyiw2 content esgSubNav
In This List

Walmart limits firearms in stores; luxury shares rise as Hong Kong scraps bill

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Walmart limits firearms in stores; luxury shares rise as Hong Kong scraps bill

TOP NEWS

* Walmart Inc. will stop selling certain short-barrel rifle and handgun ammunition. The discontinued items include short-barrel rifle ammunition such as the .223 caliber and 5.56 caliber that are commonly used in some hunting rifles but can also be used in large capacity clips on military-style weapons. In addition, Walmart asked its customers not to openly carry firearms at its stores or Sam's Clubs stores in the states where "open carry" is permitted. Meanwhile, Kroger Co. is asking its shoppers to stop openly carrying guns and other firearms within store premises, other than authorized law enforcement officers, Jessica Adelman, group vice president of corporate affairs at Kroger, told S&P Global Market Intelligence in an emailed statement.

* Shares of Kering SA, Compagnie Financière Richemont SA and LVMH Moët Hennessy Louis Vuitton SE rose more than 3% in midday European trading Sept. 4 after news broke that Hong Kong would withdraw an extradition bill that triggered close to three months of unrest in the Asian financial hub. Hong Kong-listed Prada closed 3.18% higher on Sept. 4, while Hong Kong's benchmark Hang Seng Index rose by 4% after news of the withdrawal became public.

TEXTILES, APPAREL AND LUXURY GOODS

* Tapestry Inc. named Chairman Jide Zeitlin as CEO, succeeding Victor Luis, who is expected to leave the company. Tapestry also appointed board member Susan Kropf as lead independent director. All appointments are effective immediately.

* Levi Strauss & Co. agreed to acquire all operating assets related to the Levi's and Dockers brands from The Jeans Co., its distributor in Chile, Peru and Bolivia, for an undisclosed amount. The acquisition includes 80 Levi's and Dockers retail shops, the brands' distribution networks and their logistical operations in the South American markets.

* Andrew Reaney, product operations director of Associated British Foods PLC-owned fashion chain Primark, will exit the company, effective Sept. 13, Drapers reported, citing a Primark spokesman.

* Ariana Grande is suing Forever 21 Inc. for $10 million over its advertising campaign that features a model with a "strikingly similar" semblance with the pop singer, Reuters reported, citing the complaint. Grande reportedly claims the apparel retailer's Riley Rose brand misappropriated her name, image, likeness and music after their talks for a joint marketing campaign fell through. Forever 21 reportedly said it does not comment on pending litigation, apart from saying it is disputing the singer's allegations and hopes to "find a mutually agreeable resolution."

* Fast Retailing Co. Ltd. founder Tadashi Yanai said he prefers that a woman succeed him as Uniqlo's CEO, adding that it is possible for Uniqlo Japan head Maki Akaida to become his successor, Bloomberg News reported.

* Barneys New York Inc. raised its consignment facility to $40 million from $30 million, easing creditors' concerns about whether its financing arrangement with Brigade Capital Management LP is enough to pay for inventory during bankruptcy, Women's Wear Daily reported, citing legal filings. Barneys reportedly said the increased consignment facility allows the $217 million debtor-in-possession financing package to provide the company up to $70 million in new capital for inventory and operations.

* Quiz PLC reported that group revenue for half year 2019 is "broadly in line" with the same period a year ago, after adjusting for unprofitable businesses that were discontinued within the year. The company saw store footfall decline during the period as challenging trading conditions reported in June persisted over the summer months. Shares of the British apparel retailer fell nearly 15% on Sept. 4 following the announcement.

MULTILINE RETAIL

* Sears Holdings Corp. expects to close 77 Sears and Kmart stores and its corporate office complex in Chicago, Forbes reported, citing a former employee. Sears did not respond to an email inquiry for comment, the report added.

* Buyout firm KKR & Co. and fellow ticket marketplace Vivid Seats Ltd. expressed interest in acquiring the StubHub Inc. business of e-commerce giant eBay Inc., Bloomberg News reported, citing people familiar with the matter. Representatives for eBay, KKR and Vivid Seats did not comment, according to the report.

E-COMMERCE

* Amazon.com Inc.'s Indian arm plans to phase out single-use plastic in its packaging by June 2020, Reuters reported, citing Akhil Saxena, vice president of customer fulfillment. Saxena reportedly said Amazon India will replace the plastic with paper packing material by the end of 2019.

* Amazon.com is testing payment scanners that use computer vision and depth geometry to identify people via their handprint, the New York Post reported, citing people familiar with the matter. The e-commerce giant is using employees at its New York offices as test subjects. It aims to roll out the technology at select Whole Foods stores by the beginning of 2020, the report said. An Amazon spokesperson reportedly said the company does not comment on rumors or speculation.

* The Paris commercial court imposed a €4 million fine on Amazon.com for introducing "abusive" clauses in its contracts with third-party sellers, Reuters reported, citing French-language website Nextinpact. The company did not immediately respond to S&P Global Market Intelligence's request for comment.

* Poshmark Inc. delayed its plans for an IPO until 2020 in order to focus on boosting its sales and improving execution, Bloomberg News reported, citing people familiar with the matter. A Poshmark representative reportedly did not respond to comment requests.

HOUSEHOLD AND PERSONAL PRODUCTS

* The Estée Lauder Cos. Inc. appointed Deirdre Stanley as executive vice president and general counsel, effective Oct. 28. Stanley will be joining from The Thomson Reuters Corp. where she was general counsel.

FOOD AND STAPLES RETAILING

* Russian food retailer VkusVill is preparing for an IPO in New York's Nasdaq stock exchange as it seeks to expand into Europe and China, Reuters reported, citing founder Andrey Krivenko. Krivenko reportedly said the company is also considering a listing in Moscow. A source close to private equity fund Baring Vostok, which owns 12% of VkusVill, reportedly said the Nasdaq IPO could happen in early 2021.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Dick's Sporting Goods Inc. will open one store in Kennewick, Wash., and another shop in Plymouth Meeting, Pa., in September, bringing Dick's total locations to 728 in the U.S.

* Dunelm Group PLC posted underlying diluted EPS of 49.9 pence for fiscal 2019, up 24.8% from the previous year and in line with the S&P Global Market Intelligence consensus normalized EPS estimate. Total revenue grew 4.8% in reported terms to £1.10 billion. The company's board declared a full-year dividend of 28 pence and a special dividend of 32 pence.

* Lumber Liquidators Holdings Inc. founder Thomas Sullivan, who owns 5.96% of the company, said he is in talks with private equity firms and banks about a possible take-private bid for the retailer, Bloomberg News reported. Sullivan wants "to explore various options" for the company, including a potential sale or a possible merger with his Cabinets to Go LLC business. Lumber Liquidators reportedly did not immediately respond to a request for comment.

HOTELS, RESORTS AND CRUISE LINES

* Apple Leisure Group named Alejandro Reynal as CEO, effective Sept. 3. Reynal succeeded Alex Zozaya, who will serve in a full-time capacity as the executive chairman of the company's board.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng surged 3.90% to 26,523.23, and the Nikkei 225 ticked 0.12% higher to 20,649.14.

In Europe, around midday, the FTSE 100 gained 0.30% to 7,290.21, and the Euronext 100 was up 0.86% to 1,071.42.

On the macro front

The international trade report, the Redbook and the Beige Book are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.