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Airbnb to go public in 2020; Casino in talks to sell Leader Price to Aldi

TOP NEWS

* Vacation rental giant Airbnb Inc. said it aims to go public in 2020. The online short-term rental platform, which offers access to 7 million places to stay in more than 100,000 cities and 191 countries and regions, did not disclose other details about its IPO plans.

* Casino Guichard-Perrachon SA is in talks to sell its discount chain Leader Price to the French arm of German supermarket operator Aldi Einkauf GmbH & Co. oHG. The offer terms will be disclosed to the market if Casino accepts the bid.

TEXTILES, APPAREL AND LUXURY GOODS

* S&P Global Ratings lowered its issuer credit rating on J. Crew Group Inc. to CCC- from CCC, with a negative outlook, due to the apparel retailer's increased risk of recapitalization. The agency believes that the IPO of J. Crew's denim brand Madewell includes "distressed" debt exchanges that are "tantamount to a default." Ratings expects that the apparel retailer will restructure its debt obligations within the next six months.

MULTILINE RETAIL

* J. C. Penney Co. Inc. is preparing to discuss potential transactions with its advisers and some of its bondholders to lessen its debt burden ahead of the holiday season, Bloomberg News reported, citing people familiar with the matter. A J.C. Penney representative reportedly said the company does not "comment on discussions with creditors and other partners."

E-COMMERCE

* Alibaba Group Holding Ltd. teamed up with Perfect Corp. to integrate the augmented reality company's YouCam Makeup technology into its Taobao and Tmall platforms. The Chinese internet giant will also lead a new financing round for the Taiwanese startup, Bloomberg News reported, citing people with knowledge of the matter.

* Amazon.com Inc. gave workers under its Virtual Customer Service Reserves program, which is expected to end Nov. 10, the additional option of contacting human resources if they want to remain in their role, Business Insider reported, citing a company email. Sources previously told the news site that Amazon initially gave affected employees the choice between taking on more work hours, applying for another Amazon job or ending their employment.

* Online cosmetics brand Purplle is in talks to raise up to 3 billion Indian rupees in a series C funding round led by Goldman Sachs Group Inc., Mint reported, citing two people familiar with the matter. A Goldman Sachs spokesperson declined to comment, while Purplle did not respond to an email seeking comment, the report added.

* Amazon.com's Indian unit launched its largest fulfillment center in the state of West Bengal, with a storage space of more than 750,000 cubic feet, Akhil Saxena, vice president of customer fulfillment in India, told The Economic Times.

* Eve Sleep PLC ended merger talks with fellow online retailer Simba Sleep Ltd. Eve said its board decided it was not the right time to pursue a merger and the company will instead focus on its rebuild strategy. Eve expects revenue for 2019 to range between £25 million and £27 million due to a difficult economic backdrop, its heavy discounting and competitors' promotional activity.

FOOD AND STAPLES RETAILING

* Walgreens Boots Alliance Inc. is teaming up with Alphabet Inc.'s Wing Aviation LLC to test drone delivery service in Christiansburg, Va., from October. The Illinois-based drug retailer plans to deliver orders of food and beverage, medications and convenience items placed through the Wing application.

HYPERMARKETS AND SUPERCENTERS

* Walmart Inc. is seeking to raise $1.5 billion of debt through a bond offering. The U.S. retail giant is offering $1 billion of 2.950% notes due 2049 and another $500 million of 2.375% notes due 2029.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Fitch Ratings upgraded Sony Corp.'s long-term foreign and local currency issuer default ratings to BBB from BBB-, with a positive outlook, citing the Japanese consumer electronics and entertainment giant's operating stability and improved business structure.

* Ulta Beauty Inc. appointed Stitch Fix Inc. President and COO Mike Smith to its board, effective Sept. 18.

* Sears Hometown and Outlet Stores Inc. posted second-quarter diluted net loss of 48 cents per share, versus 41 cents in the year-ago period, while comparable store sales declined 21.7%. The company said its outlet segment is presented as a discontinued operation during the quarter because of the unit's sale to Liberty Tax Inc.

* Tru Kids Inc., the company that emerged from Toys R Us Inc., partnered with indoor theme park Candytopia to create experiential playrooms called Toys R Us Adventure. Tru Kids said the Toys R Us Adventure pop-ups will open in Chicago and Atlanta in late October and will remain open throughout the 2019 holiday season before moving to other major U.S. cities in 2020.

* Colt's Manufacturing Co. LLC President and CEO Dennis Veilleux said the company "is committed to the second amendment" and will continue to manufacture firearms for consumers, following reports that it will suspend the production of AR-15 rifles. Veilleux explained that there is already adequate supply for modern sporting rifles in the market due to "significant excess manufacturing capacity" over the last few years.

* Sports Direct International PLC said JD Sports Fashion PLC's acquisition of Footasylum PLC could have wider market implications since it highlights the power of "must-have" brands over the supply and pricing of their products. The retailer released its statement after the U.K. Competition and Markets Authority completed its phase 1 investigation into the deal.

HOTELS, RESORTS AND CRUISE LINES

* Marriott International Inc. signed an agreement with Northstar DOO to launch its Ritz-Carlton brand in Montenegro. The first phase of construction is expected to be completed in 2023, with the final phase scheduled for completion by 2028.

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The day ahead

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

In Asia, the Hang Seng declined 0.13% to 26,435.67, while the Nikkei 225 rose 0.16% to 22,079.09.

In Europe, around midday, the FTSE 100 was up 0.20% to 7,371.36, and the Euronext 100 was up 0.47% to 1,099.32.

On the macro front

The Baker-Hughes Rig Count report is 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.

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